Charlty registratitsn number 290237 (England and Wales) CRANBROOK SCHOOL TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
CRANBROOK SCHOOL TRUST LEGAL AND ADMINISTRATIVE INFORMATION TN$l&85 J Peace P Thompson G Young A Cragg N Dowl8r F Vvhilelaw Rev R King Charlty number (England and Wales) 290237 Principal address CID Cranbrook School Acadgmy Trust Walerfoo Road Cranbrook Kent TN173JD Audltor Affinia Iorpinglonl Lynwood House Ciofton Road Orpington BR6 8QE
CRANBROOK SCHOOL TRUST CONTENTS Page Truste&s' report Statement of Trustees. respon5iblllUes Independent audiloffs rèptsrl statement ol financial activities Balance sheet 10 Notes lo the financial stal8rnents
CRANBROOK SCHOOL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 IklARCH 2025 The Trustees present their annual r8rx)rt and financial slalerner)ts for the year 8ndgd 31 March 2025. The finaneial statèments have been prepared in accordance wlth the accounling policies set out in notè I to th& financial 5tat8mènts and comply with the Charity's goveming document, the Charities Act 2011 and Accounting and Reporting by Charities.. Statemenl ol Recommended Practice applicable to charities preparing their accounts in accordance with the Flnancial Reporllng Standard applicable in the UK and Republic ol Ireland IFRS 102}" leffeclive 1 January 20191. Objectives and activitie5 The object ol thè charity is to promote the educall(>n lineludlng soclal and physical Irainingl ol boys and gids by th8 conduct and tllaintenance ol a day and boarding school in 01 near Cranbrook in the County of Kent lor boys and girls. The Trust is governed by a Trusl Deed dated 11 July 1994. Aims and Objèctlves The Truste85 aitll to provide suitable luilion, boarding and olhBI accommodation and sports facilities ft>r Ihg staff. day and boarding students of Cranbrook School in order that th8 School can deliver the curriculuTll and w- curriculum lo ils student5, as well as boarding facilities lor those students who wish to board. The Trustees receive no income lor the provision of wi8 accotllmodation bul renls are received by the Trust foi the provision ol housing for some staff on or near the campus. The Trustees 8nsure that the buildings and grounds are maintained and aim to enhance the facilities 8v8ilable to the School through r8fuiblshm8nt and provision ol additional accotnmodalion and facilities when required. To achleve this the Trustees rais8 additional funds from parents, lorrner parer)ts, Old Cranbrookians and the wider community through schemes ol regular giving and appeals. The Trustees also support various non curricular adivitl85 of thè School including the House system, provision of prizes, scholarships and Ihiough other grants and spending. A¢hievements and perfoirnance Significant aGtiviti6s and aGhiev8m8nts 8gèinsl objeclives Flnanclal revlew Spendable funds are categorised between those which are available for spending at the discretion of Truste85 I'unrestricted funds l and those which are subject lo cor)dilion or r8Stii¢lion I"r6Stricted funds"). Thè following balances were hgld at 31 Mareh.. Building extension fund Ireslricted lundl Property renewal fund Irestricted lundl Prlze and gift fund Ireslricled fund) Scholaishlp endowment fund (restricted Ind) Congreve exhibition fund Ireslricled fund) £27,331 12024.. £7,451) £Nil 12024.. £150,000} £59,08412024.' £61,527) £72,19412024.' £54,619) £9,590 12024.. £8,623) Permanent endowment fund £17,377,505 12024.. £17,375,666) Unrestricted funds £1,795,438 12024.. EI,560.421) Reseryes polioy 11 is the Trustees, policy lo maintain the unrestricted funds, which are the fre8 res8tves tsf th& trust, at a level which equal8$ lo approximately six rnonlhs unrestricted expenditure. This provides 5uffi¢ienl funds to cover management and adminislralion costs and to respond lo emergency Bxpenditure which arises from ts'me lo litne. The Rfysorvtrs Policy is subject lo review on an annual basis. InveslmentpolNcy The Trustees, policy is lo maintain income whilst preserving the real value of endowed investments. The Charity's investments have continued lo be mallaged in conformlty with policy and the Trust Deed and their performanee has matched exp8Ctation on the advice of our investtnent tnanagers. The investment policy is subj8cI to review on an annual basis.
CRANBROOK SCHOOL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Majorrisks The Trustee5 regular review the risks 8SSOClated with its functions. The Governing body of Cranbrook School is sponsible foi the management and operation of the sehool including the buildings, land, and other facilities owned by the Trust and is r8spons1ble for all related risks. Structurè, governance and managemènt There are nine Trustees, compiising an ex-officio Trustee who is the incumbent of the present ben81ice ol St Dunstan, two nominated by Ker)I CoLJnty Council, one norninaled by the Old Cranbr(>okians Association arid one by the University ol Kent,. the remaining six are co-opted. The nominalior)s for the University of Kenl and Kent County Council are currently vacant. Rev Richard King is the currenl vicar, and only ong ol the Kent County Council nominated positions is vacant. the other pc>silion is fillgd by Ms Sarah Hamilton. The Trustees meet th8 limes during the year to make any decisions nOSsary. When necessary, extraordinary meetings can be called by the Chairman. Trustees The Truslees who served during the year were.. J Peace P Thompson G Your)g A Cragg S Harnillon IKCC Trustee) N Dowlgr F Whilelaw Rev R King (Resigned 13 May 20251 R8GwIlenl and appoinlmenl of Iruslees Ther8 shoLJld be eleven Trustees consisting ol.. One ex-officio TIu5tee- being the incurllbent lor the tlme being ol the ben8fic8 of St. Dunstan, Cranbrook. Four nominated Trust88s- being twb nominated by Kent County Council. one by the Univ8r51ty tsf Kerft and one by th8 Committee ol the Old Cr&nbrookians Association. Six co-opted Trusl6as- who through residencè. occupation or employment or olhètwlsè have special knowledge of Cranbrook. Induclion gnd tralning of Irusl8es All Trustees are inducted by th8 chairman and are provid8d with a copy ol the Charity Commission booklet "The Essential TrusteÈ.' What you need lo know" Publlc Benefit The Trustees have complied with the duty in s17151 ol Ihe Charities Act 2011 to h8ve regard to the public benefit guidance published by the Charity Commission.
CRANBROOK SCHOOL TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Auditor In accordance with IhB company's articles, a resolutlon proposing that Affinla. be reappointed as audit(>r of the otnpany will be pul al a Goneral Meeting. Dls¢losur8 of Informatlon lo auditor Each ol the Trustees has conlirrned that there is no information of which they are gwaie which is relevant tc> the audit, bul ol which the auditor is unaware. They have further confirmed that they have taken appropriate steps 10 id8ntify such relevaril information and lo establish that the auditor is awar8 of such information. J Peace Truste• You Trust Dale..
CRANBROOK SCHOOL TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees are responsible for preparing the Trusteps, Report and the lin8nGial st8t9menls in aoooidance with 8pplicable law and united Kingdom AOUntIng Standards (United Kingdotn G8nerally Accepted Accounting Praclicel. The law applicable lo charities in England and Wales requires the Trustees to prepare finanela1 stalements for each Ilnancial year which give a true and lair view ol the stale ol affalrs of the Charity and of the incoming resourcès and 8pplic8litsn of resources of the Charity lor that yèar. In pparIng these financial statements, the Trustees are required tci.. select suitable accounting policies and then apply them consistently., observe the method5 and piinciples in th8 Chaiities SORP., make judgements and eslirnales that are reasonable and prudent., slate whether applicable accounlir)g standards have been followed, subject lo any material departures disclosed and explained in the financial slatemenls,. and prepare the financial statements on the gtsing concern bA5is unle55 It Is inappropriate to presume that thE chailty 11 contlnu8 In operatlon. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy al any lime the financial position of the Charity and enable them to ensure that the financial statemenis comply with the Charities Act 2011, the Charily (Accounts and Reporisl Regulations 2008 and the provislons of the Irust deed. They are also respc>nsible lor safeguarding the assets ol the Charity and hence for taking rèason8bl& steps lor Ihg prevention and detection of fraud and olh8r irregularities.
CRANBROOK SCHOOL TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CRANBROOK SCHOOL TRUST Opinlon We have audited the Ilnancial slalem8llts ol Cranbrook School Trust (the 'Charily'l for the year ended 31 March 2025 which comprise the sialemenl of financial acliv1tles, the balance sheet and notes lo the financla1 statements, inclLsding significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Unit8d Kingdom Accounting Standards, including Financial Reporting Slandaid 102 The Financi81 Reporting Standard applicable in Ihe UK Republic of Ireland (United Klngdom Generally Accepted Accounting Pra¢licel. In our opinion, the financial statements-. give a true and fair view ol the slate of the eharSty's affairs as al 31 March 2025 and of ils incoming resources nd application of r950urces, for the year then ended. have been properfy prepared in accordanTr with United Kingdotll Ggnerally Accepted Accounllng Practice.. nd have been prepar8d In accordance with the CharftSes Act 2011. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicab law. Our responsibilities under those standards are furlhei descrlbed in the Audilors responsibilities for Ihg audit trf the fi'nancial slaleffients section of our report. We are ind8pendent of the Charity in aocordance with the 8lhical requlremenls that are relevant lo our audit ol the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulli15ed our other ethical responsibilities in accordan¢e wilh these requiiemenls. We believe that the audit evldence we havg obtalned is sufficient and appropriate lo provide a basis lor our opinion. Emphasls of matter.. Analysls of net assels between funds Attention is drawn to the narrative al the foot of note 20"Analysis of net assets between funds" which describes th8 uncertainly as regaid5 tts the analysis ol tangible fixed assets between funds. Our opinion is nol Qualified in respect of this matter. Conclusions relating to going concgrn In auditing the financial slalements, we have concluded that the Trustees, usè of the going conrn basls of accounting in the preparation of th8 linanclal stalernents appropriate. Based on the work we have performed, we have not identified any material uncertainligs ielatlng lo events OT condition5 that, individually or collectively, may cast significant doubl on the Charity's ability lo continue as a going concern for a period ol al least Iwelve months from when the financial slalemen15 afe authorised for issu8. Our responsibilities and the sponsIbl1119s ol the Trustees with rgspect lo going conc8Tn are described in the relevant sections of this roport. Other Information The other information compris8s the Information induded in the annual report other than the financial statements and our audiloi'5 report thereon. The Tiustees are responsible for the other inforrnation contained within th8 annual report. Our opinion on the financi81 slalfyments does not oov8r the other information and we do not express any fortn ol assuran conclusion Ihereon. Our responsibility is lo 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 cours8 of the audit, or olhetwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misslalernents. we are required to determine whether thi5 gives rise to a material tnisstatemenl in the financial statements Ihems8lv@s. 11. based on th8 work we have perform8d, we conclude that there is B mat&rial misstatement of this other informatitsn, we are required to repDrl that fact. We have nothlng to report in this regard.
CRANBROOK SCHOOL TRUST INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF CRANBROOK SCHOOL TRUST Matters on which we ar• raqulred to report by exception We have nothing to report in respect ol the following matters in relation lo which the Ch8ritlès (Aceounls and Reports) Regulations 2008 qUireS us lo pOrt lo you if, in our opinion.. Ihfy information given in the financial stat8tll8nts is inconsistent in any mal8rial r9spect with the Trustees. report., oi suffielent accounting records have not been kept. or the financial statements are not in agreement with the accounting records.. or we have nol ceiVed all the inlortnatlon and explanations we require for our 8udll. Responsibilities of Trustees As explainBd more lully in the statement of Trustees, responsibilities, the Trusle8s ar& responsible for the preparation of the financial statements and for boing satisfied Ihal they give a true and 1811 view, and for such internal control as the Trustees determine is necessary lo enable the preparation ol financial statement5 that are free from material mis518letll8nt, whether due lo fraud or error. In preparing the financial stalemenls, the Trustees are responsible lor assessing the Charity's ability to continue as a going concein, dlstlosing. as applicable, ma119rs related to golng Conrn and using the going concern basis of accounting unless the Trustees either intend lo cease operations, 01 have no realistic allernalive bul lo do so. Audltor's responsibilities for the audit of the flnancial statements We have been appointed as auditor under section 144 01 the Charltles Act 2011 and report in a¢¢ordance trAth the Act and relevant regulations made or having ettect Ihereurider. Our objectives ar8 lo obtain r&asonable assurance about whgth8r thè financial statements as a whole 8rg Iiee from material misslatemenl, whether due lo fraud or error, and lo issug an auditor's report that includes our opinion. Reasonable assurance is a high lev&1 of assurance but is not a guaranlg9 that an audit conducted in accordance with ISA5 IUKI will always deleol a m8tg1ial tnisstatement when il exists. Misstatetnents can arise from fraud or error and aio consldered material if, individually or in the aggregale, they could rga80n8bly be expected to influence the economic decisions of users taken on the basis of thgse Ilnancial statements. The extent to which our procedures a10 eapable of detecting irregulariligs, including fraud. is detailed below. Enquiry of managèmenl and those charged with govemance arbund actual and potential litigation and claims. Enquiry ol manag8rn8nl lo identify any instances of non-compliallce with laws and regulations. Revi8wing minutes ol meetings ol Ih08fy chaiged with governance. Reviewing financial 51at2menl disclosures and t85ting to supporting documentation to assess eompliance with applicable18ws and regulations. Auditing the risk ol tllanagetnenl tsverride of controls, inolud1ng through testing journal entries and othgr adlustmenis lor appropriateness. and evaluating the business rationale ol significant transactions outside th8 normal course ol business. A further description of our iesponsibililies is available on the Financlal Reporting Council's website at.. https'.11 www.frc.org.uklaudilorsresponsibilities. This descriplioFI forms part of our auditor's report.
CRANBROOK SCHOOL TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CRANBROOK SCHOOL TRUST Use of our report This report is tllade solely lo the charity's trustees, as a body, in accordan with Part 4 01 the Charities IAccoLSnts and Reports) Rogulatlons 2008. Our audit work has been underiaken so that w8 mighl state to the charity's Iruslees those mallers we are rèquired lo stale lo Ihern in an auditc>r'5 report and lor no other purpose. To the lullesl exlenl permitled by law, we do nol accept or assume responsibility to anyone other than the chaiily and the charity's trustees as a body, lor our audit work, for this report, or for the opinions we have formed. Louisè Hallsworth FCA (Senior Statutory Auditor) For and on behalf olAftinia IOrplngtr>nl. Slalulory Auditor Chartered Accounlanls Lynwood House Crollor) Road Orpington BR6 8QE Date.. 30 January 2026 Affinia (Orpingtonl is eligible for appointment as auditor ol the Charity by vlrtue ol Ils eligibility for appointment as auditor of 8 company under section 1212 of the Companies Act 2006.
CRANBROOK SCHOOL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 IWARCH 2025 Currgnt flnanclal year Unrestricted funds 2025 Restricted Endowment funds funds 2025 202S Total Total 2025 2024 Not8s In¢ome and endowments from: Donations and legacies Charitable activilifjs Other trading acllvities Inveslm8nts Other income 32,497 32,497 125,488 258,189 58,521 141 92,D70 97,487 207.172 54,628 1,931 125.488 258,189 48,150 141 10,371 Total Income 431,968 42,868 474.836 453,288 Expenditura on: Raising funds Charltable activities 177,035 21,414 177,035 195,230 124,999 247,770 173,816 Total expenditurè 198,449 173,816 372.265 372,769 Nel galnslllossesl on investments 14 1,498 6,605 1,839 9,942 40,153 Net in¢omell*xpendlturel and movement in funds 235,017 1124,3431 1.839 112.513 120,672 Reconclllatlon of funds-. Fund balances al 1 April 2024 1,560,421 292,542 17,375,666 19,228,629 19,107,957 Fund balancès at 31 March 2025 1,795,438 168,199 17,377,505 19,341,142 19,228,629 The statement of financial activilies iricludg5 all gains and losses recognised in the y98r. All income and expendlture derive from continuing activities.
CRANBROOK SCHOOL TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Prior financlal year Unrestricted funds 2024 R85trlcted Endowment funds funds 2024 2024 Total 2024 Notès Ineomè and endowments from.. Donations and legacies Charitable activities Other trading activitles Investments Olhei income 89,585 97,487 207,172 28,895 1.931 2,485 92,070 97,487 207,172 54,628 1,931 25,733 Total Income 425.070 28,218 453,288 Expenditurè on: Raising funds Charltable activities 124,999 170,950 124.999 247,770 76,820 Total expenditurg 295,949 76,820 372,769 Nat galnslllossesl on investmènts 14 1.357 6,450 32,346 40,153 Net in¢om&lloxpendlturel and mov•mènt In funds 130,478 142,1521 32,346 120,672 R•conclllatlon of funds= Fund balances at 1 April 2023 1,429,943 334.694 17,343,320 19,107.957 Fund balanc8s at 31 March 2024 1,560,421 292,542 17,375,666 19,228,629
CRANBROOK SCHOOL TRUST BALANCE SHEET ASAT 31 MARCH 2025 2025 2024 Notes Fixed a5Sèts T8ngible assets Investments 16 17 17.546,190 383,712 17,546,190 627,561 17.929,902 18,173,751 Current a5S•ts stocks Debtc)rs Cash al bank and in hand 18 19 3,972 17,504 1,405,654 4,704 7,852 1,083,107 1.427.130 1,095,663 Creditors.. amounts falling du• wlthln one year 20 115,8901 140,7851 Net current assets 1.411,240 1,054,878 Total asset5 less current Ilabilltle5 19,341.142 19,228,629 The funds of the Charity Endowment funds Restricted income funds Unrestricted funds 21 22 23 17,377,505 168,199 1,795,438 17.375,666 292,542 1,560,421 19.341,142 19,228,629 The fi ancial statements were approved by the Tru5t88s on 27 January. 2026 Gyoung Trust& Trustee 10
CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IVIARCH 2025 Accounting policiès Charity Informatlon Cranbrook School Trust is a Charity. 1.1 Accounting conventlon Th8 financial slalemenls havg been prepared in accord8nce wlth the Charity's TIu5t Deed, the Chariligs Act 2011, FRS 102 The Financial R8porting Standard applicable in the UK and Republic al Ireland" I'FRS 102.1 and the Charitie5 SORP "Accounting and Reporting by Gharities". Statement of Rewmtnended Practice applicable lo chaiities preparing their aGGounts in accordario8 with the Financial R9POrting Standard applicable in the UK and RepLJblic of Irelar)d IFRS 1021" lefFeclive 1 January 20191. The Charity 15 3 Public Benefit Entily as defined by FRS 102. The Charity h85 taken advantage of th9 provisions in the SORP for charities not lo prepare a Slalemenl of Cash Flows. 1.2 Going conc9rn At the time of approving th8 financial stalernents. the Trustees have a reasonable expeclalion that thè Charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the Trusteès continue to adopt the going cono8rn basis ol accounting in preparing the fi'nancial statements. 1.3 Charitable funds Unrestricted funds are available for use al the discretion of the Trustees in lurtheranee ol their ch8rilable objectives. The Charity has certain $triCted funds where specrfic condllions have been imposèd by the donor. Further details can be found In note 22. The Charity has eertain permanent gndowmenls which ¢(>mprlse the land, buildings and foundation investments. 1.4 Income All voluntary incomg Is Included in inGotne on receipt except wh918 the donor requires the sum to be invested lo piovide income foi tho Charity's purposes, in which case il is treated as an endowment. Donations under deeds of oovenant, and girt aid together with the assoclat6d income lax rewvpiy. are recognised as income when the donabon is received. Endowments are credited directly to an Endowment Fund balance when recgived. They are not included 8$ Income be¢aus6 they must be inv8St8d and do not represent income which the Gharity may use directly for its purposes. Restricted incomè Is Snduded in the restriet6d income and expènditure account on recèlpt.
CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 IVIARCH 2025 Accounting pollcles Icontlnuedl 1.5 Expèndlture Expenditure is recognised once therè 1s a legal or constiuetive obligation lo Iransler economic benefll to a thlrd party, il is probable that a transfer of economic benefits will be required iri settlement, and the amount of the obligation can be rneasured reliably. Expendiluie is classified by activity. The costs of each actlvily are madg up of the total of diloct costs and shared costs, including support C05ts Involved in undertaking each activity. Direct cosis allribulabl8 to a slngle aclivity are allocated directly lo that 8clivSty. Shared costs which contribute lo tnore than one activity and support costs which ar8 not attributable lo a single activity are apportioned between those acti'vities on a basis onsistent with the use of resours. Th8 Gost ol generating funds comprises costs illCLJrred in encouraging people or organisations to contribute financially to the Charity's work. It includes the costs ol advertising for funds and the costs DI mounti'ng appeals. Governanc8 ctssts comprise all costs incurred in ensuriny the public accountability ol th8 Charity and its compliance with regLJlalion and good PT8Ctice. 1.6 Tanglble fixed assèts Properties whosè fair value can b8 measured reliably are held under the revaluallon model and are carrled at 8 revalued amoulll, being their fair value al the dale of valualion less 8ny subsequent a¢oumulated depreciation and subsequenl accurnulaled impairment losses. The Trustees consider that the eslimat8d residual value ol the buildings is equal lo the oarrying value and as a result depreciation is not provided. The lair valu8 01 the land and buildings is usually considered to be their market value. Revaluation gains and losses are iecognlsed in other reGognlsed gains and losses and accumulated in eqully, except to the exl8nt that a revalualioll gain reverses a revaluation loss previously recoonised in nel incomel 18xpenditurel or a r9v8luation loss exce8ds the accumulated revaluabon gains reGognlsed in equity., such gains and loss are recogni5ed in nel incomellexpendilurel for the yegr. Freehold land and assets in Ihe course ol conslructlon are nol deprpciated. 1.7 Fixed a55et Investments Investments are included in the accounts al year 8nd markel value. Investment Income Dividends arè credited lo the income and expenditurè accounl when they ar6 received. Credit Is laken for irntèresl and rental inc()me when the interfyst or rent falls due lor payment. 1.8 Stocks Stocks consist of iterns purchased for re-sale through the Charity's trading activities. The stock is included al the lower of cost or net realisable value. 12
CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Critical accounting estimate5 and judggments In th8 applicatlon of the Charlty's accounllng pollcies, the Trustees are reqUId lo make judgements, eslitnales and assumptions about the carrying amtsunt ol assets and liabilities Ihal are not readily apparent from other sources. The estitnates and a550ciated assumptions are based on historical experience and other factors that are considered lo b8 i&lev8nt. Actual results tnay differ from these estimales. The 85timates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting 851imalg5 are recognised in the perlod in whlch thè estimate is revised where the revision affects only that period, or in the p8ric>d ol the revision and future periods where the revision affects both current and lulure periods. In¢ome from donatlons and legacles Unrestricted Re$lricted fund5 funds 2025 202S Total Unr95tricted Restrlctèd funds funds 2024 2024 Total 2025 2024 Donations and gifts 32.497 32,497 89,585 2,485 92,070 Ineom& from eharltable actlvltles Unreslri¢led fund5 2025 Unrestrict8d funds 2024 Charltable income Charitable rèntal Ineoma 125,488 97,487 Income from othèr tradlng actlvltles Unrestricted Unrestrlctgd funds funds 2025 2024 Leitings income Queens Hall events income Other incotne 157,111 62,664 38,414 149,430 32,482 25.260 Other trading activities 258,189 207.172 Further details ol trading aclivlties undertaken by the Charity can be found in note 26. 13-
CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from invastments Unrèstrlcted Restrictod funds funds 2025 2025 Total Unr8strlcted Restrictèd funds funds 2024 2024 Total 2025 2024 oth8r income Interest receivable 7,624 40,526 10,371 17,995 40,526 6,703 22,192 10.322 15,411 17,025 37,603 48.150 10,371 58,521 28.895 25,733 54,628 Other Income Unrestricted Unr8strlcted funds lunds 2025 2024 Other incotnè 141 1.931 Expenditure on raising funds Unrestricted Unrestrlcted funds funds 2025 2024 Fundraising and publicity Sharg of governance costs Sutnmer letting expens8S Lettings expenses Advertising Other fundraising costs 1,000 18,085 87,678 58,585 11,687 1.000 17.285 74,149 29,733 2,832 177,035 124,999 Further details of trading activities undertaken by the Ch8rlty can be found in note 26. 14-
CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditurè on charitable activities Charllable Charltable oxpendltUTe expendlture 2025 2024 Direct costs Salaiy recharg&- Clerk lo Trustees Cranbrook School Donations Cranbrook School Facilitles Donations Awards and priz8s Salary rechaige- Development Oflicer 16,164 150,000 12,891 10,925 15,944 212,985 9,095 5,246 189,980 243.270 Share of support and governance costs (see note 101 Govern8noè 5,250 4,500 195,230 247.770 Analysls by fund Unreslricled funds Reslricled funds 21,414 173,816 170,950 76,820 195,230 247,770 10 Support eosts allocated to actlvltles 2025 2024 Governance eosts 6.250 5,500 Analysed between: Fundraising Charliable expenditure 1,000 5.250 1.000 4,500 6,250 5,500 11 Not movement in funds 2025 2024 The n81 movement in funds is stated after chargingllcreditlngl.. Feès payable for the audil of the charity's financial stalem8nls fj,250 5,500 15-
CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Trustees Nonè ol the Trustees lor any p&rsons connected with thèm) received any remuneratlon or benefits from tha Charity during the year. During the year, property expense5 lolalllng £nil12024'. £9001 were reimbursed diredly lo O Trustee12024.' 1 Trustee}. 13 Employees The Charity does not employ any staff, however r8sourtes from the Cranbrook School Acaderny Trust arè us8d and costs are recharg8d to the Charity on a litne spènt basis. There were no employees whose annual remuneration was rnofe than £60,000. 16-
(L £L )0 h)
CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 IWARCH 2025 15 Taxatlon The ¢h8rity Is exempt from tsxalion on its activities bècause all its income is applled for charitable purposes. 16 Tanglble flxed assets Freehold land and bulldlngs Cost Al 1 April 2024 17,546,190 Al 31 March 2025 17,546.190 Carrylng amount At 31 Maroh 2025 17.546,190 Al 31 March 2024 17,546,190 The sale proceeds in 1988 of part ol Rammell Gard&n and parl of Scott Fiald were credited to the Capital Fund. In 1987 and 1989, the Charity Commissioners approved that the Trustees could exper)d OLJt ol the apital ol the Charity a sum ol not rnor8 than £200,000 lowaids the cost ol constructing a new scienoe blrtk extenSOn loverbuildingl and also a sum ol not mtsre than £162,144 lowards Ihe cost of constructing a new sports ha11. This expense was authorised on oondition thal the sum was ieEouped from charitable income al a yearly rato 01 £1.55 lor each £100 spent. £3,100 per annurn was payable Iiom 1989 lor thirty years and £2.513 per annum from 1990 for thlity years. These sums were invested in Charishare Common Investment Fund Accurnulatitsn shares included in the Foundation Invèstments on the Balance Sheet. On 19 July 2017. the Charlly Commission direeted that the recoupment aSed lo havè effecl. The Charity Commission alsD aulhorised the Trustees lo spend the funds frotn selling the inveslni8nls held using the proceeds from the sale ol part of Rammell Garden in 1988 from the Ch8rily's permanent endowmenl lor the purpose of funding building works at Cranbrook School. As a result, the Trustees have made donations from the Charity's peitnanent endowtnenl totalling £57T.828 to fund building work at the School which has enhanced the value ol the Charity's assets as reflected in the increase in valualiori ol the property. The properties were valued in 1997 by Robert Ingram & Company, Charleied Surveyors, on an exlstlng use basls. As noted in prior year accounts, the Trustees werfy ol the opinion that Ihg tiue value is in excess of the £13,909,514 shown in the accounts. As a result, during 2018, the Trustees reviewgd the valuation ol the propertles and consider that, based on the increase in Commercial Property Price Index, Ihg pioperties held within the permanent lund had increased in value by 25Yts on an existin9 Use basis since 1997 and this increase of £3.39m has been reflgcted in the accounts. During the year lo 31 March 2017, the Trust started lo make VATable supplies on som8 land it had acquired in 2013. A5 a result the Trust was able to tnak8 a claim for recovBiy VAT of £30,200 frotn HM Revenue & Customs which was rellectgd in dEbtors al the previous year end and the ctsst ol this land. whlch is recorded In unrestricted funds, was adjusted to reflect this VAT recovery. Inalionable assets The TrLJsI also owns certain assets of historic or sclentilic interest which are not included above, bul which are an intrinsic part ol Ihe school's hlstory. The Trusteès consider that Ih8rè is no reliable cost 01 value which can be attribulab18 to these ilems and accordingly they have not been capilalisèd In Ihe financial slat8m8nts. 18
CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 IWARCH 2025 17 Flxed asset investmènts Unlisted Investments osl or valuation Al 1 April 2024 Valuation changes Dlsposals 627,561 3,633 1247,4821 Al 31 March 2025 383,712 Carrying amount Al 31 March 2025 383,712 Al 31 March 2024 627,561 Flxed asset investments revalued Fixed asset invoslments are recorded in the 8¢¢ounts at their open market value, any movements in value are recorded in the Slalem8nt of Financial Activities. Below are details ol the original cost and spllt by fund.. Fair value of financlal assets carried at amortlsed cost Except as detailed below the Tiustees believe that the carrying amounts Df financial ass8ts carrièd at amortised cost In the financial statements approximate lo their fair volu8S. Financlal assets Carrylng amount 2025 Oriyinal cost 2025 2024 2024 Unrostricted-.William Root8s Gift Fund Unreslricled- Vickgrs Fund Restricted- Webst8r Exhibition Fund Reslricled- SEF Restricted- Goneral Fund Endowment- Army Prize Endowment- Joss Prize Endowment- SEF Endowment- Congr8v8 Endowment- Other 33,606 47,031 33,101 32,079 58.906 1.306 5,068 76,403 13,034 327,026 16,818 30,000 3,217 12.835 8,082 500 3,000 21,925 4,000 57,080 31,559 11.436 3,217 2,348 1,245 4,832 94,897 5,451 234,292 500 3,000 95,681 5,496 130,439 18 Stocks 2025 2024 Stationary and other consumables 3,972 4.704 19-
CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 IVIARCH 2025 19 Debtors 2025 2024 Arnounts falling due within one year: Trade debtors Prepayments and accrued incomg 3,087 14,417 717 7,135 17,504 7,852 20 Credltors.. amounts fa115ng due w5thln one year 2025 2024 Olher taxation and social security Trade creditors Other creditors 3,506 5,038 7,346 3.204 26,177 11,404 15,890 40,785 21 Endowment funds Endowment funds represent assets which must be held permanently by the Charity. Ineome arising on the endowment funds can be used In accordance with the objects ol the Charity and is inoluded as unreslrld8d income. Any capital gains or losses arising on tho assets form part ol th8 fund. At 1 Aprll 2024 Galns and At 31 March 105505 2025 Permanent endowments 17,375,666 1,839 17,377,505 Prgvlous year.. At 1 Apill 2023 Galns and Al 31 March lossas 2024 Permanent endowment5 17.343.320 32.346 17,375,666 20-
CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 IVIARCH 2025 22 Restrlctèd funds Th8 reslricled funds of th8 charity compris& th& unexpended balances ol donations and grants hèld on trust subject to specific eondilions by donors as lo how they may be used. At 1 April 2024 Incoming resotjrces Resources expended Gain$ and At 31 March losses 2025 Building exlension fund Property renewal fund Priz8 and gill fund Schc>laiship endowment fund Congrevè exhibition fund 7,451 150,000 65.213 60,824 9,054 32,771 112.8911 1150,0001 110,9251 27,331 3,266 6,295 536 1,530 5,075 59,084 72,194 9,590 292,542 42,868 1173,8161 6.605 168,199 Prevlous y8ar= At 1 April 2023 Incomlng resources Rè50urces expended Galns and At 31 March losses 2024 18,655,971 57,456 150,000 64,700 53,915 8,623 117,355,370) 11.300,6021 274,331 17,720 105,012 167,7251 116,545} 19.018,769 7,451 150,000 82,954 60,824 9,054 12,050 117,343,320) 4,496 11,693,190) 8uilding extension fund Property renfywal fund Prize and gift fund Scholarship endowment fund ongreve exhibition fund 3,686 6,381 431 8,646 5.922 528 1274,3311 1122,753) 334,693 28,218 176,8201 6.451 292,542 21
CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 22 Restrlcted funds (Continued) The Chaiity's unrestricted funds consist of funds which the Chglity may use for ils purposes al its discretion. The Charity has certain restricted funds wher@ specific conditions have been imposed by the donor. Thesfy are as follows.. Bulldlng extension fund IBEFI Funds donated for the planning and construction of buildings, the purchase of land, Ihe paymenl of loan charges and such other purposes Ihat the Truslegs may decide from lime to time. Property ronfrwal fund A provision made from the Building Extension Fund towards the replacetnenl ol th8 astro turf. Prlze an(J gift fund Funds donated for the purchase of prfzes lo be awarded lo pupils and for leaving exhlbltlons ft>r pupils going lo a university. Scholarship 8ndowmenl fund ISEFI Funds dona18d for the granting o>f Scholarshlps and bur5ari8s and for the general promotion and encouragement of education at the sch(KJl. Congreve exhlbition Fund5 donated foi th9 purposes of prov¢ding a leaving exhibition for pupils going lo a recognised universily in Great Britain or Northern Ireland. The Charity has certain permanent 6ndowmenls which comprise land, buildings and foundation invgstmgnts. 23 Unrestricted funds The unrestricted funds of th8 ¢harily comprise the unexpended balances of donations and gr8nls which are not subjed to specific con(Silions by donors and grantors as to how they way be used. These.include designated funds which have been set aslde out ol unr&5tricled funds by the Iruslees for specific purpos&s. At 1 Aprll 2024 Incomlng rèsources Rgsource expended Galns and At 31 March losses 2025 General lunds 1.560,421 431.968 1198,4491 1,498 1,795.438 Previou5 y•ar'. Incoming resources Resource5 èxpended Gain5 and At 31 March losses 2024 2023 General funds 1,429,943 425,070 1295,9491 1,357 1.5fj0,421 -22-
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CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 IVARCH 2025 26 Tradlng Aeeount Lettlng$ Quepn's Hall events Ml$c Totsl 2025 2025 2025 2025 Incorne Sales 157,110 62.663 38,414 258,187 157.110 62,663 38,414 258.187 Dlrect Costs Opening stock Purchases Closing Stock 4,705 17,956 13,9721 4.70S 17,956 13,972} 18,689 18,689 Gross proflt 138,421 62,663 38,414 239,498 Expenses Production expenses Salary recharges Catering Maintenance Equipment Cleaning and laundry Ulilily charges Copier chargos AdvertisinglPrinling Worldpay charges Website costs Miscgllaneous 45,101 9,729 392 759 45,860 56,075 31,180 595 S77 4,414 5,906 162 2.869 573 180 2,883 46,346 29,774 1,014 595 204 4.414 5,906 373 82 2,709 18 180 80 160 555 1,000 1,683 87,804 58,584 4,686 151,074 Net surplus of trading actlvltles 50,617 4.079 33,728 88,424 -24-
Charlty registratitsn number 290237 (England and Wales) CRANBROOK SCHOOL TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
CRANBROOK SCHOOL TRUST LEGAL AND ADMINISTRATIVE INFORMATION TN$l&85 J Peace P Thompson G Young A Cragg N Dowl8r F Vvhilelaw Rev R King Charlty number (England and Wales) 290237 Principal address CID Cranbrook School Acadgmy Trust Walerfoo Road Cranbrook Kent TN173JD Audltor Affinia Iorpinglonl Lynwood House Ciofton Road Orpington BR6 8QE
CRANBROOK SCHOOL TRUST CONTENTS Page Truste&s' report Statement of Trustees. respon5iblllUes Independent audiloffs rèptsrl statement ol financial activities Balance sheet 10 Notes lo the financial stal8rnents
CRANBROOK SCHOOL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 IklARCH 2025 The Trustees present their annual r8rx)rt and financial slalerner)ts for the year 8ndgd 31 March 2025. The finaneial statèments have been prepared in accordance wlth the accounling policies set out in notè I to th& financial 5tat8mènts and comply with the Charity's goveming document, the Charities Act 2011 and Accounting and Reporting by Charities.. Statemenl ol Recommended Practice applicable to charities preparing their accounts in accordance with the Flnancial Reporllng Standard applicable in the UK and Republic ol Ireland IFRS 102}" leffeclive 1 January 20191. Objectives and activitie5 The object ol thè charity is to promote the educall(>n lineludlng soclal and physical Irainingl ol boys and gids by th8 conduct and tllaintenance ol a day and boarding school in 01 near Cranbrook in the County of Kent lor boys and girls. The Trust is governed by a Trusl Deed dated 11 July 1994. Aims and Objèctlves The Truste85 aitll to provide suitable luilion, boarding and olhBI accommodation and sports facilities ft>r Ihg staff. day and boarding students of Cranbrook School in order that th8 School can deliver the curriculuTll and w- curriculum lo ils student5, as well as boarding facilities lor those students who wish to board. The Trustees receive no income lor the provision of wi8 accotllmodation bul renls are received by the Trust foi the provision ol housing for some staff on or near the campus. The Trustees 8nsure that the buildings and grounds are maintained and aim to enhance the facilities 8v8ilable to the School through r8fuiblshm8nt and provision ol additional accotnmodalion and facilities when required. To achleve this the Trustees rais8 additional funds from parents, lorrner parer)ts, Old Cranbrookians and the wider community through schemes ol regular giving and appeals. The Trustees also support various non curricular adivitl85 of thè School including the House system, provision of prizes, scholarships and Ihiough other grants and spending. A¢hievements and perfoirnance Significant aGtiviti6s and aGhiev8m8nts 8gèinsl objeclives Flnanclal revlew Spendable funds are categorised between those which are available for spending at the discretion of Truste85 I'unrestricted funds l and those which are subject lo cor)dilion or r8Stii¢lion I"r6Stricted funds"). Thè following balances were hgld at 31 Mareh.. Building extension fund Ireslricted lundl Property renewal fund Irestricted lundl Prlze and gift fund Ireslricled fund) Scholaishlp endowment fund (restricted Ind) Congreve exhibition fund Ireslricled fund) £27,331 12024.. £7,451) £Nil 12024.. £150,000} £59,08412024.' £61,527) £72,19412024.' £54,619) £9,590 12024.. £8,623) Permanent endowment fund £17,377,505 12024.. £17,375,666) Unrestricted funds £1,795,438 12024.. EI,560.421) Reseryes polioy 11 is the Trustees, policy lo maintain the unrestricted funds, which are the fre8 res8tves tsf th& trust, at a level which equal8$ lo approximately six rnonlhs unrestricted expenditure. This provides 5uffi¢ienl funds to cover management and adminislralion costs and to respond lo emergency Bxpenditure which arises from ts'me lo litne. The Rfysorvtrs Policy is subject lo review on an annual basis. InveslmentpolNcy The Trustees, policy is lo maintain income whilst preserving the real value of endowed investments. The Charity's investments have continued lo be mallaged in conformlty with policy and the Trust Deed and their performanee has matched exp8Ctation on the advice of our investtnent tnanagers. The investment policy is subj8cI to review on an annual basis.
CRANBROOK SCHOOL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Majorrisks The Trustee5 regular review the risks 8SSOClated with its functions. The Governing body of Cranbrook School is sponsible foi the management and operation of the sehool including the buildings, land, and other facilities owned by the Trust and is r8spons1ble for all related risks. Structurè, governance and managemènt There are nine Trustees, compiising an ex-officio Trustee who is the incumbent of the present ben81ice ol St Dunstan, two nominated by Ker)I CoLJnty Council, one norninaled by the Old Cranbr(>okians Association arid one by the University ol Kent,. the remaining six are co-opted. The nominalior)s for the University of Kenl and Kent County Council are currently vacant. Rev Richard King is the currenl vicar, and only ong ol the Kent County Council nominated positions is vacant. the other pc>silion is fillgd by Ms Sarah Hamilton. The Trustees meet th8 limes during the year to make any decisions nOSsary. When necessary, extraordinary meetings can be called by the Chairman. Trustees The Truslees who served during the year were.. J Peace P Thompson G Your)g A Cragg S Harnillon IKCC Trustee) N Dowlgr F Whilelaw Rev R King (Resigned 13 May 20251 R8GwIlenl and appoinlmenl of Iruslees Ther8 shoLJld be eleven Trustees consisting ol.. One ex-officio TIu5tee- being the incurllbent lor the tlme being ol the ben8fic8 of St. Dunstan, Cranbrook. Four nominated Trust88s- being twb nominated by Kent County Council. one by the Univ8r51ty tsf Kerft and one by th8 Committee ol the Old Cr&nbrookians Association. Six co-opted Trusl6as- who through residencè. occupation or employment or olhètwlsè have special knowledge of Cranbrook. Induclion gnd tralning of Irusl8es All Trustees are inducted by th8 chairman and are provid8d with a copy ol the Charity Commission booklet "The Essential TrusteÈ.' What you need lo know" Publlc Benefit The Trustees have complied with the duty in s17151 ol Ihe Charities Act 2011 to h8ve regard to the public benefit guidance published by the Charity Commission.
CRANBROOK SCHOOL TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Auditor In accordance with IhB company's articles, a resolutlon proposing that Affinla. be reappointed as audit(>r of the otnpany will be pul al a Goneral Meeting. Dls¢losur8 of Informatlon lo auditor Each ol the Trustees has conlirrned that there is no information of which they are gwaie which is relevant tc> the audit, bul ol which the auditor is unaware. They have further confirmed that they have taken appropriate steps 10 id8ntify such relevaril information and lo establish that the auditor is awar8 of such information. J Peace Truste• You Trust Dale..
CRANBROOK SCHOOL TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees are responsible for preparing the Trusteps, Report and the lin8nGial st8t9menls in aoooidance with 8pplicable law and united Kingdom AOUntIng Standards (United Kingdotn G8nerally Accepted Accounting Praclicel. The law applicable lo charities in England and Wales requires the Trustees to prepare finanela1 stalements for each Ilnancial year which give a true and lair view ol the stale ol affalrs of the Charity and of the incoming resourcès and 8pplic8litsn of resources of the Charity lor that yèar. In pparIng these financial statements, the Trustees are required tci.. select suitable accounting policies and then apply them consistently., observe the method5 and piinciples in th8 Chaiities SORP., make judgements and eslirnales that are reasonable and prudent., slate whether applicable accounlir)g standards have been followed, subject lo any material departures disclosed and explained in the financial slatemenls,. and prepare the financial statements on the gtsing concern bA5is unle55 It Is inappropriate to presume that thE chailty 11 contlnu8 In operatlon. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy al any lime the financial position of the Charity and enable them to ensure that the financial statemenis comply with the Charities Act 2011, the Charily (Accounts and Reporisl Regulations 2008 and the provislons of the Irust deed. They are also respc>nsible lor safeguarding the assets ol the Charity and hence for taking rèason8bl& steps lor Ihg prevention and detection of fraud and olh8r irregularities.
CRANBROOK SCHOOL TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CRANBROOK SCHOOL TRUST Opinlon We have audited the Ilnancial slalem8llts ol Cranbrook School Trust (the 'Charily'l for the year ended 31 March 2025 which comprise the sialemenl of financial acliv1tles, the balance sheet and notes lo the financla1 statements, inclLsding significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Unit8d Kingdom Accounting Standards, including Financial Reporting Slandaid 102 The Financi81 Reporting Standard applicable in Ihe UK Republic of Ireland (United Klngdom Generally Accepted Accounting Pra¢licel. In our opinion, the financial statements-. give a true and fair view ol the slate of the eharSty's affairs as al 31 March 2025 and of ils incoming resources nd application of r950urces, for the year then ended. have been properfy prepared in accordanTr with United Kingdotll Ggnerally Accepted Accounllng Practice.. nd have been prepar8d In accordance with the CharftSes Act 2011. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicab law. Our responsibilities under those standards are furlhei descrlbed in the Audilors responsibilities for Ihg audit trf the fi'nancial slaleffients section of our report. We are ind8pendent of the Charity in aocordance with the 8lhical requlremenls that are relevant lo our audit ol the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulli15ed our other ethical responsibilities in accordan¢e wilh these requiiemenls. We believe that the audit evldence we havg obtalned is sufficient and appropriate lo provide a basis lor our opinion. Emphasls of matter.. Analysls of net assels between funds Attention is drawn to the narrative al the foot of note 20"Analysis of net assets between funds" which describes th8 uncertainly as regaid5 tts the analysis ol tangible fixed assets between funds. Our opinion is nol Qualified in respect of this matter. Conclusions relating to going concgrn In auditing the financial slalements, we have concluded that the Trustees, usè of the going conrn basls of accounting in the preparation of th8 linanclal stalernents appropriate. Based on the work we have performed, we have not identified any material uncertainligs ielatlng lo events OT condition5 that, individually or collectively, may cast significant doubl on the Charity's ability lo continue as a going concern for a period ol al least Iwelve months from when the financial slalemen15 afe authorised for issu8. Our responsibilities and the sponsIbl1119s ol the Trustees with rgspect lo going conc8Tn are described in the relevant sections of this roport. Other Information The other information compris8s the Information induded in the annual report other than the financial statements and our audiloi'5 report thereon. The Tiustees are responsible for the other inforrnation contained within th8 annual report. Our opinion on the financi81 slalfyments does not oov8r the other information and we do not express any fortn ol assuran conclusion Ihereon. Our responsibility is lo 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 cours8 of the audit, or olhetwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misslalernents. we are required to determine whether thi5 gives rise to a material tnisstatemenl in the financial statements Ihems8lv@s. 11. based on th8 work we have perform8d, we conclude that there is B mat&rial misstatement of this other informatitsn, we are required to repDrl that fact. We have nothlng to report in this regard.
CRANBROOK SCHOOL TRUST INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF CRANBROOK SCHOOL TRUST Matters on which we ar• raqulred to report by exception We have nothing to report in respect ol the following matters in relation lo which the Ch8ritlès (Aceounls and Reports) Regulations 2008 qUireS us lo pOrt lo you if, in our opinion.. Ihfy information given in the financial stat8tll8nts is inconsistent in any mal8rial r9spect with the Trustees. report., oi suffielent accounting records have not been kept. or the financial statements are not in agreement with the accounting records.. or we have nol ceiVed all the inlortnatlon and explanations we require for our 8udll. Responsibilities of Trustees As explainBd more lully in the statement of Trustees, responsibilities, the Trusle8s ar& responsible for the preparation of the financial statements and for boing satisfied Ihal they give a true and 1811 view, and for such internal control as the Trustees determine is necessary lo enable the preparation ol financial statement5 that are free from material mis518letll8nt, whether due lo fraud or error. In preparing the financial stalemenls, the Trustees are responsible lor assessing the Charity's ability to continue as a going concein, dlstlosing. as applicable, ma119rs related to golng Conrn and using the going concern basis of accounting unless the Trustees either intend lo cease operations, 01 have no realistic allernalive bul lo do so. Audltor's responsibilities for the audit of the flnancial statements We have been appointed as auditor under section 144 01 the Charltles Act 2011 and report in a¢¢ordance trAth the Act and relevant regulations made or having ettect Ihereurider. Our objectives ar8 lo obtain r&asonable assurance about whgth8r thè financial statements as a whole 8rg Iiee from material misslatemenl, whether due lo fraud or error, and lo issug an auditor's report that includes our opinion. Reasonable assurance is a high lev&1 of assurance but is not a guaranlg9 that an audit conducted in accordance with ISA5 IUKI will always deleol a m8tg1ial tnisstatement when il exists. Misstatetnents can arise from fraud or error and aio consldered material if, individually or in the aggregale, they could rga80n8bly be expected to influence the economic decisions of users taken on the basis of thgse Ilnancial statements. The extent to which our procedures a10 eapable of detecting irregulariligs, including fraud. is detailed below. Enquiry of managèmenl and those charged with govemance arbund actual and potential litigation and claims. Enquiry ol manag8rn8nl lo identify any instances of non-compliallce with laws and regulations. Revi8wing minutes ol meetings ol Ih08fy chaiged with governance. Reviewing financial 51at2menl disclosures and t85ting to supporting documentation to assess eompliance with applicable18ws and regulations. Auditing the risk ol tllanagetnenl tsverride of controls, inolud1ng through testing journal entries and othgr adlustmenis lor appropriateness. and evaluating the business rationale ol significant transactions outside th8 normal course ol business. A further description of our iesponsibililies is available on the Financlal Reporting Council's website at.. https'.11 www.frc.org.uklaudilorsresponsibilities. This descriplioFI forms part of our auditor's report.
CRANBROOK SCHOOL TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CRANBROOK SCHOOL TRUST Use of our report This report is tllade solely lo the charity's trustees, as a body, in accordan with Part 4 01 the Charities IAccoLSnts and Reports) Rogulatlons 2008. Our audit work has been underiaken so that w8 mighl state to the charity's Iruslees those mallers we are rèquired lo stale lo Ihern in an auditc>r'5 report and lor no other purpose. To the lullesl exlenl permitled by law, we do nol accept or assume responsibility to anyone other than the chaiily and the charity's trustees as a body, lor our audit work, for this report, or for the opinions we have formed. Louisè Hallsworth FCA (Senior Statutory Auditor) For and on behalf olAftinia IOrplngtr>nl. Slalulory Auditor Chartered Accounlanls Lynwood House Crollor) Road Orpington BR6 8QE Date.. 30 January 2026 Affinia (Orpingtonl is eligible for appointment as auditor ol the Charity by vlrtue ol Ils eligibility for appointment as auditor of 8 company under section 1212 of the Companies Act 2006.
CRANBROOK SCHOOL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 IWARCH 2025 Currgnt flnanclal year Unrestricted funds 2025 Restricted Endowment funds funds 2025 202S Total Total 2025 2024 Not8s In¢ome and endowments from: Donations and legacies Charitable activilifjs Other trading acllvities Inveslm8nts Other income 32,497 32,497 125,488 258,189 58,521 141 92,D70 97,487 207.172 54,628 1,931 125.488 258,189 48,150 141 10,371 Total Income 431,968 42,868 474.836 453,288 Expenditura on: Raising funds Charltable activities 177,035 21,414 177,035 195,230 124,999 247,770 173,816 Total expenditurè 198,449 173,816 372.265 372,769 Nel galnslllossesl on investments 14 1,498 6,605 1,839 9,942 40,153 Net in¢omell*xpendlturel and movement in funds 235,017 1124,3431 1.839 112.513 120,672 Reconclllatlon of funds-. Fund balances al 1 April 2024 1,560,421 292,542 17,375,666 19,228,629 19,107,957 Fund balancès at 31 March 2025 1,795,438 168,199 17,377,505 19,341,142 19,228,629 The statement of financial activilies iricludg5 all gains and losses recognised in the y98r. All income and expendlture derive from continuing activities.
CRANBROOK SCHOOL TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Prior financlal year Unrestricted funds 2024 R85trlcted Endowment funds funds 2024 2024 Total 2024 Notès Ineomè and endowments from.. Donations and legacies Charitable activities Other trading activitles Investments Olhei income 89,585 97,487 207,172 28,895 1.931 2,485 92,070 97,487 207,172 54,628 1,931 25,733 Total Income 425.070 28,218 453,288 Expenditurè on: Raising funds Charltable activities 124,999 170,950 124.999 247,770 76,820 Total expenditurg 295,949 76,820 372,769 Nat galnslllossesl on investmènts 14 1.357 6,450 32,346 40,153 Net in¢om&lloxpendlturel and mov•mènt In funds 130,478 142,1521 32,346 120,672 R•conclllatlon of funds= Fund balances at 1 April 2023 1,429,943 334.694 17,343,320 19,107.957 Fund balanc8s at 31 March 2024 1,560,421 292,542 17,375,666 19,228,629
CRANBROOK SCHOOL TRUST BALANCE SHEET ASAT 31 MARCH 2025 2025 2024 Notes Fixed a5Sèts T8ngible assets Investments 16 17 17.546,190 383,712 17,546,190 627,561 17.929,902 18,173,751 Current a5S•ts stocks Debtc)rs Cash al bank and in hand 18 19 3,972 17,504 1,405,654 4,704 7,852 1,083,107 1.427.130 1,095,663 Creditors.. amounts falling du• wlthln one year 20 115,8901 140,7851 Net current assets 1.411,240 1,054,878 Total asset5 less current Ilabilltle5 19,341.142 19,228,629 The funds of the Charity Endowment funds Restricted income funds Unrestricted funds 21 22 23 17,377,505 168,199 1,795,438 17.375,666 292,542 1,560,421 19.341,142 19,228,629 The fi ancial statements were approved by the Tru5t88s on 27 January. 2026 Gyoung Trust& Trustee 10
CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IVIARCH 2025 Accounting policiès Charity Informatlon Cranbrook School Trust is a Charity. 1.1 Accounting conventlon Th8 financial slalemenls havg been prepared in accord8nce wlth the Charity's TIu5t Deed, the Chariligs Act 2011, FRS 102 The Financial R8porting Standard applicable in the UK and Republic al Ireland" I'FRS 102.1 and the Charitie5 SORP "Accounting and Reporting by Gharities". Statement of Rewmtnended Practice applicable lo chaiities preparing their aGGounts in accordario8 with the Financial R9POrting Standard applicable in the UK and RepLJblic of Irelar)d IFRS 1021" lefFeclive 1 January 20191. The Charity 15 3 Public Benefit Entily as defined by FRS 102. The Charity h85 taken advantage of th9 provisions in the SORP for charities not lo prepare a Slalemenl of Cash Flows. 1.2 Going conc9rn At the time of approving th8 financial stalernents. the Trustees have a reasonable expeclalion that thè Charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the Trusteès continue to adopt the going cono8rn basis ol accounting in preparing the fi'nancial statements. 1.3 Charitable funds Unrestricted funds are available for use al the discretion of the Trustees in lurtheranee ol their ch8rilable objectives. The Charity has certain $triCted funds where specrfic condllions have been imposèd by the donor. Further details can be found In note 22. The Charity has eertain permanent gndowmenls which ¢(>mprlse the land, buildings and foundation investments. 1.4 Income All voluntary incomg Is Included in inGotne on receipt except wh918 the donor requires the sum to be invested lo piovide income foi tho Charity's purposes, in which case il is treated as an endowment. Donations under deeds of oovenant, and girt aid together with the assoclat6d income lax rewvpiy. are recognised as income when the donabon is received. Endowments are credited directly to an Endowment Fund balance when recgived. They are not included 8$ Income be¢aus6 they must be inv8St8d and do not represent income which the Gharity may use directly for its purposes. Restricted incomè Is Snduded in the restriet6d income and expènditure account on recèlpt.
CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 IVIARCH 2025 Accounting pollcles Icontlnuedl 1.5 Expèndlture Expenditure is recognised once therè 1s a legal or constiuetive obligation lo Iransler economic benefll to a thlrd party, il is probable that a transfer of economic benefits will be required iri settlement, and the amount of the obligation can be rneasured reliably. Expendiluie is classified by activity. The costs of each actlvily are madg up of the total of diloct costs and shared costs, including support C05ts Involved in undertaking each activity. Direct cosis allribulabl8 to a slngle aclivity are allocated directly lo that 8clivSty. Shared costs which contribute lo tnore than one activity and support costs which ar8 not attributable lo a single activity are apportioned between those acti'vities on a basis onsistent with the use of resours. Th8 Gost ol generating funds comprises costs illCLJrred in encouraging people or organisations to contribute financially to the Charity's work. It includes the costs ol advertising for funds and the costs DI mounti'ng appeals. Governanc8 ctssts comprise all costs incurred in ensuriny the public accountability ol th8 Charity and its compliance with regLJlalion and good PT8Ctice. 1.6 Tanglble fixed assèts Properties whosè fair value can b8 measured reliably are held under the revaluallon model and are carrled at 8 revalued amoulll, being their fair value al the dale of valualion less 8ny subsequent a¢oumulated depreciation and subsequenl accurnulaled impairment losses. The Trustees consider that the eslimat8d residual value ol the buildings is equal lo the oarrying value and as a result depreciation is not provided. The lair valu8 01 the land and buildings is usually considered to be their market value. Revaluation gains and losses are iecognlsed in other reGognlsed gains and losses and accumulated in eqully, except to the exl8nt that a revalualioll gain reverses a revaluation loss previously recoonised in nel incomel 18xpenditurel or a r9v8luation loss exce8ds the accumulated revaluabon gains reGognlsed in equity., such gains and loss are recogni5ed in nel incomellexpendilurel for the yegr. Freehold land and assets in Ihe course ol conslructlon are nol deprpciated. 1.7 Fixed a55et Investments Investments are included in the accounts al year 8nd markel value. Investment Income Dividends arè credited lo the income and expenditurè accounl when they ar6 received. Credit Is laken for irntèresl and rental inc()me when the interfyst or rent falls due lor payment. 1.8 Stocks Stocks consist of iterns purchased for re-sale through the Charity's trading activities. The stock is included al the lower of cost or net realisable value. 12
CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Critical accounting estimate5 and judggments In th8 applicatlon of the Charlty's accounllng pollcies, the Trustees are reqUId lo make judgements, eslitnales and assumptions about the carrying amtsunt ol assets and liabilities Ihal are not readily apparent from other sources. The estitnates and a550ciated assumptions are based on historical experience and other factors that are considered lo b8 i&lev8nt. Actual results tnay differ from these estimales. The 85timates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting 851imalg5 are recognised in the perlod in whlch thè estimate is revised where the revision affects only that period, or in the p8ric>d ol the revision and future periods where the revision affects both current and lulure periods. In¢ome from donatlons and legacles Unrestricted Re$lricted fund5 funds 2025 202S Total Unr95tricted Restrlctèd funds funds 2024 2024 Total 2025 2024 Donations and gifts 32.497 32,497 89,585 2,485 92,070 Ineom& from eharltable actlvltles Unreslri¢led fund5 2025 Unrestrict8d funds 2024 Charltable income Charitable rèntal Ineoma 125,488 97,487 Income from othèr tradlng actlvltles Unrestricted Unrestrlctgd funds funds 2025 2024 Leitings income Queens Hall events income Other incotne 157,111 62,664 38,414 149,430 32,482 25.260 Other trading activities 258,189 207.172 Further details ol trading aclivlties undertaken by the Charity can be found in note 26. 13-
CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from invastments Unrèstrlcted Restrictod funds funds 2025 2025 Total Unr8strlcted Restrictèd funds funds 2024 2024 Total 2025 2024 oth8r income Interest receivable 7,624 40,526 10,371 17,995 40,526 6,703 22,192 10.322 15,411 17,025 37,603 48.150 10,371 58,521 28.895 25,733 54,628 Other Income Unrestricted Unr8strlcted funds lunds 2025 2024 Other incotnè 141 1.931 Expenditure on raising funds Unrestricted Unrestrlcted funds funds 2025 2024 Fundraising and publicity Sharg of governance costs Sutnmer letting expens8S Lettings expenses Advertising Other fundraising costs 1,000 18,085 87,678 58,585 11,687 1.000 17.285 74,149 29,733 2,832 177,035 124,999 Further details of trading activities undertaken by the Ch8rlty can be found in note 26. 14-
CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditurè on charitable activities Charllable Charltable oxpendltUTe expendlture 2025 2024 Direct costs Salaiy recharg&- Clerk lo Trustees Cranbrook School Donations Cranbrook School Facilitles Donations Awards and priz8s Salary rechaige- Development Oflicer 16,164 150,000 12,891 10,925 15,944 212,985 9,095 5,246 189,980 243.270 Share of support and governance costs (see note 101 Govern8noè 5,250 4,500 195,230 247.770 Analysls by fund Unreslricled funds Reslricled funds 21,414 173,816 170,950 76,820 195,230 247,770 10 Support eosts allocated to actlvltles 2025 2024 Governance eosts 6.250 5,500 Analysed between: Fundraising Charliable expenditure 1,000 5.250 1.000 4,500 6,250 5,500 11 Not movement in funds 2025 2024 The n81 movement in funds is stated after chargingllcreditlngl.. Feès payable for the audil of the charity's financial stalem8nls fj,250 5,500 15-
CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Trustees Nonè ol the Trustees lor any p&rsons connected with thèm) received any remuneratlon or benefits from tha Charity during the year. During the year, property expense5 lolalllng £nil12024'. £9001 were reimbursed diredly lo O Trustee12024.' 1 Trustee}. 13 Employees The Charity does not employ any staff, however r8sourtes from the Cranbrook School Acaderny Trust arè us8d and costs are recharg8d to the Charity on a litne spènt basis. There were no employees whose annual remuneration was rnofe than £60,000. 16-
(L £L )0 h)
CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 IWARCH 2025 15 Taxatlon The ¢h8rity Is exempt from tsxalion on its activities bècause all its income is applled for charitable purposes. 16 Tanglble flxed assets Freehold land and bulldlngs Cost Al 1 April 2024 17,546,190 Al 31 March 2025 17,546.190 Carrylng amount At 31 Maroh 2025 17.546,190 Al 31 March 2024 17,546,190 The sale proceeds in 1988 of part ol Rammell Gard&n and parl of Scott Fiald were credited to the Capital Fund. In 1987 and 1989, the Charity Commissioners approved that the Trustees could exper)d OLJt ol the apital ol the Charity a sum ol not rnor8 than £200,000 lowaids the cost ol constructing a new scienoe blrtk extenSOn loverbuildingl and also a sum ol not mtsre than £162,144 lowards Ihe cost of constructing a new sports ha11. This expense was authorised on oondition thal the sum was ieEouped from charitable income al a yearly rato 01 £1.55 lor each £100 spent. £3,100 per annurn was payable Iiom 1989 lor thirty years and £2.513 per annum from 1990 for thlity years. These sums were invested in Charishare Common Investment Fund Accurnulatitsn shares included in the Foundation Invèstments on the Balance Sheet. On 19 July 2017. the Charlly Commission direeted that the recoupment aSed lo havè effecl. The Charity Commission alsD aulhorised the Trustees lo spend the funds frotn selling the inveslni8nls held using the proceeds from the sale ol part of Rammell Garden in 1988 from the Ch8rily's permanent endowmenl lor the purpose of funding building works at Cranbrook School. As a result, the Trustees have made donations from the Charity's peitnanent endowtnenl totalling £57T.828 to fund building work at the School which has enhanced the value ol the Charity's assets as reflected in the increase in valualiori ol the property. The properties were valued in 1997 by Robert Ingram & Company, Charleied Surveyors, on an exlstlng use basls. As noted in prior year accounts, the Trustees werfy ol the opinion that Ihg tiue value is in excess of the £13,909,514 shown in the accounts. As a result, during 2018, the Trustees reviewgd the valuation ol the propertles and consider that, based on the increase in Commercial Property Price Index, Ihg pioperties held within the permanent lund had increased in value by 25Yts on an existin9 Use basis since 1997 and this increase of £3.39m has been reflgcted in the accounts. During the year lo 31 March 2017, the Trust started lo make VATable supplies on som8 land it had acquired in 2013. A5 a result the Trust was able to tnak8 a claim for recovBiy VAT of £30,200 frotn HM Revenue & Customs which was rellectgd in dEbtors al the previous year end and the ctsst ol this land. whlch is recorded In unrestricted funds, was adjusted to reflect this VAT recovery. Inalionable assets The TrLJsI also owns certain assets of historic or sclentilic interest which are not included above, bul which are an intrinsic part ol Ihe school's hlstory. The Trusteès consider that Ih8rè is no reliable cost 01 value which can be attribulab18 to these ilems and accordingly they have not been capilalisèd In Ihe financial slat8m8nts. 18
CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 IWARCH 2025 17 Flxed asset investmènts Unlisted Investments osl or valuation Al 1 April 2024 Valuation changes Dlsposals 627,561 3,633 1247,4821 Al 31 March 2025 383,712 Carrying amount Al 31 March 2025 383,712 Al 31 March 2024 627,561 Flxed asset investments revalued Fixed asset invoslments are recorded in the 8¢¢ounts at their open market value, any movements in value are recorded in the Slalem8nt of Financial Activities. Below are details ol the original cost and spllt by fund.. Fair value of financlal assets carried at amortlsed cost Except as detailed below the Tiustees believe that the carrying amounts Df financial ass8ts carrièd at amortised cost In the financial statements approximate lo their fair volu8S. Financlal assets Carrylng amount 2025 Oriyinal cost 2025 2024 2024 Unrostricted-.William Root8s Gift Fund Unreslricled- Vickgrs Fund Restricted- Webst8r Exhibition Fund Reslricled- SEF Restricted- Goneral Fund Endowment- Army Prize Endowment- Joss Prize Endowment- SEF Endowment- Congr8v8 Endowment- Other 33,606 47,031 33,101 32,079 58.906 1.306 5,068 76,403 13,034 327,026 16,818 30,000 3,217 12.835 8,082 500 3,000 21,925 4,000 57,080 31,559 11.436 3,217 2,348 1,245 4,832 94,897 5,451 234,292 500 3,000 95,681 5,496 130,439 18 Stocks 2025 2024 Stationary and other consumables 3,972 4.704 19-
CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 IVIARCH 2025 19 Debtors 2025 2024 Arnounts falling due within one year: Trade debtors Prepayments and accrued incomg 3,087 14,417 717 7,135 17,504 7,852 20 Credltors.. amounts fa115ng due w5thln one year 2025 2024 Olher taxation and social security Trade creditors Other creditors 3,506 5,038 7,346 3.204 26,177 11,404 15,890 40,785 21 Endowment funds Endowment funds represent assets which must be held permanently by the Charity. Ineome arising on the endowment funds can be used In accordance with the objects ol the Charity and is inoluded as unreslrld8d income. Any capital gains or losses arising on tho assets form part ol th8 fund. At 1 Aprll 2024 Galns and At 31 March 105505 2025 Permanent endowments 17,375,666 1,839 17,377,505 Prgvlous year.. At 1 Apill 2023 Galns and Al 31 March lossas 2024 Permanent endowment5 17.343.320 32.346 17,375,666 20-
CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 IVIARCH 2025 22 Restrlctèd funds Th8 reslricled funds of th8 charity compris& th& unexpended balances ol donations and grants hèld on trust subject to specific eondilions by donors as lo how they may be used. At 1 April 2024 Incoming resotjrces Resources expended Gain$ and At 31 March losses 2025 Building exlension fund Property renewal fund Priz8 and gill fund Schc>laiship endowment fund Congrevè exhibition fund 7,451 150,000 65.213 60,824 9,054 32,771 112.8911 1150,0001 110,9251 27,331 3,266 6,295 536 1,530 5,075 59,084 72,194 9,590 292,542 42,868 1173,8161 6.605 168,199 Prevlous y8ar= At 1 April 2023 Incomlng resources Rè50urces expended Galns and At 31 March losses 2024 18,655,971 57,456 150,000 64,700 53,915 8,623 117,355,370) 11.300,6021 274,331 17,720 105,012 167,7251 116,545} 19.018,769 7,451 150,000 82,954 60,824 9,054 12,050 117,343,320) 4,496 11,693,190) 8uilding extension fund Property renfywal fund Prize and gift fund Scholarship endowment fund ongreve exhibition fund 3,686 6,381 431 8,646 5.922 528 1274,3311 1122,753) 334,693 28,218 176,8201 6.451 292,542 21
CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 22 Restrlcted funds (Continued) The Chaiity's unrestricted funds consist of funds which the Chglity may use for ils purposes al its discretion. The Charity has certain restricted funds wher@ specific conditions have been imposed by the donor. Thesfy are as follows.. Bulldlng extension fund IBEFI Funds donated for the planning and construction of buildings, the purchase of land, Ihe paymenl of loan charges and such other purposes Ihat the Truslegs may decide from lime to time. Property ronfrwal fund A provision made from the Building Extension Fund towards the replacetnenl ol th8 astro turf. Prlze an(J gift fund Funds donated for the purchase of prfzes lo be awarded lo pupils and for leaving exhlbltlons ft>r pupils going lo a university. Scholarship 8ndowmenl fund ISEFI Funds dona18d for the granting o>f Scholarshlps and bur5ari8s and for the general promotion and encouragement of education at the sch(KJl. Congreve exhlbition Fund5 donated foi th9 purposes of prov¢ding a leaving exhibition for pupils going lo a recognised universily in Great Britain or Northern Ireland. The Charity has certain permanent 6ndowmenls which comprise land, buildings and foundation invgstmgnts. 23 Unrestricted funds The unrestricted funds of th8 ¢harily comprise the unexpended balances of donations and gr8nls which are not subjed to specific con(Silions by donors and grantors as to how they way be used. These.include designated funds which have been set aslde out ol unr&5tricled funds by the Iruslees for specific purpos&s. At 1 Aprll 2024 Incomlng rèsources Rgsource expended Galns and At 31 March losses 2025 General lunds 1.560,421 431.968 1198,4491 1,498 1,795.438 Previou5 y•ar'. Incoming resources Resource5 èxpended Gain5 and At 31 March losses 2024 2023 General funds 1,429,943 425,070 1295,9491 1,357 1.5fj0,421 -22-
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CRANBROOK SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 IVARCH 2025 26 Tradlng Aeeount Lettlng$ Quepn's Hall events Ml$c Totsl 2025 2025 2025 2025 Incorne Sales 157,110 62.663 38,414 258,187 157.110 62,663 38,414 258.187 Dlrect Costs Opening stock Purchases Closing Stock 4,705 17,956 13,9721 4.70S 17,956 13,972} 18,689 18,689 Gross proflt 138,421 62,663 38,414 239,498 Expenses Production expenses Salary recharges Catering Maintenance Equipment Cleaning and laundry Ulilily charges Copier chargos AdvertisinglPrinling Worldpay charges Website costs Miscgllaneous 45,101 9,729 392 759 45,860 56,075 31,180 595 S77 4,414 5,906 162 2.869 573 180 2,883 46,346 29,774 1,014 595 204 4.414 5,906 373 82 2,709 18 180 80 160 555 1,000 1,683 87,804 58,584 4,686 151,074 Net surplus of trading actlvltles 50,617 4.079 33,728 88,424 -24-
CRANBROOK SCHOOL TRUST Audit Findings and Management Letter
Audit for the year ended 31 March 2025 Prepared 17 December 2025
Contents
Introduction .......................................................................................................................... 3 The Audit Process ............................................................................................. 4 Audit approach and scope ............................................................................ 4 Significant risk audit areas ................................................................................ 5 Materiality .................................................................................................... 7 Objectivity and Independence...................................................................... 7 Amendments to financial statements .............................................................. 8 Expected modifications to the auditor’s report ............................................... 9 Accounting system and internal control........................................................... 9 Other matters to be communicated with those charged with Governance .. 12 Significant difficulties encountered during the audit ................................. 12 Significant matters, if any arising from the audit ....................................... 12 Other action points – Reminders and Submissions .................................... 12
2
Introduction
Following completion of our audit fieldwork, we present our audit findings report and management letter for the attention of the Trustees and those charged with governance of Cranbrook School Trust on the financial statements for the year ended 31 March 2025. This report summarises key issues in connection with the audit of financial statements, which we consider should be drawn to the attention of the Trustees.
The report has been prepared for the purpose of recording the audit scope, approach and risk areas and for communicating audit issues raised with those charged with governance.
We have listed possible improvements to accounting and internal control systems. This does not comprise a comprehensive statement of all weaknesses that may exist or of all improvements that could be made. It addressed only those matters that have come to our attention as a result of the audit procedures we have performed for the purpose of expressing an opinion on the financial statements. As required by International Standards on Auditing (UK and Ireland) the audit included consideration of internal controls relevant to the preparation of the financial statements in order to design appropriate audit procedures but not for the purpose of expressing an opinion on the effectiveness of internal control.
The report has been prepared in compliance for reporting and complying with the provisions of International Standards on Auditing. No reports may be provided to third parties, without our prior consent. Consent will only be granted on the basis that such reports are not prepared with the interest of anyone other than the Trust in mind and we accept no duty of care or responsibility to any other party. The report may not be relied upon for any other purpose. No responsibilities are accepted by us towards any party acting or refraining from acting as a result of this report.
For ease of reference, we have summarised and prioritised our findings below:
| Highpriorityrecommendations | 1 |
|---|---|
| Mediumpriorityrecommendations | 1 |
| Low priority recommendations | 1 |
| Total | 3 |
High risk : issues where there is a risk of significant financial impact on the Trust that must be addressed immediately.
Medium risk : issues where there is a risk of moderate financial impact on the Trust that should be addressed soon; and
Low risk: issues that relate to minor control deficiencies or enhancements in control efficiency. These should be addressed within an agreed timescale.
If you have any queries regarding the matters raised in this report, or other issues of concern, please contact us as soon as possible.
Finally, we would like to express our thanks to all of the Trust’s staff that assisted us in carrying out our work.
Affinia (Orpington) Lynwood House, Crofton Road Orpington BR6 8QE
E: schools@affinia.co.uk T: 01689 877081 W: www.affinia.co.uk
3
The Audit Process
Audit approach and scope
Our general audit approach is determined by our assessment of the audit risk, both in terms of the potential misstatement in the financial statements and of the control environment in which the Trust operates. Our outlined approach is summarised as follows.
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we will update our understanding of the Trust and its environment through discussions with management and a review of available financial information.
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we will obtain evidence to support material balance sheet accounts and perform analytical review procedures of income and expenditure streams.
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we will review the design and implementation of key internal financial control systems, including reviewing the reports issued from the internal assurance reviewer.
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we will review the adequacy of material disclosures in the financial statements in accordance with FRS102, the Charities SORP.
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we will review the information in the Trustees’ Report for the financial year ensuring it is consistent with the financial statements; and
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we will form an opinion whether the financial statements give a true and fair view of the state of the Trust’s affairs as at 31 March 2025.
basis for the preparation of the financial statements and that proper accounting records have been maintained.
ISAs also state that “routine, non-complex transactions that are subject to systematic processing are less likely to give rise to significant risks because they have lower inherent risks”. Our work in these areas will be proportionally less than in the significant risk areas.
In areas where we identify the potential for significant risk, we will extend our audit testing to include more detailed substantive work.
Significant risks
As part of our audit procedures, we are required to consider significant risks that require our attention including:
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Whether there is a fraud risk.
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The complexity of transactions.
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Significance of transactions with related parties.
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Degree of subjectivity in the measurement of financial information; and
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Transactions outside the normal course of the Trust’s business.
Overall audit strategy
We performed a risk-based audit, focusing our work on key audit areas.
ISAs assume that “significant” risks will arise on most audits. Significant risks are often derived from business risks that may result in a material misstatement, relate to unusual transactions that occur infrequently, or judgemental matters where measurement is uncertain. We held an initial planning meeting with key management and finance staff to ascertain management’s own view of potential audit risk and to gain an understanding of the Trust’s activities. We also developed an in depth understanding of the accounting systems and controls so that we may ensure their adequacy as a
The identified significant audit risks were communicated to you in our audit planning letter issued before our main fieldwork began. We now note the work performed and conclusions drawn on the following pages:
4
Significant risk audit areas
| Significant Risk |
Explanation of the risk | Audit work performed | Conclusion | |
|---|---|---|---|---|
| 1. | Revenue recognition |
There is an assumption that revenue recognition is a fraud risk. Income from contracts should be recognised in the period to which entitlement exists. Classification of income between restricted and unrestricted funds potentially relies on managements decisions. |
We documented systems and controls carrying out our audit procedures to ensure income is recorded correctly in the period. We discussed with Trust finance staff whether any cases of fraud had occurred during the period. We also reviewed governors’ minutes of meetings. We have not been made aware of any fraud during the period. Consideration of whether income had been correctly classified between restricted and unrestricted funds by reviewing and terms and/or conditions was undertaken. |
Our audit work has not identified any material errors relating to income recognition, whether relating to fraud or error. |
| 2. | Management override |
The trustees and management have the primary responsibility for detection of fraud as part of their role in preventing fraudulent activity. They should ensure a robust system of internal controls exist to facilitate prevention. Auditing Standards presume a significant risk of management override of the system of internal controls. Our audit work is designed to provide reasonable assurance that the accounts are free from material misstatement, whether caused by fraud or error. Our audit may serve to act as a deterrent, but we are not responsible for preventing fraud or corruption. |
During our audit we considered the possibility of manipulation of financial results, for example the use of journals or management estimates, such as provisions and accruals. These have been reviewed as part of our substantive audit work. |
Our audit procedures have not identified any instances of management override. |
5
| Significant Risk |
Explanation of the risk | Audit work performed | Conclusion | |
|---|---|---|---|---|
| 3. | Related and connected parties |
We are required to consider whether disclosures in the financial statements concerning related party transactions are complete and comply with the Charities SORP. |
A Charity Commission search was completed for each of the trustees to identify possible related parties with which the trust may have transacted. We reviewed trustee and other senior management declarations to ensure there no potential related party transactions have not been disclosed. We have requested written management representations from you confirming the full disclosure of related party transactions. |
Our audit work has provided assurance that the related party transactions disclosed in the financial statements are complete. |
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Materiality
We apply the concept of materiality both in planning and performing the audit, and in evaluating the effect of identified misstatements on the audit and the impact of uncorrected misstatements.
Materiality is an expression of the relative significance of a particular matter in the context of the financial statements as a whole. An item will be considered material if its omission would reasonably influence the decisions of those using the financial statements. The materiality level for the financial statements as a whole has been set at approximately £14k for this year’s audit.
Auditors examine financial statements on a test basis. The level of testing we will carry out is based on our assessment of the risk that an item in the financial statements may be materially misstated. As such, it is neither practical nor appropriate to give an indication of the value of an item we would consider to be material although, clearly, we do relatively more work in areas where the risk of misstatement is considered to be high.
We have assessed the materiality by considering the total income of the Trust, net of capital income together with other relevant indicators. A lower measure of materiality was set for those specific areas where the nature of the transactions requires this.
We note that in addition to performing the statutory audit, we also provide the following non-audit services:
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a) Preparation of statutory financial statements from the Trusts trial balance.
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b) Provision of general advice as required.
The following safeguards are in place in respect of providing of the above nonaudit services to ensure our independence:
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a) Preparation of statutory financial statements from the Trusts trial balance is carried out by a dedicated accounts production team separate from audit and is a mechanical function presenting the Trust’s results for the period in the required format. Any adjustments to the figures will be made following discussion and approval by the Trust. The process of preparation of the financial statements is reviewed by an independent manager prior to completion; and
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b) General advice and assistance with accounting queries during the period is not considered significant for this Trust.
Individual errors or accumulated errors, found during the course of the audit that are in excess of materiality were discussed with you and adjustments were made to the financial statements. If the adjustments had not been made, our audit report would be modified. Any adjustments found during the audit that are below the relevant materiality level have been sent for consideration by the Trustees.
Objectivity and Independence
As agreed with you, the provision of non-audit services to you results in a potential threat to our independence. We can confirm that, as required by professional ethical standards, we have implemented appropriate safeguards to deal with this threat, in accordance with the guidance issued by our professional body.
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Amendments to financial statements
It is considered good practice to inform you of any adjustments (including material adjustments) within the financial statements presented for audit that have been discovered during the audit process as well as other relevant adjustments notified to us by you. Set out below is a list of audit adjustments for which you have authorised adjustment to the financial statements, and the impact of those adjustments.
| Effect on Fund Reserves (£’) |
|
|---|---|
| Fundsper ledger | 19,328,513 |
| Audit fee accrual | (6,250) |
| Movement on investments | 9,942 |
| Rent accrued | 8,937 |
| Funds per Accounts | 19,341,142 |
In addition to the above, some presentation adjustments have been included in the financial statements although these have had no impact on the total of fund balances, including the allocation of income and expenditure to relevant funds.
Other than the listed adjustments, we have not identified any misstatements or omissions (unless clearly trivial) from the financial statements, which have not been adjusted by you.
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Expected modifications to the auditor’s report
We have substantially completed our work and intend to issue a qualified audit opinion unless we can establish the ‘fair value’ of land and buildings agreeing to the amount in the balance sheet. This is subject to the trustees’ approving the financial statements and any minor outstanding items being received and/or completed. There is also a modification with reference to the emphasis of matter on analysis of net assets between funds as referred to in our cover email.
Accounting system and internal control
We set out below a summary of the matters identified from our audit work relating to the accounting system and internal control weaknesses. We have included our view of the priority (low, medium, or high) of each point. In arriving at our view of priority we have considered both the potential impact of the weakness identified and the likelihood of the related risk materialising.
| Description and impact | Recommendation | Trust Response | Priority |
|---|---|---|---|
| For five expenditure samples, that were recharged to the Academy, no documentation was retained on file. Potential impact: insufficient supporting evidence/lack of audit trail. |
All supporting documentation should be kept for all items. |
The Trust will hold all supporting documents required for payments to be made. |
Medium |
| The Trust revalued the land and buildings as at 31 March 2018 and prior to this, a formal valuation was undertaken in 1997. The Trust should consider undertaking a valuation on a regular basis as the balance sheet should reflect the ‘fair value’ of these assets. The 2023/24 Insurance rebuild cost is significantly greater than the balance sheet value and the reinstatement valuation undertaken in May 2024 shows an even greater figure. Potential Impact:The value included in the accounts may be significantly different to the market/fair value. |
Recommendation remains and additional matter re insurance and rebuild cost being greater than balance sheet value. |
The Trust have engaged Morgan Allen which are undertaking the valuation on 18 February 2026. |
High |
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| Description and impact | Recommendation | Trust Response | Priority |
|---|---|---|---|
| Investments were not accurately reconciled at the year end. Potential impact:The value included in the accounts is misstated. |
We recommend that investments at the year- end are reconciled to the year end statements to ensure that all additions, disposals, and movements in value are accounted for accurately by the relevant fund. |
The Accounts will be reconciled with the year end investment statements. |
Low |
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Status of Previous year Recommendations
| Description and impact reported in prior year | Status in current year | Management Response | Priority |
|---|---|---|---|
| The Trust revalued the land and buildings as at 31 March 2018 and prior to this, a formal valuation was undertaken in 1997. The Trust should consider undertaking a valuation on a regular basis as the balance sheet should reflect the ‘fair value’ of these assets. The 2023/24 Insurance rebuild cost is significantly greater than the balance sheet value and the reinstatement valuation undertaken in May 2024 shows an even greater figure. Potential Impact:The value included in the accounts may be significantly different to the market/fair value. |
Recommendation remains. Refer to table above. |
Refer to table above. | High |
| For three expenditure samples, no documentation was retained on file. Potential impact: insufficient supporting evidence/lack of audit trail. |
Recommendation remains. Refer to table above. |
Refer to table above. | Medium |
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Expected modifications to the auditor’s report
We have substantially completed our work and intend to issue an unqualified audit opinion. This is subject to the trustees’ approving the financial statements and any minor outstanding items being received and/or completed.
There is also a modification with reference to the emphasis of matter on analysis of net assets between funds.
Other matters to be communicated with those charged with Governance
Significant difficulties encountered during the audit
We did not encounter any significant difficulties during the audit.
Significant matters, if any arising from the audit
There are no further significant matters that we need to bring to your attention.
Going Concern
The Trustees need to give consideration to the level of reserves maintained and consider going concern for a period being at least 12 months from the approval of the accounts.
Other action points – Reminders and Submissions
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1) A written reply should be prepared in response to this report. Please return it to us keeping a signed copy for your own records.
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2) On return to us of the signed statutory accounts and the signed letter of representation which must be on the trusts headed paper, we will certify the audit report and send you the certified accounts for submission to the Charity Commission (the filing deadline is 31 January 2026).
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