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-
##
##
##
|
|
|
|
|---|---|---|
||||
|||
|
||||
##
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.
- we will update our understanding of the Trust and its environment through discussions with management and a review of available financial information.
- we will obtain evidence to support material balance sheet accounts and perform analytical review procedures of income and expenditure streams.
- we will review the design and implementation of key internal financial control systems, including reviewing the reports issued from the internal assurance reviewer.
- we will review the adequacy of material disclosures in the financial statements in accordance with FRS102, the Charities SORP.
- we will review the information in the Trustees’ Report for the financial year ensuring it is consistent with the financial statements; and
- 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:
- Whether there is a fraud risk.
- The complexity of transactions.
- Significance of transactions with related parties.
- Degree of subjectivity in the measurement of financial information; and
- 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.|
**6**
## **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:
- a) Preparation of statutory financial statements from the Trusts trial balance.
- 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:
- 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
- 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.
**7**
## **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.
**8**
## **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|
**9**
|**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|
**10**
## **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|
**11**
## **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**
- 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.
- 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).
**12**