## **DURSTON HOUSE SCHOOL EDUCATIONAL TRUST LIMITED (Limited by guarantee)** ## **REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 AUGUST 2025** Registered Company Number: 1947995 Registered Charity Number: 294670 **DURSTON HOUSE SCHOOL EDUCATIONAL TRUST LIMITED** ## **REPORT AND FINANCIAL STATEMENTS** ## **YEAR ENDED 31 AUGUST 2025** |**CONTENTS**|**Page**| |---|---| ||1
6| |Independent Auditor
s Report|7 - 8| |Statement of Financial Activities|9| |Balance Sheet|10| |Cash Flow|11| |Statement of Accounting Policies|12-13| |Notes to the Financial Statements|14-18| **DURSTON HOUSE SCHOOL EDUCATIONAL TRUST LIMITED** ## **YEAR ENDED 31 AUGUST 2025** ## **REFERENCE AND ADMINISTRATIVE INFORMATION** ## **GOVERNORS** ||Mr P Carpentier| |---|---| ||Ms A Collier (Co-Chairman)| ||Mr J Gill| ||Mr K S Girn| ||Mr J B Grantham (Appointed on 26 March 2025)| ||Mrs S-A Huang (Resigned on 26 March 2025)| ||Mr N C Hudson (Appointed on 26 March 2025)| ||Ms P J Honigsberger| ||Miss H Kaur| ||Mr W Key| ||Mrs Isabella Kurek-Smith| ||Mr K J Mahoney (Resigned 31 October 2024)| ||Mr L Mak| ||Mr B Purkiss| ||Mr F Sayood| ||Mr A Sokolowski| |**KEY MANAGEMENT PERSONNEL**|| |HEADMASTER|Mr K H G Entwisle| |BURSAR AND COMPANY SECRETARY|Mrs J M Twyford| |**REGISTERED OFFICE**|12 Castlebar Road| ||London W5 2DR| |**ARCHITECT**|ADP Architecture Ltd| ||150 Waterloo Road| ||London SE1 8SB| |**AUDITOR**|HaysMac LLP| ||10 Queen Street Place| ||London EC4R 1AG| |**BANK**|The Co-operative Bank| ||16-18 New Broadway| ||London W5 2XL| |**CHARTERED SURVEYOR**|Gerald Eve| ||7 Vere Street| ||London W1M OJB| |**INSURANCE BROKER**|Hettle Andrews & Associates Ltd| ||2 Brunswick Square| ||Birmingham B1 2LP| |**SOLICITOR**|Blandy & Blandy LLP| ||One Friar Street| ||Reading RG1 1DA| 1 ## **DURSTON HOUSE SCHOOL EDUCATIONAL TRUST LIMITED** ## **YEAR ENDED 31 AUGUST 2025** The governors, who are also the trustees and directors of the charitable company Durston House School Educational Trust Limited ugust 2025 and confirm that they comply with the requirements of the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and the Charities SORP - Second Edition (effective 1 January 2019). ## **GOVERNING DOCUMENTS** Durston House School Educational Trust Limited was set up under its Memorandum and Articles of Association dated 17 September 1985 as a company limited by guarantee, number 1947995 and also a charity with the Charity Commission, number 294670. The School, previously privately owned, was established in 1886. ## **AIM** as a charitable independent school operating for the public benefit, is the attainment of the highest academic levels with the benefit of a comprehensive extra-curricular programme **.** ## **OBJECTIVES** The principal object of the School is to promote and provide for the advancement of education for boys and girls aged from 3 to 13 years. In the furtherance of this object the governors, as the charity trustees, have complied with the duty in s.17 of the Charities Act 2011 -sector guidance concerning the operation of the Public Benefit requirement under that Act _._ ## **Objectives for the Year** The principal objectives for the year were: - To ensure the school is in the best possible position to mitigate against the threat of VAT on school fees and the removal of business rates tax relief - To continue the development of plans to combine the three sections of the school on to the Carlton Road site. - To maintain and further develop the Durston brand, being the leading co-educational school in Ealing, with a roll of 400 pupils from Pre-School to Year 8 by 2027 - To remove non-selective entry into Reception for 2025/2026 entry ## **ETHOS, STRATEGY AND POLICIES** ## **Ethos** Durston House has been a preparatory school for boys since 1886. On 1 September 2023 the school became co-educational when they merged with Harvington School, the girls school next door. It welcomes those from all ethnic, cultural and religious backgrounds. The School is proud of its diversity. It is a community in which mutual respect and understanding, fairness and opportunities for all are promoted within the framework of its Christian foundation. ## **Strategy** The governors are responsible for setting strategy. The focus of their strategy is on the development of the pupils, their continued high levels of academic and co-curricular achievement and the broadening of access to the education the school provides. In taking this strategy forward the governors: - Ensure the range of extra-curricular activities available to pupils is stimulating and challenging; Invest in technology and the infrastructure of the school; and - Develop methods for awarding bursaries to ensure wider access to pupils from all backgrounds. Durston House School is a charitable trust which seeks to benefit the public through the pursuit of its stated aims and welcomes pupils from all backgrounds. Fees are set at a level to ensure the financial viability of the school. ## **Access Policy** It is important that access to the education offered is not restricted to those who can afford full fees. The governors believe pupils benefit from learning within a diverse community. The governors will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled. 2 **DURSTON HOUSE SCHOOL EDUCATIONAL TRUST LIMITED** **YEAR ENDED 31 AUGUST 2025** ## **Bursary policy** Durston House bursary awards are available, subject to funding being available, to all who meet its general entry requirements and education and future prospects would otherwise be at risk, for example in the case of redundancy. The bursary awards range from 50% to 100% remission of fees. ## **Assistance for staff** As part of the emphasis on attracting and retaining high calibre staff, the school offers a 50% discount to staff members who choose to educate their children at Durston House. ## **Community access** The governors see Durston House School as a part of a wider community. Where the School can assist the community without detriment to advancing the education of its pupils the governors are delighted to do so. A Register of Public Benefit Initiatives records appropriate ventures, including targets for the provision of means tested bursaries as of the The Assistant Head - Complementary Curriculum acts as the charities coordinator arranging various activities during the year, supported by parents and pupils, to raise funds for other organisations. The nominated charities for the year were The Daisy Garland and Ealing Wildlife Group. ## **ESTATES DEVELOPMENT** The planning application for the development plans to combine the three sections of the school on to the Carlton Road site was submitted to the local planning authority in January 2020 and granted approval. Subsequently, as required, it was submitted to the Greater London Authority, where in July 2020, it was refused. The governors considered their options and agreed that the plans should be revised and updated to address the points on which it was refused. The updated planning application will be submitted in due course. The programme of routine maintenance to ensure high standards are maintained across all school sites continued. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governance** The Annual General Meeting is held in March each year. The governors of the School, who are also directors of the Company, are appointed in accordance with the Memorandum and Articles of Association. Responsibility for the overall management and organisation of the School rests with the governors, who meet at least on a termly basis. They are supported in carrying out their responsibilities by the Education and Welfare, Estates Development, Finance and Governance Committees, meeting termly. Membership of the four Committees during 2024-25 was as follows Education and Welfare: A Collier (Chair), J Gill, N C Hudson and A Sokolowski; Estates Development: W Key (Chair), P Carpentier, J B Grantham, L Mak and A Sokolowski; Finance: P J Honigsberger (Chair), W Key, K S Girn, I Kurek-Smith, L Mak and F Sayood; Governance: A Collier (Chair), H Kaur and L Mak. ## **Operational Management** The task of running Durston House school on a day-to-day basis was delegated to the Headmaster and Bursar. The Headmaster and and those of the Education and Welfare, Estates Development, Finance and Governance Committees. The Headmaster is assisted by the Durston House Senior Management Team comprising the Bursar, the Deputy Head, and the Assistant Heads, Academic and Co-Curricular who also attend meetings of the Education and Welfare Committee, the Assistant Heads, Studies Administration and Pastoral and the Head of Pre-Prep. ## **Governor Recruitment, Induction and Training** The Governance Committee regularly reviews the mix of skills that is available to the Board. New governors are appointed by the Board until the date of the next Annual General Meeting at which they are eligible for election for a period of three years. All new governors receive an induction pack, which explains their role, the role of the Board, and details of Charity Commission and Companies House requirements. They are assigned a mentor, offered a tour of the school and given background information on previous Board decisions, Board papers, current financial position, information about the school and future developments. Governors attend a range of courses aimed at keeping them up to date with matters relevant to their roles, including Safeguarding training. These are provided by the Association of Governing Bodies of Independent Schools (AGBIS), HaysMac auditors, and Graffham Consulting Ltd. Governors spend a day or part day in school shadowing a member of staff or department as often as possible. 3 **DURSTON HOUSE SCHOOL EDUCATIONAL TRUST LIMITED** ## **YEAR ENDED 31 AUGUST 2025** None of the governors has a financial or beneficial interest in the trust. ## **Remuneration of Key Management Personnel** Remuneration policy for key management personnel is set by the governors. The appropriateness and relevance of the remuneration policy, including reference to comparisons with other independent schools is considered, to ensure that the school remains sensitive to the broader issues of pay and employment conditions elsewhere. Delivery of the s primarily dependent on our key management personnel, and staff costs are the largest single element of our charitable expenditure. ## **STRATEGIC REPORT** ## **Achievements and Performance** ## **Pupils** At the beginning of the year there were 365 pupils on roll. During the course of the year seventeen pupils left the School and sixteen joined; we therefore ended the school year with 364 pupils. All 28 pupils in Year 8 scored sufficiently well either in Common Entrance or through Year 6 deferred entry (or individual school entrance examinations) to gain places at their chosen schools at 13+. Five awards were offered: one John Colet Scholarship and one School, two Academic Scholarships to Hampton School and one Academic Scholarship to . Year 8 pupils leaving in July 2025 gained entry to the following schools: six four to Hampton School, four four to St Benedicts, three to Westminster, two to Wetherby, one each to John Lyon School, Eton College, Marlborough College and Tiffin. 31 pupils left at 11+, gaining entry to the following schools: eleven to (one with a Sports Scholarship), two each to Notting Hill and Ealing High Drayton Manor and Twyford High School and one each to Hampton School, , ## **Bursaries and Discounts** Seven pupils were supported by Durston House School during the year, two with a 100%, one with 80%, two with 50% and two with 40% bursaries. Sibling discounts were introduced for the first time in 2023-24. 62 pupils were awarded 5% or 10% discounts. Staff discounts were introduced in 2022-23. Six members of staff, with eight children between them, received 50% discounts. ## **Staff** The staff full and part-time, teaching and support numbered 91 (84.5 full-time equivalents). The Board of Governors wish to express their thanks to the Headmaster and staff for their contributions and efforts during the year. ## **Pastoral Care** Durston House is committed to safeguarding and promoting the welfare of pupils and expects all staff and volunteers to share this in addition to the traditional end of term and year reports. The school organisation of the four workshops on anti-bullying. ## **Co-curricular activities:** ## **Sport** Sport continued to play a full part in the life of the school. Saturday and Sunday morning football and rugby tournaments at the Swyncombe Playing Field were well attended by visiting schools and large numbers of parents. Athletic sports at the Perivale Stadium were a highlight of the summer term. Pupils are encouraged to participate in team sports notably football, rugby union, netball, hockey and cricket at a number of ability levels within their age groups. ## **Music** Many of the pupils learn at least one musical instrument and belong to various ensemble groups. Pupils in Years 3-8 are invited to perform as solo artists or ensembles at the Annual Music Concert. The Junior School and Upper & Middle School choirs also perform at this concert and the annual Carol Service. 4 **DURSTON HOUSE SCHOOL EDUCATIONAL TRUST LIMITED** ## **YEAR ENDED 31 AUGUST 2025** ## **Drama** All pupils have the opportunity to take part in small scale drama activities and/or major productions. End of term highlights were the Pre- ## **Trips and Outings** The extension of the curriculum beyond the classroom continued to feature prominently in the school calendar. All pupils benefited from a large number of one-day outings to places of educational and cultural interest. The Trips Policy includes funded residential trips for all pupils in Years 4 to 8. The school continues to take very seriously the importance of environmental sustainability in its day-to-day operations. This is demonstrated by many practical environmental and recycling programmes to reduce emissions in the buildings and by educational initiatives. The school hopes that by setting a good example as an institution, it can help to influence the expectations and behaviour of its pupils as future citizens and leaders. ## **Financial Review** The governors believe that in order for any successful school to maintain, upgrade and improve the facilities it offers there has to be a financial surplus for the required investment in future projects. Therefore, financial targets are set to assist in the budgeting process and in monitoring performance. Following the announcement in July 2024 that VAT on school fees would be introduced in January 2025, much sooner than expected, the governors working party met and, after careful consideration, agreed that the school could absorb 8% of the VAT meaning that only 12% would have to be passed on to parents. The announcement to parents was well received. The results for 2024-25 reflect the impact that VAT is having on school fees. There were slightly more withdrawals than expected but not all were VAT related, some were as a result of relocations; three families relocated to Japan, and one family each to Dubai, Abu Dhabi, Spain, Virgin Islands, Singapore and the Netherlands. Recruitment of pupils to the upper years, particularly in Year 3, has been challenging although remains strong in the Early Years. Pupil numbers were therefore below budget with a corresponding shortfall in fees income resulting in a slightly higher deficit than the previous year. Significant savings in expenditure across all budgets, including staff costs, helped to mitigate against this. ## **Reserves Policy** £12.2 million at the year-end, most of which is deployed to fund tangible fixed assets totaling £10.7 million. At the year end, free reserves stood at £569k. A property is actively being marketed and should be sold in the nearby future, which would increase the free reserves by the anticipated sales proceeds of £2.75m when the property is sold. The need for day-to-day working capital is met by careful management of short-term liquid resources. Free reserves are monitored termly by reference to cash flow projections to year-end and for a further five years when major capital projects are being considered. This allowed the governors to plan the investment of substantial sums in new School buildings, the development of the existing buildings in recent years and the 2023 merger with Harvington School. The policy is therefore to continue to build reserves out of annual operating surpluses. The school is committed to continuing the standard of educational services currently provided. ## **Plans for future periods** Th ol on the Carlton Road site were presented to staff, parents and the public for consultation in October 2018, submitted for planning permission, but refused. The long-term aim remains a new school on the Castlebar Fields site within five to seven years. Achieving a high standard of academic results is a constant aim whilst maintaining the breadth and depth of the education provided. Future plans are financed primarily from fee income and from reserves. The governors maintain an equitable balance ensuring current pupils benefit whilst, at the same time, ensuring a sound infrastructure and financial base are preserved for the next generation of pupils, just as current pupils benefit today from investment made in the past. In October 2025, Durston House School entered into a (SPS) to merge with at which time SPS will become the sole member of Durston House School Educational Trust Limited. Durston House School Educational Trust Ltd will continue to operate as a standalone financial e 5 **DURSTON HOUSE SCHOOL EDUCATIONAL TRUST LIMITED** ## **YEAR ENDED 31 AUGUST 2025** ## **Principal risks and uncertainties** The governors, together with the Senior Management Team, have assessed and categorised the risks that the school is, or may become, exposed to, ensuring that there are satisfactory systems established to mitigate those risks. They believe the principal risks facing the school are the changing demographic of Ealing, the introduction of VAT on school fees, the difficulties in attracting key staff to a London school and road safety. Appropriate risk mitigation measures, such as attractive employee benefits and stringent procedures for staff accompanying the pupils walking up to the fields on numerous occasions each day, are taken in every case. School to merge -end. Since year-end, the Change of Control Agreement has been signed, as reported above. The assessment of risks and potential risks is detailed in the Risk Management Risk Assessment and reviewed termly by the Committees. In 2024-25, A Collier had the role of overseeing risk management and reporting on it to the full Board of Governors. ## **STATEMENT OF GOVERNORS' RESPONSIBILITIES** The governors (who are also directors of Durston House School Educational Trust Limited for the purposes of company law) are responsible for preparing the Governors' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the group and the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and group for that period. In preparing these financial statements, the governors are required to: Select suitable accounting policies and then apply them consistently; - Observe the methods and principles in the Charities SORP; - Make judgements and estimates that are reasonable and prudent; - State whether applicable UK Accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business The governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time of the financial position of the group and the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. So far as each of the governors is aware at the time the report is approved: - There is no relevant audit information of which the company's auditors are unaware; and - The governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Approved by the Board of Governors at its meeting on 3 December 2025 and signed on its behalf by: Ann Collier Co-Chair Lester Mak Co-Chair 6 ## **TRUST LIMITED** ## **Opinion** We have audited the financial statements of Durston House School Educational Trust Limited for the year ended 31 August 2025 which comprise the Statement of Financial Activities, and Balance Sheets, Cash Flows, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the 31 August 2025 and of the charitable - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibil section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of ities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** e preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the Gover Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the strategic report and applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, report). We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the charitable company; or - the charitable company financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. 7 **TRUST LIMITED** ## **Responsibilities of trustees for the financial statements** 6, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to The Educational (Independent School Standards) Regulations 2014, safeguarding regulations, health and safety requirements, GDPR, employment law, and charity law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011, and payroll taxes. de of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in making accounting estimates and judgements. Audit procedures performed by the engagement team included: - Inspecting correspondence with regulators and tax authorities; - Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; - Identifying and testing journals, in particular journal entries posted at the year-end; and - Challenging assumptions and judgements made by management in their accounting estimates. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting website at: www.frc.org.uk/auditorsresponsibilities ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. **Jackson Berry (Senior Statutory Auditor) 10 Queen Street Place for and on behalf of HaysMac LLP, Statutory Auditors London EC4R 1AG** **Date:** 8 ## **DURSTON HOUSE SCHOOL EDUCATIONAL TRUST LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)** ## **YEAR ENDED 31 AUGUST 2025** |||**Unrestricted Funds**|**Unrestricted Funds**| |---|---|---|---| |**INCOME AND EXPENDITURE**|||| |||**2025**|**2024**| |**INCOME FROM**|**Notes**|**£**|**£**| |**Income from charitable activities**|||| |Tuition fees|1|6,455,410|6,498,367| |Other educational income|1|304,389|699,609| |**Voluntary sources**|||| |Donations||1,500|-| |**Trading activities**|||| |Lettings income||48,285|45,600| |**Investments**|||| |Bank interest||136,890|145,299| |||--------------------|--------------------| |**Total Income**||6,946,474|7,388,875| |||----------------------|----------------------| |**EXPENDITURE ON**|||| |**Charitable activity**|||| |School operating costs:|||| |Teaching costs||4,411,591|4,468,999| |Premises costs and maintenance||992,622|1,296,471| |Support costs and governance||1,654,717|1,656,337| |||---------------------|---------------------| |**Total Expenditure**|2|7,058,930|7,421,807| |||---------------------|---------------------| |**Net expenditure before investment gains**||(87,851)|(32,932)| |**Gains on investments**|6|1,760,000|**-**| |||---------------------|---------------------| |**NET MOVEMENT IN FUNDS FOR THE**|||| |**YEAR**||1,672,149|(32,932)| |Balance brought forward at 1 September 2024||12,283,801|12,316,733| |||----------------------|----------------------| |**BALANCE CARRIED FORWARD AT**|||| |**31 AUGUST 2025**||13,955,950|12,283,801| |||===========|==========| The Statement of Financial Activities contains all the income and expenditure recognised in the current and preceding year. All of the charity’s activities during the above two financial years derived from continuing activities. The accompanying notes form part of these financial statements. 9 **DURSTON HOUSE SCHOOL EDUCATIONAL TRUST LIMITED** **Company Number: 1947995** ## **BALANCE SHEET** ## **AS AT 31 AUGUST 2025** ||||**2025**||**2024**| |---|---|---|---|---|---| ||**Notes**||**£**||**£**| |**FIXED ASSETS**|||||| |Tangible assets|5||10,636,766||12,015,924| |Investment properties|6||2,750,000||| ||||---------------------||| ||||13,386,766||| |**CURRENT ASSETS**|||||| |Stock||-|-|11,588|| |Debtors|7|1,959,901||253,546|| |Cash at bank and in hand||1,943,951||3,244,120|| |||---------------------||---------------------|| |||3,903,852||3,509,254|| |**CREDITORS: Amounts falling due**|||||| |**within one year**|8|(2,711,818)||(2,499,177)|| |||------------------------||------------------------|| |**NET CURRENT ASSETS**|||1,192,034||1,010,077| ||||-----------------------||-----------------------| |**TOTAL ASSETS LESS CURRENT**|||||| |**LIABILITIES**|||14,578,800||13,026,001| |**CREDITORS: Amounts falling due**|||||| |**after more than one year**|8||(622,850)||(742,200)| ||||---------------------||---------------------| |**NET ASSETS**|||13,955,950||12,283,801| ||||==========||==========| |**UNRESTRICTED FUNDS**|||||| |General Fund|||13,955,950||12,283,801| ||||----------------------||----------------------| |**TOTAL FUNDS**|||13,955,950||12,283,801| ||||==========||===========| The financial statements were approved and authorised for issue by the Board of Governors on 3 December 2025 and were signed below on its behalf by: Ann Collier Co-Chairman Lester Mak Co-Chairman The accompanying notes form part of these financial statements. 10 **DURSTON HOUSE SCHOOL EDUCATIONAL TRUST LIMITED** ## **CASH FLOWS** ## **YEAR ENDED 31 AUGUST 2025** |||**2025**||**2024**| |---|---|---|---|---| ||||**£**|**£**| |**Cash flow from operating activities:**||||| |Net expenditure||(87,851)||(32,932)| |Depreciation||420,482||620,725| |Decrease /(increase) in stock||11,588||(1,803)| |(Increase) in debtors||(1,523,032)||(39,935)| |Increase in creditors||116,206||802,853| |Interest receivable||(136,890)||(145,299)| |||------------------||------------------| |**Net cash (used in) operating activities**||(1,199,497)||1,203,609| |**Cash flow from investing activities:**||||| |Interest received|136,890||145,299|| |Purchase of tangible fixed assets|(237,562)||(722,612)|| ||------------------||------------------|| |**Net cash (used in) investing activities**||(100,672)||(577,313)| |||----------------------||-------------------| |**DECREASE IN CASH AND CASH EQUIVALENTS**||(1,300,169)||626,296| |Cash and cash equivalents at 1 September 2024||3,244,120||2,617,824| |||--------------------||---------------------| |Cash and cash equivalents at 31 August 2025||1,943,951||3,244,120| |||=========||==========| |**ANALYSIS OF CASH AND CASH EQUIVALENTS**||**2025**||**2024**| |||**£**||**£**| |Cash at bank||202,806||164,851| |Deposits||1,741,145||3,079,269| |||--------------------||-------------------| |Cash and cash equivalents at 31 August 2025||1,943,951||3,244,120| |||==========||==========| The accompanying notes form part of these financial statements. 11 **DURSTON HOUSE SCHOOL EDUCATIONAL TRUST LIMITED** ## **STATEMENT OF ACCOUNTING POLICIES** ## **YEAR ENDED 31 AUGUST 2025** Durston House School Educational Trust Limited is a charitable company incorporated in England and Wales. Further company information can be found on page 1. The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 17 September 1985 (company number: 1947995) and registered as a charity on 18 June 1986 (charity number: 294670). ## **a) Basis of Accounting** The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards and the Statement of Recommended Practice Accounting and Reporting by Charities (SORP) Second Edition, effective 1 January 2019, the Companies Act 2006 and FRS 102 the financial reporting standard applicable in the UK and the Republic of Ireland. Durston House School Limited is dormant and has no assets or liabilities. It is therefore not included in the consolidation. The Governors, having reviewed the funding facilities available to the School together with the expected ongoing demand projected cash flows, found that there are no material uncertainties and therefore have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. The following accounting policies have been applied consistently in dealing with items which are considered material in ## **b) Fees receivable and similar income** Tuition fees are stated after deducting allowances for awards and other remissions. Other educational income comprises income from school outings, activities and other related income. These sources of income are included in the accounts when they become receivable and their value can be measured with reasonable certainty They are taxable from 1 January 2025, and recognised net of VAT. ## **c) Expenditure** Expenditure is accounted for on an accruals basis. Charitable activity costs comprises all expenditure directly related to the objects of the School including direct staff costs attributable to each activity. Support costs included within the charitable activity comprise the costs of all resources utilised to directly support the S Governance costs are those costs incurred in connection with the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements. ## **d) Pension costs** At Durston House School Educational Trust Limited pensions for the teaching staff are provided through the Aviva APTIS Pension Scheme a defined contribution scheme which complies with the requirements for a stakeholder pension scheme. All non-teaching staff, where required by pursuant legislation, are members of a defined contribution scheme which complies with the requirements for a stakeholder pension scheme. - **e) Fixed assets** All items of a capital nature with a value of over £1,000 are capitalised. Depreciation is calculated so as to write off the cost of tangible fixed assets on a straight-line basis over the expected useful economic lives of the assets concerned. The principal rates used for this purposes are: |used for this purposes are:|| |---|---| |Freehold land|Freehold land is not depreciated.| |Freehold buildings|2%| |Freehold improvements|10%| |Furniture and equipment|20-| |Motor vehicles|20%| Freehold improvements include any capital expenditure relating to land and buildings which is believed not to have a useful economic life of 50 years. ## **f) Investment properties** The School carries its investment property at fair value with changes in fair value being recognized in the statement of financial activities. The key assumptions used to determine fair value are explained in note 4. ## **g) Financial Instruments** The School only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 12 **DURSTON HOUSE SCHOOL EDUCATIONAL TRUST LIMITED STATEMENT OF ACCOUNTING POLICIES (continued)** ## **YEAR ENDED 31 AUGUST 2025** ## **h) Debtors** Trade and other debtors are recognised at the settlement amount due after any discounts offered. Prepayments are valued at the amount prepaid net of any discounts due. ## **i) Cash at bank and in hand** Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. ## **j) Creditors and Provisions** Creditors and provisions are recognised where the School has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due. ## **k) Fund accounting** The funds of the School are accounted for as unrestricted or restricted income, in accordance with the terms of trust imposed by the donors or any appeal to which they may have responded. **Unrestricted** dable at the discretion of the governors either to further the School itself. Where the governors decide to set aside any part of these funds to be used in future for some specific purpose, this is accounted for by transfer to the appropriate designated fund. **Unrestricted** **Designated** funds are a particular form of unrestricted funds consisting of amounts, which have been allocated or designated for specific purposes by the governors. The use of designated funds remains at the discretion of governors. ## **l) Critical sources of estimation uncertainty and accounting judgements** In the application of the accounting policies, the governors are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. The valuation of the investment property is based on anticipated sales proceeds following separate valuations by estate agents in bidding to market the property. A prudent approach was undertaken to value at the lower end of the valuations received. It is anticipated that once the property is sold, any difference to the final sales proceeds will be put through the statement of financial activities in the year of sale. In the view of the governors, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. 13 **DURSTON HOUSE SCHOOL EDUCATIONAL TRUST LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 AUGUST 2025** |**1.**|**CHARITABLE ACTIVITIES**|**2025**|**2024**| |---|---|---|---| |||**£**|**£**| ||**Fees receivable consist of:**||| ||School fees|6,672,500|6,748,517| ||Less: total bursaries, hardship awards and staff discounts|(217,090)|(250,150)| |||--------------------|---------------------| |||6,455,410|6,498,367| |||=========|==========| ||**Other educational income**||| ||After school care|59,827|58,279| ||Extras|192,105|587,476| ||Acceptance fees not returned|8,700|7,200| ||Registration fees|11,250|18,800| ||Outings income|24,768|16,606| ||Sundry income|7,739|11,248| |||-----------------|-----------------| |||304,389|699,609| |||========|========| |**2.**|**TOTAL EXPENDITURE**||||**2025**| |---|---|---|---|---|---| |||**Staff costs**|**Depreciation**|**Other costs**|**Total**| |||**£**|**£**|**£**|**£**| ||**2025 Charitable activity**||||| ||School Operating Costs:||||| ||Teaching costs|3,545,088|4,029|862,474|4,411,591| ||Premises and maintenance costs|154,892|416,453|421,277|992,622| ||Support and governance costs|1,308,840|-|345,877|1,654,717| |||---------------------|-----------------|-------------------|-------------------| |||5,008,820|420,482|1,629,628|7,058,930| |||===========|========|=========|=========| ||||||**2024**| |||**Staff costs**|**Depreciation**|**Other costs**|**Total**| |||**£**|**£**|**£**|**£**| ||**2024 Charitable activity**||||| ||School Operating Costs:||||| ||Teaching costs|3,524,069|2,630|942,300|4,468,999| ||Premises and maintenance costs|191,797|618,095|486,579|1,296,471| ||Support and governance costs|1,264,512|-|391,825|1,656,337| |||---------------------|-----------------|-------------------|-------------------| |||4,980,378|620,725|1,820,704|7,421,807| |||===========|========|=========|=========| ||**2025**|**2024**| |---|---|---| ||**£**|**£**| |**Governance included in support costs**||| |Remuneration paid to auditor for audit services|21,500|24,030| ||---------------|---------------| ||21,500|24,030| ||=======|=======| 14 **DURSTON HOUSE SCHOOL EDUCATIONAL TRUST LIMITED** **NOTES TO THE FINANCIAL STATEMENTS (Continued)** **YEAR ENDED 31 AUGUST 2025** ## **2. TOTAL EXPENDITURE (continued)** |**2025**|**2024**| |---|---| |**£**|**£**| |21,500|24,030| |480,482|620,725| |=========|=======| ## **3.** The governors received no remuneration during this or the previous year. No governors received reimbursement of travel expenses in 2024-25 Nil (2024: Nil). During the year the governors purchased indemnity insurance costing £3,619 (2024: £2,784). ## **4. EMPLOYEES** |||||| |---|---|---|---|---| |**EMPLOYEES**||**2025**|**2024**|| |||**Full time**||**Full time**| ||**No.**|**Equivalents**|**No.**|**Equivalents**| |The average number of employees (full and part time)||||| |analysed by function was:||||| |Teaching - full time|54|54|53|53| |- part time|4|2.5|4
|2.5| |Premises - full time|3|3|4|4| |Support - full time|15|15|16|16| |- part time|15|10|17|10| ||------
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===| Teaching staff numbers includes teachers and teaching assistants. ||**2025**|**2024**| |---|---|---| ||**£**|**£**| |Wages and salaries|3,966,618|3,966,692| |Social Security costs|442,506|408,559| |Pension costs|599,696|605,127| ||---------------------|---------------------| ||5,008,820|4,980,378| ||==========|=========| Key management personnel remuneration for the period totalled £ 322,901 (2024: £315,386) The number of employees whose emoluments exceeded £60,000 excluding pension contributions was: |**2025**||**2024**| |---|---|---| |**No.**||**No.**| ||1|1| ||4|5| ||1|-| ||1|1| ||-|1| ||1|-| |===||===| Defined contribution pension contributions for eight employees whose emoluments exceeded £60,000 were £112,408 (2024: £110,809). 15 **DURSTON HOUSE SCHOOL EDUCATIONAL TRUST LIMITED** **NOTES TO THE FINANCIAL STATEMENTS (Continued)** ## **YEAR ENDED 31 AUGUST 2025** ## **5. TANGIBLE FIXED ASSETS** ||**Freehold**|**Improvement**|**Furniture**|**Motor**|| |---|---|---|---|---|---| ||**land and**|**to freehold**|**and**|**Vehicles**|| ||**buildings**|**premises**|**equipment**||**Total**| ||**£**|**£**|**£**|**£**|**£**| |**Cost**|||||| |At 31 August 2024|11,217,197|6,001,642|482,036|20,148|17,721,023| |Capital Goods Scheme Adjustment||(206,238)|||(206,238)| |Additions|-|188,267|49,295|-|237,562| |Transfer to investment property|(1,275,000)|-|-|-|(1,275,000)| ||---------------------|---------------------|-------------------|---------------|--------------------| |At 31 August 2025|9,942,197|5,983,671|531,331|20,148|16,477,347| ||---------------------|--------------------|-------------------|--------------|--------------------| |**Depreciation**|||||| |At 31 August 2024|2,732,473|2,701,017|268,979|2,630|5,705,099| |Capital Goods Scheme Adjustment|-|(22,915)|||(22,915)| |Charge for the year|126,320|209,576|103,471|4,030|443,397| |Transfer to investment property|(285,000)|-|-|-|(285,000)| ||---------------------|---------------------|-----------------|---------------|---------------------| |At 31 August 2025|2,573,793|2,887,678|372,450|6,660|5,840,581| ||---------------------|---------------------|-----------------|--------------|---------------------| |**Net Book Value**|||||| |At 31 August 2025|7,368,404|3,095,993|158,881|13,488|10,636,766| ||===========|===========|=========|=========|===========| |At 31 August 2024|8,484,724|3,300,625|213,057|17,518|12,015,924| ||===========|===========|=========|=========|===========| Included in freehold land and buildings is land with a book value of £2,753,666 (2024: £3,278,666) which is not depreciated. ## **6. INVESTMENT IN PROPERTIES** ||**Investment**| |---|---| ||**properties**| |**Fair Value**|**£**| |Transfer from fixed assets|990,000| |Revaluation during the year|1,760,000| ||---------------------| |At 31 August 2025|2,750,000| ||---------------------| investment return. A property was transferred from tangible fixed assets to investment properties in the year as it was no longer in operational use and had been marketed for sale prior to the year end. The fair value of this property at 31 August 2025 is £2.75m, based on the estimated sales proceeds expected by Governors using the lower of multiple valuations received by estate agents. ## **7 INVESTMENT IN SUBSIDIARY** The company has an investment in a subsidiary undertaking which comprises a holding of 100 ordinary shares of £1 each, being the whole of the issued share capital of Durston House School Limited, a company registered in England. The subsidiary undertaking has been dormant throughout the year and the preceding year and has no assets or liabilities 16 **DURSTON HOUSE SCHOOL EDUCATIONAL TRUST LIMITED** **NOTES TO THE FINANCIAL STATEMENTS (Continued)** ## **YEAR ENDED 31 AUGUST 2025** ## **8. DEBTORS** **----- Start of picture text -----**
|||| |---|---|---| |2025|2024| |£|£| |Fee debtors:|141,791| |-| |at 31 August 2025|222,410| |Autumn Term 2025|1,465,974| |-------------------| |1,688,384| |Pupil disbursements|-|9,159| |Other debtors|45,029|20,530| |Prepayments|36,547|65,009| |Accrued income|6,618|17,057| |Capital goods scheme VAT debtor:| |-| |due within one year|22,915| |-| |due after one year|160,408| |----------------| |183,323| |------------------|----------------| |1,959,901|253,546| |=========|=======| **----- End of picture text -----**
In prior periods, fee invoices raised for the following Autumn were not due until the first day of term and were therefore netted off against the associated fees in advance income. For 2025/26, as VAT invoices have been issued before the year end, this creates a tax point meaning amounts are owed at the time of sending. Therefore there has been a change in treatment to reflect this change and both the fee debtors and associated fees in advance are recognised gross ## **9.** **----- Start of picture text -----**
|||| |---|---|---| |CREDITORS| |2025|2024| |Amounts falling due within one year|£|£| |Acceptance fees|45,000|43,500| |Fees in advance|1,893,028|1,795,425| |Trade creditors|30,307|289,839| |Other taxes and social security|105,571|126,339| |Other creditors and accruals|637,913|244,074| |-------------------|-------------------| |2,711,818|2,499,177| |=========|=========| |Amounts falling due in more than one year| |Acceptance fees|622,850|742,200| |== ======|========| **----- End of picture text -----**
## **10. LIABILITY OF THE MEMBERS** The company is limited by guarantee. The maximum liability of each member, in the event of the company winding up due to insufficient funds, is £1. The company had fourteen members as at 31 August 2025 all of whom were directors. ## **11. PENSION COMMITMENTS** **Teaching staff - Durston House** were £ 456,935 (2024: £459,595) ## **Non-teaching staff Durston House** -teaching staff in the year were £147,762 (2024: £145,532). 17 **DURSTON HOUSE SCHOOL EDUCATIONAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued)** ## **YEAR ENDED 31 AUGUST 2025** ## **12. RELATED PARTY TRANSACTIONS** There were no related party transactions during the year. (2024: Nil). ## **13. POST BALANCE SHEET EVENTS** In October 2025, Durston House School entered into a (SPS) to merge at which time SPS will become the sole member of Durston House School Educational Trust Limited. Durston House School Educational Trust Ltd will continue to operate as a standalone financial entity with a new Board comprising members from both 18