Charlty r•glstratlon numbar 295808 (England and Walesl Company registration number 02086298 HOE BRIDGE SCHOOL LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
HOE BRIDGE SCHOOL LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees MrlPKatté Mrs S J Lacey Mr G Verity Mr P L Walton Mr R J Williams Mr J L Patient MrTGPipe Mr S T Cooke MrDAFox Mr N A Blagden MsJRDay Mr N P Phillips Mr D S Walmsley (Appointed 21 November 20251 (Appointed 21 November 20251 IApptsintèd 21 November 20251 IAppciinted 21 November 20251 Sèeretary Mrs H Davi8S Headteacher Mr C Webster Charlty numb•r 295808 Company number 02086298 Registered offi¢e Hoe Plac6 Old Woking Road Woking Surrey United Kingdi)m GU22 8JE Auditor Azets Audit Services Ashcombe Court Vvoolsack Way Godalming Surrey United Kingdom GU7 1LQ Bankars National Wèstminister Bank PIC PO8ox1 2nd floor G3 2 Cathedral Hill Guildford Surrey United Kingdom GU13ZR
HOE BRIDGE SCHOOL LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Sollcitors Narrow Quay House Narrow Quay Bristol BS140A
HOE BRIDGE SCHOOL LIMITED CONTENTS Page Trustees, report ststement of Iruslees, responsibilities Independent auditor's report 10-12 Statement of finan¢ial activities 13 Balance sheet 14 Statement of cash flows 15 Notes to the financial statements 16-30
HOE BRIDGE SCHOOL LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AUGUST 2025 The trustèès prèsent their report and financial statements for the year ended 31 August 2025. The financial statements have begn prepared in accordan¢g with the accounting poIIci8s sel out in note 1 to the rinancial statements and comply with the School's articles of a550cialion, Ihe Companies Act 2006 and "Accounting and Reporting by Charities.. Slaternent of Recommended Practice applicable to charities pparIng their accounts in a¢cordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland {FRS 1021 (effective 1 January 20191.. Objectives and a¢vItI•S The charity's purpose is the advancement of edu¢atlon for children. ¢onsistent with its governing document and the 'Educationtfraining' charitable classification. Hoe Bridge School provides independent pre-preparatory, preparatory and senior education, 5grving pupils aged 2 to 16. It airns to offer. High-qua5ity teaching and learning Individualised pastoral Care A broad co-curricular prograrnme Preparation for strnior school entry and GCSE r 5 Year Vision In May 2025, Ihe Governing Body of Hoe Bridge School annoUnd its decision to merge with Greenlleld School, creating a single all-through co-sducational school for pupils aged 6 rnonths to 16 from Septernber 2026. This represènts 2 transformational development within the School's strategic five-year vision and will signifiGanUy expand thg charity's educational provision and long-tem capacity. Under the merger plan. the unifièd school will operate under the Hoe Bridge School name and deliver a seamless educational journey across both existing campuses. The Greenfield School site will provide a year-r(>und nurséry and Senior School for Yèars 9-11, while the H08 Bridge site will continue to operate the tem-time nursery and Prèparatory School for Rec8Ption to Year e. All Gurrent Hoe Bridge and Greenfield pupils will automatically join the new unified school in Seplember 2026. The merger directly 5UPPOrts the charity's long-term objectives by.. Expanding educational provision up to GCSE within a strengthened Senior School offering. Enhancing curricular and co-curricular breadtt) through shared facilities, staff expertise. and combined resoLtrces. Slrenglhening financial resilience through &cc>nomies of scale an(5 more effiaent use of estate across two sites. Suppotung the School s long-term vision of offering an °all-through' educational gxperience within Woking.
HOE BRIDGE SCHOOL LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT> (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Publle Benefit In planning th& activities for the year, thè Govemors have had regard to the Charty Commission's guidan on public bènèfit and in particular its supplementary guidance on 8dvancing education and fee charging. The activit185 benefiled both thè adLslts and children ol WokirTrg and ils suirounding area and do not give rise to any detriment or harm to the publi¢. The Governors believe that the bursary system is essential to énsure that children from families who would otherwise be unable to afford the School's fees may still attend the School. Thè Governors keep the School's Bursary policy under constant review to help ensure the objective of wider aeeess continues to be achieved. The bursary system is available to anyone who meets the School's entry requirements and based on e parents, rneans or in cases ol hardship, where a pupil's access to continued education at the School is at risk, for exarnple, in case ol redundancy. The Governors, in carrying out the means lesling, have regard to many matters Including but not limited to fami income. investments. savings and personal circumstan$. During the academic year, 10 pupils were awarded means tested bursariès 12023-24.. 81. Awards of bursaries amounted to £71,707 this year, an increase from £40,344 in 2023-24. Seholarships with mon8tary value were awarded to 10 pupils 1202>24.. 51 in the Sènior Prep and amounted lo £19.236 1202&24." £11.0341. Sibling discounts, whioh help families to send their children to the same School. were £97,659 this year 12023-24". £88.7231. In addition, the School gave discounts to staff at a fee value of £213,42812023-24.. £186,944). Staff discounts are a way ol providing assistance to key workers. Finally, the School introduced a Fees in Advance Scherne lor the first time in 2024-25. providing lee discounts to a value of £38,420. The amount mada 8V8ilable lor rneans tèsted bursaries together wilh all othgr awards represents 5.1010 of Gross Fee Income 1202>24.. 4.0°hl.The Sohool does not have any endowment and so in funding the bursary system the Governors have to gnsure a proper balance between fee paying parents. who are recognised as making personal sacrific85 in order to educate their children at the School, and those who are 8W8rded bursaries. A number of outreach activities were undèrtèkÈn during the year in support of local charities and schools, at no cost to the parti¢ipants'. Headmaster is an a¢live ernber of a local stat6 school partnership- WSLP Donations of books to local slate schools Harvest donation to Woking Food Bank Free use of facilities to local ¢ri¢kel clubs Hire of classrooTMS & facilities al subsidised rates to local language schools Local school meeting point- various DSLIAs5islanl HeadlHeadteacher training or host centr8 iTru5t donation IIAPSI The Sch(>ol has a policy of optimising th8 use of the School's sporting and other facilities via the local community. During the year the School made its buildings, grounds and other resources available either at fully subsidised rates or at rates below Gommercial levels for the public benefit ol local children in th8 following organisatiolls.. Pyrford Cricket Club Mand8rin, Portuguese & Italian Language Schools Hoe Bridge pupils and the School community regularly lake part in fundraising adivities for local and national charities, most of which are children based causes. During the year, funds were raised lor the following charities.. Motor Neurone Disease Rescue P.A.W.S Th8i18nd Children in Need Woking Swimathon IRotary Club of Wokingl The Royal British Ltrgion Macmillan Cancer Support Just One Tree
HOE BRIDGE SCHOOL LIMITED TRUSTEES, REPORT IINCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Strateglc report The description under the headings 'Achievernent5 and performance" and 'Financial review. rn8et the company law requirements for thè trustees to present a strategic ieport. Achl8vements and performance Educational Performance Hoe Bridge continued to deliver high quality education. to all pupils, having most recenlly been graded 'Excellent" in all arèas by the Independent Schools Inspectorate in 2023. Pupil and Community Engagement The school maintained its tradition of aGad&mic. co curricukqr, eommunity and pastoral initiatives, including sports, performing arts and outreach activities. Operatlonal Expansion The opening and continued developrnent of the Senior School further strengthened progression from early y9ars through GCSE. The results below of pupils. progression tts senior schoo15 Of their choice reflect all that we do at Hoe Bridge and are a team effort. The Governors and Leadership Team is delighted that a large proportion of pupils are choosing to stay al Ho8 Brldg6 School for iheir senior school education. Leavors- Summer 2025 Year 6 Ygar8 Total Ch£rterhou5e Guildlord Hi hschool Gordons School King Edward's School Lord Wandsworth College Ham ton School RoyalGrammarSchool Reed'sschool Salesian Colle St George's College St John's School St Catherine's SchoDI Tormead School Intern8tional Relocation Hoe BrÈd e Senior School 40 41 81 Total 62 52 114
HOE BRIDGE SCHOOL LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 More details including a video and a photograph gallery can be 58en on our websitè= W¥.hOebridg@8Chooj.c0.uk. These results, log8thar with the School's other educational, eratIOnal and operational activities, satisfy the Governors that it has achieved ils aims for the year. Financial revlèw Th8 financial and academic y8ai 2024-25 has been a successful year, which is particularty pleasing against a difficult economic backdrop for the Independent School sector as a result of the imposition of VAT on lees, removal of charitable business rates amongst other that$. The School adapted well to these circumstancès and managed to support the school community, by keeping fée increases as Ic)w as possible and absorbing as much ol the 3dditional costs as ptsssible, without n8gatlV81y impacts'ng tha pupils, educats'on or tha ability lo opèrate as a going concern. During 2024 2025, significant Capital investment was made in the roof of the Mansion House. lor which additional loan financing was obtained. The capitalisation ol the roof repair coincides with an impairment to the value ol the property in line with the valuation obtained in 2021 adjusted for inflation. The impairment offsets the rev8lu8lior) reserve. the remaining ifflpairrnenl charge is shown in note 12. The results for the year and the financial position of thè School are as shown in the annexed financial statements. The Schoc>l monitors its financial perforTnance against a series ol Key Performance Indicators budget variances, cashflow forecasts. pupil'.leaGher ralios. staff cost ratios. debtor levels and borrowing covenants. Most results achieved for the year were consistent with or better than the Key Perfomance Indicator largels.. Target 549 Achievement 547 Pupil numbers laveragel Pupil."Teach&r ratio Bad debts EBITDA debt service ratio
1.6 Incoma The financial statements show net incoming resources lor the year of £346.892 1202&24.. £771.5121. The principal source of incorne is school lees which accounted lor 87.80Yo12023-24.' 88.29 /.) of th8 Sohool's gross income this year. Th$ remaining income was derived from wiap-around care, extra<urricular activities, holiday camps and local authority sources for dedicated classr¢xJm support to pupils with identified needs. Charitable Expenditu Total charitable expenditure increased by 12.3Q/D from £8,024,480 to £9,013,509 as a result of incre8sed pupil numbers and inflationary pr8ssure5 on costs incurred during the year as well as the impact of VAT on fees and loss of charitable business rates relief as well as one-off costs released to the SOFA in respect of the senior school project.
HOE BRIDGE SCHOOL LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 R8soNès pollcy Note 20 to Ihe financial st8lemgnts shows assets and liabilities attributable to the fund. Unrestricted funds amounted to £9.339,203 12023-24.. £10,24é,5811 but £12,489.784 is invested in fixed assels. There are no réstricted funds held as at 31 August 2025. The trustees seek to maintain free reservés at a level suffi¢ient to meet working capital needs. wilhsland adverse fluctuations in income and costs and fund planned capital projects, including the Senior School development and post merger integration programrne. The Governors have determined that the appropriate level of free reserves which are not invesled in tangible fixed asseis should be equivalent to iwelve weeks or one school tem's expenditure lapprox. £2,000,000 exclkjding depreciation). The free serveS do not meet the target reserve5 ptrlicy as at the balance sheet date. However. the Governors are satisfied that the strengih of the School's balance sheet, realistic financial and cashflow forecasts from good pupil numbers across all year oroups, the ongoing popularity of our School and the availability ol banking facilities provide them with sufficient confidence for the School's financial future. The trustees havè assessed the major risks to which the School is exposed, and are 58tisfied thal systems are in place to rniligate exposur8 to the major risks. The main risks to the School are the current political and economic pressures on the sector, pupil reGruitment and retention, compliance within an ever-changing regulatory environment, maintaining a healthy financial ststU5, rècruib.ng and retaining high calibre teachin9 and supptsrt staff and preserving the excellent reputation of the School. Our plans and strategies for managing risk include.. an annual review of a Risk Register prograTnme of a¢tivitles promoting the benefit5 of the S¢hool an established organisational stiucture with clear line5 of reporting formal written policies that are reviewed and updated regularly nnual staff updates of regulatory changes. espècially for chihl safeguarding comprehensive strategic planning, budgeting and management accciunting proactive steps to address known and anticipated threats * clear authorisalion and 8pproval levels robust staff recruitment procedures being fully prepared ltsr regulatory inspections delivering consistently excellent results for our pupils • maintaining strong links with parents.
HOE BRIDGE SCHOOL LIMITED TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Post balanea sheet events and plans for future financial periods In May 2025, the Governing Body of Hoe Bridge School announced ils decision to mer9e with Greonfield School, creating a singlè all through co educalional school for pupils aged 6 mc>nth5 to 16 from September 2026. This represenis a transformational developmènt within the School's stratègi¢ five year vision and will signilicanuy expand the charity's educational provision and bng term capacity. Planning permission that was in the proc8ss of béing sought lor the purpose of building the Senior School on the Hoe Bridge site Is no longer being pursued due lo the merger providing the opportunity to expand our through-school provislon a¢ross the two sites. Under the merger plan, the unified school will operate under the Hoe 8ridgÈ School name and deliver a seamless educational journey across both existing campuses. The Greenfield School site will provide a year round nursery and Senior School for Years 11, while the Hoe Bridge site will continue to operat8 Ihe term time nurs6ry and Preparatory School foi R8CePtion to Year 8. All current Ho8 Bridge and Greenfield pupils will automatically join the new unified school in September 2026. This event is eon5idered a non adjusting post balane6 sheet event under FRS 102. as the merger occurred after year end. However. because the merger will materially affect the futu[& operations, strLJCtur8 and financial position ol the charity, disclosure Is required. No adjustrnenls in respect of this have been made lo the financial statements for the year ended 31 August 2025. During 2025126, the governors intend to prioritise: The post-merger integration programme. incorporating estat8s development and integration of thè two Schools academically and pastor8lly Investrnenl in digital learning and STEAM curriculum Enhancement tsf pastoral and wellbeing services Ongoing campus rraintenance and sustainability ini118tives
HOE BRIDGE SCHOOL LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 structure, 9ovamance and management Hoe Bridge School Limited is a charitable company (number 020862981 limited by guarantee and has no share apital. The School was established under a Memorandum and ArtiGles of Assoclation, which established the objectives and pow8rs ol th8 School and is governed under ils Articles of Association. The School was formed on 30 December 1986 and became 8 registered charity, number 295808. on 12 January 1987. The goveming body is a board ol Governors which must consist of 8 minitnum of three and not more Ihan twenty one membet5. As H08 Bridga School Limited is a company and a charity, the Governors are al50 the direclors and trustees thereof. The trustees, who are also the directors for the purpos8 of company law, and who served during the year and up to thè datè ol signature of the financial statements were.. Mrs S E Arnold MsSEWBabèr MrlPKatté Mrs S J Lacey Mr G Verity Mr P L Walton Mr R J Williams Mr J L Patiènt MrTG Pipe Mr S Tc(ke MrDAFox Mr N A Blagden MsJRDay Mr N P Phillips Mr D S Walmsley Ms L E Webster Moors IResigned 3 DeGember 20241 IResigned 14 April 20251 (Appointed 21 November 20251 (Appointed 21 November 20251 (Appointed 21 November 20251 (Appointed 21 N()vember 20251 (Appointèd 21 Nc)vember 2025 and r85ignéd S January 20261 Recruitment and Training of Govemors All Governors ar8 Cwpted. The Board revièws its constiluency on a regular basis. analysing the skills availablg lo it and identifying any gaps there might be. The Board recruits additional Governors, when reqUirj, from the parent body. friends of the School, businesses and professions so as to maintain the full range ol skills and expertise required lo ensure the ¢ontinuing good Practice ol the Board. and so to 8nharice the overall strategic managernenl ol the School. A list of potential Governors is maintained. Potential Governors are initially inteNiewed by the Chair and the Headmaster and then introduG8d to the lull Board. All new Governors are Issued with the AGBIS "Guidelinés for Govemors. handbook. In addition lo briefings from the Independent Schools Gouncil, Independent Association of Preparatory Schotsls and the Independent Schools, Butsars Association. Governors may also attend seminars and workshops organised by professional bodies on lopi¢s of interest including the impact ol new legislalion and regulation on educational charities. The trustees have wnsidered the guidanGg issuèd by the Charity Comrnission in respect of the Governance Code and confirm that the trustees are aware of the seven principles set out within. The trustee5 continue to strive for best practice and are ensuring the Code is adhered to in the policies and procedures implemented by the School. The Governors as trustees of the School are legalty rèsponsib for the overall management 8nd eontrol of the School and meet forrnally three times a year. The Governors a18 also rèprèsented on functional sutrrfomrnitt8es for Finance & Bursary, Facilities & IT, and Education & Welfare to enable effective and diligent gorrnanCe. Thege sub-cotnmittees meet once per term and report into the full governing body at ils subsequent meeting.
HOE BRIDGE SCHOOL LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Acting in accordance with the wishes ol the Board. the Headmaster has strategic rasponsibilily for the direction of the School as a whole, working with the Head of the Pre-Prep School, assisted by the Senior Management Team arid the Bursar. The Headmaster. the Head ol thè Pre-Prep School, th8 Bursar and Clerk to the Govemors attend all forrnal meetings. Key management personnel are considered to be the Governor5. who are unpaid in their roles as Governors, and Ihe Head. Head of Pre-Prep and the Bursar. The Governors are responsible for setting remuneraticn of key management personnel. In setting their remuneration, the Governors take note of national pay scales, individual performance and intemaVextern81 benchmarking as necessary. The School has no official arrangement with other parties or charit1è5 nor has it entered into any transactions in which the Governors had an interest, other than disclosed within note 25 to the financial statements. Auditor In accordance with the eompany's articles, a resolutlon proposing that Azets Audit Services be reappointed as auditor of the Company will be put at a General Meeting. Disclosure of Information to auditor Each of the trustees has eonfirmed that there is no infomation of which they are aware which is levant lo the audit, bul of which thè auditor is unaware. They have further confimed that they have taken approwiate steps to identify such relevant infc)rmation and lo establish that the auditor is awara of such information. The trus s. rewrt lineorpor81ing the directors, report) was approved by the Board of Trustees. Trustee Dat8d.. 24 March 2026
HOE BRIDGE SCHOOL LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2025 The trustees, who are also the directors of Hoe Bridge School Limited for the purp(>s& of company w. are responsible lor preparing the Trustees, Report and thé financial statements in accordance with applicab law and United Kingdom Accounting Standards Iunited Kingdorn Generally Accepted Accounting Practice). Company18w requires the trustees to pr8parè financial statements for each financial year which giv8 a true and fair view Of the state of affairs ol the School and of the incoming resources and application of resources. including the income and expenditure, of the charitable company for that year. In preparing these financial staternents, the trustees are required to.. select suitable accounting policies and then apply th8rn COnSlStently', observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent.. statè whéther applicablè UK Accountlng Standards have been followed, subjert to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unlèss K is inappropriate to presume that thé School 11 continue in operation. The trustees are responsible for keeping adequate a¢¢ounting records that disclose with reasonable accuracy at any time the financial posilion ol the School and enable them to 8nsur8 that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets ol the School and hence lor laking reasonable steps for the prevention and ¢¢te¢tion of fraud and other irregularities. The trustees are responsiblè for the maintenance and integrity of the charity and finanrial inforrnatK)n included on the School's website. Legislation in the United Kingdom goveming the preparation and di55emin8tlon ol financial statements may differ Irorn legislation in other jurisdictions.
HOE BRIDGE SCHOOL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF HOE BRIDGE SCHOOL LIMITED Opinlon We have audited the financial statements of Hoe Bridge School Litnited (the 'School'l lor thg year ended 31 August 2025 which comprise the statement ol financi81 activities, the balance sheet, the statement of cash flows and the notes lo the financial statetnents, including a summary of significant accounting policies. The financial reporting framework that has been applied in their pparatiOn is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial R8porting Slanrjard applicable in the UK and Republic ol Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view ol th8 Stale of the charitable company's affairs as at 31 August 2025 of its incoming resour5 and application of resources, including its income and expgnditure, for the yo8r then ended., have beèn properly prepared in accordance with United Kingdom G6nerally Accepted Accounting Practi.. and havè b09n prepared in accordance with the requiretnents of the Companies Act 2006. Basis for opinion We conducted our audit in accoTdanc& with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors r&sponsibililies for the auclit of the financial statem8nts section ol our report. We are indop8ndenl of the School in accordance wlh the ethical requirements that are relevant to our audit ol the financial statements in the UK, including the FRC'S Ethi¢81 Standard, and we have luifilled our other ethical responsibilities in accordance with these requirement5. W8 believe that the audit evidence we have obLain&d 15 sufficienl and appropriate to provide a basis lor our opinion. ConclLtslons rèlating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concem basis ol accounting in the preparab.on of the financial statements is appropriate. Basèd on the work we have performed, we have not idèntified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the School'5 ability to continue as a going ¢oricem lor a period of at least twelve months frorn when the financial statetnents are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the r818v8nt sections of this report. Other InforrnatÉon The other inftsrmation cotllPri58S the inforrnation included in the annual r$port other than the fInar191 statements and our èuditorfs report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not eov8r the other information and. except to the extent otherwise explicitly staled in our report, we do not 8xpres5 any form ol assurance conclusion theOn. Our responsibility is to read the other inforrnation and, in doing so, consider vthether the c)ther information is materially inconsistent with th? financial ststements or our knowledge obtained In the Urse of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material tllisstatemenls, we are required to determine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on thè work we have performed. we conclude that there is a m8tÉrial misstatement of this other iriformalion, WÈ are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescribed by the Companles Acl 2006 In our opinion, based on the work undert8ken in the Course of our audit". the information given in the trustees, report for the financial year for which the financial statements arè prepared. which includes thè dirèctors, report prepared for the purposes of company law, is consistent Mqth the financial statetnent5', and the directors, r6POrt ineludod within the trustees, report has been praparsd in accordance wlh applitrable legal requirements. 10-
HOE BRIDGE SCHOOL LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF HOE BRIDGE SCHOOL LIMITED Matters on whi¢h WÈ arè rèqulr•d to report by exception In the light of the knowledge and understanding ol the School and ils environment obtained in the course of the audit, we have not identified rnateri81 rri55tatements in the directors. report included within thè trustees, report. We have nothing to report in respect of the lolltswng matters in relation lo which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been recÈived from branches not visiled by us.. or the financial staternents are not In agreement with the accounting rerdS and rèturns., or certain disclosures of trustees, remLJneration specified by law are not Tnad&', or we have not r8ceived all the information and explanations we require ft)r our audit,. or Re$ponsibilities of trustèès As explained more fully in Ihe statement of trustee5' responsibilities, the trustees, who are 31so the directors ol the School lor the purpose ol company law. are responsible for the preparation of the financial staternents and for being S81isfied that they give a true and fair view. and for such intern81 control as the trustees deterrllin& Is necessary to enable the preparation ol fNancial statements that a free from material rnisstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the School's ability to continue as a going concern, disclosing. as applicablè, matters related lo going concèrn and using the going concèrn basis c)f accounting unless the trustees eith&r intend to liquidate the charitabl& company or to cease operab"ons, or have no rèalistic alternalive but to do so. Audltovs rasponslblllt16s for the audit of the financial statements Our objectives are to obtain reasonable assuranc8 about whether the financial ststements as a whole are free from Tllateri21 misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Rtrasonablè assurance is a high level of assurance but is not a guarantee that an audit ¢onducted in accordance with ISA5 IUKI will always detect a material misslalement 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 influencè the economic decisions of users taken on the basis of thÈsè financial statements. A further description of our responsibilities is available on the Financial Retthing Counal's websile al.. https".11 wv.frc.org.UkIaudltorsresponslb1lIties. This description foms part of our auditor's report.
HOE BRIDGE SCHOOL LIMITED INDEPENDENT AUDITOR'S REPORT {CONTINUEDI TO THE TRUSTEES OF HOE BRIDGE SCHOOL LIMITED Extent to which th• aLtdlt was ¢onsidered capabl& ol dètecting irregularltlès. including fraud Irregularities, including fraud. are instances of non-compliallce with laws and regulations. We dèsigll procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website. to deteel matÉrial misstatements in respect of irisgularities. including fraud. We obtain and update our understsnding of the entity. its activities, its coritrol environment, and likely futu developrnents, including in relation to the leg213nd regulatory framework applicable and how the entity is complying with that framework. Based (Jn this understanding, we identify and assess the risks ol material misstatement ol the rillancial statements, whether due to fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and apprtrpriat8 to provide a basis for our opinion. This indudes consideration of the risk of acts by the entity that were contrary lo applicable laws and regulations, including fraud. In response lo the risk of irregularities and non-complian with laws and regUlatnS. including fraud, we designed procedures whi¢h included.. Enquiry of management and those charged with governance around 8Ctual and polential litigation and laims as well as actual, suspected and alleged fraud.. Reviewing minutes ol meeb'ngs ol thos8 charged with govemante", Assessing the extent ol cotnpliance with the laws and regulations considered to have a direct material effect on the financial statèm8nts or the operations of the entity through enquiry and inspection,. Reviewing financial statement disclosures and lesling to supporting documentation to assess compliance with applicable18ws and regulations., Pgrforming audit work over the risk of manag8m8nl bias and override ol controls. including testing of joumal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions OLJtslde the normal course of business and reviewing accounting estimates for indicators of potential bias. B8cause of the inherent limitations of an audvt. there is a risk that we will not detect all irregularities, including thos8 leading to a material misstatement in the financial statement5 or non-complian wlh regulation. This risk increases the more that eompliance with a law or regulation is removed Iiom the events and transactions reflected in the financial statèmènts, as we will be less likely lo become awarè of instances of noTrcompliance. The risk ol not detecting a material misstatement resulting from fraud 15 higher than for one resulting from error. as fraud may involve collusion. forgery, intentional omissions, misrepre5enlalions, or the override tsf internal control. Use of our report This report is mad8 solely to the eharitable Company's members, as a body, in accordance with Ch8ptgr 3 of Part 16 ol the Ctsmpani8s Act 2006. Our audit work has been undertaken so that we might stale to th6 charitaile company's mèmbers those matters we are required to state to thom in an auditor's report and lor no other purpose. To the fullest exlent permitted by law, w8 do not accept or assume responsibility to anyone other than th& charitablÈ company and the oharitable company's members as a body. for our audit work, for this report, or lor the opinions we have formed. Debra Saundèrs Bse FCA (Senior Statutory Auditor) for and on behalf of Azets Audit S8rvic85 Chartered Accountants Ststutory Auditor 6 May 2026 Ashcombe Court Woolsack Way Godalming Surrey United Kingdom GU7 1LQ 12
HOE BRIDGE SCHOOL LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2025 Unrèstricted funds 2025 Unrestrlcted fund5 2024 Notes Income and endowments from.. Donations and legacies Charitablè activities Other income 29.461 8,218.478 1.112,462 79.592 7.765.713 950,687 Total Income 9.360,401 8,795,992 Expenditure on: Charitable activities 9,013,509 8,024.480 Total •xp•ndltur• 9,013,509 8,024.480 Net Income and movement In funds 346.892 771,512 Reconciliation of funds.. Fund balances at 1 September 2024 8,992,311 9,475,069 Fund balances at 31 August 2025 9,339,203 10,246,581 The statement of financial activities includes all gains and losses recognised in the year. All income and exper)diture deriv& trorn o)nlinuing activities. 13-
HOE BRIDGE SCHOOL LIMITED BALANCE SHEET ASAT31AUGUST2025 2025 2024 Notes Fixed assets Tarigible assets 13 12,489.784 12,498,085 Current ass*ts Debtors Cash at bank and in hand 14 2,002.999 2,711,865 1,492,172 3,535,750 4,714,864 5,027,922 Creditors.. amounts falling due whhln one y•ar 15 14,838,3311 15,580,7331 Nel current liabilities 1123.4671 1552.8111 Total a$sets less currant liabilities 12,366,317 11,945,274 Credltors= amounts falling due after more than one year 17 13.027,1141 11,898,693) Net assets 9,339,203 10,246,581 Income funds funds General unrestricted funds Revaluation reserve 9,339,203 8,992,311 1.254,270 9,339.203 10,246,581 6 May 2026 The financial statements were approved by the Trustees on ......................... MrlP Truste atté Compa y Registration No. 02086298 14-
HOE BRIDGE SCHOOL LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Notes Cash flow5 from operating a¢tivities Cash (absorbed byl/gènaratèd from operations 24 1513.9681 4,205.790 Invèsting actlvltl8s Purchase ol tangible fixed assets 11.666,3731 1952,6751 Net cash used in investing activitie5 11,666.3731 1952.6751 Financing activities Proceeds from new bank loans Repayment of bank loans 2,607,863 11,251,407) 179,4881 Net cash generated fromllused inl finan¢ing actlvltles 1.356,456 179,4881 Net Idecreasellincrease in cash and cash equlvalents 1823,8851 3,173,627 Cash and cash equivaltrnls at beginnlng of year 3.535,750 362,123 Cash and cash èquivalertts at end of year 2,711,865 3,535,750 15
HOE BRIDGE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng policies The significant accounting policie5 applied in the preparation of thes8 financial statements are set out below. These policies have been consistently applied to all years pSented unless othetwise stated. Charity information Hoe Bridge School Limited is a charitable company limited by guarantee inctsrporaled in England with corrpany registration number 02086298 and charity number 295808.The registered office is Hoe Pla¢e, Old Woking, Woking, Surrey, GU22 8JE, United Kingdorn. 1.1 Accounting convention The financial statements have been prepared in accordance with the School's Articles of Association, the Companies Act 2006 and Aecounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reptrrting Stsndard appliezble in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. The School is a Public Benefit Entity as defined by FRS 102. The finanaal statements are prepared in sterling. which is the functional currency of the School. Monetary amounts in these financial statements are rounded to the nearest £. 1.2 Going concern After reviewng the School's forecasts and projections, the tru5tee5 have a reasonable expectstion that the Schwl has adequate resources to continue in operation for the foreseeable future. The School therefore continues to adtspt the going toncern basis In preparing ils financial statement5. However. not all tsture events or conditions can be predicted and the trustees address specifically any nsks to the School s financial future in the Financial R8view s8cts.on of their annual report. 1.3 Charitable funds Unrestricted funds are available for use at the discreb.on of the trustees in furtherance of their charitable objectives. 1.4 Incomè Fees receivable are accounted for in the period in which the setvice is provid8d. Fees receivable are stated ft8r deducting allowan5 for scholarships and other remissions by the School from its unrestricted funds. Grants are included in the Statement of Financial Activities on a receivables basis. The balane& of income received for specific purposes but not expended during the period is shown in the ielevant funds on the Balance Sheet. Where incomè Is rècsivèd in advance of entitlernent of receipt its rècognition is deferred and included in er6ditors as d8f&rred incoTne. Where entitlement occurs beforè incorn8 is received, Ihe incom6 IS aeeru&LI. Govemment grants are included in the Statement ol Financial Activities on a re1vable basis. The income received and related expenditure are included as unrestricted funds. 16
HOE BRIDGE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policie$ Icontlnuedl 1.5 Expondlturè Expendilure is recognised once there 15 8 legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic b8nefits will b& required in settlement. and the amount of the obligation can be measured re15ably. Expenditure is classified by activity. The wsts of each activity are made up of the total of direct costs and shared cost5, including support costs involved in und8rtaking 8ach activity. Direct costs 8tlributable to a single activity are alloGat8d directly to that activity. Shared costs which contribute to more than one activity and support costs ¥vhich are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resour5. Central staff costs are allocated on the basis ol lime sP8nt, and depreciation chargès are allocaled on the portion of the asset's use. All expendiluTe is accounted for on an accruals basi5. All expenditure is classified under activity headings thal aggregate all costs related to the cat8gory. Charitable costs include the cost of rullning the School, teaching staff cost5 and other educational osts necessary to further the purposes ol the School., Govemance costs represent the costs of the management of the School and of complying with constitutional and statutory rsqulrèments. The irrecoverable VAT is charged against the category ol resources expended for which Il was incurred. All expenditure is recognised once there is legal or constructive obligation to make a payment to 8 third party. 1.6 Tanglble fixed ass8ts Tangible fixed assets a initially measured at cost and subsgquantly measured al cost or valuation, net ol depreciation and 8ny impairrnent losses. Depreciation is recognised so as lo writ& off the cost or valuation of assets18SS their residual values over thgir useful lives on the following bases: Freehold buildings IT equipment Fixtures, fittings & equipment Sports equipment Plant & machinery Over 50 years 25 /0 51raight line 20 /0 re(Sucing balance 10¥0 ieducing balance 15% reducing balance Assets in the course ol construction are not depreciated. Assets under construction includes amounts in relation to it?ms where the cost has been incurred bul the asset will be brought inlo use in a future financial year. See not85 12 and 13 for further details. The gain or loss arising on the disposal ol an asset is determined as the differtrn¢g between the sale proceeds and the carying value of the a55et. and 15 r8cogni5ed in Ihe slalemenl of financial activities. 1.7 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities ol three MOnS or less. and bank overdrafts. Bank Civerdrafts are shown within borrowings In current liabilities. 17
HOE BRIDGE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2025 A¢¢ounting policiès (Continued) 1.8 Flnaneial in$lTuments Financial instruments are recognised in thè School's balance sheet whèn the School becomes paty lo the contractual provisions ol the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction. where it is recognised at the present value of the future payments discounted at a market rate of interest for similar debt instrumènt. Debt instruments are subsequ&nUy measured at amortised cost. Financial assets that are measured at cost or amortised are reviewed for objective evidence of impaiment at the end ol each r8POrting date. If there is objectiv6 evidence of impairment, an impairment loss is recognised in profit or loss immediately. 1.9 Employee banofits From 1st September 2021 thg sehool exiled the Teachers Pension Scheme in favour of the Aviva PensK)n Trust lor Independenl Schools IAPTISI scheme. The School has 8 defined contribution pension schemé for those members who arg not eligible to join the APTIS Scherne. Pension costs charged in the Statement of Financial Activitias represent the contributions payable by the School in the year. 1.10 Leases Rentals payab18 under operating leases, including any lèa59 incentives received, are charged as an expènse orTr a straight line basis over the tem of the relevant lease. Critical accounting estimates and judgements Th8 preparation of the financial statements rèqLJifo$ Tnanagement to maka judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually 18viewed and are based on &xperien¢e and other factors. including expe¢tstions ol lulure events that are believed lo b6 reasonable under the circumstances. Accounting estimates and assumpb.ons are made conceming the future and, by their nature, will rarely equal the reted actual outcome. The key assumptions and other sources of eslimalion uncertainty that have a significant risk ol causing a material adjustment to the carrying amounts of assets and liabilities within the naxt finanrial year are as follows.. Critical Judgèmènts lil Useful economlc Ilvas of tangible fixed assets The annual depreciation charge is sensitivè lo oharTrges in the estimated useful economic lives and residual values of the assets. The usefLJI economic lives and residual values are r&assessed annually. They are amended where necessary lo reflect current estimate5 based on technological advancement, future investments. economic utilisation, and the physical condition of assets. See Note 12 for the carrying aTnounts of tangible fixed assets. Illl Impairment of assets Non-current assets including fixtures and fittings, plant and equipment and motor vehicles are reviewed for impairment il events or changes in circumstanc8s indicate that the carrying amount may not be recoverable. Where such an event or change of ejrcurnstances lakes plaTr, then additional impairrnenl may be required for future periods. 18
HOE BRIDGE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Ineoma from donatlons and lègaeiès Unrestrlcted funds 2025 Unrestricted funds 2024 Giants 29,461 79.592 Grants Local Authority funding Other 79,592 29,461 29,461 79.592 In¢tsme from ¢haritable activities Unrestrietèd funds 2025 Unrestrlcted funds 2024 Gross fees BursaTi8S, scholarships and discounts Othor income 8,643,820 1440,4191 15.077 8,074,983 1326,0451 16,775 8.218.478 7,765,713 Other Income Unre$trlet•d Unrestricted funds funds general general 2025 2024 Holiday carnp After-school clubs Treetops after school care Trip5 and other income 200,723 255,981 341,032 314,726 220,866 251.313 136,445 342,063 1,112,462 950,687 19
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HOE BRIDGE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Support eosts Support Governance costs costs 2025 Support costs Governance costs 2024 staff costs Finance costs Marketing costs Other staff costs 548.333 538,626 53,888 17,495 548,333 538,626 53,888 17,495 313,457 177,765 19,790 10,598 313.457 177,765 19,790 10,596 Audit lees Accountan 14,500 8,140 14.500 8.140 13.500 8.114 13.500 8.114 1,158,342 22,640 1,180,982 521,610 21,614 543,224 Analysed been Charitable actiwlies 1,158.342 22,640 1,180,982 521,610 21,614 543,224 Govemancè costs includes payments to the auditors of £14,50012024- £13,500) f(>r 8vdil lees. Net movement in funds 2025 2024 The net movernent in funds is stated after chargingllcr8ditingl.' Fees payable for tha audit of the charity's financial statements Depreciation of owned tangible fixed assels Impairment of owned tangible fixed assets 14,500 342,169 78,236 13,500 318,558 185,781 Trustees None ol the tnjstees lor any persons connected with them) received any remunerob.on duTing the year. There were no trustees, expenses paid for the year ended 31 August 2025 nor for the year ended 31 August 2024. 21
HOE BRIDGE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 10 Employees Numbèr of employees The average rtionthly nuFnber of gmpbyee5 during the year was.. 2025 Number 2024 Number Teaching staff Support staff Facilities and admin 58 47 18 57 44 15 123 116 Employment costs 2025 2024 Wagss and salariès Social securlty costs Employers, pension costs 4,297,305 476.985 420,233 3,904.963 387,411 374,938 5,194,523 4,667.312 In addition tc> th8 abov8 are staff wsts in r85pect of Treetops, After Sehool Clubs and Summer Camp totalling £197,92512024- £227,878). The number ol employees whose annual remuneration was £60.000 or more were". 2025 Numbar 2024 Number £60,000- £69.999 £70.000- £79.999 £80,000- £89,999 £90,000- £99,999 £110.000 £119,999 £120.000 - £129,999 11 Taxatlon The charity is exetnpt froTn tax oll incotlle and gains falling within section 505 of th8 Taxes Act 1988 or secb'on 252 of thtr Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. -22-
HOE BRIDGE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 12 Impalrments Impaiment tests have been carried oul where appropri81e and the following impairmenl losses have beèn rècognised in the Statemenl of Financial Activities.. 2025 2024 In respect of.. Property. plant and equiprnent 78,235 185.781 The impairment loss relates paruy to costs previously capitalised as assets under nstructiON in rèlation to the senior school project. The decision wa5 made to impair thè costs when the application for planning pemission for the project was Lsnsuccessful. See note 22 regarding the altemative expansion strategy. The remaining elèmènt of the impairment loss relates to the impairment of the value of the property in line with a valuation obtained in 2021. following significant capital investment in the roof during 2024-25, and adjusted lor inflation. See note 13 regarding the valuation of thè land and buildings as at the reporting dale. -23-
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HOE BRIDGE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 13 Tangible fixed assets (Continuedl Th& Carrying value of land included in land and building5 comprises= 2025 2024 Freehold 4,249,000 4.249.000 Land and buildings with a earrying amount of £11,164,000 weie valued at 31 August 2021 by Gerald Eve, independent valuers not connected with the Sohool on the basis of market value. The valuation conforms lo International Valuation Standards and was based on depreciated replacement cost lor specialised properties. The trustees have considered the valuati(>n as at 31 August 2025 and have conclLJded that an impairment charge is rÈquir8d to bring the value of the property in line with the valuation obtained in 2021, as adjusted for inflation. Freèhold land and buildings with 8 carrying amount of £11,887,94312024 £11,257,751) have been pledged 10 secure borrowings of the School. The School is not allowed to pledge these assets as security for other borrowings or to sell them to another entity. The value of the propety ha5 been impaired in line with 8 valuation obtained in 2021, following significant apilal investment in the roof during 2024-25, and adjusted for inflation. More infortnation on thè impaim8nt arising in the year is given in note 12. 14 Debtors 2025 2024 Amounts falling due wlthln one year: Trade debtors Other deblors Prepayments and accrued Incomè 1,845,565 27,844 129,590 1.388,384 15,028 88,760 2,002,999 1.492.172 1$ Creditors.. amounts falling due within one year 2025 2024 Notes Bank loans Oiher taxation and social security Deferred income Trade edItorS Other creditors Accrua15 16 130,393 626,044 3,217,346 27,573 477,236 359.739 79,487 113,366 4,169,538 90.011 693,711 434.620 18 4,838,331 5,580,733 Included within other creditors are fee deposits lotalling £407,000 {2024- £407.2501. -25-
HOE BRIDGE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2025 16 Loans and overdrafts 2025 2024 Bank bans 2,588,507 1.232,051 Payable wlhin one year Payable after one year 130,393 2,458,114 79.487 1,152.564 The k>ng-term loans are secured by fixsd charges as follows.. On the 14 October 2014 National Westrninsler Bank PLC ¢realed a debenture over 811 assets ol Hoe Bridge School Limited, this s8Gurity is not limited. On the 26 July 2016 National Westminstèr Bank PLC created a legal charge over Hoe Place, 224 Old Woking Road. GU22 8JE, this security is not lirnited. 17 Credltors: amounts falling due after more than one year 2025 2024 Notes Bank loans Deferred income 16 18 2.458,114 569,000 1,152,564 546,129 3,027,114 1.698,693 26-
HOE BRIDGE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 18 Deferred income 2025 2024 Arising frorn fees received in advance 3,786,346 4,715.667 Deferred income is included in the financial staternen15 as folknw5'. 2025 2024 D8f&rred incorn8 is included within= Current liabilities Non-current liabilities 3.217,346 569,000 4.169,538 546,129 3.786,346 4,715,667 Movement5 in the year". Deferred income at 1 September 2024 Released from previous periods Resources deferred in the year 4,715,667 2.442.213 14,715,667) 12,442,213) 3,786,346 4,715,667 Deferred income at 31 August 2025 3.786,346 4,715,667 19 Retrrement benefit s¢heme5 Defined contribution sch8mes Tha School participatès in tha Aviva Pension Twst for Independent Schoo15 IAPTISI schsme, following its withdraw81 from the Teachers, Pension Scheme in 2021. Contributions to the APTIS scheme in the year were £455.94712024- £430.5081. The School administers a defined contribution scherne for support staff. The cost for the year ended 31 August 2025 of ihe School's contributions to this Scheme was £68,00412024- £58.817}. Pension contributions of £53.74512024- £52,1751 were outstsnding at the year end. 20 Analy515 of net assets between funds Unrestri¢ted Unr8Stricled funds funds 2025 2024 Fund balances at 31 August 2025 are represented by.. Tangible assets Current liabilities Long term liabilities 12.489.784 12,498,085 1123,4671 1552,8111 13,027,114) 11,698,693) 9,339.203 10,246,581 27-
HOE BRIDGE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 21 Operatlng lease commitments At the reporting end date the School had outstanding commitments for futurè minimum lease paytn9nts under non-cancellable operating leases, which tsll due as follows.. 2025 2024 Within one year Between Iwo and five years 64,485 71,486 66,263 139.282 135.971 205,545 Lease payments recognised as an expense during the year totalled £121,46912024- £129.6961. 22 Events after the reporting date On 1 December 2025 Hoe Bridge School merged with Greenfield School. All trade and assets were transferred to Hoe Bridge School on 30 November 2025. The total value of assets transf6rred on 30 November 2025 per the Gréènfield School financial statèrrerTrls was £15,619,911. Th6 total value of the liabilities transferred was £13,488.111, which includes loans of £11,994,775 which are sgGured upon the property transferred. 23 Related paity transaetlons Remuneration of key management personnèl The remuneration of key rnanagemenl personnel was as follows.. 2025 2024 Aggregate compensation 365,315 348,012 -28-
HOE BRIDGE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 23 Related party transactions Icontlnuedl Transactlons wlth related partles During the year the School entered into the following transactions with related parties.. School fees Provlsion of professional Sel¢e8 2025 2025 2024 2024 Mrs H D8vies18uis8rl Mr P Walton ITru51eel Other related partie3 15,731 12,480 22,574 1,775 1.860 15,731 35,054 1,775 1,860 Included in trade debtors at year end is a lolal amount of £nll12024- £nill due from the Iwstèes in respecl of the Iransactions noted above. The Iruslee Mr P Walton is a partner ol Penningtons Manches LLP. transactions with whom are disclosed under other related parties. Included in trade creditors at y8ar end is an amount of £nil 12024 £nill due to Penningtons Mand)es LLP. Additionally, clos8 family mambars of key management personnel were ernployed by the school during the year. lolalling £12.78812024 - £13.8051. The staff are paid within the normal pay scale lor their roles and receive no special treatment as a result of their rèlationship to kéy management personnel. 24 Cash (absorbed byllgenerated from op•ratlons 2025 2024 Surplus for the year 346.892 771,512 Adjustments for.. Depreiaalioii 8nd impairment of tangible fixed assets 420,404 504,339 Movements sn working capltal.. {Increaselldecrease in debtors Increase in creditors IDecreasellincrease in deferred income 1510,8271 158,884 1929,3211 180.892 475.593 2,273.454 Cash (absorbed byllgenerated from operations 1513,9681 4.205.790 25 Company limited by guarantee The rnembers of the School guarantee to contribute an arnounl not ex¢eoding £1 to assets ol School in the event of a winding up. -29-
HOE BRIDGE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 26 Analysis of change$ in net funds At 1 September 2024 Cash flows At 31 August 2025 Cash at bank and in hand 3,535.750 1823,8851 2,711,865 Loans falling due within one year Loans falling (Jue after mor8 than one year 179.487} 150,9061 1130,3931 11,152.5641 11,305,550) 12,458.1141 2.303,699 12,180,3411 123,358