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2025-08-31-accounts

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Registered number: 02114440 Charity number: 296691

STAINES PREPARATORY SCHOOL TRUST

(A company limited by guarantee)

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

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STAINES PREPARATORY SCHOOL TRUST

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Company, its Governors and advisers 1
Governors' report 2 - 7
Independent auditor's report on the financial statements 8 - 11
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15 - 30

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STAINES PREPARATORY SCHOOL TRUST

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025

Governors

Mr R F Adams

Mr A Atkinson-Young (appointed 27 November 2024) Mr D Brown, Chairman (from 24 March 2026) Mr M Graham, Vice Chairman Ms S Gill (resigned 19 March 2025) Mr M R Hall, Chairman (until 24 March 2026) Mr D G M Harry (appointed 27 November 2024) Mrs V L Statham (appointed 27 November 2024)

Company registered number

02114440

Charity registered number

296691

Registered office

3 Gresham Road, Staines-upon-Thames, Middlesex, TW18 2BT

The Headmistress

Ms S Sawyer (until 31 August 2025) Mrs H Miles (from 1 September 2025)

Bursar

Mr J E G Philpott Mrs L A Colfer (from 1 August 2025)

Independent auditor

James Cowper Kreston Audit, Apex, Forbury Road, Reading, Berkshire, RG1 1AX

Bankers

Lloyds Bank Plc, PO Box 2593, Reading, Berkshire, RG1 2ZH

Solicitors

Barlow Robbins, The Oriel, Sydenham Road, Guildford, Surrey, GU1 3SR

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STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee)

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The Governors present their annual report together with the audited financial statements for the 1 September 2024 to 31 August 2025. The annual report serves the purpose of both a Governors’ report and a directors’ report under company law. The Governors confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) as amended by Update Bulletin 1 (effective 1 January 2015).

Objectives and activities

a. Governance

The governing document of Staines Preparatory School Trust is the Memorandum and Articles of Association dated 23 March 1987.

The Trust endeavours to ensure the Board is comprised of Governors with the widest possible range of skill sets to the extent that when a Governor steps down another person with similar skills is sought.

New Governors are proposed by members of the existing Board and are elected at full Governors’ Meetings.

Rotation of the members of the Governing Body is dealt with under Article 33, which states:

‘At the first Annual General Meeting of the Trust and at the Annual Meeting in every subsequent year one-third of the Governing Body for the time being, or, if their number is not three or a multiple of three, then the number nearest to one-third, shall retire from office. The members of the Governing Body to retire in every year shall be those who have been longest in office since their last election, but as between persons who became members of the Governing Body on the same day those to retire (unless they otherwise agree among themselves) be determined by lot. A retiring member of the Governing Body shall be eligible for re-election.’

The Board regularly reviews the skills mix of the Governors and identifies any gaps to ensure the expertise of the Board remains appropriate. Any potential Governors are interviewed by the Chair of Governors and the Headmistress. New Governors attend in-house training and may also attend seminars and workshops organised by professional bodies.

b. Arrangements for setting pay and remuneration of key management personnel

Remuneration of the Senior Leadership Team is undertaken annually by the Remuneration Committee. Any salary award is made with due regard to performance management outcomes, and the wider context within the sector.

c. Organisational Structure

The Governors (who are also Directors for the purposes of the Companies Act), determine the policies of the School at the termly Meeting of the Board of Governors when the reports of the various sub-committees are reviewed.

During the year to 31 August 2025, the School had six sub committees which report into the Main Board. These were Education; Staffing; Property; Marketing; Bursaries, Fees and Scholarships; and Finance and General Purposes committees. All had their own terms of reference under which they operate. Following the Main Board` meeting in March 2026 the committee structure was streamlined into two separate sub-committees reporting to the Main Board. The new sub-committees are the Education & Strategy sub-committee and the Resources & Finance sub-committee.

The School operates under the supervision of the Governors with the Headmistress and the Bursar responsible for the day-to-day organisation and operation.

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STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Objectives and activities (continued)

d. Charitable Objects

Our stated charitable objects are to promote and provide for the advancement of education of children in the United Kingdom and elsewhere.

This is based on the four principles of the founders; a kindly approach to children; a love of learning; an ethnically diverse community; and a non-academically selective entrance policy. The School also has a policy of reviewing fees and the bursary policy to allow access to the widest possible cross-section of the community.

e. The Aims of the School

Education, personal development, and community and the wider world are the key areas that underpin the aims of SPS. Through these focus areas, the School encourages each child to attain their full potential through a broad and balanced curriculum, provides an environment which promotes the personal and social development of each child and develops an understanding of community and the wider world.

The children are encouraged to fulfil these aims through the ‘Staines Prep Way’, a moral code which encourages children to listen; share; forgive; be kind; respect others; be your best; and be honest.

f. Objectives for the Year

The main objective is, and has always been, to put the children at the centre of all we do regardless of the department within the School, through the continuing development of high educational standards and results.

Each year the staff write a School Development Plan, and key objectives this year include:

g. Charitable Status

The Governors confirm they have complied with the duty in S17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on Public Benefit. To that end we offer a significant number of awards from our Burges Bursary fund, higher than many other Prep Schools and we offer a minimum of 200 hours of community use to local groups at the lower community rate. This is in addition to the preferential rate charged to The Gap Club, a local holiday club provider which serves the whole community.

As an educational charity the parents and pupils have the assurance that all of the income of the School is used for educational purposes as described by the objects of the charity.

As a charity the School benefits from some tax exemptions on its educational activities and investments. These financial benefits allow us to sustain a bursary policy that enables children whose families would not otherwise be able to afford the fees to benefit from a Staines Preparatory School education. The loss of 80% business rates relief from April 2025 has impacted the extent to which bursaries could be awarded by the School.

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STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Objectives and activities (continued)

h. Burges Bursaries

Burges Bursary awards are available to pupils on entry to the School and to relieve hardship where a current pupil's education would be at risk due to a substantial drop in family income, for example, through redundancy, ill health or bereavement. All awards are means tested and a number of factors are considered, including family income and expenditure, investments, savings and family circumstances.

In 2024/25 the School awarded 16 bursaries at the beginning of the financial year and also provided two additional bursaries for families who had experienced significant family changes.

However, Staines Preparatory School does not have a large endowment fund and, consequently, the School is mindful of the balance that needs to be struck between setting fees that are affordable to a wide cross section of the community and providing the widest possible access through bursaries.

Information about Burges Bursaries is available on request and on the School website.

i. Use of Facilities

The School welcomes local youth sports teams to use its facilities which enables the children to benefit from coaching throughout the year.

We have established links with local groups such as sports, amateur dramatics and fitness groups who make use of our large multi-purpose hall, as well as our outdoor facilities. Preferential hire rates are given to local groups to offer access of our facilities to the widest possible cross section of the Community. The Gap Club provide holiday camps for both pupils at the school and those from the local community.

In 2024/25 we let our facilities to the community at a lower rate for 227 hours.

a. Achievements and Performance from the School’s Review of the Year

This year we provided 172 days of learning which exceeds expectations within the Independent Sector.

Fees were increased for this academic year as planned, and this still covers hot lunches, trips and visits, as well as all books and stationery being included.

The Governors and Leadership Team of Staines Prep remain committed to providing high quality teaching and excellent facilities. In addition, the children benefit from specialist teaching throughout the School in a number of subject areas: English, Drama, Maths, Science, Forest Schooling, Computing, French/Spanish, History, Geography, Classical Studies, Art, Design and Technology, Music, Religious Education, Games and Physical Education.

In keeping with its non-selective policy, SPS provided for pupils with a wide range of abilities through small class sizes, Learning Support Assistants, individual needs lessons, and intervention support groups where required.

The external 11+ examination results were again exceptionally impressive. Pupils received 24 offers of a Grammar School place (out of a cohort of 41), despite the fact that some of the pupils did not sit them as their parents wished them to remain within the independent sector. This is a tremendous figure, especially bearing in mind the increased competition for grammar school places. The results for the independent schools were also strong with pupils gaining places at a variety of highly selective and selective senior schools. 4 Scholarships were offered this year.

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STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

(continued)

The School prepares pupils for 11+ examinations by using both our own assessment procedures as well as external assessment using ISEB, GL Assessments. Our assessment levels are now based on standardised scores and are often more useful and relevant than raw data as they offer a number of opportunities for different comparisons to be made. The results are checked against a national sample, providing a greater insight into the pupil’s performance in the examination. Furthermore, it also takes into account the age of the child on the day of the test. Our results were exceptionally impressive.

Charities – 2024/25

Our Harvest Festival donated food to Manna Food Bank, a local charity based in Staines-Upon-Thames. For our first Mufti Day of the year, we asked families to bring in tinned goods, which were also donated to Manna Food Bank. The following sums were also raised for charities:

Jeans for Genes mufti (29.09.2024) - £210.20 Macmillan coffee morning (27.09.2024) - £165.18 Save the Children (10.02.2025) - £121.00 Little Hearts matter (13.03.2025) - £228.16 British Heart Foundation (25.03.25) - £242.00 Our Lady of the Rosary Church – school visit (18.03.25) - £50.00 David Shephard's Wildlife Foundation (26.06.25) - £231.74 Cancer Research Uk (01.07.2025) - £231.75 Winston’s Wish (04.07.25) - £115.10

We held our annual Award and Celebration Evening in the Peter Roberts Hall. Parents were invited to attend. Awards were given in the following categories

The Staines Prep Way – for demonstrating the values of the Staines Prep Way The Whitaker Award for Mathematics

The Miles Award for English The Concord Prize for Achievement in Science The Humanities Award for Geography, History and R E The Oliver Griffin Award for Linguistic Achievement The Russell Award for Performing Arts The Art and Design Award The Computing Award The Derek Taylor Shield - the boy and girl who have given the most in terms of effort and character The Lemon Trophy for Greatest Contribution to Sport The Endeavour Award

The Cox Award – our most prestigious award given for excellence

The “Friends of Staines Prep” ran a ‘Spooks and Sparkles disco and Movie Night for the children and a Cheese and Wine evening for parents. They also provided a hugely successful refreshment stall at Sports Day.

The 'Burges Bursary Fund' continues to be a key part of our charitable activity. Many children have benefited from the help that we can offer, and we continue to invite applications from those who seek our support.

b. School Improvements

The school invested in IT this year, upgraded its IT stock for staff, implemented a new cloud-based server and upgraded IT software. The fencing around lower school and the nursery were replaced as well as some improvements to the Trim Trail being completed by staff.

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STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

a. Financial review

The Trust has received income of £3,684,617 during the year compared with £4,094,702 in the year to 31 August 2024. Expenditure amounted to £3,708,892 (2024: £4,070,723) giving a deficit of £24,275 (2024: surplus £23,979). The results are summarised on page 11 of the School’s accounts.

b. Reserves policy

The Governors have determined that the long-term appropriate level of free reserves, drawn from the general fund, should be equivalent to one term’s expenditure. (Approximately £1,087,000). Currently, free reserves are £1,351,266.

c. Risk Management

The Governors use a number of ways to monitor the risks facing the school, both from internal and external factors. A Risk Audit is carried out annually and monitored and updated throughout the year. This audit takes account of the School’s Charitable Objects, Regulations and Compliance, Governance & Management, External Influences, Operational Issues, Fundraising, HR, IT, Finance and Infrastructure. Every sub-committee of the Board of Governors considers Safeguarding and Health and Safety as an agenda item, and these topics are embedded throughout the school. A major risk focussed on in 2024/25 continued to be the changing economic and political landscape affecting Preparatory Schools. An immediate focus was placed upon increasing pupil numbers, together with strong financial modelling and sensitivity analysis.

The key controls used to manage risk include:

The School Governors are continuing to closely monitor developments with regards to key risks from economic and political sectors and are mindful of the parental base and the potential impact of any uncertainty. The school remains focused on providing an Independent Education to the widest possible cross section of the community, by balancing this with the fee levels required to maintain and improve the quality of the education provided. This will be done by raising the profile of the school and further strengthening our admissions list. This will be done through targeted marketing for Nursery, Reception and Year 3 entry.

Following the introduction of 20% VAT on private school fees, the school sought to minimise the impact of this upon parents by only passing on the net cost to the school. There are limited costs upon which the school can recover VAT, meaning that the VAT cost necessarily passed on to parents reflected an increase in accounts payable of approximately 19%. The Governors were saddened by the Governments policy and the financial pressure it placed upon parents.

The debate, publicity and ultimate introduction of VAT on school fees placed a significant burden upon the sector and created great uncertainties for parents considering entering or remaining in the private school sector. Staines Preparatory School was not immune to these uncertainties. Whilst numbers remained satisfactory in the year to 31 August 2025, there will be a reduction in pupil numbers entering into the year ended 31 August 2026. The school’s approach to sound and prudent financial management means that the cost of this reduction in pupil numbers will be met out of retained reserves whilst the school continues to rebuild numbers going forward into the year ended 31 August 2027 and ensuring the prudent approach to cost and financial management remains in place. See note 1.2 for more information.

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STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

The Governors review financial forecasts, including scenario planning, on a regular basis and are committed to taking the necessary steps to ensure that the trust remains able to continue to deliver the School’s mission and aims in delivering high quality education to a wide demographic as possible.

Statement of Governors' responsibilities

The Governors (who are also the directors of the Company 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. Under company law, the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are Governors at the time when this Governors' report is approved has confirmed that:

Auditor

The auditor, James Cowper Kreston Audit, has indicated his willingness to continue in office. The designated Governors will propose a motion reappointing the auditor at a meeting of the Governors.

Approved by order of the members of the board of Governors and signed on their behalf by:

Matthew Hall 29 Jun 2026 13:59:33 BST (UTC +1)

................................................

Mr M R Hall Governor Date: 29 June 2026

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STAINES PREPARATORY SCHOOL TRUST

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAINES PREPARATORY SCHOOL TRUST

Opinion

We have audited the financial statements of Staines Preparatory School Trust (the 'charitable company') for the year ended 31 August 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities 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

In auditing the financial statements, we have concluded that the Governors' use of the going concern basis of accounting in the 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 Governors with respect to going concern are described in the relevant sections of this report.

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STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAINES PREPARATORY SCHOOL TRUST (CONTINUED)

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Governors are responsible for the other information contained within the annual 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. 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 course of 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 this gives rise to a material misstatement in the themselves. 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the governors' responsibilities statement, the Governors (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 Governors determine is necessary to enable the preparation of that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the charitable company's 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 Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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STAINES PREPARATORY SCHOOL TRUST

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAINES PREPARATORY SCHOOL TRUST (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance 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 .

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 complaince 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 occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAINES PREPARATORY SCHOOL TRUST (CONTINUED)

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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Darren O'Connor BSc (Hons) ACA FCCA (senior statutory auditor)

for and on behalf of

James Cowper Kreston Audit Chartered Accountants and Statutory Auditor Apex Forbury Road Reading Berkshire RG1 1AX

Date: 30 June 2026

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STAINES PREPARATORY SCHOOL TRUST

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025

Note
Income from:
Donations and grants
3
Charitable activities
4
Investments
5
Other income
6
Total income
Expenditure on:
Charitable activities
7
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
28,387
3,570,358
27,172
58,700
3,684,617
3,708,250
3,708,250
(23,633)
5,093,376
(23,633)
5,069,743		 Restricted
funds
2025
£
-
-
-
-
-
642
642
(642)
2,569
(642)
1,927		 Total
funds
2025
£
28,387
3,570,358
27,172
58,700
3,684,617
3,708,892
3,708,892
(24,275)
5,095,945
(24,275)
5,071,670		 Total
funds
2024
£
25,600
3,923,359
27,386
118,357
4,094,702
4,070,723
4,070,723
23,979
5,071,966
23,979
5,095,945

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 15 to 30 form part of these financial statements.

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STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee) REGISTERED NUMBER: 02114440

BALANCE SHEET AS AT 31 AUGUST 2025

Note
Fixed assets
Tangible assets
11
Current assets
Stocks
12
Debtors
13
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
14
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
15
Total net assets
Charity funds
Restricted funds
16
Unrestricted funds
16
Total funds		 965
926,891
1,515,635
2,443,491
(1,483,119)		 2025
£
5,103,247
960,372
6,063,619
(991,949)
5,071,670
1,927
5,069,743
5,071,670		 3,319
93,572
1,829,942
1,926,833
(980,663)		 2024
£
5,273,344
946,170
6,219,514
(1,123,569)
5,095,945
2,569
5,093,376
5,095,945

The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Governors and signed on their behalf by:

Matthew Hall 29 Jun 2026 13:59:33 BST (UTC +1)

................................................

Mr M R Hall

Governor Date: 29 June 2026

The notes on pages 15 to 30 form part of these financial statements.

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STAINES PREPARATORY SCHOOL TRUST

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

Note
Cash flows from operating activities
Net cash used in operating activities
19
Cash flows from investing activities
Interest received
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
20
The notes on pages 15 to 30 form part of these financial statements		 2025
£
(196,858)
27,172
(40,890)
(13,718)
(103,731)
(103,731)
(314,307)
1,829,942
1,515,635		 2024
£
485,310
27,386
(44,776)
(17,390)
(84,251)
(84,251)
383,669
1,446,273
1,829,942

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STAINES PREPARATORY SCHOOL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Staines Preparatory School Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Going concern

The School has an existing bank loan facility which is subject to financial covenants. Based on current financial forecasts, the Governors recognise that one of these covenants is expected to be breached following the year ending 31 August 2026.

The Governors have undertaken a detailed review of the School’s financial position, including cash flow forecasts, reserves and the medium term financial plan. This review demonstrates that the School has sufficient cash resources to meet its obligations as they fall due and to continue operating within available facilities. The School also holds assets and reserves that could be applied to reduce borrowings if required, thereby mitigating the risk associated with covenant compliance.

The Governors have maintained open dialogue with the School’s bankers and, based on these discussions and the long standing relationship with the bank, expect that continued support will be provided should a covenant breach occur.

Having considered these factors, the Governors have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis in preparing the financial statements.

1.3 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Charitable income comprises general school fees, disbursements and extras recharged and are accounted for in the period in which the service is provided.

Donations received for the general purposes of the charity are credited to unrestricted funds. Donations subjects to specific wishes of the donors are credited to restricted funds.

Gifts in kind donated are included and the corresponding asset included within fixed asset additions or charged against the Statement of Financial Activities as appropriate.

Investment income is included on a recoverable basis.

Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

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STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. Accounting policies (continued)

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure up until 31 December 2024 is recognised inclusive of irrecoverable VAT. Due to a change in legislation, from the 1 January 2025, the Charity has become VAT registered and expenditure is now recognised net of reclaimable VAT.

1.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

1.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property - 2% straight line
Mini bus - 25% reducing balance
Fixtures, fittings, furniture and - 15% reducing balance
equipment (excluding
computers)
Computers - 33% straight line
Netball court and portacabins - 25% reducing balance

1.7 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. Accounting policies (continued)

1.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.

1.11 Financial instruments

The Company 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.12 Pensions

The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.

1.13 Operating leases

Rentals paid under operating leases are charged to the statement of financial activities on a straight line basis over the lease term.

1.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Governors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

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STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. Accounting policies (continued)

1.15 Termination benefits

Termination benefits are recognised when, and only when, the charity has a legal or constructive obligation to make such payments. Termination benefits are recognised as an expense in the Statement of Financial Activities (SOFA) at the point the charity can no longer withdraw the offer of those benefits.

2. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The most significant estimates and assumptions which affect the carrying amount of each assets and liabilities in the accounts relates to:

Depreciation - The annual deprecation charge for property, plant and equipment is sensitive to change in the estimated useful economic lives and residual value of assets. These are reassessed annually and amended were necessary to reflect current circumstances.

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STAINES PREPARATORY SCHOOL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

3. Income from donations and grants

Unrestricted
funds
2025
£
Donations
8,545
Government grants
19,842
28,387
Total 2024
25,600		 Total
funds
2025
£
8,545
19,842
28,387
25,600		 Total
funds
2024
£
3,531
22,069
25,600

4. Income from charitable activities

Unrestricted
funds
2025
£
Gross fees
3,541,212
Less bursaries and discounts
(146,083)
SPARKS
27,349
Fees in lieu
43,654
Extras
82,216
Disbursements
22,010
3,570,358
Total 2024
3,923,359		 Total
funds
2025
£
3,541,212
(146,083)
27,349
43,654
82,216
22,010
3,570,358
3,923,359		 Total
funds
2024
£
3,932,739
(140,028)
5,819
14,123
85,228
25,478
3,923,359

Children of SPS staff attending the school receive a discount in school fees in line with the school's policy. These costs are included within 'bursaries and discounts' above.

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STAINES PREPARATORY SCHOOL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

5. Investment income

Unrestricted
funds
2025
£
Investment income
27,172
Total 2024
27,386		 Total
funds
2025
£
27,172
27,386		 Total
funds
2024
£
27,386

6. Other incoming resources

Other income
Commission and letting income
Total 2024		 Unrestricted
funds
2025
£
16,550
42,150
58,700
118,357		 Total
funds
2025
£
16,550
42,150
58,700
118,357		 Total
funds
2024
£
80,173
38,184
118,357

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STAINES PREPARATORY SCHOOL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

7. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2025
£
Teaching
2,131,199
Welfare and catering
284,357
Premises
549,666
Administration costs
671,982
Bank interest
58,841
Governance costs
12,205
3,708,250
Total 2024
4,069,114		 Restricted
funds
2025
£
-
-
-
642
-
-
642
1,609		 Total
2025
£
2,131,199
284,357
549,666
672,624
58,841
12,205
3,708,892
4,070,723		 Total
2024
£
2,408,059
300,984
626,444
642,678
80,938
11,620
4,070,723

Summary by expenditure type

Teaching
Welfare and catering
Premises
Administration costs
Bank interest
Governance costs
Total 2024		 Staff costs
2025
Depreciation
2025
£
£
1,920,327
-
25,201
-
93,560
116,692
325,119
88,506
-
-
-
-
2,364,207
205,198
2,578,642
213,844		 Other costs
2025
£
210,872
259,156
339,414
258,999
58,841
12,205
1,139,487
1,278,237		 Total
2025
£
2,131,199
284,357
549,666
672,624
58,841
12,205
3,708,892
4,070,723		 Total
2024
£
2,408,059
300,984
626,444
642,678
80,938
11,620
4,070,723

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STAINES PREPARATORY SCHOOL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

8. Auditor's remuneration

2025 2024
£ £
Fees payable to the Company's auditor for the audit of the Company's
annual accounts 9,555 9,100
Fees payable to the Company's auditor in respect of:
All non-audit services not included above 2,650 2,520

9. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2025
£
1,926,417
176,685
261,105
2,364,207		 2024
£
2,132,714
164,982
280,946
2,578,642

During the year, the Charity paid 1 severance payment which totalled £110,000 (2024: £Nil).

The average number of persons employed by the Company during the year was as follows:

Teaching staff
Support staff		 2025
No.
46
19
65		 2024
No.
50
20
70

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025 2024
No. No.
In the band £60,001 - £70,000 2 2
In the band £110,001 - £119,999 1 1

The pension contributions in relation to the higher paid employees are £51,156 (2024: £21,156).

Key Management Personnel:

The school considers its key management personnel as the Headteacher and the Bursar. The total employment benefits including employer pension contributions of the key management personnel were £311,774 (2024: £232,204).

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STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

10. Governors' remuneration and expenses

During the year, no Governors received any remuneration or other benefits (2024 - £NIL).

During the year ended 31 August 2025, no Governor expenses have been incurred (2024 - £NIL).

The Governors have taken out indemnity insurance costing £4,875 (2024: £4,875).

11. Tangible fixed assets

Cost or valuation
At 1 September 2024
Additions
Disposals
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
On disposals
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Freehold
property
£
6,720,214
-
-
6,720,214
1,934,381
116,692
-
2,051,073
4,669,141
4,785,833		 Motor
vehicles
£
50,061
-
-
50,061
47,492
642
-
48,134
1,927
2,569		 Fixtures and
fittings
£
1,761,828
40,890
(57,502)
1,745,216
1,276,886
87,864
(51,713)
1,313,037
432,179
484,942		 Total
£
8,532,103
40,890
(57,502)
8,515,491
3,258,759
205,198
(51,713)
3,412,244
5,103,247
5,273,344

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STAINES PREPARATORY SCHOOL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

11. Tangible fixed assets (continued)

Included in land and buildings is freehold land at cost of £826,827 (2024: £826,827), which is not depreciated.

The Governors are of the opinion that the current market value of the school's land and buildings is substantially in excess of the figures shown in the financial statements. However, it is not possible to quantify the market value without carrying out a costly revaluation of the school's property. The school's buildings are currently insured at a value of £12,904,921 (2024: £12,904,921). Land and buildings are recognised in the accounts under the historical cost policy, in line with the Charity SORP.

Fixed assets include items donated by The Friends of Staines Prep. In the accounts of The Friends of Staines Prep these are shown as owned by the charity with a written down value of £1. To comply with the Statement of Recommended Practice and to show a true and fair view of the school's assets these are included in the accounts of the school. At 31 August 2025 the net book value of these assets was £1,927 (2024: £2,569).

All of the assets of the school with the exception of the minor items of office equipment are used for direct charitable purposes.

Lloyds Bank PLC have a charge on the land and buildings.

12. Stocks

2025 2024
£ £
Finished goods and goods for resale 965 3,319

13. Debtors

Outstanding fees
Prepayments		 2025
£
865,816
61,075
926,891		 2024
£
13,096
80,476
93,572

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STAINES PREPARATORY SCHOOL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

14. Creditors: Amounts falling due within one year

Bank loans
Trade creditors
Other taxation and social security
Fee deposits held
Other creditors		 2025
£
104,765
63,302
225,493
116,765
972,794
1,483,119		 2024
£
100,652
31,448
46,564
81,189
720,810
980,663

15. Creditors: Amounts falling due after more than one year

Bank loans
Fee deposits held		 2025
£
845,900
146,049
991,949		 2024
£
953,744
169,825
1,123,569

Included within the above are amounts falling due as follows:

Between two and five years
Bank loans
Over five years
Bank loans		 472,248
373,652		 473,383
480,361

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

2025 2024
£ £
Payable or repayable by instalments 373,652 480,361

There are two bank loans both secured by a first legal charge and an unlimited debenture over the school buildings at 3 Gresham Road. The first loan carries a fixed interest rate of 5.25%. The balancing outstanding as at 31 August 2025 was £754,956. The second loan carries an interest rate of 2.4% above the Bank of England Base Rate. The balance outstanding as at 31 August 2025 was £195,709.

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STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

16. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Freehold property
General funds
General funds
Total Unrestricted funds
Restricted funds
Restricted Funds - all funds
Total of funds		 Balance at 1
September
2024
£
3,731,437
1,361,939
5,093,376
2,569
5,095,945		 Income
£
-
3,684,617
3,684,617
-
3,684,617		 Expenditure
£
(116,692)
(3,591,558)
(3,708,250)
(642)
(3,708,892)		 Transfers
in/out
£
103,732
(103,732)
-
-
-		 Balance at
31 August
2025
£
3,718,477
1,351,266
5,069,743
1,927
5,071,670

Transfer:

The transfer represents the amount needed to reflect the change in the net book value of freehold land and buildings after taking into account additions, disposals and depreciation during the year less the amounts outstanding on the bank loan.

Designated Funds:

The freehold property fund represents the net book value of the property less outstanding amounts on the bank loan secured over the school buildings.

Restricted Funds:

Restricted funds represents the net book value of two minibuses, paid for by donations made by The Friends of Staines Prep.

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STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

16. Statement of funds (continued)

Statement of funds - prior year

Balance at Balance at
1 September Transfers 31 August
2023 Income Expenditure in/out 2024
£ £ £ £ £
Unrestricted funds
Designated funds
Freehold property 3,763,996 - (116,808) 84,249 3,731,437
General funds
General funds 1,304,544 4,094,702 (3,952,306) (85,001) 1,361,939
Total Unrestricted funds 5,068,540 4,094,702 (4,069,114) (752) 5,093,376
Restricted funds
Restricted funds 3,426 - (1,609) 752 2,569
Total of funds 5,071,966 4,094,702 (4,070,723) - 5,095,945
Summary of funds
Summary of funds - current year
Balance at 1 Balance at
September Transfers 31 August
2024 Income Expenditure in/out 2025
£ £ £ £ £
Designated funds 3,731,437 - (116,692) 103,732 3,718,477
General funds 1,361,939 3,684,617 (3,591,558) (103,732) 1,351,266
Restricted funds 2,569 - (642) - 1,927
5,095,945 3,684,617 (3,708,892) - 5,071,670

17. Summary of funds

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STAINES PREPARATORY SCHOOL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

17. Summary of funds (continued)

Summary of funds - prior year

Designated funds
General funds
Restricted funds		 Balance at
1 September
2023
£
3,763,996
1,304,544
3,426
5,071,966		 Income
£
-
4,094,702
-
4,094,702		 Expenditure
£
(116,808)
(3,952,306)
(1,609)
(4,070,723)		 Transfers
in/out
£
84,249
(85,001)
752
-		 Balance at
31 August
2024
£
3,731,437
1,361,939
2,569
5,095,945

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Tangible fixed assets
5,101,320
Current assets
2,443,491
Creditors due within one year
(1,483,119)
Creditors due in more than one year
(991,949)
Total
5,069,743		 Restricted
funds
2025
£
1,927
-
-
-
1,927		 Total
funds
2025
£
5,103,247
2,443,491
(1,483,119)
(991,949)
5,071,670

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2024
£
5,270,775
1,926,833
(980,663)
(1,123,569)
5,093,376		 Restricted
funds
2024
£
2,569
-
-
-
2,569		 Total
funds
2024
£
5,273,344
1,926,833
(980,663)
(1,123,569)
5,095,945

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STAINES PREPARATORY SCHOOL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

19. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Interest received
Loss on the sale of fixed assets
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
20.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
21.
Analysis of changes in net debt
At 1
September
2024
£
Cash at bank and in hand
1,829,942
Debt due within 1 year
(137,161)
Debt due after 1 year
(953,744)		 2025
2024
£
£
(24,275)
23,979
205,198
213,844
(27,172)
(27,386)
5,789
-
2,354
(57)
(833,319)
(8,233)
474,567
283,163
(196,858)
485,310
2025
2024
£
£
1,515,635
1,829,942
1,515,635
1,829,942
Cash flows
At 31
August 2025
£
£
(314,307)
1,515,635
32,396
(104,765)
107,844
(845,900)

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STAINES PREPARATORY SCHOOL TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

22. Pension commitments

TPT Scheme

The support staff are members of TPT Scheme, which is a defined contribution scheme; the school contributes between 5% and 9% dependent on the position of the employee in the school and the employees contribute between 5% and 6%.

Staines Preparatory School operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £261,105 (2024 - £280,946). At the balance sheet date amounts were payable to the fund totalling £29,901 (2024: £36,353) and are included in other creditors.

23. Operating lease commitments

At 31 August 2025 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2025
£
6,264
9,918
16,182		 2024
£
6,264
16,183
22,447

24. Related party transactions

The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 31 August 2025.

25. Controlling party

The school is under the control of the Governors who are Trustees under Charity Law and Directors under Company Law.

26. Taxation

The company is a registered charity and no taxation is payable on its income.

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