Accounts for year ending 3 1 August
2025
DR CHALLONER'S SCHOOL EDUCATIONAL TRUST
TRUSTEES REPORT AND ACCOUNTS
YEAR ENDING 31 AUGUST 2025
Ch8fiTty Registration Number.- 298550
1 |Page

Accounts for year ending 3 1 August
2025
CONTENTS..
Report of the Trustees
Statement of Financial Activities
14
Balance Sheet
15
Statement of Cash Flows
16
Notes to the Accounts
17
Independent Examinerfs Report
24
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Accounts for year ending 3 1 August
2025
REPORT OF THE TRUSTEES FOR YEAR ENDING 31 AUGUST 2025
The Trustees present their annual report and financial statements of the charity for the year ended 31 St
August 2025. The financial slalements have been prepared in accordance with the accounting policies
set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and
Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland IFRS1021 leffective 1 January 20151.
OBJECTIVES AND ACTIVITIES
The objects of the Charity are the provision of scholarships, prizes, grants, equipment, buildings, playing
fields and other assistance for the benefit of Dr Challonerfs Grammar School lor "the School") and its
students. The Trustees confirm that they have referred lo the Charity Commission's guidance on public
benefit when reviewing the Trust's aims and objectives, in planning future activities, and making grants
to the school. The Trust has established its grant making policy lo achieve its objects for the public
benefit. The beneficiaries of our grant making programme are ultimately the students of Dr Challoner's
Grammar School.
The Trust invites applications for funding from Dr Challoner's Grammar School. The award of such
grants are determined by the Trustees during Trustee meetings. In determining the award of a grant
the Trustees assess whether the students of Dr Challoner's Grammar School will benefit.
ACHIEVEMENTS AND PERFORMANCE
Fundraising
Making it easier for donors to give-
During the year, the Trust continued lo provide more enhanced methods for donors to be able lo give
to the Trust. Work in this year included successfully applying to join the British Schools and
Universities Foundation IBSUFI which will enable supporters of the school based in the United Ststes
to make donations lo the Educational Trust in the most lax efficient manner for them. The first such
donation was pledged during the Financial year ending 31 August 2025. The Trust has also
streamlined its online giving choosing to utilise the facilities offered by the Charities Aid Foundation in
ulilising direct debits to collect donations. The concept was tested during the financial year ending 31
August 2025 and will be rolled out more fvlly during the next financial year.
2024 Campaign Follow Up
Following on from an incredibly strong campaign supporting the Bendrose Sludenl Support Centre the
trust continued lo re￿1ve £67K from alumni and parents towards the project during the second year of
the campaign.
Alumni Events:
The Educational Trust has also increased the various alumni engagement events throughout the year
including a number of events in London aimed al both entrepreneurs and those working in the Finance
and IT sectors. The final event celebrating our 400th Anniversary took place in the Long Room at Lord's
Cricket Ground in October 2024 with a number of events Co-ordinated to connect us with more alumni
who work in London or who are EntrepreneLJrs. In addition, our first event was held in New York, hosted
by a DCGS Governor and an alum. The costs of this event were covered by the alum.
The Main purpose of these events is not to raise money but to build long lasting relationships with
alumni. Regardless of this the events raised £369 1£163 last yearl
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Accounts for year ending 3 1 August
2025
Other Restricted Donations
The Trust received other restricted donations of £44K which include the following..
£20K for an entrepreneur fund
£6K for a student bursary fund
£14K grant to support Duke of Edinburyh servI￿s.
£1.5K on the Closing the Gap Project that provided transport lo enable our Sixth Form students
lo volunteer with disadvantaged students in local primary schools on literacy and numeracy.
The majority of these donations were passed across lo the school. Vvhere donations were not passed
across, the balance is held on the balance sheet for use in 2025-26.
Annual Giving l Astra Fund
The level of continuous support from parents continues to be very encouraging. Under the Annual
Giving Programme approximately 40,10 of parents have entered into an Agreement to make regular
donations by standing order for the whole of their child's career al the School., others make individual
gifts lo the Trust.
A high proF)Ortion of our donors complete a Gift Aid Declaration, thus increasing the value of their gift to
the Trust. In 2024-25 the value of income from this source was £175K12023-24.. £214KI. This level of
performance remains encouraging in the context of the cost of living crisis and when running alongside
a major capital campaign.
Charity Collection Days
Dr Challoner's Grammar School runs various charity collection days for the charities supported by the
school. These charities are nominated by the students of the school. The Trust administers the banking
of this money and is effectively acting as an agent, passing monies collected onto the relevant charity.
Therefore, this money is not shown in the Statement of Financial Activities ISOFAI. For 2024-25 the
total amount collected and passed to charities was £8.9K.12023-24'. £10.7K}.
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Accounts for year ending 3 1 August
2025
Grants made in 2024-25
The most pressing school need for 2024 was the enhancement of facilities lo support student wellbeing.
Originally the school had planned to build a new building on the school site for this purpose but during
202>24 the Educational Trust had the opportunity lo purchase a separate building1149 Station Road)
opposite the school sile. This opportunity was taken and allowed the Trust to lease the building back
to the school who then used it lo house support staff. This in turn freed up space in existing buildings
which then allowed the school to remodel its existing buildings lo provide an even more effective student
wellbeing facility, cheaper than the original planned new building. The constiluenl parts of the project
that the DCSET supported were..
Purchase of 149 Station Road
Repayment of 149 Station Road mortgage
Remodelling of school spaces to create the Bendrose Student Support Cenlre.
Purchaso of 149 Station Road {Capital Expenditurgl:
Contracts on the purchase were exchanged on 2 September 2024, with completion on the purchase
happening on 30 September 2024. The purchase was funded via a mix of deposit (funded from
donalionsl and mortgage with both the asset and the outstanding liability on the mortgage now
appearing on the balance sheet in the statement of awounls.
The cost of purchasing 149 Station Road is shown on the Balance Sheet al £864,139.69. This
comprised the £850,000 purchase price plus fees incurred that enabled the purchase to occur (for
example conveyancing fees, mortgage arrangement fees elcl.
The Educational Trust mel the cost of the purchase via".
£427,850 - mortgage (including arrangement fees)
£436,289.69 - deposit from reserves
Vvhilst technically not a "grant. the element directly funded from resetwes is included below as il
represents the single largest contribution that the Educational Trust made for the benefit of students al
DCGS this year.
Because the asset is not being used directly by the Educational Trust, it is classified as an investment
property as il has the potential to generate income via leasing the propety to a third party.
Mortgage
The mortgage that the Educational Trust entered into was with Barclays Bank and was taken out over
a 15-year repayment profile with an initial mortgage term of 5 years. The mortgage conditions include
interest payable at 2.159/0 above the bank of England base rate that prevails throughout the mortgage
term.
During 2024-25 the Trust made the following payment in relation to the mortgage.
Repayment of principal.. £18,145 Ileaving the oulstsnding balance at 31 August of £409,705)
Interest payments.
£25 530 (shown under cost of raising funds in the SOFA)
Total".
£43,675
Lease income and notional income..
The building is leased to Dr Challoner's Grammar School for ils ongoing operations. In accordance with
Charity SORP the full market value of the rent 1£48KI is recognised in the Statement of Financial
Activities. This is matched by a corresponding notional donation lo the school under charitable activities
below.
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Accounts for year ending 3 1 August
2025
2024 Project: Bendrose Student Support Centre
Following the above works the school was then able lo commence with the remodelling of its existing
sile to provide the Bendrose Student Support Cenlre. The new centre opened to students in September
2025. This new facility is already allowing the staff to even beller support the needs of the most
vulnerable students by creating space for mulli agency meetings, individual and small group support,
SEN assessments and specialist teaching, confidential counselling and careers guidance. The space
allows pastoral staff to be located together to provide even more coherent and effective leadership in
this area. It also provides a separate discrete entrance for students so that they can a¢￿sS the services
they need privately.
Summary of expenditure in relation to the Bendrose Student Support Centre
Unrestrlcted
Funds
Restrlcted
Funds
£454,435
Total
Funds
£454.435
Totsl Capital Expenditure". 149 Station Road
Totsl Revenue Donations supporting the creation of the student
support centre
Totsl Support given lo creation of Bendrose Student Support Centre
£0
£48,000
£160,000
£208,000
£48,000
£614,435
£662,435
Expenditure relating to 149 Station Road can be broken down further as follows..
Appllcatlon of Funds In relatlon to 149 Statlon Road that appear
on the balance sheet
Deposit lor Purchase
Repayment of Mortgage Principle
Total Capital Expènditura.. 149 Station Road
Unrestrlcted
Funds
Restrlcted
Funds
£436,290
£18,145
£454.435
Total
Funds
£436,290
£18,145
£454.435
£0
£0
£0
The income on this fund is mainly from a specific capital campaign. Income received lo 31 August 2025
was £372,761. There is an in-year transfer fmm unrestricted reserves lo this fund, to fund the balance
and allow the purchase of the property in 2024-25 so that students could benefit earfy. We expect
additional income from the campaign into this fund in future years. Once received, this will be used to
transfer money back to unrestricted reserves.
Other Projects Funded
In addition to this the Trust also made the following grants both direct lo Dr Challoner's Grammar School
I'DCGS") and lo individual students of the school during the year. These awards are shown on the
table on the next page.
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Accounts for year ending 3 1 August
2025
Charitable Donations made to DCGS
Unre8tri¢ted
Funds
Restricfrd
Funds
Totsl Funds
Bendrose Student Support Centre Project..
Remodelling of existing school space5 to create the Bendrose
Student Support Centre
Notional Donation refiecting market value of 149 Station Road
lease. given to the school foi peppeicorn lent
Total Donations relating to Bendrose Student Support Centre
£0
£160,000
£160,000
£48,(K)O
£0
£48.000
£48,000
£160.000
£208.000
ContribLrtion towards student toilet block refurbishments
£25,(KJO
£0
£25,000
£34,000
£3,000
Support for Duke of Edinburgh Scherne
Prizes foi Students
£34,000
£0
£3.000
Supporting travel to fixtures
Supporting DEI education
Provision of Curricular Facilities and equipment
Supporting Alumni Engagernent and Mentor Scherne
Supporting school magazine
Other educational support
Staffing of Entrepreneur Fund
£23.935
£0
£23,935
£8,000
£9,766
£10,524
£2,016
£16,909
£1,000
£8.000
£0
£9.766
£0
£10.524
£0
£2,016
£16,759
£0
£150
£1,000
Closing the Gap Project
£1,552
£1,552
Bursaries to SLJPPOrt students
Total Other Donations
£3,232
£3,232
£99,000
£39.934
£138.934
Total revenue passed to DCGS
£147,000
£199,934
£346,934
Donations of goods for Staff Wellbeing
£801
£801
Totsl Donations made to DCGS
£147,801
£199,934
£347,735
Other Charitable Donations made
Unrastricta
d Funds
Rèstrictsd
Funds
Totsl Fund8
Longitudinal Study
Music Scholarships to Students
Entrepreneur Scholarships to Students
Bursaries direclty lo Students
Prizes directly to Students
Total Other Charitable Donation8 made
£5,000
£7,844
£0
£5,000
£7,844
£4,500
£0
£4,500
£8
£8
£0
£150
£150
£12,844
É4,658
È17,502
Total Charitable Donations
£160,645
£204,592
£365,237
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Accounts for year ending 3 1 August
2025
Impacts of Grants Made
All grants made had a beneficial impact on the students of Dr Challoner's Grammar School. Some of
the more significant impacts include..
Bendrose Student Su
ort Centre
See narrative above for impact.
Sludenl Toilet Refurnishments
The Trust was able lo support the complete refurbishment of the student toilets in both Wesl Court and
New Court. This refurbishment has enhanced the facilities for students by providing private floor to
ceiling cubicles in areas that now allow passive supervision by school staff, increasing students, feeling
of safety on the school site.
ortin
Travel lo S orts Fixtures..
The school is proud to encourage all students lo represent the school across a range of sports and
provide the opportunity for students of all levels of ability to represent the school. This is only made
possible through the Educational Trust's continued support in relation lo the hire of coaches and the
running costs of our minibuses. Last year there were over 400 sports fixtures with over 100 competitive
teams run in 13 different sports. Over 500/0 of students across the school are involved in competitive
sporL
Grants to curriculum areas
Almost £1 OK of gmnt funding was given to the school lo support curriculum enhancements including
but not limited lo the purchase of class sets of specialised calculators to support A Level maths teaching,
binocular microscopes for use in Biology, Equipment for use in Chemistry and Physics practicals, new
instruments for the music department and provision of practical equipment for Art.
Closin
the Ga
Pro
ect
This grant enabled the school to undertake an outreach project to local primary schools whereby our
sixth form students visit and provide encouragement and support lo children from disadvantaged
backgrounds to enable them lo access a grammar school education
Lon
iludinal Slud
The Trust funds what we believe is a first of its kind stale school Longitudinal Study examining the
long term impact of a Challoner's education on our alumni. This will help the school understand how il
can best support students in being lifelong learners with the characteristics to thrive in an ever
changing world.
Scholarshi
s and Bursaries
The Trust provides music scholarships lo sixth fomi students studying music A Level lo assist them with
the cost of tuition on specific mijsical instruments lo support them in preparing for the performance
element of their exams.
ThroLJgh the new Student Bursary funds, the Trust was able lo support some of our more financially
vulnerable students lo access co-curricular activities through the new bursary mechanism being set up.
These bursary awards have had a huge impact on those students that received them as this gave them
opportunities that they would otherwise not have been able lo access.
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Accounts for year ending 3 1 August
2025
A donation from an alum has enabled a new entrepreneur scholarship fund lo support students who
would like lo explore interesting entrepreneurial ideas with a progfftmming element. The monies are
to be used lo take away the need for students to undertake paid work during their long exam holidays.
11 will instead give them time to develop their entrepreneurial ideas and explore whether or not they
could become a valid start-up venture in the future. A part of the fund was ulilised to pay a member of
staff to support students and the fi'rst six scholarships were awarded during the financial year. The
scheme will continue into the next financial year.
FINANCIAL REVIEW
Plans for the Future:
Making it easier for donors to give
The Trust continues to make life as easy for donors lo give in the most efficient way. Planned
improvements for 2025-26 include..
Roll out of the option for donors lo the annual fund to 'self service. and set up a direct debit
with the Trust with immediate effect and less administration.
Roll out of the BSUF roule for donors based in the United States to give in a tsx efficient way.
Impacts of donations:
The trust will continue to make its regular donations lo the school to support activities such as mental
health provision, access to Sporting fixtures and the school magazine, together with funding specialist
eurriculum resources.
In addition lo this the Trust is aiming to support the school in the installation of solar panels on ils school
sile in Summer 2026 that will have the benefits of..
Improving the environmental sustainability of the school site
Reducing the schools ongoing running costs
Providing a fantastic opportunity for pupils of the school to engage with the sustainability
agenda.
Reserves Levels
The Trustees review the level of reserves annually. This review takes into account the stability of likely
future voluntary donations, together with gaining an understsnding of what the School's future
requirements are likely lo be.
Al the end of August 2025 the Trust held the following reserves..
Capital reserve Inewl.. £454K - this represents the nel value of 149 Station Road, less the
oulstsnding mortgage. This is not 8 cashable reserve unless the propety is sold.
Reslri¢led reserves.. £22K12024'. 322KI. The reduced reserve levels mainly reflect the works
completed on 149 Station Road and the Bendrose Student Support Cenlre.
The most
significant funds at the end of the year related lo the entrepreneur fund1£14.5KI and student
bursary funds1£6. 1 Kl
Unrestricted reserves.. £95K 12024.. £308KI. The reduction in reserves was lo support the
above projects.
The Trustees have decided that a level of unrestricted funds of £95K at 31 August 2025 is appropriate
to best assist the school in both the short and long term, having assessed likely donation levels to be
received in the future.
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Accounts for year ending 3 1 August
2025
Investment policy
The Trustees, investment powers are sel down in ils Declaration of Trust Deed. The deed permits the
investment of monies in financial instruments and property lo best meet the charity's objects.
The Trustees, current policy is lo invest surplus funds in interest bearing accounts with banks.
Periodically, the Trustees will review interest rates and compare with other investment opportunities.
Rlsk Management
The nature of the Trust is such that the main financial instruments that il deals in are mainly bank
balan￿$, and cash, with limited creditors. The Trust has not made any investments in the period other
than holding the cash in ils bank accounts. As such there is limited risk in the nature of the Trust's
transactions.
The Trustees have assessed the risk profile of realising future Income streams to ensure that it has
sufficient reserves to meet its costs associated with the purchase of 149 Station Road le.g. mortgage
paymenlsl and being able to pass across the donations to the school during 2025-26 that will support
ils plans. They have satisfied themselves that the propety related costs and relevant donations can be
made.
The biggest ongoing risk facing the Trust is donors, ability to continue lo give in the face of the cost of
living crisis. This risk will continue to be closely monitored throughout 2025-26.
For 2024-25 there was lithe impact on our donations to the Annual Fund from the Cost of Living crisis.
Outside of the impact of the cost of living crisis the principal risk faced by the Trust would be from either.
ineffective grant making", or
immoral fundraising practices
Either of the above would have the potential lo cause reputational damage to the school or Trust thus
reducing potential future fundraising capabilities.
Regarding ineffectual grant making, this risk is mitigated by having appropriate policies and non-Truslee
representatives from the school including the Chief Financial and Strategy Officer and Development
Director present at Trustee meetings.
Regarding fundraising practice the Trust has voluntarily subscribed lo registration by the Fundraising
Regulator and abides by ils code of conduct. 11 has complied fully with these standards. It also abides
by the Institute of Fundraising Code of Practice. The school is a member of the Inslilule of Development
Professionals.
As per the Data Sharing Agreement and Financial Regulations, fundraising operations are delegated to
staff al Dr Challonerfs Grammar School who report regularly lo the Trustees on all fundraising activities.
During the last year, no complaints regarding the operation of the charity or Fundraising by the charity
have been received.
The Trust only contacts parents and fomier students of Dr Challoner's Grammar School in line with the
School's Privacy Notices. It may also contact other local businesses or charitable Irusls. It does not
purchase mailing lists or pass on data to other organisalions unless there is a statutory reason for doing
so.
The Trust recognises that il may come into contact with a number of vulnerable people as part of its
fundraising activities and has a policy in place to effectively manage this. However, fundraising activities
are not carried out in an intrusive manner. Approaches are made only in line with preferred
communication preferences. No complaints about this procedure have been received and those who
request lo be removed from the database are done so in a timely manner.
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Accounts for year ending 3 1 August
2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trust was established under a Declaration of Trust Deed dated 12 December 1987. The Trust
obtained charitable status from the Charity Commission in March 1988. The objects of the Charity are
the provision of scholarships, prizes, grants, equipment, buildings, playing fi'elds and other assistsnce
for the benefit of Dr Challonevs Grammar School and its students.
On 6 February 2012 the Trustees signed a Deed of Variation to the Declaration of Trust Deed that
clarified the rules and relationships regarding the appointment and retirement of Trustees, the correction
of inconsistencies in the Trust's name within the deed and codifying the circumstances under which the
Educational Trust could be wound up (including clearly specifying that any assets of the Trust would
pass lo a charity with similar Objects).
On 18 October 2017 the Trustees signed a further Deed of Variation to the Declaration of Trust Deed
that clarified various governanTr arrangements for the Trust including the appointment of the Chair and
amended the length of lime a Trustee can be absent from meetings without permission.
It is important to note that there were no changes to the Objects of the Trust during the year and that
there is no intention of the Trustees to wind up the Trust.
The Deed of Variation clarifies the composition of the Trustees. There should be up to 6 Trustees
Comprising..
3 exwofficio Trustees as set out in clause 4 A121 I'Ex-Officio Trustees I., and
Up lo 3 other Trustees appointed in accordance with clause 4 A131 l Appointed Trustees").
The 3 Ex-officio Trustees are the Chair of Governors of Dr. Challoner's Grammar School, The Chair of
the Governors, Finance, Audit and Risk Committee of Dr. Challoner's Grammar School," and the
Headteacher of Dr. Challoner's Gommar School. Each Ex-officio Trustee shall be entitled lo hold
office for so long as he or she holds the position listed above.
Appointed Trustees are appointed for terms of office of 4 years by resolution of the Trustees.
New Trustees attend a brief meeting with the Headteacher, at which the Charity's purposes and
objectives are explained, and the procedures involved are summarised. Their attention is also drawn to
the information available on the Charity Commission website.
New Trustees are given on their appointment..
a copy of the Declaration of Trust and any amendments made to it., and
a copy of the Trust fund's lalesl report and statement of accounts.
The financial regulations manual.
The Trustees must meet al least twi￿ a year lo decide on the various projects lo which the Trust will
contribute and also lo discuss the finances of the Trust.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what
activities the Trust should undertake and specifically they have complied with their duty lo have due
regard lo the commission's public benefit guidance when exercising powers or duties to which the
guidance is relevant.
Key Management Personnel
The Trustees consider the board of Trustees as comprising the key management personnel of the
eharity in charge of directing and controlling the charity and running and operating the charity on a day
to day basis.
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Accounts for year ending 3 1 August
2025
All Trustees give of their time freely and no Trustee remuneration was paid in the year.
To minimise the adminislralive burden on the Educational Trust, the Trustees authorise Dr Challoner's
Grammar School and its staff to carry out the operational decisions of the Trustees under authority
delegated in a document agreed by both the Trust and the School that incorporates a data sharing
agreement and the delegation of financial authorities to the School. This agreement defines the
responsibilities of each person and organisalion involved in the administration of the Trust's affairs to
avoid the duplication or omission of functions and to provide a framework of accountability for Trustees
and Dr Challoner's Grammar School Staff. In summary..
The Trustees have overall responsibility for the administration of the Trust's finances. The main
responsibilities include..
ensuring that any grants or funds that are reTrived are used only for the purposes intended.,
approval of the annual budget and reserves policy.,
approval of larger virements.,
approval of entering Into the data sharing agreement and delegation of financial authorities
agreement be￿een the Trust and the School.,
approval of the Fundraising Strategy
The main responsibilities of the school's officers include..
the initial review and recommendation to the Trustees of the draft annual income and
expenditure budgets, the regular monitoring of actual expenditure and income against budget.,
the approval of virements.,
ensuring the annual accounts are produced in accordance with charity law and current
recognized accounting principles",
the drafting of the Fundraising Strategy
ensuring the contents of the Fundraising Strategy are discharged as directed by the Trustees
the processing of all financial transactions
the processing of all donor details in accordan￿ with the UK Data Protection Act 2018 and the
terms of the data sharing agreement.haines
highlighting and reporting lo the Trustees on any significant issues regarding the effectiveness
of the financial procedures and controls
All Trustees and school staff that have significant financial or spending powers in relation to the Trust
are required to declare any financial interests they have in companies or individuals from which the
Trust may purchase goods or Servi￿$. The register is open to public inspection. Details of Trustee
expenses and related party transactions are disclosed in note 2 to the accounts.
REFERENCE AND ADMINISTRATIVE DETAILS
Trustees
Ex officio Trustees
Mr David Atkinson
Mrs Stephanie Hyde Iresigned 14 November 20241
Mr Jonathan Pearson lappointed 14 November 20241
Mr Paul Serkis
Appointed Trustees:
Mr Peter Millins
Mr Mark Haines
Mr Christopher Barratt
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Accounts for year ending 3 1 August
2025
Principal Office
Dr Challoner's Grammar School, Chesham Road, Amersham, Buckinghamshire. HP6 SHA
Charlty Number
298550
Independent Examlner
Jake Lew, BKL Audit LLP, 35 Ballards Lane, London. N3 1XW
Bankers
Barclays Bank PLC, 1 Churchill Pla￿, London, England. E14 5HP
Trustees. responsibilities in relation to the financial statements:
The charity Trustees are responsible for preparing a Trustees, annual report and financial stslements
in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom
Generally Accepted Accounting Practi￿1.
The law applicable lo charities in England and Wales requires the charity Trustees lo prepare financial
Statements for each year which give a trLJe and fair view of the slate of affairs of the charity and of the
incoming resources and application of resources, of the charity for that period. In preparing the financial
statements, the Trustees are required to..
select suitable accounting policies and then apply them consistently.,
observe the methods and principles in the applicable Charities SORP.,
make judgements and estimates that are reasonable and prudent",
stale whether applicable accounting standards have been followed, subject to any material
departures that must be disclosed and explained in the financial statements,
prepare the financial statements on the going concern basis unless il is inappropriate to
presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable
accuracy al any time the financial position of the charity and to enable them to ensure that the financial
statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports)
Regulations, and the provisions ofthe Trust deed. They are also responsible for safeguarding the assets
of the charity and taking reasonable steps for the prevention and detection of fraud and other
irregularities.
The Trustees are responsible for the maintenance and integrity of the charity and financial information
included on the charity's website in accordance with legislation in the United Kingdom governing the
preparation and dissemination of financial slatemenls.
Approved by the Trustees and signed on their behalf by..
2711112025
Mr David Atkinson
Trustee
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Accounts for year ending 3 1 August
2025
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
Unrestricted Restricted
Funds
Funds
Year to 31
August
2024
Actual
INCOMING RESOURCES FROM
GENERATED FUNDS
Note
Donations and Legacies
Other trading activities
Investment income
Total Income
174,870
20,037
51,932
246.839
111,485
286.355
20,037
51,932
358.324
457,324
11,853
2,272
471.449
111.485
RESOURCES EXPENDED
Cost of Raising Funds
Charitable Activities
Other Costs
29,371
160,645
22,408
212.424
29,371
365.237
22,728
417.336
2,816
33,237
7,047
43,100
204,592
320
204.912
Total Expenditure
NET INCOMING I IOUTGOINGI
RESOURCES BEFORE
TRANSFERS
34,415
-93,427
-59,012
428,349
Transfers be￿een fvjnds
-239,626
239,626
NET MOVEMENT IN FUNDS
-205,211
146,199
-59,012
428,349
Surplus Funds brought forward
299,722
330,410
630,132
201,783
SURPLUS FUNDS CARRIED
FORWARD
94.511
476.609
571.120
630.132
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Accounts for year ending 3 1 August
2025
BALANCE SHEET
At 31 August 2025
At 31 August 2024
Note
FIXED ASSETS
Investment Property
864,140
£864,140
CURRENT ASSETS
Debtors
4,537
115,481
110,987
528,700
Cash in bank and in hand
120,018
639,687
LIABILITIES
Creditors falling due within 1 year
Creditors falling due after more than 1 year
10
24,556
388,482
9,555
413,038
9,555
NET ASSETS
571,120
630,132
FUNDS:
Restricted Fixed Asset Fund
Restricted Income Funds
Unreslricled Income Funds
12
12
454,435
22,174
94,511
330,410
299,722
12
TOTAL CHARITY FUNDS
571,120
630,132
The notes al pages 17 10 23 ft)rm part of these accounts.
Approved by the Trustees and signed on their behaw by.
l)aFIl 4tkiiVJO
2711112025
Mr David Atkinson
Trustee
151 Page

Accounts for year ending 3 1 August
2025
STATEMENT OF CASH FLOWS AND ASSOCIATED NOTE:
Yearto 31
August 2025
Yearto 31
August 2024
Not Cash used in operating activitigs
Cash flows from investing activities
Purchase of property, plant and equipment
Interest received
428,360
270,939
-864,140
3,932
48,000
412,208
2.272
Notional Rental Income
Net Cash Provided by {used In) Investment actlvltles
Cash flows from finaneing activities
Servieing of borrowing
Net Cash Provided by {used inl financing activities
Change in Cash and Cash Equivalent$ during the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
2,272
-29,371
-29,371
413,219
528,700
115,481
273,211
255.489
528,700
Reconciliation of net movement in funds to net cash flow:
Year to 31
August 2025
Year to 31
August 2024
Net movement in funds
Adjustments for:
Deduct.. interest income shown in investing activities
Deduct.. notional rent shown in investing activities
Add.. repayment of borrowing shown in financing activities
Decrease Ilncreasel in debtors
Increase IDecreasel in creditors
Net Cash used in operating activities
49.012
428,349
-3,932
48,000
29,371
106,450
403,483
428,360
-2 272
-106,094
49,044
270,939
161 Page

Accounts for year ending 3 1 August
2025
NOTES TO THE ACCOUNTS
Accountlng Pollcles
{al Basls of preparatlon and assessment of golng concern
The accounts {financial stalementsl have been prepared under the historical cost convention with items
recognised at cost or transaction value unless otherwise staled in the relevant notelsl to these accounts.
The financial slalements have been prepared in accordan￿ with the Statement of Recommended
Practi￿.. Accounting and Reporting by Charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland
IFRS 1021 issued on 16 July 2014 and the Financial Reporting Standard applicable in the United
Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there
are no material uncertainties about the Trust's ability to continue as a going concern.
{b} Funds structure
Restricted funds are funds which are lo be used in accordance with specific restrictions imposed by the
donor or trust deed.
Unrestricted income funds comprise those funds which the Trustees are free lo use ft)r any purpose in
furtherance of the charitable objects. Unreslricled funds include designated funds where the TrLJStees,
al their discretion, have created a fund for a specific purpose. Further details of each fvnd are disclosed
in note 12.
(cl Income recognition
All income is recognised once the charity has entiuemenl to the income, it is probable that the income
will be received and the amount of income receivable can be measured reliably. Donations are
recognised when the Trust has been notified in writing of both the amount and settlement dale. In the
event that a donation is subject lo conditions that require a level of performance before the charity is
entitled to the funds, the income is deferred and not recognised until either those conditions are fully
met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that
those conditions will be fulfi'lled in the reporting period.
Legacy gifts are recognised on a case by case basis following the granting of probate when the
Adminislralor l executor for the estate has communicated in writing both the amount and selllemenl
date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a
recognised stock exchange, recognition is subject lo the value of the gift being reliably measurable with
a degree of reasonable accuracy and the title to the asset having been transferred lo the charity.
Interest on funds held on deposit is Included when receivable and the amount can be measured reliably
by the charity,. this Is normally upon notification of the interest paid or payable by the bank.
{d} Expenditure recognition
Liabilities a￿ recognised as expenditure as soon as there is a legal or constructive obligation comTnitting
the charity to that expenditure, il is probable that settlement will be required and the amount of the
obligation can be measured reliabty.
All expenditure is accounted for on an accruals basis. All expenses including support costs and
governance costs are allocated or apportioned to the applicable expenditure headings. For More
information on this attribution refer to note lil below.
Grants payable are payments made lo third parties in the furtherance of the charitable objects of the
171 Page

Accounts for year ending 3 1 August
2025
Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of
the grant award. The notification gives the recipient a reasonable expectation that they will receive the
grant. Grants awards that are subject lo the recipient fulfilling performance conditions are only accrued
when the recipient has been notifi'ed of the grant and any remaining unfulfilled condition attaching to
that grant is outside of the control of the Trust.
Provisions for grants are made when the intention lo make a grant has been communicated lo the
recipient bul there is uncertainty as to the timing of the grant or the amount of grant payable.
{el Investment Asset (Property)
The charity owns a building that it leases lo Dr Challoner's Grammar School for ils ongoing operations.
In accordance with Charity SORP the full market value of the rent is recognised in the Statement of
Financial Aclivilies. This is matched by a corresponding donation lo the school in the accounts.
{n Impairment of Fixed Assets
Assets are reviewed for Impairment if there is an Indication that the asset may be impaired. Any
impairment loss Is recognised in the statement of financial aclivilies. There has been no indication of
impairment.
(g} Mortgage Interest and Loan Costs
Mortgage interest is charged to the Statement of Financial Activities on an accruals basis and classified
under the cost of raising funds. Loan arrangement fees are capitalised and amortised over the term of
the loan.
{h} Irrecoverable VAT
IrreCove￿b1e VAT is charged against the expenditure heading for which il was incurred.
{1) Allocation of support and governance costs
Support and governance costs for the Trust include all costs involving the public accountability of the
charity and its compliance with regulation and good practice. These costs include costs related to
slatulory independent financial examination fees together with other minor administrative expenses.
Unless directly allributable lo a specific fund, all these costs are mel out of unrestricted funds. Further
details of these costs can be seen in note 5
(i.) Charitable activities
Costs of charitable activities include grants made, governan￿ costs and an apportionment of support
costs as shown in notes 4 and 5.
{kl Dgbtors and propayments
Debtors and prepayments are recognised at the settlement amount due or amount prepaid net of any
discounts due.
(l) Creditors and accrual$
Creditors and accruals are recognised at their settlement amount after allowing for any discounts due.
(ml Contlngent Ilabllltles
The Trust does not have any contingent liabilities.
181 Page

Accounts for year ending 3 1 August
2025
Related Party Transactions and Trustees, Expenses and Remuneration
The Trustees all give freely their time and expertise without any form of remuneration or other benefit
in cash or kind12024'. £nill. No expenses were paid to the Trustees in the year12024'. £nill.
The following Trustees were governors of Dr Challoner's Grammar School during 2024-25..
Mr David Atkinson
Mrs Stephanie Hyde
(resigned 14 November 20241
Mr Jonathan Pearson lappoinled 14 November 20241
Mr Paul Serkis
The following Trustees were members of staff al Dr Challonerfs Grammar School during the year..
Mr David Atkinson
The Trust made grants tolalling £347,735 12024. £23,264) to Dr Challoner's Grammar School in line
with Ils prime objectives and a further £3,000 12024.. £3,000) contribution towards staff time spent on
governan￿. There were no other related party transactions during the year.
Income from donations and legacies
Unrestricted
Funds
Restricted
Funds
Year to
3110812025
Year to
3110812024
Donations 2025
174,870
200.098
111,485
257 226
286,355
Donations 2024
457 324
3b
Investment Income
Unrestricted
Funds
Restri¢tgd
Funds
Year to
3110812025
Yearto
3110812024
Interest on Cash Deposits
Income from 149 Station Road
Total
3,932
48,000
51.932
3,932
48,000
51.932
2.272
2.272
Investment income for the year to 31 August 2024 were all unrestricted funds
Analysis of the Cost of Raising Funds
Unrestricted
Funds
Restrictgd
Funds
Year to
3110812025
Interest Payment on 149 Station Road
Other Costs of Raising Funds
Total
29,371
29,371
2.816
2,816
29,371
29,371
191 Page

Accounts for year ending 3 1 August
2025
Analysis of Charitable Activity Expenditure
Grant Funded
Activity
Year to
3110812025
Yearto
3110812024
Funded from Unrestricted Funds..
Use of 149 Slalion Road to DCGS
Grants to Dr Challonerfs Grammar School
Grants to Others
48,000
99,801
12,844
48,000
99,801
12,844
437
9.823
Funded from Restricted Funds-
Gfftnls to Dr Challone¢s Grammar School
Gfftnls to Others
199,934
4,658
199,934
4,658
22.827
150
Total
365,237
365,237
33,237
Grants to others represent direct payments to prize recipients, bursary recipients, music scholars and
entrepreneur scholars
all of whom are students at the school and £5,000 towards supporting a
Longitudinal Study.
Analysls of Other Expendlture
Support and governance costs for the Trust include all costs involving the public accountability of the
charity and its Complian￿ with regulation and good practice. These costs include costs related to
slatulory examination fees together with other minor administrative expenses broken down as follows..
Year to
3110812025
Yearto
3110812024
Independent Examiner Fees
Contribution lo Dr Challoner's Grammar
School for staff lime on Governance
Insurance for Trustee Indemnity
Other Costs
3,000
2,220
3,000
428
16,300
22,728
3,000
443
1,384
7,047
There has been an increase in Other Costs regarding transaction fees as more donations are received
via an on-line card donation facility for the Astra Fund and as well as the alumni lelelhon.
During this year and the previous year, the Trust had no full time or part lime employees.
Independent Examinetrs Remuneration
The Independent examinerfs remuneration during 2024-25 was £3,000.12024.. £2,200)
201 Page

Accounts for year ending 3 1 August
2025
Investment Property
During the year, the Trust purchased 149 Station Road as part of the Bendrose Student Support
Centre project Maslerplan. As the Trust leases this asset lo the school il is classified as an
investment property in the accounts. As such ils purchase price of £864,140 is not subject lo
depreciation.
Analysls of Current Assets
Year to
3110812025
Yearto
3110812024
Prepayments and Accrued Income
Cash at Bank
4,537
115,481
120,018
110,987
528 700
639,687
Each year accrued income relates to gift aid due on both restricted and unreslricled funds. In
addib'on, for 2023-24, from reslricled funds the trust had made payments in advance in relation lo the
purchase of 149 Ststion Road lotalling £91,675 meaning this figure was unusually high in that year.
Unreslricled Funds
Reslricled Funds
£4,017 12024.. £6,337)
£520 12024.. £104,651)
Cash at bank related to..
Unrestricted Funds..
Reslricled Funds..
£93,307
£22,174
12024.. £302,938)
12024.. £225,762)
10
Analysis of Current Liabilities
Year to
3110812025
Yearto
3110812024
Element of 149 Station Mortgage Due in 1
year
Independent Examinerfs Fee
Other accruals
21,223
3,000
333
24,556
2,010
7,545
9,555
Independent examiner fees relate to unrestricted funds
11
Analysis of Long Term Liabilities
Year to
3110812025
Yearto
3110812024
Mortgage Outstanding
388,482
211 Page

Accounts for year ending 3 1 August
2025
12
Analysis of Charitable Funds
Balance al 1
September
2024
Transfers
be￿een
funds
Balance al
31 August
2025
Incoming
resources
Resources
expended
Unrestricted Funds
299,722
246,839
-212,424
-239,626
94,511
Restricted Funds:
Capital Fund
Student Development Campaign
scien￿ Campaign
Prize Funds
Bursary Funds
Entrepreneur Funds
Other Restricted Funds
Totals
864,140
67,279
2,369
-409,705
-614,755
454.435
305,482
241,995
-2,369
1,350
3,376
-150
-3,240
-5,500
-35,702
-1,281.476
1.200
6.136
14.500
338
571,120
6,000
20,000
15,838
1,222,464
20,202
630.132
Transfers bglw&en funds:
The Educational Trust funds major school projects by a combination of running specific fundraising
campaigns and using unrestricted reseNes. In practice it sets up a specific fund from which il will pass
all expenditure in relation lo the project to the school.
Income received directly from a campaign is directly credited to the fund. Where unrestricted reseNes
are used to fund this expenditure, this is transferred to the restricted fund to match the expenditure.
The nature of capital campaigns is such that part of the income will be received after all expenditure is
incurred by the school. To manage this the Educational Trust makes a transfer from unrestricted
reserves to the specific campaign fund to allow the total donation lo be passed lo the school al the lime
the project completes. In future years, where campaign specific income is received this is credited
directly lo the fund and then transferred back to unrestricted reserves.
For 2021-22 unrestricted funds supported the Scien￿ fund lo enable the construction of 2 new science
labs. In 2024-25 £2,369 was received from this campaign and transferred to unrestrided reserves.
During 2024-25 unrestricted funds supported the Student Development Campaign by £242K.
221 Page

Accounts for year ending 3 1 August
2025
Com
arator Information from
rior ear
Balance at I
September
2023
Transfers
befvveen
funds
Balance at
31 August
2024
Incoming
reSoU￿eS
Resources
8XP8nd8d
Unrestrleted Funds
94,778 111214,060
-20,123 11 11.007
299,722
Restrictsd Funds...
Perfect Pitch Fund
Prize Funds
1,500 111
Student Development Fund
iOO,O(X)111205,482 Illl o Iro
Science Fund
111 10, 621 |
-10,621
8ursary Fund
3,376 111
Other Restricted Funds
2, 129 111 41,061
Totals 201.783111471.449
1,350
305,482
3.376
-22,827
-161
20,202
43,100 Ikno Wll 630.132
13
Analysis of net assets between funds
Unrestricted
Funds
Restricted
Funds
Total
Fund balances at 31 August 2025 are
represented by..
Fixed Assets
Current Assets
Creditors due within 1 year
Creditors due after more than 1 year
Total incoming resources
864,140
22,174
-21,223
-388,482
476,609
864,140
120,018
-24,556
-388.482
571.120
97,844
-3,333
94,511
Unrestricted
Funds
Restricted
Funds
Total
Fund balances at 31 August 2024 are
repres8nted by..
Current Assets
Creditors due within 1 y6ar
Total incoming resources
301,732
-2,010
299,722
337, 955
-7,545
330,410
639,687
-9.555
630,132
231 Page

Accounts for year ending 3 1 August
2025
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DR CHALLONER'S SCHOOL
EDUCATIONAL TRUST
I report lo the charity trustees on my examination of the accounts of the charity for the year ended 31
August 2025 which are sel out on pages 14 10 23
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance with
the requirements of the Charities Act 2011 I'lhe Acl'l.
I report in respect of my examination of the charity's accounts carried out under section 145 of the Act
and in carrying out my examination I have followed all the applicable Directions given by the Charity
Commission under section 14515llbl of the Act.
Independent examlner's statement
Since the charity's gross income exceeded £250,000 your examiner musl be a member of a body
listed in section 145 of the Act. I confirm that l am qualified lo undertake the examination because I
am a member of the Institute of Chartered Accountants in England and Wales, which is one of the
listed bodies.
I have completed my examination. I confim that no material matters have come lo my attention in
connection with the examination giving me cause to believe that in any material respect".
accounting records were not kept in respect of the charity as required by section 130 of the
Act., or
2. the accounts do not accord with those records., or
3. the accounts do not comply with the applicable requirements concerning the ft)rm and conlenl
of accounts sel out in the Charities IAccounts and Reports) Regulations 2008 other than any
requirement that the accounts give a 'true and fair view, which is not a matter considered as
part of an independent examination.
I have no concerns and have come across no other mallers in connection with the examination to
which allenlion should be drawn in this report in order lo enable a proper understanding of the
accounts to be reached.
Signed".
L&
3011112025
Jake Lew FCA
BKL Audit LLP
Chartered Accountsnts
Slatulory Auditors
35 Ballards Lane
London
N3 1XW
241 Page