ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025
REGISTERED COMPANY NUMBER: 00872200 REGISTERED CHARITY NUMBER: 307341
ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
REPORT AND ACCOUNTS for the year ended 31 July 2025
| INDEX | PAGE |
|---|---|
| Company information | 2 |
| Report of the Council incorporating the Strategic Report | 3 |
| Independent Auditors’ Report | 14 |
| Statement of Financial Activities | 16 |
| Balance Sheet | 17 |
| Cash Flow Statement | 18 |
| Notes to the Accounts | 20 |
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ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
COMPANY INFORMATION
COUNCIL MEMBERS: Mr Chris Netherton (Chair of Governors from 11/02/2025) Mr Stephen Mellor (Chair of Governors to 11/02/2025) Ms L Kavanagh (Vice Chair of Governors) Mrs D Maroothynaden Mrs A Waite (Resigned -13/09/2024) Mrs Lynne Nixon Mr Tom O Connor (Appointed- 06/09/2024) Mr Graeme Thompson (Appointed 20/05/2025) Mr John Casey (Appointed 20/05/2025) KEY MANAGEMENT PERSONNEL: HEADMISTRESS: Dr O Wright SECRETARY AND BURSAR: Mrs D T Canning DEPUTY HEAD ACADEMIC STUDIES: Mrs Byrne Chin (Resigned 31/08/2025) Mrs S Lawson (Appointed 01/09/2025) HEAD OF THE INFANTS & JUNIORS: Mr L Render DEPUTY HEAD PASTORAL CARE: Miss C Huyton (Resigned 31/08/2025) Mr B Pont (Appointed 01/09/2025) PRINCIPAL ADDRESS and REGISTERED St Nicholas’ School OFFICE: Redfields House Redfields Lane Church Crookham Fleet Hampshire GU52 0RF Barclays Bank Plc BANKERS: PO Box 191 Camberley Surrey GU15 3GS SOLICITORS: Farrer and Co 66 Lincoln’s Inn Fields London WC2A 3LH HaysMac LLP AUDITORS: Chartered Accountants 10 Queen Street Place London EC4R 1AG COMPANY REGISTRATION NUMBER: 00872200 CHARITY REGISTRATION NUMBER: 307341 VAT NUMBER 479 6541 37
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ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
REPORT OF THE COUNCIL for the year ended 31 July 2025
The Council presents their report, incorporating the Strategic Report, and the audited accounts of the St Nicholas’ School (Fleet) Educational Trust Limited for the year ended 31 July 2025. The Council confirms that these accounts comply with the requirements of the Companies Act 2006, the Company’s Memorandum and Articles of Association, the Charities SORP 2019 and applicable Accounting Standards in the United Kingdom.
PRINCIPAL ACTIVITY
The principal activity of the Company continues to be the operation of St Nicholas’ School (“the School”), an independent day school for girls aged 3 to 16 and boys aged 3 to 7.
REFERENCE & ADMINISTRATIVE INFORMATION
St Nicholas’ School was founded in 1935. It became a registered charity (number 307341) on 23 December 1966. It was incorporated on the 22 February 1966, constituted as a company limited by guarantee. Its objects, powers and other constitutional matters are set out in its Memorandum and Articles of association as amended by special resolution(s) dated 4 November 2003 amended by special resolution(s) dated 22 June 2015 and September 2025.
Council Members
The Council members are the Directors of the Company and the Trustees of the Charity.
The Council members who currently hold office are shown on page 2. All Council members served throughout the year ended 31 July 2024, unless otherwise stated.
Key Management Personnel and Professional Advisers
The Company’s advisors and key management personnel are set out on page 1.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Company is governed by its Memorandum and Articles of Association, which were last amended on 3[rd] September 2025.
Governing Body
The Company is overseen by a Board of Directors (the “Council”), which is responsible for determining the strategic direction of the organisation and establishing its policies. Appointments to the Board are made by the Council to ensure that the range of skills and experience required for the effective governance of the School is fully represented. Directors are elected at a full meeting of the Council.
In accordance with the Company’s governance requirements, at least one Director must be a parent representative of pupils currently attending the School.
Mr Netherton meets this requirement and has two daughters enrolled at the School.
Directors are appointed for a three-year term and may offer themselves for re-election upon expiry of their term.
Recruitment and Training of Council members
New Council members are introduced to the workings of the School, Council policy and procedures at an induction meeting held for them by the Headmistress and Bursar. Trustee-training workshops are offered through AGBIS and other external organisations.
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ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
REPORT OF THE COUNCIL for the year ended 31 July 2025
Organisational Management and Remuneration of Key Management
The Council meets at least once every term to determine the overall policy of the School and to review its management and control. The Finance Committee, chaired by Mr Tom O’Connor, carries out the work of implementing most of the Council’s policies. This Committee meets before each meeting of the full Council and on additional dates, as required, to review the budgets and annual accounts.
The Council delegates the day-to-day operation of the School to the Headmistress and Bursar. They are also supported by their Senior Management Teams and together with members of the Council are the key management personnel. The Headmistress and the Bursar attend all meetings of the Governing Body’s Committees.
Remuneration is set by the Council, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding fairly and responsibly individual contributions to the School’s success. The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere.
Organisational Structure and Relationships
St Nicholas’, through its Headmistress, is an active member of GSA and works for the maintenance and advancement of standards in independent girls’ schools. Through membership of the GSA, the Headmistress is able to share our experiences, help identify our areas of strength and also to work towards an improvement in other areas where necessary.
St Nicholas’ also benefits from the generosity of a thriving Parent Teachers Association whose close support we greatly appreciate and acknowledge.
Employment Policy
The School is committed to being an equal opportunities employer. Applications from registered disabled persons are given full and fair consideration, taking into account the individual’s skills, aptitudes, and abilities. Employees with disabilities are provided with equal access to training, development opportunities, and career progression.
Investment Policy and Objectives
The Company has absolute powers of investment of its corporate reserves. The Council aims to maximise the total investment return within the objectives of maintaining income whilst avoiding risk. It is the School’s policy to place all available retained funds, other than those required for day-to-day cash management, in interest-earning accounts with a view to maximising our total return. Cash balances are invested with Barclays Bank plc and NatWest Bank plc.
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ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
REPORT OF THE COUNCIL for the year ended 31 July 2025
STRATEGIC REPORT
The following sections form part of the strategic report.
OBJECTIVES, AIMS AND PRINCIPAL ACTIVITIES
The object of the Company, in accordance with its Memorandum of Association, is the education of girls and, if thought fit, for the education of boys up to the age of twelve. Currently the School educates girls up to the age of sixteen and boys up to the age of seven only.
History of the School
The School’s journey is one of growth and vitality. It was founded in 1935 by two teachers, Helen Pritchard and Angela McKenzie, in Branksomewood Road, Fleet. It began with just 20 pupils. During the Second World War, as the School took boarders, it provided a safe and caring place while parents were on active service. The boarding facilities closed in 1964.
The School moved to its current site, Redfield’s House, in 1996. The property had previously been a tobacco farm and leading accountants KPMG’s training centre. The School began an extensive programme of modernisation and building work which oversaw the addition of excellent facilities such as an Infant Department, a Sports Hall, an Art and Textiles Centre, the Performing Arts Centre, the refurbishment of the 4 science laboratories and the School dining room. In 2017 a MUGA pitch and new tennis courts were completed to enhance the sports facilities. The school kitchen was also refurbished.
St Nicholas’ School continually invests in and maintains its extensive grounds, woodland including ancient woodland and physical infrastructure, to ensure that it is a highly desirable school in which to learn and to teach. The aesthetics of the building and the grounds contribute to the girls’ sense of wellbeing.
Public Benefit, aims and impact
The Governors confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s published general guidance on public benefit. New scholarships are available each year to pupils in Year 7 and, in addition, bursaries may be awarded to children whose parents suffer financial hardship. During the year, the School supported 43 pupils through this bursary scheme. Bursaries and awards are means tested and are available for up to 80% of the fees. The bursaries offered during the year amounted to £322,835 (2024: £271;604).
The School continued to co-operate with local charities and voluntary organisations in its on-going endeavours to widen public access to our facilities and schooling and to awaken in our pupils an awareness of the social context of the education they receive at St Nicholas’.
As part of its commitment to the local community, the School allowed local charities and voluntary organisations to use its facilities. It also organised community events such as Toddler Groups which allowed local people to benefit from use of the grounds and resources. St Nicholas' School provided sponsorship for the Fleet Carnival and pupils participated in the fundraising events and carnival procession. Curriculum events such as the annual STEM week were also opened up to local school children.
St Nicholas’ School organised and competed in sports fixtures with local state schools and pupils attended competitive matches in Football, Netball, Hockey and Basketball.
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ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
REPORT OF THE COUNCIL for the year ended 31 July 2025
Strategic Aim and Intended Effect
The School’s strategic aims are to secure high academic standards, to provide outstanding pastoral support, and to promote pupils’ wider development through a broad programme of extra-curricular enrichment and continued investment in educational technology.
Pupils benefit from high-quality teaching, excellent facilities and a wide range of learning opportunities. A significant proportion of pupils participate in musical activities beyond the core curriculum, with over 70% learning an instrument and contributing to ensembles and orchestras. All pupils study at least one language from Reception onwards, with GCSE options including Spanish, French, Mandarin and Latin.
The School encourages pupils to develop an understanding of the wider world through curricular and co-curricular activities. Pupils engage in cross-year initiatives, such as the ‘Big Sisters’ programme, and participate in community events including the Fleet Festivities. Educational visits take place both locally and internationally, offering further opportunities for personal development.
The School places strong emphasis on academic achievement alongside artistic, sporting and creative development, all supported by a robust pastoral and wellbeing framework. Pupils are encouraged to develop resilience and independence, including through participation in the Duke of Edinburgh Award Scheme at Bronze and Silver levels.
In accordance with its charitable objectives, the School also seeks to widen access to education through its bursary provision and through partnerships with local state schools and community organisations.
The Strategy Committee continues to shape long-term planning for the next decade, refining the School’s vision, values and strategic direction. The Committee comprises members of the Governing Body, the Bursar and the Headmistress.
Objectives for the Year
The Council’s principal objectives for the year remained the pursuit of academic excellence at every stage of education, the delivery of high-quality pastoral care for all pupils, and the continued enhancement of the School’s Information Technology infrastructure.
The School sustained an excellent teacher-to-pupil ratio of 1:7, enabling the recruitment, retention and professional development of highly skilled teaching staff.
The School underwent a routine ISI inspection during the autumn term of 2025 and was confirmed to be fully compliant, meeting all required standards across every area.
Across all phases, the curriculum was adapted to meet the needs of individual pupils, with targeted interventions and specialist support provided by the Curriculum Support Department.
Investment in Information Technology continued throughout the year, including a structured programme of upgrades to teachers’ devices, pupils’ laptops and classroom smartboards.
Achievements and Performance
Examinations
St Nicholas’ School continued to develop its curriculum, in accordance with best practice and its stated objectives. As a non-selective school, it aims to educate all pupils, whatever their strengths, to their maximum potential.
The school was proud to announce another incredibly successful year of GCSE results which, once again, secured its position as one of the best performing schools in Hampshire and one of the best nationally, amongst small schools without a sixth form. 97% of pupils achieved 5 or more GCSE passes at 9/4.
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ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
REPORT OF THE COUNCIL for the year ended 31 July 2025
The academic target for GCSE outcomes in 2026 will be 100% grades 9 to 4 in five subjects or more, with everyone passing Mathematics, English Literature, English Language and three Sciences.
Wellbeing and Pastoral
The School continued to enhance its pastoral provision during the year. All pupils received dedicated time with their tutor and had access to the School counsellor and the Emotional Literacy Support Assistants (ELSAs). The teaching commitments of the Heads of Phase were reduced to allow greater flexibility for individual pupil meetings and improved communication with parents.
The School employs two qualified ELSAs and a peripatetic counsellor. The School wellbeing dog, Jasper, also remains a highly valued resource.
In the Junior and Infant Departments, the My Happy Mind programme continued to be delivered, supporting pupils in building resilience, developing self-care strategies, and understanding both their own and others’ mental health and character strengths. Parents were given access to the My Happy Minds app to help reinforce these skills at home. In the Senior School, pupils took part in a range of social activities across the year, including camp-outs, ice skating and laserquest.
The PSHE curriculum was revised to reflect statutory Relationships and Sex Education (RSE) requirements and updated national guidance on the teaching of mental health.
The Medical Room was refurbished in 2020, and a dedicated wellbeing room was established in 2022 to provide a supervised space for pupils needing time away from the main school environment. In summer 2024, a new fitness suite was completed, offering pupils expanded opportunities to develop their physical fitness and wellbeing under the supervision of qualified staff.
Sport
The academic year began with the Year 10 and 11 pre-season netball training weekend in Shropshire (8–10 September). Twenty pupils took part in specialist coaching delivered by elite coaches and England Netball athletes, along with seminars focused on sports psychology.
Ten Gifted & Talented pupils attended the GSA Girls Go Gold Conference, which included keynote speeches from Clare Balding and Sue Anstiss. Pupils participated in practical sessions led by professional female coaches and received guidance on strength and conditioning, nutrition and sports psychology.
The annual Charity Fun Run took place as a House event, with each House supporting a charity dedicated to women and girls. All pupils from Years 3–11 participated, and further fundraising was achieved through pupil-led stalls.
The annual Dance Show was held during the year and, for the first time, incorporated gymnastic performances from the School’s gymnastics club. This collaboration with Performing Arts will continue to be developed next year.
During the Easter break, 48 pupils from Years 7–10 took part in a ski trip to La Plagne, accompanied by seven staff. Pupils received four hours of daily ski instruction and engaged in an organised après-ski programme.
Engagement with the School Games Partnership increased, with St Nicholas hosting events in basketball, badminton, KS2 and KS3 gymnastics, KS1 cross-country and KS2 touch rugby. The School aims to expand this involvement further.
The School entered senior leagues and competitions across all major sports. Two netball squads were fielded for each senior year group, enabling approximately half of all senior pupils to participate competitively. Swimming galas were added to the fixtures calendar, offering valuable competitive experience, particularly for GCSE pupils needing performance evidence.
House competitions were held in basketball, netball, football, hockey, rounders and cross-country. Additional House Football and House Cross-Country events were introduced this year.
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ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
REPORT OF THE COUNCIL for the year ended 31 July 2025
Junior and Senior Sports Days were again combined into a single whole-school event, with all pupils participating in a rotation of athletics activities. This format created a festival-style environment and provided leadership opportunities for senior pupils. Feedback from parents and staff was highly positive. The Infant Department held a separate Sports Day, during which pupils enjoyed their own rotation of athletic activities.
To conclude the year, separate Junior and Senior Sports Awards Evenings were held, continuing the successful format introduced last year. The Senior Awards Evening included a guest address from Katie Cox, who shared insights from her professional sporting career.
Music
The school recognises the importance of music in the cognitive and social development of all pupils. St Nicholas’ School seeks to find ways to involve all pupils, organising formal and informal concerts as well as providing opportunities to contribute to extra-curricular groups, including the Senior and Junior Orchestras, Senior Chamber Orchestra, Swing Band, Junior and Senior Choirs, Junior and Senior Chamber Choirs, Guitar Ensembles and Swing Band. Around 70% of the pupils from years 1 to 11 play at least one musical instrument. Pupils continue to take both Trinity, ABRSM and MTB music examinations.
All Year 1 and 2 pupils in the Infant Department benefit from violin classes as part of the curriculum. Infant pupils also regularly take part in performances, public assemblies and participate in the annual Fleet Festivities. The Junior and Senior Music Evenings provide the opportunity to showcase the pupils’ musical talents, with every member of the Junior School taking part and many of the Senior pupils also participating. Other performance opportunities include the Senior Carol Service, Prize Giving Ceremony and termly informal concerts. Junior and Senior pupils had the opportunity to take part in the Music for Youth Prom at the Royal Albert Hall in November. In addition, pupils also take part in the annual House Music Competition which is led by pupils in Year 10 during the Summer Term. This years GCSE results continued the departments 100% pass rate, with 71% pupils achieving grades 7-9.
Drama
St Nicholas’ School is committed to ensuring that all pupils benefit from the confidence-building, communication and teamwork skills fostered through participation in the creative and performing arts. The Pritchard Hall provides a professional setting in which pupils can develop their talents. Dance and Drama are taught throughout the School, and pupils in both the Junior and Senior Departments undertake LAMDA examinations. The Drama Department remains vibrant and inclusive, encouraging all pupils to grow in confidence and develop their performance skills.
The Senior Production for the year was School of Rock, performed with the School’s customary high level of commitment and supported by a live band. The backstage team ensured that the numerous costume and radio-microphone changes were executed seamlessly.
The Junior Christmas production was Lights, Camel, Action 2: The Sequin, in which the younger juniors embraced the opportunity to take leading roles. In the summer term, the entire Junior School performed Wind in the Willows, with the Pritchard Hall transformed into a riverbank for the occasion.
Fundraising
The Parent Teachers’ Association continued to be very active in supporting the life of the School. The Association’s primary aim is to reinforce the sense of community between children, parents and staff. Any fundraising is secondary to this. Any fundraising undertaken on behalf of the school has not received any complaints (2024: none).
Funds raised are divided between the School and other local charities. Historically funds have been raised over several years to accumulate a larger donation or purchase for the School. The PTA donated £1,638 to the School in the current year (2024: £150).
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ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
REPORT OF THE COUNCIL for the year ended 31 July 2025
Principal Risks, Compliance, Uncertainties and Risk Management
Senior Management and the Council regularly review the key risks facing the School. A comprehensive risk register is maintained, identifying each risk and the individual responsible for its management. The Council reviews this register at least annually as part of its ongoing commitment to effective governance and continuous improvement. Where new or emerging risks are identified, appropriate systems and controls are updated accordingly. The Council remains satisfied that the School’s risk management processes are robust and that major risks are appropriately monitored. The main risks facing the School and the controls and actions to mitigate those risks are:
| Principal risks | Main controls and actions |
|---|---|
| 1. Safeguarding issues | • A strong safeguarding culture embedded across all staff groups • Comprehensive safeguarding and child protection policies implemented effectively • The Deputy Head (Pastoral) acts as Designated Safeguarding Lead, supported by trained safeguarding staff • Regular safeguarding training for all employees • Annual safeguarding audit conducted by the Governors |
| 2. Pupil numbers | • Ongoing investment in and development of School facilities • Emphasis on educating the whole person and promoting the School’s ethos • Strong links with local infant and junior schools |
| 3. Cash flow | • Active cash flow monitoring and management • Financial planning to identify vulnerabilities in advance |
| 4. Political & External • Risk to Charitable Benefit • VAT • Labour’s stance on independent schools |
• Maintenance of sufficient cash reserves • Financial forecasting incorporating sensitivity analysis |
| 5. Reputational issues | • Strong engagement with the local community • Proactive management of media and communications |
| 6. Quality Staff recruitment and retention | • Competitive remuneration packages • Ongoing investment in staff training and professional development |
The challenges and risks faced by the School are consistent with those affecting the wider independent sector. The most significant risks continue to be the maintenance of pupil numbers and the recruitment and retention of high-quality staff. Ongoing economic pressures on household incomes have had a direct impact on enrolment decisions, and the affordability of school fees remains a key consideration. The School recognises the importance of effective cost control to ensure that fees remain competitive, while continuing to prioritise the quality of its educational provision and the standard of its facilities.
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ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
REPORT OF THE COUNCIL for the year ended 31 July 2025
As an organisation, the School is subject to the same operational and financial pressures as other businesses, including the need to ensure revenue sustainability, manage costs, maintain effective treasury practices and support staff welfare. Changes to teacher remuneration structures and pension arrangements also present ongoing financial implications for the School.
Financial Review
This year’s operating results were in line with our expectations and development plan. The Statement of Financial Activities shows a net increase in funds of £85,198 (2024: net increase £104,888) for the year ended 31 July 2025. Total income was £5,511,020 an increase of £434,789 on the previous year. School fees were increased by an average of 6%. The School’s charitable expenditure increased by £464,246 to £5,425,822 (2024: £4,971,343).
The Company’s year-end financial position was good especially considering the current economic climate and the pressures on independent schools countrywide. Cash generation during the year was strong and the School held a healthy balance of cash at the end of the year. All the School’s funds are unrestricted.
The Company’s tangible assets are all held for use in the operation of the school.
Investment Performance
The Company has absolute powers of investment of its corporate reserves. The Council aims to maximise the total investment return within the objectives of maintaining income whilst avoiding risk. It is the School’s policy to place all available retained funds, other than those required for day-to-day cash management, in interest-earning accounts with a view to maximising our total return.
Reserves
At 31 July 2025, the Company had unrestricted reserves of £5.6 million (2024: £5.5 million), mainly represented by freehold land and buildings which have been financed by the Company’s accumulated surpluses and borrowings. There are currently at £364,987 (2024: £159,558) of ‘free reserves’, cash flow is monitored closely and forecast with the objective of scheduling any major expenditure as early as possible within the funds available. The policy of the Governors is to continue to use the operating surpluses to improve the current facilities and use any excess surplus in order to build up its free reserves.
Cash flow is forecast to be sufficient to meet the commitments of the School.
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ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
REPORT OF THE COUNCIL for the year ended 31 July 2025
Plans for the Future
The School’s three-year Business Plan is reviewed and updated annually. It evaluates current performance, identifies factors that may influence future outcomes, and sets out the strategic priorities for the School’s development. The Plan is considered and approved by the Council. The Governors have a reasonable expectation that the School has adequate resources to continue its operations for the foreseeable future.
Looking ahead, the School’s key objectives are to:
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Optimise pupil roll numbers.
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Prioritise staff and pupil wellbeing, with continued enhancement of pastoral provision.
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Preserve low pupil-to-teacher ratios to support individual academic development.
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Sustain high standards of academic achievement across all stages.
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Strengthen engagement with the local community.
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Keep the curriculum under review to ensure an appropriate and relevant range of subjects.
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Balance academic excellence with artistic, sporting, dramatic and musical development through a broad co-curricular programme.
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Expand the range of educational trips available to pupils throughout the School.
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Continue to widen access through the School’s bursary and scholarship provision.
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Maintain investment in Information Technology, including one-to-one devices for Senior School pupils, upgrades to smartboards and additional laptop provision for Junior classrooms.
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ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
REPORT OF THE COUNCIL for the year ended 31 July 2025
STATEMENT OF COUNCIL’S RESPONSIBILITIES
The Council Members (who are also directors of St Nicholas’ School (Fleet) Educational Trust Limited for the purposes of company law) are responsible for preparing the Council Members’ 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 Council Members to prepare a financial statement for each financial year that gives a true and fair view of the state of affairs of the Charitable Company, and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Company for that period. In preparing these financial statements, the Council Members are required to:
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Select the most appropriate accounting policies and then apply them consistently;
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Observe the methods and principles in the Charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable UK Accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable Company will continue in business.
The Council Members are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time of the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
AUDITORS
In so far as we are aware there is no relevant audit information of which the Charitable Company’s auditor is unaware and the Council Members have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
HaysMac LLP have expressed their willingness to continue in office and will be deemed reappointed for the next financial year unless the School receives notice under section 488(1) of the Companies Act 2006.
The Council Members in their capacity as company directors approve the Strategic Report contained within this report.
The Council’s Report, incorporating the Strategic Report, was approved by the Council and signed on its behalf by:
Chris Netherton
……………………….……..
Mr Chris Netherton Chairman
Date: 9 June 2026
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
Opinion
We have audited the financial statements of St Nicholas’ School (Fleet) Educational Trust Limited for the year ended 31 July 2025 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company’s affairs as at 31 July 2025 and of the charitable company’s net movement in funds, including the income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 trustees’ 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 trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Report of the Council. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Council (which includes the strategic report and the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the strategic report and the directors’ report included within the Report of the Council have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Council (which incorporates the strategic report and the directors’ report).
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept by the charitable company; or
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the charitable company financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees for the financial statements
As explained more fully in the Statement of Council’s Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the 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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
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 financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to The Education (Independent School Standards) Regulations 2014, safeguarding regulations, health and safety requirements, GDPR, employment law, company law and charity law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006, Charities Act 2011 and other factors such as payroll tax.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to income recognition, and management override of controls. Audit procedures performed by the engagement team included:
14
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
-
Inspecting correspondence with regulators and tax authorities;
-
Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
-
Evaluating management’s controls designed to prevent and detect irregularities;
-
Identifying and testing journals; and
-
Challenging assumptions and judgements made by management in their accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Jane Askew (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of HaysMac LLP, London Statutory Auditors EC4R 1AG Date: 09/06/2026
15
ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
(Incorporating an Income and Expenditure Account)
FOR THE YEAR ENDED 31 JULY 2025
| Unrestricted Funds | Unrestricted Funds | ||
|---|---|---|---|
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income from: | |||
| Charitable activities | |||
| School fees | 3a | 4,563,789 | 4,269,627 |
| Ancillary income | 3b | 900,500 | 776,844 |
| Other trading activities | 19,875 | 11,112 | |
| Investment income | - | ||
| Bank and other interest | 25,217 | 18,498 | |
| Voluntary Income | - | ||
| Donations | 3c | 1,639 | 150 |
| ---------------------- | ---------------------- | ||
| Total income | 5,511,020 | 5,076,231 | |
| ---------------------- | ---------------------- | ||
| Expenditure on: | |||
| Charitable activities | |||
| Education | 4 | 5,389,478 | 4,925,232 |
| Raising funds | |||
| Financing costs | 6 | 36,344 | 46,111 |
| ---------------------- | ---------------------- | ||
| Total expenditure | 5,425,822 | 4,971,343 | |
| ---------------------- | ---------------------- | ||
| Net income and net movement in funds | 85,198 | 104,888 | |
| Reconciliation of funds: | |||
| Total Funds brought forward at 1 August | 5,520,913 | 5,416,025 | |
| ---------------------- | ---------------------- | ||
| Total Funds carried forward at 31 July | 5,606,111 | 5,520,913 | |
| ========== | ========== |
None of the Company’s activities were discontinued during the current or previous year.
There is no difference between the net income for the year, as stated above, and their historical cost equivalents.
There are no recognised gains and losses other than the income and expenditure shown above.
All income and expenditure in both years is unrestricted and therefore a comparable Statement of Financial Activities is not needed.
The notes on pages 19 to 29 form an integral part of these accounts.
16
ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
BALANCE SHEET
AS AT 31 JULY 2025 Company number: 00872200
| 2025 | 2024 | ||
|---|---|---|---|
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 9 | 5,241,124 | 5,361,355 |
| ----------------------- | ----------------------- | ||
| Total fixed assets | 5,241,124 | 5,361,355 | |
| ----------------------- | ----------------------- | ||
| CURRENT ASSETS | |||
| Stocks | 10 | 16,786 | 25,672 |
| Debtors: amounts falling due within one year | 11 | 342,161 | 206,240 |
| Cash and deposits | 987,454 | 1,327,067 | |
| ----------------------- | ----------------------- | ||
| Total current assets | 1,346,401 | 1,558,979 | |
| CREDITORS:amounts falling due within one year | 12 | (508,260) | (754,647) |
| ----------------------- | ----------------------- | ||
| NET CURRENT ASSETS | 838,141 | 804,332 | |
| ---------------------- | ---------------------- | ||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 6,079,265 | 6,165,687 | |
| CREDITORS:Amounts falling due after more than one year | 13 | (473,154) | (644,774) |
| ----------------------- | ----------------------- | ||
| TOTAL NET ASSETS | 5,606,111 | 5,520,913 | |
| =========== | =========== | ||
| TOTAL CHARITY FUNDS: | |||
| Unrestricted funds | 5,606,111 | 5,520,913 | |
| =========== | =========== |
These accounts were approved by the Board and authorised for issue and signed on its behalf by:
Chris Netherton
Mr C Netherton Chairman
Date: 9 June 2026
The notes on pages 19 to 29 form an integral part of these accounts.
17
ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2025
| Cash flows from operating activities: Net cash provided by operating activities (see reconciliation below) Cash flows from investing activities: Bank interest Income Purchase of tangible fixed assets Net cash used in investing activities Cash flows from financing activities: Fees and In advance Loan Interest Repayments of borrowing Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period Analysis of cash and cash equivalents Cash in hand Reconciliation of net income to net cash flow from operating activities Net (expenditure) / income for the reporting period Adjustments for: Depreciation charges Pre-Reg VAT adjustment to PPE Provision for bad debts Loss on disposal Bank interest Income Loan Interest (Increase)/decrease in stocks (Increase) in debtors Increase/(decrease) in creditors Net cash provided by operating activities |
2025 £ 400,656 25,217 (390,258) (365,041) (217,298) (36,344) (121,586) 375,228 (339,613) 1,327,067 987,454 987,454 85,198 408,132 96,904 - 5,453 (25,217) 36,344 8,886 (135,921) 79,123 400,656 |
2024 £ 671,359 18,498 (431,761) |
|
|---|---|---|---|
| (413,263) | |||
| 224,288 (46,111) (107,192) |
|||
| 70,985 | |||
| 329,081 997,986 |
|||
| 1,327,067 | |||
| 1,327,067 | |||
| 104,888 337,589 - 31,097 - (18,498) 46,111 (6,190) (74,160) 250,522 |
|||
| 671,359 |
18
ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2025
Analysis of net debt
| Analysis of net debt | ||||
|---|---|---|---|---|
Cash at bank and in hand Bank loans due < 1 year Bank loans due > 1 year Fees in Advance Scheme |
At 1 August 2024 £ 1,327,067 (114,338) (510,590) (254,681) 447,458 |
Cash flows £ (339,613) 121,586 - 217,298 (729) |
Other movements £ - (142,237) 142,237 - |
At 31 July 2025 £ 987,454 (134,989) (368,353) (37,383) |
| 446,729 |
The notes on pages 20 to 30 form an integral part of these accounts.
19
ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025
1. CHARITABLE STATUS
The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee and does not have any share capital It was incorporated on 23 February 1966 (company number: 00872200) and registered as a charity on 23 December 1966 (charity number: 307341).
2. ACCOUNTING POLICIES
Accounting basis
The accounts have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”), the Companies Act 2006 and the 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”) – Second Edition.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the School operates.
Going Concern
As highlighted in the Report for the Council, having assessed the School's financial position, the plans for the foreseeable future, the risks to which the School are exposed and the detailed cash projections covering a period of at least 12 months from the approval of these financial statements, the Council Members are satisfied that there are no material uncertainties relating to going concern and it remains appropriate to prepare the financial statements on a going concern basis.
Critical accounting judgements and estimates and key sources of estimation uncertainty
In the application of the accounting policies, the Council members are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.
In the view of the Council members, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.
Income
All income is recognised when the criteria of entitlement, measurement and probability of receipt have been satisfied.
Fees and similar income
Fees receivable and charges for services and use of the premises are accounted for in the year in which the services are provided. Fees receivable are stated after deducting bursaries, scholarships and other remissions allowed by the School. Registration fees are non-refundable and are credited to income when received.
Deposits are included as a liability until refunded or, on ceasing to be refundable, are credited to income.
Advance fees are credited to income as and when they fall due.
20
ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025
2. ACCOUNTING POLICIES (continued)
Investment income
Interest received represents gross interest derived from cash deposits held and credit balances and is accounted for on a receivable basis.
Donations and legacies and other voluntary income
All donations, legacies and other voluntary income are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable.
Donations received for the general purposes of the School are credited to Unrestricted Funds. Donations subject to specific wishes of the donors are credited to the relevant Restricted Funds.
Government grants
Funding received from the government relate to income received from the Coronavirus Job retention Scheme for employees that were on furlough during the year and is recognised in the period to which it relates.
Expenditure
Expenditure is accounted for on an accruals basis where there is a legal and constructive obligation to make a payment to a third party and the amount of the obligation can be measured reliably. Expenditure is allocated to the appropriate headings relevant to the charitable activities on a direct basis. Support costs mainly represent office administration. Governance costs comprise the costs of running the School, including strategic planning for its future development, external audit, legal advice and all the costs of complying with constitutional and statutory requirements. Charitable expenditure represents the costs of running the School including salaries, catering, premises and welfare costs.
Operating leases
The annual rental for operating leases is charged to the Statement of Financial Activities on a straight line basis over the lease term.
Staff Benefits including Pension costs
The School contributes to the following schemes:
Teachers’ Pension Scheme
The School contributes to the Teachers’ Pension Scheme. This is a multi-employer pension scheme and it is not possible to identify the School’s share of the underlying assets and liabilities on a consistent and reasonable basis. Therefore, as required by FRS 102, the School accounts for the scheme as if it were a defined contribution scheme. The School’s contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable. The amount charged in the Statement of Financial Activities represents the contributions payable to the scheme in respect of the financial year.
Friends Life - Support Staff Pension Fund
The School operates a defined contribution scheme for non-teaching staff. Contributions are made to the scheme and are charged to support costs. The current service contribution rate during the year was 16.8% of pensionable salaries, 4.8% paid by employees and the remaining 12% borne by the School. The contributions payable in respect of this scheme are charged to the Statement of Financial Activities in the period to which they relate.
21
ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025
2. ACCOUNTING POLICIES (continued)
Employee termination benefits
Termination benefits are accounted for on an accruals basis and in accordance with FRS 102.
Funds
Restricted - where the purpose for which the funds may be used has been restricted by donors. There were no restricted funds in the current or prior period.
Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Council Members in furtherance of the general charitable objects.
Fixed Assets
All assets purchased are included at their purchase price. Assets with a cost below £500 are not capitalised.
Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost of each asset, less its estimated residual value, over its expected useful life, as follows:
Computer equipment 33.33% per annum, straight line Motor vehicles 10% per annum, straight line Fixtures, fittings and equipment 10% per annum, straight line Freehold buildings 2% per annum, straight line Muga Pitch 10% per annum straight line
Freehold buildings under construction are not depreciated until they are brought into use.
Stocks
Stocks are stated at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value is based on estimated selling price less disposal costs.
Financial instruments
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised at cost. Financial assets held at amortised cost comprise cash at bank and cash equivalents, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and cash equivalents is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.
Leases
Where assets are financed by leasing arrangements, which transfer substantially all of the risks and rewards of ownership, the assets are capitalised as if they had been purchased outright. The corresponding lease commitments are shown as an obligation in the balance sheet. Lease payments are split between the capital and interest elements. Depreciation is charged on the assets based on the shorter of their useful economic life and the lease term.
22
ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025
3a CHARITABLE ACTIVITIES – SCHOOL FEES RECEIVABLE
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Fees receivable consist of: | ||
| School fees | 5,102,081 | 4,747,434 |
| Less: Bursaries, Scholarships and allowances | (538,292) | (477,807) |
| ----------------------- | ----------------------- | |
| 4,563,789 | 4,269,627 | |
| =========== | =========== |
Included within total bursaries, grants and allowances are means-tested bursaries of £322,834 paid to 43 pupils (2024: £271,604 paid to 27 pupils).
3b CHARITABLE ACTIVITIES – ANCILLARY INCOME
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Registration Fees and Educational Income | 6,357 | 10,600 |
| Income from School Lunches | 302,055 | 287,462 |
| Income from School Outings | 282,892 | 131,576 |
| Income from Music lessons | 32,289 | 38,946 |
| Income from Sports | 17,774 | 1,128 |
| Income from Homework clubs | 17,157 | 18,164 |
| Income from Coach fees | 62,629 | 65,759 |
| Income from Exam fees | 21,304 | 20,462 |
| EHCP funding | 121,717 | 151,117 |
| Other | 36,326 | 51,630 |
| ----------------------- | ----------------------- | |
| 900,500 | 776,844 | |
| =========== | =========== |
3c CHARITABLE ACTIVITIES – VOLUNTARY INCOME
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Income from Donations | 1,639 | 150 |
| ----------------------- | ----------------------- | |
| 1,639 | 150 | |
| =========== | =========== |
23
ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025
4. EXPENDITURE
| 2025 | Staff costs | Other costs | Depreciation | Total |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Charitable activities: | ||||
| Teaching costs | 2,208,597 | 391,232 | 408,132 | 3,007,961 |
| Welfare | - | 315,759 | - | 315,759 |
| Premises | 235,972 | 542,418 | - | 778,390 |
| Support and Governance Costs | 677,905 | 609,463 | - | 1,287,368 |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | |
| 3,122,474 | 1,858,872 | 408,132 | 5,389,478 | |
| Cost of raising funds: | ||||
| Finance costs | - | 36,344 | - | 36,344 |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | |
| 3,122,474 | 1,895,216 | 408,132 | 5,425,822 | |
| =========== | ========== | =========== | =========== | |
| 2024 | Staff costs | Other costs | Depreciation | Total |
| £ | £ | £ | £ | |
| Charitable activities: | ||||
| Teaching costs | 2,245,674 | 183,390 | 337,589 | 2,766,653 |
| Welfare | - | 327,514 | - | 327,514 |
| Premises | 209,386 | 562,198 | - | 771,584 |
| Support and Governance Costs | 474,291 | 585,190 | - | 1,059,481 |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | |
| 2,929,351 | 1,658,292 | 337,589 | 4,925,232 | |
| Cost of raising funds: | ||||
| Finance costs | - | 46,111 | - | 46,111 |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | |
| 2,929,351 | 1,704,403 | 337,589 | 4,971,343 | |
| =========== | ========== | =========== | =========== |
5. NET INCOME
| Net income includes: | 2025 | 2024 | |
|---|---|---|---|
| £ | £ | ||
| Depreciation | - owned assets | 408,132 | 337,589 |
| Operating leases | – equipment | 115,350 | 73,278 |
| Governance expenditure | includes: | ||
| Auditors’ remuneration | - audit fees (exl VAT) | 21,565 | 20,015 |
| - other services (exl VAT) | 3,836 | 3,685 | |
| =========== | =========== | ||
| FINANCE COSTS | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Interest on bank loans | 32,828 | 42,421 | |
| Other | 3,516 | 3,690 | |
| ----------------------- | ----------------------- | ||
| 36,344 | 46,111 | ||
| =========== |
=========== |
6. FINANCE COSTS
24
ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025
7. STAFF COSTS
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Salaries and wages | 2,366,512 | 2,269,712 |
| Social security costs | 258,470 | 224,426 |
| Pension costs | 497,492 | 435,213 |
| ----------------------- | ----------------------- | |
| 3,122,474 | 2,929,351 | |
| =========== | =========== |
The full-time equivalent number of employees during the year was 60 (2024: 60), of whom 46 (2024: 45) were teaching staff and 14 (2024: 15) were non-teaching staff.
| Average number of staff | 2025 | 2024 |
|---|---|---|
| Teaching | 51 | 50 |
| Maintenance | 7 | 7 |
| Support | 13 | 15 |
| --------------- | --------------- | |
| 71 | 72 | |
| ======= | ======= | |
| The number of employees whose emoluments exceeded £60,000 was: |
| 2025 | 2024 | ||
|---|---|---|---|
| Number | Number | ||
| £60,000 | to £70,000 | - | - |
| £70,000 | to £80,000 | 1 | 1 |
| £80,000 | to £90,000 | 1 | 1 |
During the year an amount of £24,073 (2024: £16,530) was paid as pension contributions into the teachers’ pension scheme while a contribution of £9,016 (2024: £8,792) was made into a defined contribution scheme.
Total employee remuneration including pensions paid (excluding NI) and benefits of key management personnel was £405,947 (2024: £392,183).
8. TAXATION
St Nicholas’ School (Fleet) Educational Trust Limited is a registered charity and is therefore exempt from paying tax on its results.
25
ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025
9. FIXED ASSETS
| 9. FIXED ASSETS | ||
|---|---|---|
| Freehold land & buildings Fixtures fittings & equipment Computer equipment £ £ £ Cost At 1 August 2024 8,142,416 1,705,198 683,292 Additions 65,483 137,650 52,995 Disposal - - - Pre-Registration VAT (6,214) (56,032) (15,499) At 31 July 2025 8,201,685 1,786,816 720,788 Depreciation At 1 August 2024 3,551,727 1,122,180 609,749 Charge for the year 204,853 114,251 53,251 Disposal At 31 July 2025 3,756,580 1,236,431 663,000 Net Book Value At 31 July 2024 4,590,689 583,018 73,543 At 31 July 2025 4,445,105 550,385 57,788 All fixed assets are used for charitable purposes. 10. STOCKS Stocks of merchandise for resale Consumables - 11. DEBTORS Amounts falling due within one year Fee debtors Other debtors Prepayments and accrued income - Fee debtors’ provision of £98,138 (2024: £98,138) is included in fee debtors. |
Motor vehicles £ 199,442 134,130 (20,265) (19,159) 294,148 85,337 35,777 (14,812) 106,302 114,105 187,846 2025 £ - 16,786 ---------------- 16,786 ======== 2025 £ 155,664 58,958 127,539 ---------------- 342,161 ======== |
Total £ 10,730,348 390,258 (20,265) (96,904) |
| 11,003,437 | ||
| 5,368,993 408,132 (14,812) |
||
| 5,762,313 | ||
| 5,361,355 | ||
| 5,241,124 | ||
| 2024 £ - 25,672 ----------------- 25,672 ======== 2024 £ 60,319 2,321 143,600 ----------------- 206,240 ======== |
26
ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025
12. CREDITORS: Amounts falling due within one year
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Bank loans | 134,989 | 114,338 |
| Trade Creditors | 134,912 | - |
| Other creditors | 5,291 | 30,243 |
| Accruals | 14,257 | 68,164 |
| Pupil deposits | 13,500 | 11,200 |
| Autumn fees paid in advance | 167,928 | 313,404 |
| Advance fee payment scheme | 37,383 | 217,298 |
| ------------------- | ------------------- | |
| 508,260 | 754,647 | |
| ========= | ========= |
Barclays Bank plc have granted an overdraft facility, a proportion of which can be converted to a ten year loan if ever desired. Amounts drawn down under the overdraft facility are secured by fixed and floating charges over the Company’s land and buildings.
27
ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025
13. CREDITORS: Amounts falling due after more than one year
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Bank loans: | ||
| Repayable by instalments within 5 years | 503,342 | 624,928 |
| Repayable by instalments after 5 years | - | - |
| --------------------- | --------------------- | |
| 503,342 | 624,928 | |
| Less: amounts due within one year | (134,989) | (114,338) |
| --------------------- | --------------------- | |
| 368,353 | 510,590 | |
| --------------------- | --------------------- | |
| Advance fee payment scheme; | ||
| Amounts falling due within five years (Note 14) | 37,383 | 254,681 |
| Less: amounts falling due within one year | (37,383) | (217,298) |
| --------------------- | --------------------- | |
| - | 37,383 | |
| Pupil deposits: | ||
| Amounts falling due after more than five years | 41,301 | 58,301 |
| Amounts falling due within five years | 77,000 | 49,700 |
| --------------------- | --------------------- | |
| 118,301 | 108,001 | |
| Less: amounts due within one year | (13,500) | (11,200) |
| --------------------- | --------------------- | |
| 104,801 | 96,801 | |
| --------------------- | --------------------- | |
| Total | 473,154 | 644,774 |
| ========== | ========== |
Bank loans of £503,342 (2024: £624,928) are secured by fixed and floating charges over the Company’s land and buildings. This loan of £503,342 (2024: £624,928), drawn down to part finance the construction of the Performing Arts Centre, is on a variable rate of 1% over base and is repayable in quarterly instalments over 20 years, ending 2029.
28
ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025
14. FEES IN ADVANCE
Parents may enter into a contract to pay the School in advance for fixed contributions towards the tuition fees for up to five years. The money may be returned subject to specific conditions on the receipt of notice. Assuming pupils will remain in the School, fees in advance will be applied as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Within one year | 37,383 | 217,298 |
| Over one year below 5 years | - | 37,383 |
| ---------------------- | ---------------------- | |
| 37,383 | 254,681 | |
| ========== | ========== |
Advanced fees represents the accrued liability under the contracts; appropriate investments are held so that on maturity the proceeds will match these liabilities. The movements during the year were:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| As at 1 August 2024 | 254,681 | 30,393 |
| New contracts | - | 254,681 |
| ---------------------- | ---------------------- | |
| 254,681 | 285,074 | |
| Amounts utilised in payment of fees | (217,298) | (30,393) |
| ---------------------- | ---------------------- | |
| As at 31 July 2025 | 37,383 | 254,681 |
| ========== | ========== |
15. CONSTITUTION
St Nicholas’ School (Fleet) Educational Trust Limited is a company limited by guarantee whose members have guaranteed an amount not exceeding £1 each.
16. OPERATING LEASES
The School’s future minimum lease payments on other assets are as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other: | |||
| Leases due | within one year | 115,350 | 73,278 |
| Leases due | 2 and 5 years | 330,465 | - |
| ------------------- | ------------------- | ||
| 445,815 | 73,278 | ||
| ========= | ========= |
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ST NICHOLAS’ SCHOOL (FLEET) EDUCATIONAL TRUST LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025
17. RELATED PARTY TRANSACTIONS
Council members
None of the Council members received any emoluments in respect of the services they provided during the year ended 31 July 2025 (2024: £Nil).
The School purchases trustees’ indemnity insurance and the premium, which is not separately identifiable, is believed to be approximately £272 (2024: £272).
One Governor had two children at the School and paid fees at published rates for both years. Total expenses amounting to £1,038 were reimbursed (2024:£NIL)
There were no other related party transactions in the year or prior year.
Key management Personnel
Key management personnel remuneration is documented in note 7.
18. PENSIONS
The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £354,489 (2024: £369,671) and at the year-end £NIL (2024 - £NIL) was accrued in respect of contributions to this scheme.
The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn.
The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.
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