PAPPLEWICK EDUCATIONAL TRUST LIMITED
(BY GUARANTEE)
FINANCIAL STATEMENTS
31ST AUGUST 2024
Registered Company Number: 00826017
Registered Charity Number: 309087

PAPPLEWICK EDUCATIONAL TRUST LIMrrED
(BY GUARANTEE)
FINANCIAL STATEMENTS
31ST AUGUST 2024
Contents
Page
Notice of Annual General Meeting
Report of the Council of Management
Report of the auditor
Statement of financial activities
Balance sheet
Cash flow statement
Notes to the financial statements
10
11-20

PAPPLEWICK EDUCATIONAL TRUST LIMrrED (BY GUARANTEE)
NOTICE OF MEETING
NOTICE IS HEREBY GIVEN that the fifty-ninth Annual General Meeting of the company will be held at
Papplewick School, Windsor Road, Ascot, Berkshire SL5 7LH at 11.00am on the twelfth day of March 2025
for the following purposes:
To receive and consider the financial statements for the year ended 31st August 2024, together with
the reports of the Council of Management and the auditors thereon.
To re*lect three members to the Council of Management.
To re-appoint Jacob Cavenagh & Skeet as auditors and to authorise the Council of Management to fix
their remuneration.
To transact any other business which, under the company's Articles of Association, may be transacted
at an Ordinary General Meeting.
Dated this twenty-seventh day of November 2024
S G Burrows
Secretary
Papplewick School
Windsor Road
Ascot
Berkshire SL5 7LH
A member entitled to attend and vote at this meeting may appoint a proxy to attend and vote for him or
herself. and such proxy need not be a member of the company. Such notice of appointment of proxy must
be lodged at the registered office not later than 48 hours before the meeting.
Page 1

PAPPLEWICK EDUCATIONAL TRUST LIMrrED (BY GUARANTEE)
REPORT OF THE COUNCIL OF MANAGEMENT TO THE MEMBERS
The Council of Management hereby presents its Annual Report and Strategic Reportfor the year ended 31 Augusl 2024
under the Charities Act 2011. together with audited financial statements for the year, and confimis that the latter comply
with the requirements of the Act, the Charities Stalemenl of Recommended Praclice (Charities SORP (FRS 102))
and the Financial Reporting Standard 102 IFRS 102). The Annual Report serves the purpose of both a Trustees,
Report and a Directors, Report under company law.
REFERENCE AND ADMINISTRATIVE INFORMATION
Papplewick Educational Trust Limited was formed in 1964 as a company limited by guarantee. It is a charity, with the
registered number 309087.
Governors
The Governors of the School are also the charity's trustees. The Govemors who served during the year were:
Council of Management
A A M Try LL (Chair)
JPCFrosl
A L Lawson (appointed 30 April 2024)
TGFLord
A R McGregor
Revd Dr B G McNair Scott
Mrs S L Rollings
S D Walker
Secretary
S G Burrows
Professlonal advlsers and key personnel
The Headmaster Mr T W Bunbury 8A Universty College Durham, PGCE
The Bursar
Mr S G Burrows FCA
Principal and
Papplewick School
registered office Windsor Road
address
Ascot
Berkshire SL5 7LH
Solicitors
Narrow Quay House
Narrow Quay
Bristol BS14QA
Auditor
Jacob Cavenagh & Skeet
5 Robin Hood Lane
Sutton
Surrey SM12SW
Bankers
Lloyds Bank plc
10 High Street
Bracknell
Berkshire RG12 1 BT
The key management personnel are the members of the Council of Management, the Headmaster and the Bursar.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity's objects. powers and constitution are all set out in its Memorandum and Articles of Association which are
dated 4th November 1964.
Recrultment and tralning of Govemors
The Charity's elected Governors are appointed at the termly meeting of the Council of Management based on a
recommendation from the Chairman of Govemors having taken into account eligibilty, personal competence, specialist
skills and local availability of the individual concerned. In accordance with new regulations, the training policy in place
for Governors is kept under rolling review.
Organisatlon
The Council of Management determines the general policy of the school. The day lo day management of the school is
delegated to the Headmaster and the Bursar. The directors of the company are the charity's trustees and they form the
Council of Management of the school. The Council of Management comprises a minimum of 5 and a maximum of 15
Governors. At the AGM each year, one third of the Council of Management retires from office. The remuneration of the
key management personnel is set by the Council of Management at their Summer Term meeting each year.
Page 2

PAPPLEWICK EDUCATIONAL TRUST LIMrrED (BY GUARANTEE)
REPORT OF THE COUNCIL OF MANAGEMENT TO THE MEMBERS (continued)
Council Members
The current Council of Management is as shown at the beginning of this ￿pOrt. Mr Lawson, Mr Frost and Mr Walker
retire by rotalion and, being eligible, offer themsefves for reelection.
Statement of Trustees. Responsibilities
The trustees (who are also directors of Papplewick Educational Trust Limited for the purposes of company law) are
responsible for preparing the Trustees. 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 trustees to prepare financial statements for each financial year that give 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 charitsble company for that period. In preparing these financial statements, the
trustees are required to=
select suitsble accounting policies and apply them consistently.
observe the methods and principles in the Charities SORP.
make judgements and estimates that are reasonable and prudent"
state whether applicable UK Accounting Standards have been followed. subject to any material departures
disclosed and explained in the financial statements-
prepare the financial statements on the going concem basis unless it is inappropriate to presume that the
charitable company will continue its operations.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any
time the financial position of the charitable company and enable them to ensure that the financial statements comply
with Ihe Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and
hence for taking reasonable steps for the prevention of fraud and other i￿egUla￿ties.
OBJECTIVES AND AIMS
The charity's aim is the provision of education for boarding and day students within an environment where each pupil
can achieve his potential.
Reserves policy
The Council of Management has established a general reserve policy to afford some protection to Ihe school and its
charitsble programme and to provide time to adjust to changing financial circumstances. The policy is to continue
building up reserves by means of annual operating surpluses and judicious management, supplemented by appeals
from time to time. The Council of Management has continued to keep the need for overdraft facillties under review to
ensure that, in the absence of free reserves. they remain adequate to o)ver the school's working capital requirements.
Investment policy
The School holds cash assets to fund operational or capital expenditure within a foreseeable timeframe. As such, capital
volatility must be minimised and cash assets must therefore be hekfj in cash or near cash investments denominated in
sterling.
Disclosure of information to auditors
To Ihe knowledge and belief of the Council of Management, Ihere is no relevant information that the company's auditors
are not aware of. The Council of Management has taken all steps necessary to ensure it is aware of any relevant
information. and to establish that the company's auditors are aware of any such information.
Auditors
A resolution to re-appoint Jacob Cavenagh & Skeet will be put to the members at the Annual General Meeting.
Page 3

PAPPLEWICK EDUCATIONAL TRUST LIMrrED (BY GUARANTEE)
REPORT OF THE COUNCIL OF MANAGEMENT TO THE MEMBERS {continued)
STRATEGIC REPORT
Objectives for the year
This year the focus continued to be on the education and academic perforniance of students as well as on maintaining
the involvement of pupils in Èxtra-curricular activities. The school made general improvements to all the facilities
available to the students. Attention was given to maintaining the expertise of teaching staff, as well as to succession
planning and staff development.
Strategies to achieve the year's objectives
These included developments to the curriculum. the ongoing provision of pastoral care to all students and efforts to
maintain good relationships with parents. Ail staff at the school work very hard to ensure that pupils develop Iheir
academic, sporting, artistic, musical and social skills. This helps students to fulfil their potential, thereby building self-
confidence and inculcating a desire to help the wider community. Our bursaries and scholarship programme continues
to make awards available to deserving students, and there has been a further development of links with other schools
including the granting of wider access to our facilities.
Achievements and Perfonnance
The School continues lo strengthen its financial resources in order to meet the economic challenges that may lie ahead.
The trustees have complied with their duty in Section 4 of the Charilies Act 2006 to have due regard to the public benefit
guidance published by the Charity Commission. The charity is pleased to have provided the education for around 220
pupils per term this year. Demand for the school continues to be strong and the school has been successful in
maintaining its high academic performance. In terms of its wider responsibilities, the school's charitable programme has
included in the recent past:
providing means tested bursaries of £188.659 or 2.70/0 of gross fees during the course of the academic year.,
the provision of its swimming facilities lo a local primary school when requested.
periodic visits by the pupils to a local day care centre for the elderfy. and singing by the choir at local events on
other occasions:
encouraging links wilh local state schools through sports fixtures and other activities.
the provision of educational resources on its website with open access to all.
a pen pal programme raising money for disadvantsged children in Nigeria-
holding an annual sponsored walk for pupils. their parents and friends to raise money for charity;
supporting other charities through weekly collections in chapel and other fund raising events,.
donating musical instruments, text books, surplus school clothing and other equipment to deserving local and
international causes.
Fundraising
The school's operating income is supplemented by donations from parents and former pupils. The school does not
employ a professional ￿ndraiser and does not engage in unreasonably intrusive or persistent fundraising activities. No
complaints have been received about the schcM)I's fundraising practices
Financial Review
Detsils of the school's net income of £828.754 (2023: net income of £568.071) are shown in the Statement of Financial
Activities.
The school had total funds of £11,441,461 {2023- £10,612,707) at the end of the reporting period of which £85,068
{2023= £95,917) are restricted and not available for the general purposes of the school. Most of the general funds of
£11,356,393 {2023: £10,516,790) support fixed assets and could only be realised by the disposal of those fixed assets.
The fixed assets all facilitate the school's charitsble actNlties, and the level of reserves is consistent with the school's
reserves tx)licy.
Page 4

PAPPLEWICK EDUCATIONAL TRUST LIMITED (BY GUARANTEE)
REPORT OF THE COUNCIL OF MANAGEMENT TO THE MEMBERS (continued)
Principal risks and uncertainties
The Council of Management is responsible for the management of risk within the school. Detailed consideration of all
risk is delegated to the Headmaster, the Bursar, the Senior Management Team and the Health & Safety Committee.
Risks are identified, assessed and controls established throughout the year. A formal review of the school's risk
management processes is undertaken on a periodic basis.
The main risks that the Governors have identified and the plans to manage those risks are..
Reputation.. The school's success is built on ils reputation for the education and well-being of our pupils. We
manage this risk through safeguarding policies, staff recruilmenl policies, pastoral support for both
pupils and staff and active identification and resolution of health and safety related issues.
Our ability to continue is reliant on pupil fees and the ability to pay bills as they fall due. This risk is
managed by rnarketing activity, having a reputation for academic excellence, and active cash-flow
management and cost control. This risk is being given particular focus at the current time as we
assess what the impact of the introduction of VAT on school fees will have on the School.
Curriculum: Academic ex￿llenCe requifes the most able teachers with state of the art facilities delivering the
curriculum to able sludents. We manage this risk by combining attractive salaries, on-going
investment in our estate and an approach to enrolment that works with supportive parents whose
children have an appetite for learning and a bursary scheme that recognises pupil achievement and
aptitude.
The political environment in the UK is changeable, and sometimes can become hostile towards the
Indèpendent Schools sector. The Council of Management remain conscious of this at all times, and
the School ensures that through its actions it continues to justify its charitable status. In order to
protect itself from any potential negative financlal impact caused by the political environment, the
School targets ever stronger financial resources.
Through these risk management processes the Council of Management is satisfied that the major risks identified have
been adequately mitigated where necessary in order to rninimise any impact they may have on the school in the future.
It is recognised that systems only provide reasonable but not absolute assurance thal major risks have been adequately
managed.
Finance:
Political
Plans for the Future
The future plans of the school include:
maintaining the school roll at around existing levels.,
mainlaining the current high standards of academic achievernent.,
maintaining the current high levels of pastoral support for the students;
continuing to balance academic achievement with a curriculum allowing full scope for the development of sporting,
artistlc, rnUSlC31 and social skills.
continuing to offer means-tested bursaries in order lo widen access to Ihe school;
continuing to byild links with other schools, organisations and the local community
continuing to develop the school's buildings and facilities.
The Report of the Council of Management and the Strategic Report were signed on behalf of Ihe Council.
Registered office
Papplewick School
Windsor Road
Ascot
Berkshire SL5 7LH
AAMTryLL
Chair of Govemors
Dated this ￿enty-SeVenth day of November 2D24
Page 5

REPORT OF THE INDEPENDENT AUDITOR
TO THE MEMBERS OF
PAPPLEWICK EDUCATIONAL TRUST LIMrrED (BY GUARANTEE)
Opinion
We have audited the financial statements of Papplewick Educational Trust Limited Ilhe 'charity'} for the year ended 31 August
2024, which comprise the Statement of Financial Activities, the Balance Sheet. the Statement of Cash Flows and the notes lo
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
Stsndard 102 The Financial Repothng Standard applicable in the UK and Republic of Ireland (United Kingdom Generally
Accepted Accounting Practsce).
In our opinion the financial statements-
give a true and fair view of the state of the charitsble company's affairs as at 31 August 2024 and of its incoming
resources and application of resources, including its income and expenditure, for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounling Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with Inlemalional Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our
responsibilities under those stsndards are further described in the Auditorfs responsibilities for the audit of the financial
statements section of our report. We are independent of the charitable company in accordance with the ethical requirements
that are relevant to our audit of the financial statements in the 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 govemors, use of the going concern basis of accounting in
the preparation of the financial statements is appropriate.
Based on the work we have perfomied, we have not identified any material Un￿rtaIntieS relating lo events or conditions that,
individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of al
least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the govemors wtth respect to going concem are described in the relevant
seclions of this report.
Other information
The other information comprises the information included in the annual re￿rt, induding the govemors, report, other than the
financial statements and our auditorfs report thereon. The govemors are reswnsible for the other information contained within
the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent
othefwise explicilly slated in our report. we do not express any fomi of assurance conclusion thereon.
Our responsibility is to read the other infonnation and, in doing so, consider whether the other infomialion is materially
inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be
materially misstsled. If we identify such material inconsistencies or apparent material misstatemenls, we are required to
determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we
have performed, we conclude that there is a material misstatement of this other infomation, we are required to report that
fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit=
the infomiation given in the Trustees. Report. which includes the directors, report and the strategic report prepared
for the purposes of company law, for the financial year for which the financial slatements are prepared is consistent
with the financial slatements- and
the strategic report and the director5. report included within the Trustees. Report 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 charity and its environment obtained in the course of the audit. we have
not identified material misstatements in the directors. report included with the governors. report.
Page 6

REPORT OF THE INDEPENDENT AUDITOR
TO THE MEMBERS OF
PAPPLEWICK EDUCATIONAL TRUST LIMITED (BY GUARANTEE)
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report
to you if. in our opinion..
adequate accounting records have not been kept, or retums adequate for our audit have not been received from
branches not visited by us- or
the financial statements are not in agreement with the accounting records and retums., or
certain disclosures of govemors. remuneration specified by law are not made: or
we have not received all the infomation and explanations we require for our audit
Responsibilities of governors
As explained more fully in Ihe govemors, responsibilities statement set out on page 3, the governors, (who are also the
directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view, and for such intemal control as the governors. determine
is necessary to enable the preparation of financial statements that are free from material misstslement, whether due to fraud
or error.
In preparing the financial slatements, the govemors. are responsible for assessing the charity's ability to continue as a going
concern, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unless
the governors, either intend to liquidate the company or to cease operalions, or have no realistic altemative 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
misslalement, whether due to fraud or error, and to issue an auditorfs report Ihat indudes our opinion. Reasonable assurance
is a high level of assurance. bul is nol 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 tsken on the basis of
these financial statements.
The extent to which our procedures are capable of detecting irregularities, i￿luding fraud is detailed below.
Based on our understanding of the charity. we identified that the principal risks of non-compliance with laws and regulations
related to employment and financial reporting legislation and we considered the extent to which non-complian￿ might have a
malerial effect on the financial statements. We also considered those laws and regulations that have a direct impact on the
preparation of the financial ststements such as the Companies Act 2006 and Charities Act 2011.
We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an
understanding of how fraud might occur, by making enquiries of management, considering the inlemal controls in place and
discussion amongsl the engagement team.
We determined that the principal risks were related to management bias in accounting estimatès, management override of
controls and presentation of separately disdosed items. In response to the risks identified we design￿ procedures which
included, but were not limited to.. challenging significant accounting estimates, identifying and testing journal entries. reviewing
governors, meeting minutes and agreeing financial 5tstement disdosures to underlying supporting documentation.
There are inherent limitations in the audit procedures dèscribed a￿Ve. The more removed that laws and regulations are from
financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatements that arise
due to fraud can be harder to detect than those that arise from error as they may involve deliberats concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council's website at- http.'Ilwww.frc.org.uklauditorsresponsibilities. This description forms part of our auditofs report.
Use of our report
This report is made solely to the charitable companys members. as a bo(ly, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006 and regulations made under thal Acl. Our audit work has been undertaken so that we might state to the
charitable company's members those matters we are required lo stste lo Ihem in an auditors, report and for no other purpose.
To the fullest ext nt permitted by law, we do not accepi or assume responsibility to anyone other than the charitable company
and its membe
as
body, for our
dit work, for this report, or for the opinions we have fomied.
Mlrlam Hickson FCA (Senior Statutory Auditor)
For and on behalf of Jacob Cavenagh & Skeet
Statutory Auditor
Chartered Accountsnts
Z 7 November 2024
5 Robin Hood Lane
Sutton. Surrey, SM12SW
Page 7

PAPPLEWICK EDUCATIONAL TRUST LIMrrED {BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31ST AUGUST 2024
Unrestricted Restricted Total Unrestricted Restricted Total
Funds
Funds
2024
Funds
Funds
2023
Note
INCOME FROM
Charitable activities:
School fees
Other educational income
3 6.323,463
10,300
6.323.463 5,932,411
10.300
17,079
5,932,411
11,079
Other trading activities
5,481
5.481
Investments
Interest from UK bank accounts
165,033
165,033
85, 873
85, 873
Donations
145,094
25.700 170,794
73, 191
26,170
99,361
Other income
Sundry income
114485
114485
Total income
6 763 856
25 700 6 789 556 6 199 046
26 170 6 225 216
EXPENDITURE ON:
Charitable activities:
School and grant making
5 924 253
36 549 5 960 802 5 629 174
27 971 5 657 145
Total expenditure
5 5924253
36 549 5 960 802 5 629 174
27 971 5 657 145
Net income for the year
15, 16 839,603 (10.849) 828.754 569.872
(1,801) 568,077
Transfers
Net movement in funds
839.603 (10.849) 828.754 569.872
(1.801) 568.071
Reconciliation of funds
Funds balan￿S brought forward 10 516 790
95 917 10 612 707 9 946 918
97 718 10 044 636
Funds balances carried forward 11
There were no discontinued or acquired activities during the year.
Page 8

PAPPLEWICK EDUCATIONAL TRUST LIMITED (BY GUARANTEE)
BALANCE SHEET
AS AT 31ST AUGUST 2024
2024
2023
Note
Fixed assets
Tangible assets
8,182,111
8,370.723
Current assets
Debtors
Investments
Cash at bank and in hand
1,499,131
10 4,750,690
838 085
7,087,906
1,219,503
3,703,235
993 209
5,915,947
Creditors.. amounts falling due
within one year
12 3 165565
3 250 569
Net current assets
3 922 341
2 665 378
Total assets less current liabilities
12,104,452
11,036,101
Creditors.. Amounts falling due
after more than one year
13
( 554,991)
( 275,394)
Provisions for Ilabilitles
14
108 000)
148 000)
Net assets
Funds
Unrestricted funds
Restricted funds
Total funds
15
16
11,356,393
10,516,790
The financial statements were approved on 27 November 2024 and signed by:
MrAAMTryLL
Chair of Governors
Company Number: 00826017
Page 9

PAPPLEWICK EDUCATIONAL TRUST LIMrrED (BY GUARANTEE)
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST AUGUST 2024
2024
2023
Cash provided
from operating activities {see below)
478,338
667,770
Cash flows from investing activities
Interest received
Increase in cash on deposit
Payments to acquire tangible fixed assets
165.033
(1,047.455)
236 585)
85,873
(1,184,579)
(653 398)
Cash used In investing activities
{1,119,007)
(1.752,104)
Cash flows from financing activities
{Decreaselincrease in Fees in Advance
547,890
{Decrease)lincrease in Confirmations of Entry ￿62 345)
Cash (used in)Iprovlded for
financing activities
Net cash {outtlow)linflow
{155,124)
(1,138,617)
Cash and cash equlvalents brought forward
993 209
2 131826
Cash and cash equivalents carrled forward
Cash flows from operating activlties
2024
2023
Net income
Interest received shown in investing activits'es
Depreciation
(Increase) in debtors
(Decrease)Ilncrease in creditors
(Decrease)Ilncrease in provisions
Cash provided from operating actlvltles
828,754
(165,033)
425,197
(279,628)
(290,952)
( 40 000)
568,071
(85,873)
381,341
(190,900)
(9,119)
Page 10

PAPPLEWICK EDUCATIONAL TRUST LIMITED (BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024
ACCOUNTING POLICIES
The principal accounting policies adopted, judgements and key sources of estimation uncertainty
in the preparation of the financial statements are as follows:
Accounting convention
The financial statements have been prepared under the Companies Act 2006 and in accordance
with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial
Reporting Standard 102 (FRS 102). The financial statements are drawn up on the historical cost
basis of accounting. There are no material uncertainties about the charity's ability to continue in
operation.
Papplewick Educational Trust Limited meets the definition of a public benefit entity under FRS 102.
The accounts are presented in sterling rounded to the nearest pound.
Depreciation
Depreciation is provided on all tangible fixed assets on a straight line basis, at rates calculated to write
off the cost less estimated residual value of the asset over its expected useful Srfe as follows:
Leasehold propety
over 50 years
Furniture and equipment
15 % straight line
Computers
33 113 % straight line
Motor vehicles
20 % straight line
Leasing
Payments in respect of operating lease agreements (being agreements not giving rights approximating
to ownership) have been charged to expenditure on a straight line basis.
Fees receivable, extras chargeable and interest receivable
These are all accounted for on a receivable basis.
Donations
Donations and gift aid donations are accounted forwhen received. Income tax recoverable is accounted
for on a receivable basis.
Advance fees scheme
The school on occasion offers parents the opportunity to pay up to five years tuition fees in advance in
accordance with a written contract. The amount received does not accrue interest.
Raising funds
This comprises all expenditure related to obtaining and maintaining funding of the charity. including
school fees receivable.
Page 11

PAPPLEWICK EDUCATIONAL TRUST LIMITED (BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 ST AUGUST 2024 (continued)
ACCOUNTING POLICIES (continued)
Charitable expenditure
This comprises all expenditure directly related to the objects of the charity. Expenditure is accounted
for on an accruals basis.
Governance costs
This comprises all the expenditure of running the charity. including strategic planning for future
development, also external audit, any legal advi￿ for the Govemors. and all the costs of complying
with constitutional and statutory requirements.
Pension costs
The company participates in a multi-employer defined benefit pension scheme, the Teachers,
Superannuation Scheme, the assets of which are held separately from those of the company in a fund
independently administered by the Teachers, Pensions Scheme. The company also contributes to
money purchase personal pension plans held by individual employees. Contributions are charged to
the statement of financial activities for the period in which they are payable to the scheme.
Investments
Current asset investments represent cash on deposit held for investment purposes rather than to meet
short-term cash commitments as they fall due.
Debtors
Fee debtors and other debtors are included at the settlement amount due. Prepayments are valued
at the amount prepaid.
Cash at bank
Cash at bank includes cash and short term highly liquid investments with a maturity of twelve months
or less from the date of opening of the deposit.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation arising from a
past event that will probably result in the transfer of funds to a third party and the amount due to
settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised
at their settlement amount.
Financial instruments
The charity only has financial assets and liabiltties of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and
subsequently measured using amortised cost on the effective interest rate method.
NET INCOME
2024
2023
This is stated after charging:
Depreciation
Auditors, remuneration:
Audit fees
Non-audit fees
425,197
381.341
8,160
7.500
Page 12

PAPPLEWICK EDUCATIONAL TRUST LIMITED (BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024 (continued)
SCHOOL FEES
2024
2023
The School fee income comprised
Gross fees
Less- Total bursaries and scholarships
7,051,849
6,571,685
731 866) ( 643 110)
6.319,983
5.928.575
Income from music tuition
OTHER INCOME
2024
2023
Other educational and charitable
Entrance and registration fees
Courses and sub lettings
9,500
800
10,179
900
EXPENDITURE
Total
2024
Total
2023
Staff costs
Other costs
Dep'n
Charltable activities
Teaching costs
Welfare
Premises
2,747,898
165,159
280,494
286,899
731,667
549,108
3,034,797 2,877,338
896,826
769,710
829,602
909,276
Support costs of schooling:
Salaries and pensions
Depreciation
Printing, postage and stationery
Bad debts
Professional fees
Motor and travel
Insurance
Other support costs
Governance costs
Total support costs
398,591
398,591
425,197 425,197
17,289
4,782
72,396
37,777
25,045
160,587
385,660
381,341
23,323
2,779
60,867
37,153
22,933
139,415
17,289
4,782
72,396
37,777
25,045
160,587
410,717
327,114
425,197 1,163,028 1,072,850
Grants, awards and prizes
(see below)
Total charitable expenditure
Grants, awards and prizes were all awarded to individuals.
Page 13

PAPPLEWICK EDUCATIONAL TRUST LIMrrED (BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE Y&4R ENDED 31 ST AUGUST 2024 (continued)
STAFF COSTS
2024
2023
Salaries and wages
Social security costs
Employers contribution to defined contribution pension schemes
Employers contribution to multi-employer defined benefit scheme
2,751,020
299,467
72.337
2,660,206
277,288
58,730
419035
The average number of employees during the year
was made up as follows..
2024
2023
Teaching staff
General. office and domestic
37
41
36
39
The number of employees whose emoluments amounted to over £60,000 in the year was as follows:
2024
No.
2023
No.
£60,000 - £70,000
£70,000 - £80,000
£80,000 - £90,000
£100,000- £110,000
£120,000- £130,000
£130,000- £140,000
£140,000- £150,000
Of the above employees, eight are currently accruing benefits under a defined benefit pension scheme
and one under a money purchase pension scheme.
No remuneration was paid to any member of the Council of Management during the year.
The employee benefits of the key management personnel were £358.072 (2023: £340,939).
2 (2023: 3) govemors claimed for travelling expenses during the year totalling £75 (2023: £377).
TAXATION
The company is registered wtth the Charity Commissioners as an educational charity (registered
number 309087) and is exempt from taxation in accordance with Part 10 of the Income Tax Act 2007.
Page 14

PAPPLEWICK EDUCATIONAL TRUST LIMrrED (BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 ST AUGUST 2024 (continued)
TANGIBLE FIXED ASSETS
Furniture
Long
Work
and equip- Motor
leasehold
in
Computers ment vehicles property Progress
Total
Cost
At 1 st September 2023
Additions
Disposalsrrransfers
At 31 st August 2024
340,776 1,034,539 121,346 10,504,739 233,468 12,234,868
42,130
40,654
104,463 49,338
236,585
130632
152 174 (282 806)
382 906 1205 825 121346 10 761376
12471453
Depreciation
At 1st September 2023
Released on disposal
Provided for the year
At 31st August 2024
293,097 581,611 93,014 2,896.423
3,864,145
51256 146 755 10 842
344353 728366 103856 3112767
425 197
4 289 342
Net book value
At 31st August 2024
At 31st August 2023
The School extended the leasehold from the Crown on tts premises back up to a period of 99
years with effect from 9 December 2011. The cost of the extension was £1,800.000.
DEBTORS
2024
2023
Fees and extras receivable
Prepayments
Other debtors
1,378,032
120,950
149
1,114.332
80,872
10 INVESTMENTS
2024
2023
General school funds on deposit
Page 15

PAPPLEWICK EDUCATIONAL TRUST LIMITED (BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024 (continued)
11 CASH AT BANK AND IN HAND
2024
2023
General School Funds
Papplewick Bursary Fund
Papplewick Development Fund
830,605
4,975
940,539
12 CREDITORS: Amounts falling due within one year
2024
2023
Fees billed in advance
Advance fees scheme
Trade creditors
Other creditors
Taxation and social security
Accruals
2,131,667
272.977
248,374
341.765
66,979
103 803
2,043,733
295,845
620,789
66,233
223 969
13 CREDITORS.. Amounts falling due after more than one year
2024
2023
Confirmations of entry
Advance Fees Scheme
280,078
274913
275,394
14 PROVISIONS FOR LIABILITIES AND CHARGES
Building &
Grounds
Expenses
Legal
Fees
Total
At 1st September 2023
Provisions provided in the year
Provisions utilised in the year
At 31st August 2024
22,500
32,500
22 500)
125,500
10,000
(60 000)
148,000
42,500
182 500)
The provision for Legal Fees covers the estimated costs that probably will be incurred in the future, in
respect of existing legal matters.
The provision for Building and Grounds Expenses covers the estimated cost of ne￿sSary work or
expenditure which will probably be required in the future, arising from past events.
Page 16

PAPPLEWICK EDUCATIONAL TRUST LIMrrED (BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 ST AUGUST 2024 (continued)
15 UNRESTRICTED FUNDS- 2023
Other
General
Funds
General
Total
Income
Expenditure
Net incomel(expenditure)
Transfers
Balance brought forward
Balance carried forward
73,191 6,125,855 6,199,046
73 209)
5 555 965) (5 629 174)
18)
569,890
569,872
(37,500)
37,500
183 681 9 763 237 9 946 918
UNRESTRICTED FUNDS. 2024
Other
General
Funds
General
Total
Income
Expenditure
Net income
Transfers
Balance brought forward
Balance carried forward
145,094 6.618,762 6,763,856
98 082) (5 826 171) (5 924 253)
47,012
792.591
839,603
146 163 10 370 627 10 516 790
Other General Funds comprise funds set aside by the Governors to fund specific projects in different
areas of the school.
16 RESTRICTED FUNDS - 2023
Papplewick Daphne
Development Watson
Fund
Fund
Prlze
and Tour
Funds
Total
Income
Expenditure
Net incomel(expendlture)
Transfers
Balance brought forward
Balance carried forward
50
26,120
26,170
2 575) (25 216) (27 971)
{ 2,525)
904
(1,801)
( 180)
RESTRICTED FUNDS- 2024
Papplewick Daphne
Development Watson
Fund
Fund
Prize
and Tour
Funds
Total
Income
Expenditure
Net incomel(expenditure)
Transfers
Balance brought forward
Balance carried forward
100
25,600
25,700
36 549)
(5,020) (5,664) (10,849)
( 165)
Page 17

PAPPLEWICK EDUCATIONAL TRUST LIMITED (BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 ST AUGUST 2024 (continued)
16 RESTRICTED FUNDS (continued)
The Papplewick Development Fund has been estsblished in order to facilitate the raising of funds for
future improvements to the school's premises and for bursary awards.
The Daphne Watson Fund has been created by a donation with the purpose of assisting pupils with the
cost of their music tuition whilst at the school.
Prize and Tour Funds are accumulated in order to provide annual prizes for achievement in specified
areas of the school and to contribute to the cost of sporting and cultural tours.
17 ANALYSIS OF NET ASSETS BETWEEN FUNDS- 2023
Cash
and
Bank
Other
assets and
liabilities
Tangible fixed
assets
Investments
Total
Unrestricted funds
Restricted funds
8,370,723
3,703,235
897,292 (2,454,460) 10,516,790
ANALYSIS OF NET ASSETS BETWEEN FUNDS- 2024
Cash
and
Bank
Other
assets and
Tangible fixed
assets
Investments
Total
Unrestricted funds
Restricted funds
8,182,111
4,750,690
753,017 {2,329,425) 11,356,393
18 CONSTITUTION OF THE COMPANY
The company is incorporated in England & Wales and is limited by guarantee with its registered offi
at Papplewick School, Windsor Road, Ascot, Berkshire SL5 7LH. Each member is under covenant to
contribute a sum not exceeding £1 in ￿rtain circumstances as set out in clause 6 of the Memorandum
of Association.
The number of members is eight (2023: seven).
Page 18

PAPPLEWICK EDUCATIONAL TRUST LIMITED (BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 ST AUGUST 2024 {continued)
19 COMMITMENTS UNDER OPERATING LEASES
The total future minimum payments under non-cancellable operating leases are as follows..
2024
2023
Within one year
Between two and five years
38.464
38,477
Operating lease payments recognised as an expense this year were £38.464 (2023.. £38,477).
20 RELATED PARTY TRANSACTIONS
A Governor, T G F Lord, is also a director of the Berkshire Riding Cenlre Limited and £4,386 was paid
to this company by the school for riding lessons for boys during the year (2023: £5,814).
21 CAPITAL COMMITMENTS
There were outstanding capital commitments at the year end totalling £nil (2023: £nil).
22 PENSION COMMITMENTS
Introduction
The School participates in the Teachers, Pension Scheme (England and Wales) ('the TPS"), for its
teaching staff. This is a multi-employer defined benefits pension scheme and it is not possible or
appropriate to consistently identify the liabilities of the TPS which are attributable to the School. The
School accounts for this scheme as if it were a defined contribution scheme.
The pension charge for the year includes contributions payable to the TPS of £481,444 (2023..
£419,035).
The Teachers, Pension Scheme (TPS or scheme) is a statutory, unfunded, defined benefit occupational
scheme, governed by the Teachers, Pensions Regulations 2010 (as amended), and the Teachers,
Pension Scheme Regulations 2014 (as amended). These regulations apply to teachers in schools and
other educational establishments, including academies, in England and Wales that are maintained by
local authorities. In addition, teachers in many independent and voluntary-aided schools and teachers
and lecturers in some establishments of further and higher education may be eligible for membership.
Membership is automatic for full-time teachers and lecturers and, from 1 January 2007, automatic too
for teachers and lecturers in part-time employment following appointment or a change of contract.
Teachers and lecturers are able to opt out of the TPS.
The teachers. pension budgeting and valuatlon account
Although members may be employed by various bodies, their retirement and other pension benefits
are set out in regulations made under the Superannuation Act (1972) and Public Service Pensions Act
(2013) and are paid by public funds provided by Parliament. The TPS is an unfunded scheme and
Page 19

PAPPLEWICK EDUCATIONAL TRUST LIMrrED (BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024 (continued)
22 PENSION COMMITMENTS (continued)
members contribute on a 'pay as you go 'basis - contributions from members, along with those made
by employers. are credited to the Exchequer under arrangements governed by the above Acts.
The Teachers, Pensions Regulations 2010 require an annual account. the Teachers, Pension
Budgeting and Valuation Account, to be kept of receipts and expenditure (including the cost of pension
increases). From 1 April 2001, the Account has been credited with a real rate of return. which is
equivalent to assuming that the balance in the Account is invested in notional investments that produce
that real rate of return.
Valuation of the teachers. pension scheme
The latest valuation of the Teachers. Pension Scheme took place in line with directions issued by HM
Treasury and using membership data as at 31 March 2016. As a result of this valuation TPS employers
paid an increased contribution rate of 23.68'/0 from 1 September 2019 (this includes the administration
levy of 0.8 /0). The timing of the implementation was to align its introduction with employers, budget
planning cycles. Until that time. employers had paid a rate of 16.480/0.
Scheme changes
The arrangements for a reformed Teachers, Pension Scheme. in line with the recommendations made
by Lord Hutton, in particular the introduction of a Career Average Revalued Earnings (CARE) scheme,
were implemented from 1 April 2015.
In December 2018. the Court of Appeal held that transitional protection provisions contained in the
reformed judicial and firefighter pension schemes. introduced as part of public service pension reforms
in 2015, gave rise to direct age discrimination and were therefore unlawful. The Supreme Court, in a
decision made in June 2019, rejected the Govemment's application for permission to appeal the Court
of Appeal's ruling. The case will now be referred to an Employment Tribunal for a decision regarding
the remedy that will need to be offered to those members of the two schemes who were the subject of
the age discrimination.
HM Treasury are clear that the ruling has implications for the other public service schemes, including
the Teachers, Pension Scheme. Those implications have been considered in the latest scheme
valuation. which has been based on April 2020 data. This scheme valuation has determined that the
employer contribution rate should increase by 50/0 from 23.680/0 to 28.680/0. This new rate is effective
from April 2024.
The School also participated in six defined contribution pension schemes for certain members of staff
(2023: six members). The assets of these schemes are held separately from those of the School in
independently administered funds. The School contributes between 8.0 %
28.680/0 of pensionable
salary. The pension cost relating to these schemes for the year was £61,386 {2023: £50,955).
The School also makes contributions to a NEST defined contribution scheme for other non-teaching
staff. The assets of these are held separately to Ihose of the School in independently administered
funds. The pension cost relating to these schemes for the year was £10,951 (2023: £7.775).
Page 20