Ludgrove School Trust Limited (A company limited by guarantee) Registered number: 01053039 Charity registration no. 1153790
Trustees' annual report and consolidated financial statements
For the year ended 31 August 2025
Ludgrove School Trust Limited
Reference and administrative details of the charity, its directors and advisers
| Directors | C L Butterworth, Chair (resigned 25 November 2025) |
|---|---|
| V J Morphet, Chair | |
| J D P Carter (appointed 26 January 2026) | |
| R N T Cormack | |
| R M den Besten | |
| L C L Fitzwilliams | |
| J E Floyd (appointed on 7 February 2025) | |
| A B Henshilwood (resigned 25 November 2025) | |
| A J Hinchcliff | |
| C E R Scott-Malden | |
| M A Smyth-Osbourne (resigned 23 June 2025) | |
| D D Vigors | |
| Company secretary | M E Brittain |
| Company registered number | 1053039 |
| Charity number | 309100 |
| Registered offce | Ludgrove School |
| Wokingham | |
| Berkshire | |
| RG40 3AB | |
| Auditor | S&W Audit |
| Statutory Auditor | |
| Chartered Accountants | |
| Onslow House | |
| Onslow Street | |
| Guildford | |
| Surrey | |
| GU1 4TL | |
| Bankers | Barclays Bank Plc |
| P O Box 61 | |
| Bracknell | |
| Berkshire | |
| RG12 1GJ | |
| Natwest Bank Plc | |
| 5 High Street | |
| Bracknell | |
| Berkshire | |
| RG12 1DH |
Ludgrove School Trust Limited
Contents
| Page | |
|---|---|
| Trustees' Annual Report | 1 - 5 |
| Trustees' Responsibilities Statement | 6 |
| Independent Auditor's Report | 7 - 10 |
| Consolidated Statement of Financial Activities | 11 |
| Consolidated Statement of Financial Position | 12 |
| Company Statement of Financial Position | 13 |
| Consolidated Statement of Cash Flows | 14 |
| Notes to the Financial Statements | 15 - 34 |
Ludgrove School Trust Limited
Trustees' annual report (incorporating the strategic report) for the year ended 31 August 2025
The directors present their annual report and the financial statements for the year ended 31 August 2025. The financial statements consolidate the results of the School and Ludgrove School Foundation Limited.
Legal and administrative details
The School is a private company limited by guarantee incorporated under the Companies Acts 1948 to 1967, registered number 01053039, and a registered charity, number 309100. The Company was incorporated on 4 May 1972 and its governing document is the Memorandum and Articles of Association.
Directors
The directors, who are also governors and trustees, of the School at 31 August 2025 and up to the date of approval of these financial statements were:
C L Butterworth, Chair (resigned 25 November 2025)
V J Morphet, Chair J D P Carter (appointed 26 January 2026) R N T Cormack R M den Besten L C L Fitzwilliams J E Floyd (appointed on 7 February 2025) A B Henshilwood (resigned 25 November 2025) A J Hinchliff C E R Scott-Malden M A Smyth-Osbourne (resigned 23 June 2025) D D Vigors
R M den Besten and L C L Fitzwilliams have boys who attended the School during the year. Fees were paid on normal commercial terms.
There are no trustees other than the directors. Meetings of the full board of directors were held three times during the year. As well as these meetings, there is frequent communication between the directors and there are sub-committee meetings with appropriate professional advisors in attendance. Regular contact is maintained with the headmaster between full board meetings. Details of new legislation, new regulations and news of other significant developments which will affect the School, together with appropriate training material, are sent to the directors as they arise.
The Board is responsible for identifying, recruiting and appointing new directors. New directors are inducted by individual board members, the headmaster and company secretary. The day to day running of the School is delegated to the headmaster, S W T Barber and deputy headmasters, J G Pinchin-Hughes and T B Wilson.
Objectives and activities
The principal aim and activity of the Company continues to be the provision and promotion of a first class education. Ludgrove seeks to be a school where boys can grow and develop in a happy. caring environment, learn an awareness and concern for others around them and achieve their full potential, at the same time as providing facilities, employment and resources for the local community of Wokingham. The Company's strategies for achieving its aims include the recruitment, employment and training of a high quality, caring and professional workforce; the maintenance of a high standard of academic, moral and personal education; the maintenance, continual improvement and, when necessary, the addition of facilities at the School; and making available and seeking opportunities for the use of the School's grounds and facilities by other schools, clubs and other organisations in the local community.
- 1 -
Ludgrove School Trust Limited
Trustees' annual report (incorporating the strategic report) for the year ended 31 August 2025
The School had 193 (2024: 188) pupils on the register at the year end and has had a successful year with academic, sporting and cultural achievements as strong as ever.
Achievements and performance
As always we remain unashamedly ambitious for our boys in whatever they do, particularly on the academic front and it is a fact that every year, with a non-selective intake in Year 4, our boys achieve incredible academic success. We were delighted that all the top year boys gained entry to seven distinguished schools, including eighteen to Eton, ten to Radley, three to Harrow, two each to Marlborough and Wellington and one each to Rugby and Tonbridge.
When one thinks of a curriculum it is very easy to focus on the academic side of things. However, life outside the classroom is just as much a part of a child's education and sporting activity, cultural, musical and artistic studies continue to be an important part of life at the school. Team games of football and rugby were played against other schools at all ages and at all levels of ability. Additional matches were arranged in hockey, tennis, squash, fives, swimming, golf, chess, general knowledge, judo and athletics. Music and drama continue to play an important role in school life and all the boys take part in public speaking and poetry reciting events as well as in debates. The theatre continues to provide a wonderful space for the performing arts and it has without doubt enhanced the confidence and character of the boys. It is also a venue which attracts high quality speakers and the lectures enjoyed this year have significantly enriched us all.
Public benefit
Ludgrove strives to fulfil its charitable objects to promote and provide for the advancement of education for the benefit of both its pupils and the wider community. The Governors, as charity trustees, have a duty to report in their Annual Report on the public benefit provided by the school.
The Governors have given consideration to the Charity Commission's general guidance on public benefit, and in particular to its supplementary public benefit guidance on running a charity and charging for services, and have concluded:
-
That there are clearly identifiable benefits from the School's work which relate directly to its aims as set out above.
-
There is no significant detriment flowing directly from the School's work which we consider needs to be balanced against those benefits.
-
That the benefits which the school provides are widely available. A bursary policy has been established and funds put aside to provide a genuine opportunity for those who cannot afford the School's fees to benefit from it.
Bursary policy
The School has a subsidiary charitable foundation to raise money to be available for the funding and advertising of scholarships and bursaries to be offered by the School. Until the foundation has raised sufficient funds to be able to provide such funding, the School makes a budgetary provision of an appropriate and affordable proportion of gross fee income to be applied to means tested bursaries (ranging up to 100% remission of fees). This bursary funding is available for all prospective and existing pupils including those in receipt of Continuity of Education Allowance and those supported by the Royal National Children's SpringBoard Foundation. Ludgrove is proud to be a RNCSF approved school. A bursary policy is in operation and is available to be viewed on the School's website.
- 2 -
Ludgrove School Trust Limited
Trustees' annual report (incorporating the strategic report) for the year ended 31 August 2025
Ancillary or incidental educational and other associated activities
Locally Ludgrove does not exist in isolation and is part of the wider community. It offers educational support to members of the public on different levels, employs many local people and wherever possible supports local suppliers and businesses. During the year the school facilities were used on numerous occasions for the educational benefit of teachers and pupils from other schools. It is our intention to build on existing relationships to forge stronger links with local community schools, in particular:
• Ludgrove has entered into a partnership with a cluster of six local state schools and employs a part-time administrator who is responsible for identifying and implementing opportunities for collaborative working with those schools. In addition, Ludgrove provides a budget to allow the organisation of a range of curriculum enrichment events, ranging from large scale events reaching 1,000 + students to targeted activities designed to focus on small groups with specific needs.
• Ludgrove has established a Community Education Support Fund to make grants available to local schools. The Fund is currently providing financial support for music, literacy and mental health projects.
• There is a dedicated sub-committee of Governors, the Social Impact Committee, which oversees and promotes these partnerships and grants.
In addition to the above, the minibuses, swimming pool and sports hall are all used by the wider community.
Three members of staff are currently serving on the governing bodies of local state schools.
The School will continue to further foster links with the local community and Local Authority funded schools focusing on the provision of access to the School's facilities and opportunities to share expertise in academic, cultural and sporting activities as well as regularly reviewing how it can best deliver its charitable objectives.
Fundraising
All fundraising activities for the School are carried out by our staff with assistance from parents for specific fundraising events. The School does not use professional fundraisers. All fundraising activities are managed by the School and monitored by the directors. The School's subsidiary charity, The Ludgrove School Foundation, carries out fundraising activity for the Group and during the year raised £552,387 (2024: £276,608) in donations.
No complaints relating to fundraising activities have been received by the School during this financial year. The School does not currently subscribe to any specific fundraising standards or schemes but considers that it has set appropriate standards for the operations and management of its fundraising activities. In particular the School considers that its processes and controls should ensure that vulnerable people and other members of the public are protected from any unreasonable intrusion.
Reserves policy
The Group's reserves of £18,861,002 (2024: £16,335,859) are held to enable the School to meet its objectives. The unrestricted reserves are substantially represented by fixed assets enabling the School to provide its services. The Group had £541,040 (2024: £240,345) in restricted funds at the end of the year.
The designated funds are made up of the strategic reserve, long term investment reserve and special projects reserve. These funds are held to ensure the School has enough funds for unforeseen circumstances and capital projects. The School intends to proceed with significant investment in infrastructure and has commenced the planning for a major refurbishment and capital project. Please see additional detail on page 30.
- 3 -
Ludgrove School Trust Limited
Trustees' annual report (incorporating the strategic report) for the year ended 31 August 2025
Investment policy
Some of the Company's investments are held as cash with remainder being held in an investment portfolio. This cash and the Company's unrestricted funds are held by two different banks and the portfolio is managed by Cazenove Capital.
Market value of land and buildings
The directors do not consider it possible to quantify the difference between the net book value and the market value of the Group's fixed assets without a professional valuation.
Guarantee
Each of the directors has guaranteed to contribute to the assets of the Company a sum of £1 in the event of a deficiency on winding up.
Voluntary help
During the year various individuals gave their time in supporting the School's activities. The value of this substantial support cannot be readily quantified and has not been included in the financial statements.
Financial Review
The consolidated surplus for the year amounted to £2,762,143 (2024: £850,326). This surplus includes £1,385,949 (2024: £nil) profit on sale of land and is before actuarial gains and losses on the defined benefit pension scheme. The actuarial loss for 2025 was £237,000 (2024: gain of £390,000) and the net increase in funds totals £2,525,143 (2024: £1,240,326). At the year end, the Group had retained reserves of £18,861,002 (2024: £16,335,859) of which £9,277,987 (2024: £9,453,128) relates to tangible fixed assets in the school and £1,800,000 (2024: £1,955,000) relates to pension assets. The balance of these funds is to be used in financing current and future developments. During the year there was capital expenditure of £125,817 (2024: £59,489).
The principal key financial performance indicators monitored by the governors are number of boys in the school. At the year end the number of boys in the school was 193 (2024: 188); the directors consider this to be satisfactory.
The directors are satisfied with the performance of the group's investment portfolio, which increased in value from £2,573,509 at 31August 2024 to £2,676,127 at the year end.
The Ludgrove School Foundation
The Ludgrove School Foundation, a wholly owned subsidiary of Ludgrove School Trust Limited and a registered charity with the objects of the advancement of education, in particular by the support and promotion of Ludgrove School, had a surplus for the year of £1,464,580, after making a grant of £52,947 to the School (2024: surplus of £228,968 after a grant of £13,320) and is consolidated in these accounts.
Remuneration of Key Management Personnel
The remuneration of staff is set by the board with the objective of providing appropriate incentives to encourage first class performance and of rewarding members of staff fairly for their contributions to the success of the School. Delivery of the School's charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single component of the School's charitable expenditure.
Staff remuneration is reviewed annually, with benchmarking exercises against other comparable independent schools carried out as appropriate to ensure the School remains aware of the broader issues of pay and employment conditions elsewhere.
- 4 -
Ludgrove School Trust Limited
Trustees' annual report (incorporating the strategic report) for the year ended 31 August 2025
Plans for future periods
The School is undertaking an estate master-planning exercise to ensure that the physical development of the school site over the next 10+ years is aligned with the strategic development objectives of the School. Post year end the School has registered for VAT in order to comply with the change in VAT regulation which requires fees for education to incur VAT at 20%. The School will apply VAT to fees as from 1 January 2025.
Principal risks and uncertainties
The board has assessed the major risks to which the School is exposed, in particular those related to the operations and finances of the School and is satisfied that systems are in place to mitigate exposure to the major risks. The directors' risk assessment process has identified those risks standard in owning and operating any private school. These include inter alia financial/fiscal, operational, legal/regulatory, strategic, and reputational risks.
These are regularly and carefully monitored by the directors and appropriate risk management measures implemented.
The Company keeps a risk register, to which newly identified risks are added as and when they are noted. Consideration is given to appropriate mitigation of all risks identified. The whole register is reviewed annually by the directors.
The principal risks to the school arise as a result of the importance of maintaining its outstanding reputation. This ensures that that school is able to attract sufficient boys and to recruit and retain the highest quality staff. This is of paramount importance to the directors who closely monitor all the factors that influence these areas to ensure that any risk to the school is minimal. The high level of demand for places and the school's excellent track record of supporting boys with gaining places at their first choice of public school are testament to their success in managing these risks.
Provision of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
-
so far as that director is aware, there is no relevant audit information of which the Charitable Company's auditors are unaware; and
-
that director has taken all the steps that ought to have been taken as a director in order to be aware of any information needed by the Charitable Company's auditors in connection with preparing their report and to establish that the Charitable Company's auditors are aware of that information.
24/04/2026 This report, incorporating the Group Strategic Report, was approved by the directors on .......................
Vanessa Morphet (Apr 24, 2026 16:01:30 GMT+1)
.............................................. V Morphet Chairman
- 5 -
Ludgrove School Trust Limited
Trustees' responsibilities statement
The trustees (who are also directors of the Charitable Company for the purposes of company law) are responsible for preparing the Trustees' Annual Report (incorporating the Strategic Report) and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charitable Company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period.
In preparing these financial statements, the trustees are required to:
• select suitable accounting policies and then apply them consistently;
• observe the methods and principles in the Charities S0RP;
• make judgments and accounting 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: and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable group will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company's transactions and 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 the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 6 -
Ludgrove School Trust Limited
Independent auditors' report to the members and trustees of Ludgrove School Trust Limited
Opinion
We have audited the financial statements of Ludgrove School Trust Limited (the 'parent charitable company') and its subsidiary (the 'group') for the year ended 31 August 2025 which comprise the Consolidated Statement of Financial Activities, Consolidated Statement of Financial Position, Company Statement of Financial Position, the Consolidated Statement of Cash Flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:
• give a true and fair view of the state of the group's and of the parent charitable company's affairs as at 31 August 2025 and of the group's income and expenditure for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting 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 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 group and parent 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 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 group and parent 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 other information comprises the information included in the Trustees' Annual Report and Consolidated Financial Statements, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the Trustees' Annual Report and Consolidated Financial Statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
- 7 -
Ludgrove School Trust Limited
Independent auditors' report to the members and trustees of Ludgrove School 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:
• the information given in the Trustees' Annual Report, 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
• the Strategic Report and the Directors' Report included within the Trustees' Annual 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 group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report included within the Trustees' Annual 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:
• adequate and sufficient accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us:or
• the parent charitable company financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of trustees' remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement set out on page 7, the trustees (who are directors of the parent 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 group's and the parent 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 group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under the Companies Act 2006 and under section 151 of the Charities Act 2011, and report in accordance with those Acts and relevant regulations made or having effect thereunder.
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.
- 8 -
Ludgrove School Trust Limited
Independent auditors' report to the members and trustees of Ludgrove School Trust Limited
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:
We obtained a general understanding of the Group's and the Parent Charitable Company's legal and regulatory framework through enquiry of management concerning: their understanding of relevant laws and regulations: the entities' policies and procedures regarding compliance: and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the Group's and the Parent Charitable Company's industry and regulation.
We understand that the Group and the Parent Charitable Company comply with the framework through:
• Outsourcing financial statement preparation and tax compliance to external experts;
• Updating operating procedures, manuals and internal controls as legal and regulatory requirements change; and
- Management's oversight through regular meetings and compliance reporting.
In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Group's and the Parent Charitable Company's ability to conduct its business, and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Group's and the Parent Charitable Company's activities:
• The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements; and
- The Charities Act 2011.
Based on our understanding we performed the following specific procedures to gain evidence about compliance with the significant laws and regulations above:
• We identified the laws and regulations applicable to the charity through discussions with management, and from our commercial knowledge and experience of the sector;
• Making enquiries of management and those charged with governance to understand their awareness of any non-compliance of laws and regulations;
• Reviewing minutes of meetings of those charged with governance to identify any instances of noncompliance.
The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:
• Manipulation of the financial statements via fraudulent journal entries
The procedures we carried out to gain evidence in the above areas included:
• Testing a sample of journal entries, selected through applying specific risk assessments based on the group's processes and controls surrounding manual journal entries
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
- 9 -
Ludgrove School Trust Limited
Independent auditors' report to the members and trustees of Ludgrove School Trust Limited
Use of our report
This report is made solely to the parent 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 parent charitable company's members and trustees, 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 parent charitable company, and the parent charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Craig Henderson (Apr 29, 2026 13:05:10 GMT+1) Craig Henderson
Craig Henderson
Senior Statutory Auditor, for and on behalf of S&W Audit Chartered Accountants
Onslow House Onslow Street Guildford Surrey GU1 4TL
Date: 29/04/2026
- 10 -
Ludgrove School Trust Limited
Consolidated statement of financial activities (incorporating income and expenditure account) for the year ended 31 August 2025
| Unrestricted Restricted Designated funds funds funds 2025 2025 2025 Note £ £ £ Income from: Donations 3 199,745 353,642 - Charitable activities 4 6,801,570 - - Other trading activities 5 1,601,866 - - Investments 6 244,570 - - Total income 8,847,751 353,642 - Expenditure on: Raising funds 7 74,745 - - Charitable activities 8 6,431,564 - - Total expenditure 6,506,309 - Net gains on fxed asset investments 67,059 - - Net income 2,408,501 353,642 - Transfers between funds (49,671) (52,947) 102,618 Other recognised gains and losses: Actuarial (losses)/gains on defned beneft pension schemes (237,000) - - Net income / movement in funds for the year 2,121,830 300,695 102,618 Reconciliation of funds Fund balances brought forward at 1 September 2024 13,522,005 240,345 2,573,509 Fund balances carried forward at 31 August 2025 15,643,835 541,040 2,676,127 |
Total Total funds funds 2025 2024 £ £ 553,387 287,343 6,801,570 6,425,809 1,601,866 83,096 244,570 143,456 |
|---|---|
| 9,201,393 6,939,704 |
|
| 74,745 46,748 6,431,564 6,312,844 |
|
| 6,506,309 6,359,592 67,059 270,214 |
|
| 2,762,143 850,326 - - (237,000) 390,000 |
|
| 2,525,143 1,240,326 16,335,859 15,095,533 |
|
| 18,861,002 16,335,859 |
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.
The notes on pages 15 to 34 form part of the financial statements.
- 11 -
Ludgrove School Trust Limited
Consolidated statement of financial position as at 31 August 2025
| Notes Non current assets Property, plant and equipment 14 Investments 15 Pension assets 21 Current assets Trade and other receivables 16 Cash at bank and in hand Current liabilities Trade and other payables 17 Net current assets Net assets Creditors: amounts falling due after more than one year 17 Net assets Consolidated funds Designated funds 19 Restricted funds 19 Unrestricted funds 19 Total funds |
£ 2,287,934 6,881,563 10,073,013 (3,768,457) |
2025 £ 9,277,987 2,676,127 1,800,000 13,754,114 5,401,040 19,155,154 (294,152) 18,861,002 2,676,127 541,040 15,643,835 18,861,002 |
£ 1,395,577 5,955,616 7,351,193 (4,067,447) |
2024 £ 9,453,128 2,573,509 1,955,000 13,981,637 3,283,746 17,265,383 (929,524) 16,335,859 2,573,509 240,345 13,522,005 16,335,859 |
|---|---|---|---|---|
The financial statements were approved by the trustees and signed on their behalf by:
Vanessa Morphet (Apr 24, 2026 16:01:30 GMT+1)
....................................................................
V Morphet Chairman of Trustees
24/04/2026
Dated: ..............................
The notes on pages 15 to 34 form part of the accounts.
- 12 -
Ludgrove School Trust Limited (A company limited by guarantee - Registered number: 01053039) Company statement of financial position as at 31 August 2025
| Notes Non current assets Property, plant and equipment 14 Investments 15 Pension assets 21 Current assets Trade and other receivables 16 Cash at bank and in hand Current liabilities Trade and other payables 17 Net current assets Creditors: amounts falling due after more than one year Net assets Consolidated funds Designated funds 19 Restricted funds 19 Unrestricted funds 19 Total funds |
£ 2,170,186 5,696,479 7,866,665 (4,652,915) |
2025 £ 9,277,987 2,676,127 1,800,000 13,754,114 3,213,750 (294,152) 16,673,712 2,676,127 10,456 13,987,129 16,673,712 |
£ 1,354,410 5,255,015 6,609,425 (4,048,389) |
2024 £ 9,453,128 2,573,509 1,955,000 13,981,637 2,561,036 (929,524) 15,613,149 2,573,509 10,456 13,029,184 15,613,149 |
|---|---|---|---|---|
The unconsolidated net surplus of Ludgrove School Trust Limited for the year was £1,060,563 (2024: £1,011,357).
The financial statements were approved by the trustees and signed on their behalf by:
Vanessa Morphet (Apr 24, 2026 16:01:30 GMT+1) V Morphet Chairman of Trustees
....................................................................
24/04/2026
Dated: ..............................
The notes on pages 15 to 34 form part of the accounts.
- 13 -
Ludgrove School Trust Limited
Consolidated statement of cash flows for the year ended 31 August 2025
| 2025 Note £ Cash fows from operating activities Net cash generated from operating activities A 858,301 Cash fows from investing activities Purchase of property, plant and equipment (125,817) Interest received 193,463 Net cash from investing activities 67,646 Change in cash and cash equivalents in the reporting period 925,947 Cash and cash equivalents at the beginning of the reporting period 5,955,616 Cash and cash equivalents at the end of the reporting period 6,881,563 Note to the statement of cash fows A. Reconciliation of net income to net cash generated from operating activities 2025 £ Analysis of net funds Net income before other recognised gains and losses 2,762,143 Non cash expenses 15,548 Depreciation of property, plant and equipment 300,958 Interest received (244,570) (Increase)/decrease in trade and other receivables (892,357) (Decrease)/increase in trade and other payables (934,362) Gains on investments (67,059) Defned beneft pension scheme adjustments (82,000) Net cash generated from operating activities 858,301 |
2024 £ 3,330,085 (59,489) 92,377 32,888 3,362,973 2,592,643 5,955,616 2024 £ 850,326 14,286 307,473 (143,456) 595,139 2,052,531 (270,214) (76,000) 3,330,085 |
|---|---|
The cash flow statement has been re-presented to remove the effect of movements on the investment portfolio as these do not represent changes in cash and cash equivalents.
- 14 -
Ludgrove School Trust Limited
Notes to the financial statements for the year ended 31 August 2025
1 Accounting policies
1.1 Basis of preparation of financial statements
The consolidated accounts are prepared under the Companies Act 2006 and the historical cost convention unless otherwise stated, in accordance with applicable United Kingdom Generally Accepted Accounting Practice including FRS 102 "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" (FRS 102) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with FRS 102 (effective 1 January 2019) - (Charities SORP (FRS 102)).
Ludgrove School Trust Limited is a school offering education to boys aged 8 to 13, which meets the definition of a public benefit entity under FRS 102.
The Parent Company has taken advantage of the exemption available to qualifying entities under FRS 102 from preparing a Statement of Cash Flows
1.2 Basis of consolidation
The consolidated financial statements present the results of Ludgrove School Trust Limited and its subsidiary undertaking ('the Group'). The Company has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and expenditure account.
1.3 Going concern
Directors have reviewed the funds available to the School together with the expected ongoing demand for places and the future projected cash flows, and have concluded that the school has adequate resources to continue its activities for the foreseeable future. Additionally, despite the current uncertainty in the wider economy, the strength of the School's Statement of financial position is such that the directors consider that there is currently no material uncertainty over the school's financial viability. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
1.4 Company status
The School is a registered charity and a private company limited by guarantee incorporated in England and Wales. The members of the Company are the directors named on page 1. The registered office is Ludgrove School, Wokingham, Berkshire, RG40 3AB. In the event of the Company being wound up, the liability in respect of the guarantee is limited to £1 per member of the Company.
1.5 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the directors in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds represent unspent monies received for a particular donor-specified purpose, as explained in the notes to the financial statements.
- 15 -
Ludgrove School Trust Limited
Notes to the financial statements for the year ended 31 August 2025
(Continued)
1 Accounting policies
1.6 Income
All incoming resources are included in the Consolidated Statement of Financial Activities when the Company has entitlement to the funds, it is probable that monies will be received, and the amount can be measured with sufficient reliability.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Fee income represents fees, extras and disbursements, received for the education of the pupils attending the school, less discounts. Income received from the rendering of tuition services is recognised over the period the service is provided.
1.7 Expenditure
Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the audit fees and costs linked to the strategic management of the Charity.
All resources expended are inclusive of irrecoverable VAT.
1.8 Property, plant and equipment
All assets costing more than £2,000 are capitalised.
Property, plant and equipment are stated at cost less depreciation. Depreciation is not charged on freehold land. Depreciation on other assets is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold buildings 2% straight-line Leasehold buildings over the term of the lease Freehold land not depreciated Plant and machinery 15% straight-line Motor vehicles 25% reducing balance
Included in leasehold properties are buildings held under short leases which are being depreciated at the rate of 2% per annum. In the directors' opinion the leases will be renewed indefinitely.
1.9 Operating leases
Rentals under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
- 16 -
Ludgrove School Trust Limited
Notes to the financial statements for the year ended 31 August 2025
(Continued)
1 Accounting policies
1.10 Taxation
As a charity, the Company and its subsidiary are exempt from tax on income and gains under current tax legislation to the extent that these are applied to charitable objects. No tax charges have arisen in the Group.
The Group is unable to recover the input VAT associated with the supply of goods and services as the provision of education is exempt from VAT. The irrecoverable VAT is included in the total cost applicable to each expense heading.
1.11 Pensions
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
The Company additionally maintains a funded defined benefit pension scheme called the Ludgrove School Staff Pension Scheme. This scheme ceased to accrue benefits for active members as from 31August 2011. Under the provisions of FRS 102, any surplus or deficit on the pension scheme is included in the Company's Statement of financial position.
A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including age, length of service and remuneration. The liability recognised in the Statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the reporting date less the fair value of the plan assets at the reporting date.
The defined benefit obligation is calculated using the projected unit credit method. Annually the Group engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating the estimated period of the future payments ('discount rate').
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Group's policy for similarly held assets. This includes the use of appropriate valuation techniques.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other recognised gains/losses. These amounts together with the return on plan assets, less amounts included in net interest. are disclosed as 'Actuarial gains on defined benefit scheme'.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in the Income and expenditure account as 'Finance expense'.
- 17 -
Ludgrove School Trust Limited
Notes to the financial statements for the year ended 31 August 2025
(Continued)
1 Accounting policies
1.12 Financial instruments
The charity has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial liabilities are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability.
Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
1.13 Trade receivables
Trade receivables are recognised at the point at which the invoice is raised and there is an unconditional right to receive payment.
- 18 -
Ludgrove School Trust Limited
Notes to the financial statements for the year ended 31 August 2025
2 Key sources of estimation uncertainty and judgements
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the Statement of financial position date and the reported amounts of revenues and expenses during the reporting period.
Defined benefit pension scheme
The Charity has an obligation to pay pension benefits to employees. The costs of these benefits and the present value of the obligation depend on a number of factors including life expectancy, salary and pension increases, and the discount rate on corporate bonds. The directors make appropriate judgements and estimates based on professional advice received from the scheme's actuary. Assumptions are set out in note 21.
3 Income from donations
| Unrestricted | **Restricted ** | Designated | Total | Total | |
|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | |
| 2025 | 2025 | 2025 | 2025 | 2024 | |
| £ | £ | £ | £ | £ | |
| Donations | 199,745 | 353,642 | - | 553,387 | 287,343 |
Included in donations income of £287,343 for the year ended 31 August 2024 is £194,976 which relates to restricted funds and the balance of £92,367 relates to unrestricted funds.
4 Income from charitable activities
| Unrestricted funds £ Fees receivable 6,457,582 Extras 597,979 Non-refundable 8,369 registration fees Discounts and bursaries (262,360) 6,801,570 |
Restricted Designated Total Funds Total Funds funds funds 2025 2024 £ £ £ £ - - 6,457,582 6,171,600 - - 597,979 500,062 - - 8,369 9,674 - - (262,360) (255,527) - - 6,801,570 6,425,809 |
Restricted Designated Total Funds Total Funds funds funds 2025 2024 £ £ £ £ - - 6,457,582 6,171,600 - - 597,979 500,062 - - 8,369 9,674 - - (262,360) (255,527) - - 6,801,570 6,425,809 |
|---|---|---|
| 6,425,809 |
All income from other charitable activities in 2024 relates to unrestricted funds.
- 19 -
Ludgrove School Trust Limited
Notes to the financial statements for the year ended 31 August 2025
5 Income from other trading activities
| Unrestricted Restricted Designated funds funds funds 2025 2025 2025 £ £ £ Rent receivable 3,222 - - Other income 1,516,644 - - Net interest on pension asset (note 13) 82,000 - - 1,601,866 - **- ** |
Unrestricted Restricted Designated funds funds funds 2025 2025 2025 £ £ £ Rent receivable 3,222 - - Other income 1,516,644 - - Net interest on pension asset (note 13) 82,000 - - 1,601,866 - **- ** |
Total Total funds funds 2025 2024 £ £ 3,222 5,313 1,516,644 1,783 82,000 76,000 |
|---|---|---|
| **- ** | 1,601,866 83,096 |
All income from other trading activities in 2024 relates to unrestricted funds.
Other income above includes profit on sale of agricultural land of £1,385,949.
6 Income from investments
| Unrestricted | **Restricted ** | Designated | Total | Total | |
|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | |
| 2025 | 2025 | 2025 | 2025 | 2024 | |
| £ | £ | £ | £ | £ | |
| Investment income | 244,570 | - | - | 244,570 | 143,456 |
All investment income in 2024 relates to unrestricted funds.
7 Expenditure on raising funds
| Unrestricted Restricted Designated funds funds funds 2025 2025 2025 £ £ £ Bank charges 142 - - Fundraising events 54,364 - - Fundraising administration 20,239 - - 74,745 - - |
Total Total funds funds 2025 2024 £ £ 142 221 54,364 26,688 20,239 19,839 |
|---|---|
| 74,745 46,748 |
All expenditure on raising funds in 2024 relates to unrestricted funds.
- 20 -
Ludgrove School Trust Limited
Notes to the financial statements for the year ended 31 August 2025
8 Expenditure on charitable activities
| Unrestricted funds 2025 £ Staff costs (note 11) 3,669,485 Direct costs 1,119,555 Depreciation 300,958 Irrecoverable VAT 1,577 Support costs (note 9) 1,339,989 6,431,564 |
Restricted funds 2025 £ - - - - - - |
Designated funds 2025 £ - - - - - - |
Total funds 2025 £ 3,669,485 1,119,555 300,958 1,577 1,339,989 6,431,564 |
Total funds 2024 £ 3,497,901 1,151,978 307,473 - 1,355,492 |
|---|---|---|---|---|
| 6,312,844 |
All expenditure on charitable activities in 2024 relates to unrestricted funds.
- 21 -
Ludgrove School Trust Limited
Notes to the financial statements for the year ended 31 August 2025
9 Support costs
| Basis of Support allocation costs 2025 £ Premises Direct 951,384 Garden & grounds Direct 122,660 Professional fees Direct 68,018 Other support costs Direct 119,344 Donations payable Direct 376 Governance costs Direct 71,442 Bad debt provision Direct 6,765 1,339,989 All expenditure on support costs relates to unrestricted funds. Net income This is stated after charging: Depreciation of tangible fxed assets: - owned by the Charitable Group Auditor's remuneration: - statutory audit of the Group - statutory audit of the subsidiary - accounting services - tax advisory Operating lease rentals |
Total funds 2025 £ 951,384 122,660 68,018 119,344 376 71,442 6,765 1,339,989 2025 £ 300,958 31,500 13,400 48,020 24,275 118,514 |
Total funds 2024 £ 910,007 49,780 108,682 170,412 1,771 89,997 24,843 |
|---|---|---|
| 1,355,492 | ||
| 2024 £ 307,473 23,100 12,750 51,000 10,350 133,186 |
10 Net income
- 22 -
Ludgrove School Trust Limited
Notes to the financial statements for the year ended 31 August 2025
(Continued)
| 11 Staff costs Staff costs were as follows: Wages and salaries Social security costs Pension costs |
2025 £ 2,777,732 292,117 599,636 3,669,485 |
2024 £ 2,689,031 258,467 550,403 |
|---|---|---|
| 3,497,901 |
The average monthly number of employees during the year was as follows:
| Teaching, pastoral and household Maintenance Administration The number of higher paid employees was: In the band £60,001 - £70,000 In the band £70,001 - £80,000 In the band £110,001 - £120,000 In the band £120,001- £130,000 In the band £130,001- £140,000 |
2025 No. 93 7 8 108 2025 No. 4 4 - - 1 9 |
2024 No. 94 8 8 |
|---|---|---|
| 110 | ||
| 2024 No. 7 2 - 1 - |
||
| 10 |
Key management personnel ("KMP") comprises the directors, the headmaster, the bursar and the deputy headmasters. Total remuneration paid to KMP was £328,003 (2024: £302.437).
- 23 -
Ludgrove School Trust Limited
Notes to the financial statements for the year ended 31 August 2025
12 Directors' remuneration
During the year, no directors received any remuneration (2024: none).
During the year, no directors received any benefits in kind (2024: none).
During the year retirement benefits were accruing to no directors (2024: none) in respect of defined benefit pension schemes.
During the year, no directors were reimbursed expenses (2024: none).
13 Net interest on pension scheme asset
| 2025 £ Interest income on pension scheme assets 378,000 Interest on pension scheme liabilities (296,000) Net interest on net defned beneft asset 82,000 |
2024 £ 403,000 (327,000) 76,000 |
|---|---|
- 24 -
Ludgrove School Trust Limited
Notes to the financial statements for the year ended 31 August 2025
14 Group and compay tangible fixed assets
| Cost At 1 September 2024 Additions Disposals At 31 August 2025 Depreciation At 1 September 2024 Charge for the year On disposals At 31 August 2024 Net book value At 31 August 2025 At 31 August 2024 Included in net book value of land and Freehold land and buildings Long leasehold Short leasehold |
Land & Buildings £ 13,048,856 84,101 - 13,132,957 3,785,859 230,566 - 4,016,425 9,116,532 9,262,997 buildings is: |
Plant & Machinery £ 1,709,206 41,716 (193,872) 1,557,050 1,529,011 67,909 (193,872) 1,403,048 154,002 180,195 |
Motor Vehicles £ 38,763 - - 38,763 28,827 2,483 - 31,310 7,453 9,936 2025 £ 8,830,209 58,156 228,168 |
Total £ 14,796,825 125,817 (193,872) 14,728,770 5,343,697 300,958 (193,872) 5,450,783 9,277,987 9,453,128 2024 £ 8,962,940 59,121 240,935 |
|---|---|---|---|---|
- 25 -
Ludgrove School Trust Limited
Notes to the financial statements for the year ended 31 August 2025
15 Fixed asset investments
| Group and company Market value At 1 September 2024 Additions Disposals Revaluation At 31 August 2025 |
Cash Listed investments £ £ 138,496 2,435,013 98,817 1,241,338 - (1,330,533) - 92,996 237,313 2,438,814 |
Total £ 2,573,509 1,340,155 (1,330,533 92,996 |
|---|---|---|
| 2,676,127 |
Total investment gains of £67,059 (2024: £270,214) as shown on the Statement of Financial Activities comprise unrealised gains of £92,996 (2024: £224,138) and realised losses of £25,937 (2024: gains of £46,076).
Investments at 31 August 2025 comprise:
| Equities Bonds Alternatives Cash |
2025 £ 1,365,024 643,335 430,455 237,313 2,676,127 |
2024 £ 1,338,731 647,795 448,487 138,496 |
|---|---|---|
| 2,573,509 |
16 Trade and other receivables
| Trade receivables Amounts owed by group undertakings Prepayments and accrued income Other receivables |
Group 2025 2024 £ £ 1,961,738 1,248,406 - - 317,695 127,064 8,501 20,107 2,287,934 1,395,577 |
Company 2025 2024 £ £ 1,843,990 1,200,776 - 6,463 317,695 127,064 8,501 20,107 2,170,186 1,354,410 |
Company 2025 2024 £ £ 1,843,990 1,200,776 - 6,463 317,695 127,064 8,501 20,107 2,170,186 1,354,410 |
|---|---|---|---|
| 1,354,410 |
- 26 -
Ludgrove School Trust Limited
Notes to the financial statements for the year ended 31 August 2025
17 Trade and other payables
| Group 2025 2024 £ £ Trade payables 384,129 92,529 Amounts owed to group undertakings - - Other payables 545,204 288,884 Pensions payable 54,309 47,122 Social security payable 78,447 66,989 Accruals 112,711 196,044 Deferred income (note 18) 2,593,657 3,375,879 3,768,457 4,067,447 Amounts falling due after one year Group 2025 2024 £ £ Deferred income (note 18) 294,152 929,524 294,152 929,524 Deferred income Deferred income relates to school fees paid in advance. Group 2025 2024 £ £ As at 1 September 4,305,403 2,256,693 Amounts released to SOFA (4,011,251) (2,256,693) Amounts refunded (100,011) - Amounts deferred in the year 2,693,668 4,305,403 As at 31 August 2,887,809 4,305,403 |
Company 2025 2024 £ £ 384,129 92,529 903,516 - 545,204 288,884 54,309 47,122 78,447 66,989 93,653 176,986 2,593,657 3,375,879 4,652,915 4,048,389 Company 2025 2024 £ £ 294,152 929,524 294,152 929,524 Company 2025 2024 £ £ 4,305,403 2,256,693 (4,011,251) (2,256,693) (100,011) - 2,693,668 4,305,403 2,887,809 4,305,403 |
|---|---|
18 Deferred income
- 27 -
Ludgrove School Trust Limited
Notes to the financial statements for the year ended 31 August 2025
| 19 Statement of funds - General funds - all funds Designated funds Strategic reserve Long-term investment reserve Special projects reserve Total designated funds Restricted funds Learning support Bursary fund Total restricted funds Total funds |
Group Brought forward 1 September 2024 £ 13,522,005 |
Income £ 8,847,751 - - - - - 353,642 353,642 9,201,393 |
Carried Transfers Gains/) forward 31 Expenditure in/out (losses) August 2025 £ £ £ £ (6,506,309) (49,671) (169,941)15,643,835 - - - 750,000 - - - 750,000 - 102,618 - 1,176,127 - 102,618 - 2,676,127 - - - 10,456 - (52,947) - 530,584 - (52,947) - 541,040 (6,506,309) - (169,941) 18,861,002 |
Carried Transfers Gains/) forward 31 Expenditure in/out (losses) August 2025 £ £ £ £ (6,506,309) (49,671) (169,941)15,643,835 - - - 750,000 - - - 750,000 - 102,618 - 1,176,127 - 102,618 - 2,676,127 - - - 10,456 - (52,947) - 530,584 - (52,947) - 541,040 (6,506,309) - (169,941) 18,861,002 |
Carried Transfers Gains/) forward 31 Expenditure in/out (losses) August 2025 £ £ £ £ (6,506,309) (49,671) (169,941)15,643,835 - - - 750,000 - - - 750,000 - 102,618 - 1,176,127 - 102,618 - 2,676,127 - - - 10,456 - (52,947) - 530,584 - (52,947) - 541,040 (6,506,309) - (169,941) 18,861,002 |
Carried Transfers Gains/) forward 31 Expenditure in/out (losses) August 2025 £ £ £ £ (6,506,309) (49,671) (169,941)15,643,835 - - - 750,000 - - - 750,000 - 102,618 - 1,176,127 - 102,618 - 2,676,127 - - - 10,456 - (52,947) - 530,584 - (52,947) - 541,040 (6,506,309) - (169,941) 18,861,002 |
|---|---|---|---|---|---|---|
| 750,000 750,000 1,073,509 |
- - - |
- - - - 102,618 - |
750,000 750,000 1,176,127 |
|||
| 2,573,509 | - | 102,618 - |
2,676,127 | |||
| 10,456 229,889 |
- - |
- - (52,947) - |
10,456 530,584 |
|||
| 240,345 | - | (52,947) - |
541,040 | |||
| 16,335,859 | (169,941) 18,861,002 |
- 28 -
Ludgrove School Trust Limited
Notes to the financial statements for the year ended 31 August 2025
(Continued)
19 Statement of funds (continued) - Company
| General funds - all funds Designated funds Strategic reserve Long-term investment reserve Special projects reserve Total designated funds Restricted funds Learning support Total restricted funds Total funds |
Brought forward 1 September 2024 £ 13,029,184 750,000 750,000 1,073,509 2,573,509 10,456 10,456 15,613,149 |
Income Expenditure £ £ 8,590,115 (7,359,611) - - - - - - - - - - - - 8,590,115 (7,359,611) |
Transfers Gains/) in/out (losses) £ £ (102,618) (169,941) - - - - 102,618 - 102,618 - - - - - - **(169,941) ** |
Carried forward 31 August 2025 £ 13,987,129 |
|---|---|---|---|---|
| - - 102,618 |
750,000 750,000 1,176,127 |
|||
| 102,618 | 2,676,127 | |||
| - | 10,456 | |||
| - | 10,456 | |||
| - | 16,673,712 |
Designated funds
The Strategic reserve has been set up to cover possible future expenditure of an exceptional nature.
The Long-term investment reserve has been set up to cover future expenditure on the School's land and buildings.
The Special projects reserve has been set up for potential future requirements of the school.
Restricted funds
The Learning support fund was created by the donation of funds specifically for learning support.
The Bursary fund was created by the donation of funds in the subsidiary charity specifically for the purpose of providing bursaries. The transfer to unrestricted funds of £52,947 reflects amounts expended on this purpose in the year.
- 29 -
Ludgrove School Trust Limited
Notes to the financial statements for the year ended 31 August 2025
20 Analysis of net assets between funds
| Group Unrestricted funds 2025 £ Tangible fxed assets 9,277,987 Fixed asset investments - Pension asset 1,800,000 Current assets 9,531,973 Creditors due within one year (4,671,973) Creditors due after one year (294,152) 15,643,835 |
Restricted funds 2025 £ - - - 541,040 - - 541,040 |
Designated funds 2025 £ - 2,676,127 - - - - 2,676,127 |
Total Total funds funds 2025 2024 £ £ 9,277,987 9,259,256 2,676,127 2,573,509 1,800,000 1,955,000 10,073,013 7,351,193 (4,671,973) (4,067,447) (294,152) (929,524) 18,861,002 16,141,987 |
|---|---|---|---|
All tangible fixed assets for 2024 relate to unrestricted funds. All fixed asset investments for 2024 relate to designated funds. Included within current assets for 2024 is £240,345 relating to restricted funds with the balance of £7,110.848 relating to unrestricted funds. All creditors and provisions for liabilities and charges for 2024 relate to unrestricted funds.
| Company Unrestricted funds 2025 £ Tangible fxed assets 9,277,987 Fixed asset investments - Pension asset 1,800,000 Current assets 7,856,209 Creditors due within one year (4,652,915) Creditors due after one year (294,152) 13,987,129 |
Restricted funds 2025 £ - - - 10,456 - - 10,456 |
Designated funds 2025 £ - 2,676,127 - - - - 2,676,127 |
Total Total funds funds 2025 2024 £ £ 9,277,987 9,453,128 2,676,127 2,573,509 1,800,000 1,955,000 7,866,665 6,609,425 (4,652,915)(4,048,389) (294,152) (929,524) 16,673,712 15,613,149 |
|---|---|---|---|
All tangible fixed assets for 2024 relate to unrestricted funds. All fixed asset investments for 2024 relate to designated funds. Included within current assets for 2024 is £10.456 relating to restricted funds with the balance of £6,598,969 relating to unrestricted funds. All creditors and provisions for liabilities and charges for 2024 relate to unrestricted funds.
- 30 -
Ludgrove School Trust Limited
Notes to the financial statements for the year ended 31 August 2025
21 Pension commitments
Ludgrove School Trust Limited operates a Group Personal Pension scheme, a defined contribution scheme, for the benefit of certain employees. Contributions in the year were £599,636 (2024: £550,403)
The Group also operates a defined benefit pension scheme.
Contributions by both employees and the Company are held in director administered funds completely independent of the Company's finances. The profit and loss charge is based upon actuarial advice by a professionally qualified actuary. The Scheme's Actuary is not an employee of the sponsoring employer.
The Virgin Media Ltd v NTL Pension Trustees II decision, handed down by the High Court on 16 June 2023, considered the implications of section 37 of the Pension Schemes Act 1993. This section was in force between April 1997 and April 2016, and required that benefit changes could only be made in contracted-out defined benefit schemes if the scheme actuary had confirmed in writing that the scheme would still meet a minimum benefit test after the benefit changes had been made. In a judgment delivered on 25 July 2024, the Court of Appeal unanimously upheld the decision of the High Court that amendments made to the NTL Pension Plan were void because this written confirmation from the actuary could not be found. This case has the potential to cause significant issues in the pensions industry. The trustees of the Ludgrove School Defined Benefit pension scheme will investigate the possible implications with its advisers in due course, but it is not possible at present to estimate the potential impact, if any, on the Scheme.
The amounts recognised in the Statement of financial position are as follows:
| 2025 £ Present value of funded obligations (5,505,000) Fair value of scheme assets 7,305,000 Net balance 1,800,000 |
2024 £ (6,514,000) 8,469,000 |
|---|---|
| 1,955,000 |
The amounts recognised in the Consolidated Statement of Financial Activities are as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Net interest income | 82,000 | 76,000 |
- 31 -
Ludgrove School Trust Limited
Notes to the financial statements for the year ended 31 August 2025
21 Pension commitments
(Continued)
Movements in the present value of the defined benefit obligation and the fair value of scheme assets were as follows:
| At 1 September 2024 Interest income on scheme assets Return less interest income on scheme assets Interest cost Benefts paid Actuarial gains/(losses) Administration expenses At 31 August 2025 |
Assets £ 8,469,000 392,000 (580,000) - (962,000) - (14,000) 7,305,000 |
Liabilities £ (6,514,000) - - (296,000) 962,000 343,000 - (5,505,000) |
Total £ 1,955,000 392,000 (580,000) (296,000) - 343,000 14,000 |
|---|---|---|---|
| 1,800,000 |
The date of the most recent actuarial valuation of the scheme assets and liabilities was 5 April 2022.
The Group expects to contribute £nil(2024: £nil) to its defined benefit pension scheme in 2026.
Principal actuarial assumptions at the Statement of financial position date (expressed as weighted averages):
| 2025 | 2024 | |
|---|---|---|
| Pension revaluation in deferment (CPI, maximum 5% with effect | 2.20% | 2.70% |
| from 6 April 1999 to 5 April 2009) | ||
| Pension revaluation in deferment (CPI, maximum 2.5% with effect | 2.20% | 2.50% |
| from 6 April 2009) | ||
| Discount rate | 5.90% | 4.90% |
| Pension escalation in payment (RPI, max 2.5% with effect from 1 | 2.10% | 2.10% |
| August 2007 | ||
| Pension escalation in payment (RPI, max 5% with effect from 6 April | 2.90% | 3.00% |
| 1999 to 31July 2007) | ||
| RPI infation | 3.00% | 3.10% |
| CPI infation | 2.20% | 2.70% |
- 32 -
Ludgrove School Trust Limited
Notes to the financial statements for the year ended 31 August 2025
22 Operating lease commitments
At 31 August 2025 the Group had commitments under non-cancellable operating leases as follows:
| Land and | buildings | Other | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Group and company | ||||
| Expiry date: | ||||
| Less than 1 year | 95,321 | 94,408 | 35,662 | 72,762 |
| Between 1 and 5 years | 57,670 | 110,904 | 50,038 | 84,690 |
23 Capital commitments
There are no capital commitments as at 31 August 2025 (2024: £Nil).
24 Contingent liability
As described in note 21, the implications of the High Court ruling in respect of section 37 of the Pension Schemes Act 1993 on the School's defined benefit pension scheme have not been determined. This has the potential to create an additional obligation in respect of scheme liabilities, but it is not possible to reliably estimate the potential impact of this judgement on the scheme without further investigation. The trustees of the scheme intend to take legal advice before taking next steps.
25 Related parties
The Foundation made bursary grants of £52,947 (2024: £13,320) to the School during the year. During the year the School has settled expenses related to Foundation of £74,603 (2024: £41,897) and the School pledged donations of £1,025,927 to the Foundation during the year (2024: £nil). As at the year end £903,516 is due to be paid to the Foundation (2024: £6,463 due from Foundation to School).
R M Besten and LC L Fitzwilliams have boys who attended the School during the year. Fees were paid on normal commercial basis.
Close family members of key management personnel received remuneration of £73 (2024: £nil) during the year.
There were no other related party transactions during the year that require disclosure.
26 Controlling party
There is considered to be no ultimate controlling party.
- 33 -
Ludgrove School Trust Limited
Notes to the financial statements for the year ended 31 August 2025
28 Subsidiary
Percentage Company name Country shareholding Description The Ludgrove School Foundation United Kingdom 100% Charitable foundation
The Charity is the ultimate controlling party of The Ludgrove School Foundation Limited as established by its memorandum and articles of association dated 7 August 2012, company number 08170775 and charity number 1149573. The objective of The Ludgrove School Foundation Limited is to distribute funds available to it in support of charitable purposes approved by its directors. The assets and liabilities of the subsidiary which have been included in the consolidated accounts are shown below as are a summary of its income and expenditure. The registered office of The Ludgrove School Foundation is Ludgrove, Wokingham, RG40 3AB.
Summary of subsidiary assets and liabilities
| Debtors Cash Creditors Net assets Income and expenditure summary Voluntary income Costs of generating voluntary income Grant to Ludgrove School Professional fees Governance costs Investment income Surplus Funds brought forward Total |
2025 £ 1,021,264 1,185,084 (19,058) 2,187,290 2025 £ 1,591,341 (60,435) (52,947) (142) (20,239) 7,002 1,464,580 722,710 2,187,290 |
2024 £ 47,630 700,601 (25,521) 722,710 2024 £ 276,608 (26,688) (13,320) (221) (19,839) 12,428 228,968 493,742 722,710 |
|---|---|---|
- 34 -