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2025-08-31-accounts

Charity Registration Number: 309490

CHARITY COMMISSION COPY

Sandroyd School Trust Limited (A Company Limited By Guarantee)

Report of the Governors, Strategic Report and Financial Statements

For the year ended 31 August 2025

Company number: 552767 Charity number: 309490

Sandroyd School Trust Limited Contents

For the year ended 31 August 2025

Page
Company Information 1
Report of the Governors (including Strategic Report) 2
Report of the Auditors 8
Statement of Financial Activities 11
Balance Sheet 12
Statement of Cash Flow 13
Notes to the Financial Statements 14
Income and Expenditure Account 27

Sandroyd School Trust Limited Company Information

For the year ended 31 August 2025

GOVERNORS: Rhodri Thomas Chairman
Simon Barber
Paul Bird
Peter Bourke
Charles McVeigh
Laura Miles
Oliver Stanley
George Whitefield
Felicity Wilson
Philippa Zingg
Casidhe Baleri
Genevieve Ford
Benjamin Vessey
Guy Anderson
HEADTEACHER: Sarah Segrave Appointed 1 September 2025
Alastair Speers Resigned 31 August 2025
SECRETARY: Rupert Burnell-Nugent
PRINCIPAL ADDRESS: Rushmore
Tollard Royal
Salisbury
SP5 5QD
REGISTERED OFFICE: Windover House
St Ann Street
Salisbury
SP1 2DR
REGISTERED NUMBER: 552767 (England and Wales)
CHARITY REGISTRATION
NUMBER: 309490
AUDITORS: Fawcetts LLP
Chartered Accountants and Statutory Auditors
Windover House
St Ann Street
Salisbury
SP1 2DR
BANKERS: Lloyds Bank plc
38 Blue Boar Row
Salisbury
SP1 1DA

1

Report of the Governors

Sandroyd School Trust Limited

The Governors present their report together, with their Strategic Report, and the audited financial statements for the year ended 31 August 2025 and confirm they are in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), effective from 1 January 2015 - Charities SORP (FRS 102), and the Companies Act 2006.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Principal Activity

The principal activity of the charity in the year under review was that of running an independent preparatory school, pre-preparatory school and nursery for boys and girls between the ages of 2 and 13 at Tollard Royal, Wiltshire.

Status and Constitution

Sandroyd School was founded in 1888, incorporated on 30 July 1955 and registered as a charity on 4 October 1963.

The Governing Body

The Articles of Association provide that there shall be a minimum of seven and a maximum of fifteen Governors, who also act as trustees of the charity. Governors are appointed for a term of five years, but may be re-elected subject to a maximum of three terms of office. The Governors have identified that, in order to carry out its duties effectively and efficiently, the Board of Governors requires a range of skills and breadth of experience. Suitable candidates are identified by the Appointments Committee from current and past parents of pupils, from old Sandroydians and from the business and professional community. The following skills and experience amongst others are identified as being important and are represented on the present Board of Governors:-

Education Pastoral Care The Law Finance and Accountancy Business Management and Administration Property Management and Development Marketing The Arts

At least one parent Governor is appointed.

Governors’ Induction and Training

New Governors are provided with the Sandroyd Governors’ induction pack which includes copies of the Articles of Association, latest annual report and financial statements, current annual budget, strategic plan, minutes of the last three Governors’ meetings, Guidance for Trustees and Governors published by the Charity Commission and the Independent Schools Council and copies of the school prospectus and publications. New Governors are given a conducted inspection of the school’s facilities and are invited to a meeting with the Chairman of Governors. All Governors are encouraged to attend appropriate external training seminars and conferences, and occasional on-site training for Governors is arranged.

Organisational Management

The Governors, as trustees of the charity, are legally responsible for the overall management and control of the school and the Board of Governors meets formally at least once a term. The work of implementing most of the Board’s policies is delegated to the following subcommittees which generally meet at least once a term, or as necessary:

Finance and Staffing Committee

Academic Committee

Nominations Committee (for the Appointment of New Governors)

Bursaries and Public Benefit Committee

Compliance and Welfare Committee

Governors are also represented on the Health and Safety Committee

The day to day running of the school is delegated to the Headmaster supported by his senior management team. The Headmaster and Bursar attend all meetings of the Board and appropriate committees.

2

Report of the Governors

Sandroyd School Trust Limited

Risk Management

The Board of Governors is responsible for management of the risks faced by the school. A system is in place which enables the Governors to identify the major risks; to formalise and record the controls in place to minimise each risk; and to identify and record the person primarily responsible for controlling each risk and for monitoring the controls on a regular basis. All of this information is recorded in the school’s Risk Register which is approved by the Board of Governors and regularly updated. Examples of entries in the risk register are:

•We constantly monitor feedback from parents in order to meet their needs and remain compe��ve.

the school.

•Our governing body regularly undertakes a self-assessment exercise to ensure both that the individual governors have the appropriate knowledge and that the governing body is operating effectively.

•We conduct regular maintenance on our IT infrastructure and run comprehensive data backup procedures in order to mi�gate against the risk of an IT network failure.

The Governors are satisfied that, through this risk management system, the major identified risks have been adequately mitigated. However, it is recognised that risk management systems can only provide reasonable – but not absolute – assurance that the major risks facing the school have been, and are being, adequately managed.

OBJECTS, AIMS AND OBJECTIVES

Objects and Aims

The charity’s objects, as set out in the Articles of Association, include the carrying on in the United Kingdom of any boarding or day school for the education of boys and/or girls. The Governors have reviewed the previous Memorandum and Articles of Association to reflect the relevant provisions of the Charities Act 2016 and the Companies Act 2006, and to bring them into line with current standards of good governance. The revised Articles of Association were adopted on 12 March 2010 following approval by the Charity Commission.

The charity aims to provide and maintain an independent, co-educational preparatory and pre-preparatory boarding and day school and nursery for children between the ages of 2 and 13. It is the school’s policy to provide the highest standard of education by means of strong academic teaching coupled with the development of wider sporting, artistic, cultural and social skills in all its pupils. The aim is to create and maintain a caring environment in which each and every pupil can develop and fulfil their full potential and thereby build selfconfidence and contribute to the life of the community.

STRATEGIC REPORT

Objectives for the Year 2024/25

Key objectives for 2024/25 included:

o To maintain pupil numbers at a sustainable level in the prep school.

o To continue to invest in the school’s sports and extra curricular facilities.

3

Report of the Governors

Sandroyd School Trust Limited

REVIEW OF PERFORMANCE FOR THE YEAR 2024/25

The school opened the year with 160 children in the prep school, 21 in the pre-prep and 16 in the nursery. The academic year ended with 171 in the prep school, 23 in the pre-prep and 28 in the nursery, with pupil numbers increasing over the course of the academic year.

International student numbers represented 15% of the prep school, and included children from Spain, France, Japan, China and Russia, as well as one Ukrainian child who was supported with a bursary. The majority of pupils in the prep school were full boarders, with 120 full boarders, representing 70% of the prep school. The boarding houses continued to be full in most year groups.

In line with the school’s objectives, pupils have continued to make excellent academic progress. Test results have shown that the children continue to exceed the national average. All our Year 8 leavers achieved their first choice of Senior school, and 12 scholarships were awarded in a range of subjects, demonstrating our continued nurturing of children’s passions and achievements across the curriculum:

Since the start of the year, academic responsibilities within school have been restructured to include the newly appointed Deputy Head (Academic), the Senior School Tutor and the Sandroyd Skills Tutor. The Senior School Tutor is responsible for the preparation and running of senior school pre-tests, which largely take place during Years 6 and 7, as well as coordinating between senior schools and parents. The Academic Leadership Team embodies the commitment to developing confident children who are well-prepared for life after leaving Sandroyd.

Under the leadership of the newly appointed Deputy Head (Academic), our teachers have continued to develop their teaching practices, looking at ways to engage and inspire children within their subject areas and evolving skills to ensure our pupils become lifelong learners. The sharing of this best practice among staff, through both formal and informal training sessions, has had a hugely positive impact on teaching and learning.

The school continued to develop the extra-curricular offering across the Performance Arts disciplines, with many of these taking place at break times, lunch times and during the evening. These include choral groups, ensembles and bands. Internal Showcases and Performance Arts events continue to develop the children’s confidence and provide an opportunity for all pupils to perform on stage. The Sandroyd Staff Choir has become popular with singers from across different departments.

Parents and family members were invited to a number of performances across the year, with each year group having an opportunity to perform for a large audience. This was our second year running for the House Performance Arts Competition, which has provided an opportunity for pupils to perform with others from their school house and across the different year groups. In addition, we ran a Band Gig Night to showcase our talented bands members, modern dancers and singers.

Individual music lessons, drama and dance lessons continue to go from strength to strength with a large number of pupils undertaking lessons from more than one discipline. This year pupils have achieved a larger number of Grade 3+ exams across different examining bodies.

The co-curricular activities programme continues to develop and has seen some great successes, including the mixed polo team achieving victory in the National Independent Schools polo competition. In addition to our activities programme, the Sandroyd Shine award has been introduced, based loosely on the Duke of Edinburgh’s Award Scheme principles and disciplines. Pupils follow their own individual programme, which is then followed by an award ceremony on completion.

The sports department continues to offer a full sporting programme for all pupils throughout the year. The balanced and varied provision is designed to give all pupils a broad spectrum of sports to experience and enjoy. This ultimately gives Sandroyd pupils an understanding how they might contribute to sports and activities in their senior schools.

4

Report of the Governors

Sandroyd School Trust Limited

The school continued in delivering contact rugby for all boys in the school, as well as continued development of a wider range of football fixtures for both boys and girls throughout the school. Football continues to be played over both the Autumn and Spring terms.

The school’s swimming programme included weekly team training sessions and regular competitive galas with other schools throughout the year. Twenty-four pupils took part in the regional IAPS swimming competition.

The school continues to support pupils who aspire to county level sport. Two girls represented Dorset in netball. Six pupils were put forward for county hockey trials, with two boys and two girls from Sandroyd each representing the county in hockey.

During the summer, eleven pupils took part in the National Athletics Finals; once again a large group of pupils representing the school.

We have a large number of pupils across the age groups representing county cricket teams. Two pupils were awarded Sport Scholarships to their senior schools.

An addition to the sports programme was the IAPS Prep Schools Skiing Competition, where the Sandroyd team came 3rd in the Mixed U13 event and a Sandroyd pupil won the U13 Girls individual event.

The school provides an excellent level of coaching for both girls and boys, with specialist coaches employed across all major sports. Our ethos of providing an opportunity for all pupils to play sport and to experience competitive fixtures remains the cornerstone to our success.

Riding lessons remain a popular choice for Sandroyd pupils, with many pupils. The Sandroyd riding school has 12 ponies. During the last year our competition riders won qualifiers at the NSEA Show Jump event and the Jumping with Style event, and attended the Nationals in October. The school riding team qualified for the NSEA Eventers challenge and won the qualifier at Kings Sedgemoor.

Environmental sustainability continues to be a priority for the school. A significant proportion of the school’s heat and light now comes from renewable. The school has continued to reduce its energy consumption where possible. Two existing solar arrays provide around 20% of the school’s electricity and are helping to reduce our dependence on electricity from the national grid.

With regard to public benefit, the Governors have complied with their duty, as trustees of the charity, to have due regard to the guidance on public benefit published by the Charity Commission. The Governors have for many years pursued a policy of setting aside a proportion of fee income to provide for the award of bursaries for those less able to afford the full fees or for existing parents who have fallen on hard times. During the past year a total of £180,158 was rebated in the form of bursaries.

Over the last year, two children were in receipt of 100% bursaries. A number of additional children received financial help in order to continue to attend Sandroyd. None of these children would have been able to attend Sandroyd had it not been for such financial help.

Sandroyd is committed to sharing its skills and assets with less advantaged individuals and groups and, in addition to the provision of bursaries, provides the following benefits within its educational objectives:

5

Report of the Governors

Sandroyd School Trust Limited

OBJECTIVES FOR THE YEAR 2025/26

In setting objectives and planning activities for the coming year and beyond, the Governors have had regard to the School Development Plan. The Development Plan is a three year rolling plan, updated annually.

Key objectives for the year 2025/2026 include:

FINANCIAL REVIEW

The results for the year and the financial position of the charity are as shown in the annexed financial statements.

The Governors are committed to retaining and further enhancing the school’s reputation as a leading boarding prep school, delivered by attracting and retaining the best teachers and continued investment in the school’s excellent teaching, sporting and extra-curricular facilities. Prudent management of the school’s finances over prior years allows for this continued investment in excellence.

It has been a challenging year for the sector following the government decision to introduce VAT at 20% to independent school fees from 1 January 2025, to remove the mandatory business rates relief from 1 April 2025 and to increase employer National Insurance contributions from 1 April 2025.

The Governors have an ambitious School Development Plan, and despite these significant challenges, the school has continued to thrive, with robust pupil numbers and continued investment.

The Governors made the collective decision not to pass the full 20% fee increase onto pupils in January 2025, resulting therefore in a decrease in fees receivable for the financial year. During the year the school has benefitted from being able to reclaim £93,825 of VAT, which, in accordance with the accounting standards, is reflected within the Net Assets and is not shown in the Statement of Financial Affairs.

The financial statements for the year show a net surplus before depreciation of £138,864 compared to the net surplus before depreciation in the previous year of £265,168. Total net assets at 31 August 2025 were £4,046,798 compared with £4,200,739 for the previous year.

RESERVES POLICY

The school does not carry free reserves. It is the policy of the Governors to apply any operating surplus to the development and improvement of the fabric and facilities of the school, and/or to the repayment of bank borrowing.

The Governors’ policy with regard to bank loans is to limit any such borrowing to a level which can be comfortably secured against the value of the school’s freehold property and serviced from the financial operating surplus in accordance with prudent long-term financial forecasts. The school chooses to draw part of its bank borrowing in the form of overdraft, in addition to a term loan, in order to take advantage of the substantial savings in interest paid which results from being able to offset positive cash balances (e.g. from the receipt of fees payable in advance at the beginning of each term) against the amount of the outstanding overdraft.

6

Report of the Governors

Sandroyd School Trust Limited

INVESTMENT POWERS

The Governors are empowered to invest the monies of the charity not immediately required for its purpose in such investments, securities or property as may be thought fit subject to the direction of the Charity Commission or the Secretary of State for Education. It is the Governors’ current policy to invest any such monies in cash on deposit.

STATEMENT OF GOVERNORS' RESPONSIBILITIES

Law applicable to incorporated charities in England and Wales requires the Governors (who are also the directors of the company and trustees of the charity) to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of its financial activities for that period. In preparing those financial statements, the Governors are required to:

The Governors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the Governors are aware, there is no relevant audit information (as defined by section 418 of the Companies Act 2006) of which the company’s auditors are unaware, and each Governor has taken all the steps that he or she ought to have taken as a Governor in order to make himself of herself aware of any relevant information and to establish that the company’s auditors are aware of that information.

AUDITORS

The auditors, Fawcetts LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

………………………………………………

R Burnell-Nugent

Dated: ………………………………….

7

Report of the Independent Auditors To the Members of

Sandroyd School Trust Limited

Opinion

We have audited the financial statements of Sandroyd School Trust Limited (the ‘charitable company’) for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The other information comprises the information included in the Report of the Governors, (including Strategic Report), other than the financial statements and our Report of the Auditors thereon. The Governors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

8

Report of the Independent Auditors To the Members of

Sandroyd School Trust Limited

Matters on which we are required to report by exception

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors included within the Report of the Council.

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:

Responsibilities of Governors

As explained more fully in the Statement of Governors’ Responsibilities set out on page six, the Governors (who are also directors of the charitable company for the purposes of company law and trustees of the charity for the purposes of charity law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

Identifying and assessing potential risks related to irregularities

Irregularities, including fraud, are non-compliance with laws and regulations. We design procedures, in line with our responsibilities, as set out in the auditor's responsibilities for the audit of the financial statements section, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, are detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations we consider the following:

• the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area: revenue and resource recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

9

Report of the Independent Auditors (continued) To the Members of

Sandroyd School Trust Limited

We have also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

Audit response to risks identified

As a result of performing the above, we identified revenue and resource recognition as a key audit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following:

• understanding the charitable company's revenue recognition policies and how they are applied, including the relevant controls and performing a walkthrough to validate our understanding.

• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; applying parameters designed to identify entries that were not within our expectations. This included analysing and selecting journals for testing which appeared unusual in nature, either due to size, preparer or date of posting. To test their validity, we verified the journals to originating documentation.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

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

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Ellingham BA FCA DChA (Senior Statutory Auditor) for and on behalf of Fawcetts LLP Chartered Accountants & Statutory Auditors Windover House, St Ann Street Salisbury SP1 2DR

Date:……………………………………………..

10

Sandroyd School Trust Limited Statement of Financial Activities

For the year ended 31 August 2025

INCOME AND EXPENDITURE
Unrestricted
Note
£
INCOME AND ENDOWMENTS FROM:
3
4,902,092
178,100
-
5,080,192
6
5,218,837
5,218,837
(138,645)
(138,645)
3,637,089
3,498,444
EXPENDITURE ON:
TOTAL FUNDS CARRIED FORWARD
NET INCOME/(EXPENDITURE)
Total funds brought forward
Total expenditure
Total income
RECONCILIATION OF FUNDS:
Donations and legacies
Fees receivable
Charitable activities:
Charitable activities
School operating costs
Other income		 Restricted
£
-
-
18,193
18,193
33,489
33,489
(15,296)
(15,296)
563,650
548,354		 2025
Total
£
4,902,092
178,100
18,193
5,098,385
5,252,326
5,252,326
(153,941)
(153,941)
4,200,739
4,046,798		 2024
Total
£
5,290,671
183,781
51,425
5,525,877
5,524,842
5,524,842
1,035
1,035
4,199,704
4,200,739

CONTINUING OPERATIONS

None of the company's activities was acquired or discontinued during the current and previous years.

The notes form part of these financial statements

11

Sandroyd School Trust Limited

Balance Sheet

For the year ended 31 August 2025

----- Start of picture text -----
2025 2024
Note £ £
Fixed assets
Tangible fixed assets 7 6,369,352 6,572,547
6,369,352 6,572,547
Current assets
Stocks 8 70,855 73,125
Debtors 9 1,353,238 1,048,760
Cash at bank and in hand 9,043 120,940
Total current assets 1,433,136 1,242,825
Liabilities
Creditors: Amounts due within one year 10 (2,758,565) (2,298,675)
Net current assets (1,325,429) (1,055,850)
Total assets less current liabilities 5,043,923 5,516,697
Creditors: Amounts due after more than one year 11 (997,125) (1,315,958)
NET ASSETS 4,046,798 4,200,739
Funds
Unrestricted funds:
Undesignated 16 3,498,444 3,637,089
Total unrestricted general funds 3,498,444 3,637,089
Restricted funds 17 548,354 563,650
TOTAL FUNDS 4,046,798 4,200,739
----- End of picture text -----

ON BEHALF OF THE BOARD:

….......................................... Rhodri Thomas – Chairman

Approved by the Board on ………………………………………………..

The notes form part of these financial statements

12

Sandroyd School Trust Limited

Statement of Cash Flow For the year ended 31 August 2025

----- Start of picture text -----
2025 2024
Notes £ £
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by/(used in) operating activities a (144,631) 768,579
Cash flows from investing activities:
Purchase of tangible fixed assets (129,853) (149,291)
Proceeds on disposals 275 1,500
Net cash provided by/(used in) investing activities (129,578) (147,791)
Cash flows from financing activities:
Loan repayments (166,136) (158,924)
Capital repayments in the year (4,658) (5,589)
Net cash provided by/(used in) financing activities (170,794) (164,513)
CHANGE IN CASH AND CASH EQUIVALENTS FOR THE YEAR (445,003) 456,275
Cash and cash equivalents brought forward b 120,940 (335,335)
CASH AND CASH EQUIVALENTS CARRIED FORWARD
AT 31 AUGUST b (324,063) 120,940
a) Reconciliation of net income/(expenditure) to net cash flow from operating activities
2025 2024
£ £
Net income/(expenditure) for the year as per the
Statement of Financial Activities (153,941) 1,035
Adjusted for:
Depreciation 292,805 264,133
-
Capital Goods Scheme adjustment 39,405
(Profit)/loss on disposal of tangible fixed assets 563 (1,477)
Decrease/(Increase) in stocks 2,270 2,352
(Increase)/decrease in debtors (304,478) 210,506
Increase/(decrease) in creditors (21,255) 292,030
Net cash (used in)/provided by operating activities (144,631) 768,579
b) Analysis of cash and cash equivalents
2025 2024
£ £
Cash at bank and in hand 9,043 120,940
-
Overdraft facility repayable on demand (333,106)
(324,063) 120,940
----- End of picture text -----

13

Sandroyd School Trust Limited Notes to the Financial Statements

For the year ended 31 August 2025

1. Accounting policies

General information and basis of preparation

Sandroyd School Trust Limited is a company limited by guarantee incorporated and registered in England and Wales. The School constitutes a Public Benefit Entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2020) – (Charities SORP 2020 (FRS 102)), the Charities Act 2011 and the Companies Act 2006.

The company meets its day to day working capital requirements through loan and overdraft facilities of which the overdraft is repayable on demand. The company is operating within its agreed facility and in view of their relationship with the company’s bankers, the governors consider it reasonable to rely on the continuation of the overdraft facility. The financial statements have therefore been prepared on a going concern basis and do not contain any adjustments that might be necessary if the overdraft facility were not renewed at an appropriate level.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Funds

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

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

Incoming resources

All incoming resources are included in the Statement of Financial Activities (SoFA) when the School is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. The income and net incoming resources are attributable to the one principal activity of the charitable company.

Fees and similar income

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions allowed by the School, and are stated net of VAT.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. The irrecoverable element of VAT is included with the item of expense to which it relates.

14

Sandroyd School Trust Limited Notes to the Financial Statements For the year ended 31 August 2025

1. Accounting policies (continued)

Tangible fixed assets and depreciation

Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low value with a short life. Repair, renovation and replacement expenditure is written off as expenditure in the statement of financial activities. The cost of fixed assets is their purchase cost, together with any incidental costs of acquisition. Depreciation is calculated to write off the cost of tangible fixed assets, less their estimated residual values, over the expected useful lives of the assets concerned. The principal annual rates used for this purpose are:

Land is not depreciated. Building improvements 2%/3%/10% per annum on cost Sports pitches 5% per annum on cost Furniture and equipment 38%/10% per annum on reducing balance Motor vehicles 38% per annum on reducing balance

An impairment review is carried out on an annual basis.

Operating lease commitments

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the SoFA on a straight-line basis over the period of the lease. Any incentives related to the lease have been spread over the lease term.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to the income and expenditure account over the relevant period. The capital element of the future payments is treated as a liability.

Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Pensions

The school operates a defined contribution group personal pension scheme for teachers and other employees.

Donations and fund accounting

Donations received for the general purposes of the school are included as unrestricted funds. Donations for activities restricted by the wishes of the donor are taken to “restricted funds” where these wishes are legally binding on the Governors.

Debtors

Debtors are measured at their recoverable amount.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting 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 normally recognised at their settlement amount after allowing for any trade discounts due.

15

Sandroyd School Trust Limited Notes to the Financial Statements For the year ended 31 August 2025

1. Accounting policies (continued)

Taxation

The company is a registered charity and, as such, is not liable to corporation tax.

Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. Assets and liabilities held in foreign currency are translated to Sterling (£) at the balance sheet date at the year-end exchange rate.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, the Governors are required to make judgement estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Judgements made by the Governors, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are deemed to be in relation to the depreciation rates of tangible fixed assets, and the provision for bad and doubtful debts which are discussed above. The accounting policies have been applied consistently in dealing with items which are considered material in relation to the School’s financial statements.

16

Sandroyd School Trust Limited Statement of Financial Activities

For the year ended 31 August 2025

2. Statement of financial activities - comparative balances

INCOME AND EXPENDITURE
INCOME AND ENDOWMENTS FROM:
Charitable activities:
School fees receivable
EXPENDITURE ON:
Raising funds
Charitable activities
Total expenditure
Other income
Donations and legacies
Total income
NET INCOME
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
£
5,290,671
183,781
2,904
5,477,356
5,501,557
5,501,557
(24,201)
-
(24,201)
3,661,290
3,637,089		 Restricted
£
-
-
48,521
48,521
-
23,285
23,285
25,236
-
25,236
538,414
563,650		 2024
Total
£
5,290,671
183,781
51,425
5,525,877
-
5,524,842
5,524,842
1,035
-
1,035
4,199,704
4,200,739

CONTINUING OPERATIONS

None of the company's activities was acquired or discontinued during the current and previous years.

The notes form part of these financial statements

17

Sandroyd School Trust Limited Notes to the Financial Statements

For the year ended 31 August 2025

3.
Charitable activities: School fees receivable
Fees excluding registrations
Less: Bursaries, scholarships and allowances
4.
Staff costs
Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Teachers
Others
The number of employees whose emoluments exceeded £60,000 was:
£60,001 - £70,000
£70,001 - £80,000
£120,001 - £130,000		 2025
£
5,625,412
(723,320)
4,902,092
4,902,092
2025
£
2,980,567
284,348
486,747
3,751,662
2025
78
60
138
-
2
1		 2024
£
6,075,909
(785,238)
5,290,671
5,290,671
2024
£
2,961,617
263,708
565,126
3,790,451
2024
70
69
139
-
2
1

During the year there were no termination payments made (2024 - £40,000). During the year no Governors received travelling expenses (2024 - £Nil).

The key personnel of the school comprise the Governors, the Head and the Bursar. The total remuneration of the key management personnel was £251,522 (2024 - £250,836). With the exception of the above none of the Governors nor persons connected with them received any remuneration or other material benefits from the association or any connected organisation.

5.
Expenditure
Expenditure includes:
Depreciation - owned assets
Depreciation - assets on hire purchase contracts
Operating lease rentals
Auditors' remuneration - audit
- accountancy		 2025
£
287,861
4,944
12,739
4,177
3,000		 2024
£
259,189
4,944
15,617
8,678
6,000

18

Sandroyd School Trust Limited Notes to the Financial Statements

For the year ended 31 August 2025

6. Anaylsis of total resources expended

Charitable activities
School operating costs:
Teaching
Welfare
Premises
Management and administration
Other expenditure
Governance costs
Costs of generating funds:
Finance and other costs
TOTAL 2024		 Staff
costs
£
2,579,012
595,803
196,238
380,609
-
3,751,662
-
-
-
3,751,662
(note 4)
3,790,451		 Other
costs
£
108,065
306,475
457,738
290,588
(3,682)
1,159,184
7,177
40,918
48,095
1,207,279
1,470,258		 Depreciation
£
11,523
70,618
206,312
4,932
-
293,385
-
-
-
293,385
264,133		 Total
2025
£
2,698,600
972,896
860,288
676,129
(3,682)
5,204,231
7,177
40,918
40,918
5,252,326
5,524,842		 Total
2024
£
2,816,271
946,198
932,683
746,824
-
5,441,976
14,678
68,188
68,188
5,524,842

19

Sandroyd School Trust Limited

Notes to the Financial Statements

For the year ended 31 August 2025

7. Tangible Fixed Assets

Cost
At 1 September
Additions
Disposals
Capital Goods Scheme adjustment
At 31 August
Depreciation
At 1 September
Charge for the year
Disposals
At 31 August
Net book value
At 31 August 2025
At 31 August 2024		 Freehold land
and buildings
£
9,139,740
16,747
-
(39,405)
9,117,082
2,845,360
205,593
-
3,050,953
6,066,129
6,294,380		 £
914,956
71,291
(5,099)
-
981,148
644,055
76,458
(4,747)
715,766
265,382
270,901
Furniture,
fittings &
equipment		 Motor
vehicles
£
70,277
41,815
(13,794)
-
98,298
63,011
10,754
(13,308)
60,457
37,841
7,266		 Total
£
10,124,973
129,853
(18,893)
(39,405)
10,196,528
3,552,426
292,805
(18,055)
3,827,176
6,369,352
6,572,547

The cost of freehold land and buildings includes land of £2,000 which is not being depreciated.

Included in the net book value of furniture and equipment are assets to the value of £22,866 (2024 - £27,810) held under hire purchase contracts.

8.
Stocks
Raw materials and consumables
Goods for resale
9.
Debtors: amounts due within one year
Trade debtors
Other debtors
Prepayments		 2025
£
38,651
32,204
70,855
2025
£
1,081,906
115,187
156,145
1,353,238		 2024
£
39,362
33,763
73,125
2024
£
972,814
4,943
71,003
1,048,760

20

Sandroyd School Trust Limited Notes to the Financial Statements

For the year ended 31 August 2025

10.
Creditors: amounts due within one year
Deferred income
Advance fees scheme (note 14)
Arrears contra
Entry deposits repayable
Trade creditors
Hire purchase agreements (note 12)
Bank loans and overdraft
Other taxation and social security
Other creditors
Accruals		 2025
2024
£
£
1,333,084
1,508,236
330,516
329,325
2,394
-
111,014
128,505
149,002
38,960
5,367
5,589
505,075
168,996
250,118
49,768
56,498
21,314
15,497
47,982
2,758,565
2,298,675
11.
Creditors: amounts due after more than one year
Advance fees scheme (note 14)
Entry deposits repayable
Hire purchase agreements (note 12)
Bank loans		 2025
2024
£
£
299,235
473,835
296,544
267,232
-
4,436
401,346
570,455
997,125
1,315,958
Bank loans repayable by instalments:
Less than 1 year
Between 1 and 2 years
Between 2 and 5 years
In 5 years or more		 2025
2024
£
£
171,969
168,996
124,232
171,969
277,114
398,486
-
-
573,315
739,451
2025
2024
£
£
Bank overdraft repayable on demand
333,106
-
The bank loan is split into three elements one being £593,111 repayable over 14 years at a fixed interest rate of
5.74% the second element of £139,245 being variable at 2% over base per annum. The third element of £166,019
is repayable over 10 years at a fixed interest rate of 3.76%.

21

Sandroyd School Trust Limited Notes to the Financial Statements

For the year ended 31 August 2025

12. Obligations under hire purchase contracts

Net obligations repayable:
Within one year
Between 1 and 5 years
13.
Secured debts
The following secured debts are included within creditors:
Bank overdraft
Bank loan		 2025
£
5,367
-
5,367
2025
£
333,106
573,315
906,421		 2024
£
5,589
4,436
10,025
2024
£
-
739,451
739,451

The bank loan is secured by a first charge over the freehold property of the School.

14. Advance fee payments

Assuming pupils will remain in the school, advance fees will be applied as follows:

Less than 1 year
Between 2 and 5 years
Summary of movements in liability:
Balance at 1 September
Additional amounts received
Allocation to fees
Balance at 31 August		 2025
£
330,516
299,235
629,751
2025
£
803,160
126,799
(300,208)
629,751		 2024
£
329,325
473,835
803,160
2024
£
482,933
503,785
(183,558)
803,160

22

Sandroyd School Trust Limited Notes to the Financial Statements

For the year ended 31 August 2025

15. Obligations under leasing agreements

The total future minimum payments due on leases expiring:

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Equipment| |Less than 1 year|14,700|9,446| |Between 1 and 5 years|16,819|17,318|

----- End of picture text -----

16. Analysis of net assets between funds

----- Start of picture text -----
|||||| |---|---|---|---|---| |Net current| |assets/|Long term| |Fixed assets|(liabilities)|liabilities|Total| |£|£|£|£| |Unrestricted funds:|5,883,575|(1,388,006)|(997,125)|3,498,444| |Restricted funds|485,777|62,577|-|548,354| |Net assets at the end of the year|6,369,352|(1,325,429)|(997,125)|4,046,798|

----- End of picture text -----

Comparative analysis of net assets between funds for the year ended 31 August 2024:

----- Start of picture text -----
|||||| |---|---|---|---|---| |Net current| |assets/|Long term| |Fixed assets|(liabilities)|liabilities|Total| |£|£|£|£| |Unrestricted funds:|6,071,477|(1,118,430)|(1,315,958)|3,637,089| |Restricted funds|501,070|62,580.00|-|563,650| |Net assets at the end of the year|6,572,547|(1,055,850)|(1,315,958)|4,200,739|

----- End of picture text -----

23

Sandroyd School Trust Limited Notes to the Financial Statements

For the year ended 31 August 2025

17. Restricted funds

Gift fund
2006 Appeal fund
Cloisters, Studio and Sports Pavilion
Chisuma Project
Fire Suppression System
Solar Panels fund
Pre-Prep Fund (Previously Walled Garden)
Friends of Sandroyd
Borehole fund
Club 1888
Capital Projects
Wilson Prize
Restricted funds		 Balance at
01.09.24
£
19,062
233,943
194,208
161
2,053
25,592
2,071
1,931
43,202
23,047
18,380
-
563,650		 Incoming
resources
£
-
-
-
-
-
38
556
8,554
-
8,045
-
1,000
18,193		 Outgoing
resources
£
-
(7,072)
(4,748)
-
(143)
(863)
(662)
(9,080)
(2,399)
(4,529)
(3,993)
-
(33,489)		 Balance at
31.08.25
£
-
19,062
226,871
189,460
161
1,910
24,767
1,965
1,405
40,803
26,563
14,387
1,000
548,354

Comparative statement of funds for the year ended 31 August 2024:

Gift fund
2006 Appeal fund
Cloisters, Studio and Sports Pavilion
Chisuma Project
Fire Suppression System
Solar Panels fund
Pre-Prep Fund (Previously Walled Garden)
Friends of Sandroyd
Borehole fund
Club 1888
Capital Projects
Restricted funds		 Balance at
1.09.23
£
19,062
241,015
198,955
161
2,197
25,447
2,341
3,334
45,601
301
-
538,414		 Incoming
resources
£
-
-
-
-
-
1,007
1,158
5,230
-
22,746
18,380
48,521		 Outgoing
resources
£
-
(7,072)
(4,747)
-
(144)
(862)
(1,428)
(6,633)
(2,399)
-
-
(23,285)		 Balance at
31.08.24
£
19,062
233,943
194,208
161
2,053
25,592
2,071
1,931
43,202
23,047
18,380
563,650

24

Sandroyd School Trust Limited Notes to the Financial Statements

For the year ended 31 August 2025

17. Restricted funds continued

Gift fund

The gift fund includes cash donations to be applied at the headteacher’s discretion.

2006 Appeal fund

The fund was launched to raise funds towards the cost of a new hall. The funds raised were invested in full in the construction of the sports hall. This fund is being released to the general reserve fund (unrestricted funds) over a period equivalent to the estimated useful life of the asset.

Cloisters, Studio and Sports Pavilion

The fund was launched to raise funds for future projects specifically for the Memorial Cloisters, Sandroyd Studio and a Sports Pavilion. The funds raised were invested in full in the development of a dance studio. This fund is being released to the general reserve fund (unrestricted funds) over a period equivalent to the estimated useful life of the asset.

Chisuma Project

The project was set up to raise money to furnish a classroom at a primary school in Zimbabwe.

Fire Suppression System

Following an insurance risk survey, the school insurance company (QBE) offered to pay up to £3,000 for a fire suppression system to be installed in the school kitchen. Following a tender process, a suitable system was identified and installed in December 2018. The final cost came to £2,865, which is being released to the general reserve fund (unrestricted funds) over a period equivalent to the estimated useful life of the asset.

Solar Panel fund

This fund relates to donations received from parents to fund the installation of solar panels on the school swimming pool and changing room roofs.

Pre-Prep Fund (Previously named Walled Garden fund)

These are funds raised by various sponsored events and donations to pay for new outside equipment for the Walled Garden pre-prep.

Friends of Sandroyd

These are funds raised by a parent group that hold fundraising events throughout the year and then donate the funds to external charities.

Borehole Fund

This fund relates to donations received to fund the construction of a borehole at the school. The funds raised were invested in full in the installation of the borehole. This fund is being released to the general reserve fund (unrestricted funds) over a period equivalent to the estimated useful life of the asset.

Club 1888

This fund relates to donations received from Sandroydians to fund transformational bursaries.

Capital Projects

This fund was set up to fund capital projects in the future.

Wilson Fund

This fund was set up in order to award a prize each summer term to reward a year 8 pupil for an overall contribution to Sandroyd that has not otherwise been recognized.

25

Sandroyd School Trust Limited Notes to the Financial Statements

For the year ended 31 August 2025

18. Related party transactions

Felicity Wilson, a governor was paid £3,331 (2024 - £3,223) during the year for dance tuition provided to pupils. This was paid at the same hourly rate as other dance teachers. This transaction was conducted at arm’s length. There were no additional related party transactions in the year under review requiring disclosure.

19. Status

The company is a registered charity limited by guarantee. The liability of members in the event of a winding up is limited by guarantee to an amount not exceeding £1 per member. At the balance sheet date there were 14 members (2024 – 14).

20. Pension

The total pension cost for the school was £486,747 (2024 - £565,126). There were outstanding contributions at the balance sheet date of £8,378 (2024 - £8,282) in respect of contributions due for the month of August paid over to the pension schemes’ administrators in September.

26