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2025-08-31-accounts

PINEWOOD SCHOOL LIMITED (Limited by guarantee)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Registered Charity No: 309642 Registered Number: 339394

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PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

REFERENCE AND ADMINISTRATIVE INFORMATION

REGISTERED OFFICE Pinewood School
Bourton
Swindon
Wiltshire
SN6 8HZ
CHARITY REGISTRATION NUMBER 309642
COMPANY REGISTRATION NUMBER 339394
PRINCIPAL ADDRESS Pinewood School
Bourton
Swindon
Wiltshire
SN6 8HZ
HEADMASTER Mr N A Bailey BA Hons PGCE
SECRETARY Mr S D Mason MA
AUDITORS HaysMac LLP
10 Queen Street Place
London
EC4R 1AG
BANKERS Lloyds Bank plc
84-86 Cricklade Road
Gorse Hill
Swindon
Wiltshire
SN2 6AE
SOLICITORS Veale Wasbrough Vizards
Orchard Court
Orchard Lane
Bristol
BS1 5WS

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PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

GOVERNORS’ REPORT INCORPORATING STRATEGIC REPORT

The Board of Governors present their annual report for the year ended 31 August 2025 under the Charities Act 2011 together with the audited financial statements for the year, and confirm that the latter comply with the requirements of the Act, applicable law, the Memorandum and Articles of Association and the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT

The School was incorporated in 1938 as a company limited by guarantee with charitable status and not having any share capital. The Board of Governors shall consist of not less than eight and not more than 20 individuals each of whom will be a Member of the Company; this maximum number may be increased or decreased from time to time. No teacher of the School or any other person employed by the Company shall be a Governor. The Governors are also the Directors of the Charitable Company. The Governors who served during the year and up to the date of this report are:

R F Badham-Thornhill Esq[3 ] (Chair to 23 Nov 24) J C Birch Esq[3] R T M Brown Esq[1, 4 ] (to 14 Mar 25) Mrs E A M N Cripwell[5] (to 24 Jun 25) Mrs S Davies[2 ] (from 26 Nov 24) Mrs R Dougall[3] (to 24 Jun 25) D J Fawcus Esq[1, 7] (Vice Chair) G P W Foster Esq[1, 4] Mrs N Huggett[3 ] A C T Inglis Esq[3] (to 20 Nov 25) P Lough Esq[2, 3, 7 ] (to 24 Jun 25) Mrs A Macaire[5] (to 23 Nov 24) E G Mawle Esq[1, 5] (to 24 Jun 25) Mrs C Mintern[2 ] Mrs A Nightingale[3 ] (to 24 Feb 25) Mrs B A Robertson[2, 7 ] Mrs L A Robins[1, 4, 6] Mrs S A Ross[2, 6] Dr C Stevens[3 ] (from 11 Jul 25) E J T Taylor Esq[1, 5] (from 11 Jul 25) Dr K I Tilney[2 ] (from 15 Apr 25) A M Wade Esq[1, 3 ] R I White Esq[1, 2, 7 ] (Chair from 23 Nov 24)

Officers of the School:

Headmaster: Mr N A Bailey BA Hons PGCE Bursar and Clerk to the Governors: Mr S D Mason MA

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PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Governing Document

The School is governed by its Memorandum and Articles of Association. The Memorandum was amended by special resolution on:

New Articles of Association were adopted by special resolution on 24[th] November 2018. At the AGM on 21[st] November 2020, in accordance with these Articles of Association, the Board resolved to increase the maximum number of Governors to 20.

Governing Body

The Governors, who are also required under the Articles to serve as members of the Company, are elected at a full Governors’ Meeting based on nominations put forward by the Governors and the Headmaster. The Council seeks individuals with professional expertise and experience, including a number of parents who are invested in the School’s progress and can contribute their specialist skills. Through the Governance Committee, the Council regularly reviews the balance of skills required and available. Governors serve four-year terms and may normally stand for re-election up to two times. No more than 25% of the Board may be drawn from the parental body at any one time; currently, there are two parent Governors.

Trustee Appointments and Training

The Governance Committee conducts an annual review of Governors’ skills, training, and attendance on the Board. When vacancies arise, the Nominations Committee assesses any skills gaps and identifies suitable candidates for appointment. Prospective Governors receive an induction briefing and a tour of the School from the Headmaster, followed by an interview with the Chair of Governors, before being proposed to the Board for formal appointment. Once appointed, Governors are provided with relevant School and Trustee documents to support them in their role and are invited to attend a formal briefing and online training organized by one of the independent schools’ oversight associations. Some Governors also take the opportunity to experience the School from a pupil’s perspective for a day. In addition, specific training is provided regularly covering Safeguarding, Prevent Duty, and Equality, Diversity, and Inclusion for example. Several Governors have also attended external seminars and conferences to further support their responsibilities.

Organisational Management

The Governors meet as a Board (commonly referred to as the Council) at least three times a year, once in each academic term, to review strategy, performance, management, and financial control, for which they hold legal responsibility. The implementation of the Council’s policies is delegated to seven subordinate committees :

The Council delegates responsibility for overseeing the School’s direction and efficient management to the subcommittees, each of which operates under its own terms of reference that define its aims, objectives, and composition. Each committee reports back to the Council for discussion and ratification of decisions on key issues. The Headmaster attends all committee meetings; the Deputy Head attends all except Admissions, Marketing, and Development; and the Bursar attends all except Admissions, Marketing, Development, and Education. The Bursar also serves as Clerk to the Governors and attends all Council meetings, alongside the Headmaster and Deputy Head. Each committee meets at least once per term. During the year in which VAT on School fees was introduced, a VAT Working Group was established to manage the issue, reporting to the Finance and General Purposes Committee. Day-

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PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

to-day management of the School is delegated to the Headmaster, the Bursar, and other members of the Senior Leadership Team, as the School’s key management personnel and they exercise their responsibilities through the Senior Management Team.

During term time, the Headmaster chairs a weekly meeting of the School’s Senior Leadership Team to ensure that the School maintains the strategic direction set by the Governors. He also chairs a separate weekly meeting of the School’s senior managers, where policy is discussed and direction is provided. In addition, the Headmaster chairs the Health, Safety, Environmental Protection, and Fire Management Committee, the Pastoral Committee, and the IT Review Committee. He reports on health, safety, environmental protection, and fire matters to the Governance Committee, and on Pastoral and IT matters to the Education Committee.

Organisational Structure and Relationships

Pinewood School Ltd does not have any owned subsidiary companies. The School holds membership in the Independent Association of Prep Schools, the Boarding School Association, the Association of Governing Bodies of Independent Schools, and the Independent Schools’ Bursars Association, supporting the promotion and maintenance of standards, the pursuit of best practice. The School participates in peer group studies for evaluating quality and performance improvement methods.

The School also collaborates with numerous charities and seeks to broaden public access to its educational provision. It offers the use of sporting and other facilities to beneficiaries from the local community and aims to raise pupils’ awareness of the wider social context of the education they receive at the School.

Strategy

The Council approved the School’s Strategy, led by the Senior Leadership Team, on 24[th] June 2023. The Strategy sets out the Headmaster’s vision for the School and the key strategic outcomes as follows:

The Strategy guides the School’s financial and operational decisions, with the Headmaster’s School Development Plan serving as the mechanism for achieving its strategic outcomes. The plan evolves annually and outlines the key deliverables, which are funded through that year’s budget. It is regularly reviewed at the relevant Governor committee meetings and implemented by the Senior Leadership Team.

The Council, in conjunction with the Senior Leadership Team, plans to carry out comprehensive Strategic Reviews every five years, with interim reviews every two to three years to assess, adjust, and develop the Strategy as appropriate in response to evolving circumstances and contemporary thinking. An interim review took place on 1 October 2024, during which Governors considered the School’s position following a change in government and the introduction of VAT on School fees, effective from 1 January 2025. The Governors have since established the Strategy Steering Group, meeting twice termly, to take responsibility for steering the School’s strategic planning, providing guidance and direction, and bringing key issues to the Council for discussion to ensure the School’s long-term viability. The most recent interim review took place on 3 March 2026, at which the Governors considered the School’s strategic aims within the context of a challenging environment for the independent sector.

People

Fundamental to the School’s success are its people, and it strives to continue improving both individually and collectively, making the best use of existing skills and experience while developing talent for the future. The School recognises the value of capable and well-motivated teaching and support staff in achieving its aim of realising the potential of all Pinewood children, and seeks to ensure that all staff receive appropriate recognition for their contribution to the quality of school life. It acknowledges that an effective remuneration policy is essential to maintaining and enhancing the quality of education by enabling the School to recruit, retain, and motivate staff.

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PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

All pay-related decisions are made with due regard to the School’s current financial position, benchmarking against comparable organisations, and compliance with relevant legislation. Staff remuneration is reviewed and set annually by the Council during the Summer Term, with any changes normally taking effect on 1 September at the start of the next academic year. Remuneration for key management personnel is included in this review, with the arrangements for the Headmaster, the Bursar, the Deputy Head, and the Headmaster’s spouse specifically reviewed by the Chair of Governors, the Vice Chair of Governors, and the Chair of the Finance and General Purposes Committee.

Safeguarding

All Governors at Pinewood are responsible for Safeguarding. They endorse the Safeguarding Policy whenever it is updated, review Safeguarding at each Council meeting, and consider specific issues more frequently as required. Governors receive statutory safeguarding training at least once every three years, supported by online training on specific topics in line with staff requirements (e.g., Prevent, Online Safety). The School has a Nominated Safeguarding Governor (NSG), supported by the Designated Safeguarding Lead (DSL) (Deputy Head) and Deputy DSL (Headmaster’s spouse). Pinewood also has seven senior safeguarders covering all age groups and E-Safety.

The DSL meets formally with the safeguarding team on a termly basis and holds additional informal meetings and discussions as required. The DSL also meets with the NSG at least once per term, with further meetings as needed. All staff complete formal safeguarding training every three years, supplemented by regular updates and training sessions.

The NSG carries out an annual review, including inspection of the Single Central Register, recruitment files, and other safeguarding practices and procedures. In addition, a serious case review is conducted annually by the Chair of Governors, the Chair of the Governance Committee, and the NSG. The Chair of Governors also reviews the Child Protection Online Monitoring System with the DSL, and the IT Governor conducts a review of filtering and monitoring with the IT Network Manager. The NSG and DSL then report their findings to the Governors in the annual safeguarding report.

In September 2025, Pinewood invited a representative from the Oxfordshire Education Safeguarding Advisory Team (ESAT) to conduct a comprehensive safeguarding review. Commissioned by the DSL to ensure best practice in advance of the ISI inspection, the review was overwhelmingly positive, concluding that “Pinewood School demonstrated robust and effective management of safeguarding.” This assessment was further validated in November 2025 by the Independent Schools Inspectorate (ISI). Following its inspection, the School was found to meet all required standards, with the ISI noting that “leaders successfully maintain a robust safeguarding culture in which members of staff understand their safeguarding responsibilities.” In line with annual practice, the DSL submitted the Oxfordshire Safeguarding Adults Board audit (part of the Oxford Safeguarding Children Partnership) in November 2025, which requires the School to meet specific criteria to demonstrate safeguarding compliance and best practice.

Risk Management

Risk management is overseen by the Governance Committee on behalf of the Governors, which conducts an annual review of the School’s Risk Management Plan. All Governors’ sub-committees review risks within their respective areas of responsibility each term, with risk as a standing agenda item. Routine risk management is delegated to the Headmaster and Bursar.

As part of the monitoring process, the Governance Committee also conducts an annual review of insurance cover immediately prior to renewal and agrees the appropriate levels of cover. The School has identified six key strategic risks, as follows:

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PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

OBJECTS , AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES

Charitable Object

The object of the Charity, as set out in the Company’s Memorandum and Articles of Association, is to advance education through the provision of a day and boarding school (in or near Bourton, Oxfordshire) and through ancillary or incidental educational and related activities for the benefit of the community. The primary beneficiaries of the Charity are the pupils, boys and girls aged 3–13, some of whom receive means-tested assistance with fees. Additional beneficiaries include members of the wider community who are granted access to the School’s facilities, activities, and support services.

Strategic Aim and Intended Effect

These activities are designed to nurture pupils’ natural abilities and academic potential, stimulate and develop broader interests, and motivate them for future success at the senior school of their choice. The School’s co-educational philosophy, rural location, flexible approach to boarding, manageable size, and high levels of pastoral care combine to create an environment in which pupils can enjoy a happy, secure, and fulfilling childhood. This environment fosters courteous, kind, cultured, and considerate children who also develop a strong sense of independence. Founded on traditional values, the School welcomes staff and pupils from diverse ethnic, cultural, and religious backgrounds, fostering an inclusive community.

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PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Objectives for the Year

In setting the objectives and planning the activities of the School, the Governors have complied with their duty under section 17 of the Charities Act 2011 to have due regard for the Charity Commission’s general guidance on public benefit, including its supplementary guidance on advancing education and fee charging.

The main objective for the year was to build on the achievements of previous years by ensuring that all pupils, regardless of background, are educated to a consistently high standard. The School has maintained an appropriate staff-to-pupil ratio to ensure that all children benefit from close tuition and mentoring. This enables them to gain maximum benefit from the education and development offered at Pinewood and to succeed at their chosen senior schools. The School aims to place children in a variety of leading senior schools, both local and national, while recognising its broad intake and the importance of parental choice. For leavers, teaching is tailored to their abilities and the requirements of their chosen senior schools, supporting successful applications and smooth transitions.

The School’s Curriculum Objectives:

Principal Activity

The School’s principal activity remains the provision of education for children of both sexes aged 3 to 13. Pinewood welcomes children of all abilities and from all backgrounds. It is well established as one of the leading preparatory schools in the South of England, attracting pupils from a wide geographic area. By combining academic rigour in the classroom with opportunities to explore a broad range of activities in Art, Drama, Music, and Sport, the School ensures that pupils are well prepared for life at the UK’s leading independent senior schools.

Volunteers

The Friends of Pinewood is a volunteer group of parents who work tirelessly to organise and run a range of events for the School, raising funds for the benefit of the School and other charities. In 2024–25, they supported numerous projects and purchased various items of equipment for use within the School, most notably contributing £2,400 towards Pinewood branded bobble hats, a duck house on the pond and a second outdoor table tennis table. During the year, one member of the wider Pinewood community also volunteered on a termly basis to assist the School as an independent listener.

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Operational Performance of the School

All pupils sitting Common Entrance passed their exams for their senior school of their choice. The overall average pass mark in 2025 was 63% (2024 – 61%). In addition to this, 20 scholarships or other awards to senior schools were achieved across the spectrum of academic (2 awards), art (5) music (2), sports (6) and drama (5).

Through assemblies, regular acts of worship, Life Skills lessons, and drama sessions, the School continues to develop pupils’ social conscience, spiritual awareness, cultural understanding, and a regard for their own safety and well-being. The Heads of Schools (Upper, Middle, Lower, and Pre-Prep), Form Tutors, and the House system provide a high level of pastoral care, enabling children to confidently embrace opportunities and form loyalties that transcend both age and gender. Additional pastoral support is provided by the Head of Wellbeing and Emotional Support.

Pinewood offers children a full range of major and minor sports throughout the academic year. All pupils have the opportunity to participate, enhancing fitness, enjoyment, skill development, and a sense of team spirit. Adventure activities, trips, and lecture programmes continue to challenge and inspire children, fostering character, independence, and learning.

Throughout 2024–25, the School had an average of 408 pupils, with 312 in the Prep School and 96 in the Nursery and Pre-Prep. Enquiries and visits remained consistently high, which Governors considered encouraging, particularly given

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PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

the financial pressures on many families in an uncertain political and economic climate. Attendance was strong at the two Open Mornings, held on 3 October 2024 and 15 May 2025. Taster days and toddler mornings are also proving to be very successful in the recruitment of pupils.

Numbers of boarding pupils continue to be strong. Boarding provision teaches children an additional level of independence, while reinforcing their responsibilities to a close-knit community and ensuring their behaviour reflects shared standards, principles, and core values.

Overall staff numbers stabilised during 2024-25 with an average figure of 136 (137 in 23-24) across all disciplines. This equates to 103 full time equivalents compared to 104 in 2023-24.

Planning and development of the School’s facilities continued in line with the Headmaster’s School Development Plan. The swimming pool refurbishment project, which included a new enclosure to allow year-round use, was completed in May. Significant investment has also continued in IT and other teaching resources to enhance the quality of education provided.

During this financial year, the School celebrated its 150th anniversary with many activities and events to mark this auspicious milestone. The festivities culminated in a memorable ‘Pinefest’ in June 2025 — a whole-school community event that brought everyone together in celebration.

Public Benefit

The School has a Public Benefit Strategy which is reviewed on a regular basis by the Governance Committee. The aim of the strategy is to ensure that the School provides Public Benefit now and in the longer term to the public as a whole, including those in poverty, in addition to the current beneficiaries within the School. The School looks to provide Public Benefit to assist those in the local area where they can take full advantage of the School’s activities and facilities. In addition, the School also supports the public, including those in poverty, further afield through its bursary programme and its support to charities worldwide.

Bursaries and Other Financial Allowances

The School is mindful of the costs associated with delivering a first-class education and seeks, wherever possible, to extend its provision and facilities to those who might not otherwise be able to afford them. The School’s Bursary Policy, which sits alongside the Public Benefit Strategy, is published on the website and is reviewed annually by the Governors.

Bursaries are considered by a sub-committee of the Governors and are awarded to provide access to the School for families whose financial circumstances would not otherwise allow their children to benefit from a Pinewood education. All means-tested bursaries are reviewed annually. Subject to budgetary constraints, the School also offers meanstested assistance with fees in cases of sudden and unforeseen financial hardship experienced by families of existing pupils; these awards are known as Hardship Bursaries. Where pupils attend Pinewood on bursaries, the School liaises with senior schools to help secure continued bursary support, thereby assisting pupils in their transition to senior school education.

Allowances, including bursaries and staff discounts, totalled £531,858 for the year. Of this amount, £262,797 was allocated to means-tested bursaries, representing 3.2% of gross fee income. This was slightly below the 3.5% of gross fee income allocated for means-tested bursaries at the start of the year. A total of 24 pupils received means-tested bursaries (including four hardship bursaries), which was one more than in the previous year; of these, two pupils received full funding and a further four received awards covering 80% or more of fees.

For the 2025–26 academic year, the level of funding allocated from the general fund for bursaries has been set at 3.0% of forecast gross fee income. Additional funds will be made available from the designated Public Benefit and Community Fund if required during the year; this fund currently stands at £89,248.

Public Benefit Access to Others

In addition to the provision of bursaries as detailed above, the School continues its involvement in the local community with the aim of widening access to its facilities and resources to other beneficiaries outside of the School’s Community.

• Public Benefit Activities that align with the School’s Charitable Object . The School has a Head of Outreach who develops the outreach programme and fosters relationships with local primary schools. During the academic year 2024–

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PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

25, pupils from partner schools - Bishopstone, Ashbury, and Ashton Keynes Primary Schools - participated in shared events held either at their own schools or at Pinewood, as follows:

Transport is provided to local primary schools, either through self-drive arrangements or using a Pinewood driver, to enable attendance at workshops and facilitate a wide range of outreach activities. This includes support for regular trips, such as weekly visits to swimming pools, as well as longer excursions, including visits to The Living Rainforest.

Through the School’s SKILLS programme, residents of a local nursing home are invited to attend and enjoy musical and theatrical performances by pupils. In addition, groups of pupils visit these residences to offer companionship and engagement, strengthening intergenerational connections within the community.

Pinewood continues to make its facilities available to a sports organisation during the Easter and Summer holidays, providing six weeks of daily holiday camps for local children aged 13 and under. In addition, under a Sport England Community Use Agreement, Shrivenham Cricket Club uses the indoor nets in the Sports Hall annually from February to the end of May, while Shrivenham Royals Junior Football Club uses the floodlit all-weather pitch on a weekly basis throughout the football season.

• Other Public Benefit Activities. The School encourages residents of the village of Bourton to make use of its grounds and walkways through the plantation. Bourton villagers and their families are invited to attend the School’s annual Bonfire Night. The School also supports the local church through attendance at services and financial assistance, an initiative that has helped prevent its closure, and the Headmaster serves as Chair of the Bourton Almshouses. In addition, the School regularly provides work experience opportunities for post-GCSE students and trainee teachers.

Charitable Donations

Pinewood continued to support several external charities through fundraising events during the year. Children and staff raised the following:

These charitable activities give the pupils the understanding of their social and environmental responsibilities, which is one of the cornerstones of their education at Pinewood.

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PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Fundraising Performance

The School has an established Admissions, Marketing, and Development Office. Fundraising to support new facilities and the provision of bursaries in the medium to long term has continued to progress. During the year, the School received £2,500 in donations for the Development Fund and Pride of Pinewood. The School's intent to fund raise for new facilities and the provision of bursaries in the medium and long term has continued to progress.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

As an educational charity, parents can be assured that all School income is applied solely for educational purposes. Net income for the year generated a surplus from the unrestricted fund of £543,714 (2024: £611,474). These surpluses are reinvested to fund the School’s ongoing capital expenditure, which is essential to upgrade and enhance facilities and maintain the standards expected of a first-class educational establishment. In 2024–25, the School completed the installation of a swimming pool enclosure and installed an electronic door security system.

As at 31 August 2025, the School held a bank loan facility of £407,314 (31 August 2024: £443,275), which helped fund the construction of the new Teaching and Learning Centre, and an additional loan of £1,027,022 (31 August 2024: £1,087,674) for the purchase of Tower House. The total bank loan facility amounted to £1,434,335 as at 31 August 2025 (31 August 2024: £1,530,949).

At the start of the financial year, the School remained exempt from tax on its educational activities and surpluses, although it continued to pay PAYE income tax and National Insurance contributions on staff salaries. The UK government announced in July 2024 that it would remove the longstanding VAT exemption for private (independent) school fees. As a result VAT was imposed on School fees with effect from 1 January 2025. Council agreed that the School would reduce the net fees (before VAT was added) by approximately 5.3% for all year groups per term for the next two terms (Spring and Summer 2025). VAT at 20% was then applied to the reduced net fee to give the VAT inclusive fee. On average this equated to a 13.6% increase for parents on the Autumn Term fee. This did not include the Nursery, which remained exempt from VAT. The School registered for VAT on 1 December 2024 and seeks to recover tax on purchases and services.

Going Concern

The School’s ability to continue as a going concern for at least twelve months from the date the financial statements are authorised for issue is supported by a strong financial position, with healthy pupil numbers that are forecast to remain stable, rigorous controls over operating costs that generate an acceptable level of surplus for reinvestment in capital projects, and an improving reserves position that strengthens resilience in line with the Strategic Reserves Policy. In reaching this conclusion, the Governors have continued to assess the impacts of the imposition of VAT, a further increase in the National Minimum Wage, higher employer National Insurance contributions, and additional costs arising from the removal of Charities Business Rates Relief.

Reserves Policy

The Governors’ policy is to maintain free reserves equivalent to approximately one term’s expenditure over the medium term, to ensure financial resilience. One term’s expenditure amounted to approximately £2.58 million as at 31 August 2025, while the School’s free reserves under this policy were approximately £1.99 million (2024: £1.24 million), representing around 77% (2024: 49%) of one term’s expenditure. This calculation considers long-term loans of £1.4 million, which are expected to be repayable over up to 15 years from future operating income and cashflows, are linked to the capital programme, and are secured on the School premises. Excluding the long-term element of these loans from the calculation leaves free reserves of approximately £3.39 million. At year-end, restricted funds stood at £51,000 (2024: £51,000) and unrestricted funds at £13.0 million (2024: £12.5 million).

The School measures its free reserves using either of the following methods, both of which yield the same outcome:

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PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

This is the measure of the School’s liquidity. A sufficient level of free reserves is required to:

It remains critically important that the School rebuilds reserves up to one term’s expenditure to allow the necessary financial resilience. This is to be achieved by:

FUTURE PLANS

Key targets for the following year include:

STATEMENT OF GOVERNORS RESPONSIBILITIES

The Governors (who are also directors of Pinewood School for the purposes of Company Law) are responsible for preparing the Governors' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Governors 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 of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Governors are required to:

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

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PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

So far as each of the Governors is aware at the time the report is approved:

AUDITORS

In accordance with Section 485 of the Companies Act 2006, the appointment of auditors to the Company was discussed at the Annual General Meeting on 12 March 2026. It was agreed to appoint HaysMac as auditors for the financial year 2025-26.

Approved by the Board of Governors and signed on its behalf by:

…………………………………….

Date:

R I White Chair

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PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PINEWOOD SCHOOL LIMITED

Opinion

We have audited the financial statements of Pinewood School for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 school 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 School'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 governors are responsible for the other information. The other information comprises the information included in the Report of the Governors, other than the financial statements and our auditors report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors’ Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 12 and 13, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the independent school regulations, safeguarding regulations, health and safety requirements, GDPR, employment law and charity law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Companies Act 2006 and consider other factors such as payroll tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to improper recognition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

15

PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

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

Adam Halsey (Senior Statutory Auditor) For and on behalf of HaysMac LLP, Statutory Auditor Date:

10 Queen Street Place London EC4R 1AG

16

FOR THE YEAR ENDED 31 AUGUST 2025

PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025

Notes
INCOME FROM:
Charitable activities:
School fees
2
Other income
3
Other trading activities:
Letting income
Investment income
Voluntary sources:
Donations and fund raising
Government grants
TOTAL INCOME
EXPENDITURE ON:
Charitable activities:
Education
TOTAL EXPENDITURE
5
NET MOVEMENT IN FUNDS FOR THE
YEAR
Balances brought forward
Balances carried forward		 Unrestricted
Designated
Restricted
2025
2024
Funds
Funds
Funds
Total
Total
£
£
£
£
£
7,640,207
-
-
7,640,207
7,539,426
503,822
-
-
503,822
524,041
62,174
-
-
62,174
64,093
62,620
-
-
62,620
48,768
26,090
-
-
26,090
24,955
-
-
-
-
-
8,294,913
-
-
8,294,913
8,201,283
7,751,199
-
-
7,751,199
7,589,809
7,751,199
-
-
7,751,199
7,589,809
543,714
-
-
543,714
611,474
12,385,505
89,248
51,205
12,525,958
11,914,484
12,929,219
89,248
51,205
13,069,672
12,525,958

All the charity’s activities during the above two financial years were derived from continuing activities.

17

PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

BALANCE SHEET AS AT 31 AUGUST 2025

Company Number: 339394

Notes
FIXED ASSETS
Tangible assets
7
CURRENT ASSETS
Stock
Debtors
8
Cash at bank and in hand
CREDITORS:amounts falling due
Within one year
9
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS:amounts falling due
After more than one year
10
NET ASSETS
FUNDS AND CAPITAL
12
Restricted funds
Unrestricted funds
TOTAL FUNDS		 2025
£
£
11,032,732
7,685
1,609,710
5,628,936
7,246,331
(3,392,701)
3,853,630
14,886,392
(1,816,690)
13,069,672
51,205
13,018,467
13,069,672		 2025
£
£
11,032,732
7,685
1,609,710
5,628,936
7,246,331
(3,392,701)
3,853,630
14,886,392
(1,816,690)
13,069,672
51,205
13,018,467
13,069,672		 2024
£
£
11,239,424
6,641
250,914
5,592,366
5,849,921
(3,200,978)
2,648,943
13,888,367
(1,362,409)
12,525,958
51,205
12,474,753
12,525,958		 2024
£
£
11,239,424
6,641
250,914
5,592,366
5,849,921
(3,200,978)
2,648,943
13,888,367
(1,362,409)
12,525,958
51,205
12,474,753
12,525,958
7,246,331
(3,392,701)		 5,849,921
(3,200,978)
14,886,392
(1,816,690)		 13,888,367
(1,362,409)
13,069,672 12,525,958
51,205
13,018,467		 51,205
12,474,753
13,069,672 12,525,958

The financial statements were approved and authorised for issue by the Council and were signed below on its behalf by:

……………………………………

R I White (Chair of the Governors)

Date:

The accompanying notes (on pages 19-29) form part of these financial statements.

18

PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025

Notes
Cash flows from operating activities
(i)
Cash flows from investing activities:
Investment income receipts
Payments for tangible fixed assets
Net cash generated/(used) in investing
activities
Cash flows from financing activities:
Finance cost paid
Net cash from loan receipts
Net cash used in financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the period
Cash and cash equivalents at the end of
the reporting period
(ii)
NOTES TO THE CASH FLOW STATEMENT
(i)
Reconciliation of net cashflow from operations
Net incoming resources
Elimination of non-operating cash flows:
- Investment income
- Financing costs
Depreciation charge
Increase in stock
Increase in debtors
Increase in creditors
Net cash inflow from operations
(ii)
Reconciliation of net debt
Cash at bank
Loans		 2025
£
£
312,284
62,620
(148,617)
(85,995)
(93,104)
(96,613)
(189,717)
36,570
5,592,366
5,628,936
2025
£’000
£’000
543,714
(62,620)
93,104
355,308
(1,043)
(1,358,795)
742,617
312,284
At 1 Sep 24
£’000
5,592,366
(1,530,949)
4,061,417		 2025
£
£
312,284
62,620
(148,617)
(85,995)
(93,104)
(96,613)
(189,717)
36,570
5,592,366
5,628,936
2025
£’000
£’000
543,714
(62,620)
93,104
355,308
(1,043)
(1,358,795)
742,617
312,284
At 1 Sep 24
£’000
5,592,366
(1,530,949)
4,061,417		 2024
£
£
2,525,440
48,768
(583,800)
(535,032)
(98,980)
(270,359)
(369,339)
1,621,069
3,971,297
5,592,366
2024
£’000
£’000
611,474
(48,768)
98,980
486,725
1,349
(65,447)
1,441,127
2,525,440
Cash Flows
At 31 Aug 25
£’000
£’000
36,570
5,628,936
96,613
(1,434,336)
At 1 Sep 24
£’000
5,592,366
(1,530,949)
4,061,417 133,183
4,194,600

19

PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1 ACCOUNTING POLICIES

Basis of Preparation

The accounts have been prepared under the Charities Act 2011 on historical cost convention and in accordance with applicable accounting standards and the Statement of Recommended Practice on Accounting and Reporting by Charities: the Charities SORP (FRS 102).

Going concern

Having reviewed the funding facilities available to the School together with the expected ongoing demand for places and the School’s future projected cash flows, the Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the School’s financial statements.

School fees

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

Other income

These sources of income are included in the accounts when they become receivable and their value can be measured with reasonable certainty.

Donations, legacies, grants and other voluntary incoming resources

Voluntary incoming resources are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable .

Voluntary income for the School’s general purposes is accounted for as unrestricted and is credited to the General Fund. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund.

Expenditure

Expenditure is accrued for as soon as a liability is considered probable, discounted to present value for long term liabilities.

Raising funds comprise costs associated with lettings.

Expenditure is allocated to expense headings either on a direct cost basis, or apportioned on a consistent basis. The irrecoverable element of VAT is included with the item of expense to which it relates. Charitable Activities comprises all expenditure directly related to the objects of the school. Governance costs are those incurred in connection with the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Pension Costs

All staff are offered membership of a Group Personal Pension scheme. The assets of this scheme are held separately from those of the School, being invested with an insurance company. The pension costs for that scheme represent the contributions payable by the School in the year.

20

PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Leases and hire purchase contracts

Rentals paid under operating leases are charged to the Statement of Financial Activities evenly over the period of the lease.

Fixed assets

Tangible fixed assets are included in the financial statements at their original cost less depreciation provided to date.

Depreciation

Depreciation is provided on all tangible fixed assets at rates calculated to write off the costs less estimated residual value of each asset, by equal annual instalments, over their expected useful lives which are considered to be: -

Freehold buildings and improvements - 50 years
Fixtures and equipment - 10 years
Facilities -
20 years
Vehicles - 5 years
Computers - 3 years
Land and assets under the course of construction are not depreciated.

The useful economic lives of tangible fixed assets are based on management’s judgement and experience. When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted retrospectively. As tangible fixed assets are not significant variances between actual and estimated useful economic lives will not have a material impact on the operating results. Historically no changes have been required.

Stock

All stock is stated at the lower of cost and net realisable value.

Debtors

Trade and other debtors are recognised at the settlement amount due after any discounts offered. Prepayments are valued at the amount prepaid net of any discounts due.

Cash and bank

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and Provisions

Creditors and provisions are recognised where the School 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 discounts due.

Funds

The General Fund represents funds available for use at the discretion of the Governors in furtherance of the objects of the charity and which have not been designated for other purposes. The Restricted Fund represents donations where the donors state the particular purpose for which the funds must be applied.

Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management’s best knowledge of the amount, events or actions, actual results may ultimately differ from those estimates. The directors consider the following items to be areas subject to estimation and judgement.

Bad debt

The School maintains a bad debt provision which is reassessed annually based on fees outstanding from the summer term.

21

PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. SCHOOL FEES

SCHOOL FEES
Fees receivable
Bursaries and allowances
OTHER INCOME
Extras*
Learning Support Income
Minibus
Registration fees
Other		 2025
2024
£
£
8,172,065
8,101,032
(531,858)
(561,606)
7,640,207
7,539,426
2025
2024
£
£
416,592
402,978
-
-
37,635
39,001
3,926
4,518
45,669
77,544
503,822
524,041

3. OTHER INCOME

4. TAXATION

The charity has currently been granted exemption from corporation tax under s478(1) of CTA 2010, on the income arising from its charitable activities provided that it is applied for charitable purposes.

5a. ANALYSIS OF TOTAL EXPENDITURE EDUCATION

i)
Total Expenditure
Charitable expenditure
Teaching costs
Welfare
Premises
Support costs and governance
Finance costs		 Total
Total
Staff costs
Other costs
Depreciation
2025
2024
£
£
£
£
£


3,470,879
758,909
112,277
4,342,065
4,285,660
642,408
362,651
-
1,005,059
951,731
275,057
1,028,621
243,031
1,546,709
1,606,080
687,417
76,845
-
764,262
647,358
-
93,104
-
93,104
98,980
5,075,761
2,320,130
355,308
7,751,199
7,589,809

Support costs and governance represent the costs of managing and administering the charity and are allocated to charitable expenditure relating to education.

ii) Governance included in support costs

Remuneration paid to auditor for audit services

20,750 23,100

22

PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

5b. COMPARATIVE ANALYSIS OF EXPENDITURE

i)
Total Expenditure
Charitable expenditure
Teaching costs
Welfare
Premises
Support costs and governance
Finance costs		 Total
Total
Staff costs
Other costs
Depreciation
2024
2023
£
£
£
£
£


3,441,738
725,040
118,883
4,285,661
4,414,853
614,701
337,029
-
951,730
964,459
298,042
940,197
367,842
1,606,081
1,425,480
569,985
77,372
-
647,357
183,248
-
98,980
-
98,980
97,712
4,924,466
2,178,618
486,725
7,589,809
7,085,752

6. STAFF COSTS

STAFF COSTS
Wages and salaries
Social security costs
Other pension costs
Aggregate employee benefits of key management personnel		 2025
2024
£
£
4,183,977
4,098,808
413,759
369,138
478,025
465,874
5,075,761
4,933,820
615,204
573,329

Aggregate employee benefits of key management personnel

The average number of employees (excluding peripatetic staff) during the year were 136 (2024: 137)

Teaching Staff (incl Teaching Assistants)
Other employees		 2025
2024
Number
Number
68
71
68
66
136
137

2 Governors (2024: 3) received reimbursement of expenses during the year of £475 (2024: £964).

The School provides indemnity insurance to trustees, the cost of which is included in the School’s combined insurance policy.

Termination payments during the year amounted to £8,984 (2024: £8,000).

The number of employees whose emoluments exceeded £60,000 excluding pension contributions was:

£60,000 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
£110,001 - £120,000
The number with retirements benefits accruing
in Defined Contribution schemes was 5 (2024:4)
of which the contributions amounted to		 2025
2024
No
No
2
1
1
1
1
1
-
-
-
1
1
-
£81,464
£68,017

23

PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

7.
TANGIBLE FIXED ASSETS
Cost or valuation
At 1 September 2024
Additions
Transfers
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
At 31 August 2025
Net Book Value
At 31 August 2025
At 31 August 2024
Cost or valuation		 Under
Fixtures,
Land and
Course of
Fittings and
Buildings
Construction
Equipment
Computers
Total
£
£
£
£
£
12,916,061
376,736
1,420,698
475,861
15,189,356
50,617
-
53,111
44,889
148,617
355,007
(355,007)
-
-
-
13,321,685
21,729
1,473,809
520,750
15,337,973
2,808,448
-
714,300
427,185
3,949,933
243,030
-
78,133
34,145
355,308
3,051,478
-
792,433
461,330
4,305,241
10,270,207
21,729
681,376
59,420
11,032,732
10,107,613
376,736
706,398
48,677
11,239,424

Freehold land, valued at £50,000, is included in the cost of land and buildings. The freehold land is not depreciated.

8. DEBTORS

DEBTORS
Amounts falling due within one year
Fee debtors
Other debtors
CREDITORS
Amounts falling due within one year
Bank loans and overdrafts (see note 10)
Trade creditors
OTSS
Deferred Income
Fees in Advance less 1
Other creditors and accruals
Deposits held
VAT		 2025
2024
£
£
1,376,933
58,585
232,778
192,329
1,609,710
250,914
2025
2024
£
£
168,539
168,539
256,699
261,650
167,834
91,894
1,782,058
2,202,841
336,157
-
36,432
158,354
318,250
317,700
326,732
-
3,392,701
3,200,978

9.

24

PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

10.
AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans
Fees in Advance
Long term loan obligations are repayable as follows:
Within one year (see note 9)
Between one and two years
Between two and five years
Over five years		 2025
2024
£
£
1,265,796
1,362,409
550,894
-
1,816,690
1,362,409
168,539
168,539
168,539
168,539
505,618
505,618
591,638
668,252
1,434,335
1,530,948

The bank has a debenture over the School’s assets, together with a charge over the premises owned by the School. The total bank loan facility of £1,434,335 comprises of 2 loans – the Hoyland teaching block (fixed at 4.23%) and for the purchase of Tower House (fixed at 5.078%). The loans are being repaid over 15 years and are due to complete, Sep 34 and Aug 37 respectively.

11. SHARE CAPITAL

The company is limited by guarantee and does not have a share capital. In the event of the company being wound up and unable to pay its debts each member is liable to contribute a sum not exceeding £10.

12a.
MOVEMENT IN FUNDS
Unrestricted
-General fund
-Public benefit and community fund
Restricted
-Restricted fund
TOTAL FUNDS		 Balance at
Balance at
1 September
Incoming
Outgoing
31 August
2024
Resources
Resources
Transfers
2025
£
£
£
£
£
12,385,505
8,294,913
(7,751,199)
-
12,929,219
89,248
-
-
-
89,248
51,205
-
-
-
51,205
12,525,958
-
-
-
13,069,672

Unrestricted Funds

The Unrestricted General Fund represents the unrestricted funds which the Governors are free to use in accordance with the charitable objects. A fund was set up in 2020 and is intended to be used for public benefit and community support. This designated fund is available should it be required for hardship bursaries due to financial impact on families.

Restricted Funds

The restricted funds are for the development of the school either through benefactor donations in year or for depreciation costs of benefactor purchases in previous years.

25

PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

12b. COMPARATIVE MOVEMENT IN FUNDS

ANALYSIS OF NET ASSETS BETWEEN
Tangible assets
Current assets
Current liabilities
Long term liabilities
Unrestricted
-General fund
-Public benefit and community fund
Restricted
-Restricted fund
TOTAL FUNDS		 Balance at
Balance at
1 September
Incoming
Outgoing
31 August
2023
Resources
Resources
Transfers
2024
£
£
£
£
£
11,774,031
8,201,283
(7,589,809)
-
12,385,505
89,248
-
-
-
89,248
51,205
-
-
-
51,205		 Balance at
Balance at
1 September
Incoming
Outgoing
31 August
2023
Resources
Resources
Transfers
2024
£
£
£
£
£
11,774,031
8,201,283
(7,589,809)
-
12,385,505
89,248
-
-
-
89,248
51,205
-
-
-
51,205
11,914,484
-
12,525,958
FUNDS Total
Total
Unrestricted
Restricted
2025
2024
£
£
£
£
11,023,618
9,115
11,032,732
11,239,424
7,204,241
42,090
7,246,331
5,849,922
(3,392,701)
-
(3,392,701)
(3,200,978)
(1,816,690)
-
(1,816,690)
(1,362,409)
13,018,467
51,205
13,069,672
12,525,958

13a. ANALYSIS OF NET ASSETS BETWEEN FUNDS

The Restricted Fund is to be used for the future development of the school.

13b. COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible assets
Current assets
Current liabilities
Long term liabilities		 Total
Total
Unrestricted
Restricted
2024
2023
£
£
£
£
11,230,309
9,115
11,239,424
11,142,350
5,807,832
42,090
5,849,922
4,164,751
(3,200,978)
-
(3,200,978)
(1,854,039)
(1,362,409)
-
(1,362,409)
(1,535,751)
12,474,754
51,205
12,525,959
11,917,311

The Restricted Fund is to be used for the future development of the school.

14. OTHER FINANCIAL COMMITMENTS

At 31 August 2025, the School had future minimum lease payments under non-cancellable operating leases as follows:-

Expiring within one year
Expiring between two and five years inclusive		 Plant and machinery
2025
2024
£
£
61,728
62,943
91,744
90,502
153,472
153,445

26

FOR THE YEAR ENDED 31 AUGUST 2025

PINEWOOD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS

15. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE FIGURES

Notes
INCOME FROM:
Charitable activities:
School fees
2
Other income
3
Other trading activities:
Letting income
Investment income
Voluntary sources:
Donations and fund raising
Government grants
TOTAL INCOME
EXPENDITURE ON:
Charitable activities:
Education
TOTAL EXPENDITURE
5
NET MOVEMENT IN FUNDS FOR THE YEAR
Balances brought forward
Balances carried forward		 Unrestricted
Designated
Restricted
2024
Funds
Funds
Funds
Total
£
£
£
£
7,539,426
-
-
7,539,426
524,041
-
-
524,041
64,093
-
-
64,093
48,768
-
-
48,768
24,955
-
-
24,955
-
-
-
-
8,201,283
-
-
8,201,283
7,589,809
-
-
7,589,809
7,589,809
-
-
7,589,809
611,474
-
-
611,474
11,774,031
89,248
51,205
11,914,484
12,385,505
89,248
51,205
12,525,958

27