**Moulsford Preparatory School Trust Limited**
**Registered Company Number: 894361 (England and Wales) Registered Charity Number: 309643**
**Moulsford Preparatory School Trust Limited (** _**A Company Limited by Guarantee**_ **)**
**Report and Audited Financial Statements for the year ended 31 August 2025**
**Moulsford Preparatory School Trust Limited**
## **Content of the Financial Statements for the year ended 31 August 2025**
||**Page**|
|---|---|
|Governors, Officers and Advisers|1|
|Governors’ Annual Report (including Directors’ Report and Strategic Report)|2-16|
|Independent Auditor’s Report|17-20|
|Statement of Financial Activities (Including Income and Expenditure Account)|21|
|Balance Sheet|22|
|Statement of Cash Flows|23|
|Notes to the Financial Statements|24-34|
**Moulsford Preparatory School Trust Limited**
## **Governors, Officers and Advisers for the year ended 31 August 2025**
## **Governors**
The School’s Governors, who are also the Charity’s Trustees and the Company’s Directors, are listed below. They have all served in office throughout the year, except where indicated.
E L A Boddington J Moule (resigned 8 May 2025) R Bussell T R Davis Mrs A E Bonney Mrs T M H Player R W Kapp Mrs A V Cutts Mrs L A Baldini J M A Bewes R Williams S Russell (appointed 2 January 2025) **Key personnel and advisers Headmaster:** B Beardmore-Gray **Company secretary and bursar:** J Philpott **Principal address and Registered office:** Moulsford Preparatory School Moulsford-on-Thames Oxon OX10 9HR **Auditors:** Wenn Townsend Chartered Accountants 30 St Giles’ Oxford OX1 3LE **Bankers:** Handelsbanken Lloyds TSB plc Seacourt Tower Bank House West Way Wine Street Botley Bristol OX2 0JJ BS1 2AN **Solicitors:** BDB Pitmans 47 Castle Street Reading Berkshire RG1 7SR
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## **Moulsford Preparatory School Trust Limited**
## **Governors’ Annual Report (including Directors’ Report and Strategic Report) for the year ended 31 August 2025**
The Governors present their annual report and the audited financial statements for the year ended 31 August 2025. The Governors have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the Trust.
## **Reference and administrative information**
Moulsford Preparatory School Trust Limited (the School), is a charitable company incorporated in England and Wales, limited by guarantee, company registration number 894361, charity registration number 309643. The liability of each member in the event of winding up is limited to £1. At 31 August 2025 there were 11 members.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Company is governed in accordance with its Memorandum and Articles of Association, last amended in April 2022.
## **Governing Body**
The members of the Governing Body are detailed on page 1. The full board who form the Governing Body meet at least 3 times a year. Various Governors also sit on the School’s Safeguarding & Welfare, Education, Health & Safety and Finance Committees which also meet 3 times a year. There is also an annual strategy meeting involving all Board members at which the School’s development plan is reviewed.
## **Recruitment and training of Governors**
The Governing body requires breadth and depth of experience to carry out its duties effectively and efficiently. The Governing body is elected on the basis of nominations and recommendations received from various sources, with a view to ensuring as wide a mix as possible of relevant expertise. Members usually serve for three years and are eligible for re-election
All Governors undertake training in Safeguarding Training every year and in addition individuals have attended training in matters as varied as food hygiene, fire safety and health and safety. Both the Chairman and the Clerk to the Governors encourage Governors to attend relevant seminars, for example on Boarding, Health & Safety and Child Protection.
## **Organisational structure and management**
The Governors determine the general policy and objectives of the School. They appoint a Chairman and, as detailed earlier, there are 4 sub-committees that support the Board of Governors. There are also Governors who have specific responsibilities for boarding, child protection, EYFS, accessibility, sustainability, estate and marketing.
The day to day management of the School is delegated to the Headmaster, B Beardmore-Gray, the Bursar, J Philpott and the senior leadership team (SLT).
## **Key management personnel**
The Governors consider that they, together with the Headmaster, the Bursar and the SLT comprise the Key Management Personnel.
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## **Moulsford Preparatory School Trust Limited**
## **Governors’ Annual Report (including Directors’ Report and Strategic Report) for the year ended 31 August 2025**
Pay and remuneration of the Head and the Bursar is set by the Finance Committee and is kept under annual review
## **Organisational Management**
The Governors determine the general policy of the School which is set out in the School’s Vision and Strategy which is updated annually or more often as required. The day to day running of the School is delegated to the Headmaster, supported by senior staff. The Headmaster undertakes the key leadership role overseeing educational, pastoral and administrative functions in consultation with the senior staff. The day to day administration of the School is undertaken within the policies and procedures approved and regularly reviewed by the Governors which provide for only significant expenditure decisions and major capital projects to be referred to the Governors for prior approval.
The Headmaster oversees the recruitment of all educational staff, whilst under delegated authority, the Bursar oversees the recruitment of administrative and non-teaching support staff. The Headmaster, Deputy Head and Bursar are invited to attend Governors’ meetings.
## **Other Relationships**
The Headmaster is a member of the Independent Association of Preparatory Schools which is an opportunity to share expertise, knowledge and experience across the independent school sector. The School is also a member of the Association of Governing Bodies of Independent Schools and Governors regularly attend events and training days. The School is also a member of the Independent Schools’ Bursars Association.
## **Bursary policy**
The Governors view bursary awards as vital in helping to ensure children from families who would otherwise not be able to afford the fees can access the education offered. Bursary awards are available to all who meet the general entry requirements and are made solely on the basis of parental means or to relieve hardship where a pupil’s education and future prospects would otherwise be at risk, for example, in the case of redundancy.
In assessing means the School takes a number of factors into consideration including family income, investments and savings and family circumstances; for example, dependant relatives and the number of siblings. However, the School does not have any endowments and in funding these awards the School has to be mindful to ensure a balance between fee-paying parents, many of whom make considerable personal sacrifices to fund their child’s education, and those benefiting from the awards.
The bursary awards range from 10% to 60% remission of fees. In the last year nineteen bursaries were awarded at an average of £6,273 each.
As part of the emphasis on attracting and retaining high calibre staff, the School offers a reduction in fees for staff members who choose to educate their children at the School.
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**Moulsford Preparatory School Trust Limited**
## **Governors’ Annual Report (including Directors’ Report and Strategic Report) for the year ended 31 August 2025**
## **Statement of Governors’ responsibilities**
The Governors 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 income and expenditure of the charitable company for the year.
In preparing these financial statements the Governors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the accounts on the going concern basis unless it is inappropriate to assume that the charitable company will continue in business.
The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time, the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Governors are aware:
- there is no relevant audit information of which the charitable company’s auditor is unaware, and
- they have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
## **Risk management**
The Governors are responsible for the overseeing of the risks faced by the School. Detailed considerations of risk are delegated to the Senior Management of the School. Risks are identified, assessed and controls established throughout the year. A formal review of the charity’s risk management processes is undertaken on an annual basis.
The main risks that the Governors have identified and the plans to manage those risks are:
- Political. The election of a Labour Government in July 2024 has resulted in a severely adverse change to the policy environment for independent schools. The rushed introduction of VAT on school fees in January 2025 and the well trailed loss of business rates relief in April 2025 is having a significant impact on the financial performance of independent schools and adds a significant administrative burden. These changes combine with the increase in employer National Insurance contributions from April 2025, which was imposed on all businesses by the Government. As a result, during the year the school reduced expected revenues by in the region of £278,000 by passing only a proportion of VAT (c12% of the 20%) on to parents to make the education as affordable as possible, and absorbed in the region of £100,000 of additional costs for business rates and national insurance. The
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**Moulsford Preparatory School Trust Limited**
## **Governors’ Annual Report (including Directors’ Report and Strategic Report) for the year ended 31 August 2025**
school’s additional mitigating actions include closely managing our cost base, actively managing our cash flow and undertaking focussed marketing activity to attract further pupils.
- Sociological. Changes in parents’ expectations, working patterns and lifestyles have meant that the market has had to adapt. The School is in the process of moving to a coeducational establishment across all age groups as the demand for single-sex schools reduces and parents opt for just one school for logistical reasons.
- Reputation. The School’s success is built on its reputation for the education and well-being of our pupils. The School manages this risk through safeguarding policies, staff recruitment policies, pastoral support for both pupils and staff and active identification and resolution of health and safety related issues.
- Curriculum. Academic excellence requires the most able teachers with state of the art facilities delivering the curriculum to students. The School manages this risk by combining attractive salaries with on-going investment in our estate and an approach to enrolment that works with supportive parents whose children have an appetite for learning.
Through the risk management processes established for the School, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
## **Objectives and activities**
The charitable objectives of the Trust are to carry on or manage day and/or boarding schools in the UK for the advancement of education and development of boys and girls.
Governors aim to provide a first-class education to boys from the age of 3 to 13 and girls from the age of 3 to 7. From September 2025 girls started to be educated in Year 3 and the school will become fully co-educational by September 2030, by which time there will be girls in all year groups. The School seeks to provide a structured educational environment that develops our pupils’ capabilities, competences and skills and prepares them for the opportunities, responsibilities and experiences of later life.
The Governors confirm that they have paid due regard to the Charity Commission’s guidance on public benefit.
## **ETHOS AND POLICIES**
Both a Moulsford education and the School’s Vision are underpinned by our core values of:
- Kindness
- Courage
- Curiosity
Our school values guide how we live our Moulsford lives on a daily basis and also aim to give Moulsford children a very solid set of foundations on which they can build through life’s long journey.
Moulsford Preparatory School is a charitable trust which seeks to benefit the public through the pursuit of its stated aims. The fees are set at a level to ensure the financial viability of the School and at a level that is consistent with the aim of providing a first-class education.
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## **Moulsford Preparatory School Trust Limited**
## **Governors’ Annual Report (including Directors’ Report and Strategic Report) for the year ended 31 August 2025**
The School welcomes pupils from all backgrounds. To admit a prospective pupil the Headmaster needs to be satisfied that the School will be able to educate and develop a prospective pupil to the best of their potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy the School and parents that potential pupils can cope with the pace of learning and benefit from the education provided. An individual’s economic status, gender, ethnicity, race, religion or disability do not form part of our assessment processes.
The School is an equal opportunity organisation and is committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability. The School will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled.
The School welcomes all children who can make the most of the opportunities offered and can flourish in its caring environment. The Governors and staff are firmly committed to inclusivity and to giving every child the best possible start in life. The School wishes to ensure that account is taken of the particular individual needs of each pupil and to help individuals reach their full potential.
The School is committed to safeguarding and promoting the welfare of pupils and expects all staff and volunteers to share this commitment.
Parents are given regular information about their children’s social and academic progress through parent evenings in addition to the traditional end of term and year reports. The School maintains regular contact with parents throughout the year through informal contacts and through the newsletter.
The School also has a system of student champions who are involved in assisting senior teaching staff in enforcing the very vigorous no bullying policy.
## **Access Policy**
It is important to the School that access to the education the school offers is not restricted to those who can afford the fees. The School believes the pupils benefit from learning within a diverse community. A great deal of learning occurs through social interaction, conversation and shared experiences which helps the pupils develop an understanding of the perspectives of other people that will be vital in their adult lives. The bursary policy contributes to a widening of access to the education offered and the facilities enjoyed.
## **Financial planning policy**
Timely financial planning is often the key for many parents who are hoping to send their children to Moulsford Preparatory School and there are a number of outside agencies available to help those who wish to fund educational costs through regular contributions.
## **Pupil numbers and fees**
Educational activities are carried out through the Prep School and the Pre-Prep School. During the year the School had an average of 288 boys in the Prep School and 73 in the Pre-Prep.
The fees for the current year before the deduction of any means assisted bursaries and scholarships, and before VAT, were as follows:
Pre-Prep - £4,920 (MT), £4,407 (£5,288 incl VAT)(LT and ST) Prep School - £7,350 (MT), £6,495 (£7,794 incl VAT) (LT and ST)
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## **Moulsford Preparatory School Trust Limited**
## **Governors’ Annual Report (including Directors’ Report and Strategic Report)**
## **for the year ended 31 August 2025**
Boarding - £9,195 (MT), £8,217 (£9,860 incl VAT) (LT and ST)
The school absorbed in the region of 8% of the VAT which was imposed on school fees from January 2025.
## **Drama**
In 2025, every pupil from Pre-Prep to Year 8 engaged in performance opportunities, alongside classroom-based learning. Drama remains a core component of the Pre-Prep curriculum and a standalone subject from Year 4 upwards. The Department’s primary objective remains inclusivity, ensuring all children are meaningfully involved in productions.
This is most evident in the Senior years, where the revised ‘Seniors’ Play’ has replaced the Year 7 production. This change allows all pupils across Years 7 and 8 to audition, guaranteeing a role to any student who puts themselves forward.
## _Production Highlights_
- Seniors’ Play: The inaugural production was _Oliver! Jr._ , a version specifically adapted for prep schools. While licensing and scores for musicals require a higher initial outlay, the production maintained high standards in set and costume design.
- Year 5 Production: Pupils performed an original play based on Ancient Greek creation myths, written by our Director of Music and her husband. This bespoke approach allowed for high student engagement while providing a significant cost-saving on script royalties.
- Year 6 Classics Play: Written by the Head of Latin, this open-air performance continues to be a successful cross-curricular activity.
- Pre-Prep & Junior Years: A range of Christmas productions were staged by pupils from PreSchool through to Year 4, supplemented by parent-attended assemblies and performances at the Autumn Soiree, Carol Service, and Summer Concert.
- The School Pantomime: This Autumn Term finale featured Year 7 and 8 Drama Scholarship candidates alongside some other Year 8 volunteers, providing a high-profile platform for our senior performers.
## Financial Strategy & Resource Management
One of the largest Department financial outlays remains our Year 7 (now Year 7/8 production). To ensure a sustainable budget, the Seniors’ Play will implement a two-year production cycle, alternating between musicals and non-musical plays. This strategy offsets the higher costs of musical theatre over two financial years while ensuring every pupil experiences both genres during their time at the school.
## Further investments this year included:
- Cross-Curricular Tools: New filming equipment was purchased for the Year 7 "Dragon’s Den" project. This remains a staple of the Autumn Term, integrating Art, Drama, DT, and ICT.
- Classroom Resources: Continuous investment ensures that high-quality teaching materials are available for all year groups.
## **Music**
In December of 2024 a new music teacher completed his ECT process and he continued to deliver classroom lessons from preschool to year 4, leading the Junior Choir and acting as a champion for
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**Moulsford Preparatory School Trust Limited**
## **Governors’ Annual Report (including Directors’ Report and Strategic Report) for the year ended 31 August 2025**
music in the pre-prep. The Director of Music (DoM) continued to teach curriculum music to children in years 5 to 8.
The clarinet and saxophone teacher resigned from his teaching role after over 20 years at Moulsford, as he made the decision to streamline his teaching commitments. A new teacher joined the team, offering lessons in clarinet, saxophone, and oboe.
The cello and string teacher also stepped away to focus on her training as an Alexander Technique specialist, and a new teacher took over cello lessons from Easter 2025.
The emerging challenge for the music department was a continued decline in children taking up orchestral instruments, and several strategies were put in place aimed at stimulating interest and balancing the department. Taster sessions were delivered, offering children the chance to see and hear a range of instruments and visiting music teachers focused on years 3 and 4.
2024-2025 saw a reinvigoration of the ensemble programme, with the DoM taking control of the string and harp ensemble and founding a new big band. The ensemble programme therefore offered the opportunity to every child learning an orchestral instrument to play as part of a group and the DoM composed and arranged music for the children in those ensembles, maximising engagement and accessibility by providing parts of the appropriate challenge to each individual performer. Pupil voice showed that these ensemble opportunities were very valuable to the children, with a small number who were intending to give up their instrumental lessons deciding instead to keep learning and participating in the programme. In the summer term the two ensembles were able to perform together to combine as a mixed orchestra. The pop choir and percussion ensemble continued to recruit and rehearse.
The Friday Showcase concerts continued to provide performance opportunities for all, and although participation was lower than in the previous year, performers represented every year group in the prep and a wide range of instruments and abilities across the year.
With her husband writing the script, the DoM composed another Year 5 Musical, this time on the theme of the 1969 moon landings - One Small Step. This bespoke musical allowed every child in the year to have a tailor-made part and the music was specifically composed with the range and technical ability of children’s voices in mind.
Music lesson numbers fell slightly, in part because the previous year 8 were very engaged in music making and they represented a larger than average number of lessons per cohort. Up to 60% of the children learned an instrument on an individual basis, taking lessons from the eleven Visiting Music Teachers who come into school each week. Demand for piano, guitar, and drum lessons stayed relatively steady but the shrinkage in numbers was most apparent in classical orchestral instruments.
The Music Medal programme continued to be a good option for children who would not be entering for graded ABRSM exams. In 2024-2025, medals were earned by children who played the piano, violin, and flute.
The key aims of the music department are to help all pupils find a love of music, to make music accessible to every child, and to provide opportunities for stretch and challenge for pupils with exceptional ability. The Junior and Senior Choirs performed at several school occasions including
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**Moulsford Preparatory School Trust Limited**
## **Governors’ Annual Report (including Directors’ Report and Strategic Report) for the year ended 31 August 2025**
events at Christmas, Easter, and the summer concert. Junior Soloists, Senior Soloists, Pop Vocals, and Soiree concerts were popular and well-attended by pupils and families. The music team continue to work hard in supporting the music making of their individual pupils and various team members contribute significantly to the curriculum planning for the pre-prep in particular and provide excellent role models to the children in the Junior Choir.
## **Sport**
In 2025, the Games Department continued to champion its guiding principle of ‘Sport For All’, ensuring broad participation, meaningful competition, and positive experiences for pupils across all age groups. Building on the strong foundations of previous years, our provision remained inclusive, ambitious, and development-focused, while also supporting the school’s transition to full coeducation.
In collaboration with the Co-education Committee, the department played an active role in ensuring the smooth and successful transition of girls into Year 3, adapting team structures, fixtures, and teaching approaches to create a welcoming and inclusive sporting environment. This transition was handled seamlessly and has further strengthened our commitment to equality and opportunity within school sport.
## _Celebrating Achievement and Effort_
Recognition of effort, attitude, and character remained central to our sporting culture. The ‘Lion Hearts’ awards continued to be presented during weekly Thursday assemblies, celebrating pupils who exemplified commitment, resilience, and sportsmanship. Once again, a wide cross-section of the school community was recognised over the course of the year.
The TEETH values—Toughness, Endeavour, Enthusiasm, Teamwork, and Humility—remained embedded across Games and PE. Pupils were regularly acknowledged for demonstrating these qualities in training, fixtures, and festivals, reinforcing positive behaviours and a growth mindset throughout the department.
## _Major Sports Performance and Competitive Success_
Our major sports programme delivered an outstanding year of competitive success at both county and national level:
## _Rugby_
- Under 12 Rugby 7s: Unbeaten, winning the Caldicott 7s Tournament.
- Under 13 Rugby:
- 3rd place at the IAPS U13 13-a-side tournament hosted by Brighton College.
- `o` Runners-up at the Hall Grove U13 7s tournament.
## _Football_
- Under 13:
- Qualified for IAPS via ESFA competition and finished runners-up in the main IAPS National Finals.
- Under 11:
- Finished 3rd at IAPS, narrowly losing to the eventual champions.
- Won the regional county cup qualifier, progressing to the county finals in January 2026.
- Under 10 and Under 11:
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**Moulsford Preparatory School Trust Limited**
## **Governors’ Annual Report (including Directors’ Report and Strategic Report)**
## **for the year ended 31 August 2025**
- Finished 3rd and 7th respectively in the County Cup competitions.
- Under 8:
- Winners of the Oratory Prep Festival.
## _Cricket_
- The hard ball cricket programme reached new heights, qualifying through three rounds to reach the National Finals, where the team finished runners-up nationally—a significant achievement for the school.
## _Hockey_
- Both Under 11 and Under 13 teams competed in the County Cup and In2Hockey competitions.
- The Under 13s progressed to the county stage, reflecting strong technical and tactical development.
## _Individual and Small-Team Sports Success_
## _Swimming_
Nine boys qualified through the IAPS regional rounds to compete at the IAPS National Finals, held at the National Aquatic Centre in London.
## _Cross Country_
Under 11 Winners at The Oratory Cross Country Event
Retained County Primary Schools Trophy at the MECE County XC Event in March (Under 8 to U11)
## _Tennis_
Under 13 team finished runners-up in the LTA County Tournament, continuing the school’s strong tennis tradition.
## _Golf_
- Under 12 and Under 13 teams won the Cothill Jug in Summer 2025.
- The school finished 1st overall, also producing the individual winner of the competition.
## _Real Tennis_
- Under 13 Doubles finished runners-up in the National Real Tennis Championships, building on previous national success.
## _Development of Minor Sports and Broader Curriculum_
The School’s minor sports programme continued to expand, offering pupils a wider range of opportunities and skills development. New additions to the curriculum included:
- Tchoukball
- • Pickleball
- Volleyball
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**Moulsford Preparatory School Trust Limited**
## **Governors’ Annual Report (including Directors’ Report and Strategic Report) for the year ended 31 August 2025**
- Flag Football
- Lacrosse
- Life Saving Awards
- Swim England scheme of work, with structured levels and certification
These additions enhanced engagement, inclusivity, and lifelong sporting skills.
## _Pre-Prep Sport and Physical Development_
Significant changes were introduced in the Pre-Prep PE provision with games introduced in years 1 and 2, alongside Playball, creating a stronger foundation for the development of skills and transition into Prep School sport:
- The school hosted a Parkour recruitment event, expanding alternative physical pathways.
- A Year 1 and 2 Hockey Festival, delivered in collaboration with Wallingford Wildcats, was very well attended and strengthened links with local clubs.
## _Looking Ahead_
The 2025 academic year reflected a balance of high performance, inclusivity, and thoughtful development. As we look forward, the department remains committed to:
- Supporting co-education as it continues to develop.
- Expanding opportunities across both competitive and participation-based sport.
- Maintaining strong values-led recognition through TEETH and Lion Hearts.
- Providing a dynamic and progressive sporting experience for every pupil.
The Games Department is proud of the progress made in 2025 and looks ahead with confidence and ambition.
## **Boarding**
2024-2025 was another positive year in the Boarding House **.** In the Autumn Term, boarding numbers increased slightly, with 35 boarders in the house compared to 34 the previous year. Of these, 4 were “weekly boarders”. This was comprised of the following
Y8 -19 Y7-4 Y6-10 Y5-2
The Spring Term saw an increase in numbers, with pupils boarding with 39 pupils opting to board. Some of these were at the half-term stage. This term, we had 4 weekly Year 8 boarders. The spread of boarders across the year groups was as follows
Y8- 19 Y7- 6 Y6- 14 Y5- 0
The Summer Term saw another significant increase in demand for boarding, with 63 pupils choosing to board for the Term. Of these 5 were weekly boarders, meaning only two beds were spare for the Summer Term. We also had 5 pupils on a waiting list on the nights that their year group were boarding. The spread of borders across the year group was as follows
Y8 – 23 Y7 - 12 Y6 - 20 Y5 - 8
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## **Moulsford Preparatory School Trust Limited**
## **Governors’ Annual Report (including Directors’ Report and Strategic Report) for the year ended 31 August 2025**
The Boarding House again ran two successful trial boarding evenings, with 27 pupils staying in the Autumn Term and 21 in the Summer Term.
41 Year 4 pupils also had their first nights in the Boarding House during activities week, with this proving to be a great way of getting the pupils to experience what a night in the Boarding House consists of, as well as providing some much-needed experience of being away from home.
## **Alumni relations – Engaging with Old Moles**
Developing alumni relations is crucial for the success of educational institutions. A strong alumni relations function helps to create a supportive community that benefits both the institution and its former pupils. The School’s response to this has been to launch The Moulsford Foundation, as industry statistics prove that the greater the number of database contacts the greater the income received for those schools with an established development function.
The Moulsford community is highly engaged with the School and the Old Moles Connect digital platform continues to support this with news items, reunion events, archive content and termly communications with its growing membership. Our database has a total of 4718 records, for which we have current email addresses for 2180 and are able to send newsletters on a regular basis. Our active Old Mole members have increased to 588 and in the increasingly distracted world, engagement in our communications remains encouragingly high. Our average open rate has increased to 70% and our average click through rate is 18%, which both sit well above education sector benchmarks.
We have also welcomed back several Old Moles this year either as gap year students or as part of our mentoring, citizenship and careers education curriculum. Highlights include the series of High Performance Lunchtime talks that we run each week during term time and part of our post Common Entrance Year 8 Programme when Old Moles discuss their life post-Moulsford.
In early March we hosted the Class of 2020, our Lockdown leavers, for our 3rd annual Old Moles vs Staff football match, marking the five-year point since the boys left Moulsford. We were delighted to welcome 34 Old Moles and their parents back to school, and with so many old boys attending, we were able to make two Old Moles teams who then played the staff and each other in a triangular tournament. Despite a valiant effort, the staff were victorious in both games and came out as champions for the third year running.
After the match, it was wonderful to welcome a group of 110 featuring Old Moles, their parents, and the Staff to the dining room for a delicious chilli and witness the year group back together enjoying each other’s company and catching up on old times. With three defeats in two years, we now look to the 2021 Old Moles to try to earn their place in history with a victory in 2026.
## **Transport**
The School operates a number of bus routes to try to reduce the number of car journeys. During the year plans were put in place to extend the number of routes served and to provide a service both morning and afternoon to better support busy families alongside the additional environmental benefits.
## **Charitable activities and local community relationships**
As of January last year, our House Charities became Lowland Rescue (Drake), Oxfordshire Wildlife Rescue (Bering), The Abingdon Bridge (Amundsen) and the RNLI (Cabot). These four charities are mainly local to Oxfordshire and have a very positive impact on local communities and
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## **Moulsford Preparatory School Trust Limited**
## **Governors’ Annual Report (including Directors’ Report and Strategic Report) for the year ended 31 August 2025**
our local area. For 2024/25 we managed to raise just over £1000 for each charity, a total we have already surpassed this academic year (2025/26). We will continue to support the charities up until the end of 2026 and then may look for other worthwhile local charities.
With Mary’s Meals, our whole school charity, we continue to sponsor Kholombidzo School in Malawi. Each academic year we aim to raise as much as we can to ensure that the 481 children who attend Kholombidzo School do not go hungry but instead have their lives transformed and are given the opportunity to build a better future for themselves. 2024/25 we managed to raise £3905.17 which due to the timing of the donation was doubled to £7810.34.
This year sees the 11th anniversary of Moulsford’s Got Talent, we already have our finalists for Year 8. The Year 7 Auditions are happening this half of term with Years 5 and 6 auditions are happening in the 2nd half of the Spring term. Moulsford’s Got Talent 2026 in the Summer Term is raising funds specifically for Mary’s Meals.
## **Volunteers**
The Parents’ Association helped with fundraising and cultural activities during the year and the Governors would like to thank the Association for its continuing and valuable support for the School.
## **STRATEGIC REPORT**
## **Achievements and performance**
## **Operational performance of the School**
The School has averaged 361 pupils through the year. Year 8 leavers in 2025 won 18 Scholarships or exhibitions.
## **Financial review**
The financial statements show net incoming resources for the year on School activities of £72,578 (2024 - £448,656). The total funds held at the year end was £9,202,543, of which £105 is restricted.
Based on the School’s current forecasting, it is the school’s expectation that for the next three years it will operate at a net loss, and is budgeting accordingly. This three year period will be one where Moulsford absorbs, adjusts to and takes actions to deal with the effects of the various headwinds facing the sector, including VAT, increased National Insurance costs and changes to business rates. However, during that period, the school should continue to operate at a cash positive level, ie after adjusting for the accounting cost of depreciation, and its balance sheet will remain strong throughout. Thereafter, the school expects to return to operating on a net profit basis.
The principal source of income is fees accounting for 98% of the School’s income but the School is taking steps to diversify its income. The Governors are continuing their strategy of deploying all net incoming resources to investing in the educational purposes and fabric of the School.
In addition to the very substantial benefits the School brings to its pupils, the local community and society through the education offered, the bursary programme creates a social asset without cost to the Exchequer.
13
**Moulsford Preparatory School Trust Limited**
## **Governors’ Annual Report (including Directors’ Report and Strategic Report) for the year ended 31 August 2025**
## **Developments and Maintenance**
The School continues to invest considerable funds in the maintenance and continual improvement of existing facilities and infrastructure.
## **Reserves policy**
## **Reserves and financial health**
The Governors regularly review the finances, budgets and spend against budget together with a monthly cash flow analysis as part of the effective stewardship of the School.
The Governors recognise that the level of reserves fluctuates during periods of investment in the School estate and the arrangements with our bank are in place to provide an adequate ‘safety net’ should it be required.
## **Investment Policy and performance**
Investment activities are managed in line with the requirements of the Trustee Act 2000. The Governors at this moment are using surplus funds to reduce debt.
## **Pension Liability**
The Governors are satisfied that existing cash flows are sufficient to meet any anticipated increases in costs. The Pension liability has been reported within the accounts in accordance with accounting standard FRS 102. For our non-teaching and support staff the School offers a money purchase plan (defined contribution scheme) which is operated by Aviva.
## **FUTURE PLANS**
In late 2024 the Governors and Senior Leadership Team defined a new vision for the school: “To be the best co-educational prep school in our area, instilling kindness, courage and curiosity in all our pupils”.
Delivering this vision will be achieved through three core strategies with each one being owned by the Head, the Deputy Head and the Bursar:
- building and reinforcing our community;
- excellence in everything we do; and
- innovation in all areas.
- Within this a fundamental objective is the successful transition to co-education while maintaining the high quality of our existing provision.
Other objectives within the three core strategies include:
- managing staff workload and incentivising and rewarding outstanding contribution;
- achieving alignment from reception to Year 8 on curriculum and assessment;
- developing targeted marketing campaigns to attract girls to the school in reception and Year 3, increase enrolment in Year 3 generally; and encourage retention of pupils in Year 7;
- maintaining and augmenting our facilities so they are optimised for co-education;
14
**Moulsford Preparatory School Trust Limited**
## **Governors’ Annual Report (including Directors’ Report and Strategic Report) for the year ended 31 August 2025**
- continuing digitisation of our classroom experience and business processes.
Future plans are financed from a combination of borrowings and fee income.
Environmental issues are also a high priority and the School is making all the buildings more energy efficient, seeking the more efficient use of water and supporting local recycling initiatives.
## **Statement of disclosure of information to auditors**
We, the directors of the company who held office at the date of approval of these Financial Statements, as set out above, each confirm so far as we are aware, that:
- there is no relevant audit information of which the charitable company’s auditors are unaware; and
- we have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.
## **Auditors**
The Auditors, Wenn Townsend, will be proposed for re-appointment at the forthcoming Annual General Meeting.
In approving the Report of the Governors, we also approve the Strategic Report included therein, in our capacity as company directors.
Approved by the Board of Governors on 18 August 2026 and signed on its behalf by
**E L A Boddington** Chairman of Governors
15
**Moulsford Preparatory School Trust Limited**
## **Independent Auditor’s Report**
## **to the members of Moulsford Preparatory School Trust Limited**
## **Opinion**
We have audited the financial statements of Moulsford Preparatory 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:
- give a true and fair view of the state of the charitable company’s affairs as at 31 August 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Governors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.
16
**Moulsford Preparatory School Trust Limited**
## **Independent Auditor’s Report**
## **to the members of Moulsford Preparatory School Trust Limited**
## **Other information**
The other information comprises the information included in the Governors’ annual report, other than the financial statements and our auditor’s report 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Governors’ report, which includes the strategic report and the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our 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 strategic report and the directors’ report. Included within the Governors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Governors’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
17
**Moulsford Preparatory School Trust Limited**
## **Independent Auditor’s Report**
## **to the members of Moulsford Preparatory School Trust Limited**
## **Responsibilities of Governors**
As explained more fully in the Governors’ responsibilities statement set out on page 4, the Governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such 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 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
- We enquire of management and those charged with governance around actual and potential litigation and claims;
- We enquire of staff to identify any instances of non-compliance with laws and regulations;
- We review the minutes of meetings of those charged with governance;
- We review the financial statement disclosures and test to supporting documentation to assess compliance with applicable laws and regulations;
- We perform audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
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.
18
## **Moulsford Preparatory School Trust Limited**
## **Independent Auditor’s Report to the members of Moulsford Preparatory School Trust Limited**
## **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.
**Andrew Rodzynski FCA (Senior Statutory Auditor) For and on behalf of Wenn Townsend Chartered Accountants and Statutory Auditor 30 St Giles’ Oxford OX1 3LE**
Date:
19
**Moulsford Preparatory School Trust Limited**
## **Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 August 2025**
|**Note**
**Income**
**Income from**
**charitable activities:**
School fees receivable
3
Donations and grants
Interest receivable
Other
4
**Total income**
**Expenditure**
**Charitable activities:**
School operating costs
5
Interest payable
8
**Total expenditure**
**Net**
**income/(expenditure)**
6
Change in fair value of
loans
24
Other losses
24
**Net**
**movement**
**in**
**funds**
Transfers
**Reconciliation**
**of**
**funds:**
Funds brought forward
**Total funds carried**
**forward**
16,17|**Unrestricted**
**Funds**
**£**
6,843,967
-
73,045
93,227
7,010,239
6,830,448
107,213
6,937,661
72,578
2,394
74,972
3,833
71,139
-
9,071,299
9,142,438|**Designated**
**Funds**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
60,000
60,000|**Restricted**
**Funds**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
105
105|**Total**
**2025**
**£**
6,843,967
-
73,045
93,227
7,010,239
6,830,448
107,213
6,937,661
72,578
2,394
74,972
3,833
71,139
-
9,131,404
9,202,543|**Total**
**2024**
**£**
7,097,302
351
45,476
190,385
7,333,514
6,770,545
114,313
6,884,858
448,656
2,588
451,244
4,913
446,331
-
8,685,073
9,131,404|
|---|---|---|---|---|---|
|||||||
|||
||||
|||
||||
|||||||
|||||||
The statement of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing operations.
20
**Moulsford Preparatory School Trust Limited**
## **Balance Sheet At 31 August 2025**
|**Note**
**Fixed assets**
Tangible assets
10
**Current assets**
Debtors
11
Cash at bank and in hand
**Creditors:**Amounts falling due
within one year
12
**Net current liabilities**
**Creditors:**Amounts falling due
after more than one year
14
**Net assets**
**Unrestricted funds**
General funds
16
Designated funds
16
**Restricted funds**
17
**Total funds**
18|**2025**
**£**
**£**
12,571,943
1,492,710
1,875,471
3,368,181
(4,034,726)
(666,545)
11,905,398
(2,702,855)
9,202,543
9,142,438
60,000
9,202,438
105
9,202,543|**2024**
**£**
**£**
12,947,935
1,496,141
2,299,414
3,795,555
(4,654,708)
(859,153)
12,088,782
(2,957,378)
9,131,404
9,071,299
60,000
9,131,299
105
9,131,404|
|---|---|---|
Approved by the Board of Governors on 18 August 2026 and signed on its behalf by
## **E L A Boddington**
Chairman of Governors
## **Registered Company Number: 894361**
The notes on pages 24 to 34 form part of these financial statements
21
**Moulsford Preparatory School Trust Limited**
## **Statement of Cash Flows for the year ended 31 August 2025**
|**Note**
**Cash inflow from operating activities**
19
Interest paid
**Net cash flow from operating activities**
**Cash flow from investing activities**
Payments to acquire tangible fixed assets
Proceeds from disposal of assets
Interest received
**Net cash flow from investing activities**
**Cash flow from financing activities**
Net loan (repayments)/receipts
**Net cash flow from financing activities**
**Net (decrease)/increase in cash and cash equivalents**
**Cash and cash equivalents at 1 September 2024**
**Cash and cash equivalents at 31 August 2025**||
|---|---|
||
|
||
_
|
22
**Moulsford Preparatory School Trust Limited**
## **Notes to the Financial Statements for the year ended 31 August 2025**
## **1. Accounting policies**
The principal accounting policies adopted in the preparation of the financial statements are as follows:
## **a) Basis of preparation**
Moulsford Preparatory School Trust Limited 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 UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.
## **b) Income recognition**
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity 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.
School fees receivable represents amounts invoiced in respect of pupils’ schooling, less bursaries and allowances and are credited to the Statement of Financial Activities in the year to which they relate. Deferred income represents fees receivable billed in advance for the Michaelmas term following the year under review.
## **c) Expenditure recognition**
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 obligation can be measured reliably. Irrecoverable VAT is charged as an expense against the activity for which the expenditure arose.
## **d) Tangible fixed assets**
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, except freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful economic life as follows:
Freehold buildings 2% on a straight-line basis Facilities 5% on a straight-line basis Plant & equipment 10% on a straight-line basis Vehicles 10% on a straight-line basis Computers 25% on a straight-line basis
Freehold buildings and facilities under construction are not depreciated until commissioned. Where the life of an asset is able to be determined with reasonable accuracy and is over 3 years, it is normally capitalised, otherwise the item is written off to revenue.
23
**Moulsford Preparatory School Trust Limited**
## **Notes to the Financial Statements (continued) for the year ended 31 August 2025**
## **e) Leases and hire purchase commitments**
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the SoFA so as to produce constant periodic rates of charge on the net obligations outstanding in each period. Rentals payable under operating leases are charged to the Statement of Financial Activities on a straight-line basis, over the life of the lease.
## **f) Pension**
The School runs defined contribution schemes for its teaching and non-teaching staff. Contributions to both schemes are charged in the Statement of Financial Activities as they become payable in accordance with the rules of the schemes.
## **g) Fund accounting**
## **Unrestricted general funds**
These are funds which can be used in accordance with the objects at the discretion of the Governors.
## **Designated funds**
These are funds set aside by the Governors out of unrestricted general funds for specific future purposes or projects.
## **Restricted funds**
These are funds which can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for a particular restricted purpose.
A further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **h)**
## **Debtors and creditors receivable/payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **i) Loans and borrowings**
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
24
**Moulsford Preparatory School Trust Limited**
## **Notes to the Financial Statements (continued) for the year ended 31 August 2025**
## **j) Derivatives**
Derivative financial instruments are initially measured at fair value at the date on which the derivative contract is entered into and are subsequently measured at fair value through income or expenditure. The charity uses derivatives to mitigate interest rate risk associated with variable rate loans. The fair value of these is determined by the Governors.
## **k) Going concern**
The financial statements have been prepared on a going concern basis as the Governors believe that no material uncertainties exist. The Governors have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
## **2. Legal status of the Trust**
The Trust is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. At the balance sheet date there were 11 members.
## **3. Income from school fees**
|The income from school fees comprises:
School fees receivable
Less: Total scholarships, bursaries and allowances
**Other income**
Rent received
Functions income
Other|**2025**
**£**
7,146,751
302,784
6,843,967
**2025**
**£**
24,240
53,689
15,298
93,227|**2024**
**£**
7,381,021
283,719
7,097,302
**2024**
**£**
23,620
63,731
103,034
190,385|
|---|---|---|
## **4. Other income**
25
## **Moulsford Preparatory School Trust Limited**
## **Notes to the Financial Statements (continued) for the year ended 31 August 2025**
## **5. School operating costs**
|Teaching
Welfare
Premises
Support
Governance
**Net income for the year**
**Net income is stated after charging:**
Depreciation – owned assets
(Profit)/Loss on disposal of assets
Operating lease costs - not equipment
Auditors’ remuneration - audit fees
- other services|
|**2025**
**£**
4,414,023
905,656
933,577
545,892
31,300
6,830,448
**2025**
**£**
540,479
-
59,255
12,000
-|**2024**
**£**
4,539,185
819,263
898,195
481,341
32,561
6,770,545
**2024**
**£**
549,997
(2,196)
60,917
12,000
5,760|
|---|---|---|---|
|||||
## **6. Net income for the year**
## **7. Analysis of staff costs, Governor remuneration and expenses, and the cost of key management personnel**
|Wages and salaries
Social security costs
Pension costs (see note 23)
|**2025**
**£**
3,721,572
397,407
442,788
4,561,767|**2024**
**£**
3,680,281
390,713
441,736
4,512,730|
|---|---|---|
The charity considers its key management personnel comprise the Governors, the Headmaster and the Bursar. The total amount of employee benefits received by key management personnel is £263,188 (2024 - £230,345).
The average monthly number of employees and full time equivalent (FTE) during the year was:
||**2025**|**2025**|**2024**|**2024**|
|---|---|---|---|---|
||**Number**|**FTE**|**Number**|**FTE**|
|Teaching|67|59|70|61|
|Domestic|23|17|22|17|
|Administration|17|15|18|16|
||107|91|110|94|
26
## **Moulsford Preparatory School Trust Limited**
## **Notes to the Financial Statements (continued) for the year ended 31 August 2025**
## **7. Analysis of staff costs (Cont’d)**
The number of employees who received total employee benefits (excluding employer pension costs) of more than £60,000 is as follows:
|**2025**
**Number**
£60,001 - £70,000
1
£70,001 - £80,000
1
£90,001 - £100,000
0
£100,001 - £110,000
1
£130,001 - £140,000
0
£160,001 - £170,000
1
**8.**
**Interest and similar charges**
**2025**
**£**
Bank loans and overdrafts
107,213|**2024**
**Number**
2
0
1
0
1
0
**2024**
**£**
114,313|
|---|---|
## **9. Taxation**
The charity is exempt from taxation on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
## **10. Tangible fixed assets**
|**Freehold**
**land**
**£**
**Cost**
At 1 September 2024
79,703
Additions
-
Disposals
-
**At 31 August 2025**
79,703
**Depreciation**
At 1 September 2024
-
Charge for the year
-
On disposals
-
**At 31 August 2025**
-
**Net book values**
31 August 2025
79,703
31 August 2024
79,703|**Freehold**
**buildings**
**£**
15,994,587
108,495
-
16,103,082
3,929,591
345,557
-
4,275,148
11,827,934
12,064,996|**Plant &**
**equipment**
**£**
2,568,797
61,013
(411,043)
2,218,767
1,765,561
199,943
_ (411,043)
1,554,461
664,306
803,236|**Total**
**£**
18,643,087
169,508
(411,043)|
|---|---|---|---|
||||
18,401,552
5,695,152
545,500
(411,043)|
|||||
||||_
5,829,609
12,571,943
12,947,935|
Tangible fixed assets with a net book value of £10,225,000 (2024 - £10,225,000) have been pledged as security for liabilities of the charity.
27
## **Moulsford Preparatory School Trust Limited**
## **Notes to the Financial Statements (continued) for the year ended 31 August 2025**
|**11.**
**Debtors**
Fees
Prepayments
**12.**
**Creditors:**Amounts falling due within one year
Secured bank loans
Trade creditors
Refundable deposits
Derivative financial instruments
Accruals
Taxation and social security
VAT
Fees paid in advance
Deferred income (see note 13)
**13.**
**Deferred income**
Balance at 1 September 2024
Amount released to incoming resources
Michaelmas term 2025 fees invoiced
Balance at 31 August 2025|**2025**
**£**
1,482,945
9,765
1,492,710
**2025**
**£**
250,954
294,522
30,100
-
235,897
217,734
299,074
776,107
1,930,338
4,034,726
**2025**
**£**
2,276,056
(2,276,056)
1,930,338
1,930,338||**2024**
**£**
1,413,545
82,596
1,496,141
**2024**
**£**
251,533
494,774
36,400
(3,833)
101,626
152,114
-
1,346,038
2,276,056
4,654,708|
|---|---|---|---|
|||||
||
|
||
|||
||
28
## **Moulsford Preparatory School Trust Limited**
## **Notes to the Financial Statements (continued) for the year ended 31 August 2025**
## **14. Creditors:** Amounts falling due after more than one year
|Secured bank loans (falling due in less than 5 years)
Secured bank loans (falling due after 5 years)
Refundable deposits
Derivative financial instruments|**2025**
**£**
997,770
1,429,677
275,408
-
2,702,855|**2024**
**£**
1,000,363
1,678,899
278,116
-
2,957,378|
|---|---|---|
The bank loans are secured on the freehold property. The payment terms and interest rates of each creditor for which an amount falls due after 5 years are as follows:
Bank loan 1 is a 10-year fixed term interest only loan of £1,000,000 taken out on 29 April 2022. The interest rate is 3.96% per annum and the repayment date is 29 April 2032.
Bank loan 2 is a 10-year full term fixed interest loan of £2,500,000 taken out on 29 July 2022. The interest rate is 3.81% per annum and the final repayment date is 29 April 2032.
## **15. Borrowings**
|The aggregate amount of bank loans are as follows:
Due within one year or less
Due between one and two years
Due between two and five years
Due after five years
Total due
Included in current liabilities
Included in creditors due after more than one year||**2025**
**£**
250,954
250,354
747,416
1,429,677
2,678,401
250,954
2,427,447|**2024**
**£**
251,533
250,954
749,409
1,678,899
2,930,795
251,533
2,679,262|
|---|---|---|---|
|||||
29
**Moulsford Preparatory School Trust Limited**
## **Notes to the Financial Statements (continued) for the year ended 31 August 2025**
|**16.**
**Unrestricted funds**
**2025**
**General reserves:**
**Designated funds:**
Incentive bonuses
Energy costs
**2024**
**General reserves:**
**Designated funds:**
Incentive bonuses
Energy costs|**1**
**September**
**2024**
9,071,299
-
60,000
9,131,299
**1**
**September**
**2023**
8,580,411
37,990
60,000
8,678,401|**Total**
**income**
7,010,239
-
-
7,010,239
**Total**
**income**
7,333,163
-
________-
7,333,163|**Total**
**expenditure**
(6,939,100)
-
-
(6,939,100)
**Total**
**expenditure**
(6,842,275)
(37,990)
-
(6,880,265)|**Transfers**
-
-
-
_______-
**Transfers**
-
-
-
-|**31 August**
**2025**
9,142,438
-
60,000
9,202,438
**31 August**
**2024**
9,071,299
-
__ 60,000
9,131,299|
|---|---|---|---|---|---|
The Incentive bonuses Fund is identified by Governors for the payment of future bonuses to key employees.
The Energy costs Fund is identified by Governors for the payment of future energy costs.
## **17. Restricted funds**
|**2025**
Bursary fund
Hardship fund
**2024**
Bursary fund
Hardship fund|**1 September**
**2024**
105
-
105
**1 September**
**2023**
6,672
-
6,672|**Total**
**income**
-
-
-
**Total**
**income**
351
-
351|**Total**
**expenditure**
-
-
-
**Total**
**expenditure**
(6,918)
-
(6,918)|**31 August**
**2025**
105
-
105
**31 August**
**2024**
105
-
105|
|---|---|---|---|---|
The Restricted Funds are from specific donations to the Trust. The Bursary Fund is for the provision of bursaries.
The Hardship Fund is to pay the fees of children whose families have suffered financial loss as a result of COVID-19.
30
**Moulsford Preparatory School Trust Limited**
## **Notes to the Financial Statements (continued) for the year ended 31 August 2025**
## **18. Analysis of net assets between funds**
## **19.**
|**Unrestricted**
**£**
**Restricted**
**£**
Fund balances at 31 August 2025 are
Represented by:
Fixed assets
12,571,943
-
Current assets
3,368,076
105
Creditors: Due within one year
(4,034,726)
-
Creditors: Due after one year
(2,702,855)
-
9,202,438
105
**Unrestricted**
**£**
**Restricted**
**£**
Fund balances at 31 August 2024 are
Represented by:
Fixed assets
12,947,935
-
Current assets
3,795,450
105
Creditors: Due within one year
(4,654,708)
-
Creditors: Due after one year
(2,957,378)
-
9,131,299
105
**econciliation of net income to net cash flow from operating activities**
**2025**
**£**
Net incoming resources for the year
72,578
Interest paid
107,213
Interest received
(73,045)
Depreciation of tangible assets
545,498
(Profit)/Loss on disposal of tangible assets
-
Decrease in debtors
3,431
(Decrease)/increase in creditors
(625,942)
Net cash inflow from operating activities
29,733|**Total funds**
**£**
12,571,943
3,368,181
(4,034,726)
(2,702,855)
9,202,543
**Total funds**
**£**
12,947,935
3,795,555
(4,654,708)
(2,957,378)
9,131,404
**2024**
**£**
448,656
114,313
(45,476)
549,997
(2,196)
30,235
1,226,476
2,322,005|
|---|---|
|||
## **Reconciliation of net income to net cash flow from operating activities**
## **20. Financial commitments**
Contractual commitments for the acquisition of tangible fixed assets contracted for but not provided in the financial statements amounted to £nil (2024 - £nil).
31
**Moulsford Preparatory School Trust Limited**
## **Notes to the Financial Statements (continued) for the year ended 31 August 2025**
## **21. Operating leases**
Total future minimum lease payments under non-cancellable operating leases in respect of property rental are as follows:
|Less than one year
Between 2 and 5 years
More than five years
Total
|**2025**
**£**
52,935
210,493
1,129,063
1,392,491|**2024**
**£**
44,973
151,997
908,999
1,105,969|
|---|---|---|
Operating lease payments in the year totalled £50,935 (2024 - £57,471)
## **22. Related party transactions**
During the year, three Governors were reimbursed for expenses totalling £2,114 that were incurred during the course of their roles. Four Governors have children educated at the school under standard terms. Mr R Williams was engaged by the school to provide specialist training services for which payments totalled £3,423 and nil was outstanding at the year end. Mrs S Russell was temporarily employed as a teacher and received remuneration of £6,080 for this role and not in relation to her role as a Governor.
## **23. Pension costs**
## **Defined contribution scheme**
The School makes contributions to two separate schemes, one for teaching employees and one for non-teaching employees. These are separately administered defined contribution schemes. Employers’ contributions totalling £442,788 (2024 - £441,736) were payable to these schemes for the year. At the year-end £116,181 (2024 - £65,441) was accrued in respect of contributions to these schemes.
## **24. Financial instruments**
The carrying amounts of the charitable company’s financial instruments are as follows:
||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|**Financial liabilities**|||
|Measured at fair value through net income/expenditure|||
|Derivative financial instruments (notes 12 and 14)|-|(3,833)|
|Measured at amortised cost|
||
|Bank loans (notes 12, 14 and 15)|2,678,401|2,930,795|
32
**Moulsford Preparatory School Trust Limited**
## **Notes to the Financial Statements (continued) for the year ended 31 August 2025**
## **24. Financial instruments (continued)**
The income, expenses, net gains and net losses attributable to the charitable company’s financial instruments are summarised as follows:
||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|**Income and expense**|||
|Financial liabilities measured at fair value through net|||
|income/expenditure|107,213|114,313|
|Financial gains measured at amortised cost|2,394|2,588|
|**Net gains and losses (including changes in fair value)**|||
|Financial liabilities measured at fair value through net|||
|income/ expenditure|(3,833)|(4,913)|
The charitable company uses derivative financial instruments to mitigate interest rate risk on its variable rate bank loans. The fair value is determined as the present value of future net interest payments/receipt
33