OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-08-31-accounts

Registered number: 1013863 Charity number: 309925

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

For the Year Ended 31 August 2025

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Company, its Governors and Advisers 1
Governors' Report 2 - 9
Independent Auditor's Report on the Financial Statements 10 - 13
Statement of Financial Activities 14
Balance Sheet 15
Statement of Cash Flows 16
Notes to the Financial Statements 17 - 36

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS For the Year Ended 31 August 2025

Governors

T Blades, Chairman R Green, Vice Chairman

J Belbin A Gough P Long M Hampton (resigned 19 March 2026)

L Jessop (appointed 10 February 2026)

N Pert C Asif C Ward

T Beynon (appointed 1 June 2025)

K Burke (appointed 2 October 2024, resigned 31 December 2025) A M O'neill (appointed 10 February 2026)

Company registered number

1013863

Charity registered number

309925

Registered office

Spratton Hall School, Smith Street, Northampton, NN6 8HP

Company secretary

Mr D R Sharnock (appointed 8 March 2025)

The Head

S J S Clarke

Independent auditor

Crowe U.K. LLP, Black Country House, Rounds Green Road, Oldbury, West Midlands, B69 2DG

Bankers

Lloyds TSB Bank Plc, George Row, Northampton, NN1 1DJ

Solicitors

Scott Fowler, 23-24 Sandhill Road, Northampton, NN5 5LH

The Bursar

C Cull, (resigned 31 December 2024)

Page 1

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

GOVERNORS' REPORT For the Year Ended 31 August 2025

The Governors present their annual report for the year ended 31 August 2025 under the Companies Act 2006 and Charities Act 2011, together with the audited financial statements for the year.

STRUCTURE, GOVERNANCE AND MANAGEMENT

CONSTITUTION

Spratton Hall School Trust Limited is a charitable company limited by guarantee and governed by its memorandum and articles of association. The members of the charitable company are the Governors whose guarantee is limited to an amount not exceeding £1. The registered charity number is 309925 and the registered company number is 1013863.

METHOD OF APPOINTMENT OR ELECTION OF GOVERNORS

The Governors who are also the Charity Trustees and the Directors of the Company, who served during the year are detailed below.

C Asif ~ ** J Belbin ^ ~ T Beynon (appointed 1 June 25) T Blades * + (Chairman) K Burke (appointed 2 October 24, resigned 31 December 25) R Green~ ** (Vice Chairman) A Gough * + P Hampton (resigned 19 March 26) L Jessop (appointed 10 February 26) P Long * A O’ Neill (appointed 10 February 26) N Pert ~ ** C Ward ^

New Governors are elected at a full Governors’ meeting by the agreement of all current serving Governors. Selection is based on eligibility, personal competence and specialist skills whilst recognising the value of diversity on the Board. Nominations are widely sought and are considered by the Nominations Committee (chaired by Mr R Green) which recommends new appointments for consideration by the Governing body as a whole.

The Bursaries Committee (chaired by Mr A Gough, previously W Coley) oversees the bursary policy adopted by the Governing Body. It reviews means tested grant applications as required.

The Audit Committee (chaired by Mr T Blades) reviews the financial management and financial reporting of the School. It meets the external auditors at least twice per year and reviews other financial information as required.

Page 2

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) For the Year Ended 31 August 2025

POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF GOVERNORS

The School is a member of the Association of Governing Bodies in Independent Schools (AGBIS). The Association produces a detailed set of guidelines for Governors. All Governors are required to be familiar with the guidelines. Governors are also required to undertake annual safeguarding training commensurate with their duties and responsibilities. Governors are encouraged to attend courses run by AGBIS and other relevant training. Governors receive the AGBIS newsletter with topical information.

A formal induction programme for newly appointed Governors is provided through a briefing by the Chairman of Governors and Head Master, the provision of AGBIS guidelines and encouragement to attend relevant courses. Further information is provided about the School by specific staff presentations at the start of each Governors’ Meeting. All Governors are required to attend child safeguarding training and encouraged to attend regular seminars and training to maintain their understanding of best practice and relevant legislation.

ORGANISATIONAL STRUCTURE AND DECISION MAKING

The full body of Governors meets at least 3 times a year to determine the general policy of the charitable company and review its overall management and control for which it is legally responsible. Decisions are made through discussion and consultation, both internally and externally where necessary. Additional meetings and sub committees are scheduled as required.

The daily running of the school is delegated to the Headmaster and the Director of Finance and Operations (DFO), as key management personnel, supported by other teaching members of the senior management team.

The School development plan is reviewed annually by the Governors and Senior Strategy Team, which comprises the Head, the Deputy Head, the Director of Studies and the DFO. Targets are highlighted by staff through discussion and annual departmental development plans.

The Headmaster and DFO prepare the annual budget, identifying expenditure levels for the next academic year for the consideration, discussion and approval by the Governors.

PAY POLICY FOR SENIOR STAFF

Delivery of the School’s charitable vision and purpose is primarily dependent on our key management personnel. Staff costs are the largest single element of charitable expenditure. The Governors recognise that the exceptional teacher to pupil ratio and quality of staff is at the heart of the school’s philosophy and its achievements. Independent reviews and staff costs reflect this.

Remuneration is set by the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding fairly and responsibly individual contributions to the school’s success. The appropriateness and relevance of the remuneration policy is reviewed annually, including references to comparisons with other independent schools to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere.

GOVERNORS' INDEMNITIES

In accordance with normal commercial practice the School has purchased insurance to protect Governors and Officers from claims arising from negligent acts, errors or omissions occurring whilst on School business. The insurance provides cover up to £1,000,000 on any one claim and the cost for the year ended 31 August 2025 was £5,928 (2024: £5,928).

Page 3

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) For the Year Ended 31 August 2025

OBJECTIVES AND ACTIVITIES

POLICIES AND OBJECTIVES

The objects of the charitable company are the advancement of education and the provision of high quality day schooling for children of both sexes between the ages of 4 and 13. In furthering this objective the Governors, as the charity trustees, have complied with the duty in s.17(5) of the Charities Act 2011 to have due regard to the Charity Commission’s published guidance concerning the operation of the Public Benefit requirement under that Act.

The School’s Mission statement is:

"To educate girls and boys in an inspirational and dynamic, yet caring and supportive coeducational environment. We aim to provide the best experiences, developing the talents of individuals and supporting them so that they can meet the challenges of later years".

STRATEGIES FOR ACHIEVING OBJECTIVES

School aims:

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

Objectives and significant activities are clearly identified in the School development plan and through the annual self evaluation. All targets identified have designated success criteria. Each is assessed against these criteria to establish the level of success achieved. A final review highlights any targets to be carried forward to the next phase of development.

BURSARIES, GRANT MAKING POLICIES AND INVOLVEMENT IN THE WIDER COMMUNITY

The Governors recognise that widening access and schooling pupils from a range of backgrounds enhances the school community and contributes to a vibrant School community. The school does not have significant reserves to enable the establishment of a formal bursary endowment fund, but the Governors are proud that funds are made available annually to allow a number of subsidised places to assist parents that could otherwise not afford the full fees. Such places are limited but these bursaries have been life changing for some of those that the school has been able to help. The bursaries committee considers all circumstances involved in a grant application, including where appropriate, means testing and interviews, with a view to making grants as fairly and as effectively as possible. Applications are encouraged on an annual basis and all grants are subject to annual review. Additionally, funds are available to make a short-term award to support any parent facing temporary financial difficulties.

Page 4

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) For the Year Ended 31 August 2025

Educational opportunities are also extended to a wider population of children from local primary schools through the organisation of regular and stimulating, sporting, musical and other educational events. The Governors believe that sharing facilities and creating opportunities for local schools strengthens relationships and enhances the educational experience that the school can offer enriching the lives of its pupils and staff as well as helping the community. The Governors also recognise the value of integrating with the village of Spratton giving assistance to a variety of local charities, societies and community groups through the provision of facilities including meeting rooms, other accommodation, sports facilities and car parking. Pupils are encouraged to engage in fund raising events for charities both near and far. There were numerous events held in the year 2024/25, including those organised by the Parents Association, which raised significant funds for good causes.

DEVELOPMENT PLANS

Spratton Hall has developed a number of new developments to ensure its pupils have market leading facilities. In 2019 the school completed a project to provide pupils with modern changing facilities and enable the development of the Coley Centre. The changing rooms were further improved by installing photovoltaic panels (more commonly known as solar panels) on 2025. This is one step in the school’s ambitions to meet net zero and other sustainability targets. In May 2025 a significant project was completed providing the school with new dining, medical and classroom spaces, known as the Coley Centre. In summer 2025, Spratton Hall also undertook extension works to the Stables, as part of a longer-term plan to develop the buildings acquired in 2024.

SAFEGUARDING

The Governors recognise that safeguarding of the children at Spratton Hall is of paramount importance. The Governors review and monitor safeguarding procedures regularly and a designated Governor has lead responsibility for child protection issues, liaising regularly with the Designated Safeguarding Lead and Head of Pastoral Care. Reviews are regularly reported and discussed at each full meeting of the Governors. All members of staff are well informed and receive regular training about Safeguarding incorporating all specific forms of abuse, including peer on peer abuse, sexual harassment and violence between children and CSE. All school staff are trained in the new ‘Keeping Children Safe in Education legislation, and all changes within this new legislation have been implemented. All pastoral staff, the Senior Management team, Designated Safeguarding Lead, Matron and Heads of Year, continue to meet at least on a weekly basis. All staff recruitment continues to adhere to and comply with “Safeguarding Children and Safer Recruitment in Education” and the Safeguarding Children Training register is maintained.

COMMUNICATION

The School operates an effective management information system which provides feedback to both pupils and parents. This includes electronic reporting to parents via the Parent Portal, ‘Tapestry’ a learning journal for Reception pupils, and face to face feedback through parent and teacher or parent and tutor meetings. These meetings discuss targets, CAT and MidYIS scores, exam results and general progress. Written reports on each child are also sent home at the end of each academic year. This information is also relayed through a tracking system. Weekly information about School events and changes to the calendar are communicated through the weekly Newsletter which is sent electronically via email. Additionally, social media posts are regularly updated with information about events and School successes. Important information for parents is also included in a separate section on the school website where key policies and other useful information is always available.

The School periodically uses online surveys to gain feedback from parents on current activities and future developments.

Page 5

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) For the Year Ended 31 August 2025

GOING CONCERN

The imposition of VAT on school fees, increases in national insurance contributions and the loss of business rates relief for educational charities places an additional burden on school finances. The finances of the school are, of course, monitored closely but the school is in the fortunate position of having cash reserves and no borrowings. Pupil numbers for 2025-26 have increased year-on-year and the school has a strong inflow of pupils forecast for 2026-27. The financial forecasts show that the school remains in a strong position. After making appropriate enquiries, the Governors therefore consider that the Company has adequate resources to continue in operational existence for the foreseeable future, and it is therefore appropriate to continue to adopt the going concern basis in preparing the financial statements.

KEY FINANCIAL PERFORMANCE INDICATORS

The Governors assess the financial performance of the Charitable Company, carefully recognising the importance of generating funds to maintain its objectives of high quality education. Pupil numbers, fee levels and cash generation are important financial indicators and parental satisfaction and independent feedback are crucial to the longer-term financial strength. Our financial performance indicators remain good. We continue to be pleased with pupil recruitment, particularly when compared to that of our competitor preparatory schools. Annual budgets are realistically set, monitored, and compared to actual expenditure on a termly basis. Any variations are investigated and detailed to Governors at the regular meetings. The cash generated throughout the year ensures that funds are available for the future capital developments planned by the Governors.

Key financial performance indicators include:

Key financial performance indicators include:
2025 2024
Average Pupil Numbers 395 384
Net Income £19K £376K
Cash (outflow)/generation £(3,324)K £1,777K
KEY NONFINANCIAL PERFORMANCE INDICATORS
These include:
2025 2024
Year 8 pupils transferring to school of choice 98% 100%
Scholarships won by Year 8 pupils 20 26
Average Teacher: Pupil ratio 1:6.1 1:6.1

In addition, less easily measured factors in both academic and non-academic areas are evaluated by the Governing body. Parental satisfaction, independent feedback, the achievements of former pupils and awards in all areas are considered to be essential measures of the School’s performance in developing talented individuals who are proud to be schooled at Spratton Hall and take their place in the local community and the wider world.

FUNDRAISING ACTIVITIES/INCOME GENERATION

The Charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.

CHARITY GOVERNANCE CODE

The Governors continue to observe and be guided by the latest iteration of the Charity Governance Code. As guardians of the Charity the Governors recognize the importance of ensuring they continue to address the key areas addressed by the Code. Meetings both formal and informal are guided by observing the key issues raised in the Code namely Organisational Purpose, Leadership, Integrity, Decision making, Board Effectiveness, Diversity and Openness and Accountability. The Trustees view the adoption of matters addressed in the Code as a continuous process and while the majority of the points are already integrated into the way the School is governed the matters raised in the Code will continue to underpin future Trustee activity in governing the School.

Page 6

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) For the Year Ended 31 August 2025

FINANCIAL REVIEW

2024/5 was a challenging year for all educational establishments in the Independent sector. The imposition of VAT from January 2025 was accompanied by the loss of rates relief for Charitable Schools, increasing rates for participation in teacher’s pension schemes, increased rates of National Insurance and other inflationary pressures. Spratton Hall was not immune to this but was fortunate to enjoy buoyant pupil numbers, loyal parents and staff, a robust infrastructure and no external borrowings.

Recognising the challenge facing parents the Governors were anxious to cushion the impact of these very significant cost rises so a decision was made not to pass on the full impact of VAT by restricting the increase in the fees charged to less than 20% with the consequence that the School made a very small surplus (£19,000) in the year. Despite this, reserves which had been accumulated over several years, were utilised to complete the new dining hall and other ancillary buildings (The Coley Centre) which will benefit pupils over many years to come.

It is the intention of the Governors’ to steadily replenish the reserves over the coming years by careful financial management, budgeting for modest surpluses based on strong pupil numbers and maintaining the high reputation that the School enjoys today.

PRINCIPAL RISKS AND UNCERTAINTIES

The Governors examine the major risks that the school faces throughout the year. The charitable company has developed systems to manage, control and mitigate these risks so as to manage any future impact they may have on the school. The school’s risk report is a permanent agenda item for meetings of Governors. Action points identified at the time of review are addressed as appropriate. The Governors consider that the risk with the greatest potential effect for the school would be a fall in pupil numbers. Mitigating against the risk of reduction in revenue, through maintaining strong pupil numbers across all sections of the school, is key to the long-term viability of the school. The School therefore places strong emphasis on academic excellence, supporting affordability and preserving its reputation as an outstanding school.

Constant monitoring, reviews and surveys of parents and pupils coupled with high standards in everything that we do, aim to minimise the controllable primary risks identified by the Governors' review process, ensuring that our offering is the best it can be and that we continue to be the pre-eminent school of our type in the area.

RESERVES POLICY

The school senior management team recognise the importance of balancing the current success with long term prosperity to sustain outstanding education at the school over both the long and short term. The level of reserves is monitored and reviewed on a termly basis and forecasts updated as required.

Reserves are subjected to sound active financial management and are maintained at a level considered by Governors to be appropriate for the school at any particular time, thus enabling effective management of any unforeseen financial difficulties or uncertainty, ensuring the sustainability of the activities of the school and assisting in the strategic and forward financial planning of the Governors.

Page 7

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) For the Year Ended 31 August 2025

Reserves are held in the form of unrestricted funds, derived from annual surpluses, which are freely available to ensure the ongoing effective operation of the school, thus ensuring overall financial resilience and security for the pupils and staff. Based on projected pupil numbers and anticipated running costs the Trustees consider that it is prudent to aim for a minimum unrestricted cash reserve of £500,000 above the sums earmarked for development projects. As noted in the Financial Review 2024/25 was a challenging year for the Independent Schools sector and the Governors’ determined that it was appropriate to not pass on the full cost of the increased costs to parents by utilising reserves. This had the short-term impact of reserves falling below the target level. Notwithstanding the financial pressures, the development of the Coley Centre was completed without resorting to external borrowings. There are no major capital projects in the pipeline and the Governors intend that surpluses which will be generated over the next few years will allow reserves to increase up to the desired target of £500,000.

The Governors consider that the reserves policy is appropriate to ensure the future financial resilience of the School.

The completion of the Coley Centre in 2025 absorbed the School’s free reserves leaving a deficit on free reserves at the year-end of £(265,389) (2024: £1,082,454). The Governors are confident that free reserves will turn positive in the foreseeable future.

INVESTMENTS POLICY

Cash reserves at the beginning of each term are held for current use by the charitable company. Treasury management ensures maximum returns for short term deposits without taking inappropriate risks.

PLANS FOR FUTURE PERIODS

The strategic targets for the next five years are outlined in the School development plan. Each target is reviewed annually through discussion with staff, the Senior Management Team and Director Governors. The overriding aims are:

Environmentally the School has appointed a Head of Sustainability. Under this leadership the School will continue

Page 8

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) For the Year Ended 31 August 2025

GOVERNORS' RESPONSIBILITIES STATEMENT

The Governors (who are also directors of Spratton Hall School Trust Limited 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. Under company law the Governors must not approve the financial statements unless they are satisfied that they 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 adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DISCLOSURE OF INFORMATION TO AUDITOR

Each of the persons who are Governors

AUDITOR

The auditor, Crowe U.K. LLP, has indicated its willingness to continue in office. The Designated Governors will propose a motion reappointing the auditor at a meeting of the Governors.

Approved by order of the members of the board of Governors and signed on their behalf by:

T J Blades Chairman Date: 14th May 2026

A Gough

Page 9

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRATTON HALL SCHOOL TRUST LIMITED

Opinion

We have audited the financial statements of Spratton Hall 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 the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.

Page 10

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRATTON HALL SCHOOL TRUST LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Governors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent 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.

Opinion 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 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 Governors' Report including the Strategic Report.

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

Page 11

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRATTON HALL SCHOOL TRUST LIMITED (CONTINUED)

Responsibilities of Trustees

As explained more fully in the Governors' Responsibilities Statement, 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'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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, including financial reporting legislation and the Charities SORP (FRS 102), and [local] tax regulations. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be necessary to the charitable company’s ability to operate or to avoid a material penalty. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We also considered the opportunities and incentives that may exist within the charitable company for fraud. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Page 12

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRATTON HALL SCHOOL TRUST LIMITED (CONTINUED)

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Helen Blundell LLB FCA FCIE DChA (Senior Statutory Auditor)

for and on behalf of Crowe U.K. LLP Statutory Auditor Black Country House Rounds Green Road Oldbury West Midlands B69 2DG

Date: 18 May 2026

Page 13

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) For the Year Ended 31 August 2025

Note
Income from:
Donations and legacies
4
Charitable activities:
School fees receivable
Ancillary trading income
Investments
7
Total income
Expenditure on:
Financing costs
8
Charitable activities
9
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
4,000
5,597,442
544,084
66,867
6,212,393
3,425
6,190,437
6,193,862
18,531
7,315,131
18,531
7,333,662		 Restricted
funds
2025
£
-
-
-
-
-
-
-
-
-
6,000
-
6,000		 Total
funds
2025
£
4,000
5,597,442
544,084
66,867
6,212,393
3,425
6,190,437
6,193,862
18,531
7,321,131
18,531
7,339,662		 Total
funds
2024
£
1,467
5,745,217
366,212
116,944
6,229,840
1,413
5,852,705
5,854,118
375,722
6,945,409
375,722
7,321,131

The notes on pages 17 to 36 form part of these financial statements.

Page 14

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee) Registered number: 1013863

BALANCE SHEET As at 31 August 2025

Note
Fixed assets
Tangible assets
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
17
Total net assets
Charity funds
Restricted funds
20
Unrestricted funds
20
Total funds		 57,606
2,445,838
1,422,984
3,926,428
(3,435,617)		 2025
£
7,599,051
490,811
8,089,862
(750,200)
7,339,662
6,000
7,333,662
7,339,662		 55,834
271,354
4,746,486
5,073,674
(3,742,780)		 2024
£
6,232,677
1,330,894
7,563,571
(242,440)
7,321,131
6,000
7,315,131
7,321,131

The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Governors and signed on their behalf by:

T J Blades A Gough Chairman Date: 14th May 2026

The notes on pages 17 to 36 form part of these financial statements.

Page 15

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS For the Year Ended 31 August 2025

Note
Cash flows from operating activities
Net cash used in operating activities
22
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
23
The notes on pages 17 to 36 form part of these financial statements		 2025
£
(1,007,707)
66,867
(2,382,662)
(2,315,795)
(3,323,502)
4,746,486
1,422,984		 2024
£
3,259,672
116,944
(1,599,143)
(1,482,199)
1,777,473
2,969,013
4,746,486

Page 16

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2025

1. General information

Spratton Hall School Trust is a Company Limited by Guarantee (registered number 1013863), incorporated and registered in England. It's charity registration number is 309925. The registered office and principal place of business is Spratton Hall School, Smith Street, Northampton, NN6 8HP. The members of the company are the Governors named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

Its principal activities are the advancement of education and the provision of day schooling for children of both sexes between the ages of 4 and 13.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Spratton Hall School Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The imposition of VAT on school fees and the loss of Rates relief for educational charities places an additional burden on school finances. The finances of the school are, of course, monitored closely but the school is in the fortunate position of having cash reserves and no borrowings. Pupil numbers for 2025-26 have increased year-on-year and the school has a strong inflow of pupils in the Reception Year. The financial forecasts show that the School remains in a strong position. After making appropriate enquiries, the Governors therefore consider that the Company has adequate resources to continue in operational existence for the foreseeable future, and it is therefore appropriate to continue to adopt the going concern basis in preparing the financial statements.

2.3 Fund accounting

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

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

Page 17

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2025

2. Accounting policies (continued)

2.4 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Assets in the course of construction are included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is not charged on freehold land.

Depreciation is provided on the following bases:

Freehold property - 2% straight line
Property improvements - 10% straight line
Plant and machinery - 20-33.3% straight line
Motor vehicles - 25% straight line
Fixtures and fittings - 20-33.3% straight line
Computer equipment - 20-33.3% straight line

As permitted by the transitional provisions of FRS 102, the company has elected not to adopt a policy of revaluation of tangible fixed assets. The company will retain the book value of land and buildings, previously revalued at 12 December 1998, as deemed cost and will not update that valuation.

2.5 Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

2.6 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.7 Debtors

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

2.8 Cash at bank and in hand

Cash at bank and 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.

Page 18

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2025

2. Accounting policies (continued)

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.10 Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Fees

Fees receivable consist of charges billed for the School Year ending 31 August, less bursaries and allowances. Fees received for education to be provided in future years are carried forward as deferred income.

2.12 Investment income

Investment income, including associated income tax recoveries, is recognised when receivable.

2.13 Donations

Donations subject to specific wishes of donors are carried to the relevant restricted fund. Any donations received for general purposes are credited to the unrestricted fund. Donations are accounted for when received.

2.14 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities upon the completion of the relevant performance-related conditions. Other grants that are not subject to performance-related conditions are credited to the Statement of Financial Activities as the grant proceeds are received. Grants received prior to the revenue recognition criteria being satisfied are recognised as a liability.

Page 19

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2025

2. Accounting policies (continued)

2.15 Expenditure

Expenditure is incurred when there is a legal or constructive obligation committing the school to the expenditure.

Expenditure is summarised under functional headings either on a direct cost basis or, for overhead costs, apportioned according to management estimates of staff time spent. The irrecoverable element of VAT is included with the item of expense to which it relates.

Charitable expenditure represents the direct costs, accommodation costs and depreciation incurred in the pursuance of the charitable objectives as stated in the Governors' report.

Governance costs comprise the costs of running the school, including strategic planning for its future development, also internal and external audit, any legal advice and the costs of complying with constitutional and statutory requirements.

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

2.16 Pensions

The School contributes to the Teachers' Pension Defined Benefits Scheme and to The Independent Schools' Pension Scheme at rates set by the Scheme Actuaries and advised to the Board by the Scheme Administrators. The Schemes are multi-employer pension schemes and it is not possible to identify the assets and liabilities of each Scheme which are attributable to the Charity. In accordance with FRS 102 the schemes are accounted for as defined contribution schemes and contributions are accounted for when advised as due by the Scheme Administrators.

The School also pays pension contributions into defined contribution personal pension plans of certain employees.

Pension costs are recognised in the statement of financial activities in the accounting period in which contributions are payable.

Page 20

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2025

3. Critical accounting estimates and areas of judgement

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.

Critical accounting estimates and assumptions:

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4. Income from donations and legacies

Unrestricted
funds
2025
£
Donations
4,000
Unrestricted
funds
2024
£
Donations
500		 Restricted
funds
2025
£
-
Restricted
funds
2024
£
967		 Total
funds
2025
£
4,000
Total
funds
2024
£
1,467

Page 21

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2025

5. School fees receivable

Gross fees
Less: Total scholarships, bursaries and awards		 2025
£
5,984,096
(386,654)
5,597,442		 As restated
2024
£
6,128,263
(383,046
5,745,217

In 2025 and 2024 all of the total income from school fees was to unrestricted funds.

Scholarships, bursaries and awards were paid for a total of 66 pupils (2024: 56) . Within this bursaries totalling £83,133 were paid to 14 pupils (2024: £81,279 to 12 pupils) .

A reclassification has been identified in the prior period financial statements in relation to £178,800 of staff bursaries, which were incorrectly included within ‘Gross Fees’ line rather than the ‘Total Scholarships, Bursaries, and Awards’ line. The comparative figures in the current period financial statements have been adjusted accordingly.

6. Ancillary trading income

Entrance and registration fees
Music tuition fees
School fee protection
School shop sales
Excursions
School meals
Other income		 2025
£
12,913
28,026
71
63,398
179,477
237,053
23,146
544,084		 2024
£
2,700
82,021
374
70,263
185,301
-
25,553
366,212

In 2025 and 2024 all of the total income from ancillary trading was to unrestricted funds.

Page 22

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2025

7. Investment income

Unrestricted
funds
2025
£
Bank interest received
66,867
Unrestricted
funds
2024
£
Bank interest received
116,944		 Total
funds
2025
£
66,867
Total
funds
2024
£
116,944

8. Financing costs

Unrestricted
funds
2025
£
Bank charges
1,348
Bank interest charges
2,077
3,425
Unrestricted
funds
2024
£
Bank charges
1,413		 Total
funds
2025
£
1,348
2,077
3,425
Total
funds
2024
£
1,413

Page 23

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2025

9. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2025
£
Teaching costs
3,913,424
Welfare costs
508,784
Premises
751,783
Support costs and governance
1,016,446
6,190,437		 Total
2025
£
3,913,424
508,784
751,783
1,016,446
6,190,437
Teaching costs
Welfare costs
Premises
Support costs and governance		 Unrestricted
funds
2024
£
3,770,167
440,445
771,067
870,059
5,851,738		 Restricted
funds
2024
£
-
-
967
-
967		 Total
2024
£
3,770,167
440,445
772,034
870,059
5,852,705

Summary by expenditure type

Teaching costs
Welfare costs
Premises
Support costs and governance		 Staff costs
2025
Depreciation
2025
£
£
3,506,101
-
255,140
-
95,939
372,952
648,925
-
4,506,105
372,952		 Other costs
2025
£
407,323
253,644
282,892
367,521
1,311,380		 Total
2025
£
3,913,424
508,784
751,783
1,016,446
6,190,437

Page 24

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2025

9. Analysis of expenditure on charitable activities (continued)

Summary by expenditure type (continued)

Support costs include finance and marketing costs, general expenses and governance costs of £13,499 (2024: £18,663) which relate to auditors fees.

Teaching costs
Welfare costs
Premises
Support costs and governance		 Staff costs
2024
£
3,441,162
227,391
86,069
578,650
4,333,272		 Depreciation
2024
£
-
-
255,966
-
255,966		 Other costs
2024
£
329,005
213,054
429,999
291,409
1,263,467		 Tota
2024
£
3,770,167
440,445
772,034
870,059
5,852,705

10. Auditor's remuneration

2025 2024
£ £
Fees payable to the Company's auditor for the audit of the Company's
annual accounts 13,250 12,500
Fees payable to the Company's auditor in respect of:
All non-audit services not included above 2,200 2,000

11. Staff costs

Wages and salaries
Social security costs
Pension costs		 2025
£
3,468,918
354,246
682,941
4,506,105		 2024
£
3,386,350
331,330
615,592
4,333,272

Included in wages and salaries is £30,513 (2024: £86,365) of non-payroll staff costs.

Page 25

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2025

11. Staff costs (continued)

The average number of persons employed by the Company during the year was as follows:

Teaching
Welfare and premises
Support, management and administration		 2025
No.
66
18
19
103		 2024
No.
63
20
17
100

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025 2024
No. No.
In the band £60,001 - £70,000 1 -
In the band £70,001 - £80,000 1 1
In the band £80,001 - £90,000 - 1
In the band £120,001 - £130,000 1 1

The total employee remuneration and benefits of the senior management team was £724,823 (2024: £742,482) .

12. Governors' remuneration and expenses

During the year, no Governors received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 August 2025, expenses totalling £657 were reimbursed or paid directly to 1 Governor (2024 - £1,249 to 2 Governors) . The Governors reimbursement of expenses related to travel.

Page 26

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2025

13. Tangible fixed assets

Cost or valuation
At 1 September 2024
Additions
Capital goods scheme adjustment
Transfers between classes
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		 Freehold
land and
property
Property
improvements
£
£
6,381,251
3,407,407
2,155,082
81,525
(643,336)
-
927,108
-
8,820,105
3,488,932
1,551,956
3,059,212
178,008
63,517
1,729,964
3,122,729
7,090,141
366,203
4,829,295
348,195		 Plant and
machinery
£
752,727
14,747
-
-
767,474
670,906
69,225
740,131
27,343
81,821		 Motor
vehicles
£
108,027
43,990
-
-
152,017
74,234
33,110
107,344
44,673
33,793		 Fixtures
and
fittings
£
220,951
39,447
-
-
260,398
208,486
13,137
221,623
38,775
12,465		 Computer
equipment
Assets
under
construction
£
£
-
927,108
47,871
-
-
-
-
(927,108)
47,871
-
-
-
15,955
-
15,955
-
31,916
-
-
927,108		 Total
£
11,797,471
2,382,662
(643,336)
-
13,536,797
5,564,794
372,952
5,937,746
7,599,051
6,232,677

Page 27

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2025

13. Tangible fixed assets (continued)

Included in land and buildings is freehold land at a cost of £556,834 (2024: £556,834) which is not depreciated.

The net book amount of tangible fixed assets at 31 August 2025 and August 2024 represents fixed assets used solely for direct charitable purposes.

14. Stocks

2025 2024
£ £
Finished goods and goods for resale 57,606 55,834

Stock recognised as an expense in the Statement of Financial activities during the year was £61,533 (2024: £53,999) .

15. Debtors

Trade debtors
Other debtors
Prepayments and accrued income
Tax recoverable		 2025
£
1,706,293
779
95,430
643,336
2,445,838		 2024
£
86,914
796
183,644
-
271,354

Tax recoverable relates to claims under the capital goods scheme, of which £182,792 relates to debtors due in more than one year.

Page 28

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2025

16. Creditors: Amounts falling due within one year

Trade creditors
Other creditors
Other taxation and social security
Pension scheme deficit funding liability
Advance fees - see note 18
Fee deposits - see note 19
Accruals and deferred income		 2025
£
105,477
36,236
404,963
9,555
2,700,887
14,500
163,999
3,435,617		 2024
£
421,455
-
74,025
4,656
3,165,738
16,750
60,156
3,742,780

Deferred income relates mainly to income received in advance for future trips. The movement in the year is as follows:

Deferred income
Deferred income at 1 September 2024
Resources deferred during the year
Amounts released from previous years
Deferred income at 31 August 2025		 £
33,790
39,927
(33,790)
39,927

Page 29

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2025

17. Creditors: Amounts falling due after more than one year

Advance fees - see note 18
Pension scheme deficit funding liability
Fee deposits - see note 19		 2025
£
608,062
64,388
77,750
750,200		 2024
£
138,146
29,171
75,123
242,440

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

2025 2024
£ £
Payable or repayable by instalments 37,750 43,110

18. Advance fees

In one year or less
Between one and two years
Between two and five years
Movements of advance fees
Balance at 1 September
New advance fees received
Advance fees utilised		 2025
£
2,700,887
608,062
-
3,308,949
2025
£
3,303,884
3,170,803
(3,165,738)
3,308,949		 2024
£
3,165,738
138,146
-
3,303,884
2024
£
497,024
3,303,884
(497,024)
3,303,884

Page 30

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2025

19. Fee deposits

Fee deposits are returned via the offset of final disbursement charges on leaving and are therefore expected to be applied as follows:

In one year or less
Between one and two years
Between two and five years
Over five years
Movements of fee deposits
Balance at 1 September
New deposits received
Deposits utilised
Balance at 31 August		 2025
£
14,500
7,750
32,250
37,750
92,250
2025
£
91,873
92,250
(91,873)
92,250		 2024
£
16,750
8,000
33,123
34,000
91,873
2024
£
92,498
20,250
(20,875)
91,873

Page 31

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2025

20. Statement of funds

Statement of funds - current year
Unrestricted funds
General Funds - all funds
Restricted funds
SHSPA donation for a shelter
Total of funds
Statement of funds - prior year
Unrestricted funds
General Funds - all funds
Restricted funds
SHSPA donation for a shelter
Parents Association donation for play
equipment
Total of funds		 Balance at 1
September
2024
£
7,315,131
6,000
7,321,131
Balance at
1 September
2023
£
6,939,409
6,000
-
6,000
6,945,409		 Income
£
6,212,393
-
6,212,393
Income
£
6,228,873
-
967
967
6,229,840		 Expenditure
£
(6,193,862)
-
(6,193,862)
Expenditure
£
(5,853,151)
-
(967)
(967)
(5,854,118)		 Balance at
31 August
2025
£
7,333,662
6,000
7,339,662
Balance at
31 August
2024
£
7,315,131
6,000
-
6,000
7,321,131

Page 32

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2025

21. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Tangible fixed assets
8,242,387
Current assets
3,277,092
Creditors due within one year
(3,435,617)
Creditors due in more than one year
(750,200)
Total
7,333,662		 Restricted
funds
2025
£
-
6,000
-
-
6,000		 Total
funds
2025
£
8,242,387
3,283,092
(3,435,617)
(750,200)
7,339,662

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2024
£
6,232,677
5,067,674
(3,742,780)
(242,440)
7,315,131		 Restricted
funds
2024
£
-
6,000
-
-
6,000		 Total
funds
2024
£
6,232,677
5,073,674
(3,742,780)
(242,440)
7,321,131

Page 33

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2025

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Depreciation charges
Dividends, interests and rents from investments
(Increase)decrease in stocks
Increase in debtors
Increase in creditors
Decrease in pension deficit funding liability
Net cash provided by/(used in) operating activities
23.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
24.
Analysis of changes in net debt
At 1
September
2024
£
Cash at bank and in hand
4,746,486
4,746,486		 2025
2024
£
£
18,531
375,722
372,952
255,966
(66,867)
(116,944)
(1,772)
7,126
(1,531,148)
(57,994)
200,597
2,797,105
-
(1,309)
(1,007,707)
3,259,672
2025
2024
£
£
1,422,984
4,746,486
1,422,984
4,746,486
Cash flows
At 31
August 2025
£
£
(3,323,502)
1,422,984
(3,323,502)
1,422,984

25. Contingent assets

The School are entitled to recover VAT on certain historical asset purchases, the value of the claim has not been quantified as at year end.

Page 34

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2025

26. Capital commitments

2025 2024
£ £
Contracted for but not provided in these financial statements
Contracted for but not provided in these financial statements - 1,597,055

27. Pension commitments

The School's employees belong to four pension schemes: The Teachers' Pension Scheme (England and Wales) for academic and related staff, the Incorporated Association of Preparatory Schools Group Personal Pension Plan for support staff and the Independent Schools Pension Scheme for a member of administration staff. In addition a defined contribution scheme has been implemented to comply with auto enrolment requirements.

Teachers' Pension Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £438,446 (2024: £565,073 ) and at the year-end £73,103 (2024 - £Nil) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

Other Schemes

The School participates in the Independent Schools’ Pension Scheme (“the Scheme”), which is operated by TPT Retirement Solutions. The Scheme is a multi-employer defined benefit pension scheme. However, because the School is unable to identify its share of the Scheme’s underlying assets and liabilities on a consistent and reasonable basis, the Scheme is accounted for in accordance with FRS 102 as a defined contribution scheme. Consequently, the amount recognised as an expense in the Statement of Financial Activities represents the contributions payable to the Scheme for the accounting period.

A full actuarial valuation of the Scheme was completed with an effective date of 30 September 2023 and was certified on 11 December 2024. This valuation reported Scheme assets of £99.2 million and liabilities of £151.5 million, resulting in a funding deficit of £52.3 million. To address this deficit, the trustees and participating employers have agreed to make additional deficit contributions of £6,000,000 per annum from 1 September 2025 to 31 January 2034. These contributions are payable monthly and increase by 3% each year on 1 September.

Page 35

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2025

27. Pension commitments (continued)

The School’s share of these deficit contributions is calculated based on its estimated proportion of the Scheme’s liabilities. Where the School has committed to a deficit funding arrangement, it recognises a liability for the present value of the deficit reduction contributions it is obligated to make. The unwinding of the discount factor on this liability is recognised as a finance cost within the period.

During the year, the School paid deficit contributions totalling £4,656 (2024: £4,520) . Contributions payable to other pension schemes at the year-end amounted to £37,702 (2024: £50,518) .

At the year end, the present value of the School’s liability arising from the deficit recovery agreement was £73,943 (2024: £33,827) . This liability was calculated using a discount rate of 4.79% (2024: 4.68%) .

28. Operating lease commitments

At 31 August 2025 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2025
£
2,221
3,768
5,989		 2024
£
2,658
5,915
8,573

The following lease payments have been recognised as an expense in the Statement of Financial Activities:

2025 2024
£ £
Operating lease rentals 2,658 2,215

29. Related party transactions

Excluding the reimbursement of Governor expenses as reported in Note 12, there have been no related party transactions during the period.

Page 36