Chard School Annual Report and Financial Statements Year Ended 31 August 2025 Charity registration number.. 310219
Chard School Contents Trustee's Report 1 tog Statement of Trustee's Responsibilities 10 Independent Examinevs Report Statement of Financial Activities 12 Balance Sheet 13 Cash Flow Statement 14 Notes to the Financial Statements 151026
Chard School Trustee's Report The trustee presents the annual report together with the financial statements of the charity for the year ended 31 August 2025. Objectives and activities Objects and aims The objed of the Charity is lo provide and run a school in Chard for boys and girls within the local community and surrounding area. The school is a small independent Co-educational day school for 4-11 years old, situated in the historic Somersel town of Chard. In setting out its objectives and the planning of activities the sole Trustee, Chard Independent School, has given Careful consideration to the Charity Commission's general guidance on public benefit and in particular to ils supplementary public benefit guidance on advancing education and on fee-charging. Public benefit To ensure that Chard School continues lo fulfil ils charitable obligations to enable access to the school to children from all backgrounds. in addition to the assisted places for lower income families. The Trustee actively seeks ways and means of supporting the school such as offering scholarships and additional bursaries. The school accepts Eady Years vouchers making its high quality eady years education more widely accessible. The school opens its facilities lo outside groups, for example, science, art, craft and music, ensuring that a range of local children are able to access Chard School. The school regularly engages with local charity and non-profit organisations, such as the Church of the Good Shepherd, taking part in the Chard Town Remembrance Sunday parade and SeNice al St Mary's Church. A commitment lo fundraising for charities, both al home and overseas, educates the children in the needs of others and directly benefits less privileged children. Pag8 1
Chard School Trustee's Report (continued) hievements and performance Achievements The school is actively concemed in raising money for charity, especially local charities and other good causes, through fundraising events such as mufti4ays, cake sales, Royal British Legion poppy collections and many others. The funds for the past year were given lo the British Legion Poppy Appeal and the Church of the Good Shepherd. The school continues lo forge links with other local schools. The sports teams played a number of fixtures both al home and away against both local preparatory school and slate schools during the academic year. These fixtures included hockey, football, cross country, lag rugby, athletics, netball, rounders and cricket. This is facililaled by the reinvigoration of the membership of the Independent Schools, Association which offers access to a wide range of sporting opportunities for different levels of ability. To expand the learning experien of all pupils, the school provides a number of popular after school clubs including craft clubs, sports clubs, outdoor Clubs, academic clubs, science clubs, music dubs. Art work of pupils of all ages is regularly exhibited at many local art exhibitions and horticultural shows including the Ilminsler Arts Festival, exhibitions at Chard Museum, Chard Library, Berenson's Solicitors, Chard Horticultural Show, Chard Guildhall and the Ilminsler Art Centre. Pupils go on school trips and visits lo places of local interest and public facilities including Chard Museum, Chard Library, Chard Leisure Centre, the Church of the Good Shepherd, Forest School trips to ROAM, the factory of Numatic International, Charmouth Beach, Sealon Wetlands and Tramway. The children in years 3, 4 and 5 & 6 children enjoy a school residential trip biannually. These residential trips will be expanded in scale and scope over the forthcoming year, with a trip lo the Isle of Wight for our oldest children's residential. Pupils participate in many challenging stage productions involving drama, music and dance. Productions including the Pre-prep and Prep Harvest Festival Services, Prep Remembrance Service, Pre-Prep Nativity play, the Christmas Carol Service, the Easter Musical led by Year 3 & 4 and the Cerdic end of year show 5 & 6. Music lessons are popular with pupils studwng a wide range of musical instruments including piano, clarinet, flute, violin, recorder, guitar, ukulele, brass, drums as well as singing. The school choir has grown in size and reputation. In 2025 Pupils left for Colyton Grammar School, Wellinglon School, Vvoodroffe and HolyTOOd, Scholarships were awarded including an academic scholarship and Performing Arts Scholarships lo Wellinglon. Pag8 2
Chard School Trustee's Report (continued) Summative assessment The summative assessment that takes pla at Chard School includes: Reading and Spelling age assessments (September.. Year 3 +1. The most recent tests show that.. 2024 2025 07ard khool Readl NrJtion81 Avewe Fleading ChaTd Sthocl Writin NrJtion81 Avewe Writing Chardsthool Mhs Notlonal Average Maths These results, alongside teacher assessment, are used lo inform our decisions when assessing children during and at the end of each year. The results of these summative assessments are tracked and monitored al three separate points during the year, where decisions are made about each child's provision. ARE GD loo 60 75 33 loo 40 72 13 loo 60 74 26 Comparison against National Data ily) - i(Ki 75 25 Iilili Llidird li(poI Reading cli.ud liuol A%'rrJ¥e ReAIlii Wriiii¥ Ai'erwge ritij Ai'etAge Maths Vtrtttig,S'Aticqul Expteied StsJMlth • ArhjrviiG¥e1irl Pag8 3
Chard School Trustee's Report (continued) Financial review The Trustees have continued to manage the School carefully through a period of recovery and development. The year saw continued progress in stabilising PLJpiI numbers, improving operational efficiency and investing in the leaming environment. The Trustee re¢ognises that the reserves position al the year end remains below the level considered desirable for a charity of this nature. Rebuilding reserves is a key strategic priority following the investment undertaken and the financial pressures eXperIend in rent years. The Trustee has established a clear plan to restore reserves over the medium term. This will be acheived through continued growth in pupil numbers, careful control of expenditure, strengthening recurring income and appropriate fee strategies. Financial perfom)ance and cash flow are monitored closely through regular budget reviews, forecasts and strategic planning. The School remains committed to maintaining financial suslainbility while protecting the quality of education and opportunities provided to pupils. During the year the School continued lo invest in facilities, including improvements to teaching spaces and the wider leaming environment. These developments reflect confidence in the future of Ch8rd School and support continued growth. Policy on reseryes and investments The Trustee aims lo maintain sufficient free resetves in unrestricted funds lo meet all income and expenditure fluclualions as they arise and, due lo the uncertainly of income streams, lo retsin sufficient funds to enable the school to operate with redUd numbers for a period of al least one year without reducing its ability lo a¢pt additional pupils. Reserves are sel at a level lo cover fixed Costs. Al year end, restricted reserves were £1,500 12024 £nill and permanent endowment funds were £1,13412024 - £1,134). A description of reserves is provided in Note 18. The charity does not currently hold any significant investment portfolios and the cash balance is retained lo fund the ongoing charitable activities of the school. Plans for future periods Aims and key objectives for future periods Continuing a period of recovery and slabilisation, Chard School is now focused on sustainable growth. Priorities include increasing pupil numbers, enhancing educational provision, maintaining strong community relationships and rebuilding reserves lo a sustainable level. The Trustee believes the School has demonstrated resilience and adaptability. With continued prudent management and successfLJI implementation of il's plans, Chard School is well positioned for a positive future. Pag8 4
Chard School Trustee's Report (continued) Discounts on school fees To support the recruitment of new pupils the school has offered the following discounts.. 1. Staff child incentive. 2. Armed For$ and Veteran Discount of 10Q/o 3. 100/0 Old Cerdics, incentive for the whole school period for any direct descendants of the Old Cerdics, Association members. 4. For existing families, the previous discounts remain in place as follows.. Family discoLJnts are given on second and third children at the rates of 6Yo and 100/0 respectively per term. b. Assisted places have been awarded lo lower income families. The total discounts and assisted places awarded over the financial year were 3.4 /o12024 _ 4.20) of the total gross fee income. The school also accepts Early Years funding vouchers. The Old Cerdics Association The Old Cerdics, Association (former pupils) founded on 1st December 1929 continues to welcome both past and present pupils to its ranks. Staff employed al the school automatically become Honorary Members during their tenure al the school. In furthering its aims and objectives the Association lakes an active interest in the school and is represented 8t all major school events. One of the Trustees is an Old Cerdic. Old Cerdics Association Scholarship Fund The Old Cerdics, Scholarship Fund is a charity linked to the school administered separately by Trustees appointed annually by the Association. It continues to support the school financially and during the year made a direct contribution of £2,000 towards scholarships awarded by the school. At the discretion of the Head Teacher the Fund also continued lo make termly awards of £100 each in the name of the Old Cerdics, Academic Award and the Lawren Powell Music Award to children in their final year al the school. This has increased lo £150 each in 2025126. As well as donations from The Old Cerdics, Association lo support refurbishments at the school, individual Old Cerdics have also made generous personal donations lo the school in the year. These funds were used towards bursaries and school refurbishments. Structure, governance and management Nature of governing document Chard School was established under a Trust Deed dated 24 May 1971, and conslitules a unincorporated charity, as defined by Charity Commission scheme. 11 is a registered charity under the Charity Commission with the registration number 310219. Pag8 5
Chard School Trustee's Report (continued) Recruitment and appointment of Directors The sole Trustee of Chard School is Chard Independent School (company registration number 089048591, a registered charity. Its Directors are appointed for a term of 5 years by resolution of the Board passed al a special meeting. On completion of a 5 year term, Directors may be re-appointed for a further 5 year term subject to the approval of the Board. New Directors may be appointed not more than 3 months before the tenm of an existing Director expires or should a Director resign, with effect from the dale of expiry or resignation. The current provision is for a Board ideally Consisting of not less than 8 and not more than 12 co-opted Directors. The Board is currently recruiting for additional members to join the board. Induction and traiTning of the Directors of the Trustee All new Directors of the Trustee charity follow a pre-determined induction programme which is based on an adapted form of that used for paid staff. The induction process for newly appointed Directors comprises an approach from the Chaim)an of the Board, followed by an offer lo attend the next board meeting and a tour of the premises. A welcome pack is then provided including a brief history of the charity, a copy of various documents including latest board minutes, latest available accounts, trust deed Ichard School), memorandum and articles of association Ichard Independent School) and Charity Commissioner's guidance 'The Essential Trustee.. We are members of both AGBIS (The Association of Governing Bodies of Independent Schools} and IAPS (The Independent Association of Prep Schools) which both provide excellent training for our Directors. Oryanisotional structure The Trustee lakes decisions on all aspeels of the school's activities. Its board meets regularly, meeting at least three limes throughout the year to determine the general policy of the Charity and review its overall management and control, for which il is legally responsible. The work of implementing most of the Trustee's policies is carried out by various committees which meet as and when necessary. The Trustee organises the number of pupils attending the school and the subjects taught. 11 appoints head to control the internal running of the school, including choices of the teaching methods, arrangement of classes, leaching staff, sch(iol hours, management and discipline. The Head and Finance Officer act as key management personnel supported by other teaching members of the Senior Management Team. The remuneration of key management personnel is set by the Trustee with due recognition to the financial restrictions within the Charity- Pag8 6
Chard School Trustee's Report (continued) Major risks and management of those risks The TrLJStee conlinLJes to monitor key risks, including economic pressures, changes affecting independent schools, pupil recruitment and relenlion, and the ongoing maintenance requirements of the School's historic buildings. Through careful financial management, investment in facililes and a continued focus on educational quality, the School is well placed to address these challenges and continue its positive development. Decline in pupil numbers Chard School has faced a threefold threat to ils long-lemi sustainability as an independent provider of education.. The challenging economic climate, commonly referred to as the cosl-of-living crisis. The introduction of VAT on independent school fees, together with increases in Employer National Insurance contributions and the National Minimum Wage. The removal of charitable business rates relief. Collectively, these factors have increased costs for both parents and the School, reducing the disposable income available to families and placing additional pressure on school budgets. To miligale these risks, the School continued the comprehensive wsl-control review initiated in the previous year. The measures implemented have slrenglhened the School's financial resilience and positioned il lo navigate these challenges successfully while creating opportunities for future growth. A further strategic consideration is the School estate. The three Grade Il. listed buildings that form part of the historic campus require ongoing resloralion and investment to ensure they remain fit for purpose and continue to serve the School commLJnity for decades lo come. Pupil Retention and Growth A range of initiatives has been introduced to support pupil recruitment and relenlion. Key measures include.. The provision of free after-school clubs led by teachers and volunteers. b. A focused 11 + preparation programme designed lo support pupils applying to Colyton Grammar School and those seeking academic scholarships. c. Improvements lo school catering. Following feedback from pupils and parents, a parent task force reviewed alternative local suppliers and is overseeing a transition lo a new catering provider. d. Consideration of extending the School's provision to age 13 by introducing Years 7 and 8. This proposal responds directly to parental demand. While il runs counter to the wider independent sector trend towards 11 + transfer, it reflects the needs of the School community, as al least half of Chard School pupils progress to stale secondary education. Parents have expressed a desire for their children lo benefit from additional years of high-qualily education before commencing GCSE studies. Having recovered from significant financial challenges in recent years, the School has demonslraled resilience in the fa of adverse economic conditions and changes in govemment policy. Through careful management, strategic planning, and continued investment in its educational offering, Chard School has not only remained sustainable but is now well positioned to thrive in the years ahead. Pag8 7
Chard School Trustee's Report (continued) Reference and Administrative Details Trustee Chard Independent School Directors of Chard Independent Mrs G L Buckley (resigned 25 January 20251 School Mr M A Buckley (resigned 25 January 20251 Mrs A M Dugdale {resigned 25 January 20251 Mr S Hull Mr J M Salt Iresigned 3 October 2025} Mr M D Silch Mrs A Dugdale Iresigned 25 January 20251 Mr P J Higgs (resigned 13 February 2026} Mr D Brown (resigned 12 September 20251 Mrs S Flannery lappoinled 12 December 20241 Ms A Kempster lappoinled 3 October 20251 Ms A L Kempsler lappointed 3 October 2025) Mr M Oppe (appointed 6 June 20251 Hgadteachgr Mrs R Pielesz MA.Ed,B.Ed,FCCT,NPQSL,NPQML Pag8 8
Chard School Trustee's Report (continued) Reference and Administrative Details (continued) Charity Registration Number 310219 Principal Office Chard School Fore Street Chard Somerset TA20 1QA Independent Examiner Francis Clark LLP Ground Floor Blackbr(x)k Gale 1 Blackbrook Business Park Taunton Somerset TA12PX The annual report was approved by the trustee of the charity on by.. 28 June 2026 and signed on its behalf S Flannery......................... Mrs S Flannery Director of Chard Independent School - the Trustee Pag8 9
Chard School Statement of Trustee's Responsibilities The Iruslee are responsible for preparing the Iruslee, report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable lo charities requires the trustee to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the ¢harily and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustee are required to.. select suitsble accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent., stale whether applicable accoLJnting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Iruslee are responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime the financial position of the charity and enable them lo ensure that the financial slalemenls comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the conslitulion. The Iruslee are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustee are responsible for the maintenance and integrity of the corporate and financial information included on the charitable companvs website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Page 10
Chard School Independent Examinerfs Report to the trustees of Chard School I report lo the trustee on my examination of the accounts of Chard School for the year ended 31 August 2025. Responsibilities and basis of report As Ihe charity trustee of Chard School you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'the Acl'l. I report in respect of my examination of the Chard School's accounts carried out under section 145 of the 2011 Act and in carrwng out my examination I have followed all the applicable Directions given by the Charity Commission under sertion 14515llbl of the Act. Independent examlner's statement Since Chard School's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of The Institute of Chartered Accounlanls in England and Wales, which is one of the listed bodies. I have completed my examination. I confim that no materi81 matters have come to my attention in connection with the examination giving me cause to believe that in any materi81 respect.. 1. accounting records were not kept in respect of Chard School as required by section 130 of the Act., or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accounting requirements conceming the fom and conlenl of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair view which is not a matter considered as part of an independent examination. I have no COnrnS and have come across no other matters in connection with the examination lo which allenlion should be drawn in this report in order to enable a proper understanding of the accounts to be reached. S Austen Sharon Austen FCCA Francis Clark LLP Ground Floor Blackbrook Gale 1 Blackbrook Business Park Taunton Somersel TA1 2PX Date.. 29 June 2026 Page11
Chard School
Statement of Financial Activities
Year Ended 31 August 2025
| Note Income and Endowments from: Donations, grants and legacies 2 Charitable activities 3 Investment income 4 Other income 5 Total Income Expenditure on: Charitable activities Total Expenditure Losses on investment assets Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 18 |
Unrestricted funds £ 12,840 332,529 9 19,005 364,383 (425,256) (425,256) (53) (60,926) 72,286 11,360 |
Restricted £ 1,500 - - - 1,500 - - - 1,500 - 1,500 |
Endowment funds £ - - - - - - - - - 1,134 1,134 |
Total 2025 £ 14,340 332,529 9 19,005 365,883 (425,256) (425,256) (53) (59,426) 73,420 13,994 |
Unrestricted funds £ Endowment funds £ 37,194 - 428,405 - 41 - 18,071 - 483,711 - (560,681) (1,901) (560,681) (1,901) (168) - (77,138) (1,901) 149,424 3,035 72,286 1,134 |
Total 2024 £ 37,194 428,405 41 18,071 |
|---|---|---|---|---|---|---|
| 483,711 | ||||||
| (562,582) | ||||||
| (562,582) | ||||||
| (168) | ||||||
| (79,039) 152,459 |
||||||
| 73,420 |
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 15 to 26 form an integral part of these financial statements. Page 12
Chard School Balance Sheet 31 August 2025 2025 2024 Note Flxed assets Tangible assets 65,822 66,246 Current assets Debtors Cash at bank and in hand 10 150,558 52,202 119,320 113,318 202,760 232,638 Credltors: Amounts falllng due wlthln one year 1106,5911 180,6421 Net current assets 96,169 151,996 Total assets less current liabilities 161,991 218,242 Creditors: Amounts falling due after more than one year 13 Deferred income 124,7561 123,241 131,1261 113,696 14 Net assets 13,994 73,420 Funds ofthe charlty: Endowment 1,134 1,134 Restricted 1,500 Unrestricted income funds Unrestricted 11,360 72,286 Total funds 18 13,994 73,420 The financial statements on pages 12 10 26 were approved by the Iruslee, and aulhorised for issue on 28 Junp. 2026 and signed on their behalf by.. S Flann8ry Mrs S Flannery Director of Chard Independent School - the Trustee The notes on pages 15 to 26 form an integral part of these financial statements. Page 13
Chard School Cash Flow Statement Year Ended 31 August 2025 2025 2024 Note Cash flows from operatlng actlvltles Net cash expenditure 159,4261 179,0391 Adjustments to cash flows from non<ash items Depreciation Investment income Loss on disposal of investments Revaluation of investments 7,044 {91 3,165 1411 1,035 168 152,3911 174,7121 Working capital adjustments Ilncrease)Idecrease in debtors Increase in creditors Increaselldecrease) in deferred income 10 131,2381 25,949 9,545 23,361 8,174 152,206 13 Net cash flows from operating activities 48,135 95,383 Cash flows from investing activities Interest reIvable and similar income Purchase of tangible fixed assets 41 20,027 6,620 Net cash flows from investing activities 6,611 19,986 Cash flows from financing activities Repayment of loans during the period Value of new loans obtained during the period 16,3701 12,9781 30,000 12 Net cash flows from financing activities 6,370 27,022 Net decrease in cash and cash equivalents 161,1161 188,3471 Cash and cash equivalents at 1 September Cash and cash equivalents at 31 August 113,318 201,665 52,202 113,318 All of the cash flows are derived from continuing operations during the above two periods. The notes on pages 15 to 26 form an integral part of these financial statements. Page 14
Chard School Notes to the Financial Statements Year Ended 31 August 2025 1 Accounting policies Statement of compliance The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities- Stslemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Basis of preparation Chard School meets the definition of a public benefit entity under FRS 102. The accounts Ifinancial slalemenlsl have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise staled in the relevant nolelsl to these accounts. Going concern The Trustee and its directors have considered the funds of the Charity as al 31 August 2025 and at the dale of approval of these financial slalemenls. The senior management team of the school have prepared detailed business and action plans including projections extending beyond 12 months of the dale of approval of these financial slatemenls. On the basis of these plans, and having made all ne$Sary inquiries, the Trustee and ils directors are satisfied that the going Gonrn basis of accounting remains appropriate. Income and endowments Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the Charity has enlitlemenl to the income, il is probable that the income will be reiVed and the amount can be measured with sufficient reliability. Fees consist of charges billed for the school year ending 31 August, less bursaries and allowances. Fees reiVed in advance for education to be provided in future years are carried forward as deferred income. Donationsj grants and legacies Donations, grants and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. Grants recelvable Grants are recognised when the charity has an enlitlemenl lo the funds and any conditions linked lo the grants have been met. Where performance conditions are allached to the grant and are yel lo be mel, the income is CogniSed as a liability and included on the balance sheet as deferred income lo be released. Deferred inoome Deferred income represents amounts received for future periods and is released to incoming resour8 in the period for which it has been received. Page 15
Chard School Notes to the Financial Statements Year Ended 31 August 2025 (continued) Investment income All investment income is treated as unrestricted even where it has arisen from endowment funds and is included in the statement of financial activities as soon as it is received by the charity. Expendlture All expenditure is recognised once there is a legal or conslruclive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated lo the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed lo particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Charltable actlvltles Charitable expenditure comprises those costs incurred by the charity in the delivery of ils activities and services for ils beneficiaries. It includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary lo support them. Govgrnancg costs These include the costs allribulable to the Charity's compliance with constilulional and slatulory requirements, including independent examination, strategic management and Trustee's meetings and reimbursed expenses. Tangible fixed assets Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows.. Asset class Depreclatlon method and rate 20/0 Straight line for assets not fully depreciated 20°/o straight line Buildings Office equipment Fixed asset investments Fixed asset investments are included al market value at the balan sheet dale. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value al the start of the year, or their subsequent cost, and are charged or credited lo the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged lo the Slalement of Financial Activities based on the market value al the year end. Page 16
Chard School Notes to the Financial Statements Year Ended 31 August 2025 (continued) Fund structure Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for specific purposes. the use of which is restricted to that area or purpose. Flnanclal Instruments ClassifiTcation The charity holds the following financial instruments.. Short term trade and other debtors and creditors- and Cash and bank balances. Al financial instruments are classified as basic. Recognltlon and measurement Financial instruments are recognised when the charity becomes paty to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights lo cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred lo another party, or in the case of liabilities, when the charitls obligations are discharged, expire or are cancelled. Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounled amount of the cash or other consideration expected lo be paid or reived, after taking account of impairment adjustments. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Page 17
Chard School Notes to the Financial Statements Year Ended 31 August 2025 (continued) Key sources of estimation uncertainty In the application of the Charity's accounting policies, the Trustee and its directors are required lo make judgements, estimates and assumptions about the Caryng amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are re¢ognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and furture periods in the revision affects both current and furture periods. The key judgement that has a significant impact on the financial statement is in respect of going concern, as described above. It is the view of the Trustee and its directors that there are no significant accounting estimates. 2 Income from donations and legacies Unrestricted funds General Restricted funds Total 2025 Total 2024 Donations and legacies.. Donations Grants, including capital grants.. Government grants 16,483 1,500 17,983 33,303 3,643 3,643 3,891 12,840 1,500 14,340 37,194 Page 18
Chard School Notes to the Financial Statements Year Ended 31 August 2025 (continued) 3 Income from charitable activities Unrestricted funds General Total 2025 Total 2024 Preparatory school fees Pre-preparatory school fees Other educational charitable activities 195,401 113,647 23,481 195,401 113,647 23,481 285,642 159,058 8,873 332,529 332,529 453,573 4 Investment income Unrestrictsd funds Total 2025 Total 2024 General Interest receivable and similar income., Interest receivable on bank deposits 41 5 Other income Unrestricted funds Total 2025 Total 2024 General Rental income 19,005 19,005 18,071 6 Analysis of governance and support costs Support costs allocated to eharltable actlvltles Other support costs Governance Insurance Establlshment costs costs costs Total 2025 Total 2024 Charity activities 21,528 17,107 14,646 6,865 60,146 66,687 Page 19
Chard School Notes to the Financial Statements Year Ended 31 August 2025 (continued) Governance costs Unrestricted funds General Total 2025 Total 2024 Independent examiner fees Examination of the financial statements Legal and professional fees Other govemance costs 9,187 3,497 8,844 9,187 3,497 8,844 13,141 3,600 11,742 21,528 21,528 28,483 7 Trustee remuneration and expenses Neither the Trustee nor any of ils directors have reiVed any reimbursed expenses or any other remuneration from the charity during the current or preceding year. Page 20
Chard School Notes to the Financial Statements Year Ended 31 August 2025 (continued) 8 Staff costs The aggregate payroll costs were as follows.. 2025 2024 staff costs during the year were: Wages and salaries Social security costs Pension costs Other staff costs 272,329 24,172 14,215 639 385,051 31,407 45,290 947 311,355 462,695 The monthly average number of persons {including senior management team) employed by the eharily during the year was as follows.. 2025 No 16 2024 No Average number of employees during the year No employee received emoluments of more than £60,000 during the year {2024 - None). The number of employees whose emoluments fell within the following bands was.. 2024 No £60,001 - £70,000 The total employee benefits of the key management personnel of the charity were £59.604 12024 £136,618). Page 21
Chard School Notes to the Financial Statements Year Ended 31 August 2025 (continued) 9 Tangible fixed assets Land and buildings Computer equipment Total Cost Al 1 September 2024 Additions 115,843 28,335 6,620 144,178 6,620 Al 31 August 2025 115,843 34,955 150,798 Depreclatlon Al 1 September 2024 Charge for the year Al 31 August 2025 69,219 1,697 8,713 5,347 77,932 7,044 70,916 14,060 84,976 Net book value Al 31 August 2025 44,927 20,895 65,822 Al 31 August 2024 46,624 19,622 66,246 Land and buildings consist of property improvements and other assets constructed on land adjacent to the properties. The school land and buildings were originally gifted lo the school for educational use and have no original cost. The market value of these assets is not reflected in the accounts, since it is not easily determined, due lo the location and nature of these historic buildings. The most rent insurance value of the buildings, at 1 February 2018, including the Scien lab was £8,284,056. As the fair value of the buildings is not available, the Trustee also considers that there would be no benefit lo the Charity lo include the property al market valuation. sin the charity is responsible for keeping the original buildings in fil and useful condition in perpeluily, the costs of doing so are written off as and when incurred. 10 Debtors 2025 2024 Trade debtors Other debtors Prepayments 122,846 2,863 24,849 97,547 6,254 15,519 150,558 119,320 Page 22
Chard School Notes to the Financial Statements Year Ended 31 August 2025 (continued) 11 Cash and cash equivalents 2025 2024 Cash on hand Cash at bank 201 52,001 113,310 52,202 113,318 12 Credltors: amounts falllng due wlthln one year 2025 2024 Trade creditors Other loans Other taxation and social security Other creditors Accruals 15,483 36,031 5,341 43,956 5,780 21,792 36,031 5,478 13,487 3,854 106,591 80,642 13 Creditors- amounts falling due after one year 2025 2024 Other loans 24,756 31,126 14 Deferred income 2025 2024 Deferred income al 1 September 2024 Resources deferred in the period Amounts released from previous periods 132,786 1123,2411 113,696 165,902 113,696 1165,9021 Deferred income al 31 August 2025 123,241 113,696 Page 23
Chard School Notes to the Financial Statements Year Ended 31 August 2025 (continued) 15 Pension and other schemes Defined contribution pension scheme Until 31 March 2024 the charills leaching staff belonged to the Teachers, Pension Scheme, after this date and for non-teaching staff, the charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the schemes and amounted to £68,05812024 £64,194). A copy of the valuation report and supporting documentation is on the Teacherfs Pension website. Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The Charity has accounted for its contributions to the scheme as if it were a defined contribution scheme. The Charity has set out above the information available on the scheme. 16 Commitments Capital commitments The total amount contracted for but not provided in the financial statements in respect of nOn-CanlIable operating leases was £Nil12024 - £1841. 17 Related party transactions There were no related party transactions in the year {2024 - none). Page 24
Chard School Notes to the Financial Statements Year Ended 31 August 2025 (continued) 18 Funds Balance at 1 September 2024 Other Balance at Incoming Resources recognised 31 August resources expended gainslllossesl 2025 Unrestrlcted funds General 72,286 358,857 1419,730) {531 11,360 Restricted funds 1,500 1,500 Endowmgnt funds Permanent 1,134 1,134 Total funds 73,420 360,357 1419,730) {531 13,994 Balance at 1 September 2023 Other Balance at Incoming Resources recognised 31 August resources expended gainslllossesl 2024 Unrestricted funds General 149,424 484,428 1561,398) 11681 72,286 Endowment funds Permanent 3,035 {1,901 1,134 Total funds 152,459 484,428 1563,299) 11681 73,420 The specific purposes for which the funds are to be applied are as follows.. Restricted Fund A donation of £1,500 was received for funding the Lexia programme. Endowment Fund In the year ended 31 August 2015, an endowment was received from a former pupil of the school. It was the wish of this pupil that the income from the fund be used lo further encourage and reward good citizenship, sportsmanship and character, as determined by the governing body of the school, hence il is treated as an endowment fund. 11 is expected these funds will be used up over a period of several years. Page 25
Chard School Notes to the Financial Statements Year Ended 31 August 2025 (continued) 19 Analysis of net assets between funds Fund balances at 31 August 2025 are represented by: Unrestricted Endowment funds funds General funds Permanent funds Total funds Tangible fixed assets Fixed asset investments 65,822 65,822 Current assets 201,626 1106,591) 124,7561 1123,241) 12,860 1.134 202,760 1106,591) 124,7561 1123,241) 13,994 Current liabilities Non-currenl liabilities Deferred income Total nel assets 1,134 Fund balances at 31 August 2024 are represented by- Unrestricted Endowment funds funds General funds Permanent funds Total funds Tangible fixed assets Fixed asset investments 66,246 66,246 Current assets 231,504 180,6421 131,1261 1113,696) 72,286 1.134 232,638 180,6421 131,1261 1113,696) 73,420 Current liabilities Non-currenl liabillies Deferred income Total nel assets 1,134 Page 26