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← Caldicott Trust Limited

2025-07-31-accounts

Registered number: 00936838 Charity number: 310631

CALDICOTT TRUST LIMITED (A company limited by guarantee)

COUNCIL MEMBERS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

CALDICOTT TRUST LIMITED (A company limited by guarantee)

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CONTENTS

Page
Referenceand administrative details ofthecompany, its Council Members and 1-2
advisers
Council Members’ report 3-14
Independent auditor's report on the financial statements 15-18
Statement of financial activities 19
Balance sheet 20
Statement ofcash flows 21
Notestothefinancialstatements 22-40

CALDICOTT TRUST LIMITED (A company limited by guarantee)

i i i
REFERENCE ANDADMINISTRATIVE ADMINISTRATIVE DETAILS OFTHE COMPANY, ITS COUNCIL MEMBERSAND
ADVISERS
FOR THE YEAR ENDED 31 JULY 2025
Council Members M S Swift, Chairman
Mrs C J Brough (resigned 6 February 2025)
Mrs B J Hampshire
E W Higgins
Mrs E D Hungin
G Marsh
P KTahany
J S Moule (resigned 8 May2025)
A J Murley
JD Newton
M Rana
Mrs B C Chalmers
Mrs S H Aspinall (appointed 6 June 2025)
Mrs C P Johnston (appointed 6 June 2025)
WMA Land (appointed 26 February 2026)
Company registered
number 00936838
Charity registered
number 310631
Registered office Caldicott School
Crown Lane
Farnham Royal
Buckinghamshire
SL2 3SL
Key Management J. M. Banks (Headmaster)
Personnel Miss T. R. Naidoo (Deputy Head (Academic))
M. J. Hutchings (Deputy Head (Management))
Miss S. J. Bisschop (Deputy Head (Pastoral)
Miss N. Wright (HR Manager)
Mrs T. E. D. Goulden (Development Director)
S. W. Brown (Director Information Technology)
R. P. H. Vickers (Bursarand Company Secretary)
Independent auditor Crowe U.K. LLP
R+ Building
2 Blagrave Street
Reading
Berkshire
RG1 1AZ
Bankers Svenska HandelsbankenAB
40 Oxford Road
High Wycombe
HP112EE

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CALDICOTT TRUST LIMITED

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS COUNCIL MEMBERS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Legal Advisors Berrymans Lace Mawer LLP Salisbury House London Wall London EC2M 5QN Knights plc Midland House West Way Oxford OX2 OPH

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CALDICOTT TRUST LIMITED (A company limited by guarantee)

a COUNCIL MEMBERS' REPORT FOR THE YEAR ENDED 31 JULY 2025

INTRODUCTION

The Council Members present their report together with the financial statements for the year ended 31 July 2025. The Council Members confirm that the financial statements comply with current statutory requirements, those of the governing documents and the requirements of the Statement of Recommended Practice “Accounting and Reporting by Charities” Financial Reporting Standard 102, Second Edition, dated October 2019.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Caldicott Trust Limited is a company limited by guarantee (company registration number 936838) and is registered with the Charity Commission as an educational charity for the education of boys (registration number 310631). It is governed by its Memorandum and Articles of Association, last amended on 26 November 2015.

GOVERNING BODY AND ORGANISATIONAL STRUCTURE

The Council Members, who are also trustees of the Charity, during the year were as follows:

M. S. Swift (Chairman)

Mrs C. P. Johnston (from 06 June 2025) Mrs S. H. Aspinall (from 06 June 2025) Mrs C. J. Brough (until 06 February 2025) G. Marsh J. S. Moule (until 08 May 2025) Mrs B. C. Chalmers Mrs B. J. Hampshire A. J. Murley J. D. Newton E. W. Higgins M. Rana Mrs E. D. Hungin P. K. Tahany W.M. A. Land (from 26 February 2026)

Council members constitute directors of the company for the purposes of the Companies Act.

The Council aims to have a breadth of experience and skills amongst its members, ensuring that it has knowledge and expertise to work with the Headmaster and his staff to govern the School effectively. The Council Members contribute skills in the following key areas; educational and, in particular, boarding school experience and pastoral care, safeguarding, health and safety, financial, legal, personnel, marketing, social media, development, fundraising, commercial and property management. Where a Council Member with a particular skill resigns or retires, the Council actively tries to recruit a member with similar skills. All prospective Council members are met by the Chairman, a panel of Governors and the Headmaster to ensure they are suitable and committed to serving the School, prior to their appointment. Candidates are invited to spend time at the School, which includes a tour of the grounds and meetings with the Headmaster and Bursar. They are also provided with information and documents on the School and its operations. Al! nominated candidates are reviewed through standard safer recruitment practices, including vetting checks. Their applications are then reviewed and approved by the governor-led Nominations and Governance sub-committee of Council prior to their approval in post by the full Council. The Chairman subsequently meets all newly appointed Council Members to brief them on their duties and responsibilities. Additionally, they are required to read and approve a series of policy documents and to complete online Educare training on the governance of safeguarding and child protection in education, and safer recruitment amongst other role-related training packages during their induction. Annually thereafter, they complete mandated declarations concerning Related Party Interests and fit and proper status, and review annually produced updated Keeping Children Safe in

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CALDICOTT TRUST LIMITED (A company limited by guarantee)

aaaan COUNCIL MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Education and Caldicott’s Safeguarding and Child Protection policy documents. All governors are offered access to additional webinars, conferences, and training resources together with guidance notes issued periodically by the Charity Commission to ensure their awareness of and compliance with their governance duties and responsibilities. The Council meets at least three times a year, with both the Headmaster and the Bursar present. The Council is supported by six Governor-led sub-committees: Finance; Human Resources (HR); Education; Marketing, Admissions and Development; Buildings and Estate; Nominations and Governance. These sub-committees usually meet three times a year or as required. Furthermore, Governors periodically attend other internal meetings such as the Safeguarding, Boarding and Health & Safety committees. The Nominations and Governance Committee was formed in 2023 to assist with governor succession planning and appointments as well as to ensure the highest possible standards of leadership and governance are achieved by the Trustees as outlined within the Charity Commission’s Governance Code.

The Headmaster, Bursar and the HR Manager also meet regularly with the Chairman.

The Council determines the general policy of the School, but its day-to-day management is delegated to the Headmaster and Bursar.

The Headmaster and the Bursar are also supported by the Deputy Head (Academic), the Deputy Head (Pastoral), the Deputy Head (Management), Development Director, HR Manager and the Director of information Technology. These personnel meet at least weekly and together make up the Senior Leadership Team (SLT). Staff remuneration is set by the Council, with the policy objective of ensuring appropriate incentives to encourage enhanced performance and, in a fair and responsible manner, rewarding individual contributions to the School's success. The appropriateness and relevance of the remuneration policy is reviewed annually including reference to open-source data allowing comparison with other independent schools to ensure that Caldicott Trust Ltd remains competitive. Delivery of the School's charitable vision and purpose is primarily dependent on the expertise and energy of our key management personnel. Staff costs are the largest single element of our charitable expenditure.

RE-ELECTION OF COUNCIL MEMBERS

The following members were approved to serve as a Governor or for an additional term as a Governor, at the Annual General Meeting on 12 June 2025:

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CALDICOTT TRUST LIMITED (A company limited by guarantee)

ee

eee COUNCIL MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

STRATEGIC OVERVIEW

OBJECTS, VISION, VALUES, PURPOSE AND AIMS

Objects

The principal objects of the School are to advance education by the provision of a school and to educate boys, aged between 7 and 13 years, to the highest possible standard.

Vision

Our vision can be summarised as: Excellence in Education; Treasuring Tradition; Cherishing Childhood. achieve this:

To

Values

The values of the School are:

Purpose

Caldicott’s purpose is to prepare boys for a life of character, compassion and courage, the best 13+ independent senior schools, and a future of success and positive impact:

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CALDICOTT TRUST LIMITED (A company limited by guarantee) eeee COUNCIL MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Aims

To achieve this purpose, Caldicott aims to:

APPROACH

Most boys start as day pupils until their final two years at Caidicott wnen many become boarders. This arrangement has been adjusted from September 2024 for Year 7 boys with the introduction of the option to remain dayboys, but with two nights per week of boarding also included. This ‘Day Plus’ option has been extended to all future Year 7 and 8 boys from September 2025. A small number of boys commence boarding in their fourth or third to last years at the school. Most of these boarders go home on a Saturday night and there is a small group that is cared for by our pastoral team at weekends. The addition of flexible and occasional boarding options for all boys has proven very popular.

The School expects high academic standards, and the team of excellent and nurturing staff seeks to develop happy and well-rounded boys who will grow up to be confident individuals who can learn to think for themselves and become achievers and contributors in life.

Team sport is a vital part of an education at Caldicott with the lessons learnt from winning and losing a central part of school life. The boys enjoy a broad cultural experience, all of them participating in music, art, drama and eTEC (formerly called design technology), which are all thriving at the school. Our numerous productions and performances provide the boys with opportunities to display their talents and develop self-confidence.

Chapel is central to the moral and spiritual life of the school. Caldicott is Christian based but inclusive, welcoming and respectful. The boys are encouraged to develop a social conscience as well as a sense of duty. Caldicott boys should leave the school with strong moral values, high standards of behaviour, consideration and tolerance for others, and an understanding of their challenges and responsibilities.

We promote healthy eating and the enjoyment of food with friends. Our boys enjoy a heaithy lifestyle spending lots of time outside playing together in the fresh air so that they are ready to concentrate on their work in the classroom.

We feel that our strong sense of community, with high achieving and happy boys and a down-to-earth approach will instil strong moral values for life into the boys.

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CALDICOTT TRUST LIMITED (A company limited by guarantee)

COUNCIL MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

ACADEMIC ACHIEVEMENT

Scholarships and Exhibitions

The following scholarships and exhibitions were awarded to Caldicott pupils during the 2024/25 academic year:

Leavers Destinations in July 2025

The 6th Form boys leaving Caldicott in July 2025 obtained places at the following Public (Secondary) Schools starting in September 2025: 13 to Harrow School; 8 to Eton College; 6 to Radley College; 4 each to Wellington College; and Winchester College; 3 to St Edward’s School in Oxford; 2 each to Cranleigh School, Marlborough College, Oundle School and schools overseas; and one each to Bryanston School, Dulwich College and Millfield School. Every single leaver was. placed successfully at their preferred next school and a 100% pass rate for Common Entrance Exams was recorded.

INSPECTION

Caldicott hosted a routine inspection by the Independent Schools Inspectorate (ISI) between 3 and 6 June 2025. The inspectors applied the ISI Framework to assess the extent to which the Independent School Standards (ISSR) and National Minimum Standards (NMS) for Boarding Schools were being applied. ISI subsequently reported that the School met.all of the required-standards.

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CALDICOTT TRUST LIMITED (A company limited by guarantee) COUNCIL MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

CALDICOTT FOUNDATION

The Caldicott Foundation was established in 2021 as a core component of the School’s business and not as a separate entity, with the main purposes of raising funds to provide bursaries for pupils who otherwise could not attend the School and, separately, to fund future building projects to enhance and modernise the School's facilities. The Foundation also facilitates fundraising for smaller specific projects as and when needed and also invites donations towards general support where the donations can be directed to where it is most needed. The Council's ambition, as soon as it can do so, is for the Foundation to fully support all bursary and sponsorship provision and to fully separate this from income received from fee payments and other sources. Within this financial year the Foundation received donations of £1,225k for buildings (2024: £2,534k), £157k for bursaries (2024: £115k), and £13k (2024: £0) for general support. During the year six full bursaries have been supported by the School, drawing on the support of the Foundation.

PUBLIC BENEFIT

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CALDICOTT TRUST LIMITED (A company limited by guarantee) i ne em i COUNCIL MEMBERS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

TEACHING LINKS

The Governors and Headmaster intend to extend Caldicott’s links and exchanges with the state educational sector and our already strong links with Arbour Vale School. We continue to work closely with the Heads and key staff members from the Schools we partner, ensuring the positive contribution to our shared educational aims continues. We believe our pupils benefit from learning within a diverse community. A great deal of learning occurs through social interaction and shared experiences which helps our pupils develop an understanding of the perspectives of other people that will be vital in their adult lives.

FUNDRAISING DISCLOSURES

In accordance with the guidance issued by the Charity Commission for England and Wales regarding CC20 [Charity fundraising: a guide to trustee duties (CC20) issued November 2016] the following details should be noted concerning Caldicott Trust’s approach to ensure its compliance with these standards:

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CALDICOTT TRUST LIMITED (A company limited by guarantee)

gs COUNCIL MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

an educational and personal development benefit for those engaged in the fundraising activity. The overall approach followed by Caldicott’s trustees, its Governors, in overseeing all fundraising activity at or benefitting the Trust is shaped by the CC20 fundraising guidance. The Governors seek to apply CC20’s six key fundraising principles for trustees: plan effectively, supervise fundraisers, ensure compliance with fundraising law, protect the charity's reputation and assets, follow recognised standards and, finally, be open and accountable. Any fundraising undertaken for the benefit of the Trust, or indeed any other charity, is conducted using either its own staff and pupils or other volunteers, most commonly the ‘Friends of Caldicott’ and parents of pupils.

ENVIRONMENTAL IMPACT

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CALDICOTT TRUST LIMITED (A company limited by guarantee) Neeeee Ee COUNCIL MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

e Construction. The School's sports hall roof, its associated lighting, corridor and classroom lighting within the building replaced last year with motion triggered LED lighting systems. A new sports pavilion building is due to be erected on site in the 2025/26 financial year. This building is designed to reduce their environmental impact on the estate through the application of sustainability criteria in contract specifications. e Awareness. A pupil-led Sustainability Committee has promoted awareness of each of these and other environmental and sustainability issues through the championing of an eco-code created to ensure that the whole school community is working towards shared aims and values. Their environmental work was recognised with an Eco Schools Green Flag award in July 2023. Objective measures of the School’s environmental impact are multi-faceted. One indicator focusses on the School's use of electricity and natural gas, adjusted by the government’s annually issued greenhouse gas conversion factors. Total energy used during the year was approximately 415,257 kWh of electricity and 1,360,524 kWh of natural gas (2023/24: 442,204 kWh electricity and 1,387,985 kWh natural gas). By applying the government’s 2025 approved electrical generation emission factor of 0.17700 kg CO2e per kWh and natural gas gross CV of 0.18296 kg CO2e per kWh (2023/24: 0.207075 and 0.18290 respectively), this adjusts the School's fuel consumption to a combined equivalent of 322,422 kg CO2e (2023/24: 345,421 kg CO2e per kWh). With an average of 258 pupils attending per term during 2024/25 (2023/24: 248 pupils), this shows that some 1,249 kg CO2e or 1.250 tonnes CO2e per pupil was consumed (2023/24: 1,410 kg CO2e or 1.410 tonnes CO2e per pupil). This suggests that the School’s key fuel consumption rates and its consequent negative environmental impact are reducing, in both actual and per capita terms, echoing a similar reduction in the previous year.

FINANCIAL REVIEW

Results for the year. Unrestricted income increased in-year to £7,851,471 (2023/24: £7,113,327) with restricted income totalling £1,382,160 (2023/24: £2,491,950) showing a decrease. Restricted income came mainly from donations gifted to the Caldicott Foundation to support its main purposes of enhancing bursaries and delivery of new and improved buildings and infrastructure. The fundraising for the building of a new Sports Pavillion began last year and continued this year, with sufficient funds raised to enable building to commence during the year. The pre-depreciation surplus from unrestricted reserves was £295,182 (2024: £258,026). This represents 4% (2024: 4%) of gross fee income.

VAT. In line with government policy introduced in late 2024, VAT has been charged on school fees and some qualifying extra charges since January 2025. Two VAT returns and accompanying payments to HMRC have been submitted within the 2024/25 financial year, covering the January and April month-end quarters. The School's VAT year end is July.

REVIEW AND RECLASSIFICATION OF FUNDS

During the year, management undertook an extensive review and analysis of the School’s funds to ensure full compliance with the requirements of FRS 102 and the Charity SORP (FRS 102). This work involved examining the original terms, restrictions, and underlying documentation for each fund, as weil as reviewing historic accounting treatments and transactions. As a result of this review, certain funds have been reclassified to more appropriately reflect their nature and the restrictions under which they are held. Comparative figures have been restated where necessary to present the revised fund structure on a consistent basis. These changes do not affect the overall financial position or total funds of the School, but they provide improved clarity and transparency in the presentation of restricted, unrestricted, and designated funds.

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CALDICOTT TRUST LIMITED (A company limited by guarantee)

es COUNCIL MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Further information on the revised fund categories and the movements on each fund is provided in Note 17 to the financial statements. The Unrestricted School Fund represents the unrestricted funds arising from past operating results.

RESERVES POLICY

The Charity’s reserves policy is to generate a 5% to 10% cash surplus of unrestricted funds to meet the budgeted future capital expenditure requirements of the School, where the cash surplus is defined as predepreciation net (expenditure)/income as a percentage of gross fee income. In the shorter term, it is setting aside funds to repay in part or full a £750k interest only bank loan due for settlement in July 2028.

Free reserves are calculated as total funds reduced by restricted funds, designated funds and functional fixed assets for the School's own use. In common with other independent schools, Caldicott has no free reserves as surpiuses are reinvested into the School’s fixed assets to maintain a high standard of facilities. The Trustees consider the School has adequate working capital for its foreseeable requirements which are met by school fees received.

As at 31 July 2025, the charity had total reserves of £12,517,853 (2023/24: £11,425,363). Of these funds some £7,772,482 (2023/24: £6,335,771) were unrestricted and £4,745,371 (2023/24: £5,089,592) were restricted at the year end. The restricted funds were held within several sub-accounts, mainly for the purpose of supporting infrastructure projects and provide support for boys requiring bursaries.

PRINCIPAL RISKS AND UNCERTAINTIES

The Council continues to keep the Trust’s activities under close review, particularly regarding any major risks that may arise from time to time, and to monitor the effectiveness of the system of internal controls and other viable means, including insurance cover where appropriate, by which those risks can best be mitigated. Council is responsible for the management of all risks faced by the School, and a formal review of the Charity’s risk management processes is undertaken on an annual basis.

Economic and political uncertainty. The most significant strategic risk emerging during this financial period is the enduring economic and political uncertainty linked to world events and domestic politics which could lead to falling pupil numbers. Council is mitigating this risk though a combination of smarter and enhanced marketing of the School, regular financial planning against worst case scenarios, development and improvement of the Schools curricular and co-curricular offer, competitively priced fees, continuous improvement of the School's infrastructure, widening the daily bus service’s footprint, the introduction of greater choice for boarding, extending the day offer to senior boys, removal of Saturday school for the junior boys and enhanced access by parents to their sons through the weekday. The delivery of comprehensive, accurate and timely communications with ail stakeholders complements these activities.

Other main risks. The Governors have identified three other main risks and developed plans to mitigate these:

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CALDICOTT TRUST LIMITED (A company limited by guarantee)

COUNCIL MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Through the risk management processes established for the School, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately mitigated.

FUTURE PLANS

The Governors approved a newly revised strategic plan with its five-year horizon in November 2024, which has been informed by ideas provided by the senior leadership team, a site masterplan and other survey reports. The strategic plan seeks to maintain the School's position in a competitive market by investing to provide high quality education for our pupils. Achieving a high standard of academic results is a constant aim whilst also maintaining the breadth, depth and quality of the extracurricular education provided to the School's pupils.

The Headmaster and senior staff continue to review the curriculum to ensure its relevance and focus. They seek also to maintain amongst the staff an appropriately broad spread of educational and other skills and qualifications to enable our pupils’ development.

The School has continued to refurbish and improve its teaching, sports, recreational and boarding facilities, financed from both operating surpluses and restricted donations. Plans set out in the School's site masterplan to deliver a phased programme of more ambitious new builds and other developments over the next two decades are being implemented. Following the delivery in late 2023 of a new roof and lights to the multi-use sports hall facility, work began on a new sports pavilion which will provide a dedicated space for physical education, sports training, and character building. The building will contain changing facilities for up to 120 pupils, a conditioning gymnasium, a medical room and a multi-use meeting and hospitality room. This pioneering project, which is expected to be completed in the summer of 2026, marks the beginning of a journey that intertwines the School’s academic ambitions with cutting edge athletic facilities. It is a testament to the School’s commitment to nurturing well-rounded individuals who not only excel in the classroom but also on the playing field.

The School has recently enhanced and will continue to provide means-tested bursaries and look for opportunities to increase the level of bursarial support, funded increasingly by the Caldicott Foundation through the generosity of donors. It will continue to offer fee remissions of up to 100% and other support to suitable applicants whilst investigating opportunities with senior schools to ensure pupils who receive substantial meanstested bursaries at Caldicott can continue in independent education thereafter.

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CALDICOTT TRUST LIMITED (A company limited by guarantee)

COUNCIL MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

STATEMENT OF COUNCIL MEMBERS' RESPONSIBILITIES

The Council Members (who are also trustees and directors of Caldicott Trust Limited for the purposes of company law) are responsible for preparing the Report of the Council Members and the financial statements in accordance with applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice).

Company law requires the Council Members to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Council Members are required to:

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

AUDITORS

In so far as the Council Members are aware:

A resolution appointing Crowe U.K. LLP as the Trust's new auditors in place of HaysMac LLP, who resigned from this role in February 2025, for the year ended 31 July 2025 was proposed and endorsed at the AGM on 12 June 2025 in accordance with section 485 of the Companies Act 2006.

Report of the Council Members was approved by order of the Council, as the charitable company directors, and signed on the Council's behalf by:

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

M S Swift (Chairman) Date: 5 March 2026

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CALDICOTT TRUST LIMITED (A company limited by guarantee)

——— ae INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CALDICOTT TRUST LIMITED

ae

Opinion

|

We have audited the financial statements of Caldicott Trust Limited (the ‘charitable company’) for the year ended flows and the related notes, including a summary of significant accounting policies. The financial reporting 31 July 2025 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash 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 Iretand' (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 Council Members’ 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 Council Members with respect to going concern are described in the relevant sections of this report.

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CALDICOTT TRUST LIMITED (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CALDICOTT 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 Council Members 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 Council Members’ Report including the Strategic Report.

We

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:

Responsibilities of Council Members

As explained more fully in the Council Members’ responsibilities statement, the Council Members (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 Council Members 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 Council Members 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 Council Members either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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CALDICOTT TRUST LIMITED (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CALDICOTT TRUST LIMITED (CONTINUED)

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 the Companies Act 2006, the Charities SORP (FRS 102), and 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 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 accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

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.

Page 17

CALDICOTT TRUST LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CALDICOTT TRUST LIMITED (CONTINUED)

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.orq.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.

Janette Joyce (Senior statutory auditor) for and on behalf of Crowe U.K. LLP Statutory Auditor R+ Building 2 Blagrave Street Reading Berkshire RG11AZ

Date: 9 March 2026

Page 18

CALDICOTT TRUST LIMITED

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2025

As restated
Unrestricted Restricted Total Total
funds funds funds funds
2025 2025 2025 2024
Note £ £ £ £
Income from:
Donations and legacies 4 13,427 1,382,160 1,395,587 2,491,950
Charitable activities:
School fees receivable 5 7,143,477 - 7,143,477 6,564,576
Othereducational income 6 541,590 - 541,590 463,500
Investments:
Interest receivable 139,351 - 139,351 60,652
Otherincome 13,626 - 13,626 24,599
Total income 7,851,471 1,382,160 9,233,631 9,605,277
Expenditure on:
Raising funds:
Finance costs 7 65,711 - 65,711 67,190
Charitable activities 8 7,830,018 245,412 8,075,430 7,272,105
Total expenditure 7,895,729 245,412 8,141,141 7,333,295
Net(expenditure)/income (44,258) 1,136,748 1,092,490 2,271,982
Transfers between funds 17 1,480,969 (1,480,969) - -
Netmovement in funds 1,436,711 (344,221) 1,092,490 2,271,982
Reconciliation offunds:
Total funds brought forward 6,335,771 5,089,592 11,425,363 9, 153,381
Netmovement in funds 1,436,711 (344,221) 1,092,490 2,271,982
Totalfundscarriedforward 7,772,482 4,745,371 12,517,853 11,425,363

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 22 to 40 form part of these financial statements.

----- Start of picture text -----
ee
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Page 19

CALDICOTT TRUST LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00936838

BALANCE SHEET AS AT 31 JULY 2025

As restated
2025 2024
Note £ £
Fixed assets
Tangible assets 12 8,488,721 8,032,644
Current assets
Debtors 13 845,648 2,446,562
Cash at bank and in hand 5,351,403 5,487,701
6,197,051 7,934,263
Current liabilities
Creditors: amounts falling due within one
year 14 (1,417,919) (3,791,544) (3,791,544)
Net current assets 4,779,132 4,142,719
Total assets less current liabilities 13,267,853 12, 175,363
Creditors: amounts falling due after more
than one year
Total net assets		 15 (750,000)
12,517,853
_		 (750,000)
11,425,363
~~_~~
Charity funds
Restricted funds 17 4,745,371 5,089,592
Unrestricted funds 17 7,772,482 6,335,771
Total funds 12,517,853 11,425,363

The Council Members 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 Council Members and signed on their behalf by:

M S Swift

(Chairman)

Date: 5 March 2026

The notes on pages 22 to 40 form part of these financial statements.

Page 20

CALDICOTT TRUST LIMITED

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025

----- Start of picture text -----
As restated
2025 2024
Note £ £
Cash flows from operating activities
Net cash used in operating activities 19 710,220 2,553,011
Cash flows from investing activities
Bank interest received 139,351 60,652
Proceeds from the sale of tangible fixed assets 7,500 5,970
Purchase of tangible fixed assets (943,224) (819,377)
Net cash used in investing activities (796,373) (752, 755)
Cash flows from financing activities
Bank loan interest (50,145) (53,619)
Net cash used in financing activities (50,145) (53,619)
Change in cash and cash equivalents in the year (136,298) 1,746,637
Cash and cash equivalents at the beginning of the year 5,487,701 3,741,064
Cash and cash equivalents at the end of the year 20 5,351,403 5,487,701
----- End of picture text -----

The notes on pages 22 to 40 form part of these financial statements

Page 21

CALDICOTT TRUST LIMITED (A company limited by guarantee)

DeecL rn ee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

1. General information

The principal activity of the School is the provision of education for boys for boarding and days, between the ages of 7 and 13. The Charity (registered number 0936838 and charity number 310631), is incorporated and domiciled in the UK. The address of the registered office is Crown Lane, Farnham Royal, Buckinghamshire, SL2 3SL.

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.

Caldicott 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 financial statements have been prepared on a going concern basis. The Governors have considered the School’s current financial position and future cash flow projections, taking into account the expected level of pupil numbers, fee income, fundraising activities, and other income streams. They have also reviewed the School’s expenditure commitments, capital plans, and available reserves.

The School continues to maintain a strong reputation for pastoral excellence and has built on its academic success, and has a reasonable expectation that pupil enrolment will be sustained at levels sufficient to support ongoing operational needs.

The Governors have undertaken a detailed review of forecasts for a period of at least twelve months from the date of approval of these financial statements. Based on this assessment, the Governors are satisfied that the School has adequate resources to continue to meet its obligations as they fall due.

Accordingly, the Governors consider it appropriate to prepare the financial statements on a going concern basis.

2.3 Fees and similar earned income

Fees receivable and charges for services and use of the premises, less any allowances, scholarships, bursaries granted by the School against those fees.

2.4 Donations and grants

Income from donations is recorded when the funds are received.

Page 22

CALDICOTT TRUST LIMITED (A company limited by guarantee)

ceSm tea NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. Accounting policies (continued)

2.5 Expenditure

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 ali 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.

2.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.7 Taxation

The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.8 Tangible fixed assets and depreciation

Tangible fixed assets costing £50 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

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.

Page 23

CALDICOTT TRUST LIMITED (A company limited by guarantee)

eee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. Accounting policies (continued)

2.8 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Freehold|buildings|-|2%|of|cost|per annum| |Long|leasehold|buildings|~|2%|of cost|per annum| |Garden|and|playing|fields|-|10%|reducing|balance| |equipment| |Motor|vehicles|-|20%|reducing|balance| |Furniture,|fixtures|and|fittings|-|10%-25%|reducing|balance| |Computer|equipment|-|33.3%|reducing|balance| |Other equipment|-|20%|reducing|balance|

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of financial activities.

2.9 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.

2.10 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.

2.11 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.

2.12 Parents’ deposits

The Governors have reviewed the contract terms under which Pupil fee deposits are held by the School. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the school, pupils can leave at earlier dates. The School does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at the year end have been included within current liabilities.

Page 24

eeeee

CALDICOTT TRUST LIMITED (A company limited by guarantee)

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

2. Accounting policies (continued)

2.13 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 subsequenily measured at amortised cost using the effective interest method.

2.14 Pensions

Retirement benefits to employees of the School are provided through two defined contribution pension schemes, one for teaching staff and one for operational staff. Pension costs charged in the accounts represent contributions payable by the School during that year.

2.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Council Members 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.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgment

In the application of the charity's accounting policies, which are described in note 2, Council members are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods.

The Council members consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty.

Page 25

| |

CALDICOTT TRUST LIMITED (A company limited by guarantee)

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

4. Income from donations and legacies

Unrestricted Restricted Total
funds funds funds
2025 2025 2025
£ £ £
Donations 13,427 1,382,160 1,395,587
Restricted Total
funds funds
2024 2024
£ £
Donations 2,491,950 2,491,950

5. Income from charitable activities - School fees receivable

As restated
2025 2024
£ £
The School's fee income comprised:
Gross fees 7,466,911 6,741,674
Less: Bursaries and allowances (407,712) (206,587)
7,059,199 6,535,093
Add back: Bursaries paid for by restricted funds 84,278 29,483
7,143,477 6,564,576

a

Page 26

CALDICOTT TRUST LIMITED

(A company limited by guarantee)

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

|

6. Income from charitable activities - Other educational income

2025 2024
£ £
Chargeable extras - income 372,821 329,430
Flexi boarding fees 133,870 116,620
Registration fees 16,850 17,450
Income from insurance 18,049 -
541,590 463,500

All other educational income is unrestricted in both years.

7. Expenditure on raising funds

Finance costs

Unrestricted Total
funds funds
2025 2025
£ £
Bank charges 15,566 15,566
Bank loan interest 50,145 50,145
65,711 65,711
Unrestricted Total
funds funds
2024 2024
£ £
Bank charges 7,571 7,571
Bank loan interest 53,619 53,619
67,190 61,190

Se

Page 27

CALDICOTT TRUST LIMITED (A company limited by guarantee)

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

8. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted Restricted
funds funds Total
2025 2025 2025
£ £ £
Teaching 3,298,977 - 3,298,977
Welfare 1,364,197 - 1,364,197
Premises 1,681,446 7,265 1,688,711
Support costs and governance 1,485,398 153,869 1,639,267
Grant making costs - 84,278 84,278
7,830,018 245,412 8,075,430
As restated As restated
Unrestricted Restricted As restated
funds funds Total
2024 2024 2024
£ £ £
Teaching 2,851,268 - 2,851,268
Welfare 1,257,747 - 1,257,747
Premises 1,006,899 - 1,006,899
Support costs and governance 1,988,587 138,127 2,126,708
Grant making costs - 29,483 29,483
7,104,495 167,610 7,272,105

Page 28

CALDICOTT TRUST LIMITED (A company limited by guarantee)

a

TT —=—=—eee eee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

8. Analysis of expenditure on charitable activities (continued)

Summary by expenditure type

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Staff costs|Depreciation|Other|costs|Total| |2025|2025|2025|2025| |£|£|£|£| |Teaching|2,782,368|231,767|284,842|3,298,977| |Welfare|952,329|-|411,868|1,364,197| |Premises|339,259|102,856|1,246,596|1,688,711| |Support|costs|and|governance|1,469,999|4,817|164,451|1,639,267| |Grant|making|costs|-|-|84,278|84,278| |5,543,955|339,440|2,192,035|8,075,430|

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

Included within support costs and governance are governance costs of £30,750 (2024: £23,391). Governance costs comprise the cost of running the charity including external audits, Governors' legal advice and constitutional and statutory compliance costs plus reimbursement of expenses to Council Members.

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |As|restated|As|restated| |Staff costs|Depreciation|Other costs|Total| |2024|2024|2024|2024| |£|£|£|£| |Teaching|2,580,263|217,268|53,737|2,851,268| |Welfare|880, 808|-|376,939|1,257,747| |Premises|321,925|83,803|601,171|1,006,899| |Support|costs|and|governance|1,289,440|9,313|827,955|2,126,708| |Grant|making|costs|-|-|29,483|29,483| |5,072,436|310,384|1,889,285|7,272,105|

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

9. Net income

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Net|incoming|resources|are|stated|after charging:| |Depreciation|of tangible|fixed|assets|339,440|310,384| |Auditor's|remuneration|- audit|and|accounts|preparation|fees|30,750|23,310|

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

Page 29

CALDICOTT TRUST LIMITED (A company limited by guarantee)

Nnnee ee ee

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

10. Staff costs

2025 2024
£ £
Wages and salaries 4,306,993 4,022,309
Social security costs 456,361 386,091
Contribution to defined contribution pension schemes 660,357 583,320
Otheremployee benefits 120,244 80,716
5,543,955 5,072,436

During the year settlement payments were made, totalling £3,880 (2024: £ Nil).

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

2025 2024
No. No.
Teaching 58 57
Welfare 47 40
Premises 12 11
Support 37 43
154 151

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 3 2
In the band £70,001 - £80,000 2 2
In the band £80,001 - £90,000 2 1
In the band £90,001 - £100,000 1 1
In the band £100,001 - £110,000 - 1
In the band £110,001 - £120,000 1 -
In the band £120,001 -£130,000 - -
In the band £130,001 - £140,000 - 1
In the band £140,001-£150,000 1 -

The School contributed to a defined contribution scheme in relation to the above employees.

Key management comprise of the key management personnel listed on page 1. They received aggregate remuneration (including employers NI, employers pension contributions and BIK's) of £941,833 (2024: £887, 832).

Page 30

CALDICOTT TRUST LIMITED

(A company limited by guarantee)

See

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

  1. Council Members’ remuneration and expenses

During the year, no Council Members received any remuneration or other benefits (2024 - ENIL).

During the year ended 31 July 2025, expenses totalling £Nil were reimbursed or paid directly to no Council Member (2024 - £81 to 1 Council Member) for reimbursement of travel expenses.

  1. Tangible fixed assets
Assets
Freehold Motor Fixtures and under
property vehicles fittings construction Total
£ £ £ £ £
Cost or valuation
At 1 August 2024 9,385,220 633,832 5,104,116 545,530 15,668,698
Additions 11,605 50,188 218,501 662,930 943,224
Disposals - (32,860) - - (32,860)
Transfers between classes 545,530 - - (545,530) -
Capital Goods Scheme
adjustment (VAT asset) (138,015) - - - (138,015)
At 31 July2025 9,804,340 651,160 5,322,617 662,930 16,441,047
Depreciation
At 1 August2024 2,890,797 407,542 4,337,716 - 7,636,055
Charge fortheyear 102,856 45,754 190,830 - 339,440
On disposals - (23,169) - - (23,169)
At 31 July2025 2,993,653 430,127 4,528,546 - 7,952,326
Net book value
At 31 July2025 6,810,687 221,033 794,071 662,930 8,488,721
At 31July2024 6,494,423 226,290 766,400 545,530 8,032,643

Page 31

CALDICOTT TRUST LIMITED

(A company limited by guarantee)

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

13. Debtors

2025 2024
£ £
Due within oneyear
Trade debtors 235,951 2,200,535
Other debtors 102,611 195,307
Prepayments and accrued income 273,979 50,720
VAT recoverable 95,092 -
VAT asset 138,015 -
845,648 2,446,562

During the year ended 31 July 2024 the Michaelmas term fees were raised in advance of the year end, as such represent c.£2m of the year-end balance.

The VAT asset relates to an allowable retrospective claim under the capital goods scheme on the introduction of VAT on school fees. An amount of £17,058 is receivable within one year.

14. Creditors: Amounts falling due within one year

2025 2024
£ £
Parent deposits 535,978 581,657
Fees received in advance 363,059 2,646,270
Trade creditors 71,724 2,513
Other taxation and social security 113,194 87,288
Other creditors 24,583 233,269
Accruals 309,381 240,547
1,417,919 3,791,544

During the year ended 31 July 2024 the Michaelmas term fees were raised in advance of the year end.

Page 32

CALDICOTT TRUST LIMITED

(A company limited by guarantee)

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

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

2025 2024
£ £
Bank loans 750,000 750,000
Included within the above are amounts falling due as follows:
Between two and five years
Bankloans 750,000 750,000

The bank borrowing is secured by a fixed legal charge over 5 properties of the charity.

The loan was drawn down on 22 March 2023 and is repayable 5 years from the loan date.

The interest rate applied to the loan is equivalent to 1.96% per annum above the bank base rate.

16. Financial instruments

As restated
2025 2024
£ £
Financial assets
Financial assets measured at amortised cost 5,689,965 7,883,543
2025 2024
£ £
Financial liabilities
Financial liabilitiesmeasuredatamortisedcost 1,691,666 1,807,986

Financial assets held at amortised cost are trade debtors, other debtors, and cash at bank.

Financial liabilities measured at amortised cost comprise bank loans and overdraft, trade creditors, other creditors, parents deposits and accruals excluding deferred income and other taxes and social security

Page 33

CALDICOTT TRUST LIMITED (A company limited by guarantee)

a NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

17. Statement of funds

Statement of funds - current year

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Balance|at|1|Transfers|Balance|at| |August 2024|Income|Expenditure|infout|31|July|2025| |£|£|£|£|£| |Unrestricted|funds| |Unrestricted|funds|6,335,771|7,851,471|(7,895,729)|1,480,969|7,772,482| |Restricted|funds| |Bursaries|173,854|157,160|(84,278)|-|246,736| |Caldicott|Foundation|40,000|-|-|(40,000)|-| |Master|Plan|&|Buildings|2,345,446|1,125,000|(7,265)|(52,418)|3,410,763| |Sports|Pavillion|1,570,301|100,000|-|(623,446)|1,046,855| |Development|Department|205,341|-|(153,869)|-|51,472| |Pupil’s|Mental|Health|Fund|2,990|-|-|-|2,990| |SEND|Department|Fund|-|-|-|(13,445)|(13,445)| |Swimming|Pool|Cover|1,413|-|-|(1,413)|-| |Other|750,247|-|-|(750,247)|-| |5,089,592|1,382,160|(245,412)|(1,480,969)|4,745,371| |Total|of funds|11,425,363|9,233,631|(8,141,141)|-|12,517,853|

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

Page 34

CALDICOTT TRUST LIMITED (A company limited by guarantee)

Gee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

17. Statement of funds (continued)

Review and Reclassification of Funds

During the year, management undertook an extensive review and analysis of the School’s funds to ensure full compliance with the requirements of FRS 102 and the Charity SORP (FRS 102). This work involved examining the original terms, restrictions, and underlying documentation for each fund, as well as reviewing historic accounting treatments and transactions.

As a result of this review, certain funds have been reclassified to more appropriately reflect their nature and the restrictions under which they are held. Comparative figures have been restated where necessary to present the revised fund structure on a consistent basis. These changes do not affect the overall financial position or total funds of the School, but they provide improved clarity and transparency in the presentation of restricted, unrestricted, and designated funds.

The Unrestricted School Fund represents the unrestricted funds arising from past operating results.

The Bursaries fund is a stand-alone fund with the sole purpose of providing opportunities to means-tested bursary pupils to benefit from the educational and extra-curricular opportunities offered by the School.

Masterplan & Buildings Fund supports the sensitive redevelopment of the School site by the improvement of existing facilities and the design and build of new state-of-the-art facilities.

Sports Pavilion Fund is specifically for the building of the new Sports Pavilion.

Development Department fund was created with a donation to fund the initial set up and early costs of the Development department.

Pupil’s Mental Health Fund is to provide resources to facilitate staff training to support pupils’ mental health.

SEND Department Fund is to enhance the teaching and learning environment for pupils, with a particular focus on those with special educational needs.

Other fund relates to balances previously recognised in the Statutory accounts as part of restricted funds, but where the funds had already been spent on their restricted purpose and have now been reclassified.

Page 35

CALDICOTT TRUST LiMITED (A company limited by guarantee)

ee eee

———————————E—E————ee

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

17. Statement of funds (continued)

Statement of funds - prior year

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Balance at| |1|August|Asrestated|As|restated|Transfers|Balance|at| |2023|Income|Expenditure|infout|37|July 2024| |£|£|£|£|£| |Unrestricted|funds| |Unrestricted|funds|6,269,319|7,113,327|(7,165,685)|118,810|6,335,771| |Restricted|funds| |Bursaries|88, 168|115,169|(29,483)|-|173,854| |Caldicott|Foundation|40,000|-|-|-|40,000| |Master|Plan|&|Buildings|108,300|2,355, 826|(118,680)|-|2,345,446| |Sports|Pavillion|1,429,385|178,000|(37,084)|-|1,570,301| |Development|Department|310,724|-|(105,383)|~|205,347| |Pupil’s|Mental|Health|Fund|6,000|-|(3,010)|-|2,990| |Rugby|Festival|-|9,011|(9,011)|-|-| |Swimming|Pool|Cover|1,413|-|-|-|1,413| |Other|900,072|(166,056)|135,041|(118,810)|750,247| |2,884,062|2,491,950|(167,610)|(118,810)|5,089,592| |Total|of funds|9, 153,381|9,605,277|(7,333,295)|-|11,425,363|

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CALDICOTT TRUST LIMITED (A company limited by guarantee)

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

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted Restricted Total
funds funds funds
2025 2025 2025
£ £ £
Tangible fixed assets 8,488,721 - 8,488,721
Current assets 1,451,680 4,745,371 6,197,051
Creditors due within one year (1,417,919) - (1,417,919)
Creditors due in more than one year (750,000) - (750,000)
Total 7,772,482 4,745,371 12,517,853
Analysis of netassets betweenfunds- prioryear
Unrestricted Restricted Total
funds funds funds
2024 2024 2024
£ £ £
Tangible fixed assets 7,301,968 730,676 8,032,644
Current assets 3,575,347 4,358,916 7,934,263
Creditors due within one year (3,791,544) - (3,791,544)
Creditors due in more than one year (750,000) - (750,000)
Total 6,335,771 5,089,592 11,425,363

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CALDICOTT TRUST LIMITED (A company limited by guarantee)

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

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

As restated
2025 2024
£ £
Net income forthe year (as per Statement of Financial Activities) 1,092,490 2,271,982
Adjustments for:
Depreciation charges 339,440 310,384
Bank interest received (139,351) (60,652)
Loss on the sale offixed assets 2,191 -
Decrease/(increase) in debtors 1,600,914 (2,143,412)
(Decrease)/increase in creditors (2,373,624) 2,121,090
Bank loan interest 50,145 53,619
Capital Goods Scheme 138,015 -
Netcash provided byoperating activities 710,220 2,553,017
20. Analysis ofcash and cash equivalents
2025 2024
£ £
Cash in hand 5,351,403 5,487,701
Total cash and cash equivalents 5,351,403 5,487,701
21. Analysis ofchanges in netfunds
At 1 August At 31 July
2024 Cash flows 2025
£ £ £
Cash atbankand in hand §,487,701 (136,298) 5,351,403
Debtdue after 1 year (750,000) - (750,000)
4,737,701 (136,298) 4,601,403

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CALDICOTT TRUST LIMITED (A company limited by guarantee)

ais

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

22. Capital commitments

There were no capital commitments at the year end (2024: E£Nil).

23. Pension commitments

The School participated in the Teachers' Pension Scheme (the "TPS") for its teaching staff until 31 December 2020 when, following a lengthy consultative process and subsequent direction from Council, all TPS members were moved to a pension scheme provided by Aviva (a defined contribution scheme). At the year end £Nil (2024: £38,408) was accrued in respect of contributions to this scheme.

For non teaching staff the company contributes to individuals’ personal pension plans. Contributions are charged in the accounts as incurred and there were contributions of £525 (2024: £10,608) outstanding at the balance sheet date.

24. Operating lease commitments

The company had no commitments under non-cancellable operating leases at 31 July 2025.

25. Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and tiabilities contracted before he/she ceases to be a member.

26. Prior year adjustments

During the year ended 31 July 2025, the School identified errors in the previously issued financial statements for the year ended 31 July 2024. These errors related to the incorrect application of accounting policies in respect of revenue recognition in relation to the School Fees received.

In accordance with FRS 102 Section 10.21-10.23, the errors have been corrected retrospectively, and the comparative figures for the prior period have been restated.

The impact on the Statement of Financial Activity

Net Unrestricted Fees
School fees movement funds carried received
receivable in funds forward in advance
£ £ £ £
As previously stated 6,280,801 1,988,207 6,051,996 2,930,245
Prior period adjustment 283,775 283,775 283,775 (283,775)
Priorperiodadjustmentasrestated 6,564,576 2,271,982 6,335,771 2,646,470

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CALDICOTT TRUST LIMITED c* ot ty gg ----- --4--)}

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

27. Post balance sheet events

As described in the Council Members Report, the School has started work on a new Sports Pavilion, which is the inaugural initiative in the School’s comprehensive master plan. The project is expected to be completed in the summer of 2026. The Schooi entered into a fixed price contract in October 2025 for £4.8m, with total expected costs to be £5.5m (inc. VAT).

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