Charlty registration number 310637
Company regi5tra*ion number 00068471 (England and Wales)
THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mrs Tara Leaver {Chair}
Mr Jeremy Banks
Mr5 Kathryn Berens
Mr David Flower
Mr Nigel Garrett
Mrs Janine Kochman
Mr Andrew Logan
Mr Jack Murray
Mr Stuart Nicholls
Mrs Modupe Omonijo
Mr Geoffrèy Parkin
Mrs Emma Perkins
Charlty nurnber
310637
Company number
00068471
Roglstered offl¢e
Godstowe Preparatory School
Shrubbery Road
Hlgh Wycombe
Buckinghamshire
United Kingdom
HP13 6PR
Auditor
Azets Audit Services
Westpoint
Lynch Wood
P8t8rborough
Cambridgeshire
United Kingdom
PE2 6FZ
Bankers
National Westminster Bank PIC
Svenska Handelsbanken AB
Barclays Bank Pl¢
Kèy ex£¢utlvè$
Headmistress
Direclor of Finance & Operations
Clerk lo the Govemors
Ms Kate Bailey M.A. (Hons) PGCE
Mrs Samantha North
Ms Hannah Miles
Webslte
www.godstowe.org

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
CONTENTS
Page
Trustees. report
Statement of Trustees, responsibiltties
Independent auditorfs report
9-11
Statement of financial a¢livitles
12
Balan¢e sheet
13
Slatement of cash flows
14
Notes lo the financial slatemenls
15-27

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
TRUSTEES. REPORT {INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 31 AUGUST 2024
The Trustees, who are also Directors for the purposes af the Companies Act 2006. present their annual report and
financial statements for the year ended 31 August 2024.
The financial slatements have been prepared in accordance with Ihe accounting policies set oul in note 1 to the
financial statements and comply with the Company's goveming document. the Companies Act 2006 and
"Accounting and Reporting by Charities.. Statement 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
102)" (effective 1 January 2019).
Constitution and Objects
The Godstowe Preparatory School Company Limited (the 'CompanW) was incorporated in 1900 as a company
limited by shares. as defined by the Companies Act 2006, is registered in England and is also registered with the
Charity Commission. The Company is governed by ils Articles ofAssocialion.
The Company's objects. as set out in its Articles of Association, are to advance the education of young girls and
boys by the provision of schooling (including nursery s¢hooling). In pursuance of these objects for the public benefit.
the Company's sole business is the operation of Godstowe Preparatory School (the 'School'}, incorporating a
nursery, 'pre-prep' department and main school. and il has eslablished and administers bursaries, scholarships and
other benefactions and acts as trustee and manager of property and gifts given in pursuance of these objects.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the
Company should undertake.
School Objectives andAclivities
The S¢hool was established in 1900 with the principal objective of providing systematic education and training for
young girls and boys so as to prepare them for subsequenl education in public or other senior schools. The School
operates with boarding houses and a nursery as envisa9ed in the original objects. The School also holds lectures,
exhibilions, public meetings and classes calculated to advance the cause of education. whiGh is also in accordance
with the objects of the School.
The School aims to provide a first-class education to girls from age 3 to 13 and boys from age 3 to 7. It seeks to
provide a structured educational environment Ihat develops pupils, capabilities, competences and skills and gives
them the confidence lo go on to senior schools and succeed. The School promotes the academic. moral and
physical development of its pupils through the academic curriculum. pastoral care, sport and other activities. The
School provides an educational environment where each student can develop and fulfil their potential, building their
self-confidence and instilling a desire to contribute to the wider community.
The School is committed to safeguarding and promoting the welfare of pupils and expects all staff and volunteers to
share this cornmilment. Appropriate policies and procedures are in place to support this aim and all activities across
Ihe School are judged against this objective.
Misslon Statement
The School's mission is to provide the necessary education and environmer)t where the School values of kindness.
respect, integrity and balance are embedded, to enable pupils lo develop through a journey of self-assurance and
personal achievem8nt to ensure they become confident, happy and successful.
In doing so, the School aims lo promote the best opportunities for pupi15 by providing a challenging curriculurn and a
wide range of extra-curricular activitie5. together with a stimulaling and enjoyable boarding experience.

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Stru¢ture, Governance and Management
The Board of Govemors. or 'Council', is responsible for the overall management and control of the Company and
the School. All members of Council are Trustees of the Charity. Directors of the Company and Governor5 of Ihe
School. Council meets al least three times per year. Currently Council has a Finance sub-committee which also
meets three limes a year and reports lo Council. The purpose of this committee is to oversee all financi81 aspects
of the School, working alongside the Director of Finance & Operations lo ensure the School's short-term and long-
term viability. Further sub-commillees have been established - an Estates sub-commillee to consider investment
proposals in all their details, from financial Ihrough health and safety to logistics, an Education sub-commillee lo
ensure that the School's curiiculum. systems and activities deliver the best outcomes for pupils and a Revenue and
Remuneralion sub-committee to provide recommendations to Council on the annual review of staff remuneratlon
and School fees. These sU￿COMmItteeS meet as and when appropriate. In addition. Governors are also assigned
to oversse specific areas of the School's operations. for example, safeguarding and boarding.
The Trustees, who are also the Directors for the purpose of company law, and who served during the year and up to
the date of signature of the financial statements were:
Mrs Tara Leaver (Chair)
Mrs Kathryn Allner
Mr Jeremy Banks
Mrs Kathryn Berens
Mr David Flower
Mr Nigel Garrett
Mrs Janine Kochman
MrAndrew Logan
Mr Jack Murray
Dr Fiona Neale
Mr Stuart Nicholls
Mrs Modupe Omonijo
Mr Geoffrey Parkin
Mrs Emma Perkins
Mr Thomas Richardson-Bunbury
Mrs Geraldine Rogers
Mrs Sarah Stokes
{Resign8d 19 March 2024)
(Appointed 28 November 2024)
(Appointed 28 November 2024)
(Appointed 28 November 20241
(Appointed 28 November 2023)
(Resigned 31 August 2024)
{Resigned 31 August 20241
(Resigned 31 August 20241
(Resigned 31 Augusl 2024)
None of the Trustees has any benefrcial Interest in the Company. All of the Trusteès are members of the Company
and guarantee to contribute £1 in the event of a winding up.
Oryanisational Management
The day-to-day management of the School is delegated to the Headmistress. who is supported by the Director of
Finance & Operations and other members of the senior leadership team. The Headmistress. the Director of Finance
& Operations and the Clerk lo the Governors attend Council and Finance sub-committee meetings. Other sub-
committees will be attended by either the Headmistress or the Director of Finance and Operations and Governors
nominated as membeis. Other members of School staff also attend meetings on occasion, according to their
responsibilities.
Recruitment and Training of Governors
Governors are appointed by agreement at a full Council meeting. Suitable candidates for new governors are
identified by existing Governors or key executives of the School followed by a formal recruitment process. with a
recommendation presented to Council. New Govemors are introduced to the workings of the School thrwgh an
induction programme. Council has periodic Iraining up-date events.

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Employment Policy
The Company is an equal opportunities employer. Full and fair consideration is given to job applications from
disabled persons and due consideration is given to their training and employrnent needs. Consullalion with
employees takes place at all levels with the aim of taking the views of employee5 into account when decisions are
made that are likely lo affect their interests. Employees are made aware of the financial and economic performance
of Ihe Company.
Publlc Beneflt
In setling objeclives and planning, the Govemors give careful consideration to the Charity Commission's guidance
on public benefit.
The Company is a charily which seeks to benefit the public through the pursuit of ils slalod aims. Fees are set at a
level to ensure Ihe financial viability of the School and at a level that is consistent with Councifs aim of providing a
first-class education for the School's pupils. In setting the fees the Govemors take into aGcount future plans for the
School. the current economic and polilical climate and the ability of parents lo meel their financial commitments.
The School welcomes pupils from all backgrounds. The School Is non-sele¢tive but aims to ensure that pupils can
cope with the pace of learning and thus benefit from the education provided. An individual's econom￿ status,
ethnlcity, race, religion or disability does not fomi part of the School's assessment pro¢ess.
The Governors are committed to iheir policy with regard to allowing those who Cannot afford the current fees to gain
access to Ihe first-class education provided by the School. Council is determined not lo dilute the quality of the
educalion currently provided while stlll offering assisted places in (Jefined circumstanc8s. With this in mind. Council
has put in place the provision of means tested bursaries (assisted places) for able children from families who are
less well•off. and Ihe bursaries granted in the current year wère worth £279,266 (2023: £208,552).
The School does not hav8 endowments and. in funding bursary awards, the Governors are mindful that a balance
musl be struck between fee-paying parents, many of whom make considerable personal sacrifices to fund their
children's education, and those benefiting from the awards. The Govemors seek to maximise the number of
bursarles awarded each year whilst remaining within the constraints both of the foregoing and being able to identify
suitable beneficiaries.
Social Investments
The School is part of the wider local community and the Govemors are keen thal staff and pupils participate in that
Cornmunity.
During the year, pupils raised thousands of pounds for various children's charities under the dir￿lI0n of a charity
officer. The School regularly meets with the local church in High Wycombe to coordinate services held in town and
at the School. The Governors have allowed the School to be used as an examination cenlre al no cost and the local
community is allowed to use the School's facilitie5 where appropriate. Wycombe District Swim Club uses the
School's swimming pool complex when not in use by the School at a discount to commercial rates. Hamilton Road
Primary School pupils use the pool regulady without charge. The neighbourhood watch and local residents.
association both use the School's premises on a regular basis at no charge. The School continues to co-operate
with the local fire brigade by allowing an annual fire drill to be carried oul in one of the boarding houses.
Council is very aware that the security of pupils is of primary importance and thus the School is always careful to vet
fully any outside use of the School's facilities but. subject lo this consideration, 15 keen to buikj further partnerships
with the local community.

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 37 AUGUST 2024
Strategy
The Governor5 are responsible for setting a strategy for achieving the School's objectives. The focus of the strategy
is the development of the pupils and their continued high level of academic achievemenl, whilst supporting them
pastorally, covering a range of pupil ability and enabling each child lo fulfil their potential. In iaking forward the
strategy. the Governors-.
Review and benchmark the School's academic syllabus. teaching practices and academic results.,
Ensure that the fange of co- and extra-curricular activities available to pupils is stimulating and challengin9',
Ensure that the school fosters a culture of acceptance and understanding, so all girls and staff feel valued,
welcome and secure.
Ensure high standards of safeguarding, pasloral care and wellbeing.,
Invest in technology and the infrastructure of the School.,
Co-operate and share resources with local schools., and
Conlinue to review and develop methods for awarding bursaries and scholarships to ensure wider aC￿sS
to pupils from all backgrounds.
Prlnclpal Rlsks and Uncertaintl•s and Rlsk Management
Risk Management
Council keeps the School's activities under regular review and closely monitors risks that arise from time to time and
the effectiveness of Ihe controls and other means by which those risks are mitigated. The key controls include..
Formal agendas for all Council and sub-committee meetings, together with d8tailed lemis of reference for
all such committees.
Clear responsibilities and duties defined for Governors overseeing a particular aspect of the School's
operations:
Comprehensive strategic planning, budgeting and management accounting, togethèr with frequent revièw
of performance against those plans and budgets-.
Established organisational structures, lines of reporting and internal controls. including specified levels of
authorisation and approval;
The maintenance of a detailed strategic risk register..
Formal written policies.. and
Vetting procedu￿$ for the protection of children.
In addition, the Governors can establish additional sub-committees to deal with specific risks as they aflse.
Principal Risks and Mitigation
The principal risks for UK indgpendenl schools are-
A reduction in demand for pupil places; and
Significant increases in the cost of school operations.
These Trsks a￿ created or exacerbated by the following factors or a combination of Ihem:
UK political factors - the threatened loss of the existing VAT exemption on school fees and the charitable
relièf on business rates for independent schools crystallised following Ihe UK general election in July 2024
and the ensuing budget in October 2024. At the same time significant increases in employment costs were
introduced. The effects these factors will have on the UK independent school sector in terms of demand for
sGhool places and the cosls of school operations are expected to be substantial but will not be fully
understood or fell for some time.
Geopolitical and economic uncertainty - threatened and actual global conflicts together with political
developments and. previously, the Covid pandemic have crealed widespread economic disruption, leading
to a range of inflationary factors, loss of consumer confidence and reductions in disposable income. As a
result. there has been. and remains, substanlial upward pressure on school fees and parental concerns
over their affordability.

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Council has placed significant focus Dn these risk5 over the past year and continues to do so. Mitig8ting action5
have included:
Ensuring the quality of the education seNices provided lo pupils remains al a very high standard, thereby
maintaining the attractiveness and competitive position of Ihe School..
Applying rigorous financial discipline to the School's operations to minimise the cost of delivering those
services without any impact on their quality. This has included a reslructuring of the staff resources of the
School and additional caution in commilling to capital projects., and
Reviewing and augmenting the marketing operations of the School to ensure maximum appropriate
geographical coverage and awareness of the School's services.
Through the risk management processes and controls established for the School, the Governors are satisfied Ihat
all major risks. including those relating to health and safety, have been identified and are being adequately
managed. 11 is recognised, however, that such processes and ¢onlrols can only provide reasonable bul not absolute
assurance that major risks have been adequately mlllgated.
Future Plans
The main focus for the future ¢ontinues to be the regular review and updating of Council's strategic plan lo ensure it
remains the school of choice for those seeking single sex prepschool education, with the option for boardin9, UP to
the age of 13. This plan considers the academic, extra-curricular, pastoral and boarding elements of the School's
offering and the facilities required to support this.
The plan also covers the School's IT provision. Having delivered greater integralion of IT on a day-to-day basis Into
the classroom during the Covid pandemic, the benefits that technology can deliver are well understood and,
accordingly, the Govèrnors recognise the importance of keeping the School's IT provision up-to-date and fit for
purpose for both the delivèry of high quality and progressive educalion logether with the support functions
necessary to achieve this. However, it is also recognised that the costs relaled to these improvements need to be
carefully managed.
Revlew of Achlevements and Perforniance for the Year
The educational p8rfomiance of the School during the year continues to deliver results that allow leavers to be
offered places at Iheir first choice of senior school. Furthermore, 23 scholarships, awards and dislinclions were
offered to pupils for their next schools. The senior leadership teaffl continues to provide clear and enthusiastic
direction for the School in challenging limes and has received strong 5UPPOrtive feedback from parents.
The success of the School has been recognised in the year by the School having been norninated for and achieved
the following awards..
Awarded Boarding School Association's -supporting Junior Boarders. Award
Listed in the top 10 Prep Schools in the UK in the Carfax Education Index
Finalist for Talk Education's "Creative and Perfoming Art5" category
Finalist for Talk Educalion's "Environmental Achievement" category
Finalist in Education Choices Magazine's "Inclusive Opportunities in Art and Music" category
School's Early Years Team finalists in the"Most Creative Learning Through Play" category of Muddy
Stilettos Best Schools Award5
School Nursing Team awarded the BSA Seacole Standard 2024
First place in Local Senior School STEAM challenge for pupils, with Godstowe being the only girfs prep
school taking part
Pupil numbers were 397 compared with 433 the year before. Vvhilst these numbers afe lower than the school would
have preferred, given the uncertainty created by the economic and polilical situation, Ihis was not unexpected. As
sult, strategies are being implemented to improve pupil numbers through increased recruitment of new pupils as
well as retention of existing pupils.

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Once again. Ihe efforts of all the staff across the School has been well received by the parents and the Governors
appreciate the dedicalion and commitrnent of the whole school team.
Due lo the uncertainly crealed by the current economiG Climate and in particular SDme significant increases in costs.
particularly in catering, Council remains cautious when determining capital expenditure plans. Accordingly. there
have been no major projects carried out during the year. although several more minor replacements and Epairs
have been completed. The wider investment plan for the future is being kept under review and decisions will be
made dependent on needs and the financial stren9th of the School.
FlnanGial Review
Results for the Year
The nel deficit for the year was £363,055 compared with net income of £14,303 in Ihe previous year. The current
economic climate continues to create challenges for the School in both managing its costs and protecting Its
income, as parents, personal finances are also under Challenge. This situation has been exacerbated by the threat
of removal of VAT exemptions on school fees. In response, as noted in Principal Risks and Mitigaticn (above), tho
School has scaled back its cornmitmenl lo capital projects and carefully reviewed the level of all its costs, including
a restructuring of its staff resources, th8 Cost of which was borne during the year.
Despite the impact of the net deficit for the year, cash generated from operations has rernained healthy at £727,235
compared to £931.035 in the previous year, driven primarily by an increased level of fees paid in advancè. This.
together with continued prudent management of capital expenditure, resulted in cash balances at the end of the
y8ar improving to £4,336.986 (2023.. £3,650.226).
Fundraising
Donations during the year amounted to £7,145 (2023: £29,802). Allhough there were no formal fiJnd-raising
campaigns carried out by the School during the year. 'Friends of Godstowe, (the parental charitable organisalionl
continued to play an invaluable role in raising funds for the School and the Govemors are extremely appreciative of
their efforts and the generosity of everyone who has contributed. These donations allow the School to bring forward
plans and complete them earlier than would otherwise have been possible. or provide 'icing on the cake. items Ihal
are not considered essential but further enhance the pupil's experiences.
Investment Policies
The School does not have any external investments, but in line with our policy of diversifying financial risk the
School divides its short-tem cash depostts be1ween its principal bankers. The Govemors continue to keep this
policy un¢Jer careful review.
Reserve Levels and Policy
The Govemors are mindful that the School does not have endowmenls and that the current economic dimate
makes the future somewhat uncertain.
The running costs of the School continue lo rise. due to a number of inflationary factors. In addition. the financial
dynamics of ils operations make the School heavily dependent on pupil numbers and fee levels. With this in mind.
the Governors need to ensure that the level of reserves is adequate to rneet the running expenses of the School
and to allow for future capital projects.
Al the end of the year, the Company had total reserves of £9.856.897 (2023.. £10.219,9521 and unrestricted
reserves of £9.174,381 {2023.' £9.561.820). After adjusting for unrestricted functional fixed assets for the
Company's own use, free reserves improved further to £224,310 {2023.' £102.915) reflecting the continued careful
priorilisalion of capital expenditure. It remains the intention of the Governors to continue to improve the free
reserves position as soon a5 possible. It 15. however, recogni5ed that. with the continuing uncertainty created by the
5ks faced by the School, Ihis may not be achievable in the short term.

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
It is the policy of the Company that ils Cash balances and access lo additional liquidity should be maintained at a
level equivalenl to belween three and six month's expendilure and significant management allenlion is given lo
forecasting and monitoring cash levels for this purpose. The Govemors consider that maintaining cash reserves at
this level will ensure that, in the event of a significant drop in cash generation from operations, they will be able to
continue the School's current activilies while consideration is given to ways in which additional funds may be raised
or costs further reduced. This level of cash reserves has been maintained Ihroughout the year.
Auditor
In accordance with the Company's articles. a resolution proposing th81 Azets Audit SeNices be reappointed as
auditor of the Company will be put al a General Meeting.
Disclosure of informalion lo auditor
Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the
audit, but of which the auditor is unaware. They have further confirned that they have taken approprialè steps lo
identify such relevant information and to establish that the auditor is aware of such information.
Tho Trustees. report was approved by the Board of Trustees.
Mrs Tara Leaver (Chair)

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
STATEMENT OF TRUSTEES, RESPONSIBILITIES
FOR THE YEAR ENDED 31 AUGUST 2024
The Trustees. who are also the Directors of The Godstowe Preparatory School Company Limited for Ihe purpose of
company law, are responsible for preparing the Trustees, Report and the fi'nancial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepled Accounting
Practice).
Company law requires the Trustees lo prepare financial statements for each financial year which give a true and fair
view of the state of affairs of the Company and of the incoming resources and applicalion of resources, including the
income and expenditure, of Ihe Company for thal year.
In preparing Ihese financial statements, the Trustees are required lo-.
select suitable accounting policies and then apply them consistently.,
observe the methods and principles in the Charities SORP-,
make judgements and estimales that are reasonable and prudent., and
prepare the financial statements on the going concem basis unless it is inappropriate to presume that the
Company will continue in operation.
The Trustees are responsible for keeping adequate accounting records Ihat disclose with reasonable accuracy at
any time the financial position of the Company and enable them to ensure that the financial statements comply with
thè Companies Act 2006. Th&y are a150 responsible for safeguarding the assets of Ihe Company and hen￿ for
taking reasonable steps for the prevention and detection of fraud and other Irregularities.

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
Unrestricled Restricted
funds
funds
2024
2024
Total
Unrestricted Restricted
funds
funds
2023
2023
Total
2024
2023
Notes
ncome fro
Donations and
legacies
Charitable activities
Investments
7.145
7,145
8,236,893
103,253
29.802
29,802
8.143,877
36,339
8,236,893
103,253
8,143,877
36,339
Total income
8,340,146
7,145
8.347,291
8,180,216
29.802 8,210,018
enditur
Charitable activities
on:
8,682,585
27,781
8.710.346
8.163.617
32.098
8,195,715
Net {expendlture)Iln¢ome
for the yearl
Nel movement in funds
{342,439)
(20,6161 (363,055)
16,599
12.2961
14,303
Fund balances at 1
September 2023
9,516,820
703,132 10,219,952
9,500,221
705,428 10.205,649
Fund balances at 31
August 2024
9,174,381
682,516
9.856,897
9,516.820
703.132 10.219,952
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account
underthe Companies Act 2006.

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
BALANCE SHEET
ASAT31 AUGUST 2024
2024
2023
Notes
Fixed assets
Tangible assets
Investments
10
11
9,627,700
10.114,150
9,627,704
10.114,154
Current assets
Debtors
Cash at bank and in hand
12
1,789,538
4,336,986
1,884,863
3,650.226
6,126,524
5.535.089
Creditors: amounts falllng due wlthln
one year
13
(4,562,748)
(3,902,642)
Net current assets
1,563,776
1,632.447
Total assets less current liabllilias
11.191,480
11.746,601
Creditors: amounts falling due after
more than one year
14
(1,334,583)
(1.526,6491
Net assets
9.856.897
10,219.952
Income funds
Reslricled funds
Unrestricted funds..
General unrestricted funds
Share capital
18
682,516
703.132
9,174.366
15
9,516,805
15
9,174.381
9.516,820
9.856,897
10.219,952
The financial slalements were approved by the Trustees on .
Mrs Tara Leaver {Chairl
Trustee
Company registration number 00068471
13-

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
2024
2023
Notes
Cash flows from operating actlvities
Cash generated from operations
21
727.235
931,035
Investlng activities
Purchase of tangible fixed assets
Investment income received
(137.447)
103,253
(241,6071
36.339
Net cash used In Investlng actlvltles
(34,194)
{205,268)
Flnan¢lng actlvltles
Repayment of bank loans
Deposits
157.642)
51,361
{86,110)
111,551
Net cash (used In)Ig8n8rated from
flnanclng activities
(6,281)
45,441
Net Increase In cash and cash equlvalenls
686,760
771,208
Cash and cash equivalents al beginning of year
3.650,226
2,879,018
Cash and ¢ash equlvalents at end of year
4.336.986
3.650.226
14-

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Accounting policies
Company information
The Godstowe Preparatory School Company Limited is a private company limited by shares incorporated in
England and Wales. The regislered office is Godstowe Preparatory SchDoI, Shrubbery Road. High Wycombe,
Buckinghamshire, HP13 6PR, United Kingdom.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Company's governing document, the
Companies A¢t 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of
Ireland" {"FRS 102,1 and the Charities SORP "Accounting and Reporting by Charilies- Statement ol
Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (effe¢tive 1 January 20191. The
Company is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the fijnctional currency of Ihe Company. Monetary
amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention with the exception of
investments which are included al market value. The principal accounling policies adopted are set out below.
1.2 Golng concern
Al the time of approving the financial stalements, the Trustees have a reasonable expectation thal the
Company has adequate resources to continue in operational existence for the fO￿seeable future. Thus the
Trustees continue to adopt the going concem basis of accounting in preparing the financial statements.
1.3 Charilable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable
objeclives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and
uses of the restriGled funds are set out in the notes to the financial stalements.
1.4 Income
Income is recognised when Ihe Company is legally entitl8d lo it after any performance condilions have been
met, the amounts can be measured reliably, and it is probable thal income will be received.
Cash donations are recognised on receipl. Other donations are recognised once the Company has been
notified of the donation. unless performance conditions require deferral of the amount. Income tax recoverable
in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Company has been notified of an impending
distribution. the amount is known. and receipt 15 expected. If the amounl is nol known, the legacy is treated as
a contingent asset.
1.5 Expendlture
Liabilities are recognised as expenditure as soon as Ihere is a legal or constructive obligalion committing the
Company to that expenditure. il 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 accounted for on an accruals basis
and has been classified under headings that aggregate all cost related to the category.
15-

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Accounting pollcies
(Continued)
1.6 Tanglble flxed assets
Tangible fixed assals are initially measured at cost and subsequently measured at cost net of depreciation
and any impairment losses.
Depreciation is provided on all fixed assets other than freehold land and is recognised so as to write off the
cost of the fixed assets less their residual values on a straight line basis using the following estimated useful
econornic lives..
Freehold land and buildlngs
Fixtures and fittings
Motor vehicles
10-50 years
5- 33 years
5 years
The gain or loss arising on the disposal of an asset is detemiined as Ihe difference between the sale proceeds
and the carrying value of the asset, and is recognised in the slatement of financial activilies.
1.7 Fixed asset Investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are
subsequently measured at fair value al each reporting date. Changes in fair value are recognised in nel
incomellexpenditure) for the year. Transaction costs are expensed as incurred.
1.8 Impairment of fixed assets
At each reporting end date. the Company reviews the carrying amounts of its tangible assets to determine
whether there is any indication that those assets have suffered an impairment loss. If any such indulion
exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairmenl
loss (if any).
1.9 Cash and cash equlvalents
Cash and cash equivalents inolude cash in hand. deposits held at call with banks, other short-lerm liquid
investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown
within borrowings in current liabilities.
1.10 Financial instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12
'Olher Financial Instruments Issues. of FRS 102 to all of its financial instruments.
Financial instruments arè recognised in the Company's balance sheet when the Company becomes party to
the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when
there is a legally enforceable righl lo set off Ihe recognised amounts and there is an intention to settle on a net
basis or to realise the asset and settle the liabilily simultaneously.
Baslc financial assets
Basic financial assets. which include debtors and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently carried al amortised cost using the effective
interest method unless the arrangement constitutes a financing transaction, where the transaction is
measured al Ihe present value of the future receipts discounted at a market rale of interest. Financial assels
classifieij as receivable wilhin one year are not amortised.
16-

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless
the arrangement constitutes a financing transaction, where the debt instrument is measLsred al the present
value of the future payments discounted at a market rate of inlerest. Financial liabilities classified as payable
within one year are not amortised.
Debt instruments are subsequently carried at arnortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordIn￿Y course of
operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one
year or less. If not, they are presentéd as non-current liabilities. Trade creditors are recognised initially at
transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognltion of flnan¢lal liabilities
Financial liabilities are de￿cOgnIsed when the Company's contractual obligalions expire or are discharg9d or
ancelled.
1.11 Employee benefits
The cost of any unused holiday entitlement is recognised in Ihe period in which the employee's seNlces are
received.
Termination benefits are ￿CogniSed imrnedialely as an expense when the Company is demonstrably
committed to terminale the employment of an employee or to provide termination benefits.
1.12 Retirement boneflts
Payments to defined contribution retirement benefil schemes are charged as an expense as they fall due. In
the prior year the Company also contributed to the Teachers. Pension Scheme at rates Sel by the Scheme
Actuary and advised lo the Company by the Scheme Administralor. The scheme is a multi-employer pension
scheme. and it is not possible to identify the assels and liabilities of the scheme which are attrilxjlable lo the
Company. In accordance with FRS 102 therefore, the scheme is accounted for as a defined contribution
scheme. The company withdrew from the Teachers. Pension Scheme on 31 March 2023.
Critical accounting estimates and Judgements
In the application of the Company's accounting policies, the Trustees are required to make judgements.
estimates and assumptions about the carying 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 relevanl. Actual resulls may differ from these eslimates.
The estimate5 and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
esl(males are recognised in the period in which the estimate is revised where the revision affects ￿lY that
period, or in the period of the revision and future periods where Ihe revision affects both current and future
periods.
17

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Donations and legacie5
Restricted Restricted
funds
funds
2024
2023
Donalions and gifts
7,145
29.802
Charltable activities
Charitable Charitable
Income
Income
2024
2023
Fees receivable from tuition and boarding
Charitable rental income
8,135,485 8,068,936
101,408
74,941
8,236,893 8,143.877
Investments
Unrestricted Unrestri¢t&d
funds
funds
2024
2023
Deposit account interest
103,253
36.339
18-

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Charitable activities
Charitable Charitable
Expenditure Expenditure
2024
2023
start costs
Depreciation and impairment
Teaching costs
Support service costs
Management and admin costs
Bank charges and interest
Bad debt expense
5,323,555 4.862,387
623.897
683,849
336,698
326,809
1,798,031 1,79g,750
548,573
440,366
68,910
51.398
10,682
31,156
8,710,346 8,195,715
Analysis by fund
Unrestricted funds
Restricted funds
8,682,585 8,163,617
27,761
32,098
8,710,346 8,195,715
Employees
The average monthly number of employees during the year was:
2024
Number
2023
Number
Teachers - Full time
Teachers - Part lim8
Admin - Full time
Admin - Part time
41
14
45
28
40
12
49
26
Total
128
127
Employment costs
2024
2023
Wages and salaries
Social security costs
Other pension cosls
4.394.867
386.679
542.009
3,929.637
367,711
565,039
5,323,555
4.862,387
Included within the above costs are redundancy payments amounting to £109.066 which were paid as part of
the staff restructuring during the year.
19-

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Employees
(Continued)
The number of employees whose annual remuneration was more than £60,000
is as follows:
2024
Number
2023
Number
£60,001- £70.000
£70.001- £80,000
£80,001- £90.000
£100,001- £110,000
£110,001- £120.000
Trustees and key management personnel
No Trustees received remuneration or other benefils paid for by the Company for the year ended 31 August
2024 nor for Ihe year ended 31 August 2023.
During the year Ihere were no trustee expenses paid in relation to travel and subsistence nor for the year
ended 31 August 2023.
Remunèration of key management personnel
The remuneration of key management personnel is as follows..
2024
2023
Aggregate comp&nsation
647,374
618,163
Taxatlon
The Company is exempt from tax on income and gains falling withln seclion 505 of the Taxes Act 1988 or
section 252 of the Taxalion of Chargeable Gains Act 1992 to the extent that these are applied to its charitable
objects.
20-

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
10 Tangible fixed a55ets
Freehold land Fixtures and
and buildings
fittings
Motor
vehiclès
Total
Cost
Al 1 September 2023
Additions
Disposals
12.986.325 4.556,953
66,770
51.927
30.711
18.750
14,0001
17.573,989
137,447
(4,000)
At 31 August 2024
13.053,095 4.608,880
45,461
17,707.436
Depreciation and impairment
Al 1 September 2023
Depreciation charged in the year
Eliminated in respect of disposals
4,749,773 2,679,355
397,282
224,115
30,711
2,500
{4,000)
7.459,839
623.897
(4,000)
Al 31 August 2024
5,147.055 2.903.470
29.211
8.079,736
Carrylng amount
At 31 August 2024
7,906,040 1,705,410
16,250
9,627,700
Al 31 August 2023
8,236,552 1,877.598
10.114.150
During the year ended 31st Augusl 2022. the Company entered into a contract with its Caterers for the
provision of catering services for a temi of seven years. As part of this agreement. the caterers assisted in the
refurbishment of the School's kitchen and dining facililies by funding a proportion of the refurbishment cost
and providing a loan on favourable tems for thè remainder. Under the terms of the agreement. the benefit of
the funding accrues evenly over the tem of the contract and the loan is repayable over the same period. The
cost of the refurbishment has been capitalised and is being depreciated over its estimated useful lrfe in
accordance with the Company's depreciation policy. At the end of the year, the outstanding balance of the
loan and the unamortised amount of the funding benefit are included under Bank and other loans and
Deferred income respectively, within creditors.
11 Fixed asset Investments
Olher
Investments
Cost or valuation
At 1 September 2023 & 31 August 2024
Carrying amount
Al 31 August 2024
At 31 August 2023
Fixed asset investments at the balance sheet date mmpri5e the entire ordinary share capital of the
Company's two UK regislered dormant subsidiaries. High Wycornbe Music Activilies Limited and Godslowe
Developments Limited.
21

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
12 Debtors
2024
2023
Amounts falling due wlthln one year:
Trade debtors
Other deblors
Prepayments and accrued income
1.514.270
41,494
233,774
1,685,584
4.747
194.532
1,789,538
1,884.863
13 Creditors.. amounts falllng due wlthln one year
2024
2023
Notes
Bank and other loans
Other taxatlon and social security
Deferred income
Trade cr8ditors
Fees rec8ived In advanc8
Deposils
Other creditors
Accruals
16
69,892
111,347
2,365.718
133,207
1,450,727
217,722
148.990
65,145
69,016
91,512
2,666,474
54,301
668.691
60.500
197.544
94,604
15
4,562,748
3,902.642
14 Credltors: amounts falllng dup after more than one year
2024
2023
Notes
Bank loans and other loans
Def9rr6d income
Deposits
16
15
785,044
83,059
466,480
843.562
110.746
572,341
1.334,583
1.526,649
-22-

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
15 Deferred income
Deferred income is included in the financial statements as follows-.
2024
2023
Deferred income is included wilhin..
Currenl liabilities
Non-current liabilitie5
2,365.718
83.059
2,666,474
110,746
2.448.777
2.777.220
Movements in the year=
Deferred income at 1 September 2023
Released from previous periods
Resources dèfèrred in the year
2.777.220
2,795.513
12.666.474) {2.657,0811
2,338,031
2,638,788
Deferred income at 31 August 2024
2,448,777
2.777.220
Deferred income represents invoices issued before the year end for school fees in the following year and Ihe
unamortised funding benefit arising from the Company's calerin9 contract {see Note 10).
-23-

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
16 Loans and deposits
2024
2023
Bank and other loans - due in 1 year
Bank and other loans- 1-2 years
Bank and other loans- 2-5 years
Bank and other loans - over 5 years
69.892
70,785
192.260
521.999
69.016
69.892
215,108
558,562
854.936
912.578
Deposits - due in 1 year
Deposits - 1-2 years
Deposits - 2-5 years
Deposits - over 5 years
217.722
154.050
192.250
120.180
60.500
166.073
229.253
177,015
684,202
632,841
Bank and other loans
Deposits
854,936
684.202
912,578
632.841
1.539,138
1,545,419
Payable within one year
Payable after one year
287,614
1.251,524
129,516
1,415,903
1.539.138
1,545.419
Secured debts
On 8 August 2018. the Company entered into 8 20 year term loan with National Westminster Bank PIC which
is secured by a charge on certain freehold land and buildings. Al 31 August 2024. £752,388 was still
oulslanding on this loan12023'. £784,393).
17 Share ¢apltal
2024
2023
Ordinary share capital
Issued and fully paid
15 Ordinary B of £1 each
15
15
24-

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
18 Restricted funds
The income funds of the Company include restricted funds comprising the following balances of donations
and grants held on trust for specific purposes..
Movement in funds
Incomlng
Resources
resoU￿eS
expended I
d•preeiation
charged
Balance at
1 September
2023
Transf•rs
Balance at
31 August
2024
Fixed assets funded from donations
Donations
700,245
2,887
{27.7611
5.145
{5,1451
677.629
4,887
7,145
703,132
7,145
127,7611
682.516
Movement in funds
Incoming
R•sour¢•s
resourcès
fjxpènded I
depreciation
Balanc• al
I September
2022
Tran$f•rs
8alan¢• at
1 September
2023
Fixed assets funded from donations
Donations
699,925
5,503
{29.7951
{2,303)
30,115
{30,115)
700.245
2,887
29.802
705.428
29,802
{32,098}
703,132
19 Analysis of net assets between funds
Unrestricted Restrl¢t•d
funds
funds
2024
2024
Total Unrestri¢ted Restrlcted
funds
funds
2023
2023
Total
2024
2023
Funiy balances at 31
August 2024 are
represented by-
Tangible assets
Investments
Currenl asselsllliabilities)
Long term liabilities
8,950.071
677,629 9,627,700
9.413,905
700,245 10,114,150
1.558.889
11,334,583)
4.887
1.563.776
1,629,560
(1,334,583) 11,526,649)
2.887
1,632.447
(1,526,649)
9.174.381
682.516
9,856.897 9.516.820
703,132 10.219,952
25-

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
20 Operating lease commitments
Al the reporting end dale the Company had oulslanding commitments for future minimum lease payments
under non-cancellable operating leases. which fall due as follows..
2024
2023
INithin one year
Between two and five years
19.597
43,076
23.951
23.064
62,673
47,015
21 Cash generated from operations
2024
2023
{Deficit}Isurpus for the year
(363.0551
14,303
Adjuslmenls for..
Inveslment incorne recognised in statement of financial activities
Other income
Deprecialion and impairment of tangible fixed assets
{103,253)
<27,6861
623,897
{36.3391
(27.686)
683,849
Movements in working capital..
Decreasel(increasel in debtors
Increase in creditors
95,325
502.007
(48,8341
345.742
Cash generated from operations
727,235
931,035
22 Analysis of changes in net funds
At 1 September
2023
C45h flows
At 31 August
2024
Cash at bank and in hand
3.650,226
686.760
4,336.986
Bank and other loans
{912,5781
57,642
{854,9361
2,737.648
744.402
3,482.050
23 Related party transactlons
There were no related party transath.ons during Ihe current year {2023-. None).
-26-

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
24 Pension commitments
With effect from l April 2023, the Company conlribules to a defined contribution scheme for Ihe benefit of all
its eligible and opted-in staff. run by The Royal London Mutual Insurance Society Limited I'Royal London").
Previously the Company participated in the Teachers, Pension Scheme {"TPS"I for its teaching slaff and
contributed lo the National Employment Savings Trust I"NEST°l in respect of ils eligiblle and opted-in non-
teaching slaff. The assets of all three schemes are held seperalely from those of the Company in
indepèndently administered funds.
The pension cost charge for Ihe current year represents contributions payable by the Company to Royal
London amounting to £542,009 {2023.' £565.039, Royal London. TPS and NEST). At the year-end £77.440
was accrued in respect of contributions to Royal London12023: £63,815).
27-

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE GODSTOWE PREPARATORY SCHOOL COMPANY
LIMITED
Opinion
We have audited the financial statements of The Godslowe Preparatory School Company Limited (the Eompany,)
for the year ended 31 August 2024 which comprise the statement of financial activities, the balance sheet, the
statement of cash flows and notes to the financial slatemenls, including significant accounting policies. The financial
reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and
Republic of Ireland {Uniled Kingdom Generally Accepted Accounting Praclice).
In our opinion, the financial stalemenls:
give a true and fair view of the state of the CoMpan￿S affairs as at 31 August 2024 and of its incoming
resources and application of resources. including its income and expenditure. for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practlo;
and
have been prepared in accordance wilh Ihe requirements of the Companies Act 2006.
Basls for oplnlon
We conducted our audit in accordance with International Standards on Auditing {UK) (ISAS (UK)) and applifjable
law. Our responsibilities under those standards are further described in the Audilors responsibilities for the audit ol
the financial statements seclion of our report. We are independent of the Company in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Slandard, and we have fulfilled our other ethical responsibilities in a¢cordance with these requirements. We believe
that the audil evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Concluslons relating to golng concern
In auditing the financial statements, we have concluded that the Trustees, use of the going ¢oncem 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 uncertaintie5 relating to events or
conditions that. individually or collectively. may cast significant doubt on the Company's ability to continue as a
going concern for a period of at least twelve monlhs from when the financial statemenls are authcrised for issue.
Our Tesponsibililies and the responsibilities of the Trustees with respect to going con¢em are described in the
relevant sections of this report.
Other infonnation
The other information comprises the information included in the annual report other than the financial statements
and our auditor's report thereon. The Truslees are responsible for the other information contained within the annual
report. Our opinion on the financial statemenls does not cover the other information and, except to the extent
otherwse explicitly slated in our report, we do not express any fomi of assurance conclusion thereon. Our
responsibility is to read the other information and, in doing so, consider whether the other information is materially
inconsistenl with the financial statements or our knowledge oblained in the course of the audit, or othe￿ise appears
to be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls. we are
required to determine whether this gives rise to a material misstatemenl in the financial statements themselves. If,
based on the work we have performed. we conclude that there is a matertal misstatemenl of this other information.
we are required to report that fact.
W8 have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit..
the infonnation given in the Trustees. report for Ihe financial year for which the financial statements are
prepared. which includes the Directors. report prepared for the purposes of company law. is consistent with
the financial statements., and
the directors, report included within the Trustees, report has been prepared in accordance with applicable legal
requirements.

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE GODSTOWE PREPARATORY SCHOOL COMPANY
LIMITED
Matters on which we are required to report by exception
In the light of the knowledge and underslanding of the Company and its environment obtained in the course of the
audit, we have not identified material misstslement$ in the Directors, report included wilhin the Trustees. report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires
us to report to you if. in our opinion..
adequate accounting records have not been kept, or retums adequate for our audit have not been received
from branches not visited by us,. or
the financial ststemenls are not in agreement wth the accounting records and returns; or
certain disclosures of Trustees, remuneration speGified by law are not made,. or
we have not received all the informalion and explanations we require for our audit; or
the Trustees were not entilled to prepare the financial statements in accordance with Ihe small companies
regime and take advantage of the small companies. exemptions in preparing Ihe Trustees, report and from the
requirement to prepare a strategic report.
Responsibilities of Trustees
As explained more fully in the statement of Trustees, responsibililies, the Trustees. who are also the Directors of the
Company for the purpose of company law, are responsible for the preparation of the financial statemenls and for
being satisfied that they give a true and fair view, and for such intemal control as the Trustees determine is
necessary to enable the preparation of financial statements that are free from material misstatement, whelher due
to fraud or error. In preparing the financial statemenls, the Trustees are responsible for assessing the Company's
abilily to continue as a going Concern, disclosing. as applicable, matters related to going concern and using the
going concem basis of accounting unless the Trustees either intend to liquidale the Company or to cease
operations, or have no realistic alternative but to do so.
Audltor's responsibillties for the audit of the financial statements
Our objectives are lo oblain reasonable assurance about whether the financial statements as a whole a￿ free from
material misstalemenl. 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 guaranlee that an audit conducted in accordance
with ISAS {UK} will always detect a materlal misstatement when it exists. Misslatemenls can arise from fraud or
error and are considere(J material if, individually or in the aggregale, they could reasonably be expected to inftuence
Ihe economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on the Financial Reporting Council's website at- https:11
www.frc.org.uklauditorsresponsibililies. This description forms part of our auditors report.
10

THE GODSTOWE PREPARATORY SCHOOL COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE GODSTOWE PREPARATORY SCHOOL COMPANY
LIMITED
Extent to which the audit was considered capable of detecting irregularities. including fraud
Irregularities, including fraud. are insiances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities. outlined above and on Ihe Financial Reporting Council's website, to delect material
misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activilies, its control environment, and likely future
developments, including in relation to the legal and regulatory framework applicable and how the entity is complying
with that framework. Based on this understanding. we identify and assess the risks of material misstatement of the
rinancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficienl and appropriate to provide a basis for our opinion. This includes
consideralion of the risk of acts by the entity that were contrary to applicable laws and regulations. including fraud.
In response to the risk of irregularities and non-compliance with laws and regulalions, including fraud. we designed
procedures which Included:
Enquiry of management and those charged wllh governance around actual and potential liligatlon and
claims as well as actual, suspected and alleged fraud.,
Reviewing minutes of meetings of those charged with govemance..
Assessing the extent of compliance with the laws and regulations considered to have a direct material
effect on the financial stalemenls or the operations of Ihe entity through enquiry and inspection.
Reviewing financial statemenl disclosures and testing to supporting documentation to assess compliance
wilh applicable laws and regulations-
Perfonming audit work over the risk of management bias and override of controls, including testing of
journal entries and other adjuslments for appropriateness, evaluating the business rationale of significant
transactions outside the normal course of business and reviewing accounting estimates for indicators of
potential bias.
Because of the inherent limitations of an audit. there is a risk Ihat we will not detect all irregularities. including those
leading to a material missiatemenl in the financial statements or non-compliance with regulation. This risk
increases the more that compliance wilh a law or regulation is removed from the events and trans8clions reflected
in the financial statements. as we will be less likely to become aware of instances of noTrcompliance. The risk ol
not detecting a material misstatement resulting from fraud is higher than for one resulling from 8rror, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Use of our report
This report is made solely to the 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 rnighl stale to the Company's members those
matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility lo anyone other than the Company and the Company's
members as a body, for our audit work, for this report. or for the opinions we have formed.
Tracey Richardson Bsc {Hons) FCA (Senior Statutory Auditor)
for and on behalf of Azets Audit Services
Chartered Accountants
Statutory Auditor
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
11