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2024-08-31-accounts

Registered Company Number: 910924 Registered Charity Number: 310642

CHESHAM PREPARATORY SCHOOL TRUST LIMITED (A company limited by guarantee)

Report and Financial Statements for the year ended 31 August 2024

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Officers and advisers

Directors and Trustees

Mr B Cartledge (Chair of Governors) Mrs R Brown (Appointed 1[st] January 2025) Ms J Crompton (Appointed 7[th] November 2023) Mrs S Drummond (Appointed 2[nd] October 2024) Mrs S Gulamali (Appointed 27[th] November 2023) Dr A Haycock Mrs C Lees (Appointed 1[st] January 2025) Mr J Matthews Ms A McNaney Mrs F Nijkamp-Lyell Mrs J O’Gorman (Resigned 19[th] September 2024) Mrs N Shepherd (Resigned 18[th] January 2024) Mrs C Teasdale (Appointed 6[th] March 2024) Mr M Walker (Resigned 18[th] January 2024)

Company Secretary & Bursar Mrs C Hughes
Company Number 910924
Charity Number 310642
Principal and Registered Office Chesham Preparatory School Trust Limited (known as Chesham Preparatory
School), Two Dells Lane, Orchard Leigh, Chesham, Bucks, HP5 3QF
Headmaster Mr J Beale
School Address Two Dells Lane, Orchard Leigh
Chesham, Bucks
HP5 3QF
Bankers National Westminster Bank plc
Chilterns Corporate Business Centre
PO Box 412, 2ndFloor, Rapid House
Oxford Road, High Wycombe, Bucks
HP11 2EF
Solicitors Veale Wasborough Vizards LLP
Narrow Quay House, Narrow Quay
Bristol
BS1 4QA
Insurance Brokers Marsh Limited
Capital House, 1-5 Perrymount Road
Haywards Heath, RH16 3SY
Auditor Crowe UK LLP
St James House, St James Square
Cheltenham, GL50 3PR

1

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Trustees’ report (incorporating directors’ report) for the year ended 31 August 2024

The Trustees present their report and audited financial statements for the year ended 31 August 2024. The financial statements comply with the Charities Act 2011, the Companies Act 2006 and 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 2015).

Status

The Charity is constituted as a company limited by guarantee and is therefore governed by a Memorandum and Articles of Association.

Organisation

The Trustees (also called Governors) meet as a Board of Directors to determine the general policy of the School. Two Sub-Committees of the Trustees have responsibility for Education & Pastoral Matters and Finance & General Purposes. In addition, designated Trustees have specific responsibilities covering Accident & Medical, Child Protection, Health & Safety and Learning Support. The main board and each sub-committee meet at least termly to determine policy and to monitor the operations of the School. The day-to-day management of the School is delegated to the Headmaster and Bursar who attend the board meetings.

The Board is a self-appointing body, with each member standing down every three years. Retiring members may stand for re-election. The optimum size of the board is twelve, currently there are fifteen members. The Board is quorate with 3 member votes. A skills matrix is held with regards to the Governing body in order to maintain a balanced board, this along with the number of members triggers the need for appointment of new Trustees. When and if potential new members are required, the board will advertise these vacancies and CVs are submitted for consideration. A recruitment process is then followed. The school follows the induction policy for Governors, which includes familiarisation with the school, staff and other Governors, provision of relevant policies and financial information and strategies, safeguarding and prevent training and access to relevant AGBIS (Association of Governing Bodies in Independent Schools) training.

Policy

The School is a charitable trust providing a day school for boys and girls. From 1[st] September 2024, the age of our students was from age 3 to 11. However during the year ending 31st August 2024, the school also had a class of Year 8 students. It seeks to benefit the public through the pursuit of its stated aims to maintain a high academic standard and also the encouragement of skills in art, design and technology, music, drama and sport. Children are prepared for entry into county secondary schools and into the independent schools’ sector. Our vision is to provide exceptional learning and a kaleidoscope of experiences that make a lifetime of difference.

Fees are, and traditionally have been, set at a level to maintain the financial viability of the School whilst providing a first class education for boys and girls from all backgrounds. Entrance interviews and assessment years are undertaken to satisfy the School and parents that the School will be able to educate and develop the children to the best of their potential and in line with the general standards achieved by their peers. An individual’s economic status, gender, ethnicity, race, religion or disability does not form a part of this process.

Charitable Undertakings and Community Links

The school understands it is to make provision for others to benefit from the school’s own resources and it understands its importance in the local community.

The school has close links with St Mary’s Church in Chesham in which they host all their Christmas Events. The School also donates funds to St John’s Ashley Green, in return for advertising space on the church wall.

2

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Trustees’ report (incorporating directors’ report) for the year ended 31 August 2024 (continued)

The school has close links with the local scout and cub groups, which use all our school minibuses over October Half Term, February Half Term, Easter, May Bank holidays and the summer without charge. Where time permits the school has also loaned the vehicles to Christian youth organisations and other youth groups. The school also provides minibuses and drivers to other local state primary schools assisting them in going to sporting events and on school trips, again this is without charge.

Use of the school facilities out of hours is provided to Leyhill Cricket Club free of charge in return for use of their cricket pitch in the summer term. Since September 2023 the school is providing minibuses, drivers, swimming coaches (for swimming lessons) and the use of the school pool to a local state primary on a weekly basis.

The school has played host to various sporting events during the year ending 31[st] August 2024, in which many local state primary schools were invited. This includes gymnastics, football and rugby.

The school continues to look at ways in which it can work more closely with other local schools and charities.

The school’s on-going commitment to charitable fund raising saw the school raise funds for Children in Need, Chiltern Music Therapy, Comic Relief, Dens, Fountain of Peace, , Hope for Children, International Animal Rescue , Lidengate, Lives in Focus, One Can Trust, Poppy Appeal, Save the Children , Smiletrain, Sunnyside Rural Trust, Teenager Cancer Trust, Tiggwinkles and Parkinsons.

The school is also committed to sustainability and as part of this approach annually runs a litter picking initiative where pupils and their families collect litter in their local communities. There is a pupil Eco-council and a staff sustainability committee. The school have during the year rolled out a business management system in order to have full control and visibility of the heating system, including remote access, which has lead to a reduction in gas usage.

Objectives

In setting these objectives and planning activities, the Trustees have given consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee-charging. With this in mind the School has established these primary objectives:

Strategy

The essential strategy is to develop every child in the School’s care to the best of his/her ability in a happy and caring environment. To achieve this, the strategy requires:

3

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Trustees’ report (incorporating directors’ report) for the year ended 31 August 2024 (continued)

Aims

The Trustees believe that children have the right to thrive at school and that the School should provide a stimulating educational environment within which all its pupils can learn and grow with enjoyment. To achieve this, the School:

Activities that contribute to the achievement of the School’s Aims and Objectives

The School’s Senior Management Team works with all staff, pupils and parents to improve the School’s contribution to the development of each and every child in its care. Feedback on the School’s performance is sought from parents and secondary schools receiving CPS children as well as through the detailed questionnaires distributed by the Independent Schools Inspectorate through their regular inspections. In the 2021 ISI Inspection the school received an “Excellent” in pupils’ personal development and received a rating of “Good” in the category of quality of pupils’ academic achievements. The school also met the standard with regards to compliance.

Parents assist the School in structured one-to-one reading with children and by attending and assisting with trips and visits organised for the children. The Parent Teachers Association is very active within the school and parents contribute a great deal of their time and funds towards many projects.

Review of the business

The Trustees consider that the performance of the School in the year has been positive. This has again been a successful year for places gained by entry examinations at 11+ with almost all pupils leaving to enter secondary schools of their choice. A large proportion entered Buckinghamshire Grammar Schools. The number of pupils attending the School in the 2024 Summer Term was 381 (Summer 2023 – 386) of whom 202 (Summer 2023 – 201) were boys. The average class size was 18.1 (Summer 2023 – 18.4) pupils.

The financial performance produced a profit of £78,044. The school has refurbished the Nursery and the Library in the financial year, as well as the introduction of a BMS for heating controls and transparency, as part of its dedication to sustainability. The school has also invested in the resurfacing of the artificial pitch.

The school has commenced the rental of the pool, which has grown over time, and continues in the following financial year to expand this side of the business, employing an out of hours caretaking team.

Developments

The Trustees work constantly to maintain and improve our facilities for pupils. Future plans include further developments to the buildings. The aim is to maintain an equitable balance, ensuring current pupils benefit in full, whilst preserving and growing a sound infrastructure and financial base for the next generation of pupils. The parents of pupils have the assurance that all the income of the School must be and is applied for educational purposes.

4

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Trustees’ report (incorporating directors’ report) for the year ended 31 August 2024 (continued)

Main objectives for the year and future developments

In January 2023 the Trustees voted to no longer accept children into years 7 and 8 from September 2023. In the academic year 2023/2024 there was not a year 7 class and there was the final year 8 class. Prior to September 2023, there were 3 classes in years 3 to 6. September 2023 was the first year of 4 classes in year 3, September 2024 was the first year of 4 classes in year 4. Future years will eventually see 4 classes in years 3 to 6.

Transactions and financial position

The income statement shows a net profit of £78,044 (2023 - £179,722). The School has not engaged in fundraising activities during the year and has invested in Gilts, the value of which can be viewed in the balance sheet under current investments. The largest category of expenditure is staff costs. The School aims to pay competitive salaries and care for the pupils. The number of teaching staff was 58 (2023 – 60). The teaching staff (full time equivalent) to pupil ratio is 1:6.6 (1:6.4).

The School has a policy of borrowing, subject to carefully prepared financial projections, to invest in facilities. Net incoming resources are applied to the repayment of these borrowings and reserves are fully reflected in fixed assets purchased for the School. During the year the gearing (total borrowings divided by total funds) was 0.43 (2023– 0.44).

All expenditure by the School is applied to the education and development of children attending the School, the operation of the School, and investment in the School’s facilities. Expenditure is carefully monitored by the Trustees through the Finance and General Purposes Committee, working with the Bursar, to ensure “best value”. The Trustees consider that the level of income and cash generated is adequate to support the continuation of the School’s operation. Pay and remuneration for the senior management team is set by the finance and general purpose committee of the Governing body.

Reserves

Reserves are accumulated to support loans incurred for the past development of school buildings and to prepare for further developments in the future. At the year-end, the level of reserves held was £7,582,402 and the net book value of fixed assets was £10,613,772.

Investment powers

The Board of Trustees retain full control of investment policy, which is to hold any surplus cash readily accessible in bank deposit accounts.

Tangible fixed assets

The changes in the tangible fixed assets are summarised in the notes to the financial statements. The net book value of land and buildings is included at £10,378,493. The Trustees consider the market value to be substantially in excess of that figure. The insurance cover for the replacement of the buildings amounts to £31,142,578.

5

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Trustees’ report (incorporating directors’ report) for the year ended 31 August 2024 (continued)

Directors and Trustees

All Directors of the Company are also Governors of the School and Trustees of the Charity and there are no other Trustees. The Board has the power to appoint additional Trustees. The Trustees who served during the year were:

Mr B Cartledge (3)
Ms J Crompton
Dr Haycock (1) (3)
Mr J Matthews (2)
Ms A McNaney (1)
Mrs F Nijkamp-Lyell (2) (3)
Mrs J O’Gorman (resigned 19/9/2024) (1), (3)
Mrs S Gulamali (2)
Mrs N Shepherd (resigned 18/1/2024) (1) (3)
Mrs C Teasdale (2), (3)
Mr M Walker (resigned 18/1/2024) (1), (3)

Sub-committees on which the Trustees sit are indicated, namely:

Each Committee and the full Board of Trustees meet at least once every term. 3 Trustees (2023 - 3) had a child attending the School during the year ending 31 August 2024.

Statement of Trustees’ responsibilities

The Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standard (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial period. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practices (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the surplus or deficit of the charitable company for that period.

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CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Trustees’ report (incorporating directors’ report) for the year ended 31 August 2024 (continued)

In preparing these financial statements, the Trustees are required to:

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

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Related party transactions

Details of related party transactions are given in note 18 to the financial statements.

Risk management

The Trustees have assessed the major risks to which the company is exposed and are satisfied that systems and contingency plans are in place to manage exposure to the major risks. The Trustees will regularly review, at least annually the risk management matrix and the calculation for the minimum threshold for pupil numbers as part of the management accounts process.

This report was approved by the Board of Directors and Trustees on 20 May 2025 and signed on its behalf

Chairman of the Board of Trustees Mr B Cartledge

7

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Strategic Report for the year ended 31 August 2024

Business Review

The Trustees consider that the school has performed well this year and are continuing to review the financial strategy for the school in both the medium and long term, and continue to invest in the asset, with a small decrease in pupil numbers from 386 in the summer term 2023 to 381 in the summer term 2024. Pupil numbers post year end have decreased slightly to 379, this is largely due to nursery numbers being slightly lower, and the transition from closing years 7 and 8. The school expects numbers to increase during the academic year with an extremely strong pipeline and an influx of new business activity post December 2024. Current pupil numbers for September 2025 appear to at a similar level or higher than September 2024.

One of the main aims of the school is to prepare pupils for entry into the secondary school of their choice. The results for 11 plus and common entrance has meant that nearly every pupil entered the secondary school of their choice.

The school also has strong financial resources, which are held in cash and gilts.

Principal Risks and Uncertainties

The schools’ main risks continue to be pupil numbers, academic results and maintaining quality staff. The school continues to address these risks and continues to manage them.

In addition to these continued risks the school is managing their costs with regards to interest rates, heat and light and food which have been affected by the current rate of inflation.

The school is investing in strategies to maintain these costs in conjunction with environmental considerations.

Development and Performance

The school continues to review its fixed assets, and currently has plans for development in future years. The current net asset value of the fixed assets stands at £ 10.614m, which is lower than last year due to the sale of the leasehold. The school has a loan of £3.5m to fund the swimming pool and car park development, which is now complete. The loan currently stands at £3.253m

This report was approved by the Board of Directors and Trustees on 20 May 2025 and signed on its behalf

Chairman of the Board of Trustees Mr B Cartledge

8

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Independent auditor’s report to the members of Chesham Preparatory School Trust Limited 31 August 2024

Opinion

We have audited the financial statements of Chesham Preparatory School Trust (the ‘charity’) for the year ended 31 August 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts 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 trustees' 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 charity’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 trustees with respect to going concern are described in the relevant sections of this report.

9

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Independent auditor’s report to the members of Chesham Preparatory School Trust Limited (continued) 31 August 2024

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 trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within 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:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities, the Trustees, who are also the directors of the charity for the purpose 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 directors determine is necessary to

10

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Independent auditor’s report to the members of Chesham Preparatory School Trust Limited (continued) 31 August 2024

enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity’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 Trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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. The laws and regulations we considered in this context were the Companies Act 2006 together with the Charities SORP (FRS 102). 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 fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within Bursaries, Scholarships and other discounts and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance & General Purpose Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, designing audit procedures over Bursaries, Scholarships other discounts, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate and Ofsted and reading minutes meetings of those charged with governance.

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Independent auditor’s report to the members of Chesham Preparatory School Trust Limited (continued) 31 August 2024

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 evets and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Guy Biggin (Senior Statutory Auditor)

For and on behalf of

Crowe UK LLP Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR

Date: 27 May 2025

12

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Statement of financial activities (incorporating an income and expenditure account) for the year ended 31 August 2024

Unrestricted Restricted Total Funds for Total Funds for
Funds Funds the Year ended the Year ended
Notes 2024 2024 31 August 2024 31 August 2023
£ £
£		 £
Income
Donations and
legacies:
Donations 3 1,209 16,254
17,463		 -
Other income 3 138,717 -
138,717		 98,509
Income from
charitable activities:
School fees receivable 5,711,230 -
5,711,230		 5,433,717
Other educational 3 221,866 -
221,866		 208,385
income
Other ancillary income 3 81,386 -
81,386		 44,955
Revaluation on 19,204 -
19,204		 -
Investment
Total income 6,173,612 16,254
6,189,866		 5,785,566
Expenditure
Expenditure on
charitable activities:
Educational costs 4,436,361 - 4,436,361 4,038,859
Welfare costs 448,101 - 448,101 453,840
Premises costs 971,577 - 971,577 931,870
Financing cost 214,073 - 214,073 157,158
Governance costs 41,710 - 41,710 24,117
Total expenditure 5 6,111,822 - 6,111,822 5,605,844
Net income 61,790 16,254 78,044 179,722
Transfers between
funds 16,254 (16,254) - -
Net movement in 78,044 - 78,044 179,722
funds
Accumulated funds brought 7,503,659 699 7,504,358 7,324,636
forward
Accumulated funds carried 7,581,703 699 7,582,402 7,504,358
forward

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 17 to 27 form part of these financial statements.

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CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Balance sheet as at 31 August 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 8 10,613,772 10,681,203
Current assets
Stock 9 9,937 7,389
Debtors 10 382,880 315,707
Cash 1,387,141 1,169,191
Gilts 2,519,204 -
4.229,162 162 1,492,287
Creditors: amounts falling due 11 (2,478,215) (1,214,862)
within one year
Net current (liabilities) / assets 1,820,947 277,425
Total assets less current 12,434,719 10,958,628
liabilities
Creditors: amounts falling due 12 (4,852,317) (3,454,270)
after more than one year
Net assets 7,582,402 7,504,358
Accumulated funds
Restricted fund Page 13 & note 15 Page 13 & note 15 Page 13 & note 15 699 699
Unrestricted funds:
General funds Page 13 7,581,703 7,503,659
7,582,402 7,504,358

Approved and authorised for issue at a meeting of the Trustees and Board of Directors on 20 May 2025 and signed on its behalf by:

) ) Trustees )

Registered company number 910924

The notes on pages 17 to 27 form part of these financial statements.

14

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Statement of cash flows for the year ended 31 August 2024

2024
£
Cash flows from operating activities
Net cash provided by operating activities (note (a))
3,124,669
Cash flows from investing activities
Purchase of property, plant and equipment
(312,035)
Proceeds from sale
-
Net Cash Inflow Before Financing
2,812,634
Cash flows from financing activities
Repayments of borrowing
(75,480)
Net cash used in financing activities
(75,480)
Change in cash and cash equivalents in the year
2,737,154
Cash and cash equivalents at the beginning of the
reporting period
1,169,191
Cash and cash equivalents at the end of the
reporting period
3,906,345
Notes to the cash flow statement
(a)
Reconciliation of operating surplus to net
cash flow from operating activities
2024
£
Net income for the reporting period
78,044
Adjustments for:
Depreciation
379,457
(Profit)/Loss on disposal of fixed assets
6
(Increase)/Decrease in stock
(2,548)
(Increase)/Decrease in debtors
(67,173)
Increase/(Decrease) in creditors
2,736,883
Net cash provided by operating activities
3,124,669
The note on page 16 forms part of this cash flow statement.		 2023
£
138,633
(434,289)
248,891
(46,765)
(57,399)
(57,399)
(104,165)
1,273,356
1,169,191
2023
£
179,722
347,623
(70,860)
566
(113,532)
(204,886)
138,633

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CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Cash flow statement for the year ended 31 August 2024 (continued)

Notes to cash flow statement (continued)
(b)
Reconciliation of net cash flow to movement
in net debt/funds
Increase/(Decrease) in cash in the year
Cash used to repay loans
Change in net debt resulting from cash flow
Net debt at 1 September 2023
Net debt at 31 August 2024
(c)
Analysis of change in net
debt
1 September
2023
£
Cash at bank and in hand
1,169,191
Debt due within one year
(75,000)
Debt due after one year
(3,253,320)
(2,159,129)		 Cash
flow
£
2,737,154
(480)
75,960		 2024
£
2,737,154
75,480
2,812,634
(2,159,129)

653,505

Other non-
cash
changes
£
-
-
-
-		 2023
£
(104,165)
57,400
(46,765)
(2,112,364)
(2,159,129)
31 August
2024
£
3,906,345
(75,480)
(3,177,360)
2,812,634 653,505

16

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Notes forming part of the financial statements for the Year ended 31 August 2024

1. Accounting policies

Charity information

Chesham Preparatory School Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Two Dells Lane, Orchard Leigh, Chesham, Bucks, HP5 3QF.

(a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The School 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 note(s). The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

(b) Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Depreciation

Depreciation has been calculated on the fixed assets; the residual value and the life of the asset has been estimated by the Trustees.

Accruals

Trustees review the expected expenses based on their knowledge of the business and provide for these accordingly

Deferred income

The income received prior to the year end is reviewed and any that relates to income due in the later academic years is treated as deferred income.

17

CHESHAM PREPARATORY SCHOOL TRUST LIMITED Notes forming part of the financial statements for the Year ended 31 August 2024 (continued)

1. Accounting policies (continued)

(c) Tangible fixed assets and depreciation

Depreciation is provided on all tangible fixed assets in use, other than freehold land, at rates calculated to write off

the cost less estimated residual value of each asset over its expected useful life, as follows:

Portakabins - 20% cost Freehold buildings - 2% cost Furniture and equipment - 33% cost Lawn mower - 20% cost

(d) Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

(e) Incoming resources

Fees receivable and similar income

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees received in advance are treated as deferred income and included within creditors.

Fees in Advance

Parents may apply to the School for the opportunity to pay tuition fees in advance in accordance with a written contract. The amount received is treated as a creditor. As School fees become due the fee for each School term is charged against the remaining balance and taken to income. Any residual shortfall or excess is charged or returned to the parents as appropriate.

Donations

Donations which can only be applied for a specific purpose are treated as restricted funds. Other donations are receivable for the general purposes of the Charity and as such are credited to unrestricted funds.

Government grants

Government grants relating to revenue are recognised as income over the periods when the related costs are incurred.

(f) Resources expended

Resources expended are included in the statement of financial activities on an accruals basis. Certain expenditure is directly attributable to specific activities and has been included in those cost categories. Where costs cannot be directly attributed to specific activities, they have been allocated to activities on basis consistent with the use of the resources. Governance costs are the costs associated with the governance arrangements of the Charity which relate to the general running of the Charity as opposed to those costs associated with charitable activity. Included within this category are costs associated with the audit, and costs of complying with constitutional and statutory financial statements and the Independent Schools Inspection. Support costs comprise administrative expenses, such as wages, telephone, stationery and advertising. Support costs are allocated across the categories of charitable expenditure and governance costs. The basis of the cost allocation has been explained in note 6 to the financial statements.

Financing costs comprise interest payable on bank loans.

(g) Operating leases

Rentals payable under operating leases are changed to the statement of financial activities as they fall due.

18

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Notes forming part of the financial statements for the Year ended 31 August 2024 (continued)

1. Accounting policies (continued)

The School operates three defined contribution pension schemes. Contributions payable to the defined contribution pension schemes are charged to the statement of financial activities in the period to which they relate.

Retirement benefits to certain employees of the School are provided by the Teachers’ Pension Scheme (‘TPS’). This is a defined benefit scheme, contracted out of the State Earnings Related Pension Scheme. All pension costs are charged against unrestricted funds in line with the associated staff costs.

TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees’ working lives with the School in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quinquennial valuations using a prospective benefit method. As stated in Note 17, the TPS is a multi-employer scheme and the School is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. The TPS is therefore treated as a defined contribution scheme and the contributions recognised as they become due each year.

(i) Funds

Funds held by the Charity are: Unrestricted funds - These are fund which can be used in accordance with the Charity’s objects, at the discretion of the Board. Restricted funds - These are funds that can be used for particular restricted purposes, within the objects of the Charity. Restrictions arise when specified by the donor.

(j) Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

(k) Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.

2. Status and members

The company is limited by guarantee, and therefore does not have a share capital. Each member has agreed that, in the event of the company being wound up, he or she will contribute to the assets a sum not exceeding one pound. The number of members was 12 (2023 –10). Control of the company is vested in the Board of Trustees and Directors.

19

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Notes forming part of the financial statements for the Year ended 31 August 2024 (continued)

3. Other income Year ended Year ended
31 August 2024 31 August 2023
£ £
Donations- Restricted 16,254 -
Donations- Unrestricted 1,209 -
17,463 -
Other Income
Sundry 95,251 90,451
Interest 43,466 8,058
138,717 98,509
Other educational income
Registration fees 10,000 12,900
School trips 172,723 164,945
Late club fees 39,143 30,540
221,866 208,385
Other ancillary income
School bus fares 59,948 44,955
Rental income 21,438 -
81,386 44,955
Total 459,432 351,849

20

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Notes forming part of the financial statements for the Year ended 31 August 2024 (continued)

4. Staff costs

Year ended
31 Aug
2024

£
Wages and salaries
2,890,014
Social Security costs
288,672
Pension contributions
544,722
3,723,408
Year ended
31 Aug
2024
Number
The average monthly head count was 86 staff (2023 – 90 staff) and the
average monthly number of full-time equivalent persons employed was:
Teaching
58
Premises
4
Administration and Minibus drivers
11
73
The number of employees who earned more than £60,000 on an annualised basis was
2024
Number
£60,001 to £70,000
2
£70,001 to £80,000
1
£80,001 to £90,000
1
£90,001 to £100,000
-
£100,000 to £110,000
1		 Year ended
31 Aug
2023
£
2,799,706
278,307
506,571
3,584,584
Year ended
31 Aug
2023
Number
60
3
12
75
2023
Number
1
1
-
1
-

Retirement benefits are accruing to the higher paid employees under both the defined benefit scheme and money purchase scheme.

The Trustees received no remuneration during the year for their services (2023 - £Nil). No reimbursements were made to Trustees during this year or the previous year.

The remuneration of key management personnel in aggregate was £226,273 (2023 - £211,458). This consists of the Head and the Bursar.

21

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Notes forming part of the financial statements for the Year ended 31 August 2024 (continued)

5. Resources expended

Staff
Costs
£
Charitable
expenditure
Educational costs
3,488,982
Welfare costs
15,000
Premises costs
210,422
Financing costs
-
Governance
9,000
3,723,404
Financing costs
Interest payable on bank loan
Bank charges
Governance
Bursar’s time
Audit fee
Trustees meeting expenses		 Direct
Costs
£
546,812
430,351
459,723
-
-
1,436,886		 Support
Costs
£
278,542
2,750
44,000
214,073
32,710
572,075		 Deprec-
iation
£
122,025
-
257,432
-
-
379,457		 Year
ended 31
Aug 2024
£
4,436,361
448,101
971,577
214,073
41,710
6,111,822
2024
£
212,679
1,395
214,074
2024
£
9,000
32,710
-
41,710		 Year
ended 31
Aug 2023
£
4,038,859
453,840
931,870
157,158
24,117
5,605,844
2023
£
155,740
1,418
157,158
2023
£
9,000
15,117
-
24,117

Included in resources expended are payments under operating leases for motor vehicles and equipment amounting to £40,466 (2023 - £49,341) and Loss on disposal of fixed assets of £6 (2023 – Profit £70,860).

22

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Notes forming part of the financial statements for the Year ended 31 August 2024 (continued)

6 . Support costs

allocation

Charitable
expenditure
Educational
costs
Welfare costs
Premises
costs		 Wages and
salaries
£
Advertising
and
Promotions
£
Postage
and
telephone
£
Printing and
stationery
£
Legal and
Professional
£
Subscriptions
£
Sundry
£
Total for year
ended 31 Aug
2024
£
Total for year
ended 31 Aug
2023
£
377,464
40,460
14,883
19,008
41,110
16,918
129,053
638,896
556,896
15,000
-
800
1,750
-
-
-
17,550
17,550
15,000
-
800
1,750
-
-
-
17,550
17,550
407,464
40,460
16,483
22,508
41,110
16,918
129,053
673,996
591,996

Cost allocation includes an element of judgement and the charitable company has had to consider the cost/ benefit of detailed calculations and record keeping.

Basis for support costs allocation:

23

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Notes forming part of the financial statement for the Year ended 31 August 2024 (continued)

7. Taxation

No liability to United Kingdom taxation arises by virtue of the charitable status of the Charity.

8. Tangible fixed assets

Cost:
1 September 2023
Additions
Disposals
31 August 2024
Depreciation:
1 September 2023
Charge for the
year
Disposals
31 August 2024
Net book value:
31 August 2024
31 August 2023		 Portakabins
£
326,029
-
-
326,029
326,029
-
-
326,029
-
-		 Freehold
Land and
Buildings
£
13,578,326
112,396
-
13,690,722
3,054,797
257,432
3,312,229
10,378,493
10,523,529		 Furniture
and
Equipment
£
1,066,053
199,636
(70,435)
1,195,254
908,379
122,025
(70,429)
959,975
235,279
157,674		 Mower
£
34,242
-
-
34,242
34,242
-
-
34,242
-
-		 Total
£
15,004,650
312,032
(70,435)
15,246,247
4,323,447
379,457
(70,429)
4,632,475
10,613,772
10,681,203

All tangible fixed assets are held for use by the Charity.

Assets included in freehold land and buildings that are not depreciated amount to £740,816 (2023 - £740,816).

9. Stock

Educational supplies 2024
£
2023
£
9,937
7,389

24

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Note 13

Notes forming part of the financial statement for the Year ended 31 August 2024 (continued)

10.
Debtors
Trade debtors
Other debtors
Prepayments
11.
Creditors: amounts falling due within one year
Bank loans (Note 13)
Payroll taxes
Trade creditors
Other creditors
Accruals
Deferred income (Note 14)
12.
Creditors: amounts falling due after more than one year
Bank loans (Notes 13)
Pupil deposits
Deferred income (Note 14)		 2024
£
33,042
138,471
211,367
382,880
2024
£
75,480
71,098
138,596
111,806
96,012
1,985,223
2,478,215
2024
£
3,177,360
218,700
1,456,257
4,852,317		 2023
£
27,729
109,040
178,938
315,707
2023
£
75,000
77,484
58,184
106,484
68,695
829,015
1,214,862
2023
£
3.253,320
200,950
-
3,454,270

Deposits are payable before pupils attend school and are repayable on leaving. The Trustees consider that the amount shown above fairly represents deposits repayable after 31 August 2024 and which includes deposits of approximately £38,250 repayable after more than five years (2023 - £34,450).

13.
Bank loans
The bank loans – repayable by instalments:
Due within one year
Due between two and five years
Due more than five years		 2024
£
75,480
226,440
2,950,920
3,252,840		 2023
£
75,000
225,000
3,028,320
3,328,320

The bank loan, from NatWest, is secured by way of a first legal mortgage over the property of the Charity. The interest rate on the loan is 1.25% above the Bank of England base rate. The loan has been taken over a 25 year period and the interest is fixed for the first 10 years.

25

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Notes forming part of the financial statement for the Year ended 31 August 2024 (continued)

orming part of the financial statement for the Year ended 31 August
ued)		 2024
14.
Analysis of movements in deferred income
Balance at 1 September 2023:
Due within one year
Due after more than one year
Released in year
Invoiced in year
Balance at 31 August 2024 due within one year
Balance at 31 August 2024 due after one year		 £
829,015
-
829,015
(829,015)
4,270,495
1,985,223
1,456,257

Deferred income consists of fees paid in advance, and includes fees for the period after 31 August 2024. Of £3,441,480, £2,756,828 relates to funds paid to the school as part of the fees in advance scheme.

15. Restricted funds

Restricted funds represent amounts totalling £699, of which £699 is carried forward donations by the school’s Parents’ and Teachers’ Association (PTA), to erect sports shelter £560 and £139 to be used for learning support and boys’ games. These funds are included in cash at bank. During the year £16,254 was donated by the PTA to the fund the refurbishment of the library, which took place.

16. Operating leases

The total future minimum lease payments under non-cancellable operating leases for motor vehicles and equipment are as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Total		 2024
£
27,417
3,381
30,798		 2023
£
40,466
19,414
59,880

17. Pensions Information

The School operates three pension schemes into which all of its employees have been enrolled (if eligible under auto-enrolment rules), although some have since opted out. The assets of the schemes are held separately from those of the School, being invested with either the State or insurance companies, and are independently administered.

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £476,638 (2023: £433,960) and at the year-end £41,210 (2023 - £33,767) was accrued in respect of contributions to this scheme.

26

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Notes forming part of the financial statement for the Year ended 31 August 2024 (continued)

17. Pensions information (continued)

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The latest valuation showed total scheme liabilities of £262,000 million and notional assets of £222,200 million, giving a notional past service deficit of £39,800 million.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation has valued the ‘greater value’ benefits for groups of relevant members.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%. Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The School is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the School has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined contribution scheme.

For non-teaching staff, the School operates two defined contribution schemes. The pension cost charge in respect of these schemes amounted to £68,084 (2023 - £72,611). The assets of the scheme are held separately from those of the Charity in an independently administered fund.

During the year the Governors voted to provide those who are eligible for the TPS with the option of remaining in the TPS with lower salary increases over the next 2 years or changing to a defined contribution scheme with higher salary increases over the next 2 years. These options came into effect from 1[st] September 2024.

18. Related party transactions

Three of the Trustees who served during the period have children who attended the School during the financial year, all Trustees paid full fees in respect of their children. These Trustees were, Dr Haycock, Mr J Matthews and Mr B Cartledge. The Chair of Governors donated his deposit to the school at the end of the academic year.

One child of the Bursar attended the school on a 75% fee discount basis.

The daughter of one of the Governors was employed as a gap student at the school during the period, on an 11 month fixed term contract.

19. Post balance sheet events

There were no post balance sheet events.

27

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

MANAGEMENT INFORMATION

FOR THE YEAR ENDED 31 AUGUST 2024

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Detailed Income and expenditure account for the Year ended 31 August 2024

Income
Tuition fees
School bus fares
Registration fees
School trips
Sundry
Gain on Investments
Donations- restricted
Total
Expenditure
Staff costs
Staff salaries and wages:
Teaching (including Headmaster)
Supply
Administration
Maintenance
National insurance
Pension contributions (IAPS and TPS)
Total
Operating expenses
School trips
Stationery and materials (inc. text books)
School prizes and trophies
Swimming (including transport)
Minibus
Staff training course
Food etc. for lunches
School bus hire
Other (including recruitment)
Total		 Year from 1 Sept
2023 to 31 Aug 2024
£
5,711,230
59,948
10,000
172,723
199,298
19,204
17,463
6,189,866
2,379,838
2,444
335,247
172,485
2,890,014
288,672
544,722
3,723,408
171,508
204,870
2,417
117,525
92,243
11,062
348,504
-
49,141
997,270		 Year from 1 Sept
2022 to 31 Aug
2023
£
5,433,716
44,955
12,900
164,947
129,048
-
-
5,785,566
2,301,569
2,956
329,153
166,028
2,799,706
278,307
506,571
3,584,584
163,817
197,867
4,603
83,080
94,766
9,248
353,255
-
22,034
928,670

28

CHESHAM PREPARATORY SCHOOL TRUST LIMITED

Detailed Income and expenditure account for the Year ended 31 August 2024 (continued) the Year ended 31 August 2024 (continued)
Year from 1 Year 1 Sept
Sept 2023 to 2022 to 31 Aug
31 Aug 2024 2023
£ £
Establishment expenses
Cleaning contractor and materials 141,871 137,260
Light and heat 123,394 81,284
Rates including water 38,654 29,140
Insurance 40,459 38,724
Repairs and maintenance – premises 115,345 141,560
Depreciation – premises 233,469 233,469
Depreciation- L/H Flat 0 1,639
Depreciation Building Improvements 23,963 20,501
Depreciation – equipment 122,025 92,014
Loss (Profit) on disposal of fixed assets 6 (70,860)
Total 839,186 704,731
Administration and promotional expenses
Marketing and Advertising 51,589 33,689
Postage and telephone 16,483 17,494
Printing, stationery and computer supplies 119,923 88,315
Audit and accountancy 32,710 15,117
Legal and professional 65,514 25,992
Subscriptions 16,918 7,782
Sundry (including recruitment) 7,475 16,933
Marquee and parents’ meetings 27,080 25,379
Fee Discounts 193
Total 337,885 230,701
Total expenses (excluding finance charges) 5,897,749 5,448,686
Surplus before finance charges 292,117 336,880
Finance (214,073) (157,158)
Surplus/(Loss) after finance charges 78,044 179,722
Number of Pupils 2023/24 2022/23
Autumn term 371 380
Spring term 376 384
Summer term 381 386

29