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 2025
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 Mrs S Drummond (Appointed 2[nd] October 2024) Mrs S Gulamali Dr A Haycock Mrs C Lees (Appointed 1[st] January 2025) Mr J Matthews Ms A McNaney Mrs F Nijkamp-Lyell (Resigned 10[th] June 2025) Mrs J O’Gorman (Resigned 19[th] September 2024) Mrs C Teasdale 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 M Otter from 1[st] September 2025 Mr J Beale until 31[st] August 2025 School Address Two Dells Lane, Orchard Leigh Chesham, Bucks HP5 3QF Bankers National Westminster Bank plc Chilterns Corporate Business Centre PO Box 412, 2[nd] Floor, 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
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CHESHAM PREPARATORY SCHOOL TRUST LIMITED
Trustees’ report (incorporating directors’ report) for the year ended 31 August 2025
The Trustees present their report and audited financial statements for the year ended 31 August 2025. 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, aged 3 to 11, 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 assessments at certain 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.
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CHESHAM PREPARATORY SCHOOL TRUST LIMITED
Trustees’ report (incorporating directors’ report) for the year ended 31 August 2025 (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’s 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’s pool to a local state primary on a weekly basis. The School does allow other local state schools to use their facilities free of charge where time permits.
The School has played host to various sporting events during the year ending 31[st] August 2025, 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 and has during the year received it Eco School Status.
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:
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to prepare local children for entry to their choice of senior school education at the best level they can achieve;
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to promote an ethos of wanting to learn, concentrating on pupils’ strengths rather than weakness. A happy child is likely to be the most fulfilled. Learning itself should be challenging and stimulating;
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whilst the School has no access to an endowment, in funding any bursaries it has to be mindful to ensure balance between the interests of current fee paying parents, many of whom make considerable personal sacrifices;
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to seek ways to promote the use of the School for the community, and to play its part in the life of our local community. Pupils regularly hold fundraising events with proceeds going to charity.
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CHESHAM PREPARATORY SCHOOL TRUST LIMITED
Trustees’ report (incorporating directors’ report) for the year ended 31 August 2025 (continued)
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:
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provision of a broad, balanced curriculum kept regularly under review;
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high quality teaching and support infrastructure with sound management;
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continuous appraisal and development of staff and facilities.
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:
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provides an environment for the needs of the boys and girls that encourages endeavour, achievement and enjoyment amongst pupils and staff alike;
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provides a learning environment which is stimulating, rewarding and safe, and one in which pupils and staff feel respected, valued, supported and encouraged to make the best of their talents and opportunities;
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fosters a genuine feeling of school community based on strong family and Christian values;
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prepares all pupils in such a way that they are able to transfer to, and thrive at, their secondary schools;
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celebrates a pupil’s successes and achievements, by providing positive encouragement and focusing on pupils’ strengths rather than their weaknesses.
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 2024 ISI Inspection the School received a significant strength recognition for the quality of its curricular provision and the immense array of opportunities the children receive.
Parents assist the School in structured one-to-one reading with 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 2025 Summer Term was 384 (Summer 2024 – 381). The average class size was 18.3 (Summer 2024 – 18.1) pupils.
The financial performance produced a profit of £163,466. The School has continued to invest in the upkeep of the buildings and IT during the financial year.
The School has continued to increase the rental side of the business, and has increased its out of hours caretaking team. Further development in this area will continue into 2026 and beyond.
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CHESHAM PREPARATORY SCHOOL TRUST LIMITED
Trustees’ report (incorporating directors’ report) for the year ended 31 August 2025 (continued)
Review of the business (Continued)
From 1[st] January 2025 VAT became payable on Independent School Fees. The school made a decision to not pass on the whole 20% of VAT to the parents, instead the overall charge to the parents rose by 15%. The Governors deciding to pass back the VAT which could be claimed on expenses to the parents and also in part some of the benefit gained from the rental of the facilities. Whilst the Governors are aware that this is a difficult time for the Independent School Sector, the School is managing to maintain pupil numbers and continues to increase its non-fee income areas of the business.
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.
Main objectives for the year and future developments
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Dedicated drama teaching space.
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Development of the IT suite.
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Refurbishment of various classroom spaces.
Transactions and financial position
The income statement shows a net surplus of £163,466 (2024 - £78,044). 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 61 (2024 – 58). The teaching staff (full time equivalent) to pupil ratio is 1:6.3 (1:6.6).
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 0.40 (2024– 0.43).
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 £7,745,868 and the net book value of fixed assets was £10,356,509.
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CHESHAM PREPARATORY SCHOOL TRUST LIMITED
Trustees’ report (incorporating directors’ report) for the year ended 31 August 2025 (continued)
Investment powers
The Board of Trustees retain full control of investment policy, which is to hold the majority of funds in Gilts, leaving only the working capital in the bank accounts. The funds held in the current account are swept into the deposit account overnight.
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 £10,133,574. 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 £30,092,138.
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 | (1), (3) |
| Mrs S Gulamali | (2) |
| Mrs C Teasdale | (2), (3) |
Sub-committees on which the Trustees sit are indicated, namely:
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(1) Education and Pastoral
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(2) Finance and General Purpose
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(3) In addition certain Trustees have specific responsibilities covering accident & medical, child protection, EYFS, health and safety and Learning Support.
Each committee and the full Board of Trustees meet at least once every term. 2 Trustees (2024 - 3) had a child attending the School during the year ending 31 August 2025.
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 2025 (continued)
In preparing these financial statements, the Trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the Charities SORP;
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Make judgements and accounting estimates that are reasonable and prudent;
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State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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:
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there is no relevant audit information of which the charitable company’s auditor is unaware; and
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the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
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.
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CHESHAM PREPARATORY SCHOOL TRUST LIMITED
Strategic Report for the year ended 31 August 2025
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 increase in pupil numbers from 381 in the summer term 2024 to 384 in the summer term 2025. Pupil numbers post year end have decreased slightly to 374, this is due to nursery numbers being lower in September than they are at the end of the Summer term. Pupil numbers excluding nursery were 360 in summer 2025 and 359 Autumn 2025. The School expects numbers to increase during the academic year with an extremely strong pipeline and deposits secured for September 2026.
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 £ 10.356m. 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 £3.119m
This report was approved by the Board of Directors and Trustees on 25 March 2026 and signed on its behalf
…………………………………………………………..Chairman of the Board of Trustees
Mr B Cartledge
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CHESHAM PREPARATORY SCHOOL TRUST LIMITED
Independent auditor’s report to the members of Chesham Preparatory School Trust Limited 31 August 2025
Opinion
We have audited the financial statements of Chesham Preparatory School Trust (‘the charitable company’) for the year ended 31 August 2025 which comprise the Consolidated statement of financial activities, Consolidated balance sheet, Charity balance sheet, Consolidated statement of cash flows and 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company’s affairs as at 31 August 2025 and of its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Governors’ with respect to going concern are
described in the relevant sections of this report.
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CHESHAM PREPARATORY SCHOOL TRUST LIMITED
Independent auditor’s report to the members of Chesham Preparatory School Trust Limited (continued) 31 August 2025
Other information
The Governors’ are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the 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:
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the information given in the Governors’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the strategic report and the directors’ report included within the Governors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the Governors’’ 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:
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adequate and proper accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Governors’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of Governors
As explained more fully in the Governors’ responsibilities statement set out on page 31, the Governors’ (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors’ determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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CHESHAM PREPARATORY SCHOOL TRUST LIMITED
Independent auditor’s report to the members of Chesham Preparatory School Trust Limited (continued) 31 August 2025
In preparing the financial statements, the Governors’ are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors’ either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and noncompliance with laws and regulations are set out below.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, employment legislation, 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 were The Education (Independent School Standards) Regulations 2014.
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CHESHAM PREPARATORY SCHOOL TRUST LIMITED
Independent auditor’s report to the members of Chesham Preparatory School Trust Limited (continued) 31 August 2025
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 the accuracy of 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 Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, designing audit procedures over the accuracy of bursaries, scholarships and other discounts, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and 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 U.K. LLP Statutory Auditor 4th Floor St James House St James’ Square Cheltenham GL50 3PR Date: 11 May 2026
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CHESHAM PREPARATORY SCHOOL TRUST LIMITED
Statement of financial activities (incorporating an income and expenditure account) for the year ended 31 August 2025
| Notes Income Donations and legacies: Donations 3 Other income 3 Income from charitable activities: School fees receivable Other educational income 3 Other ancillary income Revaluation on Investment 3 Total income Expenditure Expenditure on charitable activities: Educational costs Welfare costs Premises costs Financing cost Governance costs Total expenditure 5 Net income Transfers between funds Net movement in funds Accumulated funds brought forward Accumulated funds carried forward |
Unrestricted Funds 2025 £ 3,309 235,103 5,949,643 237,993 109,620 80,548 6,616,216 4,789,292 444,075 1,001,489 188,394 29,500 6,452,750 163,466 - 163,466 7,581,703 7,745,169 |
Restricted Funds 2025 £ - - - - - - - - - - - - - - - 699 699 |
Total Funds for the Year ended 31 August 2025 £ 3,309 235,103 5,949,643 237,993 109,620 80,548 6,616,216 4,789,292 444,075 1,001,489 188,394 29,500 6,452,750 163,466 - 163,466 7,582,402 7,745,868 |
Total Funds for the Year ended 31 August 2024 £ 17,463 138,717 5,711,230 221,866 81,386 19,204 |
|---|---|---|---|---|
| 6,189,866 | ||||
| 4,436,361 448,101 971,577 214,073 41,710 |
||||
| 6,111,822 | ||||
| 78,044 - |
||||
| 78,044 7,504,358 |
||||
| 7,582,402 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
All income and expenditure in the year ended 31 August 2025 was unrestricted.
The notes on pages 17 to 27 form part of these financial statements.
CHESHAM PREPARATORY SCHOOL TRUST LIMITED
Balance sheet as at 31 August 2025
| Notes £ Fixed assets Tangible assets 8 Current assets Stock 9 9,550 Debtors 10 843,936 Cash at bank and in hand Current Investments 530,472 2,599,751 3,983,709 Creditors: amounts falling due within one year 11 (2,923,697) Net current (liabilities) / assets Total assets less current liabilities Creditors: amounts falling due after more than one year 12 Net assets Accumulated funds Restricted fund Page 13 & note 15 Unrestricted funds: General funds Page 13 |
2025 £ 10,356,509 1,060,012 11,416,521 (3,670,653) 7,745,868 699 7,745,169 7,745,868 |
£ 9,937 382,880 1,387,141 2,519,204 4,299,162 (2,478,215) |
2024 £ 10,613,772 1,820,947 |
|---|---|---|---|
| 12,434,719 (4,852,317) |
|||
| 7,582,402 | |||
| 699 7,581,703 |
|||
| 7,582,402 |
Approved and authorised for issue at a meeting of the Trustees and Board of Directors on 25 March 2026 and signed on its behalf by:
Chair of Governors
Registered company number 910924
The notes on pages 17 to 27 form part of these financial statements.
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CHESHAM PREPARATORY SCHOOL TRUST LIMITED
Statement of cash flows for the year ended 31 August 2025
| Cash flows from operating activities Net cash provided by operating activities (note (a)) Cash flows from investing activities Investments made Purchase of property, plant and equipment Net Cash Inflow Before Financing Cash flows from financing activities Repayments of borrowing Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period Notes to the cash flow statement (a) Reconciliation of operating surplus to net cash flow from operating activities Net income for the reporting period Adjustments for: Depreciation (Profit)/Loss on disposal of fixed assets (Increase)/Decrease in stock (Increase)/Decrease in debtors Increase/(Decrease) in creditors Net cash provided by operating activities |
2025 £ (527,530) (115,555) (643,085) (133,037) (776,122) 3,906,345 3,130,223 2025 £ 163,466 372,818 - 386 (461,055) (603,145) (527,530) |
2024 £ 3,124,669 |
|---|---|---|
| (312,035) | ||
| 2,812,634 (75,480) |
||
| 2,737,154 | ||
| 1,169,191 | ||
| 3,906,345 | ||
| 2024 £ 78,044 379,457 6 (2,548) (67,173) 2,736,883 |
||
| 3,124,669 |
The note on page 16 forms part of this cash flow statement.
15
CHESHAM PREPARATORY SCHOOL TRUST LIMITED
Cash flow statement for the year ended 31 August 2025 (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 2024 Net debt at 31 August 2025 (c) Analysis of change in net debt 1 September 2024 £ Cash at bank and in hand 3,906,345 Debt due within one year (75,480) Debt due after one year (3,177,360) 653,505 |
Cash flow £ (776,122) 133,037 - |
2025 £ (776,122) 133,037 (643,085) 653,505 10,420 Other non- cash changes £ - (175,988) 175,988 - |
2024 £ 2,737,154 75,480 2,812,634 (2,159,129) 653,505 31 August 2025 £ 3,130,223 (118,431) (3,001,372) |
|
|---|---|---|---|---|
| (643,085) | 10,420 |
16
CHESHAM PREPARATORY SCHOOL TRUST LIMITED
Notes forming part of the financial statements for the Year ended 31 August 2025
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 2025 (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 IT equipment - 33% cost Furniture - 10% 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.
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 2025 (continued)
1. Accounting policies (continued)
(h) Pension costs
The charity contributes to the Teachers’ Pension Scheme at rates set by the scheme actuary and advised to the Trustees by the scheme administrator. The Charity also contributes to a defined contribution scheme for nonteaching staff. The contributions charged to the statement of financial activities in respect of both schemes are those payable in accordance with the rules of the schemes.
(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 11 (2024 –12). 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 2025 (continued)
| 3. | Other income | Year ended | Year ended | |
|---|---|---|---|---|
| 31 August 2025 | 31 August 2024 | |||
| £ | £ | |||
| Donations- Unrestricted | 3,309 | 16,254 | ||
| Donations- Restricted | - | 1,209 | ||
| 3,309 | 17,463 | |||
| Other Income | ||||
| Sundry | 200,935 | 95,251 | ||
| Interest | 34,168 | 43,466 | ||
| 235,103 | 138,717 | |||
| Other educational income | ||||
| Registration fees | 11,120 | 10,000 | ||
| School trips | 190,459 | 172,723 | ||
| Late club fees | 36,416 | 39,143 | ||
| 237,995 | 221,866 | |||
| Other ancillary income | ||||
| School bus fares | 60,314 | 59,948 | ||
| Rental income | 49,306 | 21,438 | ||
| 109,620 | 81,386 | |||
| Total | 586,029 | 459,432 |
20
CHESHAM PREPARATORY SCHOOL TRUST LIMITED
Notes forming part of the financial statements for the Year ended 31 August 2025 (continued)
4. Staff costs
| Year ended 31 Aug 2025 £ Wages and salaries 3,163,916 Social Security costs 346,699 Pension contributions 570,742 4,081,357 Year ended 31 Aug 2025 Number The average monthly head count was 91 staff (2024 – 86 staff) and the average monthly number of full-time equivalent persons employed was: Teaching 61 Premises 4 Administration and Minibus drivers 13 78 |
Year ended 31 Aug 2024 £ 2,890,014 288,672 544,722 |
Year ended 31 Aug 2024 £ 2,890,014 288,672 544,722 |
|---|---|---|
| 3,723,408 | ||
| Year ended 31 Aug 2024 Number 58 4 11 73 |
||
| 73 |
| The number of employees who earned more than £60,000 on an annualised basis was | The number of employees who earned more than £60,000 on an annualised basis was | |
|---|---|---|
| 2025 | 2024 | |
| Number | Number | |
| £60,001 to £70,000 | 2 | 2 |
| £70,001 to £80,000 | 1 | 1 |
| £80,001 to £90,000 | 1 | 1 |
| £90,001 to £100,000 | - | - |
| £100,000 to £110,000 | 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 (2024 - £Nil). No reimbursements were made to Trustees during this year or the previous year.
21
CHESHAM PREPARATORY SCHOOL TRUST LIMITED
Notes forming part of the financial statements for the Year ended 31 August 2025 (continued)
5. Resources expended
| Staff Costs £ Charitable expenditure Educational costs 3,810,047 Welfare costs 15,000 Premises costs 246,308 Financing costs - Governance 10,000 4,081,355 Financing costs Interest payable on bank loan Bank charges Governance Bursar’s time Audit fee Trustees meeting expenses |
Direct Costs £ 537,268 426,075 448,119 - - 1,411,462 |
Support Costs £ 328,221 3,000 48,000 188,394 19,500 587,115 |
Deprec- iation £ 113,756 - 259,062 - - 372,818 |
Year ended 31 Aug 2025 £ 4,789,292 444,075 1,001,489 188,394 29,500 6,452,750 2025 £ 187,159 1,235 188,394 2025 £ 10,000 19,500 - 29,500 |
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 |
Included in resources expended are payments under operating leases for motor vehicles and equipment amounting to £41,756 (2024 - £40,466) and Loss on disposal of fixed assets of £0 (2024 – £6).
22
CHESHAM PREPARATORY SCHOOL TRUST LIMITED
Notes forming part of the financial statements for the Year ended 31 August 2025 (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 2025 £ Total for year ended 31 Aug 2024 £ 398,840 42,121 10,814 18,016 78,345 17,288 222,977 788,401 732,191 15,000 - 800 1,750 - - - 17,550 17,550 15,000 - 800 1,750 - - - 17,550 17,550 |
|---|---|
| 428,840 42,121 12,414 21,516 78,345 17,288 222,977 823,501 767,291 |
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:
-
Wages and salaries – estimated time spent on activities.
-
Advertising and promotions (including school prospectus) – according to direct costs incurred.
-
Postage and telephone – estimated usage of resources.
-
Printing and stationery- estimated usage of resources.
-
Legal and professional- according to direct costs incurred.
-
Subscriptions – according to direct costs incurred.
-
Sundry (including parents’ meetings) – according to direct costs incurred.
23
CHESHAM PREPARATORY SCHOOL TRUST LIMITED
Notes forming part of the financial statement for the Year ended 31 August 2025 (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 2024 Additions Disposals 31 August 2025 Depreciation: 1 September 2024 Charge for the year Disposals 31 August 2025 Net book value: 31 August 2025 31 August 2024 |
Portakabins £ 326,029 - - 326,029 326,029 - - 326,029 - - |
Freehold Land and Buildings £ 13,690,722 14,143 - 13,704,865 3,312,229 259,062 - 3,571,291 10,133,574 10,378,493 |
Furniture and Equipment £ 1,195,254 101,411 (88,609) 1,208,056 959,975 113,756 (88,610) 985,121 222,935 235,279 |
Mower £ 34,242 - - 34,242 34,242 - - 34,242 - - |
Total £ 15,246,247 115,554 (88,609) |
|---|---|---|---|---|---|
| 15,273,192 | |||||
| 4,632,475 372,818 (88,610) |
|||||
| 4,916,683 | |||||
| 10,356,509 | |||||
| 10,613,772 |
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 (2024 - £740,816).
9. Stock
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Educational supplies | 9,550 | 9,937 |
24
CHESHAM PREPARATORY SCHOOL TRUST LIMITED Notes forming part of the financial statement for the Year ended 31 August 2025 (continued)
| 10. Debtors Trade debtors Other debtors Prepayments Trade debtors are net of £12,286 relating to a bad debt provision. 11. Creditors: amounts falling due within one year Bank loans (Note 13) Payroll taxes Trade creditors Other creditors Accruals Deferred income (Note 14) VAT 12. Creditors: amounts falling due after more than one year Bank loans (Notes 13) Pupil deposits Deferred income (Note 14) |
2025 £ 414,080 139,317 290,539 843,936 2025 £ 118,431 88,250 254,346 90,976 126,084 1,922,766 322,844 2,923,697 2025 £ 3,001,372 222,700 446,581 3,670,653 |
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 |
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 2025 and which includes deposits of approximately £34,125 repayable after more than five years (2024 - £38,250).
| 13. Bank loans The bank loans – repayable by instalments: Due within one year Due between two and five years Due more than five years |
2025 £ 118,431 473,724 2,527,648 3,119,803 |
2024 £ 75,480 301,920 2,875,440 |
|---|---|---|
| 3,252,840 |
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 2025 (continued)
14. Analysis of movements in deferred income
£
| Balance at 1 September 2024: Due within one year Due after more than one year Released in year Invoiced in year Balance at 31 August 2025 due within one year Balance at 31 August 2025 due after one year |
1,985,223 1,456,257 |
|---|---|
| 3,441,480 (1,985,223) 913,090 |
|
| 1,922,766 446,581 |
Deferred income consists of fees paid in advance, and includes fees for the period after 31 August 2025.
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.
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 |
2025 £ 49,908 80,569 130,477 |
2024 £ 27,417 3,381 |
|---|---|---|
| 30,798 |
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.
- a) The principal pension scheme operated is the Teacher’s Pension Scheme (TPS) which is a multiemployer defined benefit scheme. The pension cost charge amounted to £326,637 (2024 - £476,638). The School is unable to identify its share of the underlying (notional) assets and liabilities of the scheme. 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. The School has set out below the information available on the deficit in the scheme and the implications for the School in terms of the anticipated contribution rates.
26
CHESHAM PREPARATORY SCHOOL TRUST LIMITED
Notes forming part of the financial statement for the Year ended 31 August 2025 (continued)
17. Pensions information (continued)
The latest actuarial valuation of the TPS was carried out as at 31 March 2020 and in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014. The valuation report was published by the Department for Education on 26 October 2023. Following this report employer contribution rates rose from 23.6% of pensionable pay to 28.6%, with effect from 1[st] April 2024.
’ A copy of the valuation report and supporting documentation is on the Teachers Pensions website.
- b) For non-teaching staff and Teachers who have opted out of the Teachers’ Pension Scheme, the School operates two defined contribution schemes. The pension cost charge in respect of these schemes amounted to £216,369 (2024 - £68,084). The assets of the scheme are held separately from those of the Charity in an independently administered fund.
18. Related party transactions
Two 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 and Mr J Matthews.
The remuneration of key management personnel in aggregate was £232,844 (2024 - £226,273).
19. Post balance sheet events
There are no post balance sheet events.
27