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2025-07-31-accounts

Docusign Envelope ID: 4909E965-130A-8600-8364-D5CE3562E262

Aldwickbury School Trust Limited (A Company Limited by Guarantee)

Incorporated in England and Wales No. 950339 Registered Charity No. 311059

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

For the year ended 31 July 2025

Docusign Envelope ID: 4909E965-130A-8600-8364-D5CE3562E262 ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2025

OFFICERS AND ADVISORS

Governors, Directors and Trustees

Dr R.L. Axworthy, Ph.D., B.A.[ 1,4] 5 Mr P. Barr, MA B. Ed 1,2,4,5 Mr J. G. Bromfield, M.B.E., B.A., P.G.C.E (Chair) 3 Mr C. Boothby, BSc (Econ) 2, 5 Mrs T Chasmawala LLB (Hons) 1 Mr A.D. Coley 2 Mrs R.K. Cooke, B.A. 1, 5 Mr C. M. Dinwoodie, L.L.B., M.B.A., A.C.I.I. (deceased March 2025) 1 Mrs C Dugmore, ACA Mr J. Hodgson, B.A. 1, 3 Mr G Howe B.Com 3,5 Mr J Lewis B.Ed (Hons) Mrs J Lumsden, B.Ed (Hons) P.G.C.E[ 5] Mr S Mumford MA (Hons)[1,2] Mr B Tolman MSc, BA (Hons), FRGS, FRSA[5 ]

3 Member of the Marketing Committee

Head Mr P J Symes BSc (Hons), P.G.C.E

Bursar & Clerk to the Governors Major (retd) I S McLaughlin MSc, CMgr FCMI (to May 2025) Director of Finance & Operations Mrs Marianna Ring BA (Hons) (from April 2025) Clerk to the Governors Ms Karen Barker (from April 2025) Bankers Barclays Bank PLC West Hertfordshire Business Banking Team PO Box 87 22-24 Upper Marlborough Road, St Albans Hertfordshire, AL1 3HJ Auditors Moore Kingston Smith LLP 9 Appold Street London, EC2A 2AP

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Docusign Envelope ID: 4909E965-130A-8600-8364-D5CE3562E262 ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2025

DIRECTORS’ REPORT

The Board of Governors present their annual report together with the audited financial statements for the year ended 31 July 2025. The report has been prepared in accordance with the Statement of Recommended Practices (SORP) “Accounting and Reporting Charities” (FRS102), the Companies Act 2006, and the governing document of the charity.

Aldwickbury School is an independent preparatory school providing high-quality education for pupils aged 4-14. The School operates as a charitable company limited by guarantee.

CONSTITUTION AND OBJECTS

Aldwickbury School Trust Ltd is a charitable company founded in 1969. Its charity registration number is 311059, and its company registration number is 950339. The liability of its members is limited to a maximum of £1 each by guarantee. The Registered Office and principal address of the Company is Wheathampstead Road, Harpenden, Hertfordshire, AL5 1AD. The Company is governed by its Articles of Association.

The Objects of the Company, in accordance with its Articles of Association, are primarily to carry on a school and other educational activities and to promote the fundamental principles of the Christian Religion. In the furtherance of these Objects, the Directors, as the charity trustees, have complied with the duty in s.17 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub-sector guidance concerning the operation of the Public Benefit requirement under that Act.

AIMS, OBJECTIVES AND ACTIVITIES

The School’s principal activity is education pupils aged 4-13 to the highest possible standard by providing a broad, balanced and enriching curriculum that supports every pupil academically, socially, physically, and emotionally.

The Trustees ensure that the School:

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Docusign Envelope ID: 4909E965-130A-8600-8364-D5CE3562E262 ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2025

In order to achieve the primary objectives of the school, the school is based on Aldwickbury values and clear expectations across the school community

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ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR YEAR ENDED 31 JULY 2025

GOVERNANCE AND MANAGEMENT

Governing Body

The Governors have a range of skills relevant to the governance of the School, including, for example, in education, business, law, finance, property and planning. When considering new appointments to the Board, the Nominations and Governance Committee undertakes a review of the current skills and experience of existing members, identifying any gaps or areas where additional expertise would be beneficial, and uses this assessment to inform recruitment. This review forms part of an annual skills audit process.

All candidates meet with the Chair of the Board, then Head and Bursar (DFO), and are interviewed by the Nominations and Governance Committee before nomination to the Board.

Governor Induction and Training

Induction and Compliance: All new Governors undergo mandatory safeguarding checks, including Enhanced DBS, Directors’ checks, and Section 128 clearance. A comprehensive induction process introduces them to the School’s operations and their legal obligations as charity trustees. This is supported by an induction pack containing the Articles of Association, Terms of Reference, and Charity Commission guidance.

Ongoing Development: Governors participate in annual skills audits to identify specific training needs, which are met through external seminars and workshops provided via the Association of Governing Bodies of Independent Schools (AGBIS). Safeguarding training is mandatory upon appointment and refreshed annually.

Strategy and Vision: The Board holds an annual Strategy Day, organized by the Chair in consultation with the Head and Clerk. These sessions, featuring expert speakers and workshops, focus the Board on its strategic duties within the current economic climate while aligning with the School’s long-term aspirations.

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ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR YEAR ENDED 31 JULY 2025

Organisational Management

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Meeting
Board / Committee Chair Key Responsibilities
Frequency
Determining general school policies
Mr J. G. At least three
Full Governing Board and reviewing overall management
Bromfield times a year
and control.
Finance and General Dr R.L. Providing oversight of the School’s
Four times a year
Purposes Committee Axworthy finances.
Overseeing marketing strategy to
Marketing Mr C. At least three
ensure a coherent and focused whole-
Committee Boothby times per year
school policy.
Nominations and As needed Ensuring good governance, succession
Mrs R.
Governance (usually three planning, Governor skills, and
Cooke
Committee times a year) compliance.
Overseeing educational policy,
Three times a
Education Committee Mr P. Barr safeguarding policies, and conducting
year
annual safeguarding audits.
Remuneration Setting fair and appropriate pay for
Once a year
Committee SMT.
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Additional Governance Details

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ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR YEAR ENDED 31 JULY 2025

meetings, while other SMT members are invited as specific needs arise

Remuneration Policy

The Board determines staff remuneration based on recommendations from the Remuneration Committee, in consultation with the Finance and General Purposes Committee. To ensure the School attracts and retains high-calibre staff capable of delivering an inspiring curriculum, salaries are benchmarked against the independent sector and the School Teachers’ Review Body (STRB) recommendations.

The Remuneration Committee independently recommends SMT salaries to the Board, taking into account national benchmarks and individual responsibilities. The appropriateness and relevance of the overall remuneration policy is reviewed annually.

Structure and Relationships

Affiliations and Memberships Aldwickbury School is an independent entity with no subsidiaries. To maintain high standards of governance, education, and operations, the School maintains active memberships in key sector bodies:

Community and Public Benefit The School collaborates with local charities and educational

institutions to widen access to its facilities and expertise. These partnerships are designed to

optimise the use of School resources for the community while providing pupils with a broader social perspective and an awareness of the value of their education.

Employment policy

Aldwickbury is committed to equality, diversity, and inclusion (EDI) across its staff, pupils, and curriculum. Recruitment is governed by a principle of non-discrimination, ensuring a fair and transparent process managed by the Head of Human Resources. All staff receive annual EDI training to uphold these commitments, and breaches of the Equal Opportunities policy are treated as serious disciplinary matters.

Recruitment Process The School utilises an electronic recruitment platform to ensure impartial screening and accurate record-keeping. Each vacancy is carefully reviewed to determine whether

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ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR YEAR ENDED 31 JULY 2025

the role remains necessary within the School’s structure, rather than being automatically replaced on a like-for-like basis. Only once this need has been established does a selection process begin, matching candidates’ skills, character, and potential against the requirements of the role.

Selection Criteria Candidates are assessed objectively based on:

Compliance and Vetting

Appointments are subject to satisfactory enhanced DBS checks, prohibition order checks (where applicable), medical fitness, references, and the successful completion of a probationary period.

Employee Welfare and Policies

All employees are provided with a Staff Handbook detailing key policies, including Whistleblowing, Harassment and Bullying, and EDI. These policies are reviewed annually to ensure they remain objective, lawful, and aligned with the School’s strategic objectives.

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

The 2024/25 academic year has been another highly successful period for Aldwickbury, with pupils benefiting from continued investment in facilities, curriculum development and the broad cocurricular life of the school. The breadth and depth of opportunities available to pupils has expanded significantly during the year, supported by the school’s enhanced facilities and the ongoing development of its educational provision. Pupils have embraced these opportunities with enthusiasm, demonstrating notable growth in confidence, skills and character across all areas of school life.

The dedication and expertise of our staff remain one of Aldwickbury’s greatest strengths. This year, staff retention has been excellent, a testament to the positive working environment and professional development opportunities we provide. Our focus is on:

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ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR YEAR ENDED 31 JULY 2025

a culture of continuous improvement, we ensure that staff remain engaged and motivated.

Our staff have a positive impact on the boys across all age ranges.

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ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR YEAR ENDED 31 JULY 2025

In recognition of the school’s status and ability to deliver an all-round outstanding education the school was awarded Independent Boys School of the Year 2024, a prestigious award when competing an illustrious list of senior schools across the sector.

A significant strategic milestone occurred in September 2025 with the introduction of girls into the Pre-Prep. This marks the beginning of the school’s transition towards a co-educational model and represents an important step in the long-term development of Aldwickbury. While the structure of the school is evolving, its core values of kindness, courage and integrity remain central to the educational experience and continue to underpin decision-making and pastoral care throughout the school community.

During the year, the school also opened its new STEM Hub, providing enhanced facilities for computing, science and technology. This development reflects the school’s commitment to equipping pupils with the skills and knowledge required for the future, including opportunities to explore emerging areas such as artificial intelligence, creative technology and critical thinking through the school’s communication and mind curriculum strands.

Beyond the classroom, the school continued to deliver a rich and balanced programme across the arts, music, drama, sport and technology. Pupils achieved success and recognition at both regional and national levels, supported by the dedication and expertise of the staff. The high standard of participation and performance across concerts, exhibitions, fixtures and productions demonstrates the strength of the school’s co-curricular provision.

Pupil voice has also played an important role in the life of the school during the year. The Diversity and Inclusion Group has contributed positively to the school community through pupil-led assemblies and discussions exploring themes such as disability, neurodiversity, age and race. These initiatives have supported the development of empathy, confidence and awareness among pupils, reflecting the school’s commitment to fostering an inclusive and respectful environment.

Academic outcomes remain strong. Pupils in Years 6, 7 and 8 have performed well in senior school

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ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR YEAR ENDED 31 JULY 2025

entrance assessments, gaining offers and scholarships to a wide range of leading senior schools

including Bedford, Berkhamsted, Bradfield College, Charterhouse, Haileybury, Harrow, Oundle, Radley, St Albans, St Columba’s, St Edmund’s, St Margaret’s, Westminster and Winchester. That such a diverse group of schools is the right fit for the schools’ leavers speaks volumes about the strength of our academic team and the adaptability of our curriculum. The Aldwickbury ethos remains firmly rooted in knowing each child and supporting them to thrive.

Scholarships were awarded at numerous senior schools demonstrating the school’s ability to deliver a holistic curriculum and also achieve academic success at the highest level. 25% of pupils received an award.

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School Number of Scholars
St Albans 4
Bedford 4
St Magaret’s 1
Haberdashers 1
Oundle 1
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Most importantly the school sess all leavers move to their first-choice schools. They leave as good people and equipped to go into the world as leaders and fully involve themselves in all that their new school has to offer.

This year, our Year 8 Leavers are heading to the following schools:

Pupils also achieved notable success beyond the classroom. The school’s debating team were crowned Regional Debating Champions in Norwich, demonstrating exceptional reasoning, communication and teamwork. In sport, Aldwickbury pupils achieved national success at the IAPS Cross Country Championships at Malvern College, where the team were crowned National Champions. Individual pupils also gained recognition in a range of disciplines including fencing, triathlon, football and national academic competitions such as the Bebras Challenge and mathematics contests. In music, eight pupils were selected to perform with the National Youth Choir.

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ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR YEAR ENDED 31 JULY 2025

Once again Drama continues to sit at the heart of the school with over 250 weekly LAMDA lessons and once again outstanding productions across all year groups demonstrated the outstanding talent on display. This year’s production of Grease was voluntary but saw every single pupil in Year 7 and 8 volunteer to be involved, demonstrating Dramas standing across the school. The production, along with productions in the Pre-Prep, Juniors and the Year 6 production were all to an extremely high standard. This provision is led by our Director of Drama who was awarded ‘Most Influential Drama teacher of the Year’ in a prestigious awards ceremony.

In music our Summer Concert, featuring an incredible 141 pupils performing, was a triumph of musical excellence and collaboration, further highlighting the popularity and quality of musical provision across the school. Under the outstanding leadership of our Director of Music and the dedication of our peripatetic music team, the concert was a stunning showcase of talent and dedication.

Community events continued to play an important role in the life of the school. The 80th anniversary of VE Day was marked with a whole-school commemoration, providing pupils with an opportunity to reflect on its historical significance.

These achievements reflect the dedication and professionalism of the staff, whose commitment continues to ensure that pupils benefit from a dynamic and supportive educational environment. The trustees remain grateful for the ongoing support of parents and the wider school community, whose partnership with the school plays an essential role in enabling Aldwickbury to deliver a highquality educational experience.

Finally, the school was delighted to share with the community the results of May’s ISI inspection. The report reflects the outstanding work of our dedicated staff, whose commitment and creativity to ensure that every child at Aldwickbury enjoys an exciting, varied, and ambitious curriculum. From the youngest pupils to those preparing for senior school, the inspectors recognised the way that strong leadership and high-quality teaching stretches, challenges, and inspires across all age groups, enabling our children to flourish both academically and personally. The school was particularly proud that the inspection team acknowledged the positive impact that our school values have on our community.

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ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR YEAR ENDED 31 JULY 2025

As a school community, we are proud to celebrate the many positive comments and reflections of the ISI team, which affirm the high standards and enriching experiences we provide every day. In line with our Kaizen approach to continuous improvement, we will also reflect thoughtfully on the report’s recommendation. We are excited to build on this, further strengthening our forwardthinking Future Thinking curriculum and continuing to prepare our children for the opportunities and challenges ahead. Aldwickbury remains a place where our values shine through and where our staff ignite a passion for learning through outstanding teaching and personalised pastoral care.

Looking ahead, the school will continue to build on these foundations, further developing its facilities, curriculum and co-educational provision while remaining firmly committed to its core mission of enabling every pupil to thrive academically and personally.

Summary of the Year

The 2024-2025 academic year has been one of notable growth and achievement for Aldwickbury School. Despite external challenges, our commitment to providing a stimulating and supportive educational environment has enabled us to thrive. With continued investment in facilities, enhanced academic and co-curricular programmes, and the dedication of our staff, we are wellequipped to inspire our boys for future success.

PUBLIC BENEFIT

Ethos and Governance

As a designated Church of England school, Aldwickbury’s commitment to public benefit is rooted in its Christian values. The Governors fulfil their duties under the Charities Act 2011 by ensuring the School’s educational advancement and fee structures remain compliant with Charity Commission guidance. All income is reinvested into the School’s educational objectives.

Future Financial Outlook

The Board is closely monitoring the impact of the government's imposition of VAT on independent school fees. This policy change will increase financial pressure, and the Board will continue to review its public benefit activities to ensure the School remains financially sustainable while meeting its charitable obligations.

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ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR YEAR ENDED 31 JULY 2025

WIDENING ACCESS: BURSARIES AND HARDSHIP

Access and Affordability

Aldwickbury is committed to ensuring its education is accessible to those who cannot afford full fees. As the School does not have an endowment fund, the Board balances the need for

reinvestment with its commitment to means-tested bursaries.

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Financial Summary 2024-25 2023-24
Total Grants in Place 8 (1 at 100%) 7 (1 at 100%)
Bursaries & Hardship Assistance £99,209 £98,724
Total Discounts (All types) £111,015 £75,233
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COMMUNITY PARTNERSHIPS AND ACCESS

The Shared Learning Trust (TSLT) Partnership

Now in its eighth year, this partnership with The Vale, Rushmere, and Linden Academies facilitates mutual growth through shared expertise and facilities. Key initiatives this year included:

Facility Sharing and Local Engagement

The School proactively shares its amenities with the local community, residents, and businesses:

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ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR YEAR ENDED 31 JULY 2025

CHARITABLE GIVING AND VOLUNTEERING

Student-Led Fundraising

Charitable support is central to the curriculum. The Boys’ Council leads fundraising efforts,

reflecting on the School's Christian foundations. Highlights this year include:

Aldwickbury Friends Association (AFA) and Volunteers

Our parents make a vital contribution to school life and the wider community:

FINANCIAL REVIEW

Results for the Year

The Governors align financial planning with strategic priorities: providing an exceptional learning environment, attracting enrolments, and supporting growth. While the School typically aims for a 10% pre-depreciation surplus to fund infrastructure, the Board approves planned deficits for key strategic enhancements.

In response to the Government’s introduction of VAT on school fees from January 2025, the Governors made the decision to reduce fees to help support families.

There was significant capital investment during 2023-24 with the opening of the STEM Hub, boarding suite upgrades and the climbing wall. In 2024-25, the School invested further in upgrading our servers and equipment for our one-to-one digital learning. In preparation for the school moving from boys only to a co-educational setting in September 2025, there was also

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ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR YEAR ENDED 31 JULY 2025

investment in facilities, such as bathrooms, to be ready to welcome girls into the setting. These investments resulted in a total capital expenditure of £58,754 (2024: £891,933) and a net deficit after depreciation of £4,940 (2024: £366,064 deficit after depreciation).

Going Concern

The Governors maintain rigorous oversight of business resilience to ensure educational continuity. In response to a national decline in birth rates and the imposition of VAT on fees, a dedicated working group provides detailed analysis to the Board.

The Board monitors financial health through:

KPIs and Management Accounts: Continuous scrutiny of cash flow and pupil forecasts.

Scenario Planning: Assessing sector threats, loan covenants, and debt servicing.

Resilience: Ensuring the School meets its liabilities and charitable obligations.

The Governors have reviewed budgets and forecasts for the upcoming period and are satisfied that the School remains a going concern, with no material adjustments expected to affect assets or liabilities in the next twelve months.

Assets and Reserves Policy

Fixed Assets: Tangible fixed assets are valued at £12,161,920 (2024: £12,553,270).

Funds: Total funds stand at £9,310,698 (2023: £9,315,638).

Policy: Free reserves (funds not tied up in fixed assets or designated) are minimal, as the School’s unrestricted funds are primarily invested in land and buildings. The School relies on recurring cash flow for working capital.

The Governors’ policy is to generate sufficient annual reserves to service borrowings, fulfil objectives, and reinvest in facilities. The School does not aim to accumulate free reserves beyond these operational requirements.

Investment Policy

The School holds absolute power to invest its corporate reserves. Year-end funds and future surpluses are earmarked for repaying outstanding loans and upgrading the estate. This is balanced against rigorous forecasting to ensure the School can react effectively to external financial threats.

FUTURE PLANS

Strategic Financial Management The Governors are closely monitoring the impact of new

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government tax legislation, specifically the imposition of VAT on independent school fees. To ensure future growth is built on a stable financial foundation, major capital investment decisions have been deferred until 2025. This allows the School to assess the economic impact of these changes on both the institution and its families before committing to large-scale projects.

Estate Master Plan A comprehensive estates review conducted in late 2023 serves as a blueprint for the School’s long-term development. Key priorities in this roadmap include:

Academic and Digital Innovation Building on the success of the new Sports Hall and STEM hub— which contributed to the School being named a finalist for "Independent Boys' School of the Year" in 2024—the focus shifts to digital transformation:

RISK MANAGEMENT

Governance and Oversight: The Board of Governors maintains ultimate responsibility for risk management, setting the School’s risk appetite and tolerance levels. While day-to-day operational decisions are delegated to the Head and Bursar (DFO), the Board maintains oversight through regular school visits, committee reports, and board-level reviews of academic, financial, and reputational risks.

Risk Culture and Methodology: Aldwickbury adopts a holistic "ALARP" (As Low As Reasonably Possible) approach to risk. This culture ensures that risks are articulated and mitigated across all daily activities to provide a safe learning environment. The Bursar (DFO) regularly monitors business and environmental risks, while the Head approves all major trip assessments.

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ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR YEAR ENDED 31 JULY 2025

Strategic and Operational Risks: The School maintains a comprehensive Risk Register, which is reviewed by relevant committees with high-priority threats escalated to the full Board. Key areas of focus include:

Procedures and Training: The procedures we have to monitor risks is as follows:

HEALTH AND SAFETY

Responsibility and Governance The Governors maintain ultimate responsibility for Health and Safety (H&S), delegating day-to-day management to the School’s leadership. The Finance and General Purposes Committee reviews H&S and estate matters regularly, ensuring all policies comply with current legislation. Any significant regulatory breaches or injuries are reported immediately to the Chair of the Board and the Chair of Finance.

Expert Support and Compliance Aldwickbury maintains a service agreement with Peninsula

Business Safe and Health Assured , providing access to:

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ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR YEAR ENDED 31 JULY 2025

Internal Committees and Procedures The Bursar (DFO) chairs the Health and Safety Committee, which includes specialist input from the Head of Science regarding CLEAPSS protocols. Committee minutes are presented to the full Board for review.

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ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR YEAR ENDED 31 JULY 2025

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The members of the Governing Body (who are also the directors of Aldwickbury School Trust Limited for the purposes of company law and Trustees for the purposes of charity law) are responsible for preparing the Annual Report and the financial statements with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Governing Body to prepare financial statements for each financial year. Under that law the Governing Body has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under company law the Governing Body members 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 of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Governing Body members are required to:

The members of the Governing Body are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, 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 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR YEAR ENDED 31 JULY 2025

Relevant Audit Information

In so far as each of the Directors, as members of the Governing Body, at the date of approval of this report is aware, there is no relevant audit information (information needed by the Company’s auditor in connection with preparing the audit report) of which the Company’s auditor is unaware. Each member of the Governing Body has taken all the steps that he or she should have taken as a member of the Governing Body to make himself or herself aware of the relevant audit information and establish that the Company’s auditor is aware of that information.

Approved by the Governing Body of Aldwickbury School Trust Limited on, including, in their capacity as company directors, approving the Directors’ and Strategic Reports contained therein, and signed on its behalf by:

Signature: Position Chair of Governors Date: 10/7/2026

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ALDWICKBURY SCHOOL TRUST LIMITED

Opinion

We have audited the financial statements of Aldwickbury School Trust Limited (‘the company’) for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement 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 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 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 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 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 trustees with respect to going concern are described in the relevant sections of this report.

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, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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.

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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 the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 18, the trustees (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 trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees 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 trustees 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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Docusign Envelope ID: 4909E965-130A-8600-8364-D5CE3562E262

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

24

Docusign Envelope ID: 4909E965-130A-8600-8364-D5CE3562E262

management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 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 any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Shivani Kothari (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

Date: 11/7/2026

9 Appold St London EC2A 2AP

25

Docusign Envelope ID: 4909E965-130A-8600-8364-D5CE3562E262

Aldwickbury School Trust Limited STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure statement) for the year ended 31 July 2025

Notes
INCOME FROM:
Charitable Activities
School fees
2
Other educational income
3
Other income
Other trading income
4
Other income
Investments
Investment Income
5
Voluntary sources
Grants and donations
6
Total income and endowments
EXPENDITURE ON:
Costs of raising funds
Interest and other costs
Charitable activities
Education
7
Total expenditure
7
Net operating income/(expenditure)
Other Profit or Loss on sale of assets/property
Net income/(expenditure)
11
Net movement in funds
Fund balances brought forward
Fund balances carried forward
16		 Unrestricted /
Designated
funds
£		 Total
2025
£		 Total
2024
£
6,791,866
794,214
49,490
-
25,327
26,921
7,687,818
169,402
7,885,019
8,054,421
(366,603)
539
(366,064)
(366,064)
9,681,702
9,315,638
6,691,189
793,873
71,983
10,000
119,142
18,750
7,704,937		 6,691,189
793,873
71,983
10,000
119,142
18,750
7,704,937
141,921 141,921
7,567,924
7,709,845
(4,908)
(32)
(4,940)
(4,940)
9,315,638
9,310,698		 7,567,924
7,709,845
(4,908)
(32)
(4,940)
(4,940)
9,315,638
9,310,698

The statement of financial activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

The accompanying notes form part of these financial statements.

26

Docusign Envelope ID: 4909E965-130A-8600-8364-D5CE3562E262

Aldwickbury School Trust Limited BALANCE SHEET

as at 31 July 2025

Notes
FIXED ASSETS
Tangible assets
12
CURRENT ASSETS
Debtors
13
Cash at bank and in hand
CREDITORS: Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS:Amounts falling due after more than one year
15
NET ASSETS
FUNDS
Unrestricted funds – general
16		 2025
£
12,161,920
394,079
1,895,906
2,289,985
(1,621,510)
668,475
12,830,395
(3,519,697)
9,310,698
9,310,698
9,310,698		 2024
£
12,553,270
807,469
2,632,888
3,440,357
(2,309,233)
1,131,124
13,684,394
(4,368,756)
9,315,638
9,315,638
9,315,638

10/7/2026

Approved and authorised for issue by the Board of Governors on ........................................... and signed on their behalf by:

J.Bromfield Chairman of the Board of Governors

The accompanying notes form part of these financial statements. Company Number: 950339

27

Docusign Envelope ID: 4909E965-130A-8600-8364-D5CE3562E262

Aldwickbury School Trust Limited CASHFLOW STATEMENT

for the year ended 31 July 2025

CASH FLOW STATEMENT
Notes
Net cash inflow from operating activities
21
Cash flows from investing activities:
Bank interest received
Payments to acquire fixed assets
Net cash inflow from investing activities
Financing:
Loans repaid
Interest paid
Payments made to finance leases
Net cash outflow from financing activities
Increase/(decrease) in cash
beginning of the reporting period
end of the reporting period
Cash and cash equivalents at the
Cash and cash equivalents at the		 2025
£
(538,803)		 2024
£
5,048,447
25,327
(610,275)
(584,948)
(3,115,101)
(169,402)
(281,658)
(3,566,161)
897,338
1,735,550
2,632,888
119,142
(58,754)
60,388
(25,662)
(141,921)
(90,984)
(258,567)
(736,982)
2,632,888
1,895,906

28

Docusign Envelope ID: 4909E965-130A-8600-8364-D5CE3562E262

Aldwickbury School Trust Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025

1 ACCOUNTING POLICIES

Aldwickbury School Trust Limited is a company limited by guarantee with registered number 950339, incorporated and domiciled in England and Wales. Its registered office is Aldwickbury School, Wheathampstead Road, Harpenden, AL5 1AD.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charitable Company is a public benefit entity for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern and significant estimates and judgements

In assessing the going concern assumptions the Governors take into account all available information about the future that will affect the way in which the school will be able to maintain its level of income and its operational capability whilst remaining competitive against its peers. This includes but is not limited to;

The Governors continually review the school’s ability to meet its fixed costs and have periodically formed working groups to enhance the stewardship of the school to achieve its objectives. Decisions regarding Aldwickbury's recruitment and staff structuring focus on maximising potential savings, whilst ensuring the school is able to maintain the academic output. Finally, in recognising the requirement to make decisions that enable the school to maintain its academic performance, the Governors have allowed management decisions that offer greater flexibility in the financial commitments and investments the school makes. This has been demonstrated with the opening of the STEM Hub to expand resources and broaden this part of the curriculum. Major investments in the school’s tangible structure such as the Sports Hall Climbing Wall and Pre-Prep Sunshade canopy benefits pupil development and allows inclusive and engaging learning.

In the view of the Governors, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year, nor will it affect the School's ability to meet its ongoing obligations for the following 12 months from the date these accounts have been signed.

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the School’s financial statements.

29

Docusign Envelope ID: 4909E965-130A-8600-8364-D5CE3562E262

Aldwickbury School Trust Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025

1.2 COMPANY LIMITED BY GUARANTEE

The School is a Public Benefit Entity registered as a charity in England and Wales (charity number: 311059) and a company limited by guarantee (company number: 950339).

1.3 FIXED ASSETS

Depreciation Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the costs less estimated residual value of each asset, by equal annual instalments, over their expected useful lives which are considered to be:

Assets costing in excess of £1,000 are capitalised.

Finance Costs

Finance Costs incurred which are directly attributable to the construction of fixed assets are capitalised over the period of construction and depreciated in the Statement of Financial Activities over the useful life of the asset.

1.4 VALUE ADDED TAX

Where value added tax is not recoverable due to the partial exemption, it is included in the expenses to which it relates.

1.5 DONATIONS

Donations received for the general purpose of the school are credited to the school’s general fund. Donations subject to specific wishes of the Donors are carried to a relevant restricted fund.

1.6 INCOMING RESOURCES

All incoming resources are included in the Statement of Financial Activities (SOFA) when the school is legally entitled to the income and the amount can be quantified with reasonable accuracy, excluding VAT.

School Fees that have been received prior to the year end, and which relate to activities in subsequent years, are treated as deferred income in the year of receipt and are released in the relevant period thereafter.

1.7 RESOURCES EXPENDED

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category, excluding VAT. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a percentage basis consistent with use of the resources.

Costs of raising funds are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Direct costs relate to staff costs and are attributable to specific activities. Support costs are those costs incurred in support of expenditure on the objects of the school. Governance costs are those incurred in connection with governing of the school and compliance with constitutional and statutory requirements.

1.8 FINANCIAL INSTRUMENTS

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchange rate.

30

Docusign Envelope ID: 4909E965-130A-8600-8364-D5CE3562E262

Aldwickbury School Trust Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025

1.9 PENSION COSTS

The school historically contributed to the Teachers’ Pension Scheme on behalf of eligible teaching staff during the year under review. The school exited the scheme in January 2023. The school contributes towards a group personal pension scheme for the other eligible employees. The amount charged to the Statement of Financial Activities for all schemes is the contributions payable in the year.

1.10 LEASES

Annual rentals are charged to the Statement of Financial Activities on a straight line basis over the lease term. Where assets are financed by finance leases and hire purchase agreements the assets are included in the Balance Sheet at cost less depreciation in accordance with the school's normal accounting policy. The present value of future rentals is shown as a liability.

1.11 FUND ACCOUNTING

Where the school receives funds which are restricted in their usage, they are disclosed as restricted funds. The school also earmarks all funds for set purposes and these are classed as designated funds.

1.12 CHARITABLE STATUS

The Company is registered as a charity, registration number 311059, and in consequence is exempt from taxation on income arising from and expended on its charitable activities.

1.13 ACCOUNTING ESTIMATES AND JUDGEMENTS

In the application of the accounting policies, Governors are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

Critical judgements

Useful economic lives

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property, plant and equipment and note 1.3 for the useful economic lives for each class of asset.

31

Docusign Envelope ID: 4909E965-130A-8600-8364-D5CE3562E262

Aldwickbury School Trust Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025

----- Start of picture text -----
2 FEE INCOME
The School’s activities are carried out within the UK. 2025 2024
The school's fee income comprised: £ £
Gross fees 6,901,412 6,965,823
Less: Discounts (210,223) (173,957)
6,691,189 6,791,866
3 OTHER EDUCATIONAL INCOME
2025 2024
£ £
Extra curricular lessons & wraparound care 771,112 733,858
Registration fees 10,125 9,617
Sundry fees 12,636 50,739
793,873 794,214
4 OTHER TRADING INCOME
2025 2024
£ £
Other income 81,983 49,490
81,983 49,490
5 INVESTMENT INCOME
2025 2024
£ £
Interest received 119,142 25,327
119,142 25,327
6 DONATIONS AND GRANTS
2025 2024
£ £
Donations and gifts 18,750 26,921
18,750 26,921
----- End of picture text -----

32

Docusign Envelope ID: 4909E965-130A-8600-8364-D5CE3562E262

Aldwickbury School Trust Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025

7 EXPENDITURE

(a)
Costs of Raising Funds
Financing costs
Financing costs
Total Costs of Raising Funds
Charitable expenditure
Teaching
Welfare
Premises and Estates
Administration
Governance
Total Charitable Expenditure
Total Expended
Costs of Raising Funds
Financing costs
Total Costs of Raising Funds
Charitable expenditure
Teaching
Welfare
Premises and Estates
Administration
Governance
Total Charitable Expenditure
Total Expended		 £
-
-
-
£
3,390,992
467,112
664,495
682,269
-
5,204,868
5,204,868
£
-
-
£
3,761,820
418,083
293,666
630,566
-
5,104,135
5,104,135
Staff costs
(note 8)
Staff costs
(note 8)
Staff costs
(note 8)
Staff costs
(note 8)		 Other
£
-
141,921
141,921
Other
£
386,588
219,159
728,176
546,087
32,910
1,912,920
2,054,841
Other
£
169,402
169,402
Other
£
426,975
220,600
794,705
741,562
43,093
2,226,935
2,396,337		 Depreciation
£
-
-
-
Depreciation
£
-
-
450,136
-
-
450,136
450,136
Depreciation
£
-
-
Depreciation
£
-
-
553,949
-
-
553,949
553,949		 Total
2025
£
-
141,921
141,921
Total
2025
£
3,777,580
686,271
1,842,807
1,228,356
32,910
7,567,924
7,709,845
Total
2024
£
169,402
169,402
Total
2024
£
4,188,795
638,683
1,642,320
1,372,128
43,093
7,885,019
8,054,421

33

Docusign Envelope ID: 4909E965-130A-8600-8364-D5CE3562E262

Aldwickbury School Trust Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025

7 EXPENDITURE
(b)
Other Governance Costs include:
- Auditors' remuneration current year
- Auditors' remuneration prior year under accrual
- Other Auditors remuneration
(c)
Administration Costs
Salaries
National Insurance
Pension Costs
Other staff costs
Subscriptions
Leases
IT support
Office support costs
Marketing and advertising
Legal and Professional Fees
Other Administration Costs
8 STAFF COSTS
Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Academic
Non-Academic
£60,000 in the year was as follows:
£60,000 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
The number of employees		 2025
£
24,276
4,707
3,927
2025
£
582,604
63,389
36,276
45,306
9,563
53,453
76,239
48,897
118,106
67,263
127,260
1,228,356
2025
£
4,197,738
455,990
551,140
5,204,868
2025
No.
79
45
124
2025
No.
4
-
1
-
1
6		 2024
£
28,418
10,440
2,310
2024
£
538,494
51,194
40,878
41,957
10,950
217,642
95,419
51,706
69,955
83,721
170,212
1,372,128
2024
£
4,156,176
394,839
553,120
5,104,135
2024
No.
83
44
127
2024
No.
2
1
1
-
1
5

Pension contributions for the year amounted to £84,301 (2024: £73,463) for the above employees, into a defined contribution pension scheme.

34

Docusign Envelope ID: 4909E965-130A-8600-8364-D5CE3562E262

Aldwickbury School Trust Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025

9 GOVERNORS REMUNERATION AND BENEFITS

There were no Governors' remuneration or other benefits for the year ended 31 July 2025 nor for the year ended 31 July 2024.

Travel and training expenses of £443 (2024: £435) for 1 governor were paid by the charity during the year.

Key management personnel include the Govenors and the senior executives which are made up of the Headmaster, Bursary and four additional members of the Senior Management Team. The total pay and benefits received by key management personnel were £578,765 (2024: £593,786 ).

10 PENSIONS

The pension charge for the year includes contributions payable to a Group Personal Pension Scheme with Royal London for teaching staff of £458,044 (2024: £455,209) and at the year end £41,950 (2024: £39,075) was accrued in respect of contributions to this scheme.

The School participates in a Standard Life Personal Pension Scheme for its eligible non-teaching staff. The pension charge for the year includes contributions payable to Standard Life of £95,125 (2024: £97,910) and at the year-end £6,740 (2024 - £8,291) was accrued in respect of contributions to this scheme.

11 NET INCOME FOR THE YEAR

NET INCOME FOR THE YEAR
2025 2024
£ £
Net income is stated after charging:
Depreciation of tangible fixed assets 450,136 553,949
Lease rentals – other 53,453 217,642

35

Docusign Envelope ID: 4909E965-130A-8600-8364-D5CE3562E262

Aldwickbury School Trust Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025

12 TANGIBLE FIXED ASSETS

At 1 August 2024
Additions
Disposals
Transfer
At 31 July 2025
Depreciation:
At 1 August 2024
Charge for year
Disposals
Transfer
At 31 July 2025
Net book value:
At 31 July 2025
At 1 August 2024		 Freehold
Property
15,617,620
53,992
-
-
15,671,612
3,441,957
312,542
-
-
3,754,499
11,917,113
12,175,663		 Plant
&
Equipment
101,420
-
-
-
101,420
96,268
1,628
-
-
97,896
3,524
5,152		 Fixtures
&
Fittings
2,272,698
4,762
(122,846)
-
2,154,614
1,900,243
135,966
(122,878)
-
1,913,331
241,283
372,455		 Motor
Vehicles
10,188
-
-
-
10,188
10,188
-
-
-
10,188
-
-		 Total
18,001,926
58,754
(122,846)
-
17,937,834
5,448,656
450,136
(122,878)
-
5,775,914
12,161,920
12,553,270

The net carrying value of tangible fixed assets includes £69,632 (2024: £281,659) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £34,811. (2024: £Nil).

13 DEBTORS
Fees and extras
VAT
Prepayments and accrued income
14 CREDITORS
Amounts falling due within one year:
Loans
Trade creditors
Taxation and social security costs
Fees in advance and fee deposits
Other creditors
Accruals
Deferred income:
Brought forwards
Released in year
Received in year
Carried forwards		 2025
£
162,419
36,856
194,804
394,079
2025
£
32,758
41,245
114,907
768,106
108,336
556,158
1,621,510
2025
£
1,343,818
(1,343,818)
768,106
768,106		 2024
£
573,318
-
234,151
807,469
2024
£
26,970
47,788
107,616
1,343,818
235,002
548,039
2,309,233
2024
£
473,400
(473,400)
1,343,818
1,343,818

Deferred income relates to schools fees and trips received in advance for the following term.

36

Docusign Envelope ID: 4909E965-130A-8600-8364-D5CE3562E262

Aldwickbury School Trust Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025

15 CREDITORS DUE AFTER ONE YEAR

Amounts falling due after more than one year:
Bank and other loan
Amounts payable under finance leases
School fee deposits
Fees in advance
Movement on loans
In one year or less
Between one and two years
Between two and five years
Finance Leases
In one year or less
Between one and two years
Between two and five years		 2025
£
1,930,586
23,415
484,250
1,081,446
3,519,697
2025
£
32,758
31,980
1,898,606
1,963,344
2025
104,444
23,415
-
127,859		 2024
£
1,962,035
133,551
373,250
1,899,920
4,368,756
2024
£
26,971
28,988
1,933,047
1,989,006
2024
85,292
83,352
50,199
218,843

The finance lease creditor represents 4 leases held for IT devices which cover a period of up to 5 years.

The School's loan balances as at 31 July 2025 consist of:

A loan of £1,000,000 was drawn down from Barclays PLC in 2023 to re finance the Gym/Sports Hall build, of which the remaining balance at the reporting date is £976,907.

A loan of £755,250 was drawn down from Barclays PLC in 2023 to also re finance the Gym/Sports Hall build, of which the remaining balance at the reporting date is £736,580.

An unsecured loan facility from a private individual of £249,857 was drawn down in 2015 in order to fund the tennis court and cricket net refurbishment. The capital was to be repaid at the end of a 10 year period, together with the interest, which accrues on a straight line basis at 2%. At maturity there was an option to extend by 5 years. The total amount outstanding at the year end, including accrued interest is £302,106 (2024: £297,090).

37

Docusign Envelope ID: 4909E965-130A-8600-8364-D5CE3562E262

Aldwickbury School Trust Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025

16 FINANCIAL INSTRUMENTS

£
Unrestricted funds:
General reserve
9,315,638
Designated fund:
Total funds
9,315,638
£
Unrestricted funds:
General reserve
9,681,702
Total funds
9,681,702
17 ANALYSIS OF NET ASSETS BETWEEN FUNDS
Tangible fixed assets
Investments
Current assets
Current liabilities
Long term liabilities
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Long term liabilities
Total net assets
At 1 August
2024
At 1 August
2023		 Income
£
7,704,905
7,704,905
Income
£
7,688,357
7,688,357		 Expenditure
£
(7,709,845)
(7,709,845)
Expenditure
£
(8,054,421)
(8,054,421)
Unrestricted
funds
£
12,161,920
-
2,289,985
(1,621,510)
(3,519,697)
9,310,698
Unrestricted
funds
£
12,553,270
3,440,357
(2,309,233)
(4,368,756)
9,315,638		 £
9,310,698
9,310,698
£
9,315,638
9,315,638
2025
Total
£
12,161,920
-
2,289,985
(1,621,510)
(3,519,697)
9,310,698
2024
Total
£
12,553,270
3,440,357
(2,309,233)
(4,368,756)
9,315,638
At 31 July
2025
At 31 July
2024

38

Docusign Envelope ID: 4909E965-130A-8600-8364-D5CE3562E262

Aldwickbury School Trust Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025

18 COMMITMENTS UNDER OPERATING LEASES

At 31 July 2025, the company had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

Due within one year
Due between two and five years
Due after more than five years		 2025
Plant &
Machinery
167,421
167,421
181,373
516,215		 2025
Office
equipment
40,415
28,772
32,988
102,175		 2024
Plant &
Machinery
200,905
200,905
418,553
820,363		 2024
Office
equipment
51,292
48,498
70,029
169,819

19 RELATED PARTIES

Ainsley & Partners

The partnership, of which one governor is a managing partner, was retained to provide surveying and project management services in relation to the planning application and project management for the new sports hall and maintenance facilities. Fees totalling £nil including VAT have been paid to the company (2024: £15,300), with £nil outstanding at the year-end (2024: £nil). All transactions were done so at arm's length.

20 CAPITAL COMMITMENTS

At the year end, there was a commitment of £12,696 (2024: £nil), relating to planning building works to the school. Capital commitments under finance leases have been disclosed in notes 12 and 15.

21 NOTES TO THE CASHFLOW STATEMENT

Reconciliation of operating result to net cash inflow from
operating activities
Net movement in funds
Depreciation
Release of fees in advance
Bank interest received
Interest payable
Profit/(Loss) on sale of Fixed Assets
Increase/(Decrease) in creditors
(Increase)/Decrease in debtors
Fees in advance		 2025
£
(4,940)
450,136
-
(119,142)
141,921
(32)
(330,984)
413,390
(1,089,152)
(538,803)		 2024
£
(366,064)
543,442
(25,327)
169,402
355,146
4,705,340
(333,492)
5,048,447

39