OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-08-31-accounts

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

BEECHWOOD PARK SCHOOL LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] AUGUST 2025

Company registered number: 00820476

Charity number: 311068

MOORE KINGSTON SMITH LLP

4 VICTORIA SQUARE ST ALBANS HERTFORDSHIRE AL1 3TF

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

CONTENTS

Page
Company information 1
Governors’ report 2 – 12
Independent auditors’ report 13 – 16
Statement of financial activities 17
Balance sheet 18
Statement of Cash Flows 19
Notes to the financial statements 20 – 32

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2025

GOVERNORS, DIRECTORS AND CHARITY TRUSTEES

The Governors of Beechwood Park School Limited (“the School”) are the School’s charity trustees under charity law and the directors of the charitable company. The members of the Governing Body who served in office as Governors during the year and subsequently are detailed below:

(1) (2) (3) (4)
Lt Col (retd.) M W S Cawthorne RM ^ Appointed 02/01/2026 ● ●
Mrs M Cussans ●
Mrs C E Cutler (Vice Chair) Retired 24/11/2025 ● ●
Mr H M Ford Resigned, moving to advisory panel, 02/01/2026 ●
Mr G P Freeman Resigned, moving to advisory panel, 02/01/2026 ●
Mr M W Hammond (Chair) ●
Mr J S Hodgson Resigned 02/01/2026
Prof T S Jacques ● ●
Mrs G Mackenzie Resigned, moving to advisory panel, 02/01/2026 ●
Dr R J Maloney Resigned 02/01/2026
Mr N C Moore ^ Appointed 02/01/2026 ●
Mr E Phillips * ● ●
Miss A M Philpott ^ Appointed 02/01/2026 ●
Mrs C E Pomfret ^ Appointed 02/01/2026 ●
Mr N G Scragg Resigned, moving to advisory panel, 02/01/2026 ●
Mrs P Shah Resigned, moving to advisory panel, 02/01/2026 ●
Mr J Silvester Elected 23/06/2025. Resigned 02/01/2026
Ms K E Swaine Resigned, moving to advisory panel, 02/01/2026 ●
Mrs J C Wadham Resigned, moving to advisory panel, 02/01/2026 ● ●
Mr A M Woodgate ^ Appointed 02/01/2026 ●

(4) Public Benefit Committee

OFFICERS

C Pritchard Headmaster A M C Ridler Chief Operating Officer (COO)/Clerk to the Governing Body

Principal Address and Registered Office

Beechwood Park School, Markyate, St Albans, Herts, AL3 8AW

Auditors

Moore Kingston Smith LLP, 4 Victoria Square, St Albans, Hertfordshire, AL1 3TF

Legal Advisors

Farrer & Co LLP, 66 Lincoln’s Inn Fields, London, WC2A 3LH Eversheds Sutherland LLP, 1 Wood Street, London, EC2V 7WS

Page 1

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2025

The Governors present their report and the audited financial statements for the year ended 31st August 2025. This report represents a Directors’ report under the Companies Act 2006 and the Trustees’ report under the Charities Act 2011. These financial statements comply with current law and regulatory requirements including the FRS 102 Charities SORP.

REFERENCE AND ADMINISTRATIVE INFORMATION

Beechwood Park School (“the School” or “Beechwood Park”) was founded in 1964. It is constituted as a company limited by guarantee registered in England, No. 00820476, and is registered with the Charity Commission under Charity No. 311068.

Details of the members of the Governing Body, together with the School’s officers and principal advisers are given on Page 1.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Beechwood Park School and St Albans School - Joining Together

We are delighted to announce that on 2 January 2026 Beechwood Park School and St Albans School joined together, uniting two schools with a shared ethos, a strong sense of community, and a long history of partnership. For many years, pupils from Beechwood Park School have continued their educational journey at St Albans School, and this next step marks an important new chapter in our relationship.

By joining together, we are strengthening both schools and enhancing the opportunity for a continuous, high-quality education from ages 3 to 18, for families who choose it.

Beechwood Park School, a co-educational school for pupils aged 3–13, and St Albans School, an 11–18 school with a coeducational Sixth Form and welcoming girls and boys into Year 7 from September 2026, will each continue to retain their distinct identities. At the same time, we are united by a shared ambition: to provide an outstanding education that nurtures character, inspires curiosity, and supports every child to thrive.

Together, each school will build on a shared mission by strengthening collaboration across both communities, expanding opportunities for pupils and staff, and investing in an exceptional educational experience for the future. This will include shared events and enrichment activities, and greater opportunities for staff development and the sharing of expertise and facilities.

We are also pleased to announce that, as part of our coming together, girls and boys who wish to continue their education at St Albans School, after completing their Beechwood Park journey, will benefit from a preferential admissions process that will, subject to meeting certain criteria, provide a seamless pathway between the two schools.

The respective Heads of Beechwood Park School and St Albans School will work together to shape and deliver a cohesive, forward-looking educational vision for both schools.

This partnership reflects our shared confidence in the future and our joint commitment to provide the highest standards of education for children and families in our communities. The Governors of both Beechwood Park School and St Albans School were unanimous in their decision to move forward with this opportunity to provide the highest quality education for girls and boys aged 3 to 18, now and in the years to come.

Page 2

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2025

Governing Documents

The School is governed by its Articles of Association, last amended on 2 January 2026.

Governing Body

The Governing Body is self-appointing. None of the Governors has any beneficial interest in the Company. The School has taken out Directors and Officers liability insurance for the Governors.

As of 2 January 2026:

Recruitment and training of Governors

The Governing Body, in carrying out its duties, draws on a wide range of different skills and expertise. The recruitment and appointment process for Governors selects candidates from diverse backgrounds and disciplines. The primary focus is on the provision of educational and academic expertise. This enables Beechwood Park to draw on experience from other educational sectors. The School also recruits Governors to provide commercial, legal, estate management, health and safety, IT, marketing and financial expertise. Many Governors are parents of former pupils at Beechwood Park.

When the School identifies a gap in the skills base, or when a resignation takes place, suitable candidates are sought through a variety of means including proposals from Governors and external advertising and search. The Chair and the Headmaster follow the School’s Governor Induction Procedure, inviting the candidate to attend a selection process with the Chair. The Chair considers the candidate’s suitability against the standard Role Description for all governors, as well as the description of the vacant role. The Chair circulates the candidate’s qualifications to all other Governors for their approval. If approved, the Chair asks the candidate to attend the next meeting of Governors, and the Governors then formally confirm the appointment.

Most new Governors are already familiar with the School but will follow a well-established induction programme run by the Chair, Headmaster and COO. This incorporates the workings of the Governing Body, its role and its responsibilities. The School also offers new Governors governance training with the Association of Governing Bodies of Independent Schools (AGBIS), or the Independent Schools’ Bursars’ Association (ISBA). As part of their induction, Governors undertake School-specific Child Protection and Safer Recruitment training, as well as receiving regular updates from AGBIS, the IAPS, ISC, BSA and other professional bodies.

Organisational Management

The Board of Governors, as the charity trustees, are legally responsible for the overall management and control of the School. The Board of Governors meets termly to consider and ratify School policies and long-term development strategy. The Governors also meet regularly with the Headmaster and COO to consider the next stages of the School’s Development Plan.

The following Committees will meet at least termly to oversee the leadership and management of the following areas of the School’s provision:

Page 3

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2025

The Education Committee also includes Tom Jacques, the Governor with specific responsibility for Safeguarding and Child Protection, and Genevieve Mackenzie, the advisory panel member with specific focus on the Early Years Foundation Stage (EYFS).

The School is led by the Headmaster with educational decisions taken in conjunction with the Senior Deputy Head, and financial, operational and administrative decisions taken in conjunction with the COO. They are the key leadership personnel of the School, supported by a broader Senior Leadership Team.

Remuneration

The Governing Body sets remuneration, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding fairly and responsibly individual excellence and contributions to the School’s success. The Governors consider the total rewards (salary, employer pension contribution rates and other benefits) for staff taking into consideration expected income and expenditure and external factors including maintained sector salary levels, usually agreeing an annual percentage salary increase for all staff. The appropriateness and relevance of the remuneration policy is reviewed annually. Delivery of the School’s charitable vision and purpose is primarily dependent on our key management personnel, and staff costs are the largest single element of the School’s charitable expenditure.

The Governors consulted with teaching staff who are members of the Teachers’ Pension Scheme (TPS) during summer 2024 and the School left the TPS and fully transitioned to a defined contribution scheme on 31 August 2025.

OBJECTS, AIMS AND OBJECTIVES

Charitable Objects

The School’s Objects, as set out in the Articles of Association, are the advancement of education and other associated activities for the benefit of the community as a whole. In furtherance of these Objects, for public benefit, the School has established and administers bursaries, grants, awards and other benefactions, and acts as the trustee and manager of property, endowments, bequests and gifts given or established in pursuance of these Objects.

Our Future Starts Here

Our Purpose

To provide an exceptional education, giving every child the best possible opportunity to lead a happy, successful and productive life.

Our Vision

To be a co-educational global leader in the development of children from 3 to 13.

Our Mission

At the heart of everything we do, we are committed to helping every child become the BEST version of themselves by nurturing:

Page 4

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2025

We aim to develop 21st Century ‘World Ready’ learners and principled citizens with a caring sense of adventure. Our core teaching philosophy, Nurture – Engage – Inspire, underpins this mission.

Objectives

The primary objectives of the School to fulfil these aims are to provide:

Strategies to achieve primary objectives

Public Benefit

The Governors have considered the Charity Commission guidance on public benefit, including the guidance ‘Public Benefit: Running a Charity (PB2)’. The Public Benefit Committee was set up in January 2017 to develop a strategic plan for the provision and demonstration of public benefit to include but not be limited to:

Page 5

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2025

The Governors are committed to broadening access to the School by offering to eligible parents/guardians means-tested financial support with the payment of school fees. Bursaries may be awarded in the form of a discount of up to 100% of tuition fees payable, depending on the financial, compassionate or other pertinent circumstances of applicants.

During the year, the School provided bursaries totalling £94,181 (2024: £84,921) to support 9 pupils covering between 25% and 100% of their fees. One other pupil was given free access to the School Counsellor. The School is phasing out sibling discounts, in favour of diverting funds to bursary applicants.

Efforts to identify potential pupils who would benefit from the education provided by the School have continued. The School invites parents of leavers to donate all or part of their deposits to the School to provide bursary support.

Teaching and selected other staff receive a discount for all children attending.

Charitable donations from the School community amounted to £4,997 during the year. The pupils are actively involved in all fundraising activities throughout the year.

Beechwood Park sponsors Markyate Village School’s membership of Tooled Up Education, which provides evidencebased pastoral resources to parents and teachers on all aspects of parenting, education and family life. The School also provides Markyate Village School with free access to the swimming pool for weekly lessons.

The Headmaster continues to develop the School’s public benefit and encourages all Beechwood Park staff to implement public benefit activities to the mutual benefit of all parties. The School maintains a register of public benefit provision.

Reserves

The Governors regularly review the School’s funding approach by its strategic and financing policies and aim to maintain cash reserves of between 15% and 25% of income.

2024/25 Income £9,140,627
- 15% target £1,371,094
- 25% target £2,285,157
Cash and investments atyear end £2,108,287
(excludingfees in advance and deposits)
Total reserves atyear end £9,826,788
consistingof:
Designated Funds(BPSPA) £9,000
Restricted Funds – Prize Fund £8,000
Revaluation Reserve £4,466,897
General Funds £5,342,891

The Governors’ plan is to continually improve the School's financial robustness and invest in capital works in future years. The Governors review the reserves policy on an annual basis.

Page 6

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2025

Investments

The School does not have any investments other than fixed term treasury deposits; these are held in the form of cash. The Finance and General Purposes Committee is responsible for the examination and implementation of investment strategies.

Employment

The School is an equal opportunities employer. The School gives full and fair consideration to job applications from people with disabilities and due consideration is given to their training and employment needs. Consultation with employees has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. Our Staff Wellbeing Committee helps to improve communication between all staff at the School.

The School makes employees aware of the financial and economic performance of the School. Communication with employees continues through normal leadership and management channels in a variety of forms including weekly departmental and whole-staff meetings and also through exceptional channels to apprise staff of current issues.

Staff meet with Governors over supper prior to the Lent Term Full Board of Governors meeting.

The Headmaster encourages Governors to make individual visits to the School throughout the year to meet with staff and observe the workings of the School.

STRATEGIC REPORT

Achievements and Performance

ISI completed its three-yearly inspection of the school in September 2025. The school was compliant in all areas and secured a ‘significant strength’ in relation to pupils’ resilience and learning ability:

“Pupils communicate confidently about their achievements, any challenges faced and how they might resolve these. Pupils develop self-knowledge and self-confidence beyond what is expected at their age, they recognise and communicate their strengths and demonstrate resilience when articulating what they do to overcome challenges. This is a significant strength of the school.” (BWPS – ISI Report 2025 – Summary of Paragraph 3)

Admissions

Key admission points for the School are into the Woodlands Nursery, Reception and Year 7, which is a popular entry point for pupils wishing to move from maintained primary schools into independent education. The School held its usual Open Mornings each term which were very well attended.

Academic

Through the 2024 – 2025 academic year, the School’s key academic targets were to:

Page 7

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2025

Further academic achievements included:

Co-Curricular

The Co-Curricular Objectives for 2024 – 2025 were to:

The above objectives were successfully completed during the course of the academic year and became part of the school’s self-evaluation (SEF) process, which enabled progress to be tracked.

The School has appointed a new Director of Co-Curricular and Digital Strategy for September 2025 to move the school’s co-curricular planning forward.

Pastoral

The Deputy Head (Pastoral) continued to review and develop the school’s pastoral approaches, reporting termly to the Safeguarding Governor and Education Committee.

Beechwood Park’s pastoral provision is based on high expectations of behaviour, and the pastoral system underpins these expectations, offering nurture and care. The school continues to provide targeted support to a few pupils via Form Teachers and the counsellor. Staff and Heads of School Department also adapted and planned carefully for specific pupils, such as a Year 7 pupil with specific needs and challenges allowing him to access all aspects of the curriculum, and school life, including boarding, in a wheelchair.

The DSL maintained child protection as a top priority implementing the changes from Keeping Children Safe in Education 2025, training staff and reporting back all concerns to the Headmaster, the SLT and the Safeguarding Governor. All staff and governors undertake regular safeguarding training.

The Head of PSHE and the Deputy Head Pastoral have focused on pupils’ mental health, developing daily strategies, focused days for all children and specific training for Year 4 pupils.

The boarding team ran an excellent programme for boarders and continued to develop the boarding facilities.

Year 8 pupils continue to seek the opinions of younger pupils and communicate their views through the Food Committee and the Link Monitor system. We continue to develop Pupil Voice throughout the school.

The Catering Manager continues to deliver outstanding catering provision, taking into consideration the pupils’ views.

The School has appointed a new Head of Pupil Wellbeing and a new Senior Deputy Head for September 2025.

Technology

The School continued to develop its technological infrastructure and curriculum in the following ways:

Page 8

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2025

Buildings and Estates

The School continued to develop its buildings and estates to provide the very best environment to deliver the School’s Mission. Projects for the 2024-25 year included refurbishment of: the Pre-Prep hall, the girls’ boarding dormitories, three roofs, the Nursery veranda, the South Corridor, the swimming pool cover, two residential flats and various other refurbishment and repair projects essential to the smooth operation of the School.

Financial Review

The School’s net expenditure for the year from amounted to £591,107 (2024: net income of £58,869). This has been substantially affected by several factors outside the School’s control, including:

The School is disappointed that the Government has actively chosen to tax children’s education in this manner.

As set out in note 11, the School is a member of a defined benefit pension scheme and a revaluation of the scheme has resulted in an additional provision of £333,990 being required from Beechwood Park, which accounting rules require is reflected in the School’s expenditure for the year. The impact of this provision had no cash impact during this financial year but over the next 9 years the School will increase its contribution the Scheme as per Note 11.

Although it was not the primary driver, the leadership team restructure announced in November 2024 and delivered for September 2025 will reduce the School’s operating costs.

The Governors and the Senior Leadership Team will continue to seek ways to mitigate the impact of rising costs on future fees without diluting the premium, high quality, value for money education offered at Beechwood Park.

The policy of spending the surplus generated (£323,278 before depreciation and one-off costs) on refurbishment and development of facilities has continued and the School’s capital expenditure for the year was £343,094 (2024: £459,363).

The results for the year are shown in the statement of financial activities on page 17.

The School's balance sheet as detailed on page 18 shows a satisfactory position at the year end:

Page 9

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2025

Key Performance Indicators

The School manages its performance through a series of key performance indicators that are both financial and nonfinancial in nature. The financial measures exist to ensure that the School continues to be able to meet its commitments and to be able to fund the facilities and resources required to run the School. The non-financial measures exist to monitor the educational outcomes of the School and to ensure that the School meets its educational objectives. The results for the year are:

he year are:
2025 2024
Ratio of Expenditure to Income 106.4% 99.3%
Ratio of Expenditure to Income before depreciation 101.6% 94.9%
Cash reserves as % of income 23.07% 22.48%
% of pupils passing entrance examinations to first choice school 100% 100%
Number of scholarships at either 11+ or 13+ 24 20

PRINCIPAL RISKS AND UNCERTAINTIES

The Board of Governors reviews the School’s Risk Register at least annually. The generic controls used by the School to minimise risk include:

Other Significant Risks

Significant high likelihood risks and their mitigation are:

The Governors are aware of other political and environmental risks and pay due regard to these when reaching decisions

Page 10

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2025

and reviewing the structure of the School financially and otherwise.

Going Concern

Our reserves position and lack of borrowing gives the School a reasonable platform to withstand the current cost increases and political and economic changes and uncertainties. The Governors are satisfied that adequate resources will be available through future cash flows to meet liabilities as they fall due. The Governors do not foresee any major changes in the School's activities other than the partnership with St Albans School, which will further strengthen the school. Considering the above and after reviewing the School’s forecasts and projections, the Governors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and that it is therefore appropriate to prepare the accounts on a going concern basis.

Plans for Future Periods

The Beechwood Park School Development Plan, which covers the facilities available for teaching as well as the teaching and support staff, continues to be reviewed by the Headmaster, the SLT and Governing Body. This plan has the objective of continuing improvement in the education of children at the School. There is an ongoing prioritisation process which allows the School continually to invest when cash reserves/budgets allow. There is also to be a particular focus on sustainability, cost reduction, increased revenue from non-educational activities, and increased marketing effort.

As noted above, since the year end, a decision was taken for Beechwood Park School to become a subsidiary of St Albans School. Consequently, St Albans School became the sole member of Beechwood Park School on 2 January 2026. Beechwood Park School and St Albans School look forward to working together and are excited for all that lies ahead.

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The Governors are also the directors under company law.

The Governors are required under company law to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing those financial statements the Governors are required to:

The Governors are also responsible for:

Statement of disclosure to the auditor

Insofar as each of the Governors, as directors of the charitable company, 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

Page 11

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2025

that he or she should have taken as a member of the Governing Body in order to make himself or herself aware of the relevant audit information and to establish that the company’s auditor is aware of that information.

This Annual Report was approved by the Governing Body of the School on 19 May 2026 including, in their capacity as company directors, approving the Directors’ and Strategic Reports contained therein, and signed on its behalf by:

----- Start of picture text -----
.....................................
----- End of picture text -----

..................................... Mark Hammond Governor

Page 12

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

BEECHWOOD PARK SCHOOL LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BEECHWOOD PARK SCHOOL

FOR THE YEAR ENDED 31[ST] AUGUST 2025

Opinion

We have audited the financial statements of Beechwood Park School Limited (‘the company’) for the year ended 31 August 2025 which comprise the Statement of Financial Activities, 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

Page 13

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

BEECHWOOD PARK SCHOOL LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BEECHWOOD PARK SCHOOL

FOR THE YEAR ENDED 31[ST] AUGUST 2025

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 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 12, 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:

Page 14

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

BEECHWOOD PARK SCHOOL LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BEECHWOOD PARK SCHOOL

FOR THE YEAR ENDED 31[ST] AUGUST 2025

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:

Page 15

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

BEECHWOOD PARK SCHOOL LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BEECHWOOD PARK SCHOOL

FOR THE YEAR ENDED 31[ST] AUGUST 2025

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

22/5/2026

4 Victoria Square St Albans Hertfordshire AL1 3TF

Page 16

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

Beechwood Park School Limited

STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure statement)

for the year ended 31 August 2025

Notes
INCOME FROM:
Charitable Activities
School fees
3
Other educational income
4
Other income
Other trading income
5
Other activities
Investments
Investment Income
6
Voluntary sources
Donations and grants
7
Total income and endowments
EXPENDITURE ON:
Costs of raising funds
Other trading costs
Charitable activities
Education
Pension provision movement
Total expenditure
8
Net income/(expenditure)
Transfer between funds
Net movement in funds
Fund balances brought forward
Fund balances carried forward
18, 19		 Unrestricted /
Designated
funds
£
8,472,620
464,825
48,639
-
153,107
1,436
9,140,627
3,901
9,393,843
333,990
9,731,734
(591,107)
-
(591,107)
10,409,895
9,818,788		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
8,000
8,000		 Total
2025
£
8,472,620
464,825
48,639
-
153,107
1,436
9,140,627
3,901
9,393,843
333,990
9,731,734
(591,107)
-
(591,107)
10,417,895
9,826,788		 Total
2024
£
8,602,474
523,324
36,238
-
102,890
9,000
9,273,926
11,593
9,213,188
(9,724)
9,215,057
58,869
-
58,869
10,359,026
10,417,895

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.

Page 17

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

Beechwood Park School Limited

BALANCE SHEET

as at 31 August 2025

Notes
FIXED ASSETS
Tangible assets
13
CURRENT ASSETS
Debtors
14
Investments
Cash at bank and in hand
CREDITORS: Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS: Amounts falling due after more than one year
16
Provisions
17
NET ASSETS
FUNDS
Restricted funds
18
Unrestricted funds – general
18
Unrestricted funds - designated
18
Revaluation reserve
18		 2025
£
8,671,254
8,671,254
848,998
1,089,500
3,058,546
4,997,044
(2,650,280)
2,346,764
11,018,018
(606,085)
(585,145)
9,826,788
8,000
5,342,891
9,000
4,466,897
9,826,788		 2024
£
8,774,808
8,774,808
279,874
1,035,000
3,701,044
5,015,918
(2,061,693)
2,954,225
11,729,033
(1,059,983)
(251,155)
10,417,895
8,000
5,822,326
9,000
4,578,569
10,417,895

Approved and authorised for issue by the Full Governing Body on 19 May 2026 and signed on their behalf by:

Mark Hammond Governor

The accompanying notes form part of these financial statements. Company Number: 00820476

Page 18

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

Beechwood Park School Limited

CASHFLOW STATEMENT

for the year ended 31 August 2025

CASH FLOW STATEMENT
Notes
Net cash inflow from operating activities
24
Cash flows from investing activities:
Bank interest received
Proceeds from sale of fixed assets
Payments to acquire fixed assets
Net cash outflow from investing activities
Financing:
Proceeds from fees in advance
Payments to acquire short term investments
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
£
(398,013)
153,107
-
(343,092)
(189,985)
-
(54,500)
(54,500)
(642,498)
3,701,044
3,058,546		 2024
£
1,061,355
102,890
9,950
(459,363)
(346,523)

682,108
(285,000)
397,108
1,111,940
2,589,104
3,701,044

Page 19

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

Beechwood Park School Limited NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2025

1 ACCOUNTING POLICIES

Beechwood Park School Limited is a company limited by guarantee with registered number 00820476, incorporated and domiciled in England and Wales. Its registered office is Beechwood Park School, Markyate, St Albans, Herts, AL3 8AW.

1.1 BASIS OF PREPARATION

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.

These financial statements are prepared on the going concern basis, under the historical cost convention as modified by the revaluation of investments and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. The principal accounting policies, which have been applied consistently throughout the year, are set out below.

Cash balances on deposits held with a maturity date of more than 3 months are classified as current asset investments.

The governors have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the School to continue as a going concern. The governors have made this assessment for a period of at least one year from the date of approval of the financial statements.

In particular the governors have considered and challenged the School’s forecasts and projections, including cash flows, pupil projections and the likely impact of pressures on fee income. Whilst the economic outlook remains uncertain which could have an impact on future pupil numbers, the School’s reserves and lack of borrowing gives the School a reasonable platform to withstand the current cost increases and political and economic changes and uncertainties.The Governors do not foresee any major changes in the School's activities other than the partnership with St Albans School, which will further strengthen the school. The Governors are satisfied that there is a reasonable expectation that the School has adequate resources to continue in operational existence and meet its ongoing liabilities for the 12 months after the financial statements have been signed.

The School therefore continues to adopt the going concern basis in preparing its financial statements.

1.3 COMPANY LIMITED BY GUARANTEE

The company is limited by guarantee, the guarantors at the present time being the Governors, to the extent of £1 each.

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the school, and net of applicable VAT.

Donations received for the general purposes of the school are included as unrestricted funds. Donations restricted by the wishes of the donor or the terms of an appeal are taken to restricted funds. Donations required to be retained as capital in accordance with the donor’s wishes are accounted for as endowments – permanent or expendable according to the nature of the restriction.

1.6 EXPENDITURE

Expenditure is allocated to expense headings, which aggregate all costs relating to the category either on a direct cost basis, or apportioned according to time spent. The School became VAT registered in the year. For the period before VAT registration, the irrecoverable element of VAT is included with the item of expense to which it relates. For the period since VAT registration, irrecoverable VAT is included in finance and administation costs.

All costs associated with the provision of education are allocated to Charitable Expenditure. Only the costs directly associated with, or incurred solely in, Raising Funds are allocated to this category.

Governance Costs comprise the costs of running the charity, including strategic planning for future developments, external audit, legal advice and a proportion of staff costs relating to compliance with constitutional and statutory requirements, such as the costs of Governors meetings.

1.7 TEACHING COSTS

Supplies of games equipment, books, stationery and sundry materials are written off when the expenditure is incurred.

Page 20

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

Beechwood Park School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

1.8 FIXED ASSETS AND DEPRECIATION

All fixed assets are used in direct furtherance of the school’s objectives. Fixed assets are included in these financial statements at their original cost less depreciation and accumulated impairment losses provided to date.

Assets that cost less than £1,000 are not capitalised and are written off in the year of purchase.

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:

Freehold buildings and improvements -50 years Fixtures and fittings -3 - 10 years Vehicles -5 years Computers -3 years

1.9 PENSIONS

Teaching staff employed under a contract of service starting before 31 August 2022 were eligible for membership of the Teachers' Pension Scheme (TPS) until 31 August 2025. The TPS is a contributory defined benefits scheme. The Department of Education is the responsible authority for the TPS and sets the contribution rates for employers and employees in the scheme. Beechwood Park School entered phased withdrawal from the TPS on 1 September 2022. The Governors consulted with teaching staff who are members of the TPS during summer 2024 and from 1 September 2025 the School has fully transitioned to a defined contribution scheme.

Teaching staff are all now eligible for membership of the Aviva Pension Trust for Independent Schools (APTIS). APTIS is a defined contribution scheme. It is an authorised Master Trust and is subject to the ongoing supervision of The Pensions Regulator. The School sets the contribution rates for the scheme.

Support staff employed under a contract of service are eligible for membership of the Independent Schools' Pension Scheme (ISPS), an occupational personal scheme administered by TPT Retirement Solutions. The scheme is a defined contribution scheme. In addition, the School previously enrolled staff in an ISPS defined benefit scheme. Current payments to the ISPS defined benefit scheme represent contributions towards the deficit for existing members remaining in the scheme, in accordance with the rules of the scheme. The assets of the scheme are held separately from those of the School in an independently administered fund.

1.10 LEASES AND HIRE PURCHASE CONTRACTS

Rentals paid under operating leases are charged to the Statement of Financial Activities evenly over the period of the lease.

1.11 CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

The current asset investments are cash deposits held with a maturity date of more than three months.

1.12 FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 14, 15 and 16 for the debtor and creditor notes.

Page 21

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

Beechwood Park School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

1.13 TAXATION

The company is a registered charity and is exempt from taxation as afforded by Section 505 ICTA 1988.

1.14 EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15 FUNDS

Unresticted funds are available for general use of the school. Where fixed assets are donated to the School they are allocated to a restricted reserve at their value at the time of the gift. The reserve is then released to general funds over the asset's useful economic life.

2 KEY ESTIMATES & JUDGEMENTS

In the application of the company's accounting policies, the governing body is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

In the opinion of the Governors, the estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

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 re-assessed 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.

Pension Schemes

Until 31 August 2025, the School contributed to the Teachers’ Pension Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The School also contributes to a defined contribution scheme for teaching staff and non-teaching staff at a minimum of 6% of annual basic pay. Contributions to all pension schemes are charged in the SOFA as they become payable in accordance with the rules of the scheme.

Page 22

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

Beechwood Park School Limited NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2025

3 FEE INCOME

The School’s activities are carried out within the UK.
The school's fee income comprised:
Gross fees
Less: Discounts
Less: Scholarships and bursaries
4 OTHER EDUCATIONAL INCOME
Income derived from other school activities
Registration fees
Fees in lieu of notice
Minibus income
5 OTHER TRADING INCOME
Rent and lettings
6 INVESTMENT INCOME
Interest received
7 DONATIONS AND GRANTS
Donations and gifts		 2025
£
8,776,717
(209,916)
(94,181)
8,472,620
2025
£
341,539
7,977
2,833
112,476
464,825
2025
£
48,639
48,639
2025
£
153,107
153,107
2025
£
1,436
1,436		 2024
£
8,940,283
(252,888)
(84,921)
8,602,474
2024
£
398,896
8,500
7,000
108,928
523,324
2024
£
36,238
36,238
2024
£
102,890
102,890
2024
£
9,000
9,000

Page 23

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

Beechwood Park School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

8 EXPENDITURE

(a)
Costs of Raising Funds
Trading costs
Other non-education costs
Total Costs of Raising Funds
Charitable expenditure
Teaching
Welfare
Premises and Estates
Finance and Administration
Pension provision
Governance
Total Charitable Expenditure
Total Expended		 £
-
-
-
£
5,092,468
88,968
426,104
752,488
10,954
-
6,370,982
6,370,982
Staff costs
(note 9)
Staff costs
(note 9)		 Other
£
3,901
-
3,901
Other
£
427,550
787,066
852,596
482,134
323,036
37,823
2,910,205
2,914,106		 Depreciation
£
-
-
-
Depreciation
£
-
-
446,646
-
-
-
446,646
446,646		 Total
2025
£
3,901
-
3,901
Total
2025
£
5,520,018
876,034
1,725,346
1,234,622
333,990
37,823
9,727,833
9,731,734

Included within £9,731,734 is an amount of £nil (2024: £nil) relating to restricted expenditure.

Costs of Raising Funds
Trading costs
Other non-education costs
Total Costs of Raising Funds
Charitable expenditure
Teaching
Welfare
Premises and Estates
Finance and Administration
Governance
Total Charitable Expenditure
Total Expended
(b)
Other Governance Costs include:
Auditors' remuneration
- Audit Fees
- under provision from previous year
- Accountancy Fees
Governors' Legal fees
Governors' Training and Meeting Costs		 £
-
-
-
£
4,913,145
73,323
402,461
679,473
-
6,068,402
6,068,402
Staff costs
(note 9)
Staff costs
(note 9)		 Other
£
11,593
-
11,593
Other
£
450,038
804,017
958,825
475,400
32,089
2,720,369
2,731,962		 Depreciation
£
-
-
-
Depreciation
£
-
-
414,693
-
-
414,693
414,693
2025
£		 Total
2024
£
11,593
-
11,593
Total
2024
£
5,363,183
877,340
1,775,979
1,154,873
32,089
9,203,464
9,215,057
2024
£
19,141
2,662
2,670
-
7,616
22,465
8,918
2,810
1,377
2,253

Page 24

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

Beechwood Park School Limited NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2025

9 STAFF COSTS
Wages and salaries
Redundancy and settlement costs
Social security costs
Other pension costs
Movement in pension provision
The average monthly number of employees during the year was as follows:
Teaching
Non-teaching
The number of employees whose emoluments amounted to over
£60,000 in the year was as follows:
£60,000 - £70,000
£70,000 - £80,000
£90,001 - £100,000
£110,001 - £120,000
£120,001 - £129,999		 2025
£
4,809,716
133,749
540,687
875,876
10,954
6,370,982
2025
No.
109
32
141
2025
No.
5
1
1
-
1
8		 2024
£
4,701,266
-
481,257
871,818
14,061
6,068,402
2024
No.
107
34
141
2024
No.
2
2
1
1
-
6

Employer Pension contributions for the year amounted to £146,212 (2024: £127,784) for the above 8 employees.

The School considers its key management personnel as the Head, Bursar and two Deputies. The total employment benefits including employer pension contributions of the key management personnel were £510,757 (2024: £502,225).

Termination payments to the value of £133,749 were paid to four employees in 2025 (2024: £nil).

10 GOVERNORS REMUNERATION AND BENEFITS

There were £1,058 (2024:£1,973) of expenses relating to training, meetings and other costs reimbursed to Governors' during the year.

Page 25

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

Beechwood Park School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

11 PENSIONS

Teachers' Pension

Until 31 August 2025, the School participated in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £269,832 (2024: £548,998) and at the year end £9,407 (2024 - £64,049) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023.

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

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

Aviva Pension Trust for Independent Schools (APTIS)

The School contributes to a group personal money purchase scheme for teaching staff. From 1 September 2022 all teachers were offered membership of the scheme and from 1 September 2025 all teachers were moved to the APTIS defined contribution scheme. Total contributions payable to the APTIS Scheme were £684,046 (2024: £261,593) of which £63,810 (2024: £22,393) was still outstanding at the year end.

TPT Retirement Solutions - Independent Schools' Pension Scheme

The School contributes to a group personal money purchase scheme for non-teaching staff. Total contributions payable to the ISPS-DC scheme were £150,193 (2024: £119,014) of which £13,318 (2024: £9,894) was still outstanding at the year end.

The company participates in the scheme, a multi-employer scheme which provides benefits to some 51 non-associated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out with an effective date of 30 September 2023. This actuarial valuation was certified on 11 December 2024 and showed assets of £99.2m, liabilities of £151.5m and a deficit of £52.3m. To eliminate this funding shortfall, the trustees and the participating employers have agreed that additional contributions will be paid, in combination from all employers, to the scheme as follows:

Page 26

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

Beechwood Park School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

11 PENSIONS (continued)

Deficit contributions From 1 September 2025 to 31 January 2034: £ 6,000,000 per annum (payable monthly and increasing by 3% on each 1st September)

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2020. This valuation showed assets of £201.1m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions From 1 September 2022 to 30 June 2032: £ 2,687,000 per annum (payable monthly and increasing by 3% on each 1st September)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

Present Values of Provision
Present value of provision
Reconciliation of opening and closing provisions
Provision at start of period
Unwinding of the discount factor (interest expense)
Deficit contribution paid
Remeasurements - impact of any change in assumptions
Remeasurements - amendments to the contribution schedule
Provision at end of period		 31 August 2025
(£s)
585,145		 31 August 2024
(£s)		 31 August 2023
(£s)
260,879
Period Ending
31 August 2024
(£s)
260,879
14,061
(33,561)
9,776
-
251,155		 31 August 2022
(£s)
297,478
251,155
Period Ending
31 August 2025
(£s)
251,155
10,954
(34,568)
(2,505)
360,109
585,145

Page 27

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

Beechwood Park School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

11 PENSIONS (continued)

Income and Expenditure Impact

Income and Expenditure Impact
Period Ending Period Ending
31 August 2025 31 August 2024
(£s) (£s)
Interest expense 10,954 14,061
Remeasurements - impact of any change in assumptions (2,505) 9,776
Remeasurements - amendments to the contribution schedule 360,109 -

Assumptions

Assumptions
31 August 2025
31 August 2024		 31 August 2023 31 August 2022
% per annum
% per annum		 % per annum % per annum
Rate of discount 4.79
4.68		 5.79 4.31

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

Deficits Contributions Schedule

Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Year 11		 31 August 2025
(£s)		 31 August 2024
(£s)		 31 August 2023
(£s)
33,561
34,568
35,605
36,673
37,774
38,907
40,074
41,276
35,429
-
-		 31 August 2022
(£s)
32,584
33,561
34,568
35,605
36,673
37,774
38,907
40,074
41,276
35,429
-
75,613
77,882
80,218
82,625
85,103
87,656
90,286
92,995
39,910
-
-		 34,568
35,605
36,673
37,774
38,907
40,074
41,276
35,429
-
-
-

12 NET INCOME FOR THE YEAR

Net income is stated after charging: Depreciation of tangible fixed assets Operating lease rentals

2025 2024
£ £
446,646 414,693
33,622 27,634

Page 28

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

Beechwood Park School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

13 TANGIBLE FIXED ASSETS

Fixtures
Freehold
&
Property
Fittings
£
£
Cost:
At 1 September 2024
10,104,422
1,799,470
Additions
236,891
105,014
Disposals
-
(59,735)
At 31 August 2025
10,341,313
1,844,749
Depreciation:
At 1 September 2024
1,958,003
1,218,485
Charge for year
289,231
145,942
Disposals
-
(59,735)
At 31 August 2025
2,247,234
1,304,692
Net book value:
At 31 August 2025
8,094,079
540,057
At 1 September 2024
8,146,419
580,985
14 DEBTORS
Fees and extras
Less provision for doubtful debts
Other debtors
Prepayments and accrued income
Fees and extras includes £499,095 of VAT invoiced in August 2025 for fees payable in September 2025.
15 CREDITORS
Amounts falling due within one year:
Trade creditors
Taxation and social security costs
Fee Deposits
Fees in advance
Other creditors
Accruals
Deferred income:
Brought forwards
Released in year
Received in year
Carried forwards		 Motor
Vehicles
£
69,318
1,187
-
70,505
21,914
11,473
-
33,387
37,118
47,404
2025
£
616,030
(70,503)
16,786
286,685
848,998
2025
£
429,672
557,201
40,750
1,392,924
85,629
144,104
2,650,280
2025
£
1,545,267
(1,545,267)
1,392,924
1,392,924		 Total
£
11,973,210
343,092
(59,735)
12,256,567
3,198,402
446,646
(59,735)
3,585,313
8,671,254
8,774,808
2024
£
145,515
(70,503)
28,132
176,730
279,874
2024
£
139,107
96,675
45,875
1,545,267
132,059
102,710
2,061,693
2024
£
501,550
(501,550)
1,545,267
1,545,267

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

Page 29

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

Beechwood Park School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

16 CREDITORS DUE AFTER ONE YEAR

Amounts falling due after more than one year:
School fee deposits
Fees in advance
17 PROVISIONS FOR LIABILITIES
Pension provision
At 1 September 2024
Increase in provision
At 31 August 2025		 2025
£
366,917
239,168
606,085
2025
£
251,155
333,990
585,145		 2024
£
377,875
682,108
1,059,983
2024
£
260,879
(9,724)
251,155

The school recognises £585,145 (31 August 2024 £251,155) of pension provision on its Balance Sheet, in relation to the closed pension scheme. The provision is attributable to the Independent Schools’ Pension Scheme.

18 STATEMENT OF FUNDS

Unrestricted funds:
General reserve
Designated fund:
BPSPA
Revaluation reserve
Restricted funds:
Prize fund
Total restricted
Total funds
Unrestricted funds:
General reserve
Designated fund:
BPSPA
Revaluation reserve
Restricted funds:
Prize fund
Total restricted
Total funds		 £
5,822,326
9,000
4,578,569
10,409,895
8,000
8,000
10,417,895
£
5,651,785
9,000
4,690,241
10,351,026
8,000
8,000
10,359,026
At 1 September
2023
At 1 September
2024		 Income
£
9,140,627
-
-
9,140,627
-
-
9,140,627
Income
£
9,273,926
-
-
9,273,926
-
-
9,273,926		 Expenditure
£
(9,731,734)
-
-
(9,731,734)
-
-
(9,731,734)
Expenditure
£
(9,215,057)
-
-
(9,215,057)
-
-
(9,215,057)		 Transfer
Between
Funds
£
111,672
-
(111,672)
-
-
-
-
Transfer
Between
Funds
£
111,672
-
(111,672)
-
-
-
-		 £
5,342,891
9,000
4,466,897
9,818,788
8,000
8,000
9,826,788
£
5,822,326
9,000
4,578,569
10,409,895
8,000
8,000
10,417,895
At 31 August 2024
At 31 August 2025

The designated funds relate to donations made to the school or deposit donations which the school will use on development in future years.

Page 30

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

Beechwood Park School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

19 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Current assets
Current liabilities
Long term liabilities
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Long term liabilities
Total net assets		 Unrestricted
funds
£		 Designated
funds
£
-
9,000
-
-
9,000
Designated
funds
£
-
9,000
-
-
9,000		 Restricted
funds
£
-
8,000
-
-
8,000
Restricted
funds
£
-
8,000
-
-
8,000		 Revaluation
reserve
£
4,466,897
-
-
-
4,466,897
Revaluation
reserve
£
4,578,569
-
-
-
4,578,569		 2025
Total
£
8,671,254
4,997,044
(2,650,280)
(1,191,230)
9,826,788
2024
Total
£
8,774,808
5,015,918
(2,061,693)
(1,311,138)
10,417,895
4,204,357
4,980,044
(2,650,280)
(1,191,230)
5,342,891
Unrestricted
funds
£
4,196,239
4,998,918
(2,061,693)
(1,311,138)
5,822,326

20 COMMITMENTS UNDER OPERATING LEASES

At 31 August 2025, the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Due within one year
Due between two and five years		 2025
27,353
58,293
85,646		 2024
43,660
22,476
66,136

21 RELATED PARTIES

Governors' liability insurance premium costs were incurred by the Company. The premium is included within the total cost of insurance and is not separately identifiable.

22 CONTROL

The school is under the control of the Governors who are the trustees under Charity Law and directors under Company Law.

23 CAPITAL COMMITMENTS

At the year end 31 August 2025, there was a capital commitment of £Nil relating to ongoing building works (2024: £Nil).

Page 31

Docusign Envelope ID: 59ECC252-B52C-81F8-827C-13D2622ADA77

Beechwood Park School Limited NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2025

24 NOTES TO THE CASHFLOW STATEMENT

Reconciliation of operating result to net cash inflow from
operating activities
Net movement in funds
Depreciation
Bank interest received
Profit/(Loss) on sale of Fixed Assets
Increase/(Decrease) in creditors
(Increase)/Decrease in debtors
Increase/(Decrease) in provision for pension		 2025
£
(591,107)
446,646
(153,107)
-
134,689
(569,124)
333,990
(398,013)		 2024
£
58,869
414,693
(102,890)
(5,000)
621,437
83,970
(9,724)
1,061,355

Cash balances on deposits held with a maturity date of more than 3 months are classified as current asset investments.

25 CUSTODIAN FUNDS

The school acts as custodian trustee to the BPSPA where it holds the bank accounts on their behalf. The school has no ownership or control over the accounts and simply manages the accounting transactions on behalf of the BPSPA committee. As a result the transactions relating to the BPSPA accounts do not form part of the School’s assets, income or expenditure in the reporting period.

26 NON ADJUSTING POST BALANCE SHEET EVENT

As detailed in the Governor's report, Beechwood Park School was acquired by St Albans School on 2 January 2026 which became the controlling party from that date.

Page 32