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2025-08-31-accounts

Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

Charity Registration No: 311075 Company No. 00912022 (England and Wales)

CHARLOTTE HOUSE SCHOOL LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED

COMPANY INFORMATION

Trustees S Reader (Chair of trustees)
P McGlone
A Hatfield
D Wilson
S Ramroop
R Stuttaford
C Smethers
S Hollis
Z Odutola
S Peterson – appointed 8 November 2024
Company secretary V Patel
Company number 00912022 (England and Wales)
Charity number 311075
Registered office 88 The Drive
Rickmansworth
Herts
WD3 4DU
Bankers Barclays Bank PLC
22 – 24 Upper Marlborough Road
St Albans
Hertfordshire
AL1 3HJ
Auditor Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED

CONTENTS

Page
Annual Report 1 - 7
Statement of Trustees’ Responsibilities 8
Independent Auditor’s Report 9 - 11
Statement of Financial Activities 12
Balance Sheet 13
Statement of Cash Flows 14
Notes to the Financial Statements 15 - 25

Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED

TRUSTEES’ ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT)

The Trustees present their annual report for the year ended 31 August 2025. The annual report also includes the Directors’ report required by company law.

Charlotte house School Limited is a charitable company limited by guarantee, without share capital. The charity is governed by its Articles of Association dated 31 July 1967, subsequently amended by a certificate of incorporation on change of name dated 27 June 2011.

Structure, Governance and Management

Governing document

The Charity is governed by its Memorandum and Articles of Association dated 31 July 1967.

Trustees of the charity

The directors of the charitable company are its trustees for the purposes of charity law. The trustees who have served during the year and since the year end were as follows:

S Reader (Chair of trustees) P McGlone A Hatfield D Wilson S Ramroop R Stuttaford C Smethers S Hollis Z Odutola S Peterson – appointed 8 November 2024

Recruitment and Training of Governors

The Charity's elected Governors are appointed at a meeting of the existing Governors on the basis of nominations received from existing Governors and the Head to the Board's specifications concerning eligibility, personal competence, specialist skills and local availability. New Governors are inducted into the workings of the Charity including Board Policy and Procedures, by initial briefing by the Chairman, attending Governors' meetings and being directed to relevant guidelines and courses. This is supplemented by personal visits to the School to talk to staff, parents, and pupils.

Organisational Management

The Governors, as the trustees of the Charity, are legally responsible for the overall management and control of the School and meet at least three times a year. In addition to this there are four Committees of the Board which deal with specific areas of the School's operation:

These committees meet at least once each term. S Hollis is the governor responsible for Child Protection, she reports to the Board on all matters pertaining to Safeguarding. P Wilson is the Early Years & Special Education Needs Governor.

The day to day running of the School is delegated to the Head supported by the Bursar and the Senior Management Team. The Head and the Bursar attend meetings of the above Committees and they also attend full Governing Board meetings.

The school is represented on a number of relevant organisations, including the Independent Association of Preparatory Schools (IAPS), the Independent Schools’ Bursars’ Association (ISBA) and the Association of Governing Bodies of Independent schools (AGBIS).

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Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED

TRUSTEES’ ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

Risk Management

The Board of Governors is responsible for the management of the business risks faced by the School. A Risk Register is maintained and reviewed by the Board and this includes the management of actions in mitigation of business risks identified. Health and Safety Risks are identified, controlled and managed by the Health and Safety Committee which is chaired by the Bursar with members drawn from across the staff of the School. A Governors' representative also sits on the Health and Safety Committee, and minutes, inspection reports and other relevant information are reviewed by the Board.

The key controls used by the Charity include:

Through the risk management processes established for the School, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that the systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

Objectives and activities

Charitable Objects

The object of the Charity in accordance with its Memorandum of Association is to provide education through the operation of a Preparatory School. Charlotte House School is a fee-paying school for girls aged three to eleven. In furtherance of this object, the Governors as the charity trustees have complied with the duty under S.4 of the Charities Act 2006 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 and Intended Impact

The year ended 31st August 2025 has seen continued progress in accordance with the School's ethos and strategic aims. Charlotte House has a strong academic tradition based on the philosophy of education developed by Charlotte Mason, the founder of the Parents' National Education Union, who believed that parents and the home were at the heart of developing children spiritually, physically and mentally and that children should be respected as individuals and nurtured to develop their unique talents. The Governors and staff are committed to maintaining this tradition.

It is the policy of Charlotte House School that pupils, including those in the EYFS, receive a broad and balanced full time supervised curriculum, which delivers an education suited to all pupils across the full age and ability range. All pupils have the opportunity to learn and make progress and are prepared for the opportunities, responsibilities and experiences of life in British society. The curriculum is designed to engender a love and excitement of learning. Whilst with us, we see all pupils fulfil their individual academic and creative abilities, explore their talents to the full, and appreciate through study, the wealth of human achievement. Progression is at the core of the curriculum.

Within a framework based on Christian values we provide a stimulating environment in which children are happy, successful and keen to learn, thus helping them to grow into young people who are fulfilled, respectful and able to make a positive contribution to society. The school is committed to equal opportunities for all, children and staff alike and provides a wide programme of sporting, dramatic, artistic and extra-curricular activities.

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Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED

TRUSTEES’ ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

Public Benefit

The total number of pupils at the school by the end of the year was 91 of which eleven held partial bursaries. The Governors' policy is, within the reasonable means of the School, to maintain our bursary provision to help existing parents in time of hardship and to give children, who would otherwise be unable to, the opportunity to be educated privately.

The school when appropriate offers free places on our training days to staff at local state schools.

The School is the principal beneficiary of the Parent Teacher Association, a separate charity called the Charlotte House Prep School PTA (registered number 1106504), through which fundraising for community projects, building projects, funds for guest speakers and equipment is conducted.

The Parent Teacher Association continues to support the School enthusiastically as ever and hosted a group outing to the local panto and a summer fair along with smaller events such as a school disco. This year they financed some new gymnastics equipment and provided a small budget to each subject area for ‘extras’ such as external speakers/workshops.

Achievements and Performance

The following sections for achievements and performance and financial review of the charity.

Operational Performance

This year again saw the continuance of the high standards set in previous years in all aspects of the School's activities. The girls benefit from specialist teachers across the curriculum and we endeavour to provide them with a wealth of experiences and opportunities. We ensured that planning was accurate and appropriate for the needs of the children, showing clear progression and consistency. The girls take home all their books once every half term to promote our home/school partnership.

As a dyslexia friendly and a recognised rights respecting school we continue to ensure that the school is a very happy environment where all girls can flourish, find their voice and achieve their goals.

Throughout the school year diagnostic, summative and formative assessments are used to ensure each child is performing to the best of their ability and is at least reaching age expected levels. Assessments used range from monitoring/marking of school work to ASPECTS, INCAS and PIPS. This was another year of outstanding academic performance with our assessments showing an excellent level of progress for all classes, tracking girls throughout their time with us shows considerable ‘value-added’. In KS2 two thirds of girls were working at significantly above national average in both Maths and English. Girls were very successful in transferring to the secondary schools of their choice. They accepted places at both state and private schools and were offered three academic scholarships and one music scholarship.

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Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED

TRUSTEES’ ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

School Offers Given Offers Accepted Scholarships/
Awards
Dr Challoners* 3 2
Pipers Corner 1 1
Northwood College 3 0
Royal Masonic 6 2 1
Berkhamsted 2 2 1
St Helen’s 3 1 1
St Margarets 1 1 1
Watford Grammar 1 1
Other state schools 8 2
TOTAL 28 12 4

*maintained sector

This is, as always, a vital and important process and we devote much care and attention to supporting both the girls and their parents, and in developing and maintaining strong links with all secondary schools in the area. Charlotte House girls benefit from the self-assurance and academic attainment developed during their time at the school, which enables them to transfer to one of their chosen secondary schools with ease, being sufficiently mature to deal with the changes.

The school received a highly positive Independent Schools Inspectorate inspection report highlighting key strengths including excellent leadership and governance, a broad curriculum leading to strong academic outcomes, a nurturing early years foundation, high pupil confidence, strong wellbeing support, with an emphasis on respect, and robust safeguarding. The only area identified for development was ensuring consistent identification and support of pupils ready for more complex learning—though the report itself actually praises the school for doing this effectively. The head has already begun addressing this recommendation through dedicated staff training to ensure challenge is consistent across all curriculum areas.

Wider Community Activities

The School continues to be an active member of the local community in providing education for girls of all abilities. The Governors have also approved a policy of taking on early career teachers when appropriate and providing work experience for pupils from state secondary schools or student teachers.

The School actively encourages pupils to engage in raising funds for charities based both in the UK and overseas, fostering in them an awareness of real-world issues and a desire to contribute to the wider community. The school supported the Poppy Appeal, Children in Need, Pumpkins Animal Charity and Marie Curie.

Extra-Curricular Activities

The following educational trips took place: Nursery & Reception visited Chiltern Open Air Museum and Aldenham Country Park, Form I & II went to the Look Out Discovery Centre and the Bucks Museum, Form III went to Hazard Alley, Celtic Harmony and had a team building day; Form IV went to St Alban’s Cathedral and Pitt Rivers Museum; Form V went to Paccar Scout Camp and the theatre; Form VI went to Longridge Activity Centre and Bletchley Park.

Physical education and sport are key components of the school with all girls being actively involved in various sporting activities, with the girls taking part in netball matches, swimming galas, football matches, cricket matches, athletics meetings and cross country.

We held our Carol Service at St Mary’s Church and the Form V & VI choir sang at the Rickmansworth Winter Festival. The following productions took place: Early Years did their nativity ‘Away in a Manger; Forms III & IV ‘Cinderella’; Forms I & II ‘Pirates’; Form V & VI ‘The Tempest’. There was also a Prep School Music Concert

Form V went on a residential trip to Suffolk, Form VI went on a residential to a PGL camp and Form IV had a team building/bushcraft day and sleepover in tents.

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Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED

TRUSTEES’ ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

The school continues to expand the girls' horizons with a range of lunchtime and after school clubs, including Tae Kwon Do, Speech & Drama, Ballet, Dance, PlayBall, Chess and Gymnastics. Staff also ran extra-curricular clubs including Maths, yoga, netball, cricket, knitting and sewing, Hama Beads, puzzle games, Chamber Choir, Speed Stacking, Purple Mash, Scratch Coding, debating & football.

Skylark sessions are part of our enrichment programme. We believe that girls should experience as much as possible whilst they are with us as we subscribe to the idea of ‘ if they don’t see it how can they do it?’ These sessions have included a wide variety of activities.

Staff

In September, Tracy Johnson joined as Deputy Head and in March Vip Patel joined to replace Gagan Chana as Bursar and Company Secretary. At the end of the year Sarah Mulligan retired after 18 years of service and Emily Beringer left due to relocation. Both Margaret Hadden and Racheal McGowan left for maternity leave and Jaimsye Bailey left to continue her teaching qualifications.

Financial review

The finances, budgets and spend against budget are regularly reviewed by the Building and Finance Committee as part of the effective management of the school.

The financial performance for the period was better than budgeted, with loss before depreciation of £-50,157 (2024: £111,492). Depreciation on fixed assets was £61,329 (2024: £63,176). The resultant net movement in funds was £-111,486 (2024: £48,316).

The main cost to the School remained salaries making up over 75% of our operating costs. Our teachers’ raises are closely related to those received in the maintained sector. Other underlying costs were influenced by inflation, with commercial energy costs rising more than CPI. Unfortunately, Legislative changes had a material impact on overheads. The Board protected the School from increases in employer contributions to the Teachers’ Pension Scheme and shared the imposition of VAT with fee-payers by applying a discretionary discount. Additionally mandatory Business Rates Relief for charitable schools in England was removed, adding approximately £40,000 to annual operating costs.

Predicted maintenance, repair & improvements and capital spend continue in line with both our aspirations and recommendations from third-party surveys and inspection reports.

Freehold property is included in the financial statements at a depreciated cost of £1,122,964 (2024: £1,155,079) which is considered to be materially less than market or replacement value.

At 31 August 2025, bank borrowings were £nil (2024: £nil). The school has an overdraft facility of £500,000 from its bankers secured by way of a fixed and floating charge on the property known as 88 The Drive, Rickmansworth, Hertfordshire. This overdraft facility is not currently utilised and remains in place as a component of the school’s risk management.

Principal risks and uncertainties

The trustees have considered the principal risks and uncertainties facing the school and have identified the key risks as fluctuations in pupil numbers and the impact this may have on fee income, together with the management of cash flow to ensure that the school can meet its ongoing operational commitments. The school operates in a competitive environment and is therefore reliant on maintaining stable pupil recruitment and retention. To mitigate these risks, the trustees closely monitor enrolment trends and fee income, prepare detailed budgets and cash flow forecasts, and maintain appropriate reserves. The trustees also regularly review the school’s financial performance and cost base to ensure that the school remains financially sustainable and able to respond to changes in demand.

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Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED

TRUSTEES’ ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

Reserves Policy

Close attention is paid to cash flow management and the relationship between cash generation, the school’s income and capital expenditure. The reserves policy is to maintain total reserves and cash availability at levels which enable the school to plan for future capital expenditure, whilst effectively managing the school’s educational and charitable activities. At 31 August 2025, the charity carried forward unrestricted funds of £1,670,279 (2024: £1,780,464). It also has a restricted fund of £4,351 (2024: £5,651) which is restricted for the use of the school minibus.

Plans for future periods

A comprehensive two-year School Development Plan has been created by the Senior Management Team, staff and Governors and our foci for next year include:

Merger Announcement

Following the year end, on 8 May 2026 the trustees exchanged legally binding merger deeds to combine its operations with Berkhamsted Schools Group (‘Berkhamsted’). This decision was taken with the long-term interests of pupils, families and staff firmly in mind. The merger is scheduled to complete on 31 August 2026. This is a positive and proactive step that protects what makes Charlotte House special while ensuring the school is well-placed to thrive in the years ahead. Berkhamsted shares the school's values and the belief in the importance of high-quality prep school education.

The merger allows Charlotte House to maintain its own identity and ethos, teaching a wide range of subjects to prepare girls for senior school. Parents will continue to enjoy the freedom to choose any destination school for the onward education of their children, and the Headteacher will advise pupils to attend schools which best suits each child as an individual.

Berkhamsted is an established group of high-quality independent schools committed to educational excellence, strong pastoral care and long-term sustainability. Both charities are committed to nurturing confident, kind and capable young people, grounded in strong values and prepared for their next stage of education. Where appropriate, pupils at Charlotte House will be afforded opportunities to benefit from Berkhamsted’s extensive facilities for academic, social, pastoral and co-curricular activities, including a theatre, swimming pool, 3G pitches, netball courts, playing fields, and an outdoor education centre.

Becoming part of a successful school group brings many tangible benefits, including:

The merger strengthens the school's future while preserving the qualities that make Charlotte House such a valued all girls' preparatory school.

Following the merger on 31 August 2026, when the assets and liabilities are transferred to Berkhamsted, the charitable company will be dissolved. See further note 1.2 of the financial statements.

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Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED TRUSTEES’ ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

Events since the end of the year

Information relating to events since the end of the year is given in the notes to the financial statements.

The trustees' annual report were approved on 25 June 2026 and signed on behalf of the board of trustees by:

S. Reader Trustee

V. Patel Charity Secretary

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Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

Trustees' responsibilities statement

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.

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

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

In so far as the trustees are aware:

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Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED

INDEPENDENT AUDITORS REPORT

TO THE MEMBERS OF CHARLOTTE HOUSE SCHOOL LIMITED

Opinion

We have audited the financial statements of Charlotte House School Limited (the 'charitable company') for the year ended 31 August 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 charity 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.

Material uncertainty related to going concern

We draw attention to Note 1.2 in the financial statements, which indicates that the trustees exchanged merger deeds with Berkhamsted Schools Group on 8 May 2026, with the merger completing on 31 August 2026, after which the charity will be dissolved. As stated in Note 1.2, these events and conditions indicate that a material uncertainty exists that may cast significant doubt on the charity’s ability to continue as a going concern after the transfer date. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 206

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

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CHARLOTTE HOUSE SCHOOL LIMITED

INDEPENDENT AUDITORS REPORT

TO THE MEMBERS OF CHARLOTTE HOUSE SCHOOL LIMITED

Matters on which we are required to report by exception

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

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

Responsibilities of trustees

As explained more fully in the statement of Trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006, Charities Act 2011 and tax legislation.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate income or understate expenditure and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

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CHARLOTTE HOUSE SCHOOL LIMITED

INDEPENDENT AUDITORS REPORT (CONTINUED)

TO THE MEMBERS OF CHARLOTTE HOUSE SCHOOL LIMITED

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A description of our responsibilities is available on the financial reporting council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report

Use of our report

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

Kristi Johnson ACA CTA (Senior Statutory Auditor) for and on behalf of Hardcastle Burton LLP Chartered Accountants Lake House Statutory Auditor Market Hill Royston 29 June 2026 SG8 9JN

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Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

Notes
Income from:
Grants, donations and legacies
2
Charitable activities
3
Interest received
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net movement in funds
Funds at 1 September 2024
Funds at 31 August 2025		 Unrestricted
funds
2025
£
2,786
1,420,968
22,894
1,446,648
1,556,834
1,556,834
(110,186)
1,780,464
1,670,278		 Restricted
funds
2025
£
-
-
-
-
1,300
1,300
(1,300)
5,651
4,351		 Total
2025
£
2,786
1,420,968
22,894
1,446,648
1,558,134
1,558,134
(111,486)
1,786,115
1,674,629		 Total
2024
£
6,687
1,503,329
7,633
1,517,649
1,469,331
1,469,331
48,318
1,737,797
1,786,115

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

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED

BALANCE SHEET

Notes
Fixed assets
Tangible assets
8
Current assets
Debtors
9
Cash at bank and in hand
Creditors: amounts falling due
within one year
10
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
13
Unrestricted funds		 2025
£
£
1,370,375
63,314
776,418
839,732
(535,477)
304,255
1,674,630
4,351
1,670,279
1,674,630		 2024
as restated
£
£
1,427,380
22,339
1,073,700
1,096,039
(737,304)
358,735
1,786,115
5,651
1,780,464
1,786,115		 2024
as restated
£
£
1,427,380
22,339
1,073,700
1,096,039
(737,304)
358,735
1,786,115
5,651
1,780,464
1,786,115
839,732
(535,477)		 1,096,039
(737,304)
1,786,115
5,651
1,780,464
1,786,115

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2025, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 25 June 2026

……………………………

Mr S Reader

Trustee

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Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED

STATEMENT OF CASH FLOWS

Notes
Cash flows from operating activities
Cash generated from operations
16
Investing activities
Interest received
Purchase of tangible fixed assets
Net cash used in investing activities
Net change in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
£
(315,852)
22,894
(4,324)
18,570
(297,282)
1,073,700
776,418		 2024
£
566,123
7,633
(14,830)
(7,197)
558,926
514,774
1,073,700

The notes on pages 14 to 23 form part of these financial statements.

14

Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

1 Accounting policies

Charity information

Charlotte House School Limited is a private company limited by guarantee incorporated in England and Wales.

The place of business is 88 The Drive, Rickmansworth, Herts, WD3 4DU.

The members of the company are the Trustees named on page 1. In the event of the school being wound up, the liability in respect of the guarantee is limited to £1 per member.

1.1

Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

The financial statements have been prepared on a basis other than going concern. On 8 May 2026, the trustees exchanged legal merger deeds with Berkhamsted Schools Group. Under this agreement, the entire operations, assets, and liabilities of the charity will transfer to Berkhamsted Schools Group on 31 August 2026. Following this transfer, Charlotte House School Limited will be dissolved.

The trustees have reviewed financial forecasts and expect the school to remain fully solvent and operational up to the transfer date. However, because the scheduled transfer on 31 August 2026 falls within 12 months of the date of these financial statements are authorised for issue, a material uncertainty exists that may cast significant doubt on the charity’s ability to continue as a going concern beyond that date.

The financial statements do not include any adjustments that would result from the failure to continue as a going concern. It is intended that charity assets will transfer to Berkhamsted Group at the book value at 31 August 2026.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

15

Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1 Accounting policies

(Continued)

Income (continued)

Assets for distribution are recognised only when distributed. Assets given for use by the charity are recognised when receivable. Stocks of undistributed donated goods are not valued for balance sheet purposes.

Government grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Other education income such as fees receivable and charges for use of the premises, less any allowances or bursaries given against those fees are accounted for in the year in which the service is provided. Fees in advance for education to be provided in future years are carried forward as deferred income repayable on demand to the parent.

1.5 Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable, and consistent basis.

1.6 Critical accounting estimates and areas of judgement

In the application of the accounting policies, management is required to make judgements, estimates and assumptions about the carrying values 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 relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision effects on that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical accounting estimates and assumptions included in these financial statements are considered to be:

16

Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1.7 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases: Land No depreciation Buildings 2% on cost Fixtures, fittings & equipment 10% reducing balance Motor vehicle 10 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the statement of financial activities. 1.8 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.9 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, and bank overdrafts. 1.10 Taxation The school is considered exempt from UK corporation tax under Paragraph 1 Schedule 6 of the Finance Act 2010. Accordingly, the School is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes 1.11 Financial Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments.

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

17

Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1 Accounting policies

(Continued)

Financial Instruments (continued)

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

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 charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

18

Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1 Accounting policies

(Continued)

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The school contributes towards the Teachers' Pension Scheme ('TPS') which is a defined benefit scheme. The TPS is an unfunded scheme and contributions are calculated to spread the cost of pensions over employees' working lives with the school in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary based on quadrennial valuations using a prospective unit credit method. TPS is an unfunded multiemployer scheme with no underlying assets to assign between employers. Consequently, the TPS is treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate.

1.14 Significant Judgements and Estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions which impact on the reported amounts of assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

2 Grants, donations and legacies

Donations and gifts
Charitable activities – income
School and registration fees
Other educational income
Investment activities – income
Interest received		 2025
£
1,397,798
23,170
1,420,968
2025
£
22,894
22,894
Unrestricted
funds
2025
£
2,786
2,786		 Unrestricted
funds
2024
£
6,687
6,687
2024
£
1,471,607
31,722
1,503,329
2024
£
7,633
7,633

3 Charitable activities – income

4 Investment activities – income

19

Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

5 Charitable activities

Staff costs
Depreciation
Maintenance
Rates & utilities
Bursaries & discounts
School books & consumables
Subscriptions
Insurance
Bad debts
General support costs
Governance costs		 Support
costs
£
222,345
-
-
-
-
-
-
-
-
222,345
44,190
16,781
283,316		 Activities
undertaken
directly
£
902,792
61,329
121,539
47,533
70,383
15,641
9,016
33,820
12,765
1,274,818
-
-
1,274,818		 Total
2025
£
1,125,137
61,329
121,539
47,533
70,383
15,641
9,016
33,820
12,765
1,497,163
44,190
16,781
1,558,134		 Total 2024
£
1,037,541
63,176
121,508
29,867
78,309
16,311
8,591
27,733
-
1,383,036
69,386
16,909
1,469,331

Included in governance costs above are auditor's remuneration for audit services of £11,240 (2024: £10,800)

Analysis by fund for the year ended 31 August 2025

Unrestricted funds
Restricted funds
For the year ended 31 August 2024
Unrestricted funds
Restricted funds		 283,316
-
283,316
310,428
310,428		 1,273,518
1,300
1,274,818
1,157,603
1,300
1,158,903		 1,556,834
1,300
1,558,134
1,468,031
1,300
1,469,331

6 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

The trustees' expenses reimbursed by the school in the year amounts to £nil (2024 - £nil)

20

Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

7 Employees

Number of employees
The average monthly number of employees during the year was:
Teaching staff
Domestic staff
Administration staff
Assistant staff
Kitchen staff
Employment costs
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annal remuneration was £60,000 or more
£70,000 - £79,999
£80,000 - £89,999
8
Tangible fixed assets
Land &
Buildings
£
Fixtures,
fittings &
equipment
£
Cost
At 1 September 2024
2,122,386
654,479
Additions
-
4,324
At 31 August 2025
2,122,386
658,803
Depreciation
At 1 September 2024
967,307
395,533
Depreciation charged
in the year
32,115
26,133
At 31 August 2025
999,422
421,666
Carrying amount
At 31 August 2025
1,122,964
237,137
At 31 August 2024
1,155,079
258,946		 2025
Number
16
1
4
5
3
29
2025
£
891,114
87,866
146,157
1,125,137
were:
2025
Number
0
1
Motor Vehicle
£
30,820
-		 2024
Number
14
1
4
6
3
28
2024
£
826,117
75,908
135,516
1,037,541
2024
Number
1
0
Total
£
2,807,685
4,324
30,820 2,812,009
17,465
3,081		 1,380,305
61,329
20,546 1,441,634
10,274 1,370,375
13,355 1,427,380

Included in land & buildings is land with a value of £516,950 (2024: £516,950)

21

Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

9 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
VAT
Prepayments and accrued income
Creditors
Amounts falling due within one year:
Trade creditors
Other taxation and social security
Other creditors
Accruals
Deferred income – fees in advance		 2025
£
16,332
9,792
5,745
31,445
63,314
2025
£
79,220
21,371
-
28,509
406,377		 2024
£
5,121
710
-
16,508
22,339
2024
as restated
£
67,213
20,021
5,138
23,456
621,476
535,477 737,304

10 Creditors

11 Retirement benefit schemes

Teachers’ Pension Scheme

Up to 31[st] March 2024 the school participated in the Teachers’ Pension Scheme England and Wales (TPS) for all teaching staff and contributed to a defined contribution scheme for all non-teaching staff.

From 1st April 2024 the school continued to participate in TPS for those teaching staff who elected to remain in TPS and contributed to a defined contribution scheme for all non-teaching staff, and for those teaching staff who opted out of TPS.

Employer costs contributed to TPS amounted to £58,753 (2024: £116,695).

Employer costs contributed to defined contribution schemes amounted to £87,404 (2024: £18,821).

Teachers’ Pension Scheme

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014. Membership is automatic for teachers in academies. All teachers have the option to opt-out of the TPS following enrolment.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

22

Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

11 Retirement benefit schemes (continued)

Valuation of the Teachers' Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020 in accordance with The Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023 and the Employer Contribution Rate was assessed using agreed assumptions in line with the Directions and was accepted at the original assessed rate as there was no cost control mechanism breach. The next valuation result is due to be implemented from 1 April 2024, which has not yet been published as at the date of these accounts.

The valuation report was published by the Department for Education on 26 October 2023. The key elements of the valuation are:

As a result of the valuation, new employer contribution rates have been set at 28.68% of pensionable pay from 1 April 2024 until 31 March 2027 (compared to 23.68% under the previous valuation) including a 0.08% administration levy.

A copy of the valuation report and supporting documentation is available on the Teachers’ Pension Scheme’s website.

Under the definitions set out in FRS 102, the TPS is a multi-employer pension scheme. The charity has accounted for its contributions to the scheme as if it were a defined contribution scheme.

12 Secured Debts

The charities bank, Barclays Bank PLC, has a fixed and floating charge on the property known as 88 The Drive Rickmansworth Hertfordshire, in relation to an overdraft facility that remains unused.

13 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Donations specifically for
minibus		 Balance at
1 September
2023
£
6,951		 Expenditure
£
(1,300)		 Balance at 1
September
2024
£
5,651		 Expenditure
£
Balance at
31 August
2025
£
(1,300)
4,351

23

Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

14
Analysis of net
Fund balances at
31 August are
represented by:
Tangible assets
Current assets		 assets between funds
Unrestricted
funds
2025
£
Restricted
funds
2025
£
1,366,024
4,351
304,255
-
1,674,630
4,351		 Total
2025
£
1,370,375
304,255
1,674,630		 Unrestricted
funds
2024
£
1,421,729
358,735
1,780,464		 Restricted
funds
2024
£
5,651
-
5,651		 Total
2024
£
1,427,380
358,735
1,786,115

15 Related party transactions

There were no disclosable related party transactions during the year (2024 – none)

16 Cash generated from operations

17

(Deficit)/surplus for the year
Adjustments for:
Depreciation of tangible fixed assets
Interest received
Decrease in debtors
(Decrease)/increase in creditors
Cash (spent)/generated from operations
Analysis of changes in net funds		 2025
£
(111,486)
61,329
(22,894)
(40,974)
(201,827)
(315,852)		 2024
£
48,318
63,176
(7,633)
(5,298)
467,560
566,123

The charity had no debt during the year.

18 Prior year adjustment

A prior-year adjustment has been made to correct the classification of deferred income. Following a review, it was determined that tuition fee prepayments are repayable to parents if a student leaves, subject to giving sufficient notice to the school of one whole term. Therefore, fees in advance should have been disclosed as repayable within one year. As a result, the amount of £252,250 previously disclosed as creditors due after more than one year has been reclassified as current liabilities.

24

Docusign Envelope ID: AD981943-E61F-8EB2-834F-5676668B59E5

CHARLOTTE HOUSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

19 Post balance sheet events

On 8 May 2026, the charity exchanged legally binding merger deeds to combine its operations with Berkhamsted Schools Group. This merger is a non-adjusting post balance sheet event for the financial year ended 31 August 2025.

The merger is scheduled to complete on 31 August 2026. On this completion date, Charlotte House School Limited will transfer all of its charitable activities, operational assets, and liabilities to Berkhamsted Schools Group. Charlotte House will then be formally dissolved.

As of 31 August 2025, the carrying value of the net assets subject to future transfer totals £1,674,630. No adjustments have been made to the asset valuations or liability provisions in these financial statements as a result of this agreement, as the school continues to operate solvently. The transfer of assets will be at the book value at 31 August 2026.

25