THE CHURCH SCHOOLS OF CAMBIUDGE (THE OLD SCHOOLS) FINANCtAL STATEMEwfs FOR THE YEAR ENDED 31 ST DECEMBER 2025 CONTEKtS AND CHARITY INFORMATION CONTENTS PAGB RepDrt of the TNstee5 Independent Auditor's Report St8temettt of Financial Activities Balan¢¢ Sheet Ststsmellt of Cash Flows Notes to the Financial Statements 10- 10 The Charity Comtnsssioners granted a Certificate of Incorporation of th¢ Trustees OD 14 November 2000.
THE CHURCH SCHOOLS OF CAMBRIDGE ITHE OLD SCHOOLS) FLNANCIAL STATEMEWFS FOR ThE YEAK F.NDED 3 1ST DBCEMBER2025 CHARITY tNFORMATION CHARITY REGISTRATION NUMBER311326 EX-OFFICIO TRUSTEES Rev'd Dr J Bullker Vicar of the Patish of Ascension (St Luke'5) (to N0Veber 2025) Vicar o.. St Paul's Church Vicar of St Philip'5 Vicar of St Clements Church Revd l Ntty Res/d Dr R Barry Revd A Day LAY TRUSTEES APPOtrqtED BY PCCS Mrs G knbrose MrD F&Tr'" Mr A Mact£llan , Mr M Pettifrr Parish of Asttnsion (St Luke's) St PaJ4 5 St Philip's St Cltments (ts> Decelnber 2025)
** LAY TRUSTEE APPOINTED BY THB DIOCESAN BOARD OF EDUCATION Mr J Youug Mrs C Peet (from July 2025) TRUS'fBES APPOINTED BY THE UNIVERSITY OF CAMBRtDGE DrKCarne ** Mrs P Pritchard OBE * TLiUSTBE APPOI1[ED BY soirrH CAMBRIDGE DEANERY SYNOD Curtently vacalrt TRUSTBE APPOIF(FED BY NORTH CAMBRIDGE DE&NERY SYNOD Currently vAnt co-oprED TRUSTEE ELEcfED BY THE BOARD FOR 5 YEARS Currently Vacan¢ CHAIRMAN Mrs P Pritchard OBE VICE cHAN Dr K Came ** TRBASURBR Mr A Ma¢LellaD ** MANAGEMENf TEAM Isobel Rawlinson supported by administt3tor and project offic¢rs PRINCIPAL OFFICE Glo St PhiltP'5 Church Centre 185 Mill Road, Cambridge, CB l JAN AUDITORS Prent15 & Co LLP Accountants and Statutory Auditors 115c Milton Roa(L Cambridge. CB4 IXE BAl4JKIRS CAF Bank Ltd 25 Kings Hill Avenue, Kings Hill, West Mallillg, Keni, ME19 4JQ INvESI'hTrrt NL4NAGERS CCLA Investment Management One lEe] Lane, Londoll, EC4R 3AB SOLicrroRS Ashtons Legal. 77 NewnJrket Road, Cambridge. CB5 8EU LINKBD CFL4RITtES Park Street Church of Engla1d Junior Mixed and Infants School (3113264) St Lukn-5 Church of England School {311326-2) Str Pauls Church of England School Junior Mixed It)f2nts (311326-81 St Pbilips Church of EllgId School (3 11326-5) * denotes meTnber of the Executive Committee ** denotes member of the FinaCe Committee
THE CHURCH SCHOOLS OF CAMBIiIDGE (THE OID SCHOOLS) PAGE I FINANCIAL STATEMEN'TS FOR THE YEAILEIWED 3 1ST DECEMBER 2025 REPORT OF THE TRUSTEES T¢ Trust¢es present their aimull report together with the fjnallcial statements of the Charity for the year eDdEd 3 1st December 2025. The financial statements comply with the Charities Act 2011, Accounting and Reporting by Charitics.. Statement of RecomLnend¢d Practice applicable to charitie5 preparing their accour.ts in a)rdance with the Financial Reporting Standard applicable in the UK and Republic of Ire13E (FRS 102) (se¢ond editioL pubLisL-d October 2019) {eff¢ctive l JLiuuy 2019). STRucfuRE, GOVERNAPICL AND IIIANAGEMENr The ChurLh S¢hoo15 of cabridge (The Tt) is & registered Cbarity, number 311326 and was found1 iu 1703 (known as The Old Schools) by the Kevd William Whiston who raised funds from Senior figLwe5 at the UDiversiLy ID start seven sc]iODIs which provided 5choolitig for 260 poor children in Carnbridge. The Church Schoo]s of Cambridge now owns fouT Primary schools ill the City of Cambridge- St Luke's, St P2uI's, St P-:ilips Park Street aThd has a minority in St Bede's Inter-church School. The ]natn acuyities of the frust are the provision of th¢ buildings atLd fu1claI support the appointment of Foundation Goven)ors to its four prllnary sGhoo15. The Twt also fitDds and mallages activities that 5llPPOrt the general provision of Religtous Education and Collective '0[shiP in Schoo in the Cambridge area ad through grgnts to Sunday S¢hool$. The Trust was incorpordted in November 2000 and is managed by Tnjstees as ou:lilled ir. the Cknity Commission Scheme of 3rd Janllary 2008. The incumbent5 of the parishes in which our four schools lie are ali Trustets ex officio. Trustees are appointed for 4 years aThd rnay be reappoiDted. New Trustees are brieftd on thei role at the charity. A fiLII meeting of Trustees is geTLerally held two or three time5 a year. Atthes¢ meetings TrleeS agree strategy, receive project and grant updat¢5 and review the fanCIal p05ltion. Day to day m8nagemenL of Trnit activities is oversEen by the Executive C.ommitte¢ of Trqtr which, with the Director, itnplements the aeed strdtegy, allocates funding alld oversees the organisation, All Trustees give their titne freely and ono¢ a year disclose all relevant interests, at each meeting any conflict ot interest is declared. Ivhere, exceptionally, a Tntee has a malerial interest in a decision or projec( they do not take part LD its Consideration. The TnL%t seek5 to support its four pri schools and St Bede'5 throu Head Teacbers> governing bodie5 and stsff. It also Inailltains a relations1P with the six other chh of England 5chi)ols within its area of benefit. It has close I,'nks to Churches in cnbridge. particularly ¥vith those parishes in which the schools are si1¢d. It has strong mutual IiEths with the Diocese of Ely.. the Dio¢es&Tr Director of Education is a Tnjstee. Through our 5uppon for proje£t5, M'E have operational links to geveral local organisatioms ujcluditig Acorn, GenR8 aJ]d Great St Matys Heritsge Centse. RISK MANAGEMEP From titlle to tiine th¢ TTUSte¢s coniiderEd the major fmancial and other risks to which the Charity is exposed wd havE documented th¢se in a risk regisie.. A kev risk is the Posbible impact of changes in school fvnding and changes in goveinance rising from the Governmenvs national policy OD academies. The tnain operational risks include structural probielns wtth our kollr school buildthgs. This 15 addressed bj Tegiilar structural and condition surveys in ordcr to identify m]mediate and lono tenn ie5 and work5 with the sthoois with the aim of ensuring that facilities meet the developitlg needs of the 5cboo15, withsn she prevailing fidirtg constixints. AIMS AND OBJECTtVES I'he vision of the Tt Is "CS(K 5llPPOrt5 th¢ cr¢ation of itispiriDg and wing educational enviroiimcnts which ere undeyinned by thE Christian faitii: values and foundatiott of the Charity. and wher¢ ¢v¢ry Chil regardle55 of backwund or ability, is ablc to flourish and experience success." The Trusl seeks to achieve there aitns btsth direciiy and through supportillg otrLer organisation5. We consider and promote capital projects and support ar,d fijnd educ&tion improvements initiatives in QLr schoo15, lead 2ctRvities such as exhibitioiis and footprits of Faith (school waLking tours), 51lPPOrt activities such &8 (be Diocese educatiollal improvement progrdnune, and initiatives that are led by other organisatiot)s. The progratnme of activitics is reviewed annually. PUBLIC BENEFIT The Tiustees have regard to the Charity co)15510E) guidar.ce on Pdblic Bep.efit. All Tntst activities are undertaken in accordance with its ¢har,ty objectives, therefore ensuring that (hey deliver pablic benefit from thc woi'k the Trust offcrs with TES rour scbools, and its E1C in partnership with others in the area of benefiL
THE CHURCH SCHOOLS OF CAMBIUDGE (THE OLD SCHOOLS) PAGE 2 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025 REPORT OF THE TRUSTEES .. . . JCONnNUED ACH[E&ME1yTs AND PERFORMATriCE The Trustee5 are pleased with the foSlowng a¢tiviti¢s it hos be¢n able to support d]ng 2025. Development, and malntenance of chwrch school buildings The Tst has contrmued to support school govemois of its four primary Schools in tile upkeep and developmelll of their buildings by eontribuillig towards cost of developrnent plalli an projects including upgradpJ to IT facilities. Promotion of education in its Cambridge Church Sehoots The Trust has continued to provide an arknual grail to each of its four Primary Schools and to St Bede's, used for additional activities that support the Iwming needs of tne children. The Trust previously lljitiated an additional progrnmme to svpport school improvement arLd enable schools to entich the curriculuTn for their pupils. An Edu¢ation sulKommittee of TNstees review5 SUPPOrt and agrees with the schooE8 & prograllime of added valu- projects the Trust can support allr.ed at rnisip.g the OVErall quality of education delivered in tne medium tern). It is envisaged timt this proaM¢ will extrao-.diti&-ily colllluit some of the Tn5 aCCuUlated reserves to this area of School 5UPPOrt, utilising a portion of invested capital grovth. Other education related projeets and grants The has continued to provide grantg to other organisations which supportthe eduoatiou of children in th¢ ar¢& of benefit including the Bly Diocesan Board of Educatio A£orD aDd Gre&t St MS Heritage Centr¢. The Thst h&s worked closely with the Diocese of Ely Board of Education to Eo¢ourdgB improvements at s¢hools within the Diocese (particularlywiihin Cambridge) and A¢orn who prtsvide tnental health and wellbelllg 5UPPOrt for pupils. The Trust has delivered RE enhancing worksIP 5e5siolls duriug the year. which took plac¢ in Scboois and chuyhes. It continued to nkake available on-line resources for schools to use ir. Religious Education and collective worship. These are not lirnited to the 1'ws¥s schools and are acce55ed by schoo15 0[¢ widely. It has provided bibLes and Its Your Move leafiets tt> Yeai. 6 school leavers iu the pritnary scb.ools within the Tn5 Area of BenefiL The I"TUSt has continued tt> provide to churches in the Canibridgc area to 5UPPOrt the3r young people's work. FINANCIAL REVIKW AIL TTUSt investtnents are held primarily in order to provide inCOEne to the WOTk of the Trust wirtL the majority foTmiDg our pennanent endowment. The Trust's financial support to its four primary schooli and wider educational a¢tivitie5 is therefore reliant on the in¢ome it-.eceives from these tnvesttncnts. I'his is suppletnented witi income raiKd frorn thE solar panels installcd at its four primary schoo15 and fro reutal inc0c. The Trust s0 aots a5 an agent on behalf of its four schools in managing Devolved Formula Capital (DFC} a source of state fundill(T towards periodic n]ntenanCe, minor capital works and IT iesources. The Trusvs total in¢oJne in 2025 was £377,654 (2024: £1.024.678). Total fld5 held at the end of the reporttnv period w8s £10,600,439 (2024: £11,197,798, of which £2,326,062 was um'estricted (2024.. £2,579,564) and £8,274,377 was permanent endowment funds (2024.. £8,618,2)4}. RESERVES VOLICY I"he Trust expenditur¢ Yaries over ttme ac¢ordllig to the opp)ttimiry to contribute to repairs. and development work eiiabled by external {prim&ri15' government) fidS and pather actiyiry linked to the airns and obje¢tsve& of th¢ Tnjst. The TrusttTryvu r¢gular budget ree9 and fotward planning activtty aims to kevp suificÈent resetves to r¢5pond to such opportur.ities ds they arise, to accominodate the cash fl(>w requirements of larger capital pwjects st manages, ld to supoort actlVLties that benefit the children whom we gcrve. I: is the Trustees policy. thereforc, to pS surplus illCDme to reserves in years of lower expenditure to enable it to utilise those reserves to fund years of greater developfflenr activiry. Fr¢¢ r¢scrY¢s were £2.316,163 at the end of ihe reporting period. Each y¢ar, TSteS review conurutted gr2Dt and projoct activity PElld it akeS (o trie sd)ools and to other jodies in light of urr¢nt income, projected expendilwe and avai12ble resout¢es and Tms(ees believe its resources are adequaie io mect curreni comitments and potential liabilities.
TFIL CHURCI.I SCHOOL5 OF CAM13RIDGE (tHE OLD SCH(X)LS) PAQE 3 FINANCIAL STATEMENTS FOR T. YEAR ENDED 31 ST DECEMBER 2025 XEPORT OF THB TRUSTEES .........JCONTINUED INVESTTrIENT POLICY The Truyiecs have poweFS to nage the ThEgts assets. 'rkn Tn finauG¢ Mmmitt¢t re]arty Yevi2w the perfomiance orth¢ Tru6Vs invvstsnents wd report to Trustee Meettti88. Currently managrnt of our investsnents is eiitrugted to tha C13F CbLwch of IVeStMent Fund. P FOR Tiifi FUTURE Th6 Church Schools of Calnbridgtr throu8b its V2rious wh)IS ?nd fducatioll support projects, been supporting primfAry ¢dllcatitsn in Cambrid8¢ for over 300 yews and plèns to continue w do so in keeping with th¢ aims and objertly rrfeTred to abtsv¢. STATIIMENT OF TRUSTKRS RESPONSIBILITIES I'he'fruste¢s are w(Trnsible for thepreparatton ofthe Tnthc5' Annual Report and fingnciai statetnents in accord8llc¢ with applicable law ad United Kingdom Accounting Standards (un[l Killgdom Generally Accepted Aceouuting Practioe). The law applicable ro charitics in Lngland and wal requires the Tn]s'£es to tir4)are fmancial staleintnts for eaL,h finanoial year which 8iY¢ 8 tru¢ and f&ir view of the Stats of affaits of the ChaTSry 8Y*d of the iDcoming lesources, and applie8tion of re5ourcc& of tbe Cl?2rity for that pcriod. In prep2ring the rMancl ststeMts. the Trnskes are requittd to: select suitablt accountillg poli¢ies and then apply them CODSiStetrly' observe the method5 and princtples in the applicable Charities SOR. make judganents dnd esiimates that ore TEasonablc aDd prud¢n4 stste wheth¢r applicable 8ccountiog stsndards have beell fo,'IDwel subject to 8ny mAI¢riRI depsrwres discloscd aud explaincd ID the fin8ncial ytstem¢nts' prepwE the fuJanci21 statemtnis on the going coii¢wn basis unJes5 it is Toapwopriate to pres3Jm¢ that the Charity will ¢ontu]ue iu op¢r&tion. rhe TJw8te¢s ar¢ responsible forkeeping proper accounting records that dise105c ivi1h reasonable aecuracy at any Lime the rinatttyial positi1 o(tiie CharAty 8fftd to eJabl- d)ern to ensur¢ that thc financial statCTtLents comply with the chari8 Act2011, ie applicabl¢ Charity (AGCQUllts and Kewrts) R¢sulats"ons fjnd th¢ provisiong of the trusl. deed. Thcy aye also responsible for safeguarding the wets of the Cknjty atsd heTL¢e for tk re&4onablÈ steps for th¢ preveDuon detsction of fvdud and other irregularities. The Trusteea 8r¢ aiso responsible for the 1lenance and integrity of the toryratE and finan¢ial iuforniation includ¢d on the Charitys web5tie. Approved by th¢'fru5t¢¢S OD 2qry F 2t>2G and ss8ned on their b¢krnJfby. A MACLELIAN I.IONOKARY I'REASURE.R
THE CHUKCH SCHOOLS OF CAMBRtDGE rfHE OLD SCHOOLS) PAGE 4 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025 INDEPENDETrrf AUDITOR'S REPORT TO THE TRUSTEES OF THE CItURCH SCH(X)LS OF CAMBRJDGE OPINION We have audited the fmllrial statements of The cb.urch Schools of Cambridge".or the year ellded 3 1st DeCe.be ?025 which compr¢ the Statement of Financial ActivitiES, the Balante She4 Swemeni of Cash Flows and the related notes. The fllLancial reporting fraeWork that been applied in their PTeparation is applithl¢ aTLd United Kingdojn Accovii:ing Standards, including Financial Reporttng Standard 102 "The Finan¢i&l Reporting Stalldard applicable ill the and RepuDlic of Ireland" (United Kingdom G¢nerally Accepted Accouniing Prac¥ice). In our opinion the financial statemeTLts: - give a true and fair view of the 5tatE of the Charitgs affairs as at 3 1st Dcc¢mb¢r 2025, and of its incoming resources and application of resources for the year then ended. - have been properly prepared in accordance with Ull[ Kingdom O¢tternlly Accepted Accounting Practice. and - have been prepared in accordance with the requirements of the Charities Act 2011. under S.144. BASIS FOR OPINIOY We conducted our audit in accordaD¢e with luternational Standards on Auditing (UK) {ISAs (UK}) and applicable law. Our responsibilities uider those stsndards are fiuther described in the AuditoV5 resw)nsibilities for the audit of the financial 5tatctnents section of our report. We are indepeD.deiit of the Cbariy in accordance with the ethical requirements that are relevant to our audit of the flljatkcial sratemenis in tb.c UK, includiJJg the FRC'S Ethical Standard, and the provisions available for small ¢Thtiie5, the circumstances set out in note 16 to the financial statements. ld w¢ have filfilled our oth¢i' eti)ical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is suffLcÈent and appropriate to provide a basis for our opir&lOn. CONCLUSION RKLATING TO GOING CO.YCZRN En auditinu the fsnancial stat¢ments, we hat concl&ded that the Tn, use of the going concern basi5 of COUnting in the prepdration of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertaintie5 r¢lating tD events oi. conditions that, individually or collectively, may cast significattt doubt OD the charity'5 ability to continue as a going concern for a period of &t least tw¢lv¢ months from when the financial staten]ents 8re authorised for issue. Our responsibilities attd the responsibilities of the Tllsstees with r¢spect to goillg eoucem are deseribed in tbe relevant seclions of this report. OTHKR INFORMATIOLY The other inf0mlon comprises th¢ inforni&tion included in the Report of tbe'fTUStees, odier than the financial statements antt our [kuditoS report th¢reon. The Trustees are responsible for the Reportof th¢ Tttes. Our opinion on fhe fmanciaI stst¢m¢rts does not coverthe other inforniation and we do not ewr¢55 any forni of 8ssuran£e on¢lusion tbereon. In connectiou with uur audit of tho financial statetnents, our responsibility is to read the Report of the Trustees and, iti douig so, ¢onsider wF.ether the K¢port of the Trustees is naterialiy LDcollsiStent with th¢ fitwcial stateents or our knJowledg¢ obtaiiied in the audit or otherwise appears to be inaterially nisstated. If wc iaentR such ]naterial inconsistencies or apparent tnEterial tnisstatwtnls, we are required to determine whether there is a maierial misstsrement in the fiJw)cipl statsrnettts or a material In&tate[nent olth¢ ofrier Rnfortnation. If, based on the work we have performcd. we conclude that there is a tnaterial Inisstatement of this eihcr infomiation, we are requir¢d to report that faci. We have nothingto report IN tELiS regard.
TFIE CHURCH SCHOOLS OF CAMBRIDGE {THE OLD SCHOOLS) PAGE 5 FINANCIAL STATEblENTS FOR THE YEAR ENDED 31 ST DEmBER2o25 tNDEPENDENT AUDETOR'S REPORT TO TE TRUSTEES OF THE CHURCH SCHOOLS OF CAMBIUDGE rviATTKRS ON WHICH ARE REQUIRED TO REPORT BY EXCEPTIO We have nothing to report in reèpect of the following m2tters to which the applicable Charities (Accounts and Reports) Regulations require us to report to you if, in our opinion.. - the infom]atiou given in the fancial statements is inconsistent in any material res wkth the Report of the Trustees. or - sufficient a¢coutktiugrecords have not been kepi or - the financial statements are rLoI iu asreement with the accounting re¢ord5 plld retsjros. or - we have not received ail the infornution alld expLaDations we require for our audit. RESPONSIJJILfTIES OF TRUSTEF As explained more fully in the Tntst>es' responsibilities statement set out pag.- 3, the Trustees are responsible for the preparation of the fiuancial staten)ents for being satisfied th&t they give a true and fair v.e. and for 5uGh internal coniToI as the Tru$t¢e5 dttcnrLine is necessary to enable the prepamion of finaTLcial Stateents that are free from matersal mi55tatcment, whether due to fraud or error. In Preping the fjnzncial ststeTr.ents, the Tr5R5tees are responsible for asses5illg the Charitys ability to continue a5 a going Conce disclos1t as applirable, arterS related to going conctrn using the going concern b&is accoJnting unless the Tmstees either interyd to liquidate the Charity or to ce&se operations, or h&ve no r¢aii5tic alternativ¢ but to do $0, AUDITOR'S RESPONSIBILFfiES FOR THE ALT)IT OF THE F1.yCIAL sTATENTs We have been appoint-d a5 auditor under 5tction 144 of the Chariues Aci 2011 aud port iti accOrdl¢e with the Act and relevant regulations nwie or h&viEJg effect thereunder. Our objective5 are kn obtaiA reasonable assurance about whethertbe fin&n¢ial ststemetyts as a whole are free frorn material misstaiemerLI wheihLr due to fraud or eTror, and to i5su- an allditoP5 report that inclkndes our opinion. Reasonable a55uran¢e is a high level of assurance, but is not a gu&Thntee tbat an audit Conducted in accordancc with ISAS (UK} will always detect a material mtsstrdiement when it eXLs. Misststements can arise from fratsd 01 etror and considered r.ater:'al if, indivEdually or in the agegatr, they cDuld re&8onably be expected ts) infl,Jence the ecoDoJni¢ decisions of user5 taken the basis of these financial stal¢u)ents. We have exercised prOf10ll judgemeDt and maintsined professional s¢epticism throughout tlie audii. PROCEDURES TO [NDEr1Fy MATERtAL MISSTATEhIENryS IYCI,LDING FRAUD lttegulariiies, includillE fraud, are in51ance5 of no4-compbance with laws regulations. The prim8ry re5ponsbi ility for the prevention and detedion of irr¢gularities including frth with both the m&iagement and tboie Ghargcd with gDVtrnance of the Charity. We design procedures Isne with our responsibilities, outlin¢d above. to deteet mat¢raal misstatements Lll respect of iffegularitie5, includillg fraud. The extent to which our procedures &re capable of d¢t¢cting irregularities, including fraud is detailed below. We have considered th- natur¢ of tELe induty and sector. control environmenL laws and regulatlOT15 and busin perfornian¢e ot thc Charity, including Trustee reniuTheratiotL policies. Laws and reoulatiODS considered inclL,ded, but We not liiniied to, Charities Act 201 FRS102, Charites SORP (FRS 102) 85 far as it impacts on charities. We have enquired with the Mane[ent in regards to their own assessTnent of tbe risks of irregularities, Tn¢luding fraud. We also enquired of management and those clwged wiL4 govern8llce &5 to any ktm¥n instinces of non-compliance or suspected Doll-compliance with laws thd regulations. We obtained relevallt docutNer.tation and repsentatIo$ in order to foTm au opillioll ots potential irregdarities, including fralld. We have reviewed miDUtes of Trustee meetings to detertnine whether there have been events whi¢h r¢quirc addiiional disclosure in the finallcial statetnents. We have reviewed p08t year-end trdnsactions to ensure it¢nu are disc105ed accurately and complete at th¢ year-end.
TIIE CHURCH SCHOOLS OF CAMBIUDGE (THE OLD SCHWLS) PAGE 6 FINANCIAL STATEMEiifs FOR THE YEAR ENDED 31ST DECEMBER2025 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CHURCH SCI4OOLS or CAMBRIDGE Based on this understandills we designed sp¢¢Rfic audit pr¢Kedwes to iden(ify itistances of llon-c0pliallce with laws and regulations, including obtainiug 2dditi(Trnal corroborative evid¢nce as required. Exall)plei of procedure5 included reviewing 18rg¢ and unusLd traDsaGtiong, reviewing large and JDexpected vL"i&nces, reIewIng journal entries reviewing relevant legal correspondence. There are Ierent limitations in the audit procedures deKribed above, not least sarnpling is Used under International Auditing StandardR therefore Dot all transactions are reviewed. Therefore th¢re is & risk we wil:. no: detect all iTregularilRes including those leading to a material 15Statement in the ftnaiicial St2M-nLS or non-¢ornpliance with regulations. The risk of not detectln2 a terIal n)isstateTnent due to fraud i5 also higher.han the risk of Dot detecting one from ¢n'or, as fraud inay involve deliberate conceabnent by. for cxample, forgery, collusion, omi5sioD or intentional mrepre)entarIOll. As a result of these procedures. we considered the opportunities aDd iDcelltives that may exist within the organisatiort for fraud and id¢Thtified tF.e greate<t po'.ential for fraud is relatiorj to the overstatement of r¢venue. In conllllon witb all audits under ISAS (UK). We are also required to perfo]ItL specific pmcedures to respood to the risk of rDEnagernent override. A further description of responsibilities for the audit of the fitwicial Matements is Ii)cated on the Fin&n¢ial Reporting Council's website at wryYw.frc.org.ILklauditOT5responsibilities. This description forzns part of our Report of the AudÉtor5. USE OF OUR REPORT This report is made solely to the Trustee5, as a body, iti &CCOTdance witii the Charities Act 2011. Our audit woi'k been undertaken so thtt we might stslc to the Charity's Trustees thosB ntttters we are required to btate to them in an auditor's report and for no other purp05¢. To the fuuest extellt p¢rmitied by law. we do not &¢cept or &ssume r¢sponsib&lity to anyone other th8n the crity and the Charit15 Trustees as a body. for ow alldit forthis repKirL or for the opinion we have fornied. PREF¥fis & CO LLP ACCOiWtANI'S & STATUTORY AUDITORS 115t Milton Rogd Cambridge CB4 IXE Prentis & Lo LLP is eligible to act as an auditor in ternis of section 1212 of the Companies Act 2006. ) Lfys?
TrIE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOIS) PAGE riNANCIAL S'IATEMEFrrs FOR THE YEAR ENDED 3 IST DECEMBER2W25 BALANCE SHEEr 2025 2024 Notes FIXED ASSETS T&Trgiblr fixed L%scts Inve3tmBnts 9.899 10.467.722 10,477,621 9.795 11,058,961 I1,068,756 TOTAL FIXED ASSFTS CIJRRFNT ASSF.TS D¢btors ai bank and in hand io 81,6r2 178,415 260,087 125,406 178,269 30375 TOTAL CURRENT A&SETS LIAIIILITIES CrcditgES'. aTnouDts falling due within one year (137269) (174,633) NET CURRENT Assprs 122.818 10,61i).439 129,042 11,197.798 T(yfAL NET ASSETS THE FUNDS OF THE CHARITY Restrict¢d fvndy.. Perm#n¢nt cndowtnent fund Unrestri¢ted funds 12 8,274,377 2.326,062 10,600,439 .618,234 2.579,564 TOI'AL FUNDS 11,197,798 Th¢ financial statomeryts were approved by the Board of Tn]stte5 1)n £4AX- 2DZ£ and signed on their behalf by.. TRusirE A MAL'LBLI.AN The notes on pages 10 to 16 foTSry Wtof th¢se fllwicial sta*nts.
THE C14URCH SCHOOLS OF CAMBRtDGI (THE OLD SCE.IOOLS) FINANCIAL STATEMENTS FOI< THE YEARENDED 31ST DECEMBER2025 STATEMENT OF CASH FLOWS Re5tsted 2024 Tot&1 2025 Totst CR$h fiDWS from operating aetlvlties: Net cash provided by operating activitie5 17 (458.929) (560,638) Cash Ilows from investlng Activitie5: Purchase of fixed assets Interest received Income froTll listed investtnents Disposal of investinellt shares Net cash provided by investing activities (768) 1.917 307,926 150,000 893 303,829 150,000 459,075 454,722 Change ill c&4h and cash equiv&ents in the ye Cash and cash equivalents brougbi forward Cash and cash ¢quivaE¢nts carried foTward 146 178269 1105,916) 284,185 178,415 178269
T14E CHURCH SCHOOLS OF CAMBRIDGE ITHE OLD SCHOOLS) PAGI 10 FINANCIAL STATEMENFS FOR THE YEAR ENDED 3 1ST DEMBER 2025 NOTES I'O THE FINANCIAL STATEMENTS ACCOUEING POLlCtES The principal aecounting policies adoptrf iudEEm¢nts key sources of estimation uncert8inty in the pparation ot the finaEJcial siatemettts are as follows.. (a) BASIS OF PREPARATION The financial statements b.ave been prepared in accordance with the Siatement of Rmmended Practice.. Accounting and Reportiiig by Charitr,es prepariDg their fjll8llci ststemer.ts in accordance with th¢ Financiat Reporting Stalldard applicable in th¢ UK and Republic of Ireland (FRS 102) issued October 2019, applicable from 1st January, 2019. and the Financial Repo.ting Standard applicable in the United Kinodoin and Rcpublic of Ireland (FRS 102), the Charities Act 2011 and UK Genernlly Accepted Pra¢tLCe. The Charity constithtes a public benefit entity as defined by FRS 102. Assets and liabilities are ittitially recognised at historical cost oy transactiou vallle unless otherwise 5tatd in the relevant accountitig policy note. The fanCIal statements are presented ID pound stEYling {£), which is the fictiOnal Currency of the Clwity. (b) GOING CONCERN The TnLStees consider that there are no material uncertaTnties &bou¢ the Charity's ability to continue u a going concern. As 5ucl4 they Colltinue to 2dopt the going concern basis of accounts in the financial statements, which assumes the Charity 11 continue in operationai existence for the foreseeable fiLture. The trustees 4ave gtven due consideration to the working rapitsi and Gow rquiremenrs of the Clwiry for at least 12 Tnonths from the date of Si&tre of the accounts. (c) FUND ACCOUNTING Ullrestricted income comprise of fuELds whicb the tnt5ttts are free to use for any Purpose in the filltherance of the ebaritable objertives. The Char5ty also has a nuniber of restricted income funds to account for 5itsLation5 where a donor requires that a donation must be spenl on a particular pwp05¢ orwh¢re fvttds have been Taised for a specific purpose. (d) tNCOME All income is retogDi5ed once the Cnarity has entitlemer&L the in¢oine, it is probable that the income will b6 reLVed, attd the amouut of income receivable call be measurcd reliablj. Dividends are roSEd ollce the dividepd has been (i£claTed and notification has been received of die dividend due. This is uomially uporA notificatiOTL by the illvesimeni advisor of the dsvideud yield of the investment portfolio. Income rrom Goi'ernrllent Securities 15 wogni5ed when i¢ is receÉved. Income accrued and p.ot received on these sKurities at 31 December is included in the market Tlle of the investments hel(L Rental incowe under operating leases 1$ Charged to the prufit and Ios5 accounts on 2 straight-line basis over the tenns of the lease. le) GRANTS Grants received for special projects are credited w the Income and Expenditure Account when the Charity I$ beetL entitled to the monies and can be measured with reasonable accuracy. Capital Grants are rwognised when receivable and are not aefrrred over the life of the a&seiS on hich they are exp¢nd¢d. Where th- restriction is fvlfilled bythe purchase of fixed kn-ets, the restricted income is released via transfer to the unrestricted fvlld5 of the Charity. (Q EXPENDrruRE AND IRRECOVERABLE VAT Expenditui'e is recognised on¢e there 15 a legal or con5trucUVC obligation to nk¢ a pa)qnentto a third party. it 5 prob&ble that settlement will be ttquired and (be amount of the obl:ga:ion can be meL8ured reliably. AU expenditure is accounted for on an basis and rt12tes to the Chantable activities. VAT is charged as a cost against the aciivity for which the expendtture was incurred.'The allocatioii of expeiiditure between the various activities of tbe Charity Iw been reconsidered by the trustces 8nd re-analysed in the Curre year and for the prior year in order to tllOTe accurdtely Teflcct the nature of the activities UDdert3ken.
THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS) PAGE 11 FINANCIAL STATEMENfs FOR THE YEAR ENDED 3 1ST DECEMBER 2025 NOTES TO THE FtNANCtAL STATEMEFrrs (gl ALLOCATION OF SUPPORT COSTS Support Costs are those functions tILat assist the wot* o". the Charity but do not direetly undertake charitable activitie5. Support costs include back office ¢osts, r]nattce. persollneL payroll and governancE Costs which support the trust's activities. These costs haye been a]l(K&ed (o expenditure on charitable activities. The basis on which support costs have been allo¢akd ar¢ Set out tn note 4. (h) DEPRECL4TION All assets costing more than £500 are capitsIed at their hi5tori¢21 costen purchase Depreciation is provided on all tangible fed assets at r&¢S uicuLated to write otTthe cost on a straight line basis over their expect usefiLI e¢onomi¢ lives as follows: Leases CouLPUter equipment 330h on cost Assets are reviewed for any iDdications of iPaImieDt at each balance sheet date. (i) INVEsfMEiirs Investments ar¢ a forllL of basic finallcial in5tnJm¢nt aDd ar¢ iNiti2lly recognised at their transaction VLlue and 5ub5equ¢ntly e8S(ed at theii. fair value as at the bal&ryce sheet da(e using'the c105ed quoted market price {tlLe bid price). The Sthtetnent of Fil1¢1a1 Activities includes tbe net gains losses arising on Tevalllatio and dispo8als'Jwoughollt the year. The Charity does quire put option& derivatives or other complex fitRncial instruments. The main form of financial risk faced by tije Charity is that of volaiility in equity tn&rkets and tnvestment markets due to wider economic cond tions. th£ attitude of Tnvestots to inve)tment risL and changes in sentiment conttrning equities and witlLiD Particular sectors or sub sector5. li) DEBTORS Sundry debtors are recognised at the settlement amount due. ArKru¢d ioco]ne Is included at the best estimate of the amounts receivable at the balance skneet date. {k) CASH ATBANK AND IN IthND h at bank and in haiL d include5 cash and sbort term nighli liqu:d inNestments with a short maturity of three months or thr¢c months or less from the date of acquisition or opening of L4e deposit or 5iTDilar accoL (I) CREDITORS Creditors are recognised whcre the Charity has a present obligation resultillg from a p&st event thatwill probably result in th¢ trnn5fer of fllnds to a third panv and the arnount dat¢ to s¢ttle the oblig841ion be measured or e51illkated reliably. Creditors ar¢ nonnallyretognised at their settlement amount after allowiDE for any trade discounts due. () FtNANCIAL INSTRUMENTS 'rhc Char ty only has finallcial assets and financial liabi]ities of a kittd that qualify as b&ic !anCial in%tn]m¢nts. Basic financial ingtruments are initially recognised attrdllS&Ction value and subsequen.ly mcasured at their settletnettt value. Fed assets are ¢ured at their fair value, beiDg the original cost of the assets. Investments are valued at market V31ue which is based on the bid price at the year end. All other transactiODS are va]"aed at cost. {n) PENSIONS Employees of the Charity are entitled to join a defined £ontribution"tnimey purcht, scheme. The Charity contribution is restricted to the contributions disclosed in note 6.
T14E CHURCH SCHCQLS OF CAMBRtDGE (TFIE OLD SCH(J)LS) PAGE 12 FINANCIAL STATEMENtS FOR THE YEAR ENDED 3 1ST DECEMBER 2025 NOTES TO THE FINANCIAL STATEMEKrs tFIVESTMEwf INCOh 2025 2024 tnterest on cash deposits Income from IisEed inVeStnt Rental iticome 1,917 307.926 47,806 893 303,829 47,806 352,528 357,649 INCOME FROM OTHER TRADFNG ACTivfFtES 2025 2024 cdmbridges.iire cOty CoEmciI Grants {restricted) Solar Panel inGome 10,387 9,618 20,005 663,826 8,324 672.150 4a. EXPENI)ITURE ON CHAIUTABLE AcfiviTIES CURRENf YEAR Dirert costs Support Total 2025 Grants casts Grants to promote education.. Grants to schools and churches Grants to service delivery ¢haritie5 In house education projects AdmiTristratEon Developnient, repair and maintenance of cburcb 5chtsols° 293.695 95,378 7,036 300,731 95.378 63,922 38.287 63,922 38,287 14,109 16,663 4,684 42.971 35,456 Total eXpeTrdire for charitsble activities 403.182 87,621 533,774 4b. EXPENDITURE ON CHARITABLE ACTIvlEs PRIOR YEAR Direct costs Support costs Total 2024 Grants Grants to promote edu¢ation: Grants to schools and churches Grgnts to service delivery ¢harities In house education projects AdtniDistratioD D¢velopmen( repwr and maintenance of church schools 304,428 89.942 5,369 309,797 89,942 56,788 40,690 56.788 40,690 663,826 .058.196 12,569 4.640 681.OJ5 Tota] expendtture for charitable activities 74.726 45,330 1,178,252 The tot9] of £14,109 consists of restrictcd fvnds in relation to the Cambridgeshire Counly Council graiit at note 3 (2024.. £663,826). These grants have been awarded to assist with capital works at one of the CSOC schools. See also ote 12. 'fhis is a one-ofFgranL
THE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOLS) PAGE 13 FtNANCIAL STATEMENfs FOK THE YEAR ENDED 31ST DECEMBER 2025 NOTES TO THE bINANCIAL STATEMENTS 4c. ANALYSIS OF StiPPORT COSTS Charitable GovernaDce activities Tot&1 2025 CURRENT YEAR Wages and salaries Audil accountancy and legal f¢es Total support costs 38.287 38,287 4,684 4,684 38.287 4,684 42,971 Charitable Govenwice activities costs Total 2024 PRIOR YEAR Wages and salaries Audit, aCCotancY and legdl fees Total sllpport costs 40.690 40,690 4.640 4,640 40,690 4,640 45,330 ANALYSIS OF STAFF COSTS AND KEY MANAGEMENf PERSONNEL 2025 2024 Wages and salaries (including social seci]rity) P¢nsion costs 72,241 3,604 75,845 75,056 3,643 78,699 No employees had emoluments in excess of £60,000 (2024.. none). The Ttee5 Trceived no retnuneration or T¢imbur5ernent of expenses duriThg the year (2024.. none). The Charity tmk out truste¢ Indekity inSranCe durtng the year &s part of a policy that cost £559 (2024.. £2,905) The CharitycoD5idErs that the key tnanagement persorjnel to be all members of s£aff and therefore their tota remunerJtioll is ststed thve. The average rnnthly head ¢ount was 4 (2024: 4) and analysis of the staff emplo0$ in the year were.. 2025 2024 Office and administratiora Charitsble projects The number ofvolullteers utili5ed by the chlty in the year wer¢ pil (2024: Dil). PENSION COS'IS The association operatES a d¢fined contribution pension scheme. The 855ets of the sch¢me are held separatcly from those of the SOciatiOn in itidependently admini¢LeTed fund. The Charity contributed a total of £3.604 (2024.. £3,643) in the yeat, witb £650 (2024.. £739) still payable at the end of the financial year. NET INCOME Net itlcome is stated after charging Depreciation Auditors remweration.. -for audit seriices -for accountancy services 2025 2024 664 642 2,544 2,140 2,500 2,140
TEIE CHURCH SCHOOLS OF CAMBRIDGE (THE OLD SCHOOiS) PAGE 14 FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2025 NOI'ES TO THE FINANCIAL STATEMENrs TANGIBLE FIXED ASSETS CURRBirf YEAR Computer Equipment Park Streei Lease Total COST OR VALUATION Balance at 1st 5aThuary 2025 Addiiious 3,276 768 32,113 35,389 768 Balanctt at 3 1st Decernber 2025 4.044 32,113 36.157 DEPRECIATION ]3alance at 1st January 2025 Cbarge for the year Balance at 31st December 2025 3276 22 22,318 642 25,594 664 3298 22,960 26,258 9,899 NET BOOK VALUE at 3 1st December 2025 746 9.153 8b. TANGtBLE FIXED ASSETS PRtOR YEAR CDtiJpiiter Equipment Park Street Total COST OR VALUATION Balance at 1st JarLuary 2024 and 3 1st December 2024 DEPRECtATION Balance at 1st January 2024 Charge for the year Balance at Jlsi December 2024 3,276 32,113 35,389 3,276 21,676 642 24,952 642 3276 22,318 25.594 NF.T BOOK VALUB at 3151 Dember224 9.795 9,795 tNVESTMENtS . CURRENT YEAR Market Value 1st Janu3ry 2025 Market Net Valu¢ L'nreaEised 31st December Tt8nsfer Gainsl(losse51 ?.025 Addition (Disposds) Permanent endOwent fund Central board of finance investment fulld 8.618,234 (343,857) 8,274,)77 General fund5 Cer)tral board of fmance InVt[Dent filnd 2,440,727 (150,000) (150.000) (97,382) 2,193.345 (44L,239) 10,467,722 Total InveStMets 11,05S,961 The historic21 cost of inyesttnents at 315t Decernber 2025 wa5 £4,386,725 (2024.. £4,536,725). All inYesttnei)ts are held primarily for the pu05¢ of Providing an investment return. 9b. INVESTMENtS - PRtOR YEAR Market Value 1st lalluary Market Net Value Uiwealised 31st December Gainsl(losses) 2024 Addition Ttansr Permanent endowmeTht fuDd C¢iilral board of finance investEnent filnd 8,425,681 192,553 8,618,234 Gcneral fuDd5 Ceiitral board of fitsauce investment fimd 2,532,844 (150.000) (150,000) 57,853 2,440,727 250,436 11,058,961 Total lllyestrnents 10.958.525 The historic&i cost of invesiments at 3 1st De&mber 2024 was £4,536.72! (202J'. £4.686,725)- All ElivesLtllts helc primaTily for the purpose of providing invesJDent return.
THE CHURCH SCH(K)LS OF CAMBRIDGE cfHE OLD SCHOOIS) PAGE 15 FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2025 NOTES TO THE FINANCIAL STATEMENrs 10. DEBTORS 2025 2024 Accrued income and other debtors Pi'epayments 80,116 1,556 123,839 1,567 81,672 125,406 CREDITORS.. Amounts failing due within one year 2025 2024 Taxation and social security Other creditor5 Sums held on behalf of schools Aecruals and defed income 1,730 73.432 41,930 20,177 1,399 88,338 69,527 137.269 174,633 Defeed ittconLe at the year end w&s £7,968 (2024.. £7,968) for rents received in Telltion to the following financial year. 12a. FUNDS ANALYSIS Balance as at 1st Jalluary 2025 Balance as at31st December 2025 Funds Expendittwe Transferred Gains/ (Losses) Income Pcrmanent etkdowment Old Schools of Cambridge Restricted funds St Phklips building improvements Unrestricted funds General fiLThd 8,618,234 (343,857) 8.274 J77 IOJ87 (14.109) 3,722 2.579,564 367.267 377.654 (519,665) (533,774) (3,722) (97.382) 2,326,062 (441,239) 10,600,439 Total funds 11.197.798 12b. FUNDS ANALYSIS - PRIOR YEAR Balance as at 1st Ianuary 20?4 BalancE &5 at315t December 2024 GaiDsI (LA)sses) Illcome Expenditure PernJ8n¢nt eudow]llellt fuud Old Schools ofcabrIdge Restricted fullds St Philip5 building improveTnents Unre5trictcd fllnd5 Qetteral fund 8.425,681 192,553 8.618,234 663,826 {663,826) 2,675,255 360.852 (514,426) 1.024,678 (1,178252) 57,883 2,579,564 250,436 11,197,798 Total funds 11.100,936 Unrestricted funds General funds represents the free funds of the Charity whicb are not desisuated for particular pwoses. Restricted fllnd5 Grants received from Cambridgeshire County Council in relation to the capitai works at St Philips Church of EDgl&nd (aided) Priniary Sch¢)ol.
THE CHURCH SCHOOLS OF CAMBRtDGE (fHE OLD SCHOOLS) PAGE 16 FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2025 NOTES TO THE FtNANCtAL STATEMEKrs 132. NET ASSETS BY F[rD . CUIiRENT YEAR Tangible Fixed sets Net Current Assets 2025 Total Investments Permanent endowmellt fund- Old S¢hools of Carnbridg- Ullrestri¢ted funds 8,274,377 2,193,345 8,274,377 2,326,062 9,899 122,818 Totsl fid5 9,899 10.467.722 122,818 10,600,439 13b. NET ASSETS BY FUND - PRIOR YEAR Tangible Fixed Assets Current Assets 2024 Total vestttjents Pei'manent ondowment fund: Old Schools of cambr.dge Unrestricted fund5 8,618,234 2,440,727 8,618,234 2,579,564 9,795 129,042 I'otal fimds 9.795 11,058,961 129,042 11,197,798 14. RELATED PARTY TL4NSACTIONS There were no related party transactions during the year. however there llre mutu&': trLtsrtees bettveen the Charity and its grant beneficiaries, in which non¢ of Lie trLtstees benefi& t fllllncially, or have significant influene. 15, LINKED C14ARITIES A full list of Charities li¢ttd by the Charity Comrni5sion as linked with The Church Scb(K)Is of Cambridg¢ (The Old Schools) 'CSOC' can be fouud OD the tharity irOrtiO page of the financial statements. Their activities and ftmds are not separa ely idenlif.dblE from CSOC. Any income and expenditure relevant the linked charyties Ere included within the Statement of Financial Activities. 16. FRC ETHICAL STANDARD- PROVISIONS AVAtt.ABLE FOR SMALL ENryITtES In common with many other charities of our size and r,allwe. we use our auditors to a5SiSt with the preparation of the financiaI statements. 17. RECONCtLIATION OF FtET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES Restattd 2024 2025 Netmovement in funds (page 7) Add back d¢pre¢iation Gain(Lo88eSI on invc5tmeuts Deduct int¢r¢st received Dedurt IUCQME from listed investments Decreasellincreasel in debtors (Decrease)liucrease in ¢redi:.ors Net cash provided by operating acuYitLes (597.359) 96,862 664 642 441,239 (250,4361 (1.917) (893) (307,926) 13QJ,829) 43.734 47,159 (37.364) (150,143) (458,9291 (560.638}