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 N0Ve￿ber 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 v￿Ant co-oprED TRUSTEE ELEcfED BY THE BOARD FOR 5 YEARS Currently Vacan¢ CHAIRMAN Mrs P Pritchard OBE VICE cHA￿N 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'h￿Trrt 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 EllgI￿d School (3 11326-5) * denotes meTnber of the Executive Committee ** denotes member of the Fina￿Ce 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 ca￿bridge (The T￿t) is & registered Cbarity, number 311326 and was found￿1 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 fu￿1claI 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 a￿d 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 Tr￿leeS agree strategy, receive project and grant updat¢5 and review the f￿anCIal p05ltion. Day to day m8nagemenL of Trnit activities is oversEen by the Executive C.ommitte¢ of Tr￿qtr￿ which, with the Director, itnplements the a￿eed 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 Tn￿tee 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 relations1￿P with the six other ch￿￿h of England 5chi)ols within its area of benefit. It has close I,'nks to Churches in c￿nbridge. particularly ¥vith those parishes in which the schools are si￿￿1¢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 i￿￿e5 and work5 with the sthoois with the aim of ensuring that facilities meet the developitlg needs of the 5cboo15, withsn she prevailing fi￿dirtg constixints. AIMS AND OBJECTtVES I'he vision of the T￿t 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 footpri￿ts 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 T￿st 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 pro￿aM￿¢ will extrao-.diti&-ily colllluit some of the Tn￿￿5 aCCu￿Ulated reserves to this area of School 5UPPOrt, utilising a portion of invested capital grov*th. 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 M￿S 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 worksI￿P 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 Tn￿5 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 inc0￿c. 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 fl￿d5 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) fi￿dS and pather actiyiry linked to the airns and obje¢tsve& of th¢ Tnjst. The TrusttTryvu r¢gular budget re￿e￿9 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 p￿S 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, T￿Ste*S 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 n￿age 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 I￿VeStMent 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 a￿d 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 rManc￿l ststeM￿ts. 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 positi￿1 o(tiie CharAty 8fftd to eJabl- d)ern to ensur¢ that thc financial statCTtLents comply with the chari￿8￿ 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 t￿k￿￿ re&4onablÈ steps for th¢ preveDuon detsction of fvdud and other irregularities. The Trusteea 8r¢ aiso responsible for the ￿￿1￿lenance and integrity of the tory￿ratE 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 fra￿eWork 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 ¢Thti*ie5, 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 ha￿t 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 inf0m￿lon comprises th¢ inforni&tion included in the Report of tbe'fTUStees, odier than the financial statements antt our [kudito￿S report th¢reon. The Trustees are responsible for the Reportof th¢ T￿￿ttes. 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 state￿ents 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 DE￿mBER2o25 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 f￿ancial 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 State￿ents that are free from matersal mi55tatcment, whether due to fraud or error. In Prep￿ing 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.y￿￿CIAL sTATE￿NTs We have been appoint-d a5 auditor under 5tction 144 of the Chariues Aci 2011 aud ￿port iti accOrd￿l¢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 eX￿Ls. Misststements can arise from fratsd 01 etror and considered r.ater:'al if, indivEdually or in the ag￿egatr, 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 prOf￿10ll￿ judgemeDt and maintsined professional s¢epticism throughout tlie audii. PROCEDURES TO [NDE￿r1Fy 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 Man￿e[￿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 rep￿sentatIo￿$ 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-c0￿pliallce 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, re￿IewIng journal entries reviewing relevant legal correspondence. There are I￿￿erent 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 St2￿M-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 m￿repre)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