2025-08-31-accounts - Sir William Perkins's Educational Foundation

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	Page
Trustee’s Report	3 - 2 4
Independent Auditor’s Report	2 5 - 2 7
Statement of Financial Activities	2 8
Balance Sheet	2 9
Cash Flow Statement	30
Notes to the Financial Statements	31 - 4 1

Name	Changes during year	[A]	[B]	[C]	[D]
Co - optative governors
Mrs H Archibald LL.B (Vice Chair)		✓		✓	✓
Mrs M Clarke MA HRM	Resigned July 2025		✓	✓
Mr N Dent BSc FCA					✓
Mrs M Duke BA (Chair)		✓			✓
Mr S Etienne BA, MA, PGCE, EdD			✓
Mrs S Whitlock MPhys (Hons)			✓	✓
Ms S Jamison BTEC HND					✓
Mrs K Krynicki Bed, MA, NPQH			✓
Mr S Nathan BA (Hons)		✓			✓
Mr C Newell LLB		✓	✓	✓
Mrs T Newell FCIPD		✓	✓		✓
Mrs T Puttock		✓		✓	✓
Mrs S Townsend BSc (Hons) MRICS	Appointed March 2025			✓
Nominative governors
Mrs M Harnden (Runnymede Borough Council)			✓
Vacant (Guildford Diocesan Council of Religious Education)

6 January 2026

SIR WILLIAM PERKINS'S EDUCATIONAL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income & Expenditure Account) FOR THE YEAR ENDED 31 AUGUST 2025

Note INCOME FROM: Charitable activities School fees 2 Other educational income 3 Investment income & bank interest 4 Donations 5 Other trading activities Total Income EXPENDITURE ON: Raising funds 6 Charitable activities 6 Total Expenditure NET INCOME FROM OPERATIONS Gain (Loss) on investments 9 NET INCOME FOR THE YEAR Pension Scheme actuarial gains/(losses) NET MOVEMENT IN FUNDS FOR YEAR Total funds at 1 September 2024 Transfers In/(out) TOTAL FUNDS AT 31 AUGUST 2025 15	Restricted Funds £ - - 12,585 60 4,779 17,424 3,525 - 3,525 13,899 13,545 27,444 - 27,444 427,816 9,617 464,877	Funds £ 10,689,613 1,430,971 307,152 41,582 87,565 12,556,883 166,777 11,829,225 11,996,001 560,881 37,010 597,891 - 597,891 23,803,948 (9,617) 24,392,222 Unrestricted	2025 Total £ 10,689,613 1,430,971 319,737 41,642 92,344 12,574,306 170,302 11,829,225 11,999,526 574,780 50,555 625,334 - 625,334 24,231,763 - 24,857,096	2024 Total £ 10,988,186 1,515,620 314,018 12,372 114,061
				12,944,258
				159,323 11,396,613
				11,555,936
				1,388,322 (107,044)
				1,281,277 -
				1,281,277 22,950,486 -
				24,231,763

SIR WILLIAM PERKINS'S EDUCATIONAL FOUNDATION BALANCE SHEET AS AT 31 AUGUST 2025

Note FIXED ASSETS Tangible Assets 8 Investments 9 CURRENT ASSETS Debtors 10 Cash and Bank balances CURRENT LIABILITIES Creditors payable within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES LONG TERM LIABILITIES Creditors payable after one year 12 NET ASSETS BEFORE PENSION SCHEME LIABILITIES Pension Scheme funding surplus/(deficit) NET ASSETS CHARITY FUNDS Designated 14 General Funds 14 Restricted 14 TOTAL FUNDS	2025 £ 16,459,239 4,001,922 20,461,160 828,627 7,260,330 8,088,957 (2,603,014) 5,485,943 25,947,103 (1,090,009) 24,857,094 - 24,857,096 2,000,000 22,392,221 24,392,221 464,876 24,857,096	2024 £ 16,354,590 3,922,046
		20,276,636
		3,878,336 8,719,205
		12,597,541 (6,609,579)
		5,987,962
		26,264,597 (2,032,838)
		24,231,759 -
		24,231,763
		2,000,000 21,803,947
		23,803,947 427,816
		24,231,763

SIR WILLIAM PERKINS'S EDUCATIONAL FOUNDATION STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 AUGUST 2025

	Note Cash flow from operating activities: Net cash provided by operating activities (i) Cash flows from investing activities: Payments for tangible fixed assets Disposal/Capital Works adjustment Investment income & bank interest received Net cash (used in) investing activities Cash flows from financing activities: Loan Finance costs paid	£ £ £ £ 1,055,134 2,108,784 (1,214,728) (1,285,040) 247,496 - 281,266 278,060 (685,968) (1,006,980) (131,990) (120,614) (52,379) (66,882) 2025 2024	£ £ £ £ 1,055,134 2,108,784 (1,214,728) (1,285,040) 247,496 - 281,266 278,060 (685,968) (1,006,980) (131,990) (120,614) (52,379) (66,882) 2025 2024	£ £ £ £ 1,055,134 2,108,784 (1,214,728) (1,285,040) 247,496 - 281,266 278,060 (685,968) (1,006,980) (131,990) (120,614) (52,379) (66,882) 2025 2024
	Monies deposited into advance fee scheme Amounts utilised from advance fee scheme Amounts repaid from advance fee scheme	94,592 3,041,827 - (1,738,264) (137,840) - - -
(i)	Net cash provided by (used in) financing activities Change in cash in the reporting period Net cash at 1 September 2024 Net cash at 31 August 2025 (ii) Reconciliation of net income to net cashflow from operating activities Net income before revaluations Returns on investments and interest received Interest paid Investment management fees Depreciation		(1,828,042) (1,458,875) 8,719,205 7,260,330 2025 £ 625,335 (319,737) 52,379 - 871,734	2,716,491
				3,818,295 4,900,910
				8,719,205
				2024 £ 1,388,322 (314,018) 66,882 28 679,820
	Loss/(gain) on disposal of tangible assets Loss/(gain) on investments		(9,150) (41,405)
(ii)	(Increase)/Decrease in debtors Pension scheme deficit payments in year Increase/(Decrease) in creditors Net cash inflow from operations Analysis of cash and cash equivalents Cash at bank Deposits/Others Analysis of changes in net debt Cash and cash equivalents Borrowings Debt due within one year Debt due after one year	At 1 Sep 2024		(3,138,007) - 3,425,757
				2,108,784
				2024 £ 8,719,205 -
				8,719,205
				At 31 Aug 2025
	Advance fee scheme	(3,032,253) (94,592) 1,738,264 (1,388,581)
	Total	(3,879,896) 184,605 1,591,057 (2,104,234) 4,839,308 (1,274,271) 1,591,057 5,156,096

(a)
(b)

(c)

SIR WILLIAM PERKINS'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

2 CHARITABLE ACTIVITIES - FEES RECEIVABLE Fees receivable consist of: School fees Less Scholarships Less Bursaries 3 CHARITABLE ACTIVITIES - OTHER INCOME Coaches Lunches Educational visits and activities Surrey CC Funding Rowing Registration fees, surcharges and extras Hire of facilities 4 INVESTMENT & BANK INCOME Bank interest Bank deposits interest Investment income 5 VOLUNTARY INCOME Donations	Restricted Funds 2025 £ - - - - - - - - - - - - - - 12,585 12,585 60	Funds 2025 £ 11,393,234 (225,707) (477,914) 10,689,613 322,308 415,882 516,643 93,155 53,773 29,209 1,430,971 281,266 - 25,886 307,152 41,582 Unrestricted	Total Funds 2025 £ 11,393,234 (225,707) (477,914) 10,689,613 322,308 415,882 516,643 - 93,155 53,773 29,209 1,430,971 281,266 - 38,471 319,737 41,642	Total Funds 2024 £ 11,624,542 (206,882) (429,475)
				10,988,186
				309,946 442,994 501,186 12,937 184,196 36,871 27,491
				1,515,620
				278,060 - 35,958
				314,018
				12,372

SIR WILLIAM PERKINS'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

6 ANALYSIS OF EXPENDITURE

(a) Summary by fund type Raising funds Financing costs 6(e) Fundraising & events Total costs of raising funds Charitable activities Teaching Welfare Premises Support costs and governance 6(c) Grants, donations & prizes 6(d) Total charitable expenditure Total expenditure (b) Summary by expenditure type Raising funds Financing costs 6(e) Fundraising & events Total costs of raising funds Charitable activities Teaching Welfare Premises Support costs and governance 6(c) Grants, donations & prizes 6(d) Total charitable expenditure Total expenditure	Staff Costs £ - - - 5,940,244 - 212,209 1,241,505 7,393,957 7,393,957	Restricted Funds 2025 £ - 3,525 3,525 - - - - - - 3,525 Depreciation £ - - - 410,524 - 322,667 107,810 - 841,001 841,001	Unrestricted Funds 2025 £ 166,767 10 166,777 7,869,765 502,241 1,572,207 1,885,013 - 11,829,225 11,996,001 Other £ 166,767 3,535 170,302 1,518,997 502,241 1,037,330 535,698 - 3,594,266 3,764,568	Total Funds 2025 £ 166,767 3,535	Total Funds 2024 £ 157,427 1,896
				170,302	159,323
				7,869,765 502,241 1,572,207 1,885,013 -	7,706,185 537,279 1,362,929 1,788,941 1,280
				11,829,225	11,396,613
				11,999,526	11,555,936
				Total 2025 £ 166,767 3,535	Total 2024 £ 157,427 1,896
				170,302	159,323
				7,869,765 502,241 1,572,207 1,885,013 -	7,706,185 537,279 1,362,929 1,788,941 1,280
				11,829,225	11,396,613
				11,999,526	11,555,936

(c) Governance included in support costs Audit Fees (excluding VAT)	2025 2024 £ £ 22,350 21,112 22,350 21,112

SIR WILLIAM PERKINS'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

6 ANALYSIS OF EXPENDITURE (CONTINUED)

(d) (e) 7	Grants, donations & prizes From Restricted funds: Donations From Unrestricted funds: Donations Financing Costs Bank Charges / Interest Loan Interest FIA Commutation charge Pension Deficit charges Bad Debts Property Income Costs Investment Management Fees STAFF COSTS Staff costs were as follows: Wages and salaries Social security costs Pension costs	2025 £ - - - 2025 £ 9,527 52,379 37,354 - 32,704 34,802 - 166,767 2025 £ 5,648,454 650,283 1,080,849 7,379,587	2024 £ 680 600
			1,280
			2024 £ 7,775 66,882 1,308 - 59,173 22,261 28
			157,427
			2024 £ 5,470,455 581,678 1,028,404
			7,080,537

Governors received no remuneration or other benefits from Sir William Perkins's School.	Governors received no remuneration or other benefits from Sir William Perkins's School.
Nil expenses were reimbursed to, or paid on behalf of, Governors in 2024/25 (2023/24: £0)
The number of higher paid employees was:	2025	2024
	No	No
£ 60,001 - £70,000	18		11
£ 70,001 - £80,000	3		5
£ 80,001 - £90,000	2		1
£ 90,001 - £100,000	1	-
£ 100,001 - £110,000	1	-
£ 110,001 - £120,000			1
£ 120,001 - £130,000	-	-
£ 130,001 - £140,000	-	-
£ 140,001 - £150,000	-	-
£ 150,001 - £160,000	1		1
	26		19
Aggregate employee benefits of key management personnel	2025: £810,966 (2024:	£801,371)
The average headcount number of full and part time employees during the year was as follows:
	2025	2024
Teaching staff	77		81
Other	65		55
	142	136

SIR WILLIAM PERKINS'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

8 TANGIBLE FIXED ASSETS

Cost At 1 September 2024 Additions Disposals	£ 20,939,309 40,380 - Land and buildings	£ 2,361,400 776,924 (18,000) Furniture, Equipment & Vehicles	£ 920,880 336,169 - IT Equipment & Photocopiers	575,455 61,256 - Assets Under Development	£ 24,797,045 1,214,728 (18,000) Total
Capital Works Revaluation / Adjustment		(39,496)		(190,000)	(229,496)
At 31 August 2025 20,979,689 Depreciation At 1 September 2024 6,323,927 Charge for year 410,524 Disposal - At 31 August 2025 6,734,452 Net book values At 31 August 2025 14,245,237 At 31 August 2024 14,615,382 9 INVESTMENTS Investment in Quilter Cheviot At 1 September 2024 Reinvested Income Management Fees (Decrease)/Increase in value of Investment At 31 August 2025 Investments comprise: Equities Cash and Cash Products The historic cost of these investments is £1,000,000.		3,080,828 1,477,054 332,296 (9,150) 1,800,200 1,280,628 884,347 Restricted Funds £ 399,767 12,585 - 13,545 425,897	1,257,049 641,474 128,913 - 770,387 486,662 279,407 Funds £ 822,279 25,886 - 27,860 876,025 Unrestricted	446,712 - - - - 446,712 575,455 2025 Total £ 1,222,046 38,471 - 41,405 1,301,922 2025 £ 1,292,242 9,680 1,301,922	25,764,277 8,442,455 871,734 (9,150) 9,305,038 16,459,239 16,354,590 2024 Total £ 1,060,856 35,958 (28) 125,260 1,222,046 2024 £ 1,213,004 9,042 1,222,046

Investment in properties

The investment property value disclosed below represents the properties revalued at 31 August 2024 The governors’ policy is to obtain a full independent valuation every three to four years

Investment Properties At 1 September 2024 - Additions - Disposals - Gain/(Impairment) - At 31 August 2025 - Total Investments	2025 £ 2,700,000 - - - 2,700,000 4,001,922	2024 £ 2,932,304 - - (232,304)
		2,700,000

		3,922,046

SIR WILLIAM PERKINS'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

		Note	2025	2024
			£	£
10	DEBTORS
	Fees		34,192	3,444,092
	Prepayments		520,130	419,713
	Accrued income		44,410	12,937
	Sundry debtors		229,894	1,594
			828,627	3,878,336
	All debtors are due within one year.
11	CREDITORS
	Amounts falling due within one year:
	Bank loan	13	147,207	130,722
	Deposits received from parents		455,032	411,885
	Trade creditors		545,552	351,663
	Taxation and social security		73,813	144,450
	Other creditors		258,953	138,745
	Fees received in advance		-	3,432,592
	Advance fee scheme		867,018	1,716,336
	Accruals and sundry creditors		255,439	283,188
			2,603,014	6,609,579
12	CREDITORS
	Amounts falling due after one year:
	Advance fee scheme	13	521,563	1,315,917
	Bank loan	13	568,446	716,921
			1,090,009	2,032,838
13	LOAN CREDITOR
	The bank loan is repayable by instalments
	Due within one year (see Note 11)		147,207	130,722
	Due between two and five years		568,446	716,921
			715,653	847,643
	The bank loan is an unsecured loan.
	The loan is repayable by February 2030 and bears interest at 2.06%		over the bank base	lending rate.
	Advance fee scheme		2025	2024
			£	£
	Balance at beginning of year		3,032,253	128,266
	Monies deposited into the scheme		94,592	3,041,827
	Amounts utilised from advance fee scheme		(1,738,264)	(137,840)
	Balance at the end of the year		1,388,581	3,032,253
	Utilised within 1 year		867,018	1,716,336
	Utilised within more than 1 year		521,563	1,315,917
			1,388,581	3,032,253

SIR WILLIAM PERKINS'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

At 1st Sept 2024 £ 2,000,000 21,803,947	Income £ - 12,556,883	Expenditure £ - (11,996,001)	Transfers In/(out) £ - (9,617)	Gains/ (Losses) £ - 37,010	At 31st Aug 2025 £ 2,000,000 22,392,221
23,803,947	12,556,883	(11,996,001)	(9,617)	37,010	24,392,221
427,816	17,424	(3,525)	9,617	13,545	464,876
24,231,763	12,574,306	(11,999,526)	-	50,555	24,857,096

14b STATEMENT OF FUNDS - Year Ended 31 August 2024 At 1st Sept 2023 £ Unrestricted Funds: Pension Reserve - Designated Fund 2,000,000 General Reserve 20,549,949 Total Unrestricted Funds 22,549,949 Restricted Funds: Foundation and school funds 400,537 Total of Funds 22,950,486	Income £ - - 12,918,104	Expenditure £ - (11,555,181)	Transfers In/(out) £ - 39,096	Gains/ (Losses) £ - - (148,020)	At 31st Aug 2024 £ - 2,000,000 21,803,947
22,549,949	12,918,104	(11,555,181)	39,096	(148,020)	23,803,947
400,537	26,154	(755)	(39,096)	40,976	427,816
22,950,486	12,944,258	(11,555,936)	-	(107,044)	24,231,763

15a ANALYSIS OF NET ASSETS BETWEEN FUNDS

Restricted Unrestricted Funds Funds 2025 2025 £ £ Tangible fixed assets - 16,459,239 Investments 425,897 876,025 Investments Properties - 2,700,000 Current assets 38,980 8,049,981 Creditors due within one year - (2,603,014) Creditors due in more than one year - (1,090,009) 464,877 24,392,222 15b ANALYSIS OF NET ASSETS BETWEEN FUNDS - Year Ended 31 August 2024	Restricted Funds 2025 £ - 425,897 - 38,980 - -	Unrestricted Funds 2025 £ 16,459,239 876,025 2,700,000 8,049,981 (2,603,014) (1,090,009)	Total Funds 2025 £ 16,459,239 1,301,922 2,700,000 8,088,961 (2,603,014) (1,090,009)	Total Funds 2024 £ 16,354,590 1,222,046 2,700,000 12,597,546 (6,609,579) (2,032,838)
	464,877	24,392,222	24,857,097	24,231,763

Tangible fixed assets Investments Investments Properties Current assets Creditors due within one year Creditors due in more than one year	Restricted Funds 2024 £ - 399,767 - 28,049 - -	Unrestricted Funds 2024 £ 16,354,590 822,279 2,700,000 12,569,497 (6,609,579) (2,032,838)	Total Funds 2024 £ 16,354,590 1,222,046 2,700,000 12,597,546 (6,609,579) (2,032,838)	Total Funds 2023 £ 15,749,370 1,060,856 2,932,304 5,641,244 (1,585,835) (847,453)
	427,816	23,803,948	24,231,763	22,950,486

SIR WILLIAM PERKINS'S EDUCATIONAL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025

17 STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE FIGURES BY FUND TYPE

Restricted Funds £ - 12,937 - 2,585 10,632 - -	Funds £ 10,988,186 1,502,683 314,018 9,787 103,429 - - Unrestricted	2024 Total £ 10,988,186 1,515,620 314,018 12,372 114,061 - -
26,154	12,918,104	12,944,258
75 680	159,248 11,395,933	159,323 11,396,613
755	11,555,181	11,555,936
25,399 40,976	1,362,923 (148,020)	1,388,322 (107,044)
66,375 -	1,214,903 -	1,281,277 -
66,375 400,537 (39,096)	1,214,903 22,549,950 39,096	1,281,277 22,950,486 -
427,816	23,803,948	24,231,763

18 OPERATING LEASE COMMITMENTS

At 31 August 2025 the Charity had total commitments under non-cancellable operating leases as follows:

Payable within: Within 1 year Between 2 and 5 years More than 5 years	2025 2024 £ £ 11,831 14,075 394 14,487 - - 12,225 28,562

All leases are repayable within five years. Lease payments £6,559 recognised as an expense in the financial year

19 TRANSACTIONS WITH RELATED PARTIES

Nil