COMPANY NUMBER: ￿911933 CHARITY NUMBER: 312070 GOVERNORS, REPORT, STRATEGIC REPORT AND FINANCIAL STATEMENTS FOR FELTONFLEETSCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) FOR THE YEAR ENDED 31 AUGUST 2025 FELTONFLEET SCHOOL TRUST UMITED IIIMITED BY GUARANTEE) CONTENTS TABLE OF CONTENTS ADMINISTRAnVE INFORMATION............... GOVERNORS REPORT (INCORPORATING THE STRATEGIC REPORn................. STATEMENTOF GOVERNORS RESPONSIBILITIES...... REPORT OF THE INDEPENDENT AUDITORS...... STATEMENT OF FINANCIALAcfiviTIES.... .12 BALANCE SHEEt.......... . .13 CASHFLOW STATEMENT........ .14 NOTE TOTHE FINANCIAL STATEMENTS........................... -15 FELTONFLEET SCHOOL TRUST LIMITED IUMITED BY GUARANTEE) ADMINISTRATIVE INFORMATION Mr G DAshbÈe Chairman Mrs P 8arai BA (Hon51. PGCE Mr D Clarke IResl8ned 07.11.20251 MrJ Dolan (Appointpd 01.06.20251 Mr K D Harrington #SC{Ho￿l, FCA Mr P A Howard B5C (Honsl, ACA (ResI￿ed 18.C6.20Z51 Mrss Humphrey BAIHonsl, PGCE Mrs M Jenner MgE, JP Mrs H DQulrKey CIPD (ReS￿ned 18.C6.20251 Mr M G Sadler MA. LLB. F(￿ IRe5igned 1&0&20251 Mrs SStGallay BA (Honsl. PGCE. JP Mrs M Whrf(e LLB (Honsl SenlorLeadershipTe*Yi Head SecretJry4nd 8ursar SeGr¢t¥ryand 8uts4r Senitir Deputy Head Deputy Head IPa5torall Deputy Head (Academlcl 51stant Head IDSgltal Communicatlonl A5515tant Head IDirettorof Studiesl Head of Boarding Head of UppÈr School Head ol MSddle school Head ol Lower ￿h0o1 Head of Pr￿Prep Dpputy Head IPre-Prepl Mr5 M L Lance BD PGCE Mr N Binnin8ton MBE, MBA (Reglwl 31.07.20251 Mr GJonesCM8r, FCMI, BA (Honsl. Mmus IAppolrted 01.09.20251 Mrs E 5iet2ko BA (Hon51, PGCE Miss H Marland BA IHortsl, PGCE, 8TEC Mrsl Porneroy MA IEdl 85C (Honsl P6 MrG J Starkey 8A (Hon51 PGCE MrsCQrradine MMan5ci (Honsl. DEUF, Mrj Thomp50n BA (Honsl, QTS Mr B Baldwln Bsc IHonsl, QTS Mis5 A Wright BSC (Honsl, PGCE Mrsj Stewart LLB IHonsl, PGCE, QTS Mrs G DÈÈn 8A (Honsl, QTS M5 L Ooherty BA (Honsl. PGCE. QTS Charity number 312070 Companynumber 00911933 Aeg15ter*d 4)ffire and prlndpol •ddtess Fe￿OnIeetSChoDI Byfleet Road Cobham n*v KTII IDR Audltor5 TC Group The Courty8rd 5horeham Road UK¥)Èr Béedin8 SteynlnE Westsussex BN44 3TN Ugyd5 Bank Commerclal Office Brambletye House 29 Brighton Road (raW￿Y RHIO Moore Barlow LLP The Orlel Sydenham Road Guildford Surrey GUI 3Sft PaBel FELTONFLEET SCHOOL TRUST LIMITED {LIMtrED BY GUARANTEEI GOVERNORS, REPORT(INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR EIVDED 31 AUGUST2025 The Board of Governors ol Feltonfleetschool Trust Llmlted present their annual dirertors, report and the audited finan¢ial statements for the year ended 31 August 2025 and confirm they have also been prepared to meet the requirements for a direttors, report and attounts for compani￿ Act purposes. The financial 5t3tèmertts ¢omply with the Charities Act 2011. the Companies Act 2006, the Memorandum and Articles of A550ciation. and Accounting and Reporting by Charitie5'. Staternent of Recommended Practice applicable to tharities preparing theirfinancial statements in accordance with the Financial Reportin8 Standard applicable in the UK and Republi of Ireland IFRS1021 (effective l January 20191. STATUS AND ADMINISTRATION The School is a company limited by guarantee, governed by its Memorandum and Article5 of Associauon, and regSstered as a charity operating under the name Feltonfleet School. The director5 of the charltable company are its Trustees (Govemorsl for thè purposes of charity law. None of the Governors have any benèficial interest in the Company. All are rnembers of the Company, with individual liability limited to £1. AIMS The Govefnors conflnn they have had regard to the Charity Commission's general guidance on public benefit when viewing the School's aims and planning future activities. The Objects of the Charity, as set out ift the Memoranijum and Artlcles of Association, are to acquire. carry on. and develop the undertaking of Feltonfleet School, a preparatory school for boy5 and girls, including acqulring or leasing the prernises on which it operates, and to acquire and carry on in the United Kingdom any boarding or day school or schools for the education of children. In accc*rdance wlth the current prospertus, Feltonfleet School currently educates approximatelv 425 pupils. intludin8 those in its Pre-Prep and Early Years settings. As a ¢haritable trust. Feltonfleet School seeks to benefit the publlc thfOU8h the pursuit of its stated aim5. The School provides a structured, nurturin8 and aspirational ¢ducational environment that enables pupils to discover and develop their ¢ndividual talents and ¢haracter. Through a broad and balanced currlculum, outstanding pastoral care. and a rich programme of co-curricular activitie5. Feltonfleet promotes the atadèmit. moral, splrltual and physlcal development of Its pupi15, preparin8 them to thrive in life beygnd the School. Our vlslon is to deliver a well-rounded curriculum that emphasises holisti¢ growth. academic excellence and the development of vèrsatile skills to prepare pupils for the future. We strive to cultivate a h3ppy, inclusive community that celebrates diversity, promotes respect and fosters è sense of belonging. Our5¢ho01's aims a￿ to.. l. To provide an tsutstandingall-round education from ages 3 to 13, ernbra¢in8 dtversity and promoting a culture of equity and inclusion. To ensure every ¢hild is nurtured. supported and challenged relatNe to their ability to make excellent personal and academic progress. To deliver an exceptional pastoral care framework to ensure every Child experiences dignity, purpose and opportunity. To empower children to r￿ch Year8 aswell-rounded individuals, ready to make lastin8contributions within their community and beyond. 5. To create an(1 Invest In an optlmal school envlronment so every child (an excel on their journey. Pa￿2 FELTONFLEET SCHOOL TRUST LIMITED IUMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THESTRATEGIC REPORT) FOR ThTE YEARENDED31 AUGUST2025 Feltonfleevs annual priorities are guided by its S-year 5tratEgy* which focuses on five key areas.. Identity & Culture, Educational Excellence, Wellbeing & Community. Adrni55ions & Communications. and Enterprise & Infrastructure. Th framework ensures each yearfs tsr8ets supportthe School's long.term vision and aims. REVIEW OFACTIVITIES ANDACHIEVEMENTS The 2024-25 academic year saw Significant progre55 in 5afeguardin& pastoral care. curriculurn development, and staff trainin8. These achievements rellect the Sthool's commitrnent to a safe, indysive. and welcoming environment, underpinned by the dedication of staff. the engagement of pupils and parents, and the guidance of governors. Key mllestones and accomplishments are hi6hlighted below.. Identlty and Culture Feltonfleet strengthened its identity as a 3-13 prep school. delivering a consistently excellent experience for all families and visitors, supported by a stsff team fully committed to the school's Values and 8irns. The school maintained high standards of or8anisation, communication. and pupil condurt, fosteriryg a positive and inclusive environment underpinnèd by stron8 relationships. clear expectations, and consistent rnessa8in8 that reflects FeltonfleeV5 ongoin8 corllmitmentto excellence. Educational Extèllence Year 8 Scholarshlp Succe$5 & Oestination Sth0015 Year 8 pupils achièvèd excèptional rèsults. reaching Year 8 with record-breaking stholarship success: 26 awards, including 11 Academic Scholarships, gurpassing the previous yearfs record of six. Pupils also earned awards in Drama. Sport. Music. Art and Design Technology, progressin8 to leading 5eniuf sthools such as Brighton coll￿e, BradfiÈld. Charterhouse, Epsom College, Stjohn's and Tonbridge. Scholarship preparation, enrlchment experiences and personal growth have135tin8 value. equipping pupi15 for Senior School. Year 6 Pre-Te5t Preparatlon & Success Year 6 approached pre-tests with focus and determination. First-rnte guidance, tailored practice and 5UPPOrtive teaching enabled pupils to develop conlidenee, resilien￿ and effective exam techniques. The cohort achieved their first or second- choice senior sthools. rèfletting both their effort and the Sthool's hi8h standards. Year6 Scholarship Suttèss Year 6 concluded Middle School with scholarship awards across Academic, Drama. Sport. Design Technology and TaléntÈd Performer Programmes, demonstrating their hard work, talent and resilience. Insplrlng Academi¢ Afflbltion & Re511iencp Feltonfleet fosters aca(Jemic ambition and resilience through a challen8ing curriculum and adaptive teaching. Le$50n observations. Subject Leader meetings and woikshops ensure consistent messaging about learning from mistake5. Termlv tracking sheets support teachin& and structured parent feedback is scheduled ftrrAutumn 2025 to enh2nte understanding of pupil development. Forward-LookingAppfoach to Al and Digttsl Technologies Feltonfleet developed a strategic approach to Al and emerging technologies, aiming for school-widè Al literacy among staff, pupils, and parents. The plan Includes a currlculum audit, piloting 8enerativ& Al tools for te3ching and cornrnunication and partnerships with other schools to share best practicÈ. A whole-school Al roadmap and policy now guide responsible, effective digital technology use across the curriculum. Inclusive Co26 Feltonfleet will seek to continu? to Strengthen its identity as the premier >13 cTredu¢ational day and boardlng prep school in Surrey and south.west London. Key priorities include.. Identlty & Culture Highlight the strefigths and depth of the EYFS and Key Stage I curriculum, Froèbel philosophy and learning and leadership opportunities in Year 7 and 8. while buildin6 relationships with destination schools and reinforcing boarding pathways. Edu¢*ional Excellence Inspire ambition, resilience and lifelgng learning through a challenging curriculum. adaptive teaching and a whole-sthool inclusive ethos. Pupils, resilience and assertiveness wll be developed alongstde streamlined di8lt31 platforms to enhance engagement. 3. Wellbeing & Q>mrnunlty Deliwersector-leading pastoral tère, enhance EDI-focused events, strengthen wellbeing provysion across all year8roups, and provide meaningful opportunities for pupils to contribute to their community. Admlsslons & Communi¢*5oEJS Continu& to streamline communications and highllght the school's strengths to prospedive and existlng families, ensurln8 clarity, consistency and engagement across all platfoms. Enterprlse & Infrastrutture Thi5 ye4r, FeltonfleeV5 targets intlude reviewing proposals for a Dne-w3y traffie system. expanded parking with a potential 'drop and go. area. upgrade5 to the astro pitches. and a tentral 'vSllage green,. The School a150 aims to considèr enh3ncemÈnts to teaching and learning facilitiés. ptrtential consolidation of the Sports Centre. pool and changing rooms, btsarding dormitory refurbishments. and devélopment of forest school provision. In parallel, the planting programme will continue. adding to the hundreds of trees and thousands of plants already introduced to support biodivetsity and a¢hiewe measurable Biodiversity Net Gain. All target5 remain under review. STRUCTURE. GOVERNANCEAND MANAGEMENT Governor Recrultment. Indurtion and TraininK Governors are recruited from amongst the lar8e number of friend5 of the School who have an interest in its continued wellbeing and eXCe￿IenCe. They 31so havè a particular interest in one or more a5pert5 of the SEhool'5 activities where they are abl& to share their expertise and experience. Prospectlve new Governor$ are interviewed by both the Chairman of the 8oard and the Chairman of the Nominations and Governance Cornmittee and then subsequenfjy elected by the Board of Governers. A suitable induction programme is arran8ed for each new Gtwernor and ongoing training for Governors 15 carrièd out with attendance at extemal training progrHmm?5 as appropriate. Organlsatlonal Structure Th& overall direction of the Sthool 15 determined by the Governor5 who reviewthe longer-term plan5 forthe Sthool, a£￿e the annual budget and receiv& termly monitoring informatlon against budget and performance measures. The G¢wernors meet as a Board three times a year and more frequenily if there is a need. PaBe5 FELTONFLEET SCHOOL TRUST LIMITED {UMITED BY GUARANTEE} GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED31 AUGUST2025 To assist the Sthool there are Committee5 of the Board co¥erfng'. Education Finan￿ & General Purpose SafeBuardin6 and Risl Health & Safety Salaries Nominationsand Governance 5tr8tegyl8d-hoc meetlngs when required) Each of these is chaired by a Govemor and compri5e5 a minimum of three Gov&mor5. the Head. the Bursar plus other School staff. The day-ttrday management of the School is dèlegated tothe Head and the Bursar. Rrsk Management The Governors have lurther developed their Risk Mana8ernent Policy during the year followSn8 a thDfou8h review of the major r]5￿ to which the School is exposed. Thè Governts￿ are sat15fied that systems and procedures are established to manage these risks. A quantilied assessment of risk was updated and considered by the Safeguarding and Risk, Health & Safety Committee and endorsed bythe B￿rd of G¢vemors. In the current economic climate. the Governo￿ have identified the princip31 risks and uncertainties for the School as the maint¢nante of pupil numbers and resulting income. All staff and Governors have received Safeguarding and Child Protection training durin8 the course of the ¥par. Rèmuneratlon of Key Management Personnel The remuner3tion af staff is set by the Board wlth the policy objective of providln8 appropriate incentives to enwurage enhanced performan¢e and of rewarding members of staff fairty and responsibly for thelr individual contribution5 to the success of the School. The appropriateness and relewafto of the remuneration pollcy is reviewed annually, includlng reference to comparisons with other independent schoo15 to ensyre the School rema1ns sensltive to the broader issues of pay and employment conditions elsewhere. The School aimsto recruitthe strongeststsff possible and all teaching staff are placed on a 5even-point seale, in reco8nition of their experience. Delivery of the School's charitable yision and purpose is primarily dependent on our key rnanagement personnel and staff costs are the largest single element of the School's charitable expenditure. ValueAdded T•xatlon IWA Value Added Tax I'VAT.) was introduced on prlvate school fees with effect from january 2025. In anticipation of this change, the Governors 3pproved a 7% increase in school fees from September 2024 and committed not to apply any further increase during the 2024125 Academic Year, thereby absorbing the additional cost arisin8 from the mid-year Introduction olVAT. Forthe 2025126 Academic Year, feeswere increased by9.5%. The Governors note thatthe cumulative increases applied to date remain below the full 20% impact of VAT. Further adjustments will therefore be necessary in future years in order to ensure the School's finan¢ial sustainabllity. Governors remain cornmltted to managing the introduttion of VAT in a way that balances affordability for parents with the need to mainlain the quality of the School's educational provisiort and facilitles. Declsions regarding fee levels for the 2026127 and 2027128 Academic Years have not yet been finalised but will be tommunicated to parents as early as practieable. FINANCIAL REViEW For theyeac. the School generated a surplus of £81,345 before depreciation12024'. £1,113,509), with net expenditure after depreoation of £481.25012024'. net income £639,940). The redurtion in surplus primarily reflects the Governor5, decision not to pass the full 20% VAT charge on fees to parents for the last two terms of 2024125. thereby absorbing the cost to minirnise the immedlate impatt on farnilies. Other finanaal factors that have impacted the Schctrol's performance include the increase in Employer National Insurance contributi¢ns. which has ralsed staffing costs, and the loss of charitable business rate relief, significantly afferting operational expenditure. Pa8e6 FELTONFLEET SCHOOL TRUST LIMITED ILIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORn FOR THE YEAR ENDED31 AUGUST3025 At 31 August 2025. the Sth¢ol maintalns a robust financial position, with total funds of £10.08S,51012024: £10,569.7601. Of ttstsl funds, £71,33112024.. £111,182) has been designated for the provision of bU￿arleS and £2,17412024.. £3.4161 is restricted in relation to a donation for kitchen equlpment. The School had free reserve5 (fixed assets and current assets less creditorsl at the year-end of £1,882,73512024: £2,306,822). Adequate reserves are held to cover foreseeable expenditure, support ongoing operations, and provide stsbility for future planning. These are in line with the School's reserves pollq to ensure that the finan¢ial affairs are malntained wlthSn a tight budget that is approved by the Governors. The GoYemor5 have maintained thelr commitment to the improvement of the School's infrastructure during the year as part of an ongoing pr4￿mme of c3Pltal expènditurè. A total of £546,52512024.. £1.018.8811 wa5 spent on capital projects and additional expenditure was incurréd for major refurbishments throughout the School estate. The Governor5 are sat15fied that, desplte the reduced surplus compared to the prior year, the Sehool remalns flnancl&ly strong. The School is well-positioned to continue delivering high-quality education and maintaining it5 facilitiès for the benefit of current and future pupils. Recent developments Following the year end, on 18 May 2026, the School announced its Intentlon to merge with Reed's School and Ripley Court School to form the Reed'5 Schools Charitable TrusL creating a co-educatioftal pathway for puplls aged 3 to 18. The Governors bÈlieve th3t this devèltspment supports the School's long-term strategic objectives and sustainabllity. The merger is expected tts protÈed in accordance with a8re&d plans. although implementation rema¢n5 ongoing. The Governors have taken this into account in their assessment of going concèrn and consider the going concern basis of preparation ttr remain appropriate. Mr Kelth Harrlngton thairrnan Pa8e 7 FELTONFLEET SCHOOL TRUST LIMITED (LIMITED eYGUARANTEEI STATEMENT OF GOVERNORS, RESPONSIBILITIES FOR THE YEARENDED 31 AUGusf2025 The Governors, who are also the directors for the purposes of tompany law, are responsible for preparing the Governors, Report (including the Strategic Report) and the flnancial ststements in accordano with applicable lawand United Kingdom Accountingstandardslunited KingdomGenerallyAcoptedAccounting Practice). including Financial Reportingstandard 102 The Flnanclal Reportlng Standard in the UK and Republic of Ireland,. Company law requires the Govemors to prepare financial ststemenis for each finandal yearwhlch give a true and fairview of thE affairs of the Charilable Company and of the incorning resourtes and applitation of resources, Includlng the Income and expenditure. of the charitable company for that year. In preparing these flnanclal statements the Governor5 are required to.. selectsuitable accounting policies and apply them consistentty,. observe the methods and principles oFthe Charities, SORP,. make judgements and estimates that are reasonable and prudent,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable Company will not continue in operation. Tre Govemors are responsible for keeping adequate accounting records that disclose with reasonable a¢¢ura¢y at anytlme the finantial position of the Charitable Company and enable them to ensure thatthe accounts comply with the Companie5 Acl 20(￿. They are also responsible for safeguarding the assets of the Charitable Company and hence fortaking reasonable step5 for the prEvention and detection of fraud and other irregularitiès. PageB FELTONFLEET SCHOOL TRUSF L4MITED ILIMrrED BY GUARANTEEI REPORT OF THE INDEPENDENT AUOITORS TO THE MEMBERS OF FELTONFLEET SCHOOL Trusr FOR THE YEARENDED31AUGUST2025 We have auditèd the financial statements of Feltonfleet School Trust Limlted Ithe'charitable company'l forthe year ended 31 August 2025 which comprise the Statementof Finanaal Activities, fhe Balancesheet, the CashflowStatsment and notes to the financial statements. The finanozl reportin8 framework that has been applied in their preparatlon Is applicable law and United Kingdom Accountin8 Standards. including Financial Reporting Stsndard 102 The Financial Reporting Standard applicable in the UK Iunited Kingdom Generally Accepted Accounting Prarticel. In our opinion, thefinancial statements.. give a true and fair view of the state of the charitable company's affairs a5 at 31 August 2025 and of its incoming rexsurces and application of resources. includin8 its income and expenditure, for the year then ended.. have been propetly prepared in accordance with Untted Kingdom Generally A¢¢epted A¢¢ounting Pra¢ti¢e.' and have been prepared in accordance with the requirements of the Companies Art 2CQ6. Basis of opinion WÈ tonducted our audit in accordance with International Standards on Auditin8 IUKI IISA5 IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor'5 responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethScal requirements that are relevant to our audlt of the finana315taternÈnts in the UK, including the FRC'S Ethical Stsndard, and the provisions available for small entities, and we have fulfilled our ethlcal responsibilities In accordance with these requirements. We believe that the audit evidence we have obtsiFTred is sufficient and appropriate to provide a basis for our opini￿. Conclusions relatlng to golng concern In auditing the financial ststements, we have wnduded that the govemor's use of the 80in8 con￿rn basis ol attOUn￿n6 In the preparation of the financial statements is appropriate. Based on the work we have perfomed. we have not identified any material unCertaIn￿eS relatlng to events or conditions thaL individuèlly or collectively. may cast doubt on the charitable comparfs abllity to tontinue a5 a going concern for a period of at least ￿e1ve rronths from when the flnancial statements are authorised for issuè. Our responsibilities and the responsibilities of thè governorfs with respect to 60in8 concern are described In the ￿levant sections of this report. Other Inft>rmatlon The otherinformation comprise5 thelnformation included in the annual report, includingthe Governors, report, other than the financial statements and our auditor's report thereon. The Governors are responslble for the other information. Our opinion on the financial statements does not cover the other information and. exEept to the extent otherwise explicitly stated In our reporL we do not express any form of assuranc* ¢ondusi¢n there¢n. In ¢onnection with our audit of the financlal statements, our responsibility 15 to read the other infomiation and, In doin8 50, consider whether the other Information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mi5Stated. If we identlfy such materlal inconsisténcies or apparent material misstatements, we are requSred to determSne whether there is a maierlal rn15Statement in the fjnancial statements or a materlal misststement of the other Information. If. based on the work we have performed. we conclude that there 15 a materlal misstatement of thls other information. we are required to report thatfact. We have nothlng to report In this reBard. Oplnlon5 on vther matter5 preSCTSbed bythe Companles Art 2￿16 In ouroplnlon. based on the work undertaken in the course of the audit.. the Snformatlon given In the Govemors. rèport lin¢orporating the strategi¢ report and the Directors, report) for the flnanclal year for whl¢h the financial statsh)ents are prepared is consistent wlth the finandal statement5.' and the strategic report and the Directors. report have been prepared In attordantÈ wth applicable legal requirements. pagtrg FELTONFLEET SCHOOL TRUST LIMITED ILIMITED BYGUARANTEEI REPORT OFTHE INDEPENDENT AUDITORSTOTHE MEMBERSOF FELTONFLEEfscHOOL TRUST FOftThTEYEAR ENDED31 AUGUST2025 Matters M whl¢h we are requlred to report by eX￿PtIOn In the light of our knowled8e and vnderstsnding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstaternents in the strate8i¢ report and the dirèctors. report. We have nothSng to report in respect of the followlng matters in relation to which the Companies Act 2W6 requires us to report to y¢u if, in ¢ur opinion: adequate accoL5nting records have not been kept. or retums adequate for our audli have not been received from branches not visited by us,. or the financial 5tstemÈnts are not in agreement with the accounting records and returns,. certain disclosures of directors, remuneration specified by law aré net made.. or we have not rèceived all the information and explanations we require,. or the directors were not entitled to prepare the financial statements in 3cctsrdance with the small companies, regime and tske advantage of the small companie5, exemptlOn5 in preparing the 8Dv2rnor5' report and from thè requirement to p￿pare a strategic report. Responsibllttlesof Governor5 As explained more fully in the Governors, responsibilities statement. the govemors Iwho are also the directors of the tharitable company for the purposes of company lawl are responsible for the preparation Of th¢ financial statements and for being satisfied that ihey give a true and fair view, and for such internal control as the 8overn9rs determine is necessary to enable th¢ preparation of flnanaal statements that are free from rnaterlal misstaternenL whether due tofraud orerror. In preparing the financ¢al statements. the Govemors are ￿ponSIble for assessing the Charitable Company's ability to continue as a 80ing concern. dis¢losiThg. as applicable, matters related to going concern and using the 8oln8 con￿rn basis of accountin8 unless the Governors either intènd to liquidate the Charitable Company or to cease operatlons, or have no realistic alternative to do so. Auditor's respon51billtlesfor the auditof the flnanckl statsmerrts Oijrobjectives areto obtain reasonable assurnnce aboutwhetherthefinancial Statements as a whole are free from material misstatement. whether due tts 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 IUKI will always detett a material mlsstatement when it exists. Misstatements ean arise from fraud or error and are considerèd material if. individually or in the aggregate, they could reasonably be experted to influence the etonomlc decislons of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on ihe Flnancial Reportin ouneil's website at.. www.frc.org.uvauditorsre5pon5ibilities. This description forms part Of our auditor's report. Irregularities, includin8 fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detectin8 irregularities. including fraud. is detailed below. Extent to whlch the auditwas considered capable of detetting irregularltles. IndudlnEfraud The objectives of our audit, in respect to fraud, are.. to identlfy and asses5 the risks of material mIsSta￿ment of the financial statèrnents due to fraud,. to obtain svfftcient appropriate audit evidence regarding the assèssed rlsks of matedal misstaternent due to fraud. through designin8 and implementing appropriate responses- and to respond appropriately to fraud or suspected fraud identified during the audit. However, the prirnary responsibility for the prevention and detertlon of fraud rests with both those charged wSth govemance of the entity and its mana8ement. Pagèlo FELTONFLEET SCHOOL TRUST LIMITED (LIM￿£0 BYGUARANTEEI REPORT OFTHE INDEPENDENT AUDITORSTOTHE MEMBERS OF FELTONFLEETSCHOOL TRusr FOR THEYEAR ENDED31AUGUST2Q25 Our approach wa5 as follows= We identified areas of laws and regulations that could ￿asonablY be expetted to have a material effect on the Inanaal statements from our general sector experience, and through di5CUs5ion with the govemors and other management las required by auditing standards), and discussed with the governors and other management the policles and procedures regarding compliance with law5 and regulètlons (see below); We identified the following areas as those most likely to have such an effect.. health and safèty- General Data Proteetron Regulation IGDPRI.. fraud,. bribery and corruption, school inspections, keeping ¢hlldren safe In edutstion. DBS checks, and employment law. Auditing standards lirnit the ￿quIred audit procedures to identifv non-compliance with these law5 and regulations to enquiry of the 8ovem¢rs and other management and inspection of regulatory and legal coryespondence, if any. The identified artual or suspected non-¢ompllancè was not sufficiently significantto our audit to result in our response being identified as a key audit matter. We considered the legal and regulatory frameworks directly applicable to the financial slatements reporting framework IFRS 102, the Companies Act 2LKJ6 and the Charities Art 20111 and the relevant tax compllance regulations in the UK. We considered the nature of the charitsble cornpany's operations, the control environment and financial performance. We ¢ommunl¢ated identified laws and regvlatlons throughout our team and remained alert to any indications of non-compliance throughout the audit. WÈ tonsidÈrÈd the procedures and controls that the charitable company has established to address risks identified, or that otherwise prevenL dèter ahd detect fraud,. and how senior management monitors thtsse procedures and contrtrls. Based on this understanding we designed our au¢SIt procedures to identify hon-¢ompliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each Sdentilied fraud risk. These pr(Kedures included.. testing manual journals,- revlewlng the financial ststemtnt disclosures and testlng to supportlng documentstion,. pertorming analytical procedures., and enqulring of management. ahd were designed to provlde reasonable assurance that the hnancial 5taternentswere Iree from fraud or error. Owing to the inherent limitations of an audit, there is an unavoidable rlsk that we may not have detected some material misstatèments in the financial statements, even though we have properly planned and performed our aydit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations lirre8ularitie51 isfrorn the events and transactions refletted In the financial statements. the less likely the inherently Ilmited procedures required by auditing Standards would identify it. Thè risk is also greater regarding irregularities occurring duè to fraud rather than error, as fraud involves Intentional concealment. forgery. tolluslon, omisslon or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detert nonyees on a fu1141me equivalent basls durfngthe year wag 2025 mber 2024 Number Teaching Domestic 70 io Administration 16 14 95 97 The a8gregate payroll costs for the yearwere a5follows: 2025 Wages and salaiies Social sécurity t￿ts Pension costs 4A8aA89 495.086 830.028 5W8.603 4,478,289 452,801 792.216 5,723.306 None of the Governors received any remvneration, reimbursed expenses or other bènefits from the School or any connected body. During the year there were redundancy payments made totaling £102.21212024= £96,121). Earnlngs received by staff duringthe year In èxcessof £6OjX￿ per ￿nUrn In the followlng bands arè: 2025 2024 Number Number £60,000- £69,999 £70,000- £79,999 £80,000- £89,999 £90,000- £S9,999 £100,000-£109,999 EIIO.(YJO-£119.999 Contributions totalllng £168,465 12024.. £142,464) were made during the year to pension schemes on behalf of employees whose emoluments exceeded £60.000. Of this. payments of £127,955 were made towards the Teachers Pension Scheme IYPS"), paytnènts ofE40,510 were made tothe Royal London Defined ContrIb￿lOn Scheme. Page 19 FELTONFLEET SCHOOL TRUST LIMITED (LIMITED BYGUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EhlDED 31 AUGUST2025 9. STAFF COSTS (con￿nued) Keymanagement personnel: 2025 2024 A￿regate employee benefits of key management personnel lincludingernployer national irTrsurance and pension contributions) L194.969 L248.727 The key management personnel of the School are detalled In the Governors, Report and Legal and Administrative Inlormation. The School has a Senior Leadership Team of seven focusing on the Strategic elements of managing the School. In addition, there Is a Senior ManagementTeam of six who focus on the operational running of the 5thool. All of these individua15 make up k2y managemenl personnel. 10. COMPARATV4E STATEMENT OF FINANCIALACTIWTIES- 31AUGUST21524 Unrestrltted Ubwestrtcted Designated Fund5 Restrlcied Totsl General Funds Fund5 2024 INCOME FROM: Donations 9,782 9,782 82.937 9.049,695 Investments Charitable activitie5 82.937 9,049,695 9,132.632 Totsl income 9,782 9,142,414 EXPENDITURE ON: Charitable activitie5 8,491.450 11,024 8,502.474 8,502,474 Total expendhure 8.491,450 IL024 Ntt Income 641,182 11.2421 639,940 Transfers between funds 17,024 117,0241 Net movernent kn fvnds 658,206 117.0241 11,2421 639,940 Fund balance5 broughtforward 9,796,956 128.2C6 4.658 9,929,820 Fund balances carrledforward 10.455,162 111,182 3,416 10,569,760 pège 20 FELTONFLEET SCHOOL TRUST LIMITED ILIMITED BYGUARANTEEI NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 AUGUST2025 11. TANGIBLE FIXEDASSEYS Freeho Land and Flxiwes, Plant & Motor Outside Flttlngs & Machlnery Vehldès Facllftles Bulklln85 Equipment Total Prolect Cost At I September 2024 Additions IL501.615 318,054 11461 919,596 107.864 139,6861 26.864 30,OCQ 16,7231 325.771 80,597 114,6111 841,596 32,233 13,647,675 io,oio 546.525 11,9321 164,7351 VATadjustments 11,6371 At 31 Au8USt 2025 11.819,523 987.774 50.141 391.757 839.959 40,311 14,129A6S Depredatlon At I September 2024 Charge for year VATadjustments 4,452,719 355,583 11461 443,68Q 98.871 139.6861 161,W5 44,9(B 114.6111 420,344 51,785 11,6371 16,141 4,964 11.9321 5,499335 562595 164,7351 6,483 16,7231 At 31 August 2025 4,808,156 501865 5.2( 191.303 470,492 19.173 5.997,195 Nèt Book Value At 31Au8USt 2025 7,011,367 484.909 44.935 2￿￿54 369A87 21.138 8.132270 At 31 Au8ilSt 2024 7,048,896 475,916 21.418 164,766 42L252 16,092 8.148,340 12. DEBTORS 2025 2024 Fee debtors Prepayrnents and accrued income Other debtors 1,447,985 335A97 1,612,211 194,419 1.783.772 1.8C6,978 Pale21 FELTONFLEET SCHOOL TRusf LIMrrED (LIMITED BYGUARANTEEI NOTES TO THE FINANCIAL STATEMEMrs FOR THE YEAR ENDED31 AUGUST2025 13. C￿DITORs Duewiihin one 2025 2024 Trade creditors Tax and other Social Security Accrua15 and othercreditors Fee5 in Advance and deferred income Deposits 351362 494,316 60,647 2,783￿24 5250thJ 4?15,549 275,897 106.703 97,678 3,160.308 498,9(J) 4,139,486 Fees in advanceand deferred Income includes £2.371.552 in respect ol amounts dueforAutumn term 2025. Due wlthln more than one year 2024 Fees in Advance and deferred income 747.018 747.018 1.198,648 1,198.648 Pa892Z FELTONFLEET SCHOOL TRUST LIMrrED (LIMITED BYGUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 AUGusf2025 14. ADVANCE FEES PAYMENTSCHEME Parents may enter into a contract to pay to the School tuition fees in advance. The money may be returned subject to specific conditions upon the receipt of one term's notice. Assuming pupils will remain in the School, advance fees wlll be applied as below. 2025 2024 Amounts duewithitt one year Amounts due over one year 4122n 747x118 1,159290 458,040 1,198,648 1.656,688 The ba13nce represents the ateruÈd li3bility underthe contraets. The movements during the year were.. 2025 2024 8alènce as at the beginning of the year Amounts received in year Amounts credited to pupil accounts forfees Balancè as atthe end of thè Y￿r 1.656 1.775.251 1118,5631 1,656.688 1497,3981 1.159290 15. COMMITMENTS UNDEROPERATING LEASES At 31 August 2025, the School had total commStments under non-cancellable operating lease5 payable as follows.. 2025 2024 Within one year Between one and five years More than five year5 95AOI 76￿65 54,793 55,869 172,648 110.662 Pa8e23 FELTONFLEET SCHOOL TRUST LIMrrED ILIMITED B YGUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR fHE YEAR END£D31 AUGUST2025 16. PENSION5CHEMES The Sthool partiapates in theTea¢hers' Pension Scheme I"theTPS'I forits teachingstaff who joined prior to 2018. The pension charge for the year include5 ernployer contribution5 payable to the TPS of £576.70812D24= £630,215) 4nd at the year*nd £nll12024.. £nill was acuued in respect of contributions to this scheme. The TPS Is an unfunded multi-employer defined benEfits pension scheme govemed by The Teachèrs, Pensions Regulations 2010 las amended) an¢J The Teachers, Pension kheme Re8ulations 2014135 amended). Members contribute on a -pay as you go" basis with contributions from members and the empltsyÈr being credited to the Exchequer. Retirement and other pension benefits are paid by public fund5 provided by Parliament. The employer contribution rate is set by the Secretary of Stats following stheme valuatlons undertaken by the Govemment Artuarfs Departrnent. The most recent actuarial valu3tion ol the TPS was prepared as at 31 March 2020 and thé Valuation Report was published in Ortober 2023. The Valuation Report show5 notional as$ets of £222.2bn and liabilitles of £262bn, resulting in a schème deficit of £39.8bn. The employer contribution rate for the TPS is 28.6%, and employer5 are alsL) required to pay a s¢heme administration levy of 0.08% 8iving a total employer contribution rate of 28.68%. The School also contributes to defined contribution schemes on behalf of its teaching staff whci join after 2018 and all its support staff. Employer tontributions payable to these schemes were E253,32012024'. £162,001) and at the year-end nil12024: £nill was attrued in respect Of contributions due to these schemes. 17. SHARE CAPITALAND Col￿RoL The Charity 15 limited by guarantee and does not have a share capital. In the event of a wiNdin8 up each member guarantees to contribute an amount of no more than £1. 18. RELATED PARTIE5 There was a related party tran5aclion of £18,000 net of VAT during thè year12024: £18,000 net of VATI. In February 2024. the School entered into an agreement with UBIQ Education Ltd for its website and disital marketingservices fDrfive years. Thè Company Direetor of UBIQ Education Ltd, Daniel aarke, became a Governor of Feltonfleet School in May 2024. Pa£e14 FELTONFLEET SCHOOL TRUST UMITED (LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGU5T2025 19. SUMMARYOF FUND MOVEMENTS Asatl sept 2024 Asat31 A￿￿5t 2025 Income Expenses TransFer5 Unrestrfcted lunds Designated funds General reseThes 111.182 10.455.162 8.129,065 18,609,073) 10,566,344 8,129.1%5 18,609,073) 139,8511 39￿51 71331 10,015,005 10.086.336 Restrlcted funds Holroyd HDwe Friend5 of Feltonfleet and ether parents Other corporate donatlons 3,416 11.2421 2.174 13,1381 450 3.416 148301 2,174 Totsl fuhxls 10.S69.760 8,132.653 18,613,903) 10.088.510 Desl8nztedfvnds: The Governors designated funds in order to provide forthe provision of bursaries. Rèstrirted funds.. In 2022 the SchoDI entered intD a contract with Holroyd Howe f¢r Cateri￿ services and as part ol that a8reement Holroyd Howe provided a donation of £6,211 towards a gas fryer. Should the School end the tontract within five yeary they are required tD pay back the donation pro-rata with the term of the contract remainin8. The transfer to unrestricted funds above ￿presents the final pro rata amount for the year. During 2024125, a net spend of £3,138 on various event items for the Schoc+l was approved by FOF. Other corporate donations We￿ used specifically towards forest sthool items, as agreed. Pale25 FELTONFLEET SCHOOL TRUST UMITED ILIMITED BY GUAK4NTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 AUGUST2025 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestritted Designatèd Fund5 Restricted Fund5 Total Funds At31 AuEUSt 2025 TatTrsible fixEd 355ets Currentassets 8,130,096 6,836,744 14,204,817 1747,0181 10,015,005 2,174 10,732 110,7321 8.132.270 6.918 14.215.549> 1747.0181 10.088,510 71,331 Creditors: less than one year Creditors.. more than oneyear Total net assets 71,331 2.174 Unrestrlcted Funds Desl8nated Funds Restrfcted Total Comparatlve Funds At31 AuKu5t 2024 Tangible fixed assets Current assèts Fund5 2024 8,144,924. 7,637.024** 14,128,138) 11,198.6481 10.445.162 3,416, 11.348*• 111.348r' 8.148J40 7.759,554 14,139,486) 11.198,6481 10.569.760 111.182 Creditors= le5S than one year Creditors: More than one year Totl net a55et5 111.182 3,416 * In 2022, Holroyd Howe don3ted £6,211 towards the purchase of a 635 fryer. which is classified as a tangible fixed asset and has therefore been reclassified under restricted funds. ** A restricted donation Df £11.347 received from FOF and parents in 2023J24 as deferred Èncome has been reclassified Irom unrestricted to restricted funds. 21. POSTBAiANtESHEETEVEMr On 18 May 2026, the School announced that it will merge with Reed's school and Ripley Courtschool to form the Reed's Schools Charitable Trust. creatin8 a to-educational pathway fc*r pupils aged 3 to 18 whilst retaining each school's individual identity and ethos. The mer8e¥ is due to be effective fmm 31 Au8USt 2027. As thls announcement occurred after the balance sheet date, It Is treated as a non-adjusting post balan￿ sheet event. Ai the date Df approval of these linanclal staiements, the merger is expected to proceed in accordance with agrèed plans,. h¢wev*r, the finaA¢ial Impad eannot yet be quantified. and no adjustments have been made in these financi31 ststernents. The Trustees h3ve Consldered the potentlal implications of the mergerin theirassessmentof going concern. Based on the current position, including the School's existin£ financial resrjurces and forecasts, the Trustees have a reasonable expectation that the School has adequate resour￿5 to continue in operational existence for the foreseeable future. Accordingly. the finanoal statements have been prepared on a goin8 concern basi5. PaBe26