ALDRO SCHOOL EDUCATIONAL TRUST LIMITED (a RegiSted Charity and Company Limited by Guarantee) and its subsidiary company operating as Aldro Enterprises Limited GOVERNORS. ANNUAL REPORT AND AUDITED CONSOLIDATED ACCOUNTS For the year ended 31 July 2025 Company Registration Number 00937890 Charity Commission Registration Number 312072 IIIMII A12 25K12f2026 COMPANIES HOUSE
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Aldro School Educational Trust Limited CONTENTS Page Governors, Annual Report (incorporating a Group Strategic Report) Independent Auditors Report Consolidated Ststement of Financial Activities 13 Consolidated Balance Sheet 14 Company Balance Sheet 15 Consolidated Cashflow Statement 16 Notes to the Accounls 17
Aldro School Educational Trusl Limited GOVERNORS, ANNUAL REPORT lincorporating a Group Strategic Report) Year Ended 31 July 2025 GOVERNORS AND DIRECTORS The Governors of Aldro School are also the directofs of the Aldro School Educational Trust Limited. They have all served in office throughoul the year except as stated. They are.. Governors and Directors K Allen C Betts J Eb5WOrth D Evans JBHGeffen SLHunt T Johns T Jones N Patterson I Waller C Wnchcombe T G N Woodhouse offer$ and Key Management The Head C Carlier The Bursar and Company Sretary V Smith Registered office and add$ Lombard Street Shackleford Godalming Surrey GU8 6AS Audrtors TC GroLP The Courtyard Shoreham Road Upper Beeding Sleyning West Sussex. BN44 3TN Bankers Barclays Bank Pk 1 Churchill Pla London. E14 5HP So1110rs Moore Bark The Oriel Sydenham Road Guildford Surrey. GU13SR
Aldro School Educational Trust Limited GOVERNORS, ANNUAL REPORT (incorporating a Group Strategic Report) Year Ended 31 July 2025 The Governors {who are also directors of the Charity for the purposes of the Companies Act) present their Annual Report, together with the Audited Accounts of Aldro School Educational Trust Limited (the Company) for the year ended 31 July 2025. which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The accounts compty wrth the Charities Act 2011, the Companies Act 2006. the School's Memorandum and Articles of Associalion, and Accounting and Reporting by Charities.. Ststement of Recommended Practice appIlble to char.eS preparing their accounts in accordance wrth the Financial Reporting Statylard applicable in the UK and Republic of Ireland {FRS 1021 (effe(the 1 January 2015). STRUCTURE. GOVERNANCE AND MANAGEMENT The company was incorporated on 27 Augusl 1968, and was registered with the Charity Commission and is govemed by its Memorandum and Articles of Association. Company number." 00937890. Charity number." 312072. Recruilment and training of Governors The School's elected Govemors are appointed at a meeting of the Governors. The Articles of Association allow for a minimum of five Governors on the Board and a maximum of fifteen. Governors are appointed for a term of office of three years- they are eligible for re-election for a consecutive period nol exceeding three terms in office from the dale of their original appointment. This can be extended at the discretion of the Board. New Governors a inducted into the Y[king$ of the School, including Board policy and procedures, by a variety of means, including training provided by independent professional bodies. Organisational management The Governors, who are also the directors for company law purposes. are legally responsible for the overall managemenl and control of the School and meet temily. The work of implementing most of their policies, as well as the day-to-day management of the School. is delegated to the Head and the Bursar. Certain responsibilities including those of a financial nature are fijrther delegaled to the Finance and General Purposes Committee. Education and Pastoral Care Committee and Governance Committee. which all meet termty and report to the Governors meetings. Key Management Personnel The key management personnel of the charity as listed on page 2 are in charge of directing. controlling. running and operating the charity on a day-laY basis. All directors give of their time freely and no director received any remuneration in the year. Details of directors. expenses and related party transactions are disclosed in Note 18 to the financial statements. The pay of the Head and other senior staff is reviewed annually.. any pay increases make reference to the outcome of the annual performance review. Group structure and relationships The School has a wholty-owned non-charitable trading SUbSlary. Aldro Enterwses Limitaj. The trading perforrnan and aclivilies of Aldro Enterpnses Mited a discussed on page 5. OBJECTWES AND AIMS The objects ofthe School, as set out in the Memorandum ofAssociation. are the advancement of education. Policy of the S¢hool In accordance wilh Ihe Memorandum of Association. Aldro is a day and boarding school educating pupils aged 7 to 13 years. In futheTance of these objects the Directots. as the charity trustees, have complied with the duty in the Charities Act 2011 to have due regard to the Charity Commission's published general guidance concerning the operation of the Public Benefit requirement under the Act.
Aldro School Educational Trust Limited GOVERNORS, ANNUAL REPORT {in¢orporating a Group Strategic Report) Year Ended 31 July 2025 strategic Alm In accordance with the Memorandum of Association. Aldro is 8 day and boarding school educaling pupils aged 7 to 13 years. The School's policy for the public benefrt as a charttable independent school is to attain the highest academic standards whilst providing the pupils wf(h a fvll programme of co- urricular activity, an education founded on Christian values and teaching, and giving them a full appreciation of moral and ethical values. The School's Vision is to instill in rts pupils a lrf&long love of learning and to make Ihem positive contributors to socw. General objectives The School's objectives Vre as follows.. To ensure that the pupils and families are the primary recipients of benefit. but that the wider communrty would also benefit from having well-educated and welkrounded children growing up and integrating into souety in general; thal the vthole populats'on wouhl benefit from their skills and talents nurtured in school. and thal the country beneftls from the fact that the School's pupils are not taking up a pla at a State school.. and To ensure that good practice in teaching, as disseminated by the Professional Bodies and by the Department for Education is incorporated into the Cculrn, placing particular emphasis on the social skills of the pupils and monitoring each individual c105ely so that they may be given appropriate assistance, and to observe the needs of the pupils and Iheir parenls, and where possible and practical making reasonable adjustrnents to the Sthool's service to take account of these needs. STRA TEGIC REPORT Objectives for the year The School's objeclives for the year under review were as follows: To establish the School's reputation as an outstanding coeducational boarding and day prep hool. To secure the School's future through rotSt finanual management. To have a highly professional staff t*Jdy committed to professional development. To send all Fomi 8 pupils on to their senior school of choice. To invest in and modemise the School's facilrties for the benefft of the pupi. including an ongoing plan of refvrbi5hment of teaching areas arKI of boys. tx)arding. To grow boarding numbers through the Lyeats'on of a new girls, boarding house. To launch a bursary fvnd-raising campaign to help wden access to an Akdro education. Longer-tem) objectives The longer-term objectives of the School were as follows: To provide outstanding pastoral care within a nurturing family enwronment. underpinned by Christian values and teaching. To prepare pupils for the next stage: for transrtion to their senior schools of choice and for adult lrfe beyond. To encourage curiosty, critical thinking and independence of thought through an innovatNe learning experience and inspirational teaching. To develop strength of character through a broad. stimulating curricular and co-curricular offering. To create a vibrant boarding environment that promotes Independen and responsibility. To share our resources with, and make a posf(Ne conlribution lo. the wder communty. To be happy. have fun and make lasting memories. Strategles to achieve the yeaS objectives The strategies established by the School to achieve these objectives were as follows: To repurpose the top floor of boys. boarding into a new girl's boarding house. To appoint a 'Director of Sports. Development. to oversee individual sport pathways. To provide eXlt and bespoke advi for pants regarding future schools,. to maintsin
Aldro School Educational Trust Limited GOVERNORS, ANNUAL REPORT (incorporating a Group Strategic Report) Year Ended 31 July 2025 strong links wth a wide variety of senior schods. To support Ihe Director of Development in the planrTred launch of the 1898 Fund. To refurbish Science Lab 2 and Room 13. Achievements and Performance The School achieved the following wrth reference to its objectives for the year. Numbers on roll this year remained strong at 223. All of the 13+ Common Entrance candidates performed strongly in their exams and were offered places at their chosen schools. In addition. scholarships were awarded in total lo leavers in academic. swrt. music, drama and DTllnnovation. In 2025 leavers moved onto 13 different senior schools. induding Winchester. Wellington. Radley, Harrow. Charterhouse. Sherbome. Seaford. Cranleigh. RGS Guildford, Tonbridge, King Edward's Witley. Dean Close and King's Worcester. The school had 71 girls in the school in Septemter 2024. The school opened the second phase of full boarding for girls during the year. The school welcomed 41 new pupils in September 2024 (18% of the total NOR). Bursary Fund Pollcy and Grant Making The Governors are committed lo broadening access to the school by offering to eligible parents means- tesled financial support Mth the payment of school fees. Such support may be awarded in the form of a discount of up lo 1 CM)Yo on tutlion fees payable. The size of a bursary depends upon the financial. compassionale or other family ¢ir¢umslances of applicants. Bursary awards are subject to repeat testing of parental means each year and may be varied upwards or downwards. depending on pants1 circumstances. Bursaries were awarded representing 2.5% of total fee incofne. Actual bursaries awarded amounted to £142,760 in 2025 {2024'. £174,541). 36 pupils were assisted with fees via an Allowances Scheme, including 7 worth 75% or more of the fee, which reduced fee income by £373.002 in the year {2024'. £332,343). Charitable Benefit The school is committed to working in partnership wilh local maintained schools, offering resources, staffing and facilities and working togelher collaboratrvely to the benefrt of all parties. The school has trained staff from St Mary's Shackleford so Ihal they can drive the minibuses and allows them to borrow them. The school also allows local churches and the village the use of the facilits'es in the holidays where possible for annual away days and tennis toumaments. The school provided lunches lo the local school. St MaS Shackleford for the entire school year. The school donated two old minibuses to the local fire stations for them to use in their training drills. The school. for several years. has been supporting the charity Stsrfish Malawi, which supFKJrts educational and health projects in Malawr and we have direct links with a school in a village called Simawaya. Aldro also supports other charilies each year which helps create in our pupils an awareness of Ihe wider so¢ial context of the education they receive at the school. The principal charity that has been supported for the last year has been the RNLI. Aldro also rents out facilities to the Lions Sports Academies. The Brass Academy and LDN Holidays. FINANCIAL REVIEW OF THE YEAR The net income for the year amounted to £286.227 which compares with net income of £279.838 in 2024. This includes net restricted income of £126.888 (2024. £98.2891 leaving net income of £159,339 (2024.. £181,549) on unrestricted funds. The net expendrture is after deducting depreciation of £244.027 (2024.. £242.221). This increase in the net income is due to the reduction in discounts following the move to co-education. The subsidiary company, Aklro EnteriseS Limited, contributed durlng the year by renting out the school site to extemal acts.vty providers.
Aldro School Educational Trust Limited GOVERNORS, ANNUAL REPORT (incorporating a Group Strategic Report) Year Ended 31 July 2025 Investment Policy Investments are govemed by the Memorandum of Association. which pemiits funds to be invested in securities or property as may be thought fft. The current policy is lo invest surplus cash balances in interest- bearing bank deposits at first class banking institutions. Bursary funds are invested in M&G Charrfund, which aims to provide a high and growing income. whilst at the same time prolecting their capital from the erosive effects of inflation over a rolling ten year period. Reserves Policy As stated in the accounts. the funds a sprt beiween those that are restricted for specific purposes and those available for other requirements of the School. The Governors aim to maintain a level of'free. reserves. reserves not committed or invested in tangible fixed assets. of approximatety £1.200,000. As a result of building the Sports Hall in 2015 and the current level of operating. the School's balance sheet temporanty shows a small net current assets position. A committed Revolving Credit Facility has been arranged to provide financial stability whilst the levels of free reserves are being restored. Fundraising In line with the new reporting requirements included in the Charrties Act 2016 the Governors are pleased lo confirm Ihat all fundraising is done in compliance 7Mth best fundraising practice. All fundraising activities follow traditional methods. During 2024-25 a new. part-lime Director of Development took up post and began work to grow links with alumni and to raise funds for a nevAy launched bursary fund. No other professional fundraisers were used by the School. There were no complaints or ¢ritiasms during the year aboul our fundraising activities. PLANS FOR THE FUTURE Aldro continues to provide an outstanding edltIOn to its pupils. The school's tangible sense of community and Christian character. its academic aspirats-ons. rts day and boarding offering and its broad co-curricular provision, all offered wlthin the school's stunning rural location in Surrey, means that the school continues to provide an exceptional and diskn'nctive educational offering. The school offers its pupils an excellent education across all academic subjects. wf(h outstanding sporting, music. drama, art and DTfacilities. as well as a broad range of actNities. which indude shoob'ng. chess. sailing. riding. gymnastics. judo, dance etc. From September 2025 the school plans to build on the initial transition to co-education by continuing to incfease the number of girls on roll. The school expects to start the new year with 71 girls on roll (32¥D NOR) and expects lo increase the perntage of girls towards 400/0 over the next 3-5 years. The school has remodeled the Saturday provision. moving the lesson time into the week and fixtures to the moming. This will enable a newly designed cullural programme to be offered lo the boarders. alongside the usual weekend fvn actr¥ities. The school plans to grow its inveslment in the training and devdopment of academic staff to ensure a lively and engaging curriculum delivery and a culture of continual professional development. The school expects to grow and develop its teams. A review of the school's appraisal system has been undertaken, and more emphasis will be placed on staff training and development. The school aims for all teachers to be trained in both First Aid and Mental Health First AKI. The school plans to develop whole-school approach to wellbeing.
Aldro School Educational Twst Limited GOVERNORS, ANNUAL REPORT (incorporating a Group Strategic Report) Year Ended 31 July 2025 The school plans to launch a new website during 2026 and has commissioned Finalsite to design this. The boarding provision al Aldro will continue to be an area of strategic focus. The growing number of full-lime boarders recruited both in the UK and intemationally will be accompanied by day pupils opting to board on a part-time basis. This flexible apwoach (famity friendly) continues to be very successful allowing the pupils and the parents to embrace the boarding at a pace suitable to each indlvidual family. Boarding is a key preparation for the senior school transrtion. as the vasl majority of Ihe pupils will follow onto major public schools. Both SW London and intemational markets continue to be a larget for fulure pupil recruitment. RISK MANAGEMEKr The Board, continue to keep the School's activilies urKler vIeW, particularfy with regard to any major risks that may arise from time to time as well as the systems and procedures established lo manage them. They monitortheeffectiveness of the system of internal controls and otherviable means, including Insuran Cover where appropriate. by which those risks already identtfied Can best be mitigated. Based on an annual risk review. the Finance General Purpose Commfftee cOnSets the most relevant risks, and the means by which they may be mitigated. to be as follows.. Increased pressure upon the numbers on roll related to an uncertain economic climate and the addilion of VAT on school fees. The Governors are committed to managing future fee increases to ensure that access to the School MaInS unaffeed. whilst maintaining numbers on roll. Decline in boarding numbers followng the addf(ion of VAT on school fees. The school is ensuring clear and consistent communication to parents and has an experienced leam in position to be able to oversee this. Increasing cost base wth hher wages and increased employer National Insuran¢e contributions. Online risks, encompassing fraudulent activity or hacking, inappropriate use by staff or pupils and insufficient capabilty of the nelwork and equipment The school has invested heavily in this to mitigate Ihese risks. Reputational risk is managed through school's commrtment to its safeguarding policies, slaff recruitment policies, inspection readiness and excellent pastoral supportfor both pu15 and staff. The school is committed to promoting wellbeing among the pupils and Staff. Changing Govemmental policy that results in an even less favourable operating environment for Independent Schools. The Govemors and SLT keep a close eye on legislative and other changes. A working party has been formed and meels rnOnth to develop a strategy for this evenluality. STATEMENT OF GOVERNORS. RESPONSIBIUTIES The Governors, who are also the directOT5 of Aldro School Educational Trust Limited for the purposes of company law. are responsible for preparing the Govemors. Report and the accounts in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Governors to prepare financial statements for each financial year. which give a true and fair view of the state of affairs of the Trust and its subsidiary and of the incoming resources and application of resour. including the income and expendtture. of the group for that year. In preparing those financial statements. the Govemors are required to: select suitable accounting policies and then apply them consistentty: observe the methods and principles in Ihe SORP". make judgements and estimates that are reasonable and prudent, arKI prepare the financial statements on the going concem basis unless it is inappropriate to presume that the group will continue in business.
Aldro School Educational Trust Limrted GOVERNORS, ANNUAL REPORT {inGorporating a Group Strategic Report Year Ended 31 July 2025 The Governors are sponsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the finanaal position of the Trust and which enable them to ensure that the financial statements comply th the Companies Act 2(M)6. They are also responsible for safeguarding the assets of the Trusl and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. DISCLOSURE OF INFORMATION TO AUDITORS Each of the Governors has confirmed that there is no information of vthich they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confimed that they have taken appropriate steps to identtfy such relevant information and to establish thal the auditors are aware of such informalion. AUDITORS A resolution proposing the re-appointment of TC Group as auditors to the company will be put to the annual general meeting. report, in edo be I 25 orporating the Strategic Report was approved by the GovernoTS on LS and alf oft ard by effen Governor and Dlrector
Aldro School Educational Trust Limited INDEPENDENT AUDITOR'S REPORT Year Ended 31 July 2025 Opinion We have audited the financial statemenls of Aldro School Educational Trust Limited (the 'parenl charitable company and its subsidiary (the group.)) for the year ended 31 July 2025. The financial reporting framewoik that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting standa applic8ble in the UK and Republic of Iland (Unrted Kingdom Generally A¢pted Accounting Practice). In our opinion the financial statements= give a true and fair view of the state of the group's and the parent charitable companws affairs as at 31 July 2025 and of its incoming resources and application of resources. including its income and expenditure, for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Stsndards on Audtbng (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial sLqtements section of our report. We are independent of the charitable company in accordan wth the ethical requirements that are relevanl to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to prowde a basis for our opinion. Concluslons relating to going concern We have nothing to report in respect of the following matters in relation to V+hich the ISAS (UK) require us to report to you where: the Governors. use of the going concem basis of accounting in the preparation of the financial statements is not appropriate.. or the Governors have not disdosed in the financial statements any identified material uncertainties that may cast significant doubt about the group and charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least 1ve months from the date when the financial statements are authorised for Iss. Other infomiation The Govemors are responsible for the other information. The other infonnation comprises the information included in the Govemors, annual reporL other than the financial statements and our auditor's report thereon. opinion on the financial statements does not cover the other infomation and, expt to the extent otherwse explicitty stated in our report. V do not express any form of assurance condusion thereon. In connection with our aLKlit of the financial statements. our responsibility is to read the other infomiation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knoedge obtained in the audtt or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misststement in the financial slatements or a material
Aldro School Educational Trust Limited INDEPENDENT AUDITOR'S REPORT Year Ended 31 July 2025 misstatement of the other information. If, based on Ihe work vle have performed, we conclude that there is a material misstatement of this other information, V are reqLMred to report that fact. We have nothing to report in this regard. Qplnlons on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the Governors. annual report (incorporating the strategic report and the directors, report) for the financial year for Vthh the financial statements are prepared is consistent with the financial statements.. and the strategic report and the directOTS' report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the group and charilable company and its environment obtained in the course of the audit. we have not *Yenttfied material misstatements in the stralegic report and the directors, report. We have nolhing to report in respect of the followng matters in relation to which ihe Companies Act 2006 requires us to report to you rf. in our opinion.. adequate accounting records have not been kept. or retums adequate for our audit have not been received from branches not visited by us: or the financial statements are not in agreement wth the accounting records and relums.. or certain disclosures of directors, remuneration specified by law are not made", or Y have not received all the informalion and explanations we requi for our audit. Responsibilities of Governors As explained more fully iri the Govemors, $[m)nsibIlities stateAl, the Governors {who are also the directors of the charitable company for Ihe purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the Governors determine is necessary to enable the preparalion of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial slatements, the govemors are responsible for assessing the charitable company's ability to continue as a going Concem, disclosing, as applicable. matters related to going concem and using the going concern basis of accounting unless the govemors erther intend to liquidate the charitable company or to cease operations. or have no realistic altemative but to do so. AUdft0S responslbllltles for the audlt of the financlal sLitements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are fe from material misstatement, whether due to fraud or etror, and to issue an auditorfs report that includes our opinion. Reasonable assuran is a hyh level of assurance. but is not a guarantee that an audit conducted in accordan with ISAS IUK) will aayS detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could rea50natAy be exFeded to infiuence the economic decisions of users taken on the basis of these rinanaal statements. 10
Aldro School Educational Trust Limited INDEPENDENT AUDITOR'S REPORT Year Ended 31 July 2025 A further description of our responsibilitS for the audit of the financial stalements is located on the Financial Reporting Council's website at.. https.'IA¥ww.froorg.ukJaudrtorsTesponsibililies. This description forms part of our auditors rewt. Extent to which the audit was considered capable of detecting irregularities. including fraud The objectives of our audrt, in respect to fraud. are.. to identify and assess the risks of material misstatement of the financial statements due to fraud.. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud. through designing and implementing appropriate responses., and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and dele¢lion of fraud rests wrth tKlth those charged with governance of Ihe entity and ils management. Our approach was as follow5.. We idenfftd areas of lav4E arml regulations that coutd reasonably be expected to have a material effect on the ffinancial statements from our general sector experience, and through discussion with the Governors, and other management las required by auditing standards). and discussed with the Governors, and other management the policies and procedures regarding compliance with laws and regulalions (see below).. We identified the following areas as those most likely to have such an effect.. heallh and safety., General Data Protection Regulation (GDPR)-, fraud., bribery and corruption, school inspections. keeping children safe in education (statutory guidan1. DBS checks and employment law. Auditing standards limit the required audrt procedures to identify non-compliance with these laws and regulations lo enquiry of the trustees and other management and inspection of regulatory and legal correspondence. rf any. The identified actual or suspected non-compliance was not sufficiently signfficanl to our audit to result in our response "n9 identified as a key audit matter. We considered the legal and regulatory frameworks directty applicable to the financial statements reporting framework (FRS 102. the Companies Act 2006 and the Chartties Act 20111 and the relevant tax compliance regulations in the UK., We considered the nature of the charitable company's operab'ons, the control environment and financial performance. We communicated idenlified laws and regulations throughout our team and remained alert to any indications of non-cornpliance throughout the audrl- We nSIdered the procedures and controls that the charllable cornpany has established to address risks identified. or that othenwise prevent, deter and detect fraud; and how senior management monitors Ihose wocedures and controls. Based on this understanding we designed our audit procedures to identrfy non-compliance with such laws and regulalions. Where the risk was considered to be higher. we perfomied audit procedures to add$$ each identified fraud risk. These procedures included.. testing manual joumals; reviewing the financial statement disclosure5 and testing to supporting documentation,. perfomiing analytical procedures.. and enquiring of management. and were designed to provide reasonable assurance that the financial statements were free from fraud or error. Owing to the inherent limttations of an audr(. there 1$ an unavomjable risk that we may not have detecled some material misstatements in the financial statements. even though we have properly planned and performed our audit in accordance wrth audrting standards. For example. the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements. the less likely the inherently limited procedures required by auditing standards would identify it.
Aldro School Educational Trust Limited INDEPENDENT AUDITOR'S REPORT Year Ended 31 July 2025 The risk is also greater regarding irregularities occurring due to fraud rather than eOr, as fraud involves intention81 concealment, forgery. collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expecied to detect non-compliance wth all laws and regulations. Use of our report This report is made solely to the charitable ¢ompany's members, as a body. in accordance with Chapter 3 of Part 16 of Ihe Companies Act 2006. Our audit work has been undertaken so that we might stale to the charitable company's members those matters V are required to state to them in an auditorfs report and for no other purpose. To the fullest exlent pemitted by law, we do nol attepl or assume responsibilty to anyone other than the charitable company and the charitable company's members as a body. for our audrt work, for this report, or for the opinions we have formed. Mark Curnmins FCCA (Senior Statutory Auditor for and on behalf of TC Group statutory Auditors Office.. Steyning, West Sussex Dated.. 12
Aldro School Educational Trust Limited CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {Including Income & Expenditure Account> Year Ended 31 July 2025 Notes Unstricted Funds Restricted Funds TOTAL 2025 TOTAL 2024 INCOME FROM: Donations and legacies 20.415 126.888 147,303 209.624 Charitable actlvitles Fees receivable Other income 5.388,082 61,908 5,388,082 61,908 5.169.678 100.587 Other trading actlvStles Commercial operations Aldro Ball 46.461 46.461 65,011 17.673 Investment Incorne 79,848 79,848 3.539 Total Inc¢Jme 5.596.714 126.888 5,723.602 5,566 112 EXPENDITURE ON: Raising funds Commercial operations Olher- Aldro Ball 834 834 111 15.005 Charitable Activities Education 5.438.190 5.438.190 5.274.431 Total Expendlture 5.439.024 6 439 024 5.289 547 Net gains l (losses) on investments 10 1.649 1.649 3,273 NET INCOMEIIEXPENDITUREI 159.339 126,888 286.227 279,838 Transfers belween fvnds 15 NET MOVEMENT IN FUNDS 159.339 126,888 286,227 279,838 Reconciliation of funds Total funds brought foard 6,257.983 76,959 6 334 942 6,055 104 Total funds ¢arrfed fOard 16 6.417,322 203.847 6.621.169 6.334,942 This ststement of finanL?al activities also complies with the requirements for an income and expendrture account under the Companies Act 2006. All activtbes are classed as continuing. There are no recognised gains or losses other than th(Ise reported on the Statement of Financial Aclivrties. 13
Aldro School Educational Trust Limited CONSOLIDATED BALANCE SHEET As at 31 July 2025 Notes 202S 2024 FIXED ASSETS Tangible Assels Investments 6,974.415 46.143 7,020,558 6.770,514 44.494 6,815.008 10 CURRENT ASSETS Stocks Debtors Cash at bank and in haTr 834 1,374,836 1.998,249 1,865,596 1.485.849 Total Current Assets 3.351.445 3,373,919 Creditors. due within one year 12 3.257.266 3.195.758 NET CURRENT ASSETS 94.179 178,161 LONG TERM LIABILITIES Credrtors. due after more than one year 13 {493.568) (658,2271 TOTAL NEf ASSETS 6.621.169 6,334,942 Represented by General Fund Fixed Asset Fund Unrestrided Funds 1277,5051 6,694,827 6,417,322 1197.539) 6,455.522 6,257.983 15 Restricted Fund 14 76,959 TOTAL NET FUNDS 6,621,169 6,334,942 These financial statements have been pPared in accordan with the provisions relating to medium-sized companies. The financial statements were approved by the board on zè L5 and signed on theif behalf by. I Waller Gove and Director C Carlie Headmaster /é V Smith Bursar Company number 00937890 14
Aldro School Educational Trust Limited COMPANY BALANCE SHEET As at 31 July 2025 Notes 2025 2024 FIXED ASSETS Tangible Assets Investments 6.974.41 S 46.145 6,770.514 44.496 10 7.020.560 6,815,010 CURRENT ASSETS Debtors Cash at bank and in hand 11 1.856.176 1,468.997 1,393.713 1.978.820 Total Current Assets 3.326.173 3,372.533 Creditors. due within one year 12 3.247.266 3.213.431 NET CURRENT ASSETS 77.907 159.102 LONG TERM LIABILITIES Creditors. due after more than one year 13 (493.568) (658,227) TOTAL NET ASSETS 6.604 899 6.315,885 Represented by General Fund Fixed Asset Fund Unrestricted Funds 1293,775) 6.694.827 6,431,052 {216,596) 6,455,522 6.238,926 15 Reslricted Fund 14 203.847 TOTAL NET FUNDS 6.604.899 6.315,885 These finan¢ial statements have been prepared in accordance with the provisions relating lo medium-sized companies. The financial statements were approved by the board on 1£ and signed on their behalf by.. IM llloiir Waller Gover or and Director C Carlier Headmaster dk V Srnith Bursar Company number 00937890 15
Aldro School Educational Trust Limited CONSOLIDATED CASH FLOW STATEMENT Year ended 31 July 2025 2025 2024 Cash flows from operating activities: Net incomelexpenditure for the year Adjustments for: Depreciation Interest payable Net gains on investments Investment income Loss on sale of fixed assets Decrease in stocks Decreasel(Incre8se) in debtors (Decrease)Ilncrease in creditors 286.227 279.838 244,027 15,330 {1.6491 (79.848) 242.221 45,644 (3,273) 13,539) 1.074 834 1490,760) 402.295 1,050.624 Net cash provided by operating a¢tlvitles 2.014.884 Cash flov from investing activities Investment income Purchase of tangible fbxed assets Net cash used in investing activities 79,848 447,928 3,539 155.883 1368,080 (152,344) Cash flovts from flnanclng activities Interest paid Cash inflows from new borrowing Repayments of borrowing Net cash used in financing activities 115.330) 290.000 297,371 145,644) 43.834 122.7011 (89,478) Change in cash and cash equivalent in the year (512,4001 1.773,062 Cash and cash equlvalents at the beginning of the year 1.998.249 225,187 Cash and cash equivalents at the end of the year 1,485,849 1,998,249 Analysis of cash and cash equivalents Cash at bank and in hand Bank loans within in year Bank loans after one year Total cash and cash equivalents 1,485.849 {39.759) 239.829 1.206.261 1,998,249 {286.959) 1,711,290 16
Aldro School Educational Trust Limited NOTES TO THE ACCOUNTS Year ended 31 July 2025 1 STATUTORY INFORMATION The charity is a charitable company, limited by guarantee, registered in England and Wale5. The registered office. company number and charrty number are detaiw in the Govemors. annual report. 2 ACCOUNTING POLICIES Basis of preparation The accounts have been prepared under the Companbes Act 20C6 and in accordance with the Charities, Statement of Recommended Practice (SORP {FRS 102)) and Financial Reporting Standard 102. The charitable company meets the definition of a public benefft entty under FRS 102. Assets and liabililies are initially recognised at cost or transaction value unless otherwise staled in the relevant a¢untIng policy. After reviewng Ihe charity's forecasts and projections. the Governors have a reasonable expectation thal the charity has adequate resources lo continue in operational existence for the foreseeable fulure. The charity therefore continues to adopt the going concern basis in preparing its accounts. Currency The Group presents rts accounts in Steding and figures are rounded to the nearest £. Group accounts The accounts consolidale the sultS of the charity and its wholty owned subsidiary Aldro Enterprises Limited on a line by line basis. A separate Statement of Financial Activrties linduding income and expenditure account) for Ihe charrty has not b*n presented as the charity has taken advantage ofthe exemption afforded by section 408 of the Companies Act 2006. Income Donations received for the general purposes of the School are credited to unrestricted funds except insofar as they are incapable of financial measurement. Donations for purposes restricted by the wishes ofthe donor are taken to restricted funds where these wishes are legally binding on the charity. School fees re1vable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees received in advance of education to be provided in future years are held as liabilities until either laken to Inco in the term when used or else refundgj. They are slated after deducting bursaries. scholarships and other fee remissions granted by the School. Lettings investment income are accounted for in the period in vknich Ihey are receivable. Other incoming resourGes are accounted for vthen received. Expenditure Expenditure is accounted for on an accnjals basis, with value added tax included within the item of expense to which it relates. Overhead and other costs not directly attributable to a particular fjJnctional activity category are apportioned over the relevant categories on the basis of management estimates of the amount attribuiable to that activity in the year. Goverrsance costs comprise the costs of running the ¢harty, including stralegic planning for its future development. also intemal and extemal audit. any regal advice for the Governors, and all the costs of complying wrth constitutional and statutory requirements, such as the cost of board and committee meetings and of preparing statutory accounts and satisfying put1¢ accountsbilty. Irrecoverable VAT is attributed directty to the cost to vthich it relates. 17
Aldro School Educational Trust Limited NOTES TO THE ACCOUNTS Year ended 31 July 2025 Assets Fixed assets are shown on the balan sheet at $t less accumulated depreciation. Cuent assets are shown at the lower of cost and net realisable value. Depreciation Depreciation is provided on fixed assets to write off their cost over their estimated useful lives at the following rates.. Freehold buildings Assets in the course of construction Car park surfacing Furniture and equipment Computers Vehicles Nil to 40A straight line Nil 25% slraighl line 10°/0 reducing balan basis 25% straight line 25% reducing balance basis An item with a purchase cost of £1.000 or below is written off as an expense in the year of aulsitIon. Freehold land is not depreciated. Pension schemes The School contributes to a defined contribution Scheme for staff. The assets of the scheme are held separately from those of the School in an independently administered fvnd. Contributions to the scheme are charged to the Statement of Financial Aclivities as they become payable in accordance with the rules of the scheme. Operating lease rentals Rentals paid in respect of assels held under operaling leases aretaken to the Stalemenl of Financial Activities as they fall due. Investments Listed investments are ststed al market value. Investments in subsidiaries are staled at cost where this is not signfficanlly diffenI to market value. Unrealised gains and losses are recognised in the Statement of Financial Activities as a component of net income and expendtture. Cash at bank and in hand Cash at bank and in hand includes cash and short tenn hMJhly liquid investrnents. The Governors seek to use short and medium term deposits where possible to maximise the return on monies held at the bank and to manage cash flow. Credilors and provisions Creditors and provisions are recognised where the charity has a present obligation resuRing from a past event that will probabty resu in a transfer of funds to a third party and the amount due lo settle the obligation can be measured or estimated reliabty. Debtors Trade and other debtors a recognised al the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepama nel of any trade discounts due. Stocks Stocks of clothing are valued at the lower of cost and net realisable value. 18
Aldro School Educational Trust Limrted NOTES TO THE ACCOUNTS Year ended 31 July 2025 Fund accounting Unrestricted funds comprise those funds which can be used in accordan with the charitable objectives at the discretion of the Govemors. Restricted funds a those funds vthich can be used in accordan with the specific restrictions imposed by the donor or which have been raised by the charity for a specific purpose. The cost of raising and administering such funds is charged against the funds and the School reimburses the costs from unrestricted funds. The aim and use of each restricted fvnd is set out fijrther in the noles to the accounts. Tumover The lurnover ofthe charty is wholly attributable to the obpct of the charty as stated in the Govemors, Report and is earned entirely wrthin the UK. Taxatlon The charrtable company is registered as a charity and all of its income falb within the exemptions under Part 11 ofthe Corporation Tax Act 2010. Critical accounling estimates and judgements In the application of the Group's accounling policies. the Governors are required to make judgements, eslimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical expernce and other factors that are considered to be relevant. Acbjal resums may differ from these estimates. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to arKounting estimates are recognised in the period in which the estimate is revised. The Govemors do not consider that there are any critical estimates or areas of judgement that need lo be brought to the attention of the readers of the financ1 statements. 3 Income from Charltsble Actlvltles 2025 2024 Gross fees Less.. bursaries and discounts 5,812,449 532,799 5.279,650 108,432 5,388,082 61,908 5,449,990 5.807,056 741,744 5.065,312 104,366 5.169,678 100,587 5,270,265 Extras Other income Included in other income is £7.080 (2024.. £28.253) relab-ng to insurance claims. 4 Income from Other Trading Activities 2025 2024 Lettings and activits'es (subsidiary company) Aldro Ball 46,461 65,011 17,673 82,684 46,461 19
Aldro School Educational Trust Limited NOTES TO THE ACCOUNTS Year ended 31 July 2025 5 Analysis ol Expendlture Total 2025 Total 2024 Staff Costs Other Depreciation Cost of raising funds Fundraising Lettings Total cost of raising funds 15,005 111 834 834 834 834 15,116 Charltable a¢tivit*s - Educatlon Teaching 2,391,262 Welfare 381.210 Premises 172.180 Support 413.078 Total charitable expenditure 158,408 386,316 658.185 633,524 1.551 2.551.221 767,526 1,072,841 1.046,602 2,548,658 628,098 1,228,140 869,535 242,476 3.357,730 1.836,433 244.027 5.438,190 5,274,431 Total Expenditure 3,357.730 1.837.267 244.027 5,439,024 5.289,547 Analysis of support costs 2025 2024 Governance costs.. Auditors. remuneration for audit services 13.230 15.120 Support costs.. Support staff wages. national insurae and pension Other support costs 413,078 620.294 1,046.602 385,183 469,232 869,535 Net Income is stated after charging £93.394 (2024: £120,644) to operating lease rentals included within emises costs. 20
Aldro School Educational Trust Limited NOTES TO THE ACCOUNTS Year ended 31 July 2025 6 Comparative Statement of Financial Activities- Year Ended 31 July 2024 Unrestricted Funds ReStrted Funds Total 2024 INCOME FROM: Donatlons and legacies 117,147 92.477 209,624 Charitable activities Fees receivable Other income 5,169,678 100.587 5.169,678 100.587 Other trading activities Commercial operab.ons Aldro Ball 65.011 17.673 65,011 17.673 Investment income 1.000 2,539 3,539 Total Income 5.471.096 5566 112 EXPENDITURE ON: Raising funds Commercial operations Other 111 15.005 111 15,005 Charitable Aclivities Education 5.274.431 5,274,431 Total Expenditure 5.289.547 5,289,547 Net gains on investsnents 3.273 3,273 NET INCOME 181,549 98.289 279.838 Transfers beteen funds 295.288 (295.288) Net movement in funds 476.837 1196.9991 279.838 Fund balances brought fOard 5,781,146 273,958 6.055 104 Fund balances ¢ariied foTh¥ard 6.257,983 76,959 6,334.942 21
Aldro School Educational Trust Limited NOTES TO THE ACCOUNTS Year ended 31 July 2025 7 Staff Costs 2025 2024 Salaries and wages Social security costs Pension costs 2,795.337 263.048 292,064 3,350,449 7.281 3.357,730 2.777,316 255,117 296,469 3,328,902 9,009 3.337,911 Temporary and casual wages Included in salaries and wages al)ove are reduThJancy costs of £27.711 (2024.. £Nil). Number of employees whose emoluments for the year exceeded £60,000 £60.000 to £69.999 £70.000 to £79.999 £120,000 to £129.999 £140.000 to £149.999 2025 2024 Contributions totalling £34,240 (2024= £32.788) were made during the year to a pension scheme on behalf of the above employees. The average monthly headcount during the year was.. 2025 38 22 2024 43 17 Teaching Teaching support Domestics and matron Maintenance Administration Calering Cleaning 10 11 91 98 The key management personnel of the school are detailed in the Govemors, Report. 2025 2024 Aggregate employee benefits of key management personnel 251,433 269,815 Operatlng Surplus 2025 2024 Induded within the operats.ng surplus for the year are the following.. Charitable Activities - Education Operating lease rentals 93.394 120,644 Governance Auditors, fees - audit services 13.230 15.120 As described in the notes to the aoUnt5. no separate Statement of Financial Activities has been prepared for the School alone. The School contributed £271.341 to the surplus of the Group for the year (2024. £213,350 to the surplus)-
Aldro School Educational Trust Limited NOTES TO THE ACCOUNTS Year ended 31 July 2025 Tanglble Fixed Assets The movement of tangible fixed assets VMS as follows". THE GROUP & THE COMPANY Freehold land and buiklings Fumiture and equipment Molor vehicles TOTAL Cost At beginning of year Additions At end of year 10.855.015 361,134 11,216,149 1.871,460 86.794 1.958.254 55,482 12,781,957 447,928 13,229,885 55,482 Accumulated Depreciation At beginning of year Charge for year At er)d of year 4.738,705 167,007 4.905.712 1.223.459 75.469 1,298.928 49.279 1,551 50,830 6,011,443 244,027 6,255 470 Net Book Value At beginning of year At end ofyear 6,116,310 6 310 437 648.001 659.326 6,203 4.652 6,770,514 6974415 10 Investments The Group Listed Subsidiary The Company Listed Subsidiary Toial Total Fair value At beginning of year Revaluations in year At end of year 44.494 1,649 46.143 44.494 1,649 46,143 44,494 1,649 44,496 1.649 The Company owns 100% of the shares of the subsidiary company Aldro Enterprises Limited, company number 02483985. which is incorporated in England and Wales. The trading resums of Aldro Enterprises Limited for the year ended 31 July 2025 are: Prorrt for the year £15.516 Capital and Reserves £16.gJ2 11 Debtors The Grou 2025 The Com 2025 an 2024 2024 Fees receivable Prepayments and accrued income Amounts owed by group undertangS 1,656,038 209.558 1,272,862 101.974 1,626,618 200.188 29.370 1.221,738 101.974 70.001 TOTAL 1.865,596 1.374.836 1.856.176 1,393.713 23
Aldro School Educational Trust Limited NOTES TO THE ACCOUNTS Year ended 31 July 2025 12 Creditors due within one year The Grou 2025 The Com 2025 an 2024 2024 Bank loan (secured) Trade creditors Deferred revenue Fees payable in advance Other taxes and social securty Deposits held Other creditors Accruals 39.759 282,849 1,426.175 495.000 236.492 599.749 131,309 45.933 286.959 62.703 1.816.040 422.127 39.759 282,849 1,426.175 495.000 236.492 599,749 131.309 35.933 286,959 62,703 1.816.040 422,127 550,519 16.579 40.831 550.519 34.252 40.831 TOTAL 3.257.266 3.195.758 3.247.266 3.213.431 13 Creditors due after rnore than one ear The Grou 2025 The Com 2025 an 2024 2024 Bank loan (secured) Fees payable in advan 239.829 253.739 239.829 253,739 658,227 658,227 TOTAL 493.568 658,227 493,568 658.227 Maturity analysis Bank loan due in less than 1 year Bank loan due in 1-2 years Bank loan due in 2-5 years Fees in advance due in less than 1 year Fees in advance due in 1-2 years Fees in advance dLE in 2-5 years 39.759 39,759 200,070 495.000 286,959 286,959 422.127 422,127 253,739 412.375 245,852 412,375 245,852 TOTAL 1,028.327 1,367.313 1,367,313 The bank overdraft facilty, loan and £1 M cfedtt fa¢ilty are secured by a fixed charge over the school's freehold land and buildings. The carrying value of the assets charged was £6.310.437 12024.. £6,094,298) at 31 July 2025. The school srte was valued on 25 Juty 2022 at a market value of £7,500.O¢JO. The £1.000.000 revolving loan facilty was renewed in October 2024. The interest rate is 1.9500h above Barclays. base rate. repayable over 5 years expiring in October 2029. 24
Aldro School Educational Trust Limtted NOTES TO THE ACCOUNTS Year ended 31 July 2025 14 Restricted Fund Balan Balance at 31 July 2025 at 1 August 2024 Gains on investments Income Transfers Oevelopment Fund New Bursary Fund 76.959 76.959 126,888 126.888 TOTAL 76,959 128.888 203,847 The Development Fund provEdes money for capital projects through fundraising. the marteling costs of which are also met by the use of this Fund. The New Bursary Fund conlains don*ions gwen to help fund bursaries commencing 1 September 2025. Transfers represent monies expensed on projects during the year. There was no restricted expenditure in the year. 15 Unrestrlcted Fund Balance at 1 August 2024 Balance at 31 July 2025 Incorne Expenditure Transfers General fund Fixed assel fund (197.539) 6,455,522 5,598,363 15,439,024) (239,3051 239.305 (277,5051 6.694.827 TOTAL 6 257 983 5.598,363 5.439.024 6,417 322 The fixed asset fund is maintained at an amount equal in total to the school's fixed assets less mortgages secured on those assets, and a transfer is made equivalent to the net movement in fixed assets and mortgages. 25
Aldro School Educational Trust Limited NOTES TO THE ACCOUNTS Year ended 31 July 2025 16 Net Assets Between Funds of the Group Unrestricted Restricted Group At 31 July 2025 Fixed Assets Inveslments Currenl Assets Current Liabilities Long-term Liabilities 6.974.415 46.143 3.147.598 {3.257,266) 493,568 6.417.322 6.974.415 46,143 3,351.445 (3,257,266) 493,568 6,621.169 203,847 Unrestricted Restn'cted Group At 31 July 2024 Fixed Assets Inveslments Current Assets Current Liabilities Long-term Liabilities 6.770.514 44,494 3,296,960 {3.195,758) 658,227 6,257,983 6,770.514 44,494 3,373,919 (3,195.758) 658,227 6,334,942 76,959 76,959 17 Operating Leases The group has financial commilmenls in respect of non-cancellable operating leases of plant and machinery. At 31 July 2025, the outstsnding commitments for non-cancellable operating leases were- 2025 2024 Within one year Betsveen *0 and five years 56,671 15,468 72.139 92.429 73,104 165,533 18 Governors, Remuneration. Reimbursement of expenses and Interests in Contracts No remuneration was provKled to any Governors during the year. Three governors were reimbursed travel expendrture during the year of £902 {2024.' 2 of £377). Members ofthe close family of the key management personnel received remuneration of£18,442 {2024.' £17,904). S Hunt (Governor) and V Smtth (Bursar) are parents of pupils attending the school during the year for whom fees were payable lo the school. Fees payable and any discounts were charged and awarded on the same basis as for other parents and staff. 19 Control The company is limited by guarantee with no one member having overall control. The company is limited by guarantee and each member is under covenant to contn.bute a sum not eXdIng £1. 26