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2025-08-31-accounts

Registered number: 960831 Charity number: 312717

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Governors and advisers 1
Governors' report 2 - 9
Governors' responsibilities statement 10
Independent auditor's report on the financial statements 11 - 14
Statement of financial activities 15
Balance sheet 16
Statement of cash flows 17
Notes to the financial statements 18 - 36

GLENDOWER SCHOOL TRUST LIMITED (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025

Governors E A Bassett, Chair
G Apkarian
J Aviss
N Baker
B Daffey (resigned 21 November 2024)
E Hewer
S Kumleben (resigned 5 February 2026)
P Mattar (resigned 20 March 2025)
F Morton
J Richards
J Graham (appointed 9 September 2024)
P David (appointed 20 November 2025)
Company registered
number
960831
Charity registered
number
312717
Principal address and
registered office
86/87 Queen's Gate
London
SW7 5JX
Headmistress
C Boyd
Independent auditor
Crowe U.K. LLP
Fourth Floor
St James House
St James Square
Cheltenham
GL50 3PR
Bankers
Metro Bank plc
One Southampton Row
London
WC1B 5HA
National Westminster Bank plc
PO Box 592
18 Cromwell Place
London
SW7 2LB

Page 1

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The Governors present their report and accounts for the year ended 31 August 2025, including Directors’ and Strategic Reports. The financial statements have been prepared in accordance with the Statement of Recommended Practice for Charities (SORP 2019) (Second Edition, effective 1 January 2019) applicable law and the Trust’s Memorandum and Articles of Association.

I NTRODUCTION FROM THE HEAD

As I reflect on my first full year as Headmistress of Glendower Preparatory School, I do so with a strong sense of responsibility for both the educational direction and the long-term sustainability of the School. The year has been characterised by careful listening, measured decision-making and the establishment of firm foundations, educationally, operationally and financially, to support Glendower’s continued success in a challenging and evolving independent school landscape.

This period of transition and consolidation has been given particular significance by coinciding with Glendower’s 130th anniversary. Founded in 1895 by Edith Lloyd and Maud Cornwall, the School was established with a bold and progressive mission: to provide girls with a rigorous and intellectually ambitious education at a time when such opportunities were limited. From its inception, Glendower has balanced educational aspiration with prudent stewardship, ensuring that its charitable purpose could be sustained over time. That principle remains central to our leadership today.

In 2025, our pupils benefit from a rich educational inheritance, but they are also being prepared to meet the demands of a rapidly changing world. At the same time, the School continues to operate within a complex financial environment shaped by cost pressures across the sector, unprecedented regulatory change and the need for careful long-term planning. Throughout the year, strategic decisions have therefore been taken with a clear focus on educational impact, value for money and financial resilience.

During the year, we formally launched the School’s new strategic vision:

Glendower 130: Shaping the Future One Girl at a Time

This framework provides a clear and disciplined structure for decision-making and resource allocation and is built around four strategic pillars:

These pillars guide not only educational priorities but also financial planning, investment decisions and risk management. They ensure that expenditure is aligned with strategic intent, that resources are deployed where they have the greatest impact on pupils, and that the School remains financially sustainable while continuing to deliver a high-quality educational experience.

Throughout the year, together with the Bursar and Governing Body, there has been a clear commitment to ensuring robust financial oversight, transparent reporting and careful management of resources. This has included prudent budgeting, close monitoring of expenditure, and a disciplined approach to investment in staffing, curriculum development and the School estate, all within the context of the School’s charitable objectives.

Alongside this, continued attention has been given to strengthening operational systems, managing risk effectively and planning responsibly for the future. These measures are essential in ensuring that Glendower remains well-positioned to respond to both opportunities and external pressures, while safeguarding the School’s long-term financial health.

Page 2

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

I am grateful to the Governing Body for its stewardship, challenge and support during this important year, and to the Bursar for their professionalism and commitment to both educational excellence and responsible financial management. Together, we have ensured that Glendower continues to balance ambition with sustainability.

Every lesson taught, every pupil supported and every strategic decision taken reflects our commitment to honouring the School’s legacy while securing its future. In this way, Glendower continues to fulfil its charitable purpose: shaping confident, capable and principled young women, supported by sound governance and strong financial leadership.

Claire Boyd

Headmistress

Page 3

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

DIRECTORS’ REPORT

REFERENCE AND ADMINISTRATIVE INFORMATION

Glendower School Trust Limited was founded by Trust Deed in 1969 which was amended in 1977.

The Charity is a company limited by guarantee. The Governors, who are also the directors for the purpose of company law and the charity’s trustees, who served during the period and up to the date of the signing of this report are listed on page 1 of this report.

None of the Governors has any beneficial interest in the company. All of the Governors are members of the company and guarantee to contribute £1 in the event of a winding up.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Company is governed by its Memorandum and Articles of Association, last amended on 25 November 2025.

Governing Body

The Governors, who are also required under the Articles to serve as members of the company, are elected at a full Governors’ meeting. They are chosen to represent a suitable cross section of expertise and at least one Governor is a parent of a pupil (or former pupil) at the school. The school will engage the services of Nurole, a board search specialist company, to strengthen the board and ensure suitability of any new appointments.

Governor Training

New Governors are inducted into the workings of the school by the Head and Bursar and provided with an introductory pack of school information. Regular training workshops are organised, and Governors are kept informed of other relevant training days run by outside organisations.

Organisational Management

The Governors meet as a Board at least three times a year to determine general policy. The Governors have set up sub committees which meet as needed but at least once a year: an Education sub-committee, chaired by Mr N Baker which considers and advises on all aspects of the school’s curriculum; a Finance sub-committee, chaired by Mr G Apkarian, which normally meets two weeks before each Board meeting, to discuss matters arising and to review budgets and termly management accounts; a Risk Management sub-committee chaired by Miss J Graham which considers the risks to which the school is exposed and the measures in place to mitigate them and a Health and Safety Committee chaired by Mrs J Aviss. The day-to-day running of the school is delegated to the Head, supported by other teaching members of the Leadership team and the Bursar. These staff members along with Governors are the key management personnel.

The Board reviews staff salaries annually at the Spring governor’s meeting and the Chair and Chair of the Finance sub-committee review the remuneration of the Senior Leadership Team. School pay is benchmarked against inner London prep schools and the state sector with the support of data from Baines Cutler.

Page 4

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Group Structure and Relationships

The Headmistress is a member of IAPS and the school is also a member of the Girls’ Schools Association. Both organisations are dedicated to promoting all round excellence in education and accredit only those schools that can demonstrate the highest standards of education. The bursar is an active member of ISBA and AGBIS which supports the school to achieve best practice in areas of financial management, regulatory compliance and governance.

FUNDRAISING

The school continues to benefit enormously from the generosity and commitment of the Glendower Parent Teacher Association (GPTA), whose collaborative efforts with staff and parents underpin the strong community spirit we enjoy. The GPTA's name reflects this close cooperation and mutual support. The GPTA holds regular special events to raise funds for the school, including the Bursary Fund. Donations are only sought and received from parents of past and current pupils.

The school's fundraising policy is available online and includes our approach to dealing with vulnerable people and ethical fundraising. The school follows the fundraising regulator's code of practice regarding complaints on fundraising procedure, and no formal complaints were received in the year. The school and GPTA did not engage professional fundraising organisations, and no costs were incurred in securing donations.

In the academic year 2024–2025, the school raised a total of £152,050, reflecting the tremendous support of current and former families. This included over £37,587 raised through school-led events such as the Christmas Bazaar, Readathon, and Dog Walk for our three charities: The Dusty Yak, Dads House, and Lia's Wings. A further £114,463 was contributed to our Bursary Fund, ensuring that Glendower remains accessible to girls whose families would otherwise be unable to afford the fees. We are grateful for the generosity of our parent community, which includes multi-year pledges and one-off donations, and for the support provided via Gift Aid where applicable.

Partnerships and Development

Our Partnerships and Development work has continued to thrive. We have sustained our valued partnership with Park Walk Primary School and ran a successful debating competition with other schools. We also launched our GlenSpark Partnership Programme, a fully funded initiative supported by one of our parent donors, which brings Glendower girls together with pupils from local state schools. Through shared learning experiences such as debating, mentoring, football, and STEM activities, GlenSpark fosters confidence, collaboration, and aspiration while building genuine partnerships beyond our school gates.

In recognition of this work, GlenSpark won the IDPE Development Award for Schools Engagement Campaign of the Year in 2025. We look forward to continuing this programme and embedding it as a regular annual initiative, strengthening our commitment to learning beyond the classroom and meaningful engagement with the wider community.

BURSARIES

The Trust operates a bursary scheme to support families who would otherwise be unable to meet the cost of school fees. The school assesses all bursary applications in accordance with ISBA's guidance on bursaries, ensuring that awards are made following a robust and consistent review process. The Governors remain committed to the bursary programme as an important means of widening access to a Glendower education. Financial assessments take into account household income, assets and savings, alongside individual family circumstances, including siblings and other dependants.

Page 5

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

In the audit year, the school supported five pupils in receipt of 110% bursary awards, covering full fees and associated costs. The school intends to continue growing the programme and aims to support up to twelve 110% bursary pupils by 2028, thereby broadening access and enriching the diversity of experience within the school community.

The school is committed to ensuring that bursary pupils are fully involved in all aspects of school life. In addition to financial assistance, emphasis is placed on inclusion, pastoral care and academic progression, so that all pupils feel valued and supported. The school continues to build relationships with secondary schools and their bursary leads to support smooth transitions and positive outcomes beyond Glendower.

The long-term sustainability of the bursary programme relies on a broad and resilient fundraising approach. During the year, the school benefited from the generosity of its donors and parent community, raising £114,463 for the Bursary Fund. This brought the total value of the Bursary Fund to £687,502. The Governors are extremely grateful for this support, which remains central to the continued development of the bursary programme.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board, with particular assistance from the Risk Management sub-committee and the Head and Bursar, continues to keep the school's activities under review, particularly with regard to any major risks that may arise from time to time as well as the systems and procedures established to manage them. The principal risks and their effective mitigation are set out below:

Page 6

GLENDOWER SCHOOL TRUST LIMITED (A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

PURPOSE, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES

Purpose

The Purpose of the Trust is to own and operate Glendower Preparatory School as an independent Preparatory, Pre-Preparatory and Nursery Day school for girls aged 3 to 11.

Aims

The school aims to do more than simply teach young children. Rather, the aim is to introduce them to the pleasure and excitement of learning, stimulating their curiosity, their imagination and competitive spirit and developing their critical thinking skills. Whilst aiming for the highest academic and sporting results, the school is equally concerned with fostering the kind of skills that help young girls grow into capable women with the knowledge that the contribution they can make to society as a whole could shape the future.

The school aims to provide an educational environment where each pupil is able to develop to her potential, inculcating a desire to contribute to the wider community, thus preparing each girl for the opportunities, responsibilities and experiences of later life.

Objectives for the Year

The Board's main objective is to educate the school's pupils to the same high standard achieved in previous years, so that they will be able to gain a place at their chosen senior school and to benefit fully from their future education. The strategy for achieving this is to maintain a high teacher-to-pupil ratio and excellent teaching standards.

In setting objectives and planning activities, Governors have considered the Charity Commission's general guidance on Public Benefit. The Governors confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on Public Benefit.

Other key objectives and achievements during the year include:

Principal Activity

Glendower School Trust’s principal activity continues to be the operation of a day school for 3 to 11-year-old girls.

Page 7

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

STRATEGIC REPORT

Review of Achievements and Performance for the Year

Pupil Numbers

We are delighted to see a consistent number of pupils across all year groups, and where pupils have left, we have been able to fill the places readily with strong candidates. This reflects positively on our school's reputation and the efforts made by our marketing and admissions teams to promote Glendower School.

4+ Assessments

Assessment days were scheduled to accommodate girls being assessed for places in Reception from September 2025, with demand remaining strong. The expertise and enthusiasm demonstrated by Senior Leadership Team members during parent tours have contributed to securing a high proportion of top candidates. A healthy proportion of places were accepted by pupils from Little Glendower, underscoring the academic and pastoral excellence of our Nursery.

11+ Results

This year has been another outstanding year for our Year 6 cohort of 34 girls, with results that reflect the dedication and talent of our pupils as well as the excellent teaching they have received. Offers were received from 12 of the leading independent schools in London and beyond, demonstrating the breadth of achievement across the year group.

We are particularly pleased to report that 15 scholarships were awarded in total: 10 academic scholarships alongside 5 scholarships in the specialist areas of music, art, and drama. This represents a significant achievement and recognition of our pupils' diverse talents.

Notable successes included St Paul's Girls School, where all 7 offers received were accepted; Godolphin and Latymer, which made 14 offers with 5 places accepted; and Wycombe Abbey, where 4 of the 7 offers were taken up. A distinctive feature of this year's cohort was the increased number of girls opting for boarding schools, with 4 girls taking up places at St Mary's Ascot in addition to those attending Wycombe Abbey.

We congratulate this year's Year 6 cohort on their excellent achievements and wish them every success as they move on to their chosen senior schools.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The accounts for the year show net loss before other recognised gains or losses of £135,277 (2024 - net income £272,466) which included a loss of £137,753 on unrestricted funds and an increase in restricted funds of £2,476. The school’s funds at year end are thus made up of £698,177 in restricted funds and £8,890,938 in unrestricted funds, of which £3,301,613 is cash reserves (decreased from 2024 - £3,735,312) .

Investment Policy, Powers and Performance

There are no restrictions on the school’s absolute powers of investment. The school continues to be able to achieve long-term capital growth through risk-averse investments.

Page 8

GLENDOWER SCHOOL TRUST LIMITED (A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Reserves Policy

The school currently has unrestricted funds of £8,890,938 (2024 - £9,028,691) . It has been the policy of the Trust that unrestricted free reserves which have not been designated for a specific use should be maintained at a level of one term’s expenditure (approximately £2.25 million). As part of its re-development plan, the school has invested heavily in fixed assets and so currently has no free reserves when taking into account the loan used to fund the capital works. The school is satisfied that it has sufficient cash resources and manages its cash to meet its foreseeable financial obligations. There are also restricted funds of £698,177 (2024 - £695,701) , which will be mainly used to finance bursaries.

Going Concern

The financial statements have been drawn up using the going-concern basis as the Governors, after the review of relevant budgets and forecasts, have a reasonable expectation that the organisation will continue in operational existence for a minimum of twelve months from the date of the signing of the accounts. This assessment has been made having considered budgets and cashflow forecasts covering a period of at least twelve months from the date these accounts were approved.

FUTURE PLANS

Building on the foundations laid this year, the 2025/26 academic year will mark the full implementation of our Glendower 130 strategic vision. Key priorities include:

The school development plan continues to evolve around our four strategic pillars, ensuring Glendower maintains its excellent reputation and high academic standards while preparing our girls for the opportunities and challenges of the future.

Approved by order of the members of the board of Governors and signed on their behalf by:

E A Bassett Chair of Trustees Date: 22nd May 2026

Page 9

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

STATEMENT OF GOVERNORS' RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2025

The Governors (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Governors' report including the Strategic report and the financial statements in accordance 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. Under company law, the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as we are aware:

AUDITORS

In accordance with section 485 of the Companies Act 2006, a resolution proposing Crowe U.K. LLP to be appointed as auditors of the company, will be put to the Annual General Meeting.

Approved by order of the members of the board of Governors and signed on its behalf by:

E A Bassett Chair of Trustees Date: 22nd May 2026

Page 10

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLENDOWER SCHOOL TRUST LIMITED

Opinion

We have audited the financial statements of Glendower School Trust Limited (the 'charity') for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (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 statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Governors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.

Page 11

GLENDOWER SCHOOL TRUST LIMITED (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLENDOWER SCHOOL TRUST LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Governors are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors' Report including the Strategic Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 12

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLENDOWER SCHOOL TRUST LIMITED (CONTINUED)

Responsibilities of Governors

As explained more fully in the Governors' responsibilities statement, the Governors (who are also the directors of the charitable company for the 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 preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to 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 (UK) will always 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 reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation and employment legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context were The Education (Independent School Standards) Regulations 2014.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the approval and processing of fee concessions and discounts, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, designing audit procedures over fee concessions and discounts, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted, and reading minutes of meetings of those charged with governance.

Page 13

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLENDOWER SCHOOL TRUST LIMITED (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Guy Biggin (Senior statutory auditor) This report has not yet been signed

for and on behalf of

Crowe U.K. LLP

Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR

Date:

Page 14

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025

Note
Income from:
Donations and legacies
4
Charitable activities:
School fees
Other educational income
Interest income
7
Total income
Expenditure on:
Costs on raising funds
8
Charitable activities
9
Total expenditure
Net (expenditure)/income
Transfers between funds
20
Net movement in funds before other
recognised gains
Other recognised gains:
Change in fair value of interest rate
swap
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward
5,6		 Unrestricted
funds
2025
£
-
7,327,249
563,921
85,879
7,977,049
762,199
7,375,391
8,137,590
(160,541)
7,012
(153,529)
15,776
(137,753)
9,028,691
(137,753)
8,890,938		 Restricted
funds
2025
£
138,804
-
-
-
138,804
-
129,316
129,316
9,488
(7,012)
2,476
-
2,476
695,701
2,476
698,177		 Total
funds
2025
£
138,804
7,327,249
563,921
85,879
8,115,853
762,199
7,504,707
8,266,906
(151,053)
-
(151,053)
15,776
(135,277)
9,724,392
(135,277)
9,589,115		 Total
funds
2024
£
564,058
6,941,156
463,739
51,019
8,019,972
805,533
6,941,973
7,747,506
272,466
-
272,466
-
272,466
9,451,926
272,466
9,724,392

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 18 to 36 form part of these financial statements.

Page 15

GLENDOWER SCHOOL TRUST LIMITED (A company limited by guarantee) REGISTERED NUMBER: 960831

BALANCE SHEET AS AT 31 AUGUST 2025

Note
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
17
Total net assets
Charity funds
Restricted funds
20
Unrestricted funds
20
Total funds		 2,638,468
3,301,613
5,940,081
(5,055,014)		 2025
£
17,560,394
885,067
18,445,461
(8,856,346)
9,589,115
698,177
8,890,938
9,589,115		 2,128,853
3,735,312
5,864,165
(4,401,690)		 2024
£
17,835,018
1,462,475
19,297,493
(9,573,101)
9,724,392
695,701
9,028,691
9,724,392

The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Governors and signed on their behalf by:

E A Bassett (Chair of Trustees) Date: 22nd May 2026

G Apkarian

The notes on pages 18 to 36 form part of these financial statements.

Page 16

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

Note
Cash flows from operating activities
Net cash provided by operating activities
22
Cash flows from investing activities
Interest income
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Cash inflows from new borrowing
Repayments of borrowing
Finance costs
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
23
The notes on pages18 to 36form part of these financial statements		 2025
£
1,078,605
85,879
14,330
(753,911)
(653,702)
8,800,000
(8,902,952)
(755,650)
(858,602)
(433,699)
3,735,312
3,301,613		 2024
£
2,580,795
51,019
-
(432,447)
(381,428)
-
(129,037)
(799,891)
(928,928)
1,270,439
2,464,873
3,735,312

Page 17

GLENDOWER SCHOOL TRUST LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. General information

Glendower School Trust Limited is a private charitable company limited by guarantee incorporated and registered in England and Wales (charity number 312717, company number 960831). The address of its principal place of business is 86/87 Queen's Gate, London, SW7 5JX, and the nature of its operations are set out in the Governors' Report.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Glendower School Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The financial statements have been drawn up using the going-concern basis as the Governors, after the review of relevant budgets and forecasts, have a reasonable expectation that the organisation will continue in operational existence for a minimum of twelve months from the date of the signing of the accounts. This assessment has been made having considered budgets and cashflow forecasts covering a period of at least twelve months from the date these accounts were approved.

2.3 Income

All income is recognised once the School has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Fees receivable and charges for services are accounted for in the year in which the services are provided. Fees receivable are stated after deducting allowances.

Investment income is accounted for in the period in which the school is entitled to the income.

Donations are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the school is considered probable.

The income is attributable to the principal activities of the charity, and is earned entirely within the UK.

Page 18

GLENDOWER SCHOOL TRUST LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is accounted for on an accruals basis and is summarised under functional headings in the Statement of Financial Activities, with the irrecoverable element of value added tax included with the item of expense to which it relates.

Governance costs are those incurred in connection with the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Redundancy and termination costs only occur where absolutely necessary and are accounted for on an accruals basis when the commitment to terminate a post on the grounds of redundancy has been made.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold buildings - 2% on cost
Building improvements - 10% on cost
Fixtures and equipment - 20% on cost
Computers - 33% on cost

No depreciation is charged on land or assets under construction.

2.6 Hedging arrangements

The Company applies hedge accounting for transactions entered into to manage the cash flow exposures of borrowings.

Changes in the fair values of derivatives designated as cash flow hedges, and which are effective, are recognised directly in other recognised gains and losses in the Statement of Financial Activities Statement - in line with the hedge accounting treatment above.

2.7 Valuation of interest rate swaps

Included within these financial statements are the fair value of an interest rate swap contract. The fair value of this interest rate swap is provided by the counterparty. However, the value of the swap is estimated based on the bank's projection of future base rates and is therefore subject to the interest rate market.

Page 19

GLENDOWER SCHOOL TRUST LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 Creditors and provisions

Creditors and provisions are recognised where the school has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.

2.10 Financial instruments

Financial assets and financial liabilities are recognised when the School becomes a party to the contractual obligations, rather than the financial instrument's legal form.

All financial assets and liabilities measured at transaction price (including transaction costs), unless the arrangement constitutes a financing transaction. A finance asset or financial liability that is payable or receivable in one year is measured at the undiscounted amount expected to be received or paid net of impairment, unless it is a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets and financial liabilities are offset only when there is a current legally enforceable right to set off the recognised amounts and the intention to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2.11 Operating leases

Rentals payable under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

2.12 Pensions

Up to the end of the 2024 financial year, all teaching staff were members of the Department for Education superannuation scheme run by Teachers' Pensions. This scheme is a multi-employer pension-scheme. It is not possible to identify the school's share of the underlying assets and liabilities of the Teachers' Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS 102, accounts for the scheme as if it were a defined contribution scheme. The school's contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable.

As of 1st September 2025, new teaching staff joining the school will be offered the APTIS defined contribution scheme instead of the Teachers' Pension Scheme (TPS) after a decision was taken by the governors to enter into phased withdrawal from TPS in order to control costs.

The Charity also contributes to defined contribution personal pension schemes for non-teaching staff. Contributions are charged to the Statement of Financial Activities in the period in which the salaries they relate to are paid.

Page 20

GLENDOWER SCHOOL TRUST LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.13 Funds

General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donor.

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The School makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Useful economic lives of tangible assets

The annual depreciation charges for the tangible assets are sensitive to changes in the estimated useful economic lives and residual values of assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The basis has been changed for some assets this year. See note 13 for the carrying amount of the tangible assets and note 2.5 for the useful lives for each class of asset.

Impairment of debtors

The School makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 14 for the net carrying amount of the debtors and associated impairment provision.

Page 21

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

4. Income from donations and legacies

Unrestricted
funds
2025
Restricted
funds
2025
£
£
Donations
-
138,804
Total 2025
-
138,804
Total 2024
278,081
285,977
Charitable activities - School fees
Unrestricted
funds
2025
£
Gross school fees
7,395,591
Less bursaries and allowances
(197,658)
7,197,933
Add back bursaries paid for by restricted funds
129,316
Total 2025
7,327,249
Total 2024
6,941,156		 Total
funds
2025
£
138,804
138,804
564,058
Total
funds
2025
£
7,395,591
(197,658)
7,197,933
129,316
7,327,249
6,941,156		 Total
funds
2024
£
564,058
564,058
Total
funds
2024
£
6,943,156
(106,080)
6,837,076
104,080
6,941,156

5. Charitable activities - School fees

Page 22

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

6. Charitable activities - Other educational income

Unrestricted
funds
2025
£
Music lessons
-
Registration fees
38,070
Trips
131,716
Other income
394,135
Total 2025
563,921
Total 2024
463,739
7.
Investment income
Unrestricted
funds
2025
£
Bank interest receivable
85,879
Total 2025
85,879
Total 2024
51,019		 Total
funds
2025
£
-
38,070
131,716
394,135
563,921
463,739
Total
funds
2025
£
85,879
85,879
51,019		 Total
funds
2024
£
2,412
46,995
135,933
278,399
463,739
Total
funds
2024
£
51,019
51,019

Page 23

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

8. Costs on raising funds

Unrestricted
funds
2025
£
Bank charges
6,549
Finance costs
755,650
Total 2025
762,199
Total 2024
805,533		 Total
funds
2025
£
6,549
755,650
762,199
805,533		 Total
funds
2024
£
5,642
799,891
805,533

9. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2025
£
Teaching costs
4,663,192
Welfare costs
314,842
Premises costs
1,401,364
Support and governance costs
995,993
Grants and awards
-
Total 2025
7,375,391
Total 2024
6,837,893		 Restricted
funds
2025
£
-
-
-
-
129,316
129,316
104,080		 Total
2025
£
4,663,192
314,842
1,401,364
995,993
129,316
7,504,707
6,941,973		 Total
2024
£
4,066,251
313,134
1,376,175
1,082,333
104,080
6,941,973

Page 24

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

9. Analysis of expenditure on charitable activities (continued)

Summary by expenditure type

Staff costs
2025
Depreciation
2025
Other costs
2025
£
£
£
Teaching costs
3,192,739
-
1,470,453
Welfare costs
-
-
314,842
Premises costs
48,794
852,629
499,941
Support and governance costs
592,366
-
403,627
Grants and awards
-
-
129,316
Total 2025
3,833,899
852,629
2,818,179
Total 2024
3,593,657
763,667
2,584,649
10.
Auditor's remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts (prior year)
Fees payable to the Charity's auditor for all non-audit services not included
above		 Total
2025
£
4,663,192
314,842
1,401,364
995,993
129,316
7,504,707
6,941,973
2025
£
27,550
-
12,955		 Total
2024
£
4,066,251
313,134
1,376,175
1,082,333
104,080
6,941,973
2024
£
26,250
10,000
4,200

Page 25

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2025
£
2,993,338
345,687
494,874
3,833,899		 2024
£
2,861,197
305,783
426,677
3,593,657

During the year ended 31 August 2025, the School made redundancy/termination payments amounting to £14,098 (2024: £31,383).

The average number of persons employed by the Charity during the year was as follows:

Teachers and Teaching Support
Domestic
Administration		 2025
No.
60
1
10
71		 2024
No.
60
2
8
70

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025 2024
No. No.
In the band £60,001 - £70,000 6 5
In the band £70,001 - £80,000 - 2
In the band £80,001 - £90,000 2 1
In the band £90,001 - £100,000 1 -
In the band £120,001 - £130,000 1 -
In the band £140,001 - £150,000 - 1

Aggregate remuneration and benefits of key management personnel totalled £660,100 (2024 - £641,722).

Page 26

GLENDOWER SCHOOL TRUST LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

12. Governors' remuneration and expenses

During the year, no Governors received any remuneration or other benefits (2024 - £Nil).

During the year ended 31 August 2025, expenses totalling £ 442 were reimbursed or paid directly to 3 Governors (2024 - £1,840 to 3 Governors) . An amount of Nil (2024 - £299) was spent on seminars that were attended by the Governors. The costs of Governors' indemnity insurance in the year amounted to £2,832 (2024 - £1,147).

Related Party Transactions

There have been no further related party transactions in the year ended 31 August 2025 that require disclosure.

13. Tangible fixed assets

Cost or valuation
At 1 September 2024
Additions
Disposals
Capital
goods
scheme
adjustment
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
On disposals
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Land and
buildings
Building
improvements
£
£
18,662,627
4,359,467
-
8,235
-
(20,472)
-
(161,576)
18,662,627
4,185,654
3,532,534
1,964,655
373,253
327,895
-
(6,142)
3,905,787
2,286,408
14,756,840
1,899,246
15,130,093
2,394,812		 Fixtures
and fittings
Assets under
construction
£
£
1,111,025
-
101,225
644,451
-
-
-
-
1,212,250
644,451
800,912
-
151,481
-
-
-
952,393
-
259,857
644,451
310,113
-		 Total
£
24,133,119
753,911
(20,472)
(161,576)
24,704,982
6,298,101
852,629
(6,142)
7,144,588
17,560,394
17,835,018

Page 27

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

14. Debtors

Fees debtors
Other debtors
Prepayments and accrued income		 2025
£
2,422,040
161,576
54,852
2,638,468		 2024
£
1,961,053
-
167,800
2,128,853

Fee debtors are stated after impairment provisions totalling £41,440 (2024 - £41,440).

Included within other debtors is VAT recoverable of £161,576. Of this amount, £130,714 relates to VAT recoverable in greater than one year.

15. Creditors: Amounts falling due within one year

Bank loans
Fees in advance
Fee deposits
Trade creditors
Advance fee scheme (see note 16)
Other taxation and social security
Other creditors and accruals		 2025
£
172,893
2,130,477
1,317,430
138,453
461,468
80,616
753,677
5,055,014		 2024
£
139,884
2,053,535
1,012,418
143,881
684,357
72,925
294,690
4,401,690

Page 28

GLENDOWER SCHOOL TRUST LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

16. Advance fees

Parents may, subject to contractual terms and conditions, pay to the School tuition fees in advance. The money may be returned, subject to specific conditions but, assuming the relevant pupils remain in the School, advance fees will be applied as follows:

Between one and two years
Between two and five years
Over five years
Within 1 year		 2025
£
205,306
84,165
-
289,471
461,468
750,939		 2024
£
435,358
357,534
25,097
817,989
684,357
1,502,346

The balance represents the accrued liability under the contracts. The movement during the year was:

Balance as at 1 September 2024
New contracts
Amounts utilised in payment of fees to the school		 2025
£
1,502,346
51,624
(803,031)
750,939		 2024
£
-
1,502,346
-
1,502,346

Page 29

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

17. Creditors: Amounts falling due after more than one year

Bank loans
Other creditors
Advance fee scheme (see note 16)
Interest rate swap liability
Included within the above are amounts falling due as follows:
Between one and two years
Bank loans
Between two and five years
Bank loans
Over five years
Bank loans		 2025
£
8,516,875
50,000
289,471
-
8,856,346
2025
£
161,211
548,201
7,807,463		 2024
£
8,652,836
50,000
817,989
52,276
9,573,101
2024
£
8,652,836
-
-

During the year ended 31 August 2025, the two bank loans that were previously in place, were settled in full.

A new bank loan was taken out during the year ended 31 August 2025, originally for £8,800,000, which is secured by a legal charge on the school's freehold properties at 86 and 87 Queen's Gate and 86 Stanhope Mews East. The loan interest is 2% per annum over the Base Rate.

There was an interest rate swap entered into with BNP Paribas. The swap was held separately to the bank loans, with interest payable at a fixed rate of 5.2%, the swap amortised from 2019. The interest rate swap was settled in the year ended 31 August 2025.

18. Taxation

The School has no liability for taxation due to its charitable status.

19. Share capital

The Company is limited by guarantee and does not have share capital. In the event of the company being wound up and unable to meet its debts, the maximum liability of each member is £1.

Page 30

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

20. Statement of funds

Statement of funds - current year

Unrestricted
funds
General Funds
Restricted
funds
Bursary Fund
Playground fund
Total of funds		 Balance at 1
September
2024
£
9,028,691
678,014
17,687
695,701
9,724,392		 Income
£
7,977,049
138,804
-
138,804
8,115,853		 Expenditure
£
(8,137,590)
(129,316)
-
(129,316)
(8,266,906)		 Transfers
in/(out)
£
7,012
-
(7,012)
(7,012)
-		 Gains/
(Losses)
£
15,776
-
-
-
15,776		 Balance at
31 August
2025
£
8,890,938
687,502
10,675
698,177
9,589,115

Page 31

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

20. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds
Restricted funds
Bursary Fund
Playground fund
Total of funds		 Balance at
1 September
2023
£
8,872,584
497,517
81,825
579,342
9,451,926		 Income
£
7,733,995
284,577
1,400
285,977
8,019,972		 Expenditure
£
(7,643,426)
(104,080)
-
(104,080)
(7,747,506)		 Transfers
in/out
£
65,538
-
(65,538)
(65,538)
-		 Balance at
31 August
2024
£
9,028,691
678,014
17,687
695,701
9,724,392

Bursary funds comprise donations received by the school for use in the provision of bursaries to children who meet the current requirements. The transfer represents total bursaries awarded in the year to be allocated against the fund.

Playground fund comprises donations from parents towards the installation of a new playground on-site. The fundraising campaign successfully raised over £100,000 and the playground was installed over October 2023 half term.

The transfers from the Playground fund to General Funds were in respect of amounts being spent on capital items.

Page 32

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

21. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Tangible fixed assets
17,560,394
Current assets
5,241,904
Creditors due within one year
(5,055,014)
Creditors due in more than one year
(8,856,346)
Total
8,890,938		 Restricted
funds
2025
£
-
698,177
-
-
698,177		 Total
funds
2025
£
17,560,394
5,940,081
(5,055,014)
(8,856,346)
9,589,115

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2024
£
17,835,018
5,168,464
(4,401,690)
(9,573,101)
9,028,691		 Restricted
funds
2024
£
-
695,701
-
-
695,701		 Total
funds
2024
£
17,835,018
5,864,165
(4,401,690)
(9,573,101)
9,724,392

Page 33

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net (expenditure)/income for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Change in fair value of interest rate swap
Interest income
Increase in debtors
Increase in creditors
Finance costs
Net cash provided by operating activities		 2025
£
(151,053)
852,629
15,776
(85,879)
(348,039)
39,521
755,650
1,078,605		 2024
£
272,466
763,667
-
(51,019)
(323,504)
1,119,294
799,891
2,580,795
23.
Analysis of cash and cash equivalents
Cash at bank and in hand
24.
Analysis of changes in net debt		 2025
£
3,301,613		 2024
£
3,735,312
Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
Interest rate swap liability		 At 1
September
2024
£
3,735,312
(139,884)
(8,652,836)
(52,276)
(5,109,684)		 Cash flows
£
(433,699)
102,952
-
36,500
(294,247)		 Other non-
cash
changes
At 31
August 2025
£
£
-
3,301,613
(135,961)
(172,893)
135,961
(8,516,875)
15,776
-
15,776
(5,388,155)

Page 34

GLENDOWER SCHOOL TRUST LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

25. Capital commitments

2025 2024
£ £
Contracted for but not provided in these financial statements
Acquisition of tangible fixed assets 67,526 -

26. Pension commitments

The School participates in the 'Teachers' Pension Scheme ("the TPS'') for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £425,001 ( 2024 - £353,831) and at the year-end £38,122 ( 2024 - £6 6,721) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The School is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the School has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined contribution scheme.

As of 1st September 2025, new teaching staff joining the school have been offered the APTIS defined contribution scheme instead of the Teachers' Pension Scheme (TPS) after a decision was taken by the governors to enter into phased withdrawal from TPS in order to control costs.

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GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

27. Operating lease commitments

At 31 August 2025 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2025
£
10,988
30,218
41,206		 2024
£
19,438
41,206
60,644

The following lease payments have been recognised as an expense in the Statement of financial activities:

2025 2024
£ £
Operating lease rentals 19,438 19,647

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