**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:
- Driving Academic Excellence
- Inspiring Innovation in Education
- Fostering Wellbeing and Community
- Future-Proofing Our Legacy
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.
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## **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:
- **Health and Safety and Fire** : The school has a Health and Safety Committee (chaired by a Governor) which meets termly to consider the effectiveness of practices and procedures. Unannounced fire practices take place at least once a term. The school employs Health and Safety and Fire Risk Consultants to provide appropriate training and to review the school's policies and practices.
- **Poor Financial Performance:** The school produces an annual budget and termly management accounts which are carefully considered by the Finance Committee at their termly meetings. The Committee makes enquiries where items of income and expenditure are at variance with the annual budget and ensures that the school has adequate reserves to meet its needs.
- **Safeguarding Children:** The Pastoral Deputy Head is the Designated Safeguarding Lead who is supported by other members of staff and Safeguarding Governors who check the school's recruitment procedures and files, as well as records of cases brought to their attention. Every member of staff receives safeguarding update training annually.
- **Political and Economic Environment:** The Finance Committee has considered the impact of VAT on school fees and loss of business rate relief on the school's finances. The wider Governing Board is keeping under review the financial impact on families and how this might affect the community's ability to afford school fees.
- **Business Continuity:** The school continues to review its business continuity plans and crisis response strategies to ensure resilience in the face of unforeseen circumstances. In the year a fully updated Business Continuity Plan was produced with support and training for Senior Leadership from Aldbury International.
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:
- Launch of the Glendower 130 strategic vision, establishing four pillars to guide the school's development: Driving Academic Excellence, Inspiring Innovation in Education, Fostering Wellbeing and Community, and Future-Proofing Our Legacy.
- Winning the IDPE Development Award for Schools Engagement Campaign of the Year through the GlenSpark Partnership Programme.
- Continued growth of the Bursary Fund to support up to twelve 110% bursary pupils by 2028.
- Implementation of curriculum enhancements including GlenX: Future Skills for Years 3-6 and GlenZen: Outdoor Learning for Nursery through Year 2.
- Strengthening of academic leadership with new roles focused on Challenge and Scholarship, and Assessment, Data and Progress.
## **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:
- Reshaping the leadership of teaching and learning with new roles including Senior Deputy Head leading the Academic Team, and dedicated leads for Challenge and Scholarship, and Assessment, Data and Progress.
- Launching the 11+ Elevate Programme to sharpen senior school preparation without resorting to undue pressure or external tutoring.
- Introducing GlenX: Future Skills as part of the Prep School timetable, offering progression in areas such as Algorithmic Literacy, Entrepreneurship and Financial Education, Climate Awareness and Geopolitics, and Oracy.
- Embedding GlenZen: Outdoor Learning within the EYFS and Pre-Prep weekly timetables, nurturing curiosity, wellbeing, and environmental awareness.
- Delivering Phase 1 of our Facilities Masterplan, beginning with refurbishment of the White House and Library.
- Developing a three-year fundraising plan and continuing to grow the bursary programme.
- Strengthening parent-school communication and engagement through improved digital platforms and regular touchpoints.
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
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:
- There is no relevant audit information of which the Charitable Company's auditor is unaware; and
- The Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
## **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:
- give a true and fair view of the state of the charitable company's affairs as at 31 August 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 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:
- the information given in the Governors' Report including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
- the Governors' Report and the Strategic 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 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:
- adequate accounting records have not been kept; or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Governors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
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## **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.
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## **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.
Page 35
## **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_|
Page 36