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2025-08-31-accounts

Registered number: 00537118 Charity number: 312720

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee) GOVERNORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

RPG Crouch Chapman LLP Chartered Accountants & Statutory Auditor 40 Gracechurch Street London EC3V 0BT

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the School, its Governors and advisers 1 - 2
Governors' report 3 - 10
Independent auditors' report on the financial statements 11 - 13
Statement of financial activities 14
Balance sheet 15 - 16
Statement of cash flows 17
Notes to the financial statements 18 - 38

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

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

Governors Mrs E Brettle, Chair
Ms D Atkinson
Mr M Feldman
Mr E Grower
Mr D MacNeill
Mrs T Marton
Rev A Tresidder
Miss M C Mendham
Mrs L McBride
Mr F Patel
Dr A Wayne
Mrs M Wayne
Company registered
number
00537118
Charity registered
number
312720
Registered office
18 Kidderpore Gardens
Hampstead
London
NW3 7SR
Principal
Mr M Webster
Bursar and Clerk to the
Governors
Website
Mrs S Beschizza
www.st-margarets.co.uk
Independent Auditors
RPGCC
Chartered Accountants and Registered Auditors
40 Gracechurch Street
London
Ec3V 0BT
Bankers
CAF Bank Limited
25 Kings Hill Avenue, Kings Hill
West Malling
Kent
ME19 4JQ
Solicitors
Veale Wasborough Vizards
Orchard Court
Orchard Lane
Bristol
BS1 5WS
Investment Advisors
Cannacord Genuity Wealth Management
88 Wood Street
London
EC2V 7QR

Page 1

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS GOVERNORS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Insurance Brokers

Marsh Brokers Limited Capital House 1-5 Perrymount Road Haywards Heath West Sussex RH16 3SY

Page 2

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED (A company limited by guarantee)

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Trustees Report

Registered number: 00537118 Charity number: 312720

Reference and Administrative Details of the School, its Governors and Advisers For the Year Ended 31st August 2025

Governors Mrs E Brettle, Chairman Ms D Atkinson Mr M Feldman Mr E Grower (resigned June 2025) Mr D MacNeill Mrs T Marton Rev A Tresidder Miss M C Mendham Mrs L McBride Mr F Patel (resigned August 2025) Dr A Wayne Mrs M Wayne Company registered number 00537118 Charity registered number 312720 Registered office 18 Kidderpore Gardens, Hampstead, London NW3 7SR Acting Principal Mrs C Tao Bursar Mrs S Beschizza Clerk to the Governors Mrs S Beschizza Website www.st-margarets.co.uk Independent auditors RPGCC 40 Gracechurch Street, London EC3V OBT Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Mailing Kent ME19 4JQ Solicitors Veale Wasborough Vizards Orchard Court, Orchard Lane, Bristol BS1 5WS Investment Advisors Canaccord Genuity Wealth Management 88 Wood Street London EC2V 7QR Insurance Brokers Marsh Brokers Limited Capita House, 1-5 Perrymount Road, Haywards Heath, West Sussex RH16 3SY

Page 3

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED (A company limited by guarantee)

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

Governors' Report For the Year Ended 31st August 2025

The Governors of St Margaret’s School (Hampstead) Limited present their Annual Report together with the audited Financial Statements of the School for the 1st September 2024 to 31st August 2025. The Annual Report serves the purposes of both a Trustees' report and a Directors' report under company law. The Governors confirm that the Annual Report and Financial Statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1st January 2019).

Since the School qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Aims, Objectives, Ethos and Achievements Our aims

The principal aim of the School, as authorised by its Memorandum and Articles of Association, is to carry on at 18 Kidderpore Gardens, Hampstead, London NW3, a school for the general education of girls.

The School’s provides, a secure, caring and challenging learning environment in which girls are encouraged to strive for excellence in all that they do, and prepare them for life beyond St Margaret’s. Respect for others lies at the heart of the school community, within which the potential and talent of everyone can be recognised, nurtured and realised. At St Margaret’s, education is seen as a partnership between pupils, parents and teachers.

Specifically, we:

Our objectives

In setting our objectives and planning our activities the Governors have given careful consideration to the Charity Commission’s public benefit guidance.

Our key objectives for the year included:

Page 4

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED (A company limited by guarantee)

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

programmes.

The Governors intend to continue their current strategies of maintaining the School’s position in a competitive market by investing to provide high quality education for our pupils. Achieving a high standard of academic results is a constant aim whilst maintaining the breadth and depth of the education provided.

Our ethos: A caring School serving our local community and society

St Margaret’s School is a charitable trust, which seeks to benefit the public through the pursuit of its stated aims. Our fees are set at a level to ensure the financial viability of the School and at a level that is consistent with our aim of providing a first-class education to girls.

In April 2022, the school underwent a dual compliance and educational quality inspection, which confirmed that the school meets all its obligations as regards the quality of provision and care for the girls of the school. The School was awarded an ‘Excellent’ grade for both the two Educational Quality inspection criteria.

Our achievements and performance

A total of 161 girls were on roll for the academic year 2024/5.

Academic

We provide a balanced curriculum which offers our girls experience in linguistic, mathematical, scientific, technological, human and social, physical and aesthetic and creative education, appropriate for their ages and aptitudes, and through which each girl may learn and make progress. We aim to equip every girl with the skills and knowledge which will prepare her for the responsibilities, challenges and opportunities of her future education post GCSE’s and adult life.

Academic highlights – GCSE results and Sixth Form Transition

The class of 2025 included 15 pupils in Year 11, and four pupils from Years 9 and 10 sitting Language GCSES (one Year 9 candidate for Spanish, two Year 9 and one Year 10 candidate for French).??

made by each pupil to understand that a decrease in grade 9-7 this year is aligned with the ability profile of the cohort. Value-added progress (performance in relation to ability and the raw GCSE predicted grade) highlights include: One pupil with three grades of progress across all subjects and four grades of progress in Science.Four pupils with a median of two grades of progress across all subjects.Two pupils scored three grades of progress in Geography.Two to three grades of progress in Spanish and French was the norm.Value-added median for Art is 2.5 grades and for Spanish is 1.5 grades of progress.?

Page 5

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

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

8.7 (in 2024, it was 8.6). Three pupils achieved an Average Point Score of 8 and above and six pupils scored an APS of 7 and above.

Co-Curricular

In line with the School’s ethos, pupils enjoy a full and varied range of co-curricular activities including sport, music, drama and dance. In addition, a broad variety of after school clubs are offered, including Infant/Junior Enrichment Clubs daily, LAMDA, Tennis Orchestra, Ballet, Cheerleading, Jazz Dance, Debating, Sailing, Choir, Yoga, Mathematics Challenge, Calligraphy and the usual sports clubs.

A total of 41 different co- curricular clubs are offered throughout the year.

Pastoral

Excellent pastoral care is at the heart of the School. During the course of the year, we have moved to a Team approach to pastoral care with a Pastoral Lead in each section of the School, ensuring the specific needs of each age group are met.

Details of Bursary Awards

This year the value of means tested bursaries totalled £161,465 (2024 - £164,264) and represented 4% of our gross fees. They provided assistance to eight of our pupils of which six pupils benefitted from a full remission of fees. A hardship fund is also available to help pupils in receipt of bursaries meet the costs of school trips, examination entrance fees and similar expenses.

Links to the wider world

The girls have undertaken community work in the following ways:

The School also supports the local neighbourhood association, Redfrog, that use our premises for their annual AGM.

Future Plans

Following the retirement of the Principal in August 2025, the School has appointed Sharron Shackell as Head from September 2025.

Triple Science – Introduction for September 2025

From September 2025 we are transferring over from Combined Science (AQA Trilogy Specification) to Triple Science (AQA) for Year 10 pupils beginning their GCSE studies and Year 9 in preparation for GCSEs. This means that the pupils will increase their lesson allocation in Year 10 Science to meet the needs of the increased content and subject specialism, this will follow through to Year 11. The first session of Triple Science examinations will take place in Summer 2027. The pupils will achieve separate GCSEs in each of the three disciplines, this will support preparation for A Level study. GCSE Chemistry and Physics are supported by the opportunity to study Level 2 Further Maths Qualification with AQA, this is appropriate for the most able of our learners. For some of our pupils, we are still able to make a decision in Year 11 to sit Combined Science examinations (two GCSEs across all three disciplines), if there is concern that they are struggling with the specialism in each discipline. However, they will still continue with their learning across three sciences and regular communication with parents will support decision making in this regard.

Page 6

(A company limited by guarantee)

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

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

The principal source of income is fees accounting for 97% of TBC the School’s income. The Governors are continuing their strategy of deploying all net incoming resources to invest in the educational purposes and fabric of the Junior and Senior Schools.

Financial Review Our Finances

The financial statements show net incoming resources for the year on School activities of £100,889 (2024:£431,305)

As a charity, the parents of our pupils have the assurance that all the income of the School must be applied for educational purposes. As an educational charity, we enjoy tax exemption on our educational activities and on our investment income and gains provided these are applied for our charitable aims.

Developments and Maintenance

The School has a planned programme of decoration/maintenance, to keep the School in excellent order with every classroom being decorated every 3 years and all common areas decorated annually.

Reserves and Financial Health

The Governors regularly review the finances, budgets and spend against budget together with a monthly cash flow analysis as part of the effective stewardship of the School.

In common with other independent schools, the Governors have invested substantial sums into new School refurbishment in recent years and have a continuing programme of refurbishment, development, and investment to maintain excellent teaching facilities for our pupils.

The closing value of our tangible assets, property, plant and equipment, was £6,056,663 (2024- £6,072,535)

The Governors consider that given the strength of the School balance sheet, the stable cash flow from full student rolls, the ongoing popularity of our School, and the available banking facility that can be called upon if need arises, that the finances are in good health.

The Governors recognise that the level of reserves fluctuates during periods of investment in the School estate and the arrangements at our Investment Advisers Cannacord Genuity Wealth Management are in place to provide an adequate ‘safety net’ should it be required.

The total funds as at 31 August 2025 were £7,761,425 (2024- £7,660,536)

Going Concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Investment Policy and Performance Statement (written by the School's Investment Advisers) The main portfolio was up 3.7% for year ending August 2024 albeit we have seen a strong start to 25/26 financial year.

The portfolio has seen continued progression not withstanding a weaker US Dollar. We remain content with the direct and fund holdings within the Equity allocation. We have sought to take advantage of the UK Gilt market and subsequently, Fixed Income exposure has seen maturities extended to take advantage of persistent higher yields. The Alternatives have continued to deliver strong performance across the Structured Products, Gold and Pershing Square Holdings.

Page 7

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

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

Our view remains to invest into highly cash generative businesses. Although we have exposure to Technology/AI, we remain cautious due to inflated multiples, especially being attributed to non-profitable companies.

Structure, Governance and Management Constitution

St Margaret’s School (Hampstead) Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.

Governance

The Governors, who are also the charity trustees, are responsible for the overall management and control of the School and hold six full Governor’s meetings a year. The work of implementing most

of their policies is carried out by members of the Board. The School Bursar is responsible for coordinating the work of the Governors and their Committees, preparation of papers and management accounts and the review of matters arising.

All trustees give of their time freely and no remuneration or expenses were paid in the year for their Governing duties.

Key management personnel

The Governors consider that they, together with the Head, the Bursar and the Senior Leadership Team comprise the Key Management Personnel (see note 11 to the accounts). The Governors give their time freely and the remuneration of the Principal and senior staff is set by the Finance Committee and is kept under annual review.

Other Relationships

The Head is a member of the Girls School Association which is an opportunity to share expertise, knowledge and experience across the independent school sector. The Conference also permits appropriate representation to Government and regulators of the views of the sector The school belongs to the London Consortium group of schools for the running and administration of the 11+ examination.

Risk Management

The School maintains a risk register which is regularly reviewed and is presented to the Governors every term. Governors together with the Senior Leadership Team regularly consider both the major risks and other possible risks facing the School and the probability of the risks arising. The Governors identify and assess risks using the following methods:

Through the above risk management processes, the Governors are satisfied that the major risks are identified and as far as practicable adequately mitigated. It is recognised that systems can only provide reasonable, but not absolute, assurance that major risks have been adequately managed.

The main risks that the Governors have identified and the plans to manage those risks are:

Reputational

A risk to the reputation of the School brand such that there is a material impact on current and future pupil numbers and the ability of the School to attract high quality staff. In order to manage this risk, the School ensures that its policies for recruitment, safeguarding and Health and Safety put pupil safety and wellbeing at the heart of the School and that compliance with these policies is checked on an ongoing basis by the Senior Leadership Team and the Governors. The School also engages with pupils and parents to ensure that any Special Educational Needs (SEND) are identified and appropriate support put in place. There is a wide ranging and

Page 8

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED (A company limfted by guarantgel GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 ongolng tralning programme for staff and a culture of op8nness and trust btheen pupils and staff ara a180 int8nded to protect agalnst this risk. Flnanclal The School musl ensure that it remalns finanoially viable. Financial stability is a key priority for the School. The SGhool musl generate suffl¢lent cash flrjw to provSde a safe. secure and engaglng environment. Thls risk Is managed by careful planning and cash flow management. The Flnance Committee of the Board of Governors 1$ made up of Govemors with significant financial and business experience. The Finance Committee revlew5 the detsiled finances of the School at least termly and liai$8s wllh the 8ursar and the School's investment advisers lo ensure the School's flnanclal stability. Dlgltal Ther& is 8 dsk that wllh an incr88sing reli8nc8 on digitsl technology In all areas of th8 School, insufflcient Investment In sytslem inlegrily, system securlty and resilience, trainlng or human error makes the School Increaslngly sus¢epllble to a cyber attack. The School considers th81 such a rtsk mlghl f8suIt in the S¢hool operations belng severely Impacted whlch In turn would jeopardise the School's ability to effectively educate pupils, The School manages this risk by contlnuing lo update and invest In the School's information sysl8ms to ensure th8t they meet the School's neèds and to provide 8nhanc8d resilience. The School also contlnues to educate 8taff, pupils and Governors on how to use dlgllal technology safely and effecllv81y. Currl¢ular Th& School's success requires very able teachers ￿th good facilllies dellverfng the curriculum to able Students. The School attra¢ts excellent le8chers by comblnlng attr8Ctlve salaries and an appr08ch lo enrolmenl that works with supportlva parents whose ¢hlldTen have an 8PP8tll6 for learnlng and a bursary scheme that r&cognlses pupil achlevement and aptllude. Governor recrultment and training The Governlng body requlres breadth and depth of exper18ncg 10 ¢8ry out It5 dulles effectively and efficienlly. When rocrulllng new Governors, the most ImpDrt8nt allrfbute Is a commltm8nl to the SGhool, and an understandlng of education as a holistic and rounded experlenc6 of parsonal growth. Governors aT8 r8cruRed by pèrsonal recommend8llon and are inducted into the worklngs of the School and th8 Board by the Chairman, Bursar and the Head. New Cy)vernors are appolnted by thè exlstlng Board of Gov8mor8. The ¢urrent Govornors come from 8 varlety of b￿kgrOund8 and undargo thorough Inducllon bgfore undertaklng Ih8lr dutl88. Dlsclosuro of Informjtlon to audltorn Eech of the p8rsons who are Gov8mors at the tlme when this Governors, Report Is approved ha8 confimied that: So f8r as Ih21 Gov&mor Is aware. th6re18 no relevant audit Infomietion of whlch lh8 tharltys audRor8 are unawarg,. and That Govemor has taken all the staps thal ought to hav8 been taken a$ 8 Governor in order to be aware of any relevant audit Information and to 8stablish that the charftls audltors arts aware of that Informat￿. Auditors The audltDrs. RPGCC, have indlcated their wllllngness to continue In office. The deslgnaled Governors wlll propose a motion reappointing the auditors at a meeJng of the Govemors. Approved by or(ler cf the members of Ihe boord of Govornors and signed on thelr behalf ty. Mr5 E Brettle Page 9

ST MARGARETS SCHOOL {HAMPSTEAD) LIMITED IA company Ilmlted by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Chalr of Governors Date.. Ststement of Governors. responslbllities For the Year Ended 31st August 2025 The Govemors (who are also the directors of the School for the purposes of company lawl ar8 responsible for preparing the Governors. R8POrt and the financial slalemenls in accordance wrth applicable law and United Kingdom Accoun15ng Standards (United Kingdom Generally Accepted Accounting Practice). Company law requlres the Governors to prgpara financial statèments for each financial year. Under company law. th8 Govemors musl not approve the financlal statements unl&ss they are s8ttsfied that they give 8 true and falr vlow of the slate of affairs of the School and of Ils Incoming resources and appllcalion of re50urc8s. including Its income and expendllure, for that ￿tIOd. In prepar*ng these financial stalemenls, th8 Governors are requlred Select suitable accounting policies and then apply them con$lslendy', Observe the methods and principle5 of the Charitles SORP (FRS 1021., Make judgments and aecounling e51imales Ih818re reasonable and prudent-, Sla18 whether applicable UK A,.-counling Standards IFRS 1021 have b8en followed. sublecl to any materfal departurès dlsclosed and explained in the ftnaneial statements.. Prepare the financial statements on the golng concern basis unles$11 is Inappropriate to pr88ume that thè School will conllnu8 in buslness. The Governors are responsible for keeping adequ8le a¢¢ounting records that are sufficianl lo show and explain the School's transactions and dlsclose with ￿asonable accuracy at any time the financlal position of the School and enable them lo ensuris that the financial stateinenls comply with the Comp8ni8s Act 2006. They are also responsible for safegu8rdlng the a8S8ls of the School and hence for taklng ￿aSonable steps for the prev&nlion and detection of fraud and other Irregularllles. Approved by order of the members ofthe board of GovernoTS on Zo 7rf M &1 io U. and 51gned on thelr behalf by: T, Br&¢Z Pagg10

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

Opinion

We have audited the financial statements of St Margarets School (Hampstead) Limited (the 'charitable company') 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 Auditors' 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

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED (CONTINUED)

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditors' 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

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.

Page 12

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

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

Note
Income and
endowments from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Total income and
endowments
Expenditure on:
Raising funds
8
Charitable activities
Total expenditure
Net
income/(expenditure)
before net gains on
investments
Net gains on
investments
Net
income/(expenditure)
Transfers between
funds
20
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Unrestricted
funds
2025
£
5,184
3,227,819
24,424
66,525
3,323,952
14,868
3,217,443
3,232,311
91,641
28,563
120,204
7,258
127,462
1,577,300
127,462
1,704,762		 Restricted
funds
2025
£
-
(19,315)
-
-
(19,315)
-
-
-
(19,315)
-
(19,315)
19,315
-
-
-
-		 Designated
funds
2025
£
-
-
-
-
-
-
-
-
-
-
-
(26,573)
(26,573)
6,083,236
(26,573)
6,056,663		 Total
funds
2025
£
5,184
3,208,504
24,424
66,525
3,304,637
14,868
3,217,443
3,232,311
72,326
28,563
100,889
-
100,889
7,660,536
100,889
7,761,425		 Total
funds
2024
£
5,225
3,150,824
34,723
53,133
3,243,905
12,432
2,891,302
2,903,734
340,171
91,134
431,305
-
431,305
7,229,231
431,305
7,660,536

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 18 to 38 form part of these financial statements.

Page 14

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00537118

BALANCE SHEET AS AT 31 AUGUST 2025

Note
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors
16
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
17
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
18
Net assets excluding pension liability
Defined benefit pension scheme liability
25
Total net assets
Charity funds
Designated funds
20
Restricted funds
20
Unrestricted funds
20
Total funds		 78,332
917,291
995,623
(510,880)		 2025
£
6,056,663
1,424,960
7,481,623
484,743
7,966,366
(176,000)
7,790,366
(28,941)
7,761,425
6,056,663
-
1,704,762
7,761,425		 46,306
880,631
926,937
(618,726)		 2024
£
6,072,535
1,508,117
7,580,652
308,211
7,888,863
(196,500)
7,692,363
(31,827)
7,660,536
6,083,236
-
1,577,300
7,660,536

Page 15

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED (A company Ilmltgd by guarant88) BALANCE SHEET ICONTINUEO) AS AT 31 AUGUST 2025 The entlty was entitled lo exemption from audlt under secUon 477 of the Companl8s Act 2006. The members havo not requlred the entlty to obtaln an audit for th8 year in quesllon in 8ccordanGe with section 476 of the Companles Act 20CkS. However, an audit Is requlrad In accordance with section 144 of the Charlues Act 2011. The Gcvemors ackn0￿8dge tt*lr fespon8lbllltles for comptylng wlth the requlr8ments ol thé Act wth respect to accounting records 8nd prèparation of financlal statements. The flnanclal statements have been prepared in 8CCCITdancè wlth the provlslons appllcable to anl5lb88 8ubAect lo the small companles regime. The finandal statements were approved and authodsed for Issue by the Govamors on and slgned on Ihelr behalf by: <£ 10 2026 Tho note8 on page8 18 to 38 fom part ol these flnanclal ststements, Page 16

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from the sale of intangible assets
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Transfers and other movements
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by 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
The notes on pages 18 to 38 form part of these financial statements		 2025
£
70,476
66,525
-
(82,474)
581,420
(147,607)
(453,480)
(35,616)
-
34,860
880,631
915,491		 2024
£
398,758
53,133
66,921
(58,252)
847,295
(974,444)
-
(65,347)
-
333,411
547,220
880,631

Page 17

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

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

1. General information

St. Margarets School (Hampstead) Limited is a private company limited by guarantee incorporated in England. The registered office is 18 Kidderpore Gardens, Hampstead, London, NW3 7SR. The principal aims of the charitable company are shown 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.

St Margarets School (Hampstead) 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.

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1.

The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.2 Going concern

Having reviewed the resources and funding available to the school together with the expected ongoing demand for places and the school's projected cash flows, the Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future and consider that there are no material uncertainties over the school's financial viability. Thus the Governors continue to adopt the going concern basis of accounting in preparing the accounts.

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.

Income arises in the United Kingdom from educational and allied activities and is accounted for in the year to which it relates. Tuition fees unpaid at the balance sheet date and relating to the period to that date are brought in as income with a provision created in respect of those for which recoverability is considered to be doubtful. Fees received in advance at the balance sheet date are included in creditors as deferred income.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount.

Investment income is recognised on a receivable basis.

Page 18

ST MARGARETS SCHOOL (HAMPSTEAD) 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 recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure on raising funds comprises costs incurred in managing the School's investment portfolio.

Expenditure on charitable activities is all expenditure incurred on the School's operations. In addition to direct costs, these include all support costs and costs relating to the governance of the School which it is considered appropriate to allocate in full to charitable activities.

All expenditure is inclusive of irrecoverable VAT until 31st December 2024. The organisation registered for VAT and commenced recognising expenditure net of VAT on 1st January 2025.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the School; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the revaluation model,2 tangible fixed assets whose fair value can be measured reliably shall be carried at a revalued amount, being their fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.

Fair values are determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers. If there is no market-based evidence of fair value because of the specialised nature of the tangible fixed asset and it is rarely sold, except as part of a contributing business, a School may need to estimate fair value using an income or depreciated replacement cost approach.

Gains and losses on revaluation are recognised in the statement of financial activities, with a separate revaluation reserve being shown in the Statement of funds note.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method from the date they are brought into use.

Depreciation is provided on the following basis:

Freehold property - 2% on valuation
Motor vehicles - 33% on cost
Office equipment - 33% on cost

Page 19

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

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

2. Accounting policies (continued)

2.6 Tangible fixed assets and depreciation (continued)

The Governors are of the opinion that the residual value of the Freehold property has been reached and are therefore currently not depreciating it any further.

2.7 Investments

The School's portfolio is managed professionally by Canaccord Genuity Wealth Management, in accordance with the objective of providing a balance of capital growth and income. Investments are stated at market value.

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

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 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.10 Liabilities

Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the School anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.

2.11 Financial instruments

The School only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.12 Operating leases

Rentals paid under operating leases are charged to the statement of financial activities on a straightline basis over the lease term.

Page 20

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

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

2. Accounting policies (continued)

2.13 Retirement benefits

The School operates a defined contribution pension scheme provided by the 'APTIS' Aviva Pension Trust for Independent Schools and the pension charge represents the amounts payable by the School to the fund in respect of the year.

The School is also a member of a multi-employer plan, ISPS. Where it is not possible for the School to obtain sufficient information to enable it to account for the plan as a defined benefit plan, it accounts for the plan as a defined contribution plan and the contributions are recognised in the period to which they relate. The ISPS is a funded scheme and the assets are held separately from those of the school in separate trustee administered funds. The trustee commissions an actuarial valuation of the scheme every three years using the prospective unit credit method. Where the actuarial valuation reveals a shortfall of assets compared to liabilities a provision for additional agreed contribution payments is also recognised in full.

2.14 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2.15 Fund accounting

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

Designated funds comprise unrestricted funds that have been set aside by the Governors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the School for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 21

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

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

3. Critical accounting estimates and areas of judgment

Estimates and judgments 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.

Defined benefit liability

The present value of the Independent Schools' Pension Scheme ('ISPS') defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost (income) for pensions include the discount rate. Any changes in these assumptions will impact the carrying amount of the pension liability.

Valuation of land and buildings

The carrying value of the land and buildings depends on the market values of similar property in the local area and will fluctuate according to market conditions.

Critical areas of judgment:

Pupil deposits:

A deposit is collected in respect of each pupil joining the school. This may be used to cover outstanding fees and expenses on the departure of the pupil, or retained in lieu of fees if the required notice of withdrawal is not given. As pupils are expected to remain at the school for several years and departing pupils are replaced by new students the Governors consider it is appropriate to treat all deposits are repayable after more than one year.

Page 22

ST MARGARETS SCHOOL (HAMPSTEAD) 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
£
Donations
5,184
Unrestricted
funds
2024
£
Donations
5,225		 Total
funds
2025
£
5,184
Total
funds
2024
£
5,225

5. Income from charitable activities

Unrestricted
funds
2025
£
Tuition fees and school activities
3,389,284
Bursaries, scholarships and discounts
(161,465)
3,227,819
Unrestricted
funds
2024
£
Tuition fees and school activities
3,333,850
Bursaries, scholarships and discounts
(164,264)
3,169,586		 Restricted
funds
2025
£
-
(19,315)
(19,315)
Restricted
funds
2024
£
-
(18,762)
(18,762)		 Total
funds
2025
£
3,389,284
(180,780)
3,208,504
Total
funds
2024
£
3,333,850
(183,026)
3,150,824

During the year the School received income in relation to Autumn 2025 fees. These have been included in deferred income. The same situation applied in 2024.

Page 23

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

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

6. Income from other trading activities

Income from non charitable trading activities

Unrestricted
funds
2025
£
Other fees and hire income
24,424
Unrestricted
funds
2024
£
Other fees and hire income
34,723		 Total
funds
2025
£
24,424
Total
funds
2024
£
34,723
7.
Investment income
Unrestricted
funds
2025
£
Dividends
55,099
Interest
11,426
66,525
Unrestricted
funds
2024
£
Dividends
39,581
Interest
13,552
53,133		 Total
funds
2025
£
55,099
11,426
66,525
Total
funds
2024
£
39,581
13,552
53,133

Page 24

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

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

8. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted
funds
2025
£
Investment management costs
14,868
Designated
funds
2024
£
Investment management costs
12,432		 Total
funds
2025
£
14,868
Total
funds
2024
£
12,432

9. Analysis of expenditure by activities

Tuition fees and school activities
Tuition fees and school activities		 Activities
undertaken
directly
2025
£
2,326,855
Activities
undertaken
directly
2024
£
2,093,228		 Support
costs
2025
£
890,588
Support
costs
2024
£
798,074		 Total
funds
2025
£
3,217,443
Total
funds
2024
£
2,891,302

All expenditure on charitable activities in 2025 and 2024 was from unrestricted funds.

Analysis of direct costs

Page 25

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

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

9. Analysis of expenditure by activities (continued)

Staff costs
Depreciation
Food & Catering
Sports, Music, Art
Premises & Equipment		 Total
funds
2025
£
1,877,445
95,223
89,232
64,776
200,179
2,326,855		 Total
funds
2024
£
1,743,814
23,238
69,115
67,432
189,629
2,093,228

Analysis of support costs

Staff costs
Premises & Equipment
Other Costs
Governance
Governance costs		 Total
funds
2025
£
536,802
267,338
48,903
37,545
-
890,588		 Total
funds
2024
£
409,865
223,140
140,389
-
24,680
798,074

Page 26

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

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

10. Auditors' remuneration

2025 2024
£ £
Fees payable to the School's auditor for the audit of the School's annual
accounts 12,500 12,000

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2025
£
1,943,329
206,592
264,326
2,414,247		 2024
£
1,740,055
185,864
227,760
2,153,679

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

Teachers
Office and domestics		 2025
No.
26
19
45		 2024
No.
27
14
41

The average headcount expressed as full-time equivalents was:

Teachers
Office and domestics		 2025
No.
26
14
40		 2024
No.
24
10
34

Page 27

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

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

11. Staff costs (continued)

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 3 -
In the band £70,001 - £80,000 2 2
In the band £80,001 - £90,000 1 1
In the band £90,001 - £100,000 - 1
In the band £100,001 - £110,000 1 1

The total remuneration paid during the year to the senior management team was £503,767 (2024: £294,256,) including termination payments.

During the year, termination payments amounting to £70,000 was paid to a former member of staff in line with accounting policy 2.14. No amount is payable in relation to this balance at the balance sheet date.

12. Governors' remuneration and expenses

During the year, no Governors received any remuneration or other benefits (2024 - £NIL), and no expenses were reimbursed (2024:nil).

13. Governors' remuneration and expenses

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

During the year ended 31 August 2025, no Governor expenses have been incurred (2024 - £NIL) .

14. Tangible fixed assets

Cost or valuation
At 1 September 2024
Additions
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
At 31 August 2025		 Freehold
property
£
6,157,127
-
6,157,127
234,214
-
234,214		 Motor
vehicles
£
67,688
-
67,688
31,932
22,544
54,476		 Office
equipment
£
916,076
82,474
998,550
802,210
75,802
878,012		 Total
£
7,140,891
82,474
7,223,365
1,068,356
98,346
1,166,702

Page 28

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

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

14. Tangible fixed assets (continued)

Net book value
At 31 August 2025
At 31 August 2024		 Freehold
property
£
5,922,913
5,922,913		 Motor
vehicles
£
13,212
35,756		 Office
equipment
£
120,538
113,866		 Total
£
6,056,663
6,072,535

On 1 September 2019, the freehold land and buildings were revalued by the Trustees.

The carrying amount under the cost model for the assets which have been revalued would have been £1,881,116 (2024 - £1,881,116).

Depreciation is no longer provided on the freehold property as the Governors are of the opinion that the residual value has been reached.

15. Fixed asset investments

Cost or valuation
At 1 September 2024
Additions
On acquisition of subsidiaries
Disposals
On disposal of subsidiaries
Revaluations
Amounts written off
Transfers intra group
Transfers between classes
Foreign exchange movement
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Listed
investments
£
1,477,020
721,865
(602,008)
(223,952)
-
32,586
-
-
13,552
-
1,419,063
1,419,063
1,477,020		 Cash
£
31,097
(581,420)
-
147,607
29,739
-
95,100
300,000
-
(16,226)
5,897
5,897
31,097		 Total
£
1,508,117
140,445
(602,008)
(76,345)
29,739
32,586
95,100
300,000
13,552
(16,226)
1,424,960
1,424,960
1,508,117

Page 29

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

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

. Material investments

Those investments making up more than 5% of the total market value of the portfolio in the current or prior year were:

UK Government Gilts 0.625% June 2025
UK Government Gilts 2.75% September 2024
UK Government Gilts 3.75% March 2027
UK Government Gilts 4.125% January 2027
Fundsmith LLP Equity INC NAV
UK Government Gilts 4.375 % March 2028
UK Government Gilts 4.125% July 2029		 2025
£
-
-
230,852
136,290
-
224,585
230,053
821,780		 2024
£
73,997
81,135
81,776
78,071
46,437
-
-
361,416

.

Listed investments
Listed investments
16.
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 UK
2025
£
823,123
UK
2024
£
982,057		 Overseas
2025
£
1,203,844
Overseas
2024
£
526,060
2025
£
24,874
24,118
29,340
78,332		 Total
funds
2025
£
2,026,967
Total
funds
2024
£
1,508,117
2024
£
16,971
4,133
25,202
46,306

Page 30

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

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

17. Creditors: Amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income		 2025
£
73,356
79,671
357,853
510,880		 2024
£
19,855
42,076
556,795
618,726

Page 31

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

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

Deferred income represents tuition fees received in advance as follows:

Deferred income at 1 September 2024
Resources deferred during the year
Amounts released from previous periods		 2025
£
115,296
-
-
115,296		 2024
£
-
541,046
(425,750)
115,296

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

Other creditors
19.
Financial instruments
Financial assets
Financial assets measured at fair value through income and expenditure		 2025
£
176,000
2025
£
917,291		 2024
£
196,500
2024
£
1,508,117

Financial assets measured at fair value through income and expenditure comprise the charity's investment portfolio.

Page 32

ST MARGARETS SCHOOL (HAMPSTEAD) 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 -
all funds
Unallocated
amounts
Designated
Funds
Fixed Asset
Reserve
Revaluation
Reserve
Restricted
funds
Salti Bursary
Total of funds		 Balance at 1
September
2024
£
1,577,300
-
1,577,300
1,881,116
4,202,120
6,083,236
-
7,660,536		 Income
£
3,323,952
-
3,323,952
-
-
-
(19,315)
3,304,637		 Expenditure
£
(3,232,311)
-
(3,232,311)
-
-
-
-
(3,232,311)		 Transfers
in/out
£
6,954
304
7,258
-
(26,573)
(26,573)
19,315
-		 Gains/
(Losses)
£
28,563
-
28,563
-
-
-
-
28,563		 Balance at
31 August
2025
£
1,704,458
304
1,704,762
1,881,116
4,175,547
6,056,663
-
7,761,425

Page 33

ST MARGARETS SCHOOL (HAMPSTEAD) 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 -
all funds
Designated
Funds
Fixed Asset
Reserve
Revaluation
Reserve
Morton
Scholarship
Fund
Restricted
funds
Salti Bursary
Total of funds		 Balance at
1 September
2023
£
976,867
1,881,116
4,202,120
156,892
6,240,128
12,236
7,229,231		 Income
£
3,262,667
-
-
-
-
(18,762)
3,243,905		 Expenditure
£
(2,903,734)
-
-
-
-
-
(2,903,734)		 Transfers
in/out
£
150,366
-
-
(156,892)
(156,892)
6,526
-		 Gains/
(Losses)
£
91,134
-
-
-
-
-
91,134		 Balance at
31 August
2024
£
1,577,300
1,881,116
4,202,120
-
6,083,236
-
7,660,536

Page 34

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

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

20. Statement of funds (continued)

Restricted funds

The Salti Bursary was established to provide a scholarship to a single student to ensure the highest probability of their success for their full education at the school.

Designated funds

The Morton scholarship fund was established to reflect the wishes of a donor that some of her donation be used to provide scholarships and bursaries to future pupils. With effect of 31 August 2024, the Governors have decided that this designation is no longer useful.

The Fixed Asset Reserve was established in accordance with Charity Commission guidance to separately identify the value of the fixed assets held by the school. Transfers represent net movements on fixed assets in the year.

The Revaluation Reserve represents the movements in fair value of the property held by the School. Transfers represent depreciation and revaluations movements on the valuation of land and property held by the school.

21. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Tangible fixed assets
(304)
Fixed asset investments
2,026,967
Current assets
393,616
Creditors due within one year
(510,880)
Creditors due in more than one year
(176,000)
Provisions for liabilities and charges
(28,941)
Difference
304
Total
1,704,762		 Designated
funds
2025
£
6,056,967
-
-
-
-
-
(304)
6,056,663		 Total
funds
2025
£
6,056,663
2,026,967
393,616
(510,880)
(176,000)
(28,941)
-
7,761,425

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ST MARGARETS SCHOOL (HAMPSTEAD) 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 (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
Total		 Designated
funds
2024
£
(10,701)
1,508,117
926,937
(618,726)
(196,500)
(31,827)
1,577,300		 Endowment
funds
2024
£
6,083,236
-
-
-
-
-
6,083,236		 Total
funds
2024
£
6,072,535
1,508,117
926,937
(618,726)
(196,500)
(31,827)
7,660,536

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

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
gains on investments
Dividends, interests and rents from investments
Increase in debtors
Increase/(decrease) in creditors
Increase/ (decrease) in provisions
Net cash provided by operating activities		 2025
£
100,889
98,346
(32,026)
66,525
(32,026)
(128,346)
(2,886)
70,476		 2024
£
431,305
2,032
(91,134)
(53,133)
(11,972)
123,900
(2,240)
398,758

Page 36

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED

(A company limited by guarantee)

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

23. Analysis of cash and cash equivalents

Cash in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents		 2025
£
315,284
600,207
915,491		 2024
£
880,631
-
880,631

24. Analysis of changes in net debt

Cash at bank and in hand At 1
September
2024
£
880,631
880,631		 Cash flows
At 31
August 2025
£
£
36,660
917,291
36,660
917,291		 Cash flows
At 31
August 2025
£
£
36,660
917,291
36,660
917,291
917,291

25. Pension commitments

The School's employees belong to two principal pension schemes: one for academic and related staff and one for non-teaching staff. Academic and related staff are now in the Aviva Pension Trust for Independent Schools (APTIS), a defined contribution scheme. Non-teaching staff are in the Independent Schools' Pension Scheme (ISPS), which is managed by TPT Retirement Solutions.

Aviva Pension Trust for Independent Schools (APTIS)

The pension charge for the year includes contributions payable to APTIS of £218,517 (2024: £225,521) and at the year-end £Nil (2024 - £Nil) was accrued in respect of contributions to this scheme.

TPT Retirement Solutions - Independent Schools' Pension Scheme (the scheme)

The School participates in the scheme, a multi-employer scheme which provides benefits to some 61 nonassociated employers. ISPS is a contracted-out of the State scheme. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

Page 37

ST MARGARETS SCHOOL (HAMPSTEAD) LIMITED (A company limited by guarantee)

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

25. Pension commitments (continued)

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

The last full actuarial valuation for the scheme was carried out with an effective date of 30 September 2020. This actuarial valuation was certified on 22 December 2021 and showed assets of £201.1m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the trustees and the participating employers have agreed that additional contributions will be paid, in combination from all employers, to the scheme from 1 September 2022 to 30 June 2032 in the sum of £2,687,000 pa (payable monthly and increasing by 3% on each 1st September). The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities.

During the year, the School was required to contribute deficit payments of £2,886 (2024: £2,240). Until 30 June 2032 the School is required to contribute £2,886 pa (payable monthly and increasing by 3% on each 1st September).

In accordance with FRS 102, the School must recognise a liabililty measured at the present value of the contributions payable that arise from the deficit recovery agreement. The value of the provision recognised 31 August 2025 is £28,941 (2024: £31,827)

26. Operating lease commitments

At 31 August 2025 the School 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
£
2,976
5,456
8,432		 2024
£
-
-
-

27. Members' liability

The school is a charitable company limited by guarantee. The members of the charitable company are the Governors names on page 1. Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

28. Related party transactions

Dr A Wayne, a governor, was paid the sum of £nil (2024: £586) for providing staff flu vaccinations. There was no balance outstanding at the end of the current or prior year.

Mrs M Wayne, a governor, was paid a sum of £720 (2024: £434) for invigilation services. There was no balance outstanding at the end of the current or prior year.

Page 38