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← The Cavendish School Charitable Trust Limited

2025-08-31-accounts

REGISTERED COMPANY NUMBER: 00987480 (England and Wales)
REGISTERED CHARITY NUMBER: 312727

REVISED

Report of the Trustees and

Financial Statements for the Year Ended 31 August 2025

for
The Cavendish School Charitable Trust
Limited

Brewers Chartered Accountants
Unit 3
Birtley Courtyard
Bramley
Surrey
GU5 0LA

The Cavendish School Charitable Trust
Limited

Contents of the REVISED Financial Statements
for the Year Ended 31 August 2025
Page
Revised Report of the Trustees 1 to 11
Report of the Independent Auditors 12 to 14
Statement of Financial Activities 15
Balance Sheet 16
Cash Flow Statement 17
Notes to the Cash Flow Statement 18
Notes to the Financial Statements 19 to 29 
The Cavendish School Charitable Trust
Limited

REVISED Report of the Trustees for the Year Ended 31 August 2025

ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,present their
reportwiththefinancialstatementsofthecharityfortheyearended31August2025.Thetrustees have
adoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommended Practice
applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

TheGovernors(whoarealsodirectorsofTheCavendishSchoolCharitableTrustforthepurposesof company
lawandtrusteesforthepurposesofcharitylaw)presenttheirstatutoryreporttogetherwiththe financial
statementsofTheCavendishSchoolCharitableTrustLimited(companyregistrationnumber987480 (England
and Wales)) (the "charitable company") for the year ended 31 August 2024.

The report has been prepared in accordance with Part 8 of the Charities Act 2011.

Thefinancialstatementshavebeenpreparedinaccordancewiththeaccountingpoliciessetouton pages
16to31oftheattachedfinancialstatementsandcomplywiththecharitablecompany'smemorandum and
articlesofassociation,theCompaniesAct2006andAccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheirfinancialstatementsinaccordancewith the
Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Legal status

Thecharitablecompanyisconstitutedasacompanylimitedbyguaranteeandnothavingashare capital.
Themembers,whoarealsoGovernors,areliabletocontributeanamountnotexceeding£1eachin the
event of winding up.

The charitable company was incorporated on 20 August 1970 by Memorandum of Association.

OBJECTIVES AND ACTIVITIES

Principal aims and objects

Theprincipalaimsandobjectsofthecharitablecompanyaretheadvancementandpromotionof education
and, in particular, the running of The Cavendish School in Camden Town, London (the "school").

The aim of Cavendish School

To be a place were girls dare and become spirited, versatile achievers.

TheCavendishSchool'sapproachtoeducation,developmentandrelationshipsarefocussedaroundour girls
beingspirited,versatileachievers.We striveforeverygirltofeelsecure,supportedandchallengedto become
confident lifelong learners who believe in self and community empowerment.

These will be achieved through:

-Encouragingkindness,resilienceandthedevelopmentofeachgirl'svoiceinaninclusiveand diverse
community.

- Promoting excellent teaching and learning.

- Encompassing a kaleidoscopic and inspiring curricular and co-curricular programme.

Page 1

The Cavendish School Charitable Trust
Limited

REVISED Report of the Trustees for the Year Ended 31 August 2025

OBJECTIVES AND ACTIVITIES

Public benefit

TheCharitiesAct2006madechangeswhichaffecttheschool,principallyremovingthepresumptionin law
thateducationisforpublicbenefit.Theeffectofthisisarequirementthateducationalcharities demonstrate
thepublicbenefittheyprovide.TheCharityCommissionhasprovidedguidelinesonthechanges together
withananalysisofthelawaffectingcharities.Thesedocumentshavebeenconsideredby theGovernors, who
areconfidentthatthecharitablecompanyisoperatingintheinterestofthepublic.Furthermore,theobject of
thecharitablecompanyistheadvancementandpromotionofeducation,specificallytherunningof the
CavendishSchoolfor,butnotexclusivelyfor,childrenoftheRomanCatholicfaith,whichisa charitable
purpose within the meaning of the Charities Act 2011.

ThisreportisdesignedtomeettheCharityCommission'srequirementtodescribethepublicbenefit provided
bythecharitablecompany.TheparagraphsbelowdescribethevariouswaysinwhichtheGovernors believe
that the charitable company provides public benefit.

-Themajorpublicbenefittheschoolprovidesisarichanddiverseeducation,withoutrecoursetothe public
purseandastrongethosofapositivecontributiontoourlocalcommunity.Muchofthecurriculum taught
followstheareasprescribedbylawforstateschools,onthebasisitisconsideredessentialfora successful
society. Consequently, its provision is to benefit the public.

-TheschoolisopentoallandGovernorsaimtomakeitasaffordableasreasonablypossible,consistent with
the aim of providing a high-quality education in a small school environment.

- During the last year, the school awarded bursaries to 15 pupils which covered 10% to 100% of their fees.

-TheschoolalsohasaBursaryFundfromwhichawardsweremadeatthediscretionoftheGovernors. The
Fund and the school's Bursary Policy were advertised on the school's website.

-Duringthelastyear,theschoolalsograntedahardshipawardtoonepupilwhichcovered40%offees for
one term.

-TheHeadalsooperatesafundtoassistpupilsfromlesswell-offfamilieswithsupportfor educational
assessment, music lessons, residential trips and uniform.

-As partofthecommitmenttopromotingeducationtheschoolalsoprovidestrainingforteachersof around
£14,000fortheyear.Providingteacherswithadditionalskills,whointurnwillusetheseskillsatThe Cavendish
School or other schools, is for the benefit of the wider public.

-We workinpartnershipwithmaintainedschoolswiththeirpupilsattendingourAnti-BullyingWeek,a Christmas
show,asambaandmask-makingworkshop,andcompetinginoursportstournamentseg.The Cavendish
SchoolFootballtournament.Intheyearahead,ourCo-curricularandPartnershipsCo-ordinatorislooking to
further expand our partnership programme by working with more local schools to organise additional events.

- We also provide work experience opportunities to school-aged pupils.

-SinceMay2022,aUkrainiangrouphasbeenusingtheschool'spremisesforitsregularmeetingsthat inform,
supportandadvocateforrefugeefamiliesinCamden.Childrenplaywhileadultsandtheirhostsare helped
with medical, job and housing advice.

- TheCavendishalsohasa long-standingcollaborationwiththeInstituteofEducation,theeducationschool of
UniversityCollegeLondon,whichspecialisesinpostgraduatestudyandresearchinthefieldof education.
Studentsareusuallyofferedworkplacementsduringtheschoolyear,providingopportunitiesto observe,
makeassessments,assistandteach,completetasksandengageinreflectivediscussion.Inaddition,they are
providedwithadviceandsupportinrelationtotheplanning,preparationandassessmentofchildrenand the
managementofbehaviour.OurSeniorDeputyHeadhasalsoattendedeventsfortheInstituteofEducation to
assist with recruiting new student teachers.

-Ourschoolstaffwillalsobeworkingwithotherschoolsaspartofan"ExperienceDay"togaininsights and
sharegoodpractice.Thiswill,hopefully,alsoprovideanopportunityforotherschoolstolearnfrom our
school's practice.

Page 2

The Cavendish School Charitable Trust
Limited

REVISED Report of the Trustees for the Year Ended 31 August 2025

OBJECTIVES AND ACTIVITIES

-Aspartoftheeducationalgoalofgoodcitizenship,theschool'spupilsandtheirfamiliesare encouraged
andenabledtotakeaninterestinlocalandnationalissues.Asapracticalconsequenceofthis,the school's
pupils raised funds for a range of local and national charities during the year.

Weestimatethatthevalueoftheseactionsisapproximately£190,000,equivalenttoaround5%ofthe total
revenues of the school.

STRATEGIC REPORT

Results for the year

Incomefortheyearwas£3,988,090(2024-£3,858,486),including£3,628,877(2024-£3,602,566)inrespect of
grossschoolfeesand£166,515(2024-£118,443)inrespectoftotalbursaries.Expenditurewas£3,882,928 (2024
-£3,674,453).Expenditureincludes£2,632,322(2024-£2,603,379)inrespectofstaffcosts;£13,067(2024 -
£13,955) for interest on the bank loans and £143,933 (2024 - £144,175) in respect of depreciation charges.

The net income for the year was £105,162 (2024 - £184,033).

Reserves policy

TheGovernorshaveexaminedtherequirementforfreereserves(alsoreferredtoasthegeneralfund), i.e.
thoseunrestrictedfundsnotinvestedintangiblefixedassets,designatedforspecificpurposesor otherwise
committed.TheGovernorsconsiderthat,giventhenatureoftheschool'swork,theleveloffree reserves
shouldbeequivalenttothetermlyexpenditureatanyonetime.Basedoncurrentexpenditurelevels this
shouldbeintheregionof£1,200,000.TheGovernorsbelievethatthislevelofreserveswouldprovide sufficient
flexibilitytorespondtounforeseenemergencieswhilstspecificactionplansareimplemented.Inaddition, the
school retains a healthy cash reserve that is capable of meeting anticipated future liabilities.

Financial position

The balance sheet shows total funds of £5,614,066 (2024 - £5,508,904).

Thetangiblefixedassetsfundof£3,679,470(2024-£3,679,470)representsthenetbookvalueofthe school's
tangible fixed assets less the related borrowings.

Generalfundsoftheschoolat31August2025are£1,763,781(2024-£1,684,654)andtheHead's Discretionary
fund was £91 (2024 - £4,838).

Overall,theGovernorsconsidertheaffairsoftheschooltobesatisfactorybuttheyareawareoftheneed to
monitoritsresourcesclosely;thefinancialandpoliticalissuesfacingindependentschools;andtheneed to
constantly monitor budgets and forecasts.

Page 3

The Cavendish School Charitable Trust
Limited

REVISED Report of the Trustees for the Year Ended 31 August 2025

STRATEGIC REPORT

Summary

The 2024/2025 financial year saw the school continue to perform well against a challenging sector backdrop.

From1January2025,ValueAddedTax(VAT)wasappliedtoschoolfeesatthestandardrate.The school
implementedstagedbillingandclearcommunicationtohelpfamiliesplanforthechange.WhileVAT  remains
asignificantaffordabilityheadwindacrossthesector,enrolmentremainedresilient.TheVATregime affords
only limited input VAT recovery for the school, as salaries represent the majority of expenditure.

London'sdemographicheadwinds-includinglowerbirthratesandgreaterfamilymobility-and heightened
competitionacrossindependentprimariescontinuedthrough2025.Despitethis,theschool's reputation,
academicstandards,andco-curricularbreadthsupportedstrongpupilretentionandhealthyenquiry levels
for 2026 entry.

FromApril2025,theremovalofcharitablemandatorybusinessratesreliefcreatedafurtherstructural cost
increase.Thishasbeenincorporatedintoforwardbudgetsalongsideassumptionsonwagegrowth and
supplier costs.

The2025payenvironment,includingthemaintained-sectorawardimplementedinSeptember2025, placed
upwardpressureonindependent-sectorsalaries.However,disciplinedprocurement,timetable efficiencies,
and effective energy management kept non-pay expenditure within budget.

Cashlevelsremainedrobustthroughouttheyear,withtheschoolmaintainingatleastoneterm's expenditure
inliquidreserves.Theschoolcontinuestoprioritiseliquidityandcovenantheadroomwhile investing
meaningfully in safeguarding, curriculum delivery, digital infrastructure, and estate maintenance.

TheBoardremainsfocusedonprudent,scenario-basedfinancialplanning.Stresstestingcoverspupil number
sensitivities,feeaffordability,wagesettlements,andregulatorychange.Theschool'sstrongcash position,
careful cost management, and sustained parent confidence underpin the going-concern assessment.

Acknowledgement

TheGovernorswouldliketoexpresstheirthankstothoseCavendishleaverswhogenerouslydonated their
deposits to the school's Playground Project Fund.

Page 4

The Cavendish School Charitable Trust
Limited

REVISED Report of the Trustees for the Year Ended 31 August 2025

STRATEGIC REPORT

Future plans

Theschoolhascontinuedtodowellinthefaceofstrongfinancialheadwinds,notablytheintroductionof VAT
onschoolfeesinJanuary2025.StrongleadershipfromtheHeadandprudentfinancialmanagementby the
Bursarhavemeanttheschoolhasretaineditsstrongposition,andfeedbackfromparentsremains consistently
excellent.

Pupilnumbersremainedlargelysteadyovertheacademicyear,droppingonlyslightly(from192in September
2024to189inSeptember2025,withanaverageof192overtheyear).Thiswasconsiderablymorethan had
been anticipated in the annual budget, resulting in a larger-than-expected surplus.

TheGovernorswereverypleasedthatnofamiliesdecidedtowithdrawtheirchildrenasadirectresultof the
impositionofVAT. However,theyremainveryawareofthecontinuingfinancialchallengesfacingthe school,
includingthefactthatthisyear'sYear6cohort,whowillbeleavingtheschoolin2026,isalargeone.The low
numberofregistrationsattheNurserylevelcontinuestobeaconcern,butthenumberofregistrations for
Receptionishigherthanlastyearwhichispositive.Onceagain,theschoolsawanencouragingnumber of
joinersintheolderyearsoverthecourseoftheyear,fromboththestatesectorandother independent
schools.Theseincludedseveralfromalocalprepschoolwhichclosed,withparentschoosingthe Cavendish
overnumerousotherpossibleoptions,citingthesympatheticandsupportiveapproachtakenbythe school
when they found themselves in an unexpected and very difficult situation.

TheGovernorsarethereforeconfidentofmeetingthegoingconcernassumptiongiventhe school's
maintenanceofahealthylevelofreservesasaresultofprudentfinancialmanagement,despite these
ongoing challenges being faced by the independent sector.

TheGovernorsremainacutelyawareoftheneedformarketinginitiativestoattractpotentialparents. A
marketingconsultancy'sservicewasemployedinAprilinordertoprovidegranularinformationtothe school
aboutthedemographicofitsparentbody,bothcurrentand potential.Thisinformationwillbeusedto inform a
marketingstrategyduringlate2025/early2026.Theschoolcontinuestobroadenitsuseofsocialmedia to
reachaswideanaudienceaspossibleandisplanningtocreateanalumninetworktofurtherenhance its
marketing opportunities.

Theschoolcontinuestoprovideabroadcurriculumandawidevarietyofenrichmentopportunitiesfor its
pupils, with numerous opportunities for sports, music and clubs.

Thisyear's11+resultswerethebesttheschoolhaseverachieved,withpupilsgainingplacesatsomeof the
mostacademicseniorschools.Theschool'sfocusremainsonmatchingpupilswiththerightschoolforthem, so
that each one can thrive in an environment to which they are suited and where they will be happy.

Page 5

The Cavendish School Charitable Trust
Limited

REVISED Report of the Trustees

for the Year Ended 31 August 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governance

TheBoardofGovernorsisresponsibleforsettingaimsandagreeingona strategyfortheschool,recruiting and
assessingseniormanagementandforensuringframeworksexisttomeetlegal,financialand regulatory
obligations. Management of the school is the responsibility of the Head and the leadership team.

Theschoolhasarollingprogrammeforreviewingproceduresandpolicies.Allarereviewedatleast once
every three years or more frequently should changes in legislation or circumstance require.

TheGovernorswouldliketoexpresstheirthankstotheHead,SeniorLeadershipTeamandtheentirestaff for
theirhardworkduringtheyear,fortheprogressthathasbeenmadeintheschoolduringtheperiod. The
Governorsalsothanktheparentsandcarerswhocontributesowillinglyandgenerouslytothelifeof the
school and all the officers of the Friends of the Cavendish (see later).

NoneoftheGovernorsreceivedanyremunerationinrespectoftheirservicesasgovernorsduringthe year
(2024 - £nil).

No out-of-pocket expenses were reimbursed to three Governors during the year (2024 - £nil).

Two (2024- three)Governorswhoarealsoparentshad childrenattendingtheschoolduringthefinancial year.
FeespaidbytheGovernorsarethesameasfeespaidbyothers.Attheyear-end,theSchoolwasowed £nil
(2024 - £nil) by any Governor.

Theschoolhaspurchasedinsurancetoprotecttheschoolfromlossarisingfromtheneglectordefaultsof its
Governors.Theinsurancepremiumpayablebytheschoolduringtheyeartotalled£1,178(2024-£1,178) and
provides cover of up to a maximum of £2 million.

Appointment of Governors and training procedures

NewGovernorsareelectedbyaconsensusofexistingGovernorsandmayserveforaperiodofthree years
before being required to stand for re-election.

TheGovernorshaveputinplaceasystemwherebyindividualGovernorshavenominatedlinkswith individual
teachersand curriculumareasto enhancethelinksbetweenGovernorsand theteachingstaffand with those
withtheresponsibilityfortheEarlyYearsFoundationStage(E.Y.F.S.),safeguarding,healthandsafety and
compliance.

TheGovernorsaremembersoftheAssociationofGoverningBodiesofIndependentSchools.The Governors
areofferedtheopportunitytoattendseminarsandconferencesandregulartrainingtomaintain their
expertise in governance issues.

Key management personnel

TheGovernorsconsiderthatthey,togetherwiththeHeadandtheSeniorLeadershipTeam,comprisethe key
managementofthecharityinchargeofdirectingandcontrolling,runningandoperatingtheschoolon a
day-to-day basis.

TheremunerationofkeymanagementpersonnelissetbytheFinanceandGeneralPurposes Committee
actingasthePayReviewCommitteeandisconfirmedbytheGoverningBody.Noteistakenof market
conditions, national and local pay scales and levels of performance.

TheHeadandtheBursarhaveannualreviewswheretheirtargetsareagreedupon/reviewedwith Governors.
TherestoftheSeniorLeadershipTeamhasbiennialperformancereviewswheretheirtargetsare agreed
upon/reviewed with the Head.

The Senior Leadership Team consists of:
T Lombard Head
C Moore Senior Deputy Head (Strategy & Operations)
J Hodgson Deputy Head (Pastoral) & Designated Safeguarding Lead
S Chen Cooper Bursar & Clerk to the Governors
K Dignan Head of HR & Compliance 
Page 6

The Cavendish School Charitable Trust
Limited

REVISED Report of the Trustees

for the Year Ended 31 August 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Committees

The general school governance continued with regular Board and sub-committee meetings.

The composition of the sub-committees for this year was as follows:
Education Finance & General Purposes
S Bettison
B Crystal (Chair, resigned 3 July 2025)
G Fontaine S Cunnane (appointed 25 March 2025)
K Hake (resigned 16 June 2025 H Hoque (appointed 2 December 2025)
M Webster (Chair) E Molnar (Chair, appointed 3 July 2025)
G Waterman (appointed 17 June 2024) 
The two Co-Chairs of Governors are ex-officio members of both committees.

Working with other organisations

Friends of the Cavendish

The Governors reiterate their gratitude to the Friends of the Cavendish for their support during the year.

Page 7

The Cavendish School Charitable Trust
Limited

REVISED Report of the Trustees for the Year Ended 31 August 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

InlinewiththerequirementforGovernorstoundertakeariskassessmentexerciseandreportonthesame in
theirannualreport,theGovernorshavelookedattheriskstheschoolcurrentlyfacesandhavereviewed the
measuresalreadyinplace,orneedingtobeputinplace,todealwiththem.TheGovernorshaveidentified six
main areas where risks may occur:

- Regulatory

Strategicconsidersthelong-termhealthoftheschool.Itisconcernedwithareassuchaspupilnumbers, staff
recruitmentandretention,qualityofmanagement,financialmanagementandidentificationofchanges to
the school environment.

Operationallooksattherisksinherentintheschool'sactivitiesincludingtheoperationofitsschool -
reputational,communicationwithparents,training,thesuitabilityofteachingresourcesand buildings,
maintenance, health and safety, safeguarding of children, disaster planning, etc.

Along withallotherorganisationswhichworkwithchildren,theGovernorsrecognisetheabsolutenecessity of
ensuringtheprotectionandsafetyofallthosetheschoolserves.Thismeansthatallstaff,including peripatetic
staff,havetoundergoacheckwiththeDisclosureandBarringService(previouslytheCriminal Records
Bureau)andotherextensivepre-recruitmentchecks.Inadditiontothis,allstaffreceivechild protection
trainingwhichisupdatedaminimumofonceperyear.Additionally,thereisadesignatedGovernor assigned
tosafeguardingchildren,Governorsthemselvesundertakeannualsafeguardingtraininganda safeguarding
report is presented at every full board meeting.

ThesafeguardingpolicyaimstooutlinetherolethatTheCavendishSchoolhas,theprocedurethat staff
shouldfollowandtheguidanceissuedonpupilprotectiongenerally.Allstaffmustensurethattheneeds and
safetyofthepupilsareattheforefrontoftheirpractice.Intheirday-to-daycontactwithindividual pupils,
teachersandotherstaffareparticularlywellplacedtoobserveoutwardsignsofabuse,changesin behaviour
or failure to thrive.

Financialrisksincludethoserelatingtobudgetarycontrol,fraudandmoneylaundering,bribery, spending,
accounting,borrowingpolicies,etc.andtheneedtoensureadequatecashflowcoverageandreserves to
meet future needs.

Long-termforecastingofpupilnumberscontinuestobedifficultandGovernorsaremindfulofthe continuing
needtoraisetheprofileoftheschool,maintainandfurtherenhancegoodworkingpracticesandcontinue to
achieveanExcellentgradingininspections.TheSeniorLeadershipTeam,overseenbyGovernors,works with
anAdmissionsandMarketingOfficertooverseemarketingstrategiesandensurethattheyarealigned with
the key strategic aims:

1. To develop the business model.

2. To improve the quality of provision.

3. To develop structures to support the plan. 

Regulatorylooksattheeffectsofgovernmentpolicies,theconsequencesofnewlawsandregulations, the
likely effects of political change etc.

Cyberrisksincludethoserelatingtoonlinefraudwhichisincreasinglycommonintheindependent schools
sector.

Governorsensureheightenedawarenessandcapabilityamongstaffviaregularphishingtraining and
increasedsecuritymeasuresincludingtwofactorauthenticationandthepurchaseofendpoint detection
and response software and cyber insurance.

Page 8

The Cavendish School Charitable Trust
Limited

REVISED Report of the Trustees for the Year Ended 31 August 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Politicalandeconomicrisksincludethoserelatingtobothnationalpoliticalandinternationaleventsand their
impact on the United K ingdom economy.

GovernorsaremindfulofthesignificantimpactthattheintroductionofValueAddedTax(VAT) on
independentschoolfeesmayhaveonaffordabilityforparents.Inresponse,theyhavetakenproactive steps
tomitigatepotentialconsequencesbydrivinggreateroperationalandfinancialefficiencyacrossthe school
and continuing to prioritise prudent financial management.

Activities, specific objectives and relevant policies

Activities and specific objectives

TheprincipalactivityofthecharitablecompanyintheyearunderreviewwastherunningofThe Cavendish
School,whichwasoriginallyestablishedtoprovideaCatholiceducationforgirlsagedbetweenthree and
eleven with sibling boys to age seven, and has committed to all girls education since 2018.

Volunteers

TheGovernorswouldliketothankalltheparentsfortheirmuch-valuedcontributiontotheschool community.
Parentshaveparticipatedinactivitiessuchasfundraisingforlocalandinternationalcharities,uniform sales
and educational visits as well as sharing the benefits of their professional expertise.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

00987480 (England and Wales)

Registered Charity number

312727

Registered office
31 Inverness Street
London
NW1 7HB
Trustees
Governors

S Bettison
B Crystal (Chair of Finance and General Purposes Committee, resigned 3 July 2025)
S Cunnane
G Fontaine
A M Gotto (Co-Chair of Governors)
K Hake (resigned 16 June 2025)
H Hoque (appointed 2 December 2024)
G McCafferty (appointed 23 September 2024)
E Molnar (Chair of Finance and General Purposes Committee, appointed 3 July 2025)
A Pangonis (resigned 16 June 2025)
N Rushton (Co-Chair of Governors)
E Saudi
G Waterman
M Webster

Company Secretary

S Chen Cooper

Page 9

The Cavendish School Charitable Trust
Limited

REVISED Report of the Trustees

for the Year Ended 31 August 2025

REFERENCE AND ADMINISTRATIVE DETAILS

Auditors

Brewers Chartered Accountants
Unit 3
Birtley Courtyard
Bramley
Surrey
GU5 0LA

Solicitors

Farrer & Co LLP
66 Lincoln's Inn Fields
London
WC2A 3LH
HCR Legal LLP
Ellenborough House
Wellington Street
Cheltenham
GL50 1YD

Burser and Clerk to the Governors

S Chen Cooper

Head

T Lombard

Website

www.cavendishschool.co.uk

Telephone

020 7485 1958

STATEMENT OF TRUSTEES' RESPONSIBILITIES

Thetrustees(whoarealsothedirectorsofTheCavendishSchoolCharitableTrustLimitedforthepurposes of
companylaw)areresponsibleforpreparingtheReportoftheTrusteesandthefinancialstatements in
accordancewithapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdom Generally
Accepted Accounting Practice).

Companylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyear.Underthatlaw, the
trusteeshaveelectedtopreparethefinancialstatementsinaccordancewithUnitedKingdom Generally
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Undercompanylawthetrusteesmustnotapprovethefinancialstatementsunlesstheyaresatisfiedthat they
giveatrueandfairviewofthestateofaffairsofthecharitablecompanyandoftheincomingresources and
applicationofresources,includingtheincomeandexpenditure,ofthecharitablecompanyforthatperiod. In
preparing those financial statements, the trustees are required to

Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonable accuracy
atanytimethefinancialpositionofthecharitablecompanyandtoenablethemtoensurethatthe financial
statementscomplywiththeCompaniesAct2006.Theyarealsoresponsibleforsafeguardingtheassetsof the
charitablecompanyandhencefortakingreasonablestepsforthepreventionanddetectionoffraud and
other irregularities.

Page 10

The Cavendish School Charitable Trust
Limited

REVISED Report of the Trustees

for the Year Ended 31 August 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

In so far as the trustees are aware:

AUDITORS

Theauditors,BrewersCharteredAccountants,willbeproposedforre-appointmentattheforthcoming Annual
General Meeting.

Reportofthetrustees,incorporatingastrategicreport,approvedbyorderoftheboardoftrustees,as the
company directors, on 20 February 2026 and signed on the board's behalf by:

A M Gotto

A M Gotto (Feb 20, 2026 18:32:13 GMT) 

A M Gotto - Trustee

Page 11

Report of the Independent Auditors to the Members of
The Cavendish School Charitable Trust
Limited

Opinion

WehaveauditedtherevisedfinancialstatementsofTheCavendishSchoolCharitableTrustLimited (the
'charitablecompany')fortheyearended31August 2025whichcomprisetheStatementofFinancial Activities,
theBalanceSheet,theCashFlowStatementandnotestotherevisedfinancialstatements,including a
summaryofsignificantaccountingpolicies.Thefinancialreportingframeworkthathasbeenappliedin their
preparationisapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdom Generally
AcceptedAccountingPractice).Theserevisedfinancialstatementsreplacetheoriginalfinancial statements
approved by the trustees on 2 December 2025.

TherevisedfinancialstatementshavebeenpreparedinaccordancewithTheCompanies(Revision of
DefectiveAccountsandReports)Regulations2008andaccordinglydonottakeaccountofevents which
have taken place after the date the original financial statements were approved.

In our opinion the financial statements:

Basis for opinion

WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK)) and
applicablelaw.OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditors' responsibilities
fortheauditoftherevisedfinancialstatementssectionofourreport.Weareindependentofthe charitable
companyinaccordancewiththeethicalrequirementsthatarerelevanttoourauditoftherevised financial
statementsintheUK,includingtheFRC'sEthicalStandard,andwehavefulfilledourother ethical
responsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidencewe have
obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcernbasis of
accounting in the preparation of the financial statements is appropriate.

Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoevents or
conditionsthat,individuallyorcollectively,maycastsignificantdoubtonthecharitablecompany'sability to
continueasagoingconcernforaperiodofatleasttwelvemonthsfromwhentheoriginal financial
statements were authorised for issue.

Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedin the
relevant sections of this report.

Emphasis of matter - Revision of Report of the Trustees

We drawattentiontothenotesoftherevisedfinancialstatements,whichdescribesthatsomeofthe narrative
in the report of the Trustees has been updated.

Other information

Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformation included
intheAnnualReport,otherthantherevisedfinancialstatementsandourReportoftheIndependent Auditors
thereon.

Ouropinionontherevisedfinancialstatementsdoesnotcovertheotherinformationand,exceptto the
extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Inconnectionwithourauditoftherevisedfinancialstatements,ourresponsibilityistoreadthe other
informationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththe revised
financialstatementsorourknowledgeobtainedintheauditorotherwiseappearsto bemateriallymisstated. If
weidentifysuchmaterialinconsistenciesorapparentmaterialmisstatements,wearerequiredto determine
whetherthisgivesrisetoamaterialmisstatementintherevisedfinancialstatementsthemselves.If,based on
theworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisotherinformation, we
are required to report that fact.  We have nothing to report in this regard.

Page 12

Report of the Independent Auditors to the Members of
The Cavendish School Charitable Trust
Limited

Opinions on other matters prescribed by the Companies Act 2006

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

Inouropinion,theoriginalfinancialstatementsfortheyearended31August2025failedtocomplywith the
requirements of  in the respects identified by the trustees in note 1 to the revised financial statements.

Matters on which we are required to report by exception

Inthelightoftheknowledgeandunderstandingofthecharitablecompanyanditsenvironmentobtained in
the course of the audit, we have not identified material misstatements in the revised Report of the Trustees.

WehavenothingtoreportinrespectofthefollowingmatterswheretheCompaniesAct2006requiresus to
report to you if, in our opinion:

Responsibilities of trustees

As explainedmorefullyintheStatementofTrustees'Responsibilities,thetrustees(whoarealsothedirectors of
thecharitablecompanyforthepurposesofcompanylaw)areresponsibleforthepreparationofthe revised
financialstatementsandforbeingsatisfiedthattheygiveatrueandfairview,andforsuchinternalcontrol as
thetrusteesdetermineisnecessarytoenablethepreparationofrevisedfinancialstatementsthatare free
from material misstatement, whether due to fraud or error.

Inpreparingtherevisedfinancialstatements,thetrusteesareresponsibleforassessingthe charitable
company'sabilitytocontinueasa goingconcern,disclosing,asapplicable,mattersrelatedtogoing concern
andusingthegoingconcernbasisofaccountingunlessthetrusteeseitherintendtoliquidatethe charitable
company or to cease operations, or have no realistic alternative but to do so.

Page 13

Report of the Independent Auditors to the Members of The Cavendish School Charitable Trust Limited

Our 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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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. These matters were discussed amongst the engagement team at the planning stage and the team remained alert to non-compliance throughout the audit. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of Trustees meeting minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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 Report of the Independent Auditors.

We are also required to report whether in we opinion the original financial statements failed to comply with the requirements of in the respects identified by the trustees. The audit of revised financial statements includes the performance of procedures to assess whether the revisions made by the trustees are appropriate and have been properly made.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with the Companies (Revision of Defective Accounts and Reports) Regulations 2008. 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 auditors' 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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Skilton ACA (Senior Statutory Auditor) for and on behalf of Brewers Chartered Accountants Unit 3 Birtley Courtyard Bramley Surrey GU5 0LA

20 February 2026

Page 14 

The Cavendish School Charitable Trust
Limited

Statement of Financial Activities

for the Year Ended 31 August 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
4
Charitable activities
7
General
Other trading activities
5
Investment income
6
Total
EXPENDITURE ON
Raising funds
8
Charitable activities
9
Teaching
Welfare
Premises and Estates
Administration
Governance
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
97
3,729,326
90,997
111,402
3,931,822
13,067
2,298,709
217,220
558,970
754,237
15,239
3,857,442
74,380
5,452,921
5,527,301		 Restricted
fund
£
56,268
-
-
-
56,268
-
21,486
-
4,000
-
-
25,486
30,782
55,983
86,765		 2025
2024
Total
Total
funds
funds
£
£
56,365
23,683
3,729,326
3,738,915
90,997
30,398
111,402
65,490
3,988,090
3,858,486
13,067
13,955
2,320,195
2,350,356
217,220
224,837
562,970
423,821
754,237
645,224
15,239
16,260
3,882,928
3,674,453
105,162
184,033
5,508,904
5,324,871
5,614,066
5,508,904		 
The notes form part of these financial statements

Page 15

The Cavendish School Charitable Trust
Limited

Balance Sheet

31 August 2025

Notes
FIXED ASSETS
Tangible assets
14
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one
year
17
NET ASSETS
FUNDS
19
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
3,848,848
971,410
3,028,315
3,999,725
(1,672,114)
2,327,611
6,176,459
(649,158)
5,527,301		 Restricted
fund
£
-
-
86,765
86,765
-
86,765
86,765
-
86,765		 2025
Total
funds
£
3,848,848
971,410
3,115,080
4,086,490
(1,672,114)
2,414,376
6,263,224
(649,158)
5,614,066
5,527,301
86,765
5,614,066		 2024
Total
funds
£
3,938,942
143,013
4,182,825
4,325,838
(2,046,605)
2,279,233
6,218,175
(709,271)
5,508,904
5,452,921
55,983
5,508,904		 
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon20February 2026
and were signed on its behalf by:

A M Gotto

A M Gotto (Feb 20, 2026 18:32:13 GMT) 

A M Gotto - Trustee

N Rushton (Feb 20, 2026 14:00:06 GMT) 

N J Rushton - Trustee

The notes form part of these financial statements

Page 16

The Cavendish School Charitable Trust Limited

Cash Flow Statement

for the Year Ended 31 August 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash provided by investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2025
2024
£
£
(1,030,297)
1,490,974
(13,067)
(13,955)
(1,043,364)
1,477,019
(53,839)
(9,200)
111,402
65,490
57,563
56,290
(81,944)
(78,685)
(81,944)
(78,685)
(1,067,745)
1,454,624
4,182,825
2,728,201
3,115,080
4,182,825		 
The notes form part of these financial statements

Page 17

The Cavendish School Charitable Trust
Limited

Notes to the Cash Flow Statement

for the Year Ended 31 August 2025

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Interest paid
Increase in debtors
(Decrease)/increase in creditors
Net cash (used in)/provided by operations		 2025
2024
£
£
105,162
184,033
143,933
144,179
(111,402)
(65,490)
13,067
13,955
(828,397)
(19,651)
(352,660)
1,233,948
(1,030,297)
1,490,974

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank and in hand
Debt
Debts falling due within 1 year
Debts falling due after 1 year
Total		 At 1.9.24
£
4,182,825
4,182,825
(81,944)
(253,121)
(335,065)
3,847,760		 Cash flow
£
(1,067,745)
(1,067,745)
33,931
48,013
81,944
(985,801)		 At 31.8.25
£
3,115,080
3,115,080
(48,013)
(205,108)
(253,121)
2,861,959		 
The notes form part of these financial statements

Page 18

The Cavendish School Charitable Trust
Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

1. REVISED FINANCIAL STATEMENTS

The financial statements for the year ended 31 August 2025 have been revised.

They

Some narrative on the Report of the Trustees required updating.

The amendments were only narrative and have no significant consequences.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102,
havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReporting by
Charities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccounts in
accordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland (FRS
102)(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCompaniesAct2006.Thefinancial statements
have been prepared under the historical cost convention.

TheCavendishSchoolCharitableTrustLimitedisacompanylimitedbyguaranteewith registered
number987480,incorporatedanddomiciledinEnglandandWales.Itsregisteredofficeis The
Cavendish School, 31 Inverness Street, London, NW1 7HB.

Going concern

Thetrusteeshaveassessedwhethertheuseofthegoingconcernassumptionisappropriate in
preparingthesefinancialstatements.Thetrusteeshavemadethisassessmentinrespecttoaperiod of
one year from the date of approval of these financial statements.

Theschoolisdependentonpupilsapplyingtoitandonparentstopaytheirfees.Longterm forecasting
ofpupilnumbersisdifficultbutworkcontinuestoraisetheprofileoftheschoolandtomaintain and
enhancetherelationshipswithparents,feederschoolsandnurseriesanddestinationschools. The
schoolhasproducedforecastsforatleast12monthsfromthedateofapprovalofthese financial
statementswhichshowthattheschoolwillhavesufficientfundstocontinueoperatingasa going
concern.

As suchtheSchoolcanexpecttobeabletomeetitsliabilitiesastheyfalldueintheperiodofat least
12monthsfromthedateofapprovaloftheseaccounts.However,therecanbenocertaintyin relation
to these matters.

OnthisbasistheGovernorshaveconcludedthattheSchoolisagoingconcern.The financial
statementsdonotincludeanyadjustmentsthatwouldresultfromtheSchoolnotbeingabletomeet its
liabilities as they fall due.

Company limited by guarantee

Thecompanyislimitedbyguarantee,theguarantorsatthepresenttimebeingtheGovernors,to the
extent of £1 each.

Fees receivable and similar income

Feesreceivableandchargesforservicesanduseofpremisesareaccountedforintheperiodin which
theserviceisprovided.Feesreceivablearestatedafterdeductingallowances,scholarshipsand other
remissions granted by the school.

Donations and fund accounting

continued...

Page 19

The Cavendish School Charitable Trust
Limited

Notes to the Financial Statements - continued for the Year Ended 31 August 2025

2. ACCOUNTING POLICIES - continued

Going concern

Donationsreceivedforthegeneralpurposesoftheschoolareincludedasunrestricted funds.
Donationsrestrictedbythewishesofthedonororthetermsofanappealaretakentorestricted funds.
Donationsrequiredtoberetainedascapitalinaccordancewiththedonor'swishesareaccounted for
as endowments - permanent or expendable according to the nature of the restriction.

Expenditure

Expenditureisallocatedtoexpenseheadings,whichaggregateallcostsrelatingtothecategory either
on a direct cost basis, or apportioned according to time spent.

Liabilitiesarerecognisedassoonasthereisalegalorconstructiveobligationcommittingtheschool to
makeapaymenttoathirdparty,itisprobablethatatransferofeconomicbenefitswillberequired in
settlementandtheamountoftheobligationcanbemeasuredreliably.Allexpenditureis accounted
foronanaccrualsbasisandincludesanyattributableVATwhichcannotberecovered.All expenses
areallocatedorapportionedtotheapplicableexpenditureheadings.Expenditureon charitable
activities comprises expenditure on the provision of education.

GovernancecostscomprisethecostsofrunningtheTrust,includingstrategicplanningforits future
development,externalaudit,andallothercostsofcomplyingwithconstitutionaland statutory
requirements.

Teaching costs

Thecostofteachingandsupportstaffsalaries,includingpensionandnationalinsurancecosts, books,
other tuition expenses and IT support.

Tangible fixed assets and depreciation

Allfixedassetsareusedindirectfurtheranceoftheschool'sobjectives.Fixedassetsareincluded in
thesefinancialstatementsattheiroriginalcostlessdepreciationandaccumulatedimpairment losses
provided to date.

Assetsthatareexpectedtohaveausefuleconomiclifeoflessthanoneyearandcostlessthan £2,000
are not capitalised and are written off in the year of purchase.

Freeholdpropertyisdepreciatedatarateof2%perannumonastraight-linebasisinordertowrite the
buildingsoffovertheirestimatedusefuleconomiclivestotheschool.Certainimprovementsto property
are depreciated on a straight-line basis in order to write off the costs over a period of fifteen years.

Depreciationisprovidedonalltangiblefixedassets,otherthanfreeholdland,atratescalculated to
writeoffthecostslessestimatedresidualvalueofeachasset,byequalannualinstalments,over their
expected useful lives which are considered to be:
Furniture and general
office equipment - 10 years 10% - 20% per annum based on cost
Computer and IT - 3 years 33.3% per annum based on cost
Piano - 30 years 3.33% per annum based on cost 
Thecostoffreeholdpropertyrepresentsthehistoricalvaluerecordedinthebooksof£5,849,407. The
boardareoftheopinionthatthecurrentvalueoftheschool'slandandbuildingissubstantially in
excessofthefigureshowninthefinancialstatements.Thebuildingshaveaninsuredvalue of
£13,225,000 (2024: £13,225,000).

Taxation

The charity is exempt from corporation tax on its charitable activities.

continued...

Page 20

The Cavendish School Charitable Trust
Limited

Notes to the Financial Statements - continued

for the Year Ended 31 August 2025

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments

Whereassetsarefinancedbyfinanceleasesandhirepurchaseagreementstheassetsareincluded in
theBalanceSheetatcostlessdepreciationinaccordancewiththeschool'snormalaccounting policy.
Thepresentvalueoffuturerentalsisshownasaliability.Theinterestelementofrentalobligations is
chargedtotheStatementofFinancialActivitiesovertheperiodoftheleaseinproportionto the
balance of capital payments outstanding.

RentalspaidunderoperatingleasesarechargedtotheStatementofFinancialActivitiesevenly over
the period of the lease.

Pension costs and other post-retirement benefits

Costsincludenormalandsupplementarycontributions.Theregularcostisthenormal contribution,
expressedasapercentageofthesalaryofateachernewlyenteringservice,whichwoulddefray the
costofbenefitspayableinrespectofthatservice.Variationsfromtheregularpensioncostaremet by
asupplementarycontribution.Thisoccursif,asaresultoftheactuarialinvestigation,itisfoundthat the
accumulatedliabilitiesforbenefitstopastandpresentteachersarenotfullycoveredby normal
contributionstobepaidinthefutureandbythefundbuiltupfrompastcontributions.Thenormal and
supplementary contributions are charged to the income and expenditure account in the year.

From1September,theschoolputinplaceadefinedcontributionschemewithAVIVA forthe teaching
staff.

Theschoolalsopayscontributionsintoa GroupPersonalPensionSchemeforSupportstaff.The Scheme
isadefinedcontributionpensionscheme.TheassetsoftheSchemeareheldseparatelyfromthose of
theSchoolinanindependentlyadministeredfund.ThePensionSchemecharge represents
contributions payable by the school in accordance with the rules of the Scheme.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

Cash and cash equivalents

Cashandcashequivalentsincludecashinhand,depositsheldalcallwithbanks,other short-term
liquid investments with original maturities of three months or less.

Financial instruments

ThecompanyhaselectedtoapplytheprovisionsofSection11'BasicFinancialInstruments'and Section
12'OtherFinancialInstrumentsIssues'ofFRS102toallofitsfinancialinstruments.Financial instruments
arerecognisedinthecompany'sbalancesheetwhenthecompanybecomespartytothe contractual
provisionsoftheinstrument.Financialassetsandliabilitiesareoffset,withthenetamountspresented in
thefinancialstatements.whenthereisalegallyenforceablerighttosetofftherecognised amounts
andthereisanintentiontosettleonanetbasisortorealisetheassetandsettlethe liability
simultaneously.

Withtheexceptionsofprepaymentsanddeferredincomeallotherdebtorandcreditorbalances are
consideredtobebasicfinancialinstrumentsunderFRS102.Seenotes14,15and16forthedebtor and
creditor notes.

continued...

Page 21

The Cavendish School Charitable Trust
Limited

Notes to the Financial Statements - continued for the Year Ended 31 August 2025

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Intheapplicationofthecompany'saccountingpolicies,theCouncilisrequiredtomake judgements,
estimatesandassumptionsaboutthecarryingamountofassetsandliabilitiesthatarenot readily
apparentfromothersources.Theestimatesandassociatedassumptionsarebasedon historical
experience and other factors that are considered to be relevant.

Actual results may differ from these estimates.

Theestimatesandunderlyingassumptionsarereviewedonanon-goingbasis.Revisionsto accounting
estimatesarerecognisedintheperiodinwhichtheestimateisrevised,iftherevisionaffectsonly that
period,orintheperiodoftherevisionandfutureperiodsiftherevisionaffectsbothcurrentand future
periods.

IntheopinionoftheCouncilofManagement,theestimatesandassumptionswhichhavea significant
risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical judgements

Useful economic lives;

Theannualdepreciationchargeforproperty,plantandequipmentissensitivetochangesin the
estimatedusefuleconomiclivesandresidualvaluesoftheassets.Theusefuleconomiclives and
residualvaluesarere-assessedannually.Theyareamendedwhennecessarytoreflect current
estimates,basedontechnologicaladvancement,futureinvestments,economicutilisationand the
physicalconditionoftheassets.Seenote12forthecarryingamountoftheproperty,plant and
equipment and note 1.8 for the useful economic lives for each class of asset.

4. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
2025 2024
£ £
Donations & grants 56,365 23,683 
Included within the above is an amount of £56,268 (2024: £21,298) which relates to restricted income.

5. OTHER TRADING ACTIVITIES

6.

OTHER TRADING ACTIVITIES
2025 2024
£ £
Rent & lettings 35,670 28,965
Other income 55,327 1,433
90,997 30,398
INVESTMENT INCOME
2025 2024
£ £
Deposit account interest 111,402 65,490 
continued...

Page 22

The Cavendish School Charitable Trust
Limited

Notes to the Financial Statements - continued for the Year Ended 31 August 2025

7. INCOME FROM CHARITABLE ACTIVITIES

INCOME FROM CHARITABLE ACTIVITIES
Activity
School fees
General
Other educational income
General		 2025
£
3,461,186
268,140
3,729,326		 2024
£
3,477,699
261,216
3,738,915 
Included within the above is an amount of £527 (2024: £6,423) which is supported by restricted income.

8. RAISING FUNDS

Investment management costs

Investment management costs
2025 2024
£ £
Interest payable and similar charges 13,067 13,955

9. CHARITABLE ACTIVITIES COSTS

CHARITABLE ACTIVITIES COSTS
Teaching
Welfare
Premises and Estates
Administration
Governance		 Direct
Costs
£
2,320,195
217,220
562,970
754,237
15,239
3,869,861 
Included within the above is an amount of £20,109 (2024: £9,762) relating to restricted expenditure.

10. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):
31.8.25 31.8.24
£ £
Depreciation - owned assets 143,933 144,175
Audit fees 13,230 14,352

11. TRUSTEES' REMUNERATION AND BENEFITS

Therewerenotrustees'remunerationorotherbenefitsfortheyearended31August2025norfor the
year ended 31 August 2024.

Trustees' expenses

Therewerenotrustees'expensespaidfortheyearended31August2025norfortheyear ended
31 August 2024.

continued...

Page 23

The Cavendish School Charitable Trust
Limited

Notes to the Financial Statements - continued for the Year Ended 31 August 2025

12. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2025
2024
£
£
2,095,174
2,092,710
252,828
229,013
221,199
223,958
2,569,201
2,545,681		 
The average monthly number of employees during the year was as follows:
Teaching
Support		 2025
2024
38
39
9
9
47
48		 
Thenumberofemployeeswhoseemployeebenefits(excludingemployerpensioncosts) exceeded
£60,000 was:
£60,001 - £70,000
£80,001 - £90,000
£100,001 - £110,000
£120,001 - £180,000		 2025
2024
1
4
2
-
-
1
2
1
5
6		 
Pension contributions for the year amounted to £69,592 (2024: £71,021) for the above employees.

KeymanagementpersonnelincludetheGovernorsandtheseniorexecutiveswhicharemadeupof 5
membersoftheSeniorLeadershipTeamincludingtheheadandthebursar.Thetotalpayand benefits
received by management personnel were £567,779 (2024: £597,392).

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
General
Other trading activities
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Teaching
Welfare
Premises and Estates
Administration		 Unrestricted
funds
£
2,385
3,732,492
30,398
65,490
3,830,765
13,955
2,340,594
224,837
423,821
645,224		 Restricted
fund
£
21,298
6,423
-
-
27,721
-
9,762
-
-
-		 Total
funds
£
23,683
3,738,915
30,398
65,490
3,858,486
13,955
2,350,356
224,837
423,821
645,224		 
continued...

Page 24

The Cavendish School Charitable Trust
Limited

Notes to the Financial Statements - continued for the Year Ended 31 August 2025

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Governance
Total
NET INCOME
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
14.
TANGIBLE FIXED ASSETS
COST
At 1 September 2024
Additions
Disposals
At 31 August 2025
DEPRECIATION
At 1 September 2024
Charge for year
Eliminated on disposal
At 31 August 2025
NET BOOK VALUE
At 31 August 2025
At 31 August 2024
15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
Trade debtors
Prepayments and accrued income		 Freehold
property
£
5,660,297
16,620
(404,372)
5,272,545
1,795,905
107,664
(404,372)
1,499,197
3,773,348
3,864,392
YEAR		 Unrestricted
funds
£
16,260
3,664,691
166,074
6,423
172,497
5,280,424
5,452,921
Plant and
machinery
£
17,718
-
-
17,718
17,718
-
-
17,718
-
-		 Restricted
fund
£
-
9,762
17,959
(6,423)
11,536
44,447
55,983
Fixtures
and
fittings
£
406,389
37,219
(239,054)
204,554
331,839
36,269
(239,054)
129,054
75,500
74,550
2025
£
740,738
230,672
971,410		 Total
funds
£
16,260
3,674,453
184,033
-
184,033
5,324,871
5,508,904
Totals
£
6,084,404
53,839
(643,426)
5,494,817
2,145,462
143,933
(643,426)
1,645,969
3,848,848
3,938,942
2024
£
22,114
120,899
143,013		 
continued...

Page 25

The Cavendish School Charitable Trust
Limited

Notes to the Financial Statements - continued for the Year Ended 31 August 2025

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans and overdrafts (see note 18)
Trade creditors
Social security and other taxes
Other creditors
Fees in advance
Accrued expenses
School fee deposits
17.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans (see note 18)
School fee deposits
18.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Amounts falling between one and two years:
Bank loans - 1-2 years
Amounts falling due between two and five years:
Bank loans - 2-5 years
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal		 2025
£
48,013
193,690
206,776
211
1,135,694
13,230
74,500
1,672,114
2025
£
205,108
444,050
649,158
2025
£
48,013
37,365
122,943
44,800		 2024
£
81,944
38,007
53,948
31,392
1,777,884
14,230
49,200		 2024
£
81,944
38,007
53,948
31,392
1,777,884
14,230
49,200
2,046,605
2024
£
253,121
456,150
709,271
2024
£
81,944
48,013
117,463
87,645 
Thebankloansaresecuredbyfirstandsecondfixedchargesoverthefreeholdpropertysituatedat 31
Inverness Street, NW1 7HB (previously referred to as 179 Arlington Road, London NW1 7EY).

continued...

Page 26

The Cavendish School Charitable Trust
Limited

Notes to the Financial Statements - continued for the Year Ended 31 August 2025

19. MOVEMENT IN FUNDS

At 1.9.24
£
Unrestricted funds
General fund
1,684,654
Tangible FIxed Asset fund
3,679,470
Head's discretionary fund
4,838
Hardship Funds
83,959
5,452,921
Restricted funds
Restricted fund
55,983
TOTAL FUNDS
5,508,904
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
3,931,822
Head's discretionary fund
-
3,931,822
Restricted funds
Restricted fund
56,268
TOTAL FUNDS
3,988,090
Comparatives for movement in funds
Net
movement
At 1.9.23
in funds
£
£
Unrestricted funds
General fund
1,530,861
166,667
Tangible FIxed Asset fund
3,660,173
-
Head's discretionary fund
5,431
(593)
Hardship Funds
83,959
-
5,280,424
166,074
Restricted funds
Restricted fund
44,447
17,959
TOTAL FUNDS
5,324,871
184,033		 Net
movement
in funds
£
79,127
-
(4,747)
-
74,380
30,782
105,162
Resources
expended
£
(3,852,695)
(4,747)
(3,857,442)
(25,486)
(3,882,928)
Transfers
between
funds
£
(12,874)
19,297
-
-
6,423
(6,423)
-		 At
31.8.25
£
1,763,781
3,679,470
91
83,959
5,527,301
86,765
5,614,066
Movement
in funds
£
79,127
(4,747)
74,380
30,782
105,162
At
31.8.24
£
1,684,654
3,679,470
4,838
83,959
5,452,921
55,983
5,508,904		 
continued...

Page 27

The Cavendish School Charitable Trust
Limited

Notes to the Financial Statements - continued for the Year Ended 31 August 2025

19. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Head's discretionary fund
Restricted funds
Restricted fund
TOTAL FUNDS		 Incoming
resources
£
3,828,380
2,385
3,830,765
27,721
3,858,486		 Resources
expended
£
(3,661,713)
(2,978)
(3,664,691)
(9,762)
(3,674,453)		 Movement
in funds
£
166,667
(593)
166,074
17,959
184,033		 
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
Tangible FIxed Asset fund
Head's discretionary fund
Hardship Funds
Restricted funds
Restricted fund
TOTAL FUNDS		 At 1.9.23
£
1,530,861
3,660,173
5,431
83,959
5,280,424
44,447
5,324,871		 Net
movement
in funds
£
245,794
-
(5,340)
-
240,454
48,741
289,195		 Transfers
between
funds
£
(12,874)
19,297
-
-
6,423
(6,423)
-		 At
31.8.25
£
1,763,781
3,679,470
91
83,959
5,527,301
86,765
5,614,066 
A currentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedin the
above are as follows:
Unrestricted funds
General fund
Head's discretionary fund
Restricted funds
Restricted fund
TOTAL FUNDS		 Incoming
resources
£
7,760,202
2,385
7,762,587
83,989
7,846,576		 Resources
expended
£
(7,514,408)
(7,725)
(7,522,133)
(35,248)
(7,557,381)		 Movement
in funds
£
245,794
(5,340)
240,454
48,741
289,195

Restricted funds

Therestrictedfundsoftheschoolincludeincomecomprisingdonations,grantsandother income
receivedontrusttobeusedforbursaries,EarlyYearssupportanddedicatedclassroom assistant
support.

continued...

Page 28

The Cavendish School Charitable Trust
Limited

Notes to the Financial Statements - continued
for the Year Ended 31 August 2025

19. MOVEMENT IN FUNDS - continued

Unrestricted funds

Thetangiblefixedassetsfundrepresentsthenetbookvalueoftheschool'stangiblefixedassetsless the
relatedloans.Adecisionwasmadetoseparatethisfundfromthegeneralfundoftheschool in
recognitionofthefactthatthetangiblefixedassetsareessentialtothedaytodayworkofthe school
andasasuchtheirvalueshouldnotberegardedasfundsthatwouldberealisablewitheasein order
to meet future contingencies.

Atransferoccurseachyearfromthetangiblefixedassetsfundtotheunrestrictedfundsfor the
deprecation element of the fixed assets.

Therehasbeenatransferfromtherestrictedfundsformonieswhichhavebeenspentin the
unrestricted funds.

Designated Fund

TheHead'sDiscretionaryFundisfundedbydonationsfromparentsandusedatthediscretionof the
Head in order to assist the development and welfare of individual pupils.

20. RELATED PARTY DISCLOSURES

Two(2024:three)Governorswhoarealsoparentshadchildrenattendingtheschoolduring the
financial year. Fees paid by the Governors are the same as fees paid by others.

Theschoolhaspurchasedinsurancetoprotecttheschoolfromlossarisingfromtheneglector defaults
ofitsGovernors.Theinsurancepremiumpayablebytheschoolduringtheyeartotalled£1,178 (2024:
£1,178) and provides cover of up to a maximum of £2 million.

Duringtheyearnogovernorswereawardedgifts(2024:£nil)fortheassistance.Duringtheyear two
parentswhowereGovernorsdonated£2,028totheSchool'snewPlaygroundProject(2024:£nilto the
School's Bursary Fund).

Page 29

Cavendish School - YE 31.08.25 Revised

(20.02.26)

Final Audit Report

2026-02-20

Created: 2026-02-20 By: Jonathan Skilton (jskilton@bg-brewers.com) Status: Signed Transaction ID: CBJCHBCAABAA1ArqtTt9XeSSWKN7GbAhQLr7wWgZPUr0

"Cavendish School - YE 31.08.25 Revised (20.02.26)" History

2026-02-20 - 1:26:02 PM GMT

Document emailed to A M Gotto (agotto@cavendish-school.co.uk) for signature 2026-02-20 - 1:26:08 PM GMT

Document emailed to N Rushton (nrushton@cavendish-school.co.uk) for signature 2026-02-20 - 1:26:09 PM GMT

Signature Date: 2026-02-20 - 2:00:06 PM GMT - Time Source: server

Agreement completed. 2026-02-20 - 6:37:26 PM GMT