``` 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: ``` - `Strategic` - `Operational` - `Financial` ``` - Regulatory ``` - `Cyber - Political and economic` ``` 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 ``` - `select suitable accounting policies and then apply them consistently;` - `observe the methods and principles in the Charities SORP;` - `make judgements and estimates that are reasonable and prudent;` - `prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.` ``` 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: ``` - `there is no relevant audit information of which the charitable company's auditors are unaware; and` - `the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.` ## **`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:` - `give a true and fair view, seen as at the date the original financial statements were approved, of the state of the charitable company's affairs as at 31 August 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;` - `have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice seen as at the date the original financial statements were approved; and` - `have been prepared in accordance with the requirements of the Companies Act 2006 as they have effect under the Companies (Revision of Defective Accounts and Reports) Regulations 2008.` ## **`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: ``` - `the information given in the revised Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and` - `the revised Report of the Trustees has been prepared in accordance with applicable legal requirements.` ``` 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: ``` - `adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or` - `the revised financial statements are not in agreement with the accounting records and returns; or` - `certain disclosures of trustees' remuneration specified by law are not made; or` - `we have not received all the information and explanations we require for our audit.` ## **`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 ``` - `replace the original financial statements;` - `are now the statutory financial statements;` - `are prepared as they were at the date of the original financial statements and not as at the date of revision and accordingly do not deal with events between those dates.` ``` 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 - Document created by Jonathan Skilton (jskilton@bg-brewers.com) 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 - Document emailed to Jonathan Skilton (jskilton@bg-brewers.com) for signature 2026-02-20 - 1:26:09 PM GMT - Email viewed by N Rushton (nrushton@cavendish-school.co.uk) 2026-02-20 - 1:57:56 PM GMT - Document e-signed by N Rushton (nrushton@cavendish-school.co.uk) Signature Date: 2026-02-20 - 2:00:06 PM GMT - Time Source: server - Email viewed by A M Gotto (agotto@cavendish-school.co.uk) 2026-02-20 - 2:01:05 PM GMT - Document e-signed by A M Gotto (agotto@cavendish-school.co.uk) Signature Date: 2026-02-20 - 6:32:13 PM GMT - Time Source: server - Email viewed by Jonathan Skilton (jskilton@bg-brewers.com) 2026-02-20 - 6:36:40 PM GMT - Document e-signed by Jonathan Skilton (jskilton@bg-brewers.com) Signature Date: 2026-02-20 - 6:37:26 PM GMT - Time Source: server Agreement completed. 2026-02-20 - 6:37:26 PM GMT