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2025-08-31-accounts

Company Number 00571803 Charity Number 312739

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED (A COMPANY LIMITED BY GUARANTEE) REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED CONTENTS

YEAR ENDED 31 AUGUST 2025

Page
School information 1
Governors’ Report 3
Independent Auditor’s Report 11
Statement of financial activities 16
Balance sheet 17
Cash flow statement 18
Notes to the accounts 19

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED SCHOOL INFORMATION

YEAR ENDED 31 AUGUST 2025

GOVERNORS, DIRECTORS AND CHARITY TRUSTEES:

The Governors present their report and the audited accounts for the year ended 31[st] August 2025. The accounts comply with current statutory requirements, the requirements of the charity’s governing document and the requirements of the Charities SORP (FRS 102).

Bute House Preparatory School for Girls (‘the School’) operates as a charitable company limited by guarantee (for further details see page three below).

The Governors are the School’s charity trustees under charity law and the directors of the charitable company. The Governors who served during the year and subsequently are detailed below:

Governors & Committees: Finance Bursary Nominations Education Mr J Beckitt (Chair) * * * Mrs A Barron * Mr J Brough * Ms J Farquharson (appointed 24 April 2025) * Dr R Gogna (appointed 26 July 2025) * Ms K Green (appointed 8 September 2025) * Mr M Hauger * Mrs S Paillasse * * Mr M Perry (resigned 16 April 2025) * * * Mrs D Pierce-Burgess * * Mrs P McAndrew (Vice-Chair) * * * Dr L Proudfoot (appointed 20 August 2025) Mrs V Samuel * Mr D Scott * Dr M Sherman (resigned 16 April 2025) Mr O Snowball (appointed 24 April 2025) Mr R Tillett (app 25 Feb - res 18 Sept 2025) Mr R Watney (resigned 26 July 2025) *

An asterisk (*), indicates membership of a Committee. Other ad hoc committees operate as required. The Finance Committee’s full title is the Finance, Operations & Risk Committee.

HEAD

Ms Sian Bradshaw

BANKERS

Barclays Bank PLC 1 Churchill Place Canary Wharf London E14 5HP

Page 1

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED SCHOOL INFORMATION

YEAR ENDED 31 AUGUST 2025

SOLICITORS

Veale Wasborough Vizards LLP 24 King William Street London EC4R 9AR

AUDITOR

Saffery LLP 71 Queen Victoria Street London EC4V 4BE

DIRECTOR OF FINANCE AND OPERATIONS

Miss E Bunting MA FCCA (resigned June 2025) Major (Retd) I S McLaughlin MSc CMgr FCMI (appointed June 2025)

CLERK TO THE GOVERNORS AND COMPANY SECRETARY

Mrs J Watkiss

REGISTERED OFFICE

Bute House Luxemburg Gardens London W6 7EA

Company Registration Number 00571803 Charities Registration Number 312739

Page 2

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED GOVERNORS’ REPORT

YEAR ENDED 31 AUGUST 2025

GOVERNORS’ REPORT

Principal Activity

The School operates as a charitable company (“the Company”) limited by guarantee, and accordingly its constitution is set out in its Memorandum and Articles of Association. The objects of the Company are ‘ to advance education, including, without limitation, by conducting the school known as Bute House Preparatory School for Girls and any other school or schools, for girls or boys, as the Governors may think fit; and purposes incidental or ancillary to the same ’.

The powers of the Company are set out in the Articles, which may be exercised only in promoting its objects. The powers set out in the Articles relate primarily to the acquisition, use and disposal of assets of the Company, including investments in funds not immediately required for the Company’s charitable purposes.

Governing Body

The School’s Governors are its Directors and Charity Trustees. They are required under the Articles of Association to serve as members of the Company. They are elected at a meeting of the Directors. New Directors are recommended to the Governors by the Nominations Committee on the basis of the skills and experience which he or she would bring to the Governing Body.

Governors serve terms of office of four years from the date of their appointment and are eligible for re-election for one further term of office of four years. The Governors who served during the year are shown on page one.

The reporting period saw two long standing Governors retire from the Board on completion of their terms, but popularity of the School saw recruitment of new Governors with a wide range of skills that will benefit the School. The School values the relationship with The Wardens and Commonalty of the Mystery of Mercers of the City of London, the freeholder of the land on which the School stands, and which granted a 125-year lease in 1997. The School is fortunate to have two Mercers appointed to the board alongside nine Governors who are parents of past pupils.

Recruitment, Induction and Training of Governors

Between 5 and 15 Governors are selected by reference to their eligibility, personal competence and specialist skills. On appointment new Governors are inducted into the workings of the Governing Body and of the School via a formal process. The induction pack provided to Governors includes a number of School documents and policies including:

Page 3

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED GOVERNORS’ REPORT (CONTINUED)

YEAR ENDED 31 AUGUST 2025

Individual Governors attend tailored training courses in key aspects of school governance and management run by such bodies as AGBIS (Association of Governing Bodies Independent Schools), IAPS (Independent Association of Preparatory Schools) and ISBA (Independent Schools’ Bursars Association). In addition, Governors have attended safeguarding training provided for all staff at the School or via an online course.

Organisational Management

Responsibility for the overall management and organisation of the School rests with the Governors, who meet at least termly. They are supported in carrying out their responsibilities by committees largely made up of Governors, including the Education Committee and Finance, Operations and Risk Committee, which meet at least once a term prior to the Governors’ meeting. The Bursary Committee and the Nominations Committee meet as required. Further oversight is given by the Governors’ contribution on regular School visits where they have opportunities to meet staff, parents and pupils, and take time to visit classes, alongside contributions to committees including Health and Safety and safeguarding checks.

The day to day management of the School is delegated to the Head supported by the Senior Leadership Team (SLT), which includes the Senior Deputy Head, Director of Finance and Operations, Deputy Head (Academic), the Assistant Head (Pastoral) and the Director of People and Development (newly appointed role to the SLT). Collectively, the SLT lead their specified areas under the Head’s direction and meet weekly to coordinate School academic delivery and operations.

Page 4

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED GOVERNORS’ REPORT (CONTINUED)

YEAR ENDED 31 AUGUST 2025

STRATEGIC REPORT

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Operational Performance of the School

The operational performance of the School and its achievements against the context of the School’s aims are led by the Head, supported by the SLT.

The 2024–25 academic year has been another period of exceptional achievement, innovation, and stability at Bute House. The School continues to deliver an outstanding education for girls aged 4–11, underpinned by a strong sense of care, curiosity, and community. Academic outcomes, enrichment opportunities, and pastoral care have all remained excellent, reflecting the skill and commitment of staff and the enthusiasm of pupils.

The 11+ results for the 2024–25 cohort were once again excellent. Sixty-three girls sat the 11+ examinations, with a record number of offers to selective London day and boarding schools. The majority progressed to top-tier London day schools such as St Paul’s Girls’ School, Godolphin & Latymer, Latymer Upper, and Notting Hill & Ealing High School. Multiple scholarships were achieved across academic, sport, music, and art disciplines. Boarding destinations included Wycombe Abbey, Cheltenham Ladies’ College, and Benenden.

The academic data has again shown consistently high levels of progress and attainment across all year groups, with the majority of pupils meeting or exceeding expected progress in both English and Maths. Internal data shows that more than 40% of girls made 'much higher than expected' progress in Maths and 18% in English.

The teaching and learning culture has been further enhanced by the School’s Instructional Coaching Programme, led by the SLT and now embedded across all departments. All staff are engaged in reflective practice, and teachers continue to challenge themselves through exploring strategies such as no-hands-up questioning, structured peer quizzing, and retrieval practice. The impact has been clear in improved pupil engagement and consistency of teaching quality across the School.

Principal achievements during the year:

Page 5

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED GOVERNORS’ REPORT (CONTINUED)

YEAR ENDED 31 AUGUST 2025

around key questions such as 'Where does power come from?' and 'What makes us healthy?', designed to deepen understanding across disciplines.

PUBLIC BENEFIT AND COMMUNITY RELATIONSHIPS

Public Benefit

The School’s key public benefit is delivered through the provision of an education for 4-11 year-old girls.

The School continues to advance its charitable purpose community partnership and is proud that with completion of the Safe Space project, it can widen community access and develop new partnerships that serve to promote good causes and wellbeing. Highlights of partnership work this year included:

Community Relationships

The School continues to support the local community association and partners with Hammersmith and Fulham Gym Club, which uses the hall. The School held a Harvest Festival Celebration in which pupils brought in food goods to be distributed to Nazareth House, Hammersmith, a local care home.

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BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED GOVERNORS’ REPORT (CONTINUED)

YEAR ENDED 31 AUGUST 2025

Additionally, the School continues to be a part of The Children’s Book Project and support the Friends of Brook Green with their annual fundraising quiz night.

Bute House has established links with several charities: West London Welcome, which the School supports with an annual donation as well as with their ‘pair up’ scheme to provide shoes for children who are refugees or asylum seekers. Donations are made to support national charity initiatives such as the Royal British Legion Poppy appeal and each year, pupils choose their own charity to support, which is, in turn, supported by the Bute House Family Partnership, a parents led community to support and promote Bute House.

Bursaries

The School currently provides means-tested financial support to a number of families via discounted tuition fees for pupils who met the School’s normal entry requirements, and whose parents have demonstrated their inability to afford a full fee-paying place. The Governors have made the difficult decision to pause this offer for new applicants from 2025 – 2026 in order to assess the wider impact of taxation on the School.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The School reported a surplus of £1,027,181 (2024: surplus of £869,669) from its normal operating activities in the year. In addition a net surplus of £177,584 (2024: £796,991) was generated by restricted funds. The majority of restricted funding was in respect of building projects and a transfer of £151,849 was made to unrestricted funds to reflect the value of building work capitalised which satisfied the restriction.

The movement in the net financial position year on year reflects an increase in the number of pupils. The School continues to pay rent to the Mercers’ Company for the land on which the School stands.

Pupil numbers have risen again: 324 (2024: 323) and demand for 4+ and 7+ entry remains high. It is anticipated that the School will continue to capitalise on its popularity and continue to fill empty places. Total operating expenditure rose year on year to £7.518m, (2024: £7.183m), and staffing costs accounted for 66% of total expenditure (2024: 66%).

Restricted funds of £275,416 (2024: £859,099) were received during the year.

Net assets increased to £11,385,086 (2024: £10,180,321) and overall, the Governors are satisfied with the financial position of the School in relation to its ongoing commitments.

INVESTMENT POLICY

The School does not have significant investments apart from its cash holdings. However, the Governors recognise the necessity to have a coherent approach which, while remaining cautious, conservative and flexible, must be able to meet the demands of the strategic plan, future development and reactive operational needs. Permitted investments:

Page 7

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED GOVERNORS’ REPORT (CONTINUED)

YEAR ENDED 31 AUGUST 2025

Funds are held with Barclays Bank plc with interest income benefiting from sustained higher rates through fixed period treasury accounts. Investments are restricted to UK-regulated banks rated P1/A1/F1.

RESERVES POLICY

The Governors regularly review the level and nature of the reserve funds of the School to ensure prudent financial resilience.

As at 31 August 2025, the School held free reserves of £3,811,798 (2024: £2,610,892), an increase of £1,200,906 representing just over one term’s expenditure. Fixed asset reserves increased to £7,410,454 (2024; £7,432,330).

The Governors’ long term intention is to maintain the free reserves to cover unforeseen risks. Currently this is targeted at the equivalent of approximately one term’s expenditure. Governors are also committed to maintaining and developing the School’s premises and equipment, which are key to delivering the School’s aims.

The Governors believe that the School has adequate financial resources and is well placed to manage its business risks. The School’s planning process, including financial projections, has taken into consideration the effect of the current economic climate on the School’s key sources of income and planned expenditure. The Governors have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future, and is able to meet its objectives. The Governors believe that there are no material uncertainties that call into doubt the School’s ability to continue to operate. The accounts have therefore been prepared on the basis that the School is a going concern.

RISK MANAGEMENT

The Governors have assessed the major risks to which the School is exposed, in particular those relating to the operations and finances of the School, and are satisfied that systems are in place to manage exposure to those major risks within acceptable bounds.

The Governors maintain a robust oversight of the School’s risk management framework through the Finance, Operations & Risk Committee. Recent improvements include a comprehensive review and revision of the School’s Risk Register which better articulates risk to enable, treat, tolerate and terminate mitigation and assessment. This is supplemented by a revised Crisis Management Plan, and the introduction of a platform ‘SafeSmart’ to assist in the management of health, safety, fire and operations risk ’, which will be fully embedded by summer 2026. Risks and controls are also regularly reviewed by the Head and Director of Finance and Operations and reported to the Finance, Operations & Risk Committee.

FUNDRAISING

The Governors take their responsibility under the Charities (Protection and Social Investment) Act 2016 seriously and have considered the implications on the School’s activities. The School has undertaken fundraising activity in the current year.

Page 8

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED GOVERNORS’ REPORT (CONTINUED)

YEAR ENDED 31 AUGUST 2025

The School follows the Fundraising Regulator’s Code of Practice, has established a Fundraising Committee and has a Fundraising Policy and anti-money laundering policy in place. Fundraising remains limited to voluntary donations from the School community, with the majority of fundraising from current and past parents and alumni, as well as connected organisations.

No professional fundraisers were employed and no unsolicited fundraising took place. The School does not actively solicit donations from the wider general public and will not accept donations from anyone who does not have a connection with the School, in line with its Fundraising Policy.

The Governors are not aware of any complaints made in respect of fundraising during the period.

PRINCIPAL RISKS AND UNCERTAINTIES

Major risks to the School are considered to come from any physical or emotional harm to the pupils or staff, to the School’s reputation, damage to its fabric, from its ability to attract and retain good staff, or from a serious incident. Key risks identified include safeguarding and pupil welfare, financial stability, staffing and recruitment, reputational management, infrastructure resilience, and cyber and security, resulting in a data breach or denial of access. The Governors are satisfied that systems and controls are in place to manage these risks effectively.

To help deal with these issues:

PLANS FOR THE FUTURE

The School’s key objective is to educate all its pupils in a challenging, happy and supportive environment, to be at the forefront of educational development, and to place its leavers in schools appropriate to their personalities and their abilities. The School is well placed to meet these objectives through the continued investment in staffing and premises. The School’s Partnerships work with the local community continues to expand and we look forward to welcoming new initiatives that give opportunities to local young people through the use of our School and staff.

The School’s strategic focus for 2025–26 includes: embedding the Instructional Coaching model; expanding pastoral and wellbeing support; deepening community partnerships; and implementing a growth strategy which will embed financial resilience and ensure the School’s future. This will allow the School to explore opportunities to widen the offer and increase pupil numbers, the foundation of which will be the Estate Masterplan with an emphasis on sustainability and accessibility.

Page 9

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED GOVERNORS’ REPORT (CONTINUED)

YEAR ENDED 31 AUGUST 2025

AUDITORS

Saffery LLP have expressed their willingness to continue as auditors for the next financial year.

STATEMENT OF GOVERNORS’ RESPONSIBILITIES

The Governors (who are also directors of Bute House Preparatory School for Girls Limited for the purposes of company law and the Trustees for the purposes of the Charities Act 2011) are responsible for preparing the Governors’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Governors are aware:

This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Governors of Bute House Preparatory School for Girls, including in their capacity as company directors approving the Strategic Report contained therein.

This report was approved by the Governors on

2026 and signed on their behalf by:

………………………………………………. Jonathan Beckitt Chair of Governors

Page 10

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED INDEPENDENT AUDITOR’S REPORT

YEAR ENDED 31 AUGUST 2025

Opinion

We have audited the financial statements of Bute House Preparatory School for Girls Limited for the year ended 31 August 2025 which comprise the statement of financial activities, balance sheet, cash flow statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Page 11

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED INDEPENDENT AUDITOR’S REPORT (CONTINUED)

YEAR ENDED 31 AUGUST 2025

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

Page 12

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED INDEPENDENT AUDITOR’S REPORT (CONTINUED)

YEAR ENDED 31 AUGUST 2025

Responsibilities of trustees

As explained more fully in the Governors’ Responsibilities Statement set out on page 10, the trustees (who are referred to as Governors throughout this document and are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates.

Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales.

Further the charity is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, through significant fine, litigation or restrictions on the charity’s operations. We identified the most significant laws and

Page 13

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED INDEPENDENT AUDITOR’S REPORT (CONTINUED)

YEAR ENDED 31 AUGUST 2025

regulations to be the Independent Schools Standards as found in the Education and Skills Act 2008 and guidance issued by the Department for Education.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED INDEPENDENT AUDITOR’S REPORT (CONTINUED)

YEAR ENDED 31 AUGUST 2025

Use of our report

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

Cara Turtington (Senior Statutory Auditor) for and on behalf of Saffery LLP

71 Queen Victoria Street London Statutory Auditors EC4V 4BE

Date:

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Page 15

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 AUGUST 2025

Notes
INCOME AND ENDOWMENTS FROM
Charitable activities
School fees
2
Other educational income
Registration fees and other
Other activities to generate funds
Investment income
Donations
3
Other activities
3
Total income
TOTAL EXPENDITURE ON
Raising funds
4
Charitable activities
School operating costs and grants
Total expenditure
5
Net income/(expenditure)
Actuarial gain/(loss) on defined
benefit pension scheme
16
Transfers
11
Net movement in funds
Total funds brought forward
Total funds carried forward
11		 Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£
£
£
£
7,678,774
-
7,678,774
7,248,989
476,506
-
476,506
451,028
75,091
-
75,091
67,625
193,251
-
193,251
199,000
-
275,416
275,416
859,099
24,250
-
24,250
24,057
8,447,872
275,416
8,723,288
8,849,798
9,634
-
9,634
7,473
7,411,057
97,832
7,508,889
7,175,665
7,420,691
97,832
7,518,523
7,183,138
1,027,181
177,584
1,204,765
1,666,660
-
-
-
(1,965)
151,849
(151,849)
-
-
1,179,030
25,735
1,204,765
1,664,695
10,043,222
137,099
10,180,321
8,515,626
11,222,252
162,834
11,385,086
10,180,321

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.

The notes on pages 19 to 34 form part of these financial statements.

Page 16

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED BALANCE SHEET

AS AT 31 AUGUST 2025

Note
2025
£
£
Fixed assets
Tangible fixed assets
8
7,410,454
Current assets
Debtors
9
266,223
Cash at bank and in hand
6,425,885
6,692,108
Creditors: amounts falling due
within one year
10
(2,717,476)
Net current assets
3,974,632
Total assets less current liabilities
11,385,086
Creditors:amounts falling due after
one year
-
Net assets before pension liability
11,385,086
Defined benefit pension scheme
16
-
Net assets
11,385,086
Funds
Unrestricted funds
General funds
3,811,798
Fixed assets fund
7,410,454
Bursary fund
-
11,222,252
Restricted funds
162,834
Total funds
11
11,385,086
The notes on pages 19 to 34 form part of these financial statements.
Approved by the Board of Governors and authorised for issue on
its behalf by:
…………………………………………
Jonathan Beckitt
Chair		 £
266,223
6,425,885		 2025
£
7,410,454
3,974,632		 £
196,128
5,708,936		 2024
£
7,432,330
2,949,760
6,692,108
(2,717,476)		 5,905,064
(2,955,304)
3,811,798
7,410,454
-		 2,610,892
7,432,330
-
11,385,086
-		 10,382,090
-
11,385,086
-		 10,382,090
(201,769)
11,385,086 10,180,321
11,222,252
162,834		 10,043,222
137,099
2026 and
11,385,086 10,180,321
signed on

Company registration number 00571803

Page 17

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED CASH FLOW STATEMENT

YEAR ENDED 31 AUGUST 2025

2025
2024
£
£
£
£
Cash flows from operating activities:
Net cash provided by/(used in)
operating activities
(see below)
1,145,176
2,111,452
Cash flows from investing activities:
Purchase of property, plant and equipment
(632,533)
(982,768)
Interest received
204,306
173,663
Net cash provided by/(used in) investing
activities
(428,227)
(809,105)
Cash flows from financing activities:
Repayment of bank loan
-
-
Net cash provided by/(used in) financing
activities
-
-
Change in cash and cash equivalents in the reporting period
716,949
1,302,349
Cash and cash equivalents at the beginning of the period
5,708,936
4,406,589
Cash and cash equivalents at the end of the period
6,425,885
5,708,936
Reconciliation of net income/(expenditure) to net cash flow from operating activities
Net income/(expenditure) for the reporting period
1,204,765
1,666,660
Adjustments for:
Non- cash movement on Independent Schools’ Pension Scheme
-
(1,965)
Depreciation charges
388,700
337,332
VAT adjustment on fixed assets
37,741
-
Interest receivable
(193,251)
(199,000)
Loss/(profit) on the sale of fixed assets
4,359
2,993
(Increase)/decrease in debtors
(81,150)
(28,713)
Increase/(decrease) in creditors
(215,988)
334,145
Net cash provided by/(used in) operating activities
1,145,176
2,111,452
Analysis of changes in net debt
At the
start of
year
Cash
flows
At the
end of
year
Cash
5,708,936
716,949
6,425,885		 2025
2024
£
£
£
£
Cash flows from operating activities:
Net cash provided by/(used in)
operating activities
(see below)
1,145,176
2,111,452
Cash flows from investing activities:
Purchase of property, plant and equipment
(632,533)
(982,768)
Interest received
204,306
173,663
Net cash provided by/(used in) investing
activities
(428,227)
(809,105)
Cash flows from financing activities:
Repayment of bank loan
-
-
Net cash provided by/(used in) financing
activities
-
-
Change in cash and cash equivalents in the reporting period
716,949
1,302,349
Cash and cash equivalents at the beginning of the period
5,708,936
4,406,589
Cash and cash equivalents at the end of the period
6,425,885
5,708,936
Reconciliation of net income/(expenditure) to net cash flow from operating activities
Net income/(expenditure) for the reporting period
1,204,765
1,666,660
Adjustments for:
Non- cash movement on Independent Schools’ Pension Scheme
-
(1,965)
Depreciation charges
388,700
337,332
VAT adjustment on fixed assets
37,741
-
Interest receivable
(193,251)
(199,000)
Loss/(profit) on the sale of fixed assets
4,359
2,993
(Increase)/decrease in debtors
(81,150)
(28,713)
Increase/(decrease) in creditors
(215,988)
334,145
Net cash provided by/(used in) operating activities
1,145,176
2,111,452
Analysis of changes in net debt
At the
start of
year
Cash
flows
At the
end of
year
Cash
5,708,936
716,949
6,425,885
1,302,349
4,406,589
5,708,936
1,666,660
(1,965)
337,332
-
(199,000)
2,993
(28,713)
334,145

Net income/(expenditure) for the reporting period
Adjustments for:
Non- cash movement on Independent Schools’ Pension Scheme
Depreciation charges
VAT adjustment on fixed assets
Interest receivable
Loss/(profit) on the sale of fixed assets
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
Analysis of changes in net debt
At the
start of
year
Cash
5,708,936
2,111,452
At the
end of
year
6,425,885

Page 18

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED NOTES TO THE ACCOUNTS

YEAR ENDED 31 AUGUST 2025

Charity information

Bute House Preparatory School for Girls is a registered charity (No. 312739) and company (No. 00571803) which is incorporated and registered in England and Wales. The address of the registered office is Bute House, Luxemburg Gardens, London, W6 7EA.

The charity is a company limited by guarantee. In the event of the charity being wound up, the liability of members in respect of the guarantee is limited to £1. At 31 August 2025, the total of such guarantees was £14 (2024: £9).

1. Accounting policies

1.1 Basis of accounting

The accounts have been prepared in accordance with the Companies Act 2006 and the ‘Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements are prepared on the historical cost basis excepting the revaluation of investments.

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

The Charity constitutes a public benefit entity as defined by FRS 102.

1.2 Going concern

Having reviewed the funding facilities available to the School together with the expected ongoing demand for places and the School's future projected cash flows, the Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the School's financial viability. Accordingly, they also continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Governors’ Responsibilities.

1.3 Income

Fees receivable and similar earned income are credited to the Statement of Financial Activities (SOFA) in the year for which they are due. Deferred income represents amounts received for future periods and is released to the SOFA in future periods when the service is provided.

Fees due in respect of Bursary Students are deducted from fee income and a transfer is made from the Bursary Fund to the General Reserve to cover the Bursary Fee income, when funds are available.

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

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BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2025

Gifts of assets and services are recognised at the time of receipt at their value to the charity when the benefit is reasonable, measurable and quantifiable.

1.4 Expenditure

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities. The School is registered for VAT and accordingly expenditure is shown gross of VAT where it is not recoverable.

Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources. Governance costs are those incurred in connection with the administration of the charity and in compliance with constitutional and statutory requirements.

1.5 Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold premises Over 50 years on cost
Work in progress Not depreciated
Plant and equipment:
Computer equipment 33% per annum
Fixtures, fittings and equipment 10% per annum

Assets purchased which cost less than £500 are not capitalised and are expensed to the Statement of Financial Activities in the year in which they are purchased.

The School negotiated with the Mercers' Company to grant a new lease for 125 years which took effect from 24 December 1997. Amortisation of the School's premises is charged over 50 years on a straight line basis, with effect from 1 September 1998.

1.6 Investments

Fixed asset investments held for charitable purposes are stated at market value. Unrealised gains and losses arising on the revaluation of fixed asset investments during the year are credited or charged to the Statement of Financial Activities under 'Unrealised gain on investments'.

1.7 Debtors

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

1.8 Cash at bank and in hand

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

Page 20

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2025

1.9 Creditors

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

1.10 Funds

General funds are unrestricted funds available for use at the discretion of the Governors to further the general objectives of the School that have not been designated for other purposes.

Designated funds, comprising the fixed asset fund which is maintained at the amount of net tangible fixed assets and the bursary fund, are unrestricted funds that have been set aside by the Governors for particular purposes.

Restricted funds are funds that the School has received subject to specific restrictions imposed by the donor.

1.11 Pension costs

The School contributes to one independently administered defined benefit pension schemes: the Teachers' Pension Defined Benefit Scheme. The School contributes to this scheme at rates set by the schemes' actuaries and advised to the School by the scheme's administrators. The schemes are multiemployer pension schemes and it is not possible to identify the assets and liabilities of the schemes which are attributable to the School.

The School also contributes to one defined contribution scheme, contributions by the School are accrued as they fall due.

1.12 Taxation

The School is a registered charity and its income is not liable to taxation as it is applied to wholly charitable purposes.

1.13 Financial instruments

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

1.14 Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements in accordance with FRS 102 requires the trustees to make estimates and assumptions concerning the future. The estimates and assumptions that could have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include accruals, depreciation, freehold building residual values and

Page 21

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED NOTES TO THE ACCOUNTS (CONTINUED)

YEAR ENDED 31 AUGUST 2025

revenue recognition. The accounting in these areas of the accounts requires management to use judgement.

2. School fees

The School's fee income comprised:
Gross fees
Less: Bursaries and grants
Add back: grants and bursaries paid by restricted funds
Operating school fee (excluding bursaries and Hardship grants)
3.
Other income
Donations:
Bursary Fund (restricted)
Mercers Trust Fund (restricted)
Saturday School (restricted)
Building fund (restricted)
Other restricted donations
Other activities:
Facilities hired out by the School
Donation income includes gift aid income on relevant donations.
4.
Raising funds
Finance costs:
Other interest payable
Bank charges
Cost of fundraising activities		 2025
£
7,753,587
(132,503)
7,621,084
57,690
7,678,774
2025
£
57,690
51,867
-
151,849
14,010
275,416
24,250
2025
£
898
2,215
6,521
9,634		 2024
£
7,326,195
(117,702)
7,208,493
40,496
7,248,989
2024
£
17,863
25,200
6,000
802,686
7,350
859,099
24,057
2024
£
2,825
1,701
2,947
7,473

Page 22

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED NOTES TO THE ACCOUNTS (CONTINUED)

YEAR ENDED 31 AUGUST 2025

5. Analysis of total expenditure

2025
Raising Funds
Charitable activities
School operating costs:
Teaching
Welfare (including catering)
Premises
Support costs
Total Expenditure		 Staff costs
Other costs
Depreciation
£
£
£
-
9,634
-
3,257,045
670,048
184,398
-
493,614
5,366
170,568
579,694
198,936
1,524,520
424,700
-
4,952,133
2,168,056
388,700
4,952,133
2,177,690
388,700		 Total
£
9,634
4,111,491
498,980
949,198
1,949,220
7,508,889
7,518,523

Staff costs exclude Chartwells Independent staff of £267,717 (2024: £237,948)

2024
Raising Funds
Charitable activities
School operating costs:
Teaching
Welfare (including catering)
Premises
Support costs
Total Expenditure		 Staff costs
Other costs
Depreciation
£
£
£
-
7,473
-
2,892,589
686,752
153,466
-
465,088
5,548
158,446
614,300
178,318
1,694,264
326,893
-
4,745,300
2,093,033
337,332
4,745,300
2,100,506
337,332		 Total
£
7,473
3,732,808
470,636
951,064
2,021,157
7,175,665
7,183,138

Page 23

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED NOTES TO THE ACCOUNTS (CONTINUED)

YEAR ENDED 31 AUGUST 2025

6. Governance costs included in support costs

Current auditor
Auditor - Audit fees (current year)
Auditor - Non-audit fees
Governors' expenses		 2025
£
16,750
3,850
4,434
25,034		 2024
£
16,300
2,700
2,628
21,628

The Governors receive no remuneration for their services.

Expenses reimbursed to Governors during the year amounted to £3,811 (2024: £692) for travel expenses for two Governors (2024: 1). Other amounts included in Governors’ expenses related to fees for training courses and seminars, subscriptions and review of governance during the year.

7. Employee information

Total staff costs were as follows:

Wages and salaries
Employer's national insurance
Employer's pension contributions
Total staff costs		 2025
£
3,737,032
429,050
786,051
4,952,133		 2024
£
3,548,704
384,051
812,544
4,745,300

Remuneration totalling £722,363 was paid to Key Management Personnel during the year (2024: £633,296). The key management personnel are defined on page 4.

Wages and salaries include a total of £29,373 (2024: £11,222) for redundancy and termination payments during the year.

Employer’s pension contributions includes an estimate of the withdrawal debt for the Pensions Trust as explained in note 16.

Page 24

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED NOTES TO THE ACCOUNTS (CONTINUED)

YEAR ENDED 31 AUGUST 2025

The number of staff with emoluments in excess of £60,000 is set out below:

2025 2024
No No
£60,000 - £70,000 12 9
£70,000 - £80,000 6 6
£80,000 - £90,000 1 2
£90,000 - £100,000 1 -
£100,000 - £110,000 - -
£110,000 - £120,000 - -
£120,000 - £130,000 1 -
£130,000 - £140,000 1 1

Nineteen of these employees are members of the Government’s Teachers Pension Defined Benefits Scheme.

The total number of employees during the year, including full-time and part-time staff was:

Teaching
Teaching assistants
Non-teaching		 2025
No
39
15
33
87		 2024
No
42
13
32
87

The total head count of employees during year, calculated on the basis of full time equivalents including those working under 30 hours per week was:

Teaching
Teaching assistants
Non-teaching		 2025
No
36
13
30
79		 2024
No
35
13
27
75

Page 25

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED NOTES TO THE ACCOUNTS (CONTINUED)

YEAR ENDED 31 AUGUST 2025

8. Tangible fixed assets

Cost
At 1 September 2024
Additions
Disposals
Transfer
VAT adjustment
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
Disposals
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Leasehold
premises
£
8,915,907
149,222
-
1,089,247
(37,741)
10,116,635
3,319,216
198,936
-
3,518,152
6,598,483
5,596,691		 Plant and
Equipment
£
2,004,241
259,702
(164,883)
-
-
2,099,060
1,257,849
189,764
(160,524)
1,287,089
811,971
746,392		 Work in
Progress
Total
£
£
1,089,247
12,009,395
-
408,924
-
(164,883)
(1,089,247)
-
-
(37,741)
-
12,215,695
-
4,577,065
-
388,700
-
(160,524)
-
4,805,241
-
7,410,454
1,089,247
7,432,330

Barclays has a first legal charge over the leasehold property of the charity as a result of a loan. The bank loan was fully repaid in May 2019.

9. Debtors

Fee debtors
Other debtors
Prepayments and accrued income		 2025
£
27,339
90,324
148,560
266,223		 2024
£
58,396
-
137,732
196,128

Fee debtors relate to the cost of clubs, trips and other sundry costs in regard to summer term activities, billed in August and received in September.

Page 26

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED NOTES TO THE ACCOUNTS (CONTINUED)

YEAR ENDED 31 AUGUST 2025

10. Creditors: amounts falling due within one year

Trade creditors
Accruals
Deferred income
Acceptance fees deposits
Other creditors		 2025
£
166,718
68,066
9,962
2,472,132
598
2,717,476		 2024
£
49,482
373,303
310,384
2,221,773
363
2,955,304

Acceptance fee deposits

The Governors have reviewed the contract terms under which Pupil fee deposits are held by the School. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the School, pupils can leave at earlier dates. The School does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at 31 August 2025 have been included within current liabilities.

Deferred income reflects payments received in advance for the Autumn term's fees. All income deferred in 2024 was released in 2025.

Page 27

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED NOTES TO THE ACCOUNTS (CONTINUED)

YEAR ENDED 31 AUGUST 2025

11. Statement of movement in funds

2025
Unrestricted Funds:
General funds
Fixed asset fund
Restricted Funds:
Bursary fund
The Sainsbury
Fund
Mercers Trust
Fund
Saturday School
Building Fund
Other restricted
funds		 Transfers,
actuarial
gain, and
loss on
investments
Balance at
Balance at
1 September
31 August
2024
Income
Expenditure
2025
£
£
2,610,892
8,447,872
(7,031,991)
(214,975)
3,811,798
7,432,330
-
(388,700)
366,824
7,410,454
-
57,690
(57,690)
-
-
106,293
-
(21,714)
-
84,579
19,766
51,867
(14,229)
-
57,404
6,000
-
-
-
6,000
-
151,849
-
(151,849)
-
5,040
14,010
(4,199)
-
14,851
10,180,321
8,723,288
(7,518,523)
-
11,385,086

2024
2024
Unrestricted Funds:
General funds
Fixed asset fund
Restricted Funds:
Bursary fund
The Sainsbury
Fund
Mercers Trust
Fund
Saturday School
Building Fund
Other restricted
funds		 Transfers,
actuarial
gain, and
loss on
investments
Balance at
Balance at
1 September
31 August
2024
Income
Expenditure
2024
£
£
1,827,175
7,990,699
(6,783,698)
(423,284)
2,610,892
6,499,657
-
(337,332)
1,270,005
7,432,330
22,633
17,863
(40,496)
-
-
106,293
-
-
-
106,293
11,868
25,200
(17,302)
-
19,766
-
6,000
-
-
6,000
46,000
802,686
-
(848,686)
-
2,000
7,350
(4,310)
-
5,040
8,515,626
8,849,798
(7,183,138)
(1,965)
10,180,321

Page 28

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2025

Designated funds

The fixed assets fund represents the School's net investment in fixed assets, less any bank loan. The transfer to the fixed asset fund from general funds reflects the movement in the net book value of fixed assets in the year, less the movement in the amount in any bank loan.

Restricted funds

The restricted bursary fund represents donations given to the School for bursaries as specified by the donors.

The Sainsbury Fund was established in 1991 to provide assistance with School fees to parents in cases of hardship. An established set of criteria exists for applications to the Hardship Fund, which are considered by the Bursary Committee of Governors.

Mercers Trust Fund relates to donations received for a specific mental health and wellbeing project.

The Saturday School Fund represents donations received to set up and fund a Saturday school.

The Building Fund represents donations received for a capital project to create a Wellbeing space for the school and partnerships.

Other restricted funds includes relates to donations received to raise the profile of the School’s ‘Learning Powers’ and other smaller projects.

The transfer relates to expenditure which has been capitalised and so the restriction has been met.

Page 29

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2025

12. Analysis of net assets between funds

2025
Unrestricted Funds:
General funds
Fixed asset fund
Restricted Funds:
Bursary Fund
The Sainsbury Fund
Mercers Trust Fund
Saturday School
Building Fund
Other restricted funds
Total funds 2025
2024
Unrestricted Funds:
General funds
Fixed asset fund
Restricted Funds:
Bursary Fund
The Sainsbury Fund
Mercers Trust Fund
Saturday School
Building Fund
Other restricted
funds
Total funds 2024		 Tangible
Other
fixed
assets/
assets
(liabilities)
Total
£
£
£
-
3,811,798
3,811,798
7,410,454
-
7,410,454
-
-
-
-
84,579
84,579
-
57,404
57,404
-
6,000
6,000
-
-
-
-
14,851
14,851
7,410,454
3,974,632
11,385,086
Tangible
Other
fixed
assets/
assets
(liabilities)
Total
£
£
£
-
2,610,892
2,610,892
7,432,330
-
7,432,330
-
-
-
-
106,293
106,293

-
19,766
19,766
-
6,000
6,000
-
-
-
-
5,040
5,040
7,432,330
2,747,991
10,180,321

The liabilities included within The Sainsbury Fund represent the grants paid using unrestricted funds which will be transferred when the investment is realised.

13. Capital commitments

The School has capital commitments at the year end of £nil (2024: £9,982 relating to the Safe Space build project).

Page 30

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2025

14. Operating lease commitments

Lessee

Operating lease payments represent rentals payable by the company for its property and office equipment.

The property relates to a 125 year lease commencing 1997 from The Mercers Company, the lease agreement is 3% of gross fee income p.a. this has been capped at £90,000 p.a. The disclosure below shows future payments being made at £90,000 p.a. in respect of this lease.

Within one year
Between two and five years
In over five years		 2025
2025
£
£
Land and
buildings
Other
90,000
20,919
360,000
10,460
8,370,000
-
8,820,000
31,379		 2024
2024
£
£
Land and
buildings
Other
90,000
20,919
360,000
31,380
8,460,000
-
8,910,000
52,299

15. Related party transactions

Two Governors R. Watney and D. Scott are Liveryman and Freeman, respectively, of the Mercers' Company. The Mercers’ Company, as the trustee of the St Paul’s Schools Foundation, owns the freehold of the School, and granted in 1997 a 125-year lease.

The School buildings adjoin the playing field, netball courts and swimming pool of St. Paul’s Girls’ School. The School hires the tennis courts and swimming pool for regular use during term time and the use of the field one day per year for the annual Summer Fair and Sports Day through a standard letting agreement, £26,303 (2024: £25,050).

During the year donations from Governors (including their close family members and associated companies) totalled £nil (2024: £12,000).

There were no other related party transactions in the year.

Page 31

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED NOTES TO THE ACCOUNTS (CONTINUED)

YEAR ENDED 31 AUGUST 2025

16. Pension schemes

16.1 Teachers’ Pension Scheme (TPS)

The School participates in the Teachers’ Pension Scheme for its teaching staff. The pension costs paid to TPS in the period amounted to £650,181 (2024: £551,037).

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

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contributions.

Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT, applying a notional investment return based on 1.7% above the rate of CPI. The key elements of the valuation outcome are:

The result of this valuation has been implemented from 1 April 2024. The next valuation result is due to be implemented from 1 April 2028.

16.2 Pensions Trust – Independent Schools’ Pension Scheme

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

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

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BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2025

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

On 31 August 2024, the two employees within the scheme left their employment with the School which constituted a cessation event.

At 31 August 2024 a provision was included on the balance sheet at the best estimate for the withdrawal debt.

The withdrawal debt of £246,758 was paid during the year ended 31 August 2025 and no future liability is expected as the school has now exited the scheme.

16.3 Stakeholder scheme

In addition, the School participates in a stakeholder compliant scheme, which is available to nonteaching staff. The stakeholder compliant scheme is a defined contribution scheme. The pension charge for the year includes contributions to this scheme of £89,417 (2024: £74,627). As at the balance sheet date there were 38 active members of the scheme employed by the School. The School continues to offer membership of the scheme to its employees.

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BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED NOTES TO THE ACCOUNTS (CONTINUED)

YEAR ENDED 31 AUGUST 2025

17. Comparative statement of financial activities for 2024
Unrestricted Restricted Total
funds funds 2024
£ £ £
INCOME AND ENDOWMENTS FROM
Charitable activities
School fees 7,248,989 - 7,248,989
Other educational income 451,028 - 451,028
Registration fees and other income 67,625 - 67,625
Other activities to generate funds
Investment income 199,000 - 199,000
Donations - 859,099 859,099
Other activities 24,057 - 24,057
Total income 7,990,699 859,099 8,849,798
TOTAL EXPENDITURE ON
Raising funds 7,473 - 7,473
Charitable activities
School operating costs and grants 7,113,557 62,108 7,175,665
Total expenditure 7,121,030 62,108 7,183,138
Net income/(expenditure) before gain/(loss) on
investments		 869,669 796,991 1,666,660
Net gains/(losses) on investments - - -
Net income/(expenditure) 869,669 796,991 1,666,660
Actuarial gain/(loss) on defined benefit pension
scheme (1,965) - (1,965)
Transfers 848,686 (848,686) -
Net movement in funds 1,716,390 (51,695) 1,664,695
Total funds brought forward 8,326,832 188,794 8,515,626
Total funds carried forward 10,043,222 137,099 10,180,321

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