Company no. 531204 Charity no. 313636 Montessori St Nicholas Ltd Report and Audited Financial Statements 31 August 2025 AEIK2K3P A12
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COMPAAIES HOUSE
IAontessoTi St NiclK)las Ltd Reference and administrative detai15 For the ear ended 31 Au ust 2025 Company number 00531204 Charity number 313636 Registered office and operational address 33 Colslon Avenue Bfislol EnglarKI BS14UA Trustfjes Trustees. who are also direct5 under company k2w. who served during the year and up to the date ofthis iewl were as fdlows.. S Priestley J Beagelman J Clarke A EMghei S Foster G H(hvlett S Jotwani M Patel S Sidhu-Robb S Thomas S Young Chair apwnled 12 Februory 2025 reSned 28 November 2024 aFWin1 12 February 2025 appointed 8 November 2024 appointed 12 Febwary 2025 arwiinled 8 Novemb& 2024 gned 12 April 2025 reggned 13 February 2025 appointed 8 November 21r24 Chief exocutive officer Karen Cld Bankers HSBC Bank PLC POBOX 1EZ 196 Oxford Street London W1C 1NT Audltors Gcthy Wlson Limited Chartered accourrtants and statutory auditors 5th Fkr Mariner House 62 PrirKe Street Brist 8S14QO
Montessori St Nlcholas Ltd Report of the truste•s For the ear ended 31 Au ust 2025 Reference and administrVe information set wt on poge 1 f5 pwl of Ihis rep)rL The financial slalements comply wth current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Pkn- Accounting and Reporting by Charilvds (effective from January 20191 ObjKtives and activities The main objects for whh the Charty is establtshed are." To encourage and promcle education in every way. in particular the education of children in accordance with Ihe phikjsophy and methc¥Js of the late Dr Mafia Montessori, by faciliLing the unrfication of the Montessori movement across the UK. provKling lean1 training and funding research into the value and effectNeness of mon èJu&)n. and makiThJ awards to support the development of Montessori educatKsn. The Chardy a¢hieves these obiectTrRs through a wiety of small•scabe innovations and research collaborations including relalK)nships with, and grants to. alKJned organisal¥)ns including St Ni¢hofa$ Montessori Training Ltd. trading as Montessori Centre Internatnal IMCI},' unlerpartS across the world in regional. nalionai and intemalional project t1n9 wilh families. piofessionas. young peopi8 directly and cunmunty providets. For al prtICal activty aThJ branding. Ihe Charity. toJether V•ith its trading subsidiary, St Nicholas Montessori Training Ltd (MCII. a coll&tNety kno•m as Montessori Global Education. The trustees cfin they have had regard to the Charty Commissh)n's guidan on the Pthlic Benefrt requirement under Ihe Ch¥iis AL# 2011. Through 2024-2025. the charity reliforced its commitment to a long-temi vision for mlesson to become accessible and availab wherever il is ne&Jed in the The benefrts to wider cc¥nmunty. young p&)ple and their famils and an evolution of a leaming landscape that can represent a truly leamer-fccussed v, is the future Montessori Global Educatson envisions. The organisation's services. products and inrtkn are al focussed on this mission. presenting a sustainable model of Montessori for 2025 and beyond. Now Mid-way through the 5-year operational plan for transforming the organisalK)n and securing its positive S(la1 impact strategy. the Iraiectory of Ihe bLtsiness actNities and inle streams are emerging finnly alMJned to the cole missbjn - to advance the INes of ehik1ren and Yfig peop eVerere through the power of the Montessori Approach to edLKion. Achievements and perforniance Lrd(ing bxk on our inrtwl year of &tNity under CEO adehip by Karen Chetswd. 20242025 ha5 given ts'me and f¢xys to refreshing the organisalh)n and ris tsperatn$. Prepallng a lean operating mc•Jel with resources dedicated lo where they are n*ded most and Can have most beneficial impact, has been SunilnI for monitcrring and managing costs across the organisation. The team have continued to focus on preparatn and presentalw)n of the most efficienl and hHJhqualty educational training seThiees and portfol of C£r$eS and QuaIrfK>ns for our aJdIereS globalty. Our nelworks, communjty of members {both indi¥iduals 8rKI businesses). key eonlxts and Ure collaborators has grown 5ignrficanlty in number and commitment this year. We continue lo see a growing interesL engagement and spirit of partnership in all thal we offer lo our audiences.
Montessori St Nicholas Ltd Report of the trustees For the oar end 31 Au ust 202S CollaboratNe projects have iluded our initial Vrk wth HundrED. a fourKlalNJn focused on helping every ehild flourish through education innovation and pfalf¢)ming and supporting many impactful and scalable education innovatKJns WOrfo1de. We partnered with HundrED to deliver a themaltc Spollighl (project and research Call) to impactfvl and scalable children-centred edueation innovations. This woth concluded this year. and Monles50ri Gb)bal Educat has continued to work wfth numerous innovators and project initth'ves lo champion and support their ongoing chihl<enlred pracliees. Our educational prcJrammes and initiTves have continLd to grvw, paving the Y for launch of various nthv courses and innovations in 2025r2026. These include potential initsatsves for action research focus. support for familie5 ar1 parents at the earl1 stages of lrfe with new baby, and mentoring and coaching provision, across Education and alNJned industrie5. We conlinve to work collaboralivety with the Earty Chiklhood Hub project from the Chartered colge for Teaching which hosts content by and for eaY ¢hildhcxyJ education pracbtioners, wth a on pedagogy and practice in earfy chiklhood educal¢on. Our core Profession81 RttognitTon model of educabonal swwces aTrJ SLWPOrt to professional communty. continues to gr(A¥. STAR Acu&Jrtation, Approvals and Endorsements are more popular with ¢)ur audiences this year, and c¥Jr commthenl to offeriry suilable and sustainabk practice lo valJ Standards. Training. Accredrtation and Rewew processes across the sector is being met positively by applicants, month on month. This year. STAR has educatM)nal services and resources are recognised across the UK, and Eurcpe, Africa {Ghana, Nueria, Zimbabwe). UAE. Mexico. Indonesia, Hong Kong, Arnefa. Lebanon and Abania- lo name a few. The last 12 months has represerrted a strong grryh in c¢wations, focus and cunmitmenl, spurred on from r"TranSon Year 2023r2024'. This ha5 been our"Year of OpportunW and 202412025 has presenled sHJnrficanl advae$ in tyjr preparatKm forthe fwm fvtUTe of our organisation. We continue lo benefit frcrfn excepb"onalty strong professional relalionships in place with independent contractors, assessors," mtraefators aThJ extemal adwsors. Engaging th these represenlalives Continues to ensure th we have the best possible resources lo call upon as and when needed, introducing flexibilty of Cost base and the abilty to Sca &tivity when required. The future is brht. and VP k)ok fcrfward to 202¥2026 to cJ)ntinue r mcrfnentLwn and secure our pathway to further ¢cneCtnS arKI collaborations to Secu our vision for Montessori Global Educal*)n. ST NICHOLAS MONTESSORI TIiAINING LTD, TRADING AS MONTESSORI CENTRE INTERNATIONAL IMCII MCI undertakes charitable objectNes on behalf of MSN through a grant artard agreement which revWed and agreed annualty. The agfeement details the annual value, terns and eondi(ions of the grant, and details objeth'ves whKh musl be achved. Regular reporting i8 prepared the trustees of MSN which includes variance anatysis of the grant ard to dale and a forecast for year end. To the extent there is any unused grant at the end of the year, this is either refunded to the Charty or rtsld forward to the following year. su.eCt lo a further grant agreement being entered into. The amount of grant awarded during the arvrds £225.000 (2024.. £594.¢YJ)).
Montessori Sl Nlcholas Ltd Report of the trustees For the ear ended 31 Au ust 2025 The Chief ExecutNe of the Chariy is also the Char of the MCI Board as shareholder representative ol the parent charity to ensure transparery arwj clear c4jmmun1catK betsEen the Charity and MCI. Financial r8view The results presenled in the Annual Report and Aceounls are presented under Finaneial Reporting Standard 102 IFRS 1021 and Slatemenl of Recommended Prxlti.. Accounting and Reporting by Charities preparing their untS in aCrdan wrth the Financial Repth'rg Standard applicable in the UK and RepUbC of Ireland (FRS 102) (Ihe SORP,). The revÈw relales to the Montessori St Nithdas grc#Jp of companies, being the Charty, Montessori Sl Nicholas Ltd, and its sub$Kliary company of St Nichoks Montessori Trainirg Limited, trading as Montessori Centre Intemational IMCII. Longacre Childeafe Limrted {LCL) was a subsidiary in 2022. whh has ceased trading and has since been ¥Und w. Flnanclal PerfOrnnCe Total income for the year t¢Xalled lo £279k. Thi5 include5 an investment income of Z89k. Total operating Costs for the ye were £907k before deprecation and gains on investment. Net cperab'ng expenditure after depreciation and m¢)vemenls on investments was £976k. The ebsing book value of the investments were £3.333m in 2025 (£3.922m in 20241. Considering the importance of MCI lo the Charity in achieving its charitsble obj'ects. the tw$lees have agreed giant funding lo MCI of £225k to support rt in delivering ts lI¥Ie5 for the 2024r2025 financial year. This furKling agreement is based on an agreed business plan for the t) orwusatwjns restricts MCI'S use of the grant to charitable xlivities. Balance sheet Consolidated net assets at the brrte sheel date Vre £3.469m 12024.. £4.112m). the decrease reflects'ng Ihe net expendituie in the ypar a5 dwribed abo4e."There were no restricted or designated reserves al the balae sheet dale. The investments balan 01 £3.333m is shcwn in fixed assels in accordance with the SORP because rt is the Charrtls inlenlKJn to hokl the investments for a pervj of more than tsvelve monlhs, to generate investment retum, htywever the investment portfolp) L8 hdd enth'rety in liqu funds. which Ikjws any prOp.On of the investment to be realtsed in cash in knss than 30 days as reqijired. Cash at bank on 31 August 2025 was £4k (2024: £212k). Reserves and current financial position Group funds hekl on 31 August 2025 aMCnted to £3.469m 12024.. £4.112m}. all of 1th were unrestricted. As Ih"e financial stregy continues to evcth, the trustees are detMin1rj the appropriate level of reserves for the organisth"on. Al the end of the evnI financial year. The Trustees did not aim to maintain a minimum level of unrestricted reserves but required hdding suffiaenl cash or highty liquid investments whh eque to at least three months, govemance and support ensts and lo cover ct*ligalions whth are to fall due.
Montossorl St Nicholas Ltd Report of the trustees For the ear ended 31 Au ust 2025 PRINCIPAL RISKS AND UNCERTAINTIES Our corporate risks refled the financial. legal and regulatory risks associated wlh our day-to-day operations. The Exetsjtwe Team makes a preliminary assessment of the wporate rt5ks. The Finance, Audr( & Risk Commrttee IFARCol conb.nues to oversee the progrèss of management actions via the Corporate Risk Register, receives regular reFKffts and rec(wnmends changes to the Risk Register where approprie al regukr commrtiee meetings. The key strategi risks are MCI is not able to carry out the tharrtable actmties of the Charty on its behJf as planned. An unforeseeable event causes stqnffjfiI disrupbon and impxt on the oPeOnal performance of the charity andlor MCI", External econom & polit factots. Infiabon and hL74¥ the pound is continuing to perfonn pcorly against other currencies., MCI'S financkol performance 15 fwatNety impacted by sector or gkibal charges or SituatnS affecting study and work models" and Financial lumaround for MCI does not happen as quickty as required, as limited by the reseNes Fosth"on. The planned finaneial perf¢)man¢e of investments does not take place. or is less successful than hoped,. and fundraising athity is less successful than antipated going forwards. Stru¢turei governance and management The Charity. Montessori St Nichok7s Limrted. is a company lintted by guarantee (incL)orated on 29th Mareh 1954) company no. 531204. and a registered charity. no. 313636. regulate(I by the Charity Commission. The ChariVs name was changed from Sl Nicho]as Training Centre for the Montes50ri Melhtrl of Education Ltd on 3 tknember 2020. The Chaws main govern¥ document is its Articles of AsKKiation which were fully upded on 14 October 2022. The Board meets at least four limes per year and the Finance, ALKif( & Risk Commrttee meets four limes per year. Day to day management cl the charty is deated to the Chtef Executwe. The Chief Executive regulaty reports lo the Board of Truslees on the pro95 of key matters. When a vacancy arises. new trustees are recruited by extemal recruilment and by exisltng trustees reaching out to personal nelworks. The rectuilment process indudes an introjuctorylinfomal meeting with the Chief Executive. followed by fomal meetings With tr+e Chair of Board of Trustees and other Trustees as appropriate. New twstees need to be formalty appointed and r*ffied by the Board of Trustees tluring the Board Meeting. cnPletIOn of doeumerts as requested legally by the Charity CommBsion is mandatcKy. Induction of new trustees is undertaken by the Chf Executive (who fomards an induction pack), the Company Secretary. and the Finance Team. Tnjstees are gNen copies of the Articles of Association and the Charity commissn's guidance CC3. The Essential Trustee,. Trustees are signp051ed to relevant Iraning opportunitEs during year by the Chief Executive. During the financial year 2024-21Y25. the Boar(I repts that SIX new directors have been appjinted.
ontessorl Sl Nicholas Ltd Report of the tNstees For the ear ended 31 Au ust 2025 How executlve pay Is sol Our overall pJicy on pay and reltsid is approved by the Board of Tntste8$, and this includes reviewing and approving recoMMendatn$ from the Chief Executs"ve regarding the Team's remuneration. The organisalional Fo1Y on pay ¢)perates mindfully. taking into account financial capacty of the organisatn and its sustsinabilty. and the wider extemal environment and r¢ses in the cost of living and inflati¢)n. The Charty makes a eost-of4rving rise lo all staff each year and may gNe an additional increase based on perfomiance. The process for setting the pay of the Chief ExecutNe is set out in an approved for the Board of Trustees. 11 details that a group of truslees meet as a reMUneratn committee of the Board to discuss pay recommend81)ns. The Board of Trustees may also commission an extemal HR consultant to cary out a sakry benchmarking eXeiSe shared wlh the Trustees. The appraisal of the ch Executwe and the benchmarking recommerKlations are revIevd by trustees who come to a decision on Ihe performance reLated ekn)enl of any pay award. Statement of responsibilities of the Iwstees The trustees (who are also directors of the charty for the puwes of oynpany law) are responsible for preparing the trustees. pOrt and the financial statements in accordance with applKable law and United Kingdom kcounling Standards. including Financial Reporting Stsndard 102.. The Financial Reporting Sland8rd applKable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Pratce}. The trustees are required lo Prepa ffinarKial slalements for each financial year, lch give a Irue and fair view of the slate of affairs of the charty and the group and the inCning resources and 8pplicalion of SourCes, including the net income or ex[ditY[e, of the charty and the group for the year. In preparing those financigl statements the tTU$tees are required to.. select suitable accLJunting polieies and then apply them consistent. obseThe the methods and principles in the Charthes SORP. makejudgements and 2ccountr.ng esb"mates that are reasonable aTrJ ptudenL state whether applicable ntIrj standards and Statements of remmended Practi have been folbwed, subject to any material departures dL%ch%ed and expkined in the fInarTal Statements.. and prepare the finarKral slalements on the going concern basis unless * is inappropriate lo presume that the charity will continue in operation. The Ifuslees are responsible for keeping prtyr coUnting records which disclose reasonable accuracy at any lime the finanoal position of the charty and the group and Ithich enable them lo ensure th the financial staternenls compty wih the Cornpanies Act 20C6. The trustees are also responsible for safeguarding the assets of the charity and the group and henee for taking reasonable steps for the prevention and detection of fraud and olher irregularilies. In so far as the trustees are wware.. . there is no relevant audr( infomiatM)n d whh the ch¥itable companls audrtors are unaw*: and . the trustees have taen al steps that they Oug to he tsken to make themselves aware of any relevant audit infomiatK)n and lo estsblish that the auditcws are awa of that infoffnalion.
Montessori St Nlcholas Ltd Report of the trustees For the ear ended 31 Au ust 2025 The trustees are responsibk lor the maintenance and intrity of the corporate and financial infofmalion included on the Charitab compan5 Website. Legislatn in the United Kingdom goveming the preparation and dissemination of finanal statements may differ from legislation in olherjurisdiclions. Members of the charity guarantee to contribute an am¢)unt not exee&Ying £1 to the assets of the charity in the event of winding up. The trustees a Membe of the charity bul this entitles them only to voting rights. The tru5ttts have rni beneficial Inte$t in the chty. Audito Godfrey wils( Limited were appointed as auditors to the group and parent charity during the year and have expressed their WillingrSS to continue in that capacty. Approved by the truslees on 9 February 2026 and sign&J on their behalf by Simren Priestley- Chair
Independent auditots. fvport To the members of Montessori St Nicholas Ltd Oplnlon We have audrted the financ statements of Montessori St Nicholas Ltd Ilhe 'parenl ¢harill} and its subsidiary Ilhe 'group'l for the year ended 31 AugLtsl 2025 which comprise the consclidaled slalemenl of finarKBI aclmlies. consolidated and parent charity balance sheets. consolidated slalement of cash flows and the rekqted notes to the financral siatemenls, including a summary of signrfieant accountir¥J polKies. The finan?1 reporting frame•voth that has been applied in their preparati¢)n is applicable law and United Kingdom Accounling Standards. including Financial Reporting Standard 102." The Financk41 Reporting Standard applicabbe in the UK and the Repthlic of Irdand (United Kingdom Generalty Accepted Accounting Praclitel. In our opinion, the financial statements.. give a true and fair view of the stale of the grcyjp and parent chantys affairs as at 31 August 2025 and of the group's incoming resources and apP1KaThc of resour¢es. including its inccthe and expendtture, for the year then ended: have been property prepared in accL¥dance with United Kiry(k)m Generalty Accepted Accounting Practice." and have been prepad in accordance wilh the requirements of the C<Mnpanies Act 2006. Basis for opinion We conducted our 1t li accordance vilh Internabonal Standards on Auditsng (UK) IISAS {UKI) and applicab law. Our resFonsibilrties under those standard5 are further described in the Audilorfs responsibilities for the audrt of the financial statements sect¢on of our report. We are independent of the group and panI charty in accordance with the ethical requirements that are levant to our audit of the financ¢al slalements in the UK. including the FRC'S Elhul Standard. and the provisions avaitable for small entities, in the circumstances set out in note 6 to the financi81 statements. and we have fulfilled our other ethical responsibilities in accordance wlh these requirements. We beIve that the audrt evklenee we have thined is SUffent and appropriate to pTovryJe a basis for our ¢)pinh)n. ' Conclusions r•latlng to golng concern In auditing the financial slatemenls. have ncluded that the trustee5' Use of the going concem basis of accounting in the preparatKJn of the financkql statements is appropriate. Based on the work we have perfoffned. v have ncrt MIentrf any merial uncertainlEs relating lo evonls or conditK)ns that, indiwdually or collectrvely. may wt signifKant doubt on the group and parent charl$ abilty to continue as a gng conrn for a of at least twelve months from when the financial statements are *Jthorised for issue. Our resFonsibilities and the responsibilrties of the intstees ryth respect to going concem are descfibed the relevant Seen$ of thi8 rep(x1. Other information The other information comprises the infomiation induded in the annual repwt other than the financial slalements and our audrtorfs report Ihereon. The trustees are responsible for the other infomation. Our opinion on the financk41 stslemenl$ does not coverthe other infomiation a. except lo the extent otherwse explicitty ststed in our report. we do not eypress any fomi of assurarKe conclusion thereon.
Independent auditors. report To the m•rnbets of Montessorf St Nicholas Ltd In connection with our dit of the finanaal ststemenls. our re5ponsibilty 1$ to read the other information and. in doing so, consider whether the other information is Material inconsistent %Mth the financi statements or our krKpw Obtain in the audit or othewse appears to be malerialty misstsled. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether Ihere K8 a material mi5Statemenl in the financial slalements or a malefial mtsstatemenl of the other inf0m)at•. If. based on the work we have performed. we conclude that there 1$ a materkql misstatement of this other informatK)n. * are required lo report that fact. We have nothiRg lo report in this regard. Opinion on olhef matters pr8xribed by the Companie5 Act 2006 In our opinion, based on the woth urKlertaken in the course of the audil". . Ihe information gNen in the trustees. reFK)rt. lCh includes the directors. report prepared for the puTp(Ises of company law. for the financial year for vthich the financral statements are ppared is consislenl %wth the finanryal slalemenls.. arKI - The directofs, report induded within the truslees. reFQrt has been prepared in xcordance with applicable legal requiremenls. Matters on whlch we are required to report by exptI0Th In the light of the knowledge and understanding of the group and parent charity and their enwronmenl obtained in the course of the audrt. we have not identsfied material misslatemenls in the directors, report included wrthin the Iruslees. N)rt. We have nclhing to report in respect of the followng fflatters in relat•)n lo vknich the Companies Act 20 requires us to repJrt lo rf, in our Opinn.. "'adequate accounting records have not been kepl by the parent charity. or relLbrns adequate fc¢ our audit have not teen weNed branches not rted by us," or .. the parent charAy finan¢ial sLqtements we not in agreement with Ihe accounting rewrds arKI returns., or . eertain disdosures 0ftruste. remuneration by I are not made.. or . we have not receNed all the Informat and expL8nalns.we require for our alrt.. or the trustees were nol entitled lo prepare the financ1 statements in accordance wilh the small companies regime al take advantage of the small ccKnpanies' exemptN)ns in preparirg the Iruslees. report and from the requiremerrt to prepare a rategic rewt. Responsibilities of the INstees As explained more fulty in the trustees. responsibilities statement set out in the trustees. report, the tru51ees {who are also the dired¢ys of the charrtae cerfnpany for the purFrf)ses of company lawl are reswnsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such inlemal control as they detemiine is necessary to enable the preparalKJn of financial statements that are free from material mtsstatement. ether due lo fraud or error. In preparing the financial statements. the trustees a re5ponsibk for assessing the group and the parent charitys abilty lo continue as a goiro concem, disetosing, as applicable, matters related lo going concem and using the going eoncem basis of OUntIng UnSS the Injstees erther intend lo Iiquit1ate the group or the parent charity or to cease operatiws. or have no realisttc alterrbative but to do so.
Independent auditors. pOrt To the memberJ of Montessori St Nlchola$ Ltd Our responsibilities fr•r the audit olthe finan¢lal statements Our objectives are to LJtain feasonable assurance alm1 wthelher the financial slalements as a whole are free from malefial misstatement. whether due lo fraud or error, and to issue an auditorfs report that includes our opinion. Reasonabk assurance 15 a high thl of assurance, but is not a guarantee that an audit conducted in accorLlarKe with ISAS (UK} will ahvays delect a malerial misstslemenl when it exists. Misstatemenls can arise from fiaud or error and are conSered malerLal rf. individually or in the aggregate. they could reasonabty be expected to influence the ecomnic decis¢ons of users taken on the basis of these financial statement$. Irregularities, including ftaud. are instances of non-cc¥npliance i¥ith laws and regulations. We design procedures in line wlh our spOnsibl11t1e$. (wjtlined atthe. lo detect material misstatements in respect of iiregularits. including fraud. The prcXedu ¥ Carri out and the extent to which they are Capab of detecting irregul*ities. induding fraud. are detsikd belcw.. 111 We cbtsined an understanding of the legal arKI regulaty framewort thal the grP parent charity operates in, and assessed the risk of non-compliance with applicable laws regulations. Throughout the audil. we iemained alert lo possble in(li¢atws of non-complrance. {21 We reviewed the group and parent charitys pol and prc¢edures in relation lo: . Identity'ng. evaluating and COmpj with laws and regulations. and vknether they were aware'of any instances of n¢)n-compliance", . Detecling and respondirkg to the rtsk fraud. and whether they were alvare of any actual. suspeded or aled fraud." and . Designing and implementing intemal conlroL8 to mtyate the risk of non<ompliance with laws and regulaIk$. including fr&d. {31 We inspecled the fflinLrtes of truslee meetwigs. (4) We enquire(i any n¢.rOutine communicatiw with regulators arKI revivwed any oports made to thn. 15) We re¥ed the financial statement di5ekJsures and assessed th&'r compliance with applKable Iws and regula1ps. 16) We perfoma an8al pr¢)cedures to idenlfy any unusual or unexFected transactions or balances that may Ind a risk of material fraud cff error. {7} We assessed the risk of fraud thrwgh management override of contrds and carried procedures lo address thi8 risk. Our Predre$ induded: . Tesling the appropriateness oljoumal entries". . A$ses5ing judgements and accountin9 estwnates for polential bias., Revwling related paty transacltons.. and . Testing transactions thal are unusual or outsmle the nornwl course of business. BecaL¢se of the inherent limitations of an audrt. there is a risk that will not tstect all irregularities. including those leading to a material misstatement in the financial sLitements or non<omplHnce w¢th regulation. Irregukrities that arise due to fraud can be even harder to detect than tlv)se that arise error as they may involve delterate concealment or ¢ollu5ion. 10
Independfjnt auditows. report To the member5 of Montessorl St Nicholas Lld A further description of ijur resp¢)nsibiliti"es for the audrt of the financial statements is l(Ked on the Fina101 Reporting Council's vbsite at". wwnv.frc.org.ukjauditorsrespcs1'1th$. This de5UPtion forms part of our audrtorfs rewrL Use of our report This rewjrt is made sclety to the chartys membus. as a bcly. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit Vrk has been undertaken so that we mvJht slate to the charitys members those matters we are required to state to them in.an audrtorfs port and for no other purpose. To the ful1 extent permitted by law. we do rJt accept or assume responsibilrty to anyone other than the ch5 members as a body. for our audit for this report. or for the opinions we have fcwmed. Date.. 9 Febry 2026 William Guy Blake ACA (S•nior Statutory Audltorl For and on behaff of.. GODFREY WILSON LIMITED Chartered accountants and sL7tulory *JdC 5th Floor Mariner House 62 Prince Street Bristol BS14QD
Montossori St Nicholas Lld Consolidated slatement of financial activities fioaling an NKc¥ne and0x[tUr& Forthe ear ended 31 Au ust 2025 Restated 2024 Total 2025 Total Note Income from: Donations Charrtable activities Investments Other ITading 2.000 18,454 138,607 1,066 189.279 89,406 15S Total Income 160.127 Expenditure on: Raising fvnds Charitable aCtIlIeS 312,844 663.595 650.788 . 923,485 Total expenditure 976.439 1.574,273 Nel gains on investments $4.563 412,536 Net expendlture and net movement in funds 1643,038) {1.001.6101 Reconcillatlon of funds: Totsl funds brought forward 4,112.044 5.113,654 Total.funds earrled fornvard 3.469.008 4.112,t)44 All of the above resums are derived frryn ¢tinuirj actNities. There were other recognised gains or k)sses other than those 5L*ed atthe. All inc(Nne ar¥J expenditure 15 unrestricted in bolh years. Prh?r yearexpen¢Mure and debtS have been reslabj. to WTrte off debts that were irrecoverable al 31 August 2024. 12
Montessori St Nkholas Lttl Consolidated and parent b•lan¢e $h¢ets Asat31Au ust 2025 Re5tsted Restated The group The group The charity The chaiity 2025 2024 2025 2024 Flxod assgts Tangible assets Investments 10 19,966 33.812 3.332.643 3.921.522 3.332,743 817 3.921,622 3.352.609 3.955.334 3.333.193 3.922,439 Current assets Debtors Cash al bank and in hand 14 195.600 4.159 36,821 212.325 20,957 587 8,047 194,600 199.759 249.146 21,544 202,647 Llabllitles Creditors-. anw)uNs falling due within 1 ye¥ 83,360 92.4 161.777 327.247 N•t Current assets l (liabilities) 116.399 156.710 140,233 124,600 Net assets. 3.469.008 4.112.044 3.192.960 3.797,839 Funds Unreslricte(I funds General funds 3.469.008 4.112.044 3.192.960 3.797.839 Total charlty funds 3A69.008 4,112.044 3.192 960 3,797 839 These accounts have been prepared in &co(dance with the speual prOv10n$ applicable to c(ThpanEs subject to the small companw. regime. Approved by the Iruslees 9 Febftry 2026 and signed on Iheir behalf by Simren Priestley-.Chair 13
ontessori St Nicholas Ltd Consolidated ststement of c•sh Ilows For the ear ended 31 Au ust 2025 2025 2024 Note Cash flo from operating actl¥lties: Net moveff*nt in funds (643,036) 11.001.610) Adjuslmenls for. DeprecBlion charges Gains on investments Dividends, interest and renls from inveslments Loss on the sale of fixed assels Ilncreasel I decrease in debtors Dècrease in credrto 13,829 154.5631 189,406) 17 1158,779) 9.076 18,619 1412,5361 1138.4761 91 46.914 87.732 Nat cash used tn op•rating activities 941,014 1,574.730 Cash flows from 5nvgstlng activilies". Dividends. interest and rents from investments Purchase of tangible fixed assets Proceeds from the sale of investments Purchase of invesknent$ 138.476 17.2261 1.034,861 623.610 1,821 Net Ush provided by inv¢sting activities 711195 1,166,111 Decrease In cash and &ish equivalents In the year 1229.8191 {408.6191 Cash and cash equivalenls at the teginnir¥J of the year 234,505 643.124 Cash and cash equivalents ai the end of the year 234.505 Comprlsed of: Cash at bank and in hand Cash held by investrnenl manager 4.159 527 212,325 22,180 4.686 234,505 The charity has not provided an anatysis of thanges in net debt as it d¢)es not have any long term financing arrangements. 14
Montsssori St Nic1119 Ltd Notos to the financlal slatements For the ear ended 31 Au ust 2025 Accountlng polici8s al General informatlon and basts of preparatJon Montessori Sl NIChaS Ltd is a charitable company lsteI in England and Wales. The registered office address is 33 Colslon Avenue, Bristol, England. BS14UA. The finanual statements have been prepared acC(wtsn wrth AccounliThJ and Reporting by Charities". Ststement ol Recommended Practice appIable to eharities in preparing their accounts in acrdanCe wrth the Financial Reporting Standard applicable in the UK and Rep.ubli of Ireland {FRS 1021 {effectTve 1 January 2019) - (Charit$ SORP IFRS 10211. the Financial Reporting Standard aFplicable in the UK and Republic of Ireld (FRS 102) and the Companies Act 20fyS. Montess¢)ri St NIChaS Ltd rneets the definition of a public benefft entity under FRS 102. Assets and liabilrts are initially recconised al histor1 cosl or tranSactn value unless ¢)Iherwise staled in the relevant accounting policy note. bl Group a¢UnIS These financial statements consolKl8te the results of the charitable company and its wholly- owned {eontrolledl subsKliary on a line by line basis. Transactions and balances betsveen the charitable company and its" subshliary have been elwninated from the eonsolidated financial slalements. Balances betsveen the Iwo ccmpanies are disclosed in the notes of the charitable company's balance sheet. A separate stalement of finaVal actMkn"es, or income and expenditure account. for the Charitab company itself is not presented because the charitable company has taken adrdntage of the exemptK>ns affo by secl•)n 408 of the CJnpanies Acl 20C6. c) Goin9 concern basis of accounting The aetounts have been prepared on a going concern baws. whith the trustees CL)nsider appropriate given the charty's current cash position af the levd of hKJhly liquid investments. Although the group reported a low eash baL4nce * yearnd (£4k), IiquKIty risk is mitigated by the receipt of £155k of contract income in the trading subwdiary in September. 2025. which is irKluded within yearend debtors. IAhile the charity's balance sheet shows nel current lbIlitieS. this is offset by a substsntkql hohying of highly Ik]uid investments {£3.333m}, whth supports ils ability to meet (ligations as they fall due. Accordingly. the tntstees do not consider there lo be any material uncertainties regarding the abilty of the charity or the group lo continue as a going concem. dl In¢omo Income is recogni5ed when the charity has entivement to the funds. any perfomiance condth.ons attached to the item of income have been me( rt is probable that the income wim be r&eived arKI the amount ran be measured reliably. Income received in advan of prowsion of STAR acCreditatic and training fees is deferred until criteria for inc(yne reccgnition are met. el Interest receivable Interest on funds held deFQSit is indLthd when receNable the amunt can be measured reliably by the charity.. this is norynalty upon notifK*Kin of the 1fttest paid or payable by the bank. 15
Montessori St Nicholas Ltd Notes to the financial ststernnts For the ear ended 31 Au U5t 2025 Accounting policies Icontsnued) l) Funds accounting All funding in the current aThJ prKJr pericJ is unrestrtcted. UnrestriLXed fiJnds we available lo spend on acts'vities that further any of the purposes of the charity. g) Expgnditur• and Irreorable VAT Expenditure is recognised once there is a legal or constructive obligation lo make a payment to third party, il is proballe that settlement will be requira and the a)Unt of the obligation can be measured reliably. Irrecoverable VAT ts charged as a cost against the tIvIty which the expenditure was incurred. h) Allocation of support Costs Support costs are those lunctions that assist the wort of the charity bul do not directly undertake charitable adiwties. Governance costs are the costs a$$wled wrth the governance ariangemenls of the charity. including the costs of comptying with constitutional and statutory requirements and any costs ass(xiated wiéh the strategic management of the charity's activities. These wsls have been albcaled betsveen cost of raising funds and experKliture on char(table activities based on the proportion of total costs to each heading as folk)ws'. 2025 2024 Raising funds Charitable xtivit5 32.VA 68.IYA 41.3% 11 Redundancy Costs Where an employee receive$ a terminatn benefft the full cost is rec(3ni*g 81 the dale the ' employee is rtIred. j) Grants payabl• Grants which have been authorised and paKI are induded as expenditurE in the Statement of Financial Actlvmles. Grnnts which have been committed lo but not yel paid ale acCnd in the balance sheet arwj are included wrthin creditors falling due within one year or after one year (as appropiiale). k) Tangible fixed a3s•ts DepreciatHJn is provkled at rates calculated to wrrte du•m the cost of each as to its estimated residual value over its ewed useful lrfe. The depree4ation fates in use are as follchvs: Cornputer hardware and sothva Fixtures, fittings & equipment Websrte and CRM Syea 3-5 yea
5 years Items of equpment are capitalised where the pUSe pite exceeds £5. 16
Montessori St Nlcholas Ltd Notes to the financial slatements For the earended 31 Au ust 2025 Accounting w>licies Icontlnuqd) l) Investment in subsldlaries The charitable company has one wldty vned subshdiary, St Nl)IaS Montessori Trainirg Limited. {regislered company number C6429337). The subsidiary undertaking 15 valued at cost s ary cumutatNe impaimient losses in the chartta)le c(#npaWs accounts. ml Listed investments Listed investrnents Ir&Jed on a recconised stk exchange are ststed al fair value at the reporting dale. which is deemed lo be their market value. Any gain or loss,'whelher realised or unrealiseA, is taken to the Statement of Financial AL#NIt$. n) Debto Trade and other debtors are recognised at the settlemenl amount due after any trade discount offered. Prepayments are valued * the amount prepaid net of any trade discounts due. o) Ca$h at bank and in hand Cash al bank and cash in hand IrudeS cash and short term hrghly Irquid investmenls Iwth a short maturity of three months or W frryn the date of acquisition or opening of the dèposit or similar aunt. p} Creditors Credrtots and provisions are reeognised where there is a presenfobllqation resulting from a past event that will probabty resull in the transfer of fund5 to a third paty and the arrKJunl due lo settle the oblualion can be measured or estimated reliably. Creditors and provisions are nomially recc#Jnised at Ihwr settlement amoLbnt after allowing for any trade discounts due. ql Flnan¢ial instruments The charitable company onb/ has finarrial assets and financial li8bAiiies of a kind that qual as tsa$ financial instruments. Bas financial instnJThents are initially ecnISed al transaction value and subsequenlty measured al their setttement value with the eXCePtn of bank which are subsequenty rec(Jnised at am0.sed cost using the effective interest method. r) Pension costs The company opernles a defined contribution wsion for its employees. There are no fvrther IHbi1rtS other than that alre•Jy rKognis&J in the SOFA sl Foreign currency transactlons Transath"ons in foreign currencies are translated at rates p¥allIng at the dale of the transaclion. Balances denomThied in f(veign currerKw6 are translated at the rate of exchange prevailing al the year end. 17
ontessori St NiclK)lag Ltd Notes to th• financlal ststements For the ear ended 31 A ust 2025 Accounting policks {continued) tl Accounting estlmates and key Judgernents In the application of the charity's accounting pc5, the trustees are required lo make judgements, estimates and assumplKJns atKJut the carrying values of assets and liabilities that are not readily apparent from other Sources. The estimates and undedying assumptions are based on historical experience and other faciors that a considered to be relevant. Actual results may drffer from these eslimate5: .The eslim8les underlying assumptions are rew&¥ed on an ongoing bask8. Rwsions lo accounting eslirnales are recc#3nised in the period in whth the estimate is revised rf the revision affects onty th81 periTrJ. or in the per of the revtsion and fuiufe perS if the revision affects both currenl and future periods. The key sources of estimation uncetsnty thal have a signifunt Èffect on the amounts recognised in the financial slalemenls are deprecialn as described in note 1lkl above. Income trom charltable actlvlt 2025 Total 2024 Total Professional training and qualification- fees STAR accreditation and recojnition Other chaiilabk incor 179.730 9.133 416 10,815 7,455 Total Income from charltable activities 189.279 1&454 Income from invostments 2025 Total 2024 Total Bank inlerest Oividends 74 89.332 4.012 134,595 Total income from investments 89,406 138,607 4. Government grants . There were no government grants in the current ¢y prKJr year. 18
Pknntessorl St Nicholas Ltd . Notes to ihe financial statements For the ear ended 31 Au ust 2025 S. Total expendlture Supw)rt and Rai5irvJ . Charitable g)vemance funds tivrt*s costs 2025 Total Staff costs (rK)te 81 Education servKes and training programme5 Professional recognitn services Member services and rnnity engagement Grants and bursaries (note 7) Fundraising and rnpanS Research and devefopmenl 93.5( 142,128 141.538 377.172 29,556 10.352 30,374 13.700 83,338 82,942 143,268 106.994 31.544 10.078 1.363 36.602 83.652 64.071 24.897 993 28.092 132.217 118.627 2,356 95.805 67.713 SutAotal 176.399 374.169 .425.871 976.439 Alkxalion of support and governance costs 136.445 289,426 425.871 Totsl gxpenditure 312,844 663.595 976.439 Total govemanee costs V+we £126,315 (2024.. £144,901). 19
Montessori St Nicholas Ltd Notes to the flnanclal stalements For the ear ended 31 Au ust 2025 S. Total expendilure l¢ontlnued) Prior period comparative (restated Support arKI Charitabte goveman Reststed c>)sts 2024 Tclal Rai5irMJ funds Slaff costs (note 81 Education services and IrainiTrJ programmes Profess)n81 recognition servKes Member services and communrty engagement . Grydnts and bUrieS {nole 7) Fundraising and r11paignS Research and development Wnte off irrecoverable debt 157,326 194.322 345.S30 697.178 41,510 8,859 19.3 12.871 85,957 84.363 147,430 1.093 24.965 31.101 80.19 13,038 31.451 188,S44 13,038 20,633 25.584 105.079 36,513 1.778 40.672 11,107 161.495 256.158 94.885 74.343 36,691 sUtOtal 356. 5C6.4C 710.999 1.574.273 Allocation of support and go¥emaKe costs 293.920 417.079 10,999 Total expendlturg 650.788 923.485 1,574.273 Pmr pwK)d expendrture has been restated due to a charvje n the basis for alkKin9 SUPPOrt osls to provide a mre accurate ectIon of the use of resources by the chanty and to be comparable with thg current year. 20
Montsssori St Nicholas Ltd Notes to the financlal slatements For the ear ended 31 A ust 2025 Net movement In funds This is slated after charging.. 2025 2024 Depreciatic Loss on disposal of tangible assets Trustees. remunefation Trustees, reimbursed expenses Audrt0' rernuneratp)n lexduding VAT): Statutory audit- Charity Statutory audrt- Subsidiary . Oiher ser¥eS 13.829 17 18.619 124 132 11.385 9.020 5,005 5,500 350 Trustee reimbursed expenses relaled tci travel arKI $th5i5tence for 3 trustees (2025.. 3 trustees). In common wrth cther ChaIrt of our size and natu we use our auditcrf5 to as$i$l with the preparation of the financial ststements and to prepare and submit retums lo the authorities. Grants During the year, 1412024.. 3} grants were a•Arded to 8 institutions {2024:. 3). 2025 2024 Grants to organisations Sl Nieholas Montessori Training Limiled Leeds Beckett Universty Bright Start- Voices for chiklren Bright Start FOundatn H(Hne Start Wesl Somerset HundrED Grant5 < £5.000 225.000 30,000 14.629 10,715 14,Ot)O 12.108 2.200 594.CQO 127.500 18.$00 Burs$ 42,544 Grant to subsidiary eliminated on consoivjal 225,000 594.000 Total grants payable 83.652 188,$44 21
Montessori St Nlcholas Ltd Notes to the financial ststements For the ear ended 31 Au ust 2025 Staff costs and numbers Staff costs were as fd10.. 2025 2024 Salaries and wages Social secunty eosls Pension costs 335.788 29.805 11.579 615,098 67,289 14,791 377.172 697,178 Included salaries arKI wages are"rpJundancy and termination ¢o$ts totalliThJ £nil (2024.. £184.719}. 202S No. 2024 No. Employees eaming mre than £60,000 during the year. Between £60.000 and £70.000 Behveen £70.000 and £80,000 Between £110.000 and £120.0 8ets¥een £220.000 arbj £230.0(M) The key management personnel of the charitabie cthnpany c(ryrise Ihe Trustees. from MSN, the Chief ExecLrtNe officer. and from MCI th& Chief ExecutNe Officer. The total employee beneffils of the key mana9wnenl Pennel We £128.76812024.' £378,636). In the prior year. members of Executive Tean daimed exFenses. nbUr$Ing them for oul-of- pod(el travel arKI sub&stence costs incurred in CIng out their duties totalling £1,451. 2025 No. 2024 Average headcount Taxatlon The chanty is exempt frryn COrp10n tax as al ils inCC¥r is charitable aThJ is applied for charitable purpose5. Tr subsidiary company distribLrtes any proffts to the chanty and therefo no corporalp)n tax i8 payable.
Montessori St Nlcholas Ltd Notes lo th• fin¢la] ststements Forthe earended 31 Au ust 2025 10. Tangible fixed assets Group COmper hardware Fixture$, and rittlngs & software equipment Website and CRM Total At 1 September 2024 Disp05als 82.072 35,875 13.157 100 95.329 35.875 At 31 August 2025 46.197 13.157 100 59.454 Depreciation At 1 September 2024 Charge for the year Disposals 54.125 11.083 35,858 61.517 13.829 35.858 20 At 31 August 2025 29.350 10.052 ' 39.488 Net book value At 31 August 2025 14 At 31 Augusl 2024 Charlty Ctynputer hardware Fixtures. and rittin95 & software equlpmenl Totsl Cost Al 1 September 2024 and at 31 August 225 3.859 100 3.959 Deprecialion At 1 September 2024 Charge forthe year 3.075 3,141 368 20 At 31 August 2025 3.423 3.509 Not book value At 31 August 2025 436 14 At 31 August 2024 783 817 23
Montessorl St Nicholas Ltd Notes to the financial statements For the ear ended 31 Au ust 2025 11. Invgslments The group 2025 The group Tho charity 2024 2025 The charity 2024 Total Investments: Listed investments held by investment manager Cash held by investrnent manag Investment in subsidiary 3.332.116 527 3.899.342 22,180 3.332.116 527 100 3.899,342 22,180 1¢)0 3.921,522 3.332.743 3.921.622 Llstsd Snvestments (group and charityl: 2025 2024 Market value at 1 September 2024 Additions Disposals pr¢xeeds Net investment ga in the year 3099.342 1.821 1623.6101 11.034,8611 54.563 412.536 4.521.667 Markel value at 31 August 2025 3.332,116 3,899,342 12. Subsidiary undertaklngs st Nicholas PAonlessori Trdinirnj Limiled St Nicholas Montessori Training Limrted (Company number C64293371 a wholly owned trading Subsidiary of Montessori St NichoL4s Limited. It provides.Iraining of students in the Montessori Philosophy, provkling recognised quaIrfKatnS for students to leach. ' 2025 2024 Turnover Cost of sales 414,280 7.379 612.454 7.29S Gross profft 406,901 605,159 Adminislrattve e>penses 487.109 (Lossl I profrt on ordinary activities 138.1541 (16) 17 118.050 Other interest receNable and simikqr inc(Kne 131 (Lossl I profft for financial year 38.153 118.181 24
Montessori St NiC1laS Ltd Notes to the flnanclal statements For the ear ended 31 Au ust 2025 12. Subsidlary undertakings (¢ontinued) The aggregate cl the assets. Ikqbilitw and fvnds was: 2025 2024 Fixed assets Tangibk assets 19.517 32,995 Current assets Debtors Cash at bank and in hand 286.880 3.574 321.883 17,725 339.608 Creditors.. arrv)unts falling due wrthin 1 year 33.819 58.298 Ne¢ curront assets 281.310 Nel assets 314305 Capltal and reserves Called up share e8pital Profft and loss account . 100 314,205 276.052 Shareholders. funds 276.152 314,305 13. Parentcharity The parent eharws gross and the results ts" the year are dB¢h)sed as frAltr•VS.' 2025 2024 Gross inwme Results for the year 117.593 604.879 141.$42 1,083,103 14. DebtopJ The group Restated 2024 The charlty Reslaled 2024 2025 2025 Trade debtors Prepayments Other debtors 154.908 37.010 3.682 30,082 6,739 20,957 8.047 195,600 36,821 20.957 8,047 25
Montessori St Nicholas Ltd Notes to the financlal statements For the ear ended 31 Au ust 202S 15. Creditots: amounts falling due within 1 y•ar The group 2025 The charity 2025 2024 2024 Trade credilofs Accruals Other tsXaln and soual seeurity Deferred income (see note 16) Due lo subsidiary undertakings Other eredrto 30.$38 33,352 13.7 12,C68 36.543 10,500 1497 9.937 22,361 1.840 16.131 12.294 4.411 112.237 293.109 2.521 2.772 327 247 16. Dgfefred income group The charlty 202S 2025 2024 2024 At 1 September 2024 Deferred during the yoar ReaSed during the year 12.068 4,411 12.068 17.782 14.082 At 31 August 2025 Deferred irwme re¥ to income in advance STAR acueditation fees and training fee5." .
Monte5sorl St Nicholas Ltd Notes to the finCIal statem•Trts For the ear ended 31 Au ust 2025 17. Flnanclal in51ruments at fair value The group and charity 2025 2024 Financial assets measured al fair value 3.332.116 3,899.342 Financial assets measured al fair value comprise listed investrnenls. 18. Related party transadions Montessori St NhOlaS Limited has a whowy ¢yWnj subsidiary St.NholaS Montessori Training Limited, a c(xnpany limited by shares (¢cKnpany no. W29337). The Chief Executive serves on the board of directors in the subsh1i8ry company. During the year, the charity provid a grant of £225,00012024.' £594,0) and the subsdiary recharged staff time of £28,04812024.' The parent recharged staff time of £55,789). At 31 Augu512025. Montessori St Nichda5 Limited owed St Nicholas Montessori Trainry Limited £112,23712024'. £293,109). Duang the year. £44.C(JO12024." £8,CiXl} was paid for board coaching services prowded to the Board of Trustees by W¢0 Lld. Wcorp Ltd is a privale cc4npany limited by shares in England and Wales. of whith S Sthu-Kaui. fomer Chair of Trustees, is a SO director and holds over 75% (rf the shares aNJ voting rJhts. No amounts re wtslanding at year end. 27
Montessori St NlclK)las Lld Notes to Ihe Ilnancial statements For the ear ended 31 Au USI 2025 19. Prior year restatement Prior year expenditure and debtors ha been restabj to write off an IrfVerable debt as shown below: Other debtors The group Th• charty As originalw sL8tett" Adjustment to write off bakArKe 43,430. 36.691 36,691 36.691 As restated at 31 Augusi 2024 6.739 Expendlture . The group The Charity As ortginally slat Adjustment to write ¢Jff balance Rounding 1.537.585 36.691 1,637.181 36.691 As restated al 31 August 2024 1,574.273 1.673,872 Fundg brought forward The group Th•£harfty As originally stated Adjustment lo wrrte off balance 4,148,735 36,691 3,834.530 36,691 AS re51ated at 1 September 2024 4.112.044 3.797.839 28