Berkhampstead School (Cheltenham) Trust Limited
(A company limited by guarantee)
Governors, Report and
Financial Statements
Year Ended
31 August 2024
Registered company number: 01136229
Registered charity number: 325018

Berkhampstead School (Cheltenham) Trust Limited
Contents
Page
Reference and administrative details of the Company, its Governors and advisers
Governor's report
Independent auditor's report
8- 11
Consolidated statement of financial activities
12
Consolidated balance sheet
13
Company balance sheet
14
Consolidated statement of cash flows
15
Notes to the financial statements
16-35

Berkhampstead School {Cheltenham) Trust Limited
Reference and administrative details of the Company. its Governors and advisers for the year
ended 31 August 2024
Governors
Mr S J Ackland 2.3
Mrs G Agg
Mrs J Bowden
Mr C M Collier,
Mr P S Connaughton (resigned 13 May 2024)
Mrs D M Cox 1.6
Mrs C France {appointed 28 September 2023)
Mr D Freer (resigned 8 December 2023)
Mr M A Kirby (Chair) '
Mrs C B Martin
Mr A C Roberts
Mr J E Walton 4.5
Mrs S E Williams (appointed 23 May 2024)
1 denotes membership of Finance and General Purposes Committee
2 denotes memberships of Health and Safety Committee
3 denotes membership of the Compliance Committee
4 denotes nominated Safeguarding Governor
5 denotes membership of the Education Committee
6 denotes membership of the Day Nursery Committee
Company registered
number
01136229
Charity registered
number
325018
Registered office and
Principal address
Berkhampstead School
Pittville Circus Road
Cheltenham
GL52 2QA
Bursar and Company
secretary
Mr T Denmead
Headmaster
Mr R Cross
Independent auditor
Hazlewoods LLP
Staverton Court
staverton
Cheltenham
GL51 OUX
Bankers
Lloyds Bank PIC
130 High Street
Cheltenham
GL50 1EW
Solicitors
Sherbomes Solicitors
4 Royal Crescent
Cheltenham
GL50 3DA

Berkhampstead School {Cheltenham) Trust Limited
Governors, report
for the year ended 31 August 2024
The Governors present their annual report together with the audited financial statements of the group
and the company for the year ended 31 August 2024. The Governors confim that the Annual Report
and financial statements of the company comply with the current StatLrtory requirements, the
requirements of the company's governing document and the provisions of the Statemenl of
Recommended Practice ISORP), applicable to charities preparing their accounts in accordance with
the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1
January 2015) as amended by Update Bulletin 1 (effective 1 January 2015).
STATUS AND ADMINISTRATION
Berkhampstead School Icheltenham) Trust Limited is a charty wrthin the meaning of the Charities Act
2011 and has been entered on the Central Register of Charities (number 325018}. It is incorporated
under the Companies Act 2006 {number 01136229) as a company limited by guarantee and not having
share capital. It is governed by its Memorandum and Articles of Association and was incorporated on
26 September 1973.
CHARITABLE OBJECTS
The objects for which the charity is estsblished are to promote and provide for the advancement of
education and in connection therewith to conduct, carry on. acquire and develop in the United Kingdom
any boarding or day school for the education of children.
PRINCIPAL ACTIVITY
The principal activity of the School continues to be the provision of a well-rounded education to both
boys and girls up to the age of 11.
ORGANISATIONAL STRUCTURE
The Trust is managed by the Board of Govemors. Meetings are held frequently throughout the year.
The strategic planning and overview of the trust's operations, including the management of the Day
Nursery, is undertaken by the Executive Headteacher, with assistan￿ from the Senior Leadership team
consisting of the Headteacher, Director of Day Nurseries and Bursar. The day to day running of the
Trust's activities is undertaken by the Headteacher, with the assistance of the administrative slaff. The
Bursar co-ordinates the financial and administrative work of the School and manages any building and
maintenance work in conjunction with the Estates Manager.
Delegated tasks include those of a Chef Manager who is employed by Palmer & Howells Catering and
runs the kitchen on a contract basis.
Remuneration is set by the Board of Governors, With the policy of ensuring appropriate salaries to
encourage enhanced performance and, in a fair and responsible manner, rewarding for individual
contributions to the School's success.
GOVERNORS
The Chair of Governors is Mr Martin Kirby, who has a long-standing relationship with Berkhampstead
School by way of ex parent and fomier Chair of the Finance and General Purposes Committee.
The Goveming Body continues to strongly support the School. Governors attend courses and seminars
to ensure that they are fully informed with regard to Govemance and work closely with the senior
management and teaching staff supporting and challenging their work at all times. The Full Board is
informed and supported by four main Committees.. Compliance, Finance and General Purposes,
Education, and Day Nursery. who meet at least once a temi. Named Governors are allocated
responsibilrty for monitoring Health and Safety and Safeguarding.

Berkhampstead School (Cheltenham) Trust Limited
Governors, report
for the year ended 31 August 2024
The Governors are aware of the new Charty Governance Code issued in July 2017. A review will be
undertaken of the guidance in order to ensure that the School is working in line with the code, in all
ways where it is practical to do so.
GROUP STRUCTURE
The School has one wholly owned non-charitable subsidiary. Berkhampstead School (Day Care
Nursery) Limited. The trading activities ofthe subsidiary consist of the provision ofa day nursery. Annual
profits will be donated to the School under the Gift Aid Scheme where appropriate. Transactions
between these entities are detailed within Note 14.
BOARD POLICY AND PUBUC BENEFIT AIMS
The board policy continues to put excellence in both teaching and learning as the prime strategic
objective. We consider that this is brought about by providing an environment where every child is
known and cared for in happy and fun surroundings. Effort and achievement in all areas are encouraged
and recognised. Governors appreciate the importance of the very high standard of pastoral care that
Berkhampstead continues to provide so that the children are supported in every way throughout their
time in the school. Berkhampstead is a "feeder schoof, for a variety of secondary schools both in the
maintained sector and independent schools. The teachers provide advice and guidance so that the
pupils are able to transfer confidently to the school of their choice. Several pupils gain places at local
grammar schools and others achieve awards at independent schools. There is a large variety of after
school clubs and activities so that the children can develop individually in areas outside the main
curriculum. Throughout the school participation is encouraged in Music, Drama, Art and Sport.
In administering the charity, the charity Governors have complied with their duty in section 17 of the
Charities Act 2011 and have paid due regard to the published Charity Commission guidance on the
operation of the Public Benefrt requirements. The School continues to allow its facilities to be used by
local organisations for musi¢, yoga, chess and local speakers.
REVIEW OF ACTIVITIES AND ACHIEVEMENTS
Berkhampstead School had another successful year academically under school the new management
structure, consisting of an Executive Head (Richard Cross). Headteacher (Michelle Bareham), Bursar
{Tom Denmead} and Director of Day Nurseries {Mollie Dodds), effective fom 1 September 2023. One
of first challenges under the new structure was a routine regularly visit fom the ISI inspection team in
November 2023. The school's previous inspection was in December 2019, where the school received
an 'Outstanding' in all areas. Under the new inspection framework. ISI do not provide grades however,
all standards were confidently met and the school received some exceptional comments in the report.
Following this excellent inspection. we are aware that there is no room for complacency in any area of
School life and it will continue to strive for excellence across the board.
It was another successful year academically with Year 6 having excellent outcomes with 14 children
being offered Grammar school (out ofthe 19 children that took the test), along with 15 scholarships also
being offered within the year group of 31 pupils. In the end 11 Grammar school places were accepted,
15 headed to independent schools and 5 havejoined the local academies. These outcomes ofthe Year
6 pupils highlight the school's ability to best prepare the children for their next steps in education, whilst
also catering for a wide range of individuals as shown by the variety of educational establishments the
children are moving onto. Furthemore, with 15 scholarships being offered this year, it is clear to see
that the academic, sport. drama and music experiences offered at Berf(hampstead School allow the
children to flourish and have further opportunities to excel in their nexi setting.
Whilst the academic success of the school is certainly regularly acknowledged and celebrated, the
School regularly promotes and celebrates the achievements of those who participate and excel in other
areas of school life and outside in the local communty.

Berkhampstead School (Cheltenham) Trust Limited
Governors, report
for the year ended 31 August 2024
The School continues to take pride in the excellent qualty of our pastoral care and the well-being
program is embedded in the school day. It aims to give children the tools to manage their own well-
being which aids learning. The School has retained the Mental Health Champions accredrtation and
Gloucestershire Heatthy Living and Leaming Award, both for anotherthree years.
The sporting successes have again been very good. and the school punches above rts weight in terms
of winning at fixtures against other schools. Sport continues to be an important aspect of school life,
with everyone from Years 3 to Year 6 taking part in matches. and there were numerous sporting clubs
across the school.
There were regular musical perfomiances during this school year. As well as temly, in-house recitals
showcasing musicians of all abilities, there were Christmas nativtties and services, the Spring Concerts
(which was held at the impressive Cheltenham Town Hall this yearl and the Summer productions. The
Harvest Festival and the Easter Service at All Saints, Church also showcased music at Berkhampstead
School. All of Year 6 perfomied in their Summer production. 'What a Knight, and the majority at the
leavers, recital at the Parabola Art Centre. An abundance of music clubs were offered in the Autumn
and Spring temis.
The enrichment programme of activities and visits continued to be diverse and stimulating adding a
valuable dimension to the children's leaming. Some of the many visits included a trip to the Cotswold
Wildlife Park for Kindergarten, Bristol Aquarium for Year 1. Warwick Castle for Year 2, and a visit to the
Everyman Theatre to watch a production of 'Mother Goose. for Year 1 and Year 2. Year 3 visited the
Chedworth Roman Villa and Year 4 had a look around Chepstow Castle and an Income Gaming trip.
Year 5 and 6 had residential trips to Viney Hill. There were also muttiple workshops run for the children
in the year including an African Drumming and Dance. Music Hands and a Great Fire of London
workshop.
The pupils have been encouraged to become involved in various fundraising activities. Voted by the
School Council, the two main charities for this yearwere the Rainforest Alliance and Emily's Gift.
The School Eco Committee delivered on a number of initiatives during the year ranging from an Air
Quality Education project and Big Walk and Wheel survey. Lttter picks and recycling projects are a
regular occurrence, and the Prep and Pre-Prep committees grew plants to sell at the Summer Fete.
Children all over the school were encouraged to take part in the 'Berky Eco Pledge,, and quite a few
achieved their Eco Warrior Badge.
Speech Day for the Year 6 pupils leaving the School had taken place in All Saints Church, with parents,
staff and Governors attending and then retuming to the School for excellent canapes and refreshments
provided by our ¢atenng providers.
Pupil numbers were extremely strong at the end of the year. 42 were in Kindergarten, 77 in the Pre-
Prep and 143 in the Prep department. There were also 157 children on role at the Day Nursery, leading
to a total of419 children attending erther Berkhampstead School or the Day Nursery, an increase of12
since the prior year, and 19 since the Summer 2022 term.
The number of enquiries ha5 been very positive throughout the year. Follow up of initial enquiries and
subsequent visils have been carefully monitored. The Open Days Continued on an appointment only
basis and proved to be popular events.
FINANCIAL REVIEW AND RESULTS FOR THE YEAR
Net loss for the year totalled £173,605 {2023= £11,323). The consolidated unrestricted general fund of
the group at 31 August 2024 was £1,986,15912023'. £2,159,764). In addition, the balance offunds upon
which restrictions have been placed by donors is £22 (2023.. £22).

Berkhampstead School (Cheltenham) Trust Limited
Governors, report
for the year ended 31 August 2024
DEVELOPMENTS
The School continues to invest in the fabric of the buildings, a continual rolling maintenance program
and the Board and Senior Leadership team continue to consider ways of optimising the space available
for the pupils. The School was in a strong p051tion financially to carry out key work over the course of
the year.
In January 2024, the front car park and entrance was reconfigured and refU￿ished to make the School
safer and much more welcoming experience for the children and parents. Over Ihe summer holidays,
the toilets in the Prep and Early Years were refurbished and the planning and preparation of the new
playground at the Pre-Prep began. wtth the completion date of December 2024.
The Day Nursery continues lo thrive and is a happy and safe environment for the children. The number
of children transferring either to Berkhamp5tead Kindergarten or to Reception at a later age has
remained high and exceeds expectations. The Nursery has become more integrated into the main
School and the children are often included in activrties such as music. French and sport. They have
access to all the School indoor and outdoor faciltties for their activtiies and concerts.
In March 2024, Berkhampstead School successful completed on the purchase ofa second day nursery
in Cheltenham. The location of this new day nursery is in Charlton Kings, on the corner of Copt Elm
Road and London Road. The area is home to many families, with limited options for childcare for
children under five years old in this area of Cheltenham. The building itsetfwas formerly a family home
before being used as a medical centre and is Grade11 listed, sharing similarities to the Pre-Prep School
building located in Pitfville Circus. Works on the building were completed in December 2024 and we
welcomed our first children in January 2025.
The active PTA has continued to raise funds throughout the year by means of the operation of the
second-hand unifomi shop. PTA events included Bonfire night, the Christmas Fayre, Coronation lunch
and the Summer Festival.
FUTURE PLANS
Following the works at our new Day Nursery site in ChaTfton Kings, the refurt)ishment of the
Pittville Circus Day Nursery is planned.
Improvements to the Pre-prep including refurbishment of the front and sides of the building {the
works to the rear were completed in August 2023). dining room and bay window and art room.
The creation of a new access point befvrfeen the Pittville Circus Day Nursery and the
Kindergarten will help collaboration between the hvo departments.
The GymlHall in Prep will be replaced wrth a more modem building to accommodate drama
and music perfom)ances.
RESERVES POLICY
The Governors aim to build up the free reserves of the Trust to ensure that these are sufficient to cover
recurring expenditure in the short term to allow for possible loss or delays in respect of incorne.
In common with most Independent schools Berkhampstead has negative free reseNes. At 31 August
2024. the total unrestricted reseNe was £1.986,159 (2023.. £2.159.764} with fixed assels valued at
£4,345,051 {2023.. £2,579,551) resulting in negative free reserves of £2,358,892 (2023= £419.7871. In
recent years the Governors have invested signrficant sums in improvements to the School facilities
which have attracted pupil numbers. in addition to purchasing a new building for a second day nursery.
School improvements and the acquisition of the new day nursery building have been funded by long
temi loans secured on the freehold property. At 31 August 2024. £1.968,613 (2023. £194,073} was due
in over 5 years, time.

Berkhampstead School (Cheltenham) Trust Limited
Governors, report
for the year ended 31 August 2024
INVESTMENT POLICY
Under the direction of the Goveming Body, investment of the School's fvnds may be applied in any of
the following=
Land or Propety whether freehold or leasehold.
Investments in which the Governing Body feel appropriate, considering any risk which may be
involved being at a minimum.
The improvement or development of property belonging to the School.
The approval of this policy, and any amendments to it, are a matter reserved for the Governing Body.
The policy will be reviewed at intervals of no more than two years.
The Governing Body has delegated responsibilty and authority for the monytoring of the perfonnance
of investments to the Finance and General Purposes Committee.
For the purpose of this policy, the term 'investment' is regarded as the purchase, holding and sale of
Investments with a view to achieving a return, by way of income andlor capital growth, with an
understanding that the capital value may go up or down. Placing money on deposit, in Bank deposit
accounts or in deposit funds, is not regarded as 'investment' and tt is recognised that keeping funds in
Bank accounts in the longer term will a5most certainly lead to erosion of real Capital values.
Long and short-term objectives:
The long-temi investment objective of the School is to protect the real value of the School's invested
Capital by reference lo the Retail Price Index (RPI) and to produce real growth in net investment income
arising therefrom without undue risk.
The short-term objective is to achieve the long-term objective wtthout undue fluctuations year by year
in the income arising from investments.
Qualifying investments and criteria are established by the Goveming Body.
The investments shall be those in which the Goveming Body are pemitted to invest by Law.
RISK MANAGEMENT
All committees are charged with the need to review risk and to check school policies that affect them
specifically. All committee-level risk registers inform the Board Risk Register which is an agenda item
at all board meetings. The Govemor with responsibility for Health and Safety has continued to meet
with the Bursar and Estates Team each term and report to the Governing body. Financial performance
is compared to budgets, which are prepared on an annual basis, for each of the three temis in the year
and for the year as a whole. The Finance and General Purposes Committee meets regularly to discuss
financial performance and fLrture funding requirements. The Chairman of Governors meets the
Executive Headmaster regulady and also the Bursar when possible. The Compliance Committee,
Finance and General Purposes, Education and Day Nursery Committee report lo the Full Board. This
structure has proved effective in enabling the Governors to meet their obligations. Reports from external
agencies providing expertise in areas such as water. fire safety and asbestos management continue to
be sought, acted upon and signed off.
PRINCIPAL RISKS AND UNCERTAINTIES
The 3 Principle Board Risks are the continuing impacts of Brexit and other economic such as inflation
creating the cost of living crisis, staff retention in key positions and the recent change in government
which is leading to the introdudion of VAT on Independent School fees and the loss of business rates
relief.

Berkhampstead School (Cheltenham) Trust Limited
Governors, report
for the year ended 31 August 2024
GOING CONCERN
Governors have assessed the financial posrtion of the School and its subsidiary and whilst there are
significant potential financial pressures on the independent education sector associated with the impact
of a change in govemment leading to the VAT being applied on school fees and loss of business rates
relief, pupil and child numbers have increased beyond expectations and the level of interest in the
School continues to impress. The Day Nursery continues to have a waiting list for places and this trend
should continue into the future. The Govemment have also committed to increase funding for parents
with young children. FurtheThore, we are pleased to open our second Day Nursery from 2nd January
2025, and this has made an encouraging start.
STATEMENT OF GOVERNORS. RESPONSIBIUTIES
The Governors (who are also directors of Berkhampstead School {che￿enham) Trust Limited for the
purposes of company law) are responsible for preparing the Govemors, Report and the financial
statements in accordance with applicable law and United Kingdom Arxounling Standards (United
Kingdom Generally Accepted Accounting Practice).
Company law requires the Governors to prepare financial statements for each financial year. Under
company law the Governors must not approve the financial statements unless they are satisfied that
they give a true and fair view of the state of affairs of the charitable company and the group and of the
incoming resources and application of resources, including the income and expenditure of the charitable
group for that period. In preparing these financial ststements, the governors are required to..
select suitable accounting policies and then apply them consistently.,
obsetve the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent-
state whether applicable UK Accounting Standards {FRS 102) have been followed, subject to
any material departures disclosed and explained in the financial statements-
prepare the financial statements on the going concem basis unless it is inappropriate to
presume that the charitable group wll continue in operation.
The Governors are responsible for keeping adequate accounting records that are sufficient to show and
explain the charitable company and the group's transactions, disclose with reasonable accuracy at any
time the financial position of the charitable group 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 the group and hence for taking reasonable steps for Ihe prevention and
detedion of fraud and other irregularities.
DISCLOSURE OF INFORMATION TO AUDITOR
Each of the persons who are Govemors at the time when this Governors, report is approved has
confimied that.
so far as that Governor is aware. there is no relevant audit information of which the charitable
Group's auditor is unaware. and
that Governor has taken all the steps that ought to have been taken as a Governor in order to
be aware of any relevant audit infomiation and to establish that the chantable Group's auditor
is aware of that infomiation.
AUDITOR
For the financial year ending 31 August 2024. Hazlewoods LLP has been appointed as the external
auditor, succeeding Crowe U.K. LLP. The Governors appreciate the dedicated service of Crowe U.K.
LLP and look forward to working with Hazlewoods LLP.
Approved by order of the members of the board of Governors and signed on their behalf by..
MrMAKirby_
Chair of Governors
Date".

Berkhampstead School (Cheltenham) Trust Limited
Independent auditors, report to the members of Berkhampstead School Icheltenham) Trust
Limited for the year ended 31 August 2024
Opinion
We have audited the financial statements of Berkhampstead School (Chettenham) Trusl Limited by ("the
Parent Charitable Company") and its subsidiaries ('the Group") for the year ended 31 August 2024 which
comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to
the financial ststements, including a summary of significant accounting policies. The financial reporting
framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standards (United Kingdom Generally Accepted Accounting Practice). including Financial Reporting
standard 102 The Financial Reporting Standard applKable in the UK arpd Republic of Ireland and the
Charities SORP IFRS102}.
In our opinion the financial statements..
give a true and fair view of the state of the Group's and of the Parent Charrtable Company's affairs as at
31 August 2024 and ofthe Group's incoming resources and application of resources, including its income
and expenditure, for the year then ended-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice- and
have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities
SORP {FRS102).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing {UK) IISAS (UK)) and
applicable law. Our responsibililies under those standards are further described in the Auditor's
responsibilrties for the audit of the financial statements section of our report. We are independent of the
Charitable Company in accordance wtth 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 futfilled our other ethical
responsibilities in accordance with these requirements. We believethat the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion.
Conclusions ￿lating 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 perfomed, we have not identthed any material Un￿rtaIntIeS 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.
Other information
The Trustees are responsible for the other infomation. The other infomiation comprTses Ihe informalion
included in the Reference and Administrative details, Trustees, Report and the Governance Statement, 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 exient otherwise explicrtly stated in our report, we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial statements. our responsibility is to read the other infomation and,
in doing so, consider whether the other information is materially inconsistent with the financial statements or
our knowledge obtained in 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 there is
a material misstatement in the financial statements or a material misstatement of the other infomiation. If,
based on the work we have performed. we conclude that there is a material misstatement of this other
infomiation, we are required to report that fact.
We have nothing to report in this regard.

Berkhampstead School (Cheltenham) Trust Limited
Independent auditors, report to the members of Berkhampstead School {Cheltenham) Trust
Limited for the year ended 31 August 2024
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the govemors, report (incorporating the strategi¢ report and the directors, report)
for the financial year for whi¢h the financial statements are prepared is consistent with the financial
statements- and
the strategic report and the directors, report have been prepared in accordance with applicable legal
requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of Group's and the Parent Charitsble Company and its
environment obtained in the course of the audit, we have not identtfied material misstatements in the strategic
report and the directors, report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006
requires us to report to you if. in our opinion.
adequate accounting records have not been by the Parent Charitable Company. or returns adequate for
our audit have not been received from branches not visrted by us., or
the Parent Charitable Company financial statements are not in agreement with the accounting records
and returns- or
certain disclosures of directors, remuneration specrfied by law are not made., or
we have not received a51 the information and explanations we require for our audit.
Responsibilities of Trustees
As explained more fully in the Statement ofTrustees' Responsibilities, the trustees (who are also Ihe 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 Group's and the Parent
Charitable Company's ability to continue as a going concem, disclosing, as applicable, matters related to
going concern and using the going concem basis ofaccounting unless the governors either intend to liquidate
the Charitable Company or to cease operations, or have no realistic altemative but to do so.
Auditorfs responsibilities for the audit of the financial statements
Our objectives are to obtsin reasonable assuran￿ 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 15 not a guarantee that an audit
conducted in accordance with ISAS (UK) will a￿ayS deted a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material rf, 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 extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below..

Berkhampstead School (Cheltenham) Trust Limited
Independent auditors, report to the members of Berkhampstead School (Cheltenham) Trust
Limited for the year ended 31 August 2024
We obtained an understanding of the legal and regulatory frameworks applicable to the company
financial statements or that had a fundamental effect on the operations ofthe company. We determined
that the most 5igntfi¢ant laws and regulations included UKGAAP, UK Companies Act 2006 and taxation
laws.,
We assessed the susceptibility of the company's financial statements to material misstatement,
including how fraud might occur. Audit procedures performed by the engagement team included
Challenging assumptions and judgments made by management in its significant accounting estimates
and identifying and testing joumal entries, in particular any journal entries posted with unusual
characteristics.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulalion. Thi5
risk increases the more that Complian￿wIth a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-
compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud
involves intentional concealment, forgery, collusion. omission or misrepresentation.
As part of an audit in accordance with ISAS (UK), we exercise professional judgment and mainlain
professional scepticism throughout the audit. We also=
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, design and perfomi audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery. intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Charitable Company's intemal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the trustees.
Conclude on the appropriateness of the governors, use of the going concern basis of accounting and,
based on the audit evidence obtained. whether a material uncertainty exists related to events or
conditions that may cast signrficanl doubt on the Charitable Company's ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor's report to the related disclosures in the financial statements or. if such dis¢losures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtsined up to the
date of our auditor's report. However, future events or conditions may cause the Charitable Company to
cease to continue as a going concem.
Evaluate the overall presentation. structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
We communicate with those charged with govemance regarding, among other matter5, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
10

Berkhampstead School (Cheltenham) Trust Limited
Independent auditors, report to the members of Berkhampstead School {Cheltenham) Trust
Limited for the year ended 31 August 2024
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.
Date .
0310212025
Scott Lawrence FCA DChA (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP. Statutory Auditor
Staverton Court
Staverton
Cheltenham
GL51 OUX

Berkhampstead School (Cheltenham) Trust Limited
Consolidated statement of financial activities
(including summary of income and expenditure account)
for the year ended 31 August 2024
Note
Unrestricted
Funds
2024
Restricted
Funds
2024
Total
2024
Total
2023
INCOME FROM
Charitable activities-
School fees
Ancillary trading income
Donations and legacies
Non-ancillary trading income
2.755.924
277.060
27,765
1.484.031
2,755,924
277,060
27.765
1,484,031
2, 602,045
224,278
23, 856
1,280,074
Total Income
4.544,780
4,544,780
4, 130,253
EXPENDITURE ON
Raising funds..
Charitable activities
Trading activities
Financing costs
3,381.994
1,250,779
85,612
3,381,994
1,250,779
85,612
3, 004, 342
1, 717,060
20,174
Total expenditure
4,718,385
4,718.385
4, 141,576
Net movement in funds
(173,605)
(173,605)
(11,323)
Reconciliation of funds
Total funds brought forward
2,159,764
22
2,159,786
2,171, 109
Net movement in fund
1173,605
(173,605)
(11,323)
Total funds carried forward
1,986.159
22
1,986.181
2, 159, 786
The notes on pages 16 to 35 form part of these financial statements.
12

Berkharnpstead School (Cheltenham) Trust Limited
Consolidated balance sheet
for the year ended 31 August 2024
Note
2024
2023
FIXED ASSETS
Tangible assets
13
4,345,051
2,579,551
CURRENT ASSETS
Debtors
Cash at bank and in hand
15
143.578
921,689
171, 777
543, 052
1,065,267
714,829
Creditors: Amounts falling
due within one year
16
(951.438}
(708, 927)
NET CURRENT ASSETS
113,829
5,902
TOTAL ASSETS LESS
CURRENT LIABILITIES
4,458,880
2, 585,453
Creditors.- amounts falling
due after more than one year
17
(2,472,699)
(425, 667)
TOTAL NET ASSETS
1,986,181
2. 159, 786
Charity Funds
Restricted funds
Unrestricted funds
20
20
22
1,986,159
22
2, 159, 764
TOTAL FUNDS
1,986,181
2, 159, 786
The Governors acknowledge their responsibilities for comptying with the requirements of the Act with respect to
accounting records and preparation of financial statements.
The financial ststements We￿ approved and authorised for issue by the Governors and signed on their behalf by..
Mr M A Kirby
Chair of Trustees
Date: S0.I.>5
The notes on pages 16 to 35 fomi part of these financial statements.
Note
2024
2023
13

Berkhampstead School (Cheltenham) Trust Limited
Company balance sheet
for the year ended 31 August 2024
FIXED ASSETS
Tangible assets
Investments
13
14
4,285,682
100
2,512, 140
700
4,285,782
2,512,240
CURRENT ASSETS
Debtors
Cash at bank and in hand
15
116,393
746.348
426,976
208, 885
862.741
635, 861
Creditors: Amounts falling
due within one year
16
1792,212)
(560, 373)
NET CURRENT ASSETS
70,529
75,488
TOTAL ASSETS LESS
CURRENT LIABILITIES
4,356,311
2, 587, 728
Creditors.. amounts falling
due after more than one year
17
12,472,699)
(425, 667)
TOTAL NET ASSETS
1,883,612
2,162,061
Charity Funds
Restricted funds
Unrestricted funds
20
20
22
1,883,590
22
2, 162, 039
TOTAL FUNDS
1,883,612
2,162,061
The Company had a net deficit for the year of £278,449 (2023 - deficit of £32.426}.
The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to
accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Governors and signed on their behalf by..
Mr M A Kirby
Chair of Trustees
The notes on pages 16 to 35 fomi part of these financial statements.
14

Berkhampstead School (Cheltenham) Trust Limited
Consolidated statement of cash flows
for the year ended 31 August 2024
2024
2023
Notes
CASH FLOWS FROM OPERATING ACTNITIES
Net cash used in operating activities
23
536.052
195.457
Cash flows from investing activities
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
2,026
(1.914,957)
2. 768
(123,265)
Net cash used in investing activities
(1.912,931)
(120,497)
Cash flow from financing activities
Loan repayments
Loan proceeds
Finance costs
(83,635)
1,923,750
{84.599)
(895, 317)
(9,281)
Net cash used in financing activities
1,755,516
(904, 598)
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
378,637
543,052
(829, 638)
1,372,690
Total cash and cash equivalents at the end of the year
921,689
543, 052
The notes on pages 16 to 35 form part of these financial statements.
15

Berkhampstead School (Cheltenham) Trust Limited
Notes to the financial statements
for the year ended 31 August 2024
General information
Berkhampstead School Icheltenham) Trust Limited 15 a registered charity with the Charities Commission
England and Wales Icharrty number 325018) and was incorporated in England as a private company
limited by guarantee (company number-. 01136229) on 26 September 1973. The address of ils registered
office is Berkhampstead School. Pittville Circus Road. Cheltenham, Gloucestershire, GL52 2QA.
It's principal activity is the provision of boarding and day schooling.
The members of the company are the Govemors named on page 1. In the event of the School being
wound up the liabilrty in respect of the guarantee is limited to £1 per member of the School.
Accounting policies
2.1 Basis of preparation of financial ststements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102)
Accounting and Reporting by Chartties: Statement of Recommended Practice applicable to charities
preparing their accounts in accordance wtth the Financial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 102} (effective 1 January 2019), the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Berkhampstead School (Chejtenhaml Trust Limited meets the definition of a public benefit entity
under FRS 102. Assets and liabilrties are inrtially recognised at historical cost or transaction value
unless otherwise stated in the relevant accounting policy.
The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet
consolidate the financial Statements of the Company and its subsidiary undertaking. The results of
the subsidiary are consolidated on a line by line basis
The Company has taken advantage of the exemption allowed under section 408 of the Companies
Act 2006 and has not presented its own Statement of financial activilies in these financial statements.
2.2 Going concem
The Governors have a reasonable expectation that the Group has adequate resources to Continue in
operational existence forthe foreseeable future. For long term finance the School relies on bank loans.
In assessing going concern the Governors have assumed that these bank loans will not be repaid in
the foreseeable future and are not aware of any circumstances that may adversely affect these
facilities.
Governors have assessed the financial position of the School and its subsidiary and whilst there are
significant financial pressures on the independent education sector associated with the impact of the
pandemic, Brexit, energy prices, the effect of losing charttable status, the crisis in the Ukraine as well
as increases to the national living wage, pupil and child numbers have increased beyond expectations
and the level of interest in the School continues to impress. The Day Nursery continues to have a
waiting list for places and thi5 trend should continue into the future. The Government have also
committed to increased funding for parents wtEh young children. Furthermore, we are pleased to open
our second Day Nursery trom 2nd January 2025, and this has made an encouraging start.
After making appropriate enquires, the Governors consider that the Group and Company has
adequate resources to continue in operational existence for the foreseeable future and it is therefore
appropriate to continue to adopt the going concern basis in preparing the financial statements.
16

Berkhampstead School (Cheltenham) Trust Limited
Notes to the financial statements
for the year ended 31 August 2024
Accounting policies (continued)
2.3 Fund accounting
General funds are unrestricted funds which are available for use at the discretion ofthe Governors in
furtherance of the general objectives of the Group and which have not been designated for other
purposes.
Designated funds comprise unrestricted fundsthat have been set aside bythe Governorsfor particular
purposes. The aim and use of each designated fund is set out in the notes to thefinancial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by
donors or which have been raised by the Group for particular purposes. The costs of raising and
administering such funds are charged against the specÉfic fund. The aim and use of each restricted
fund is set out in the notes to the financial statements.
2.4 Income
All income is recognised once the Group has entitlement to the income, it is probable that the income
will be received and the amount of income receivable can be measured reliably.
Fees and similar income
Fees receivable are stated after deducting allowances, scholarships, bursaries and other remissions
granted by the School, but include contributions received from restricted funds for bursaries. Where
fees are in advance, the in¢om& is deferred until the temi to which it relates.
Donations
Donations are recorded in the Statement of Financial Activities when the School has entitlement to
the funds, any perfonnance conditions attached to the items have been met, it is probable that the
income will be received and the amount can be measured reliably. Where donations are received only
to be used for a specific purpose they are allocated to the appropriate restricted fund.
Non Ancillary Trading Income
Income comprises the nursery fee income and other income generated by Berkhampstead School
(Day Care Nursery) Limited.
2.5 Government grants
Govemment grants receNed are credited to the Consolidated statement of financial activities as the
related expenditure is incurred.
2.6 Expenditure
Expendrture is recognised once there is a legal or constructive obligation to transfer economic benefit
to a third party, it is probable that a transfer of economic benefits will be required in settlement and
the amount of the obligation can be measured reliably. Expendtture is classified by activity. The costs
of each activity are made up of the total of direct costs and shared costs, including support costs
involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly
to that activity. Shared costs which contribute to more than one activity and support costs which are
not attributable to a single activity are apportioned between those activities on a basis consistent with
the use of resources. Central staff costs are allocated on the basis of time spent.
Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its
charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
17

Berkhampstead School (Cheltenham) Trust Limited
Notes to the financial statements
for the year ended 31 August 2024
Accounting policies (continued
2.6 Expenditure (continued)
Expenditure on charitable activities is incurred on directly undertaking the activities which further the
Group's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.7 Tangible fixed assets and depreciation
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic
benefits are probable and the cost or value of the asset Gan be measured reliably
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible
fixed assets are measured at cost less accumulated depreciation and any accumulated impairment
losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be
included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value
over their estimated useful lives.
Depreciation is provided on the following bases=
Freehold land and buildings
Motor vehicles
Fixtures and equipment
20A _ 330/0 Straight line
200/. 33.3 % straight line and 33.3 % reducing balance
50A- 33.3 % straight line and 25Q/o
33.3% reducing balance
2.8 Investments
Investments in subsidiaries are valued at cost less provision for impaimient.
2.9 Operating leases
Rentals paid under operating leases are charged to the Consolidated statement of financial activities
on a straight line basis over the lease temi.
2.10 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
2.11 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highty liquid investments with a short maturity
of three months or less from the date of acquisition or opening of the deposit or similar account.
2.12 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past
event, it is probable that a transfer of economic benefrt will be required in settlement, and the amount
of the settlement can be estimated reliably.
Liabilrties are recognised at the amount that the Group anticipates it will pay to settle the debt or the
amount it has received as advanced payments for the goods or services it must provide.
18

Berkhampstead School (Cheltenham) Trust Limited
Notes to the financial statements
for the year ended 31 August 2024
Accounting policies (continued)
2.12 Liabilities and provisions (continued)
Provisions are measured at the best estimate ofthe amounts required to settle the obligation. Where
the effect of the time value of money is material, the provision is based on the present value of those
amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The
unwinding of the discount 15 recognised in the Consolidated statement of financial activities as a
finance cost.
2.13 Financial instruments
The Group only has financial assets and financial liabilities of a kind that qualify as basic financial
instnjments. Basic financial instruments are initially recognised at transaction value and
subsequently measured at their settlement value with the exception of bank loans which are
subsequently measured at amortised cost using the effective interest method.
2.14 Pensions
The Group operates a defined contribution pension scheme for its administrative, domestic, teaching
assistants and maintenance staff, the assets of which are held separately from those of the School.
The pension charge represents the amounts payable by the Group to the fund in respect of the year.
The School contributes to the Teachers. Pension defined benefits pension scheme. The scheme is
a multi-employer scheme where it is not possible. in the normal course of events, to identify on a
consistent and reasonable basis, the share of underlying assets and liabilities belonging to individual
participating employers. Therefore, as required by FRS 102, the School accounts for this scheme as
if it was a defined contribution scheme. The amount charged to the Statement of financial activities
represents contributions payable to the scheme in respect of the accounting period.
2.15 Pupil deposits
The Governors have reviewed the contract terms under which pupil fee deposits are held by the
Group. Although under normal circumstances these will be repaid in future years when the pupils
complete their education at the school. pupils can leave at earlier dates. The Group 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 deposits held at 31
August has been included within current liabiltties.
2.16 Critical accounting estimates and areas of judgement
Estimates and judgements are continually evaluated and are based on historical experience and
other factors, including expectations of future events that are believed to be reasonable under the
circumstances. Revisions to accounting estimates are recognised in the period in which the estimate
is revised if the revision affects only that period. or in the period of the revision and future periods if
the revision affected current and future periods.
In the view of the Governors, no assumptions concerning the future or estimation uncertainty
affecting assets or liabilrties at the balance sheet date are likely to result in a material adjustment to
their carrying amounts in the next financial year.
19

Berkhampstead School (Cheltenham) Trust Limited
Notes to the financial statements
for the year ended 31 August 2024
Income from charitable activities - Fess receivable
Total
2024
Total
2023
Gross school fees
Less.. Bursaries
Allowances
2,894,737
(79,274)
(59.539)
2.715,978
(51,371)
(62, 562)
School fees less discounts
2,755,924
2.602,045
Bursaries and awards We￿ paid to a total of 14 pupils (2023: 11).
wrthin this means tested bursaries totalling £79.032 were paid to 14 pupils (2023.. £50,960 to 11 pupils).
This figure includes free places of £11.995 (2023= £12,658) which are means tested and awarded to 4
{2023.- 2) pupils this year.
Included within gross school fees is an amount of £241,030 (2023.. £190,259) in relation to governments
grants received.
In 2023 all of the total income from school fees receivables was to unrestricted funds and £Nil to restricted
funds.
Income from charitable activities- Ancillary trading
2024
2023
Music tuition
School outings and clubs
Learning support
Swimming income
SFRS
School shop and sundry income
Registration fees
Retsined deposits
3,013
130,931
124,542
7,880
4,782
2,662
3,000
250
2,389
135,066
68, 828
8, 135
4, 822
1, 758
3, 030
250
277,060
224,278
Income from donations and legacies
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
Donations
27,765
27,765
23, 856
Total 2024
27,765
27,765
23, 856
Total 2023
23,856
23,856
In 2023 all of the total income from ancillary trading income was to restricted funds and £Nil to restricted
funds.
20

Berkhampstead School (Cheltenham) Trust Limited
Notes to the financial statements
for the year ended 31 August 2024
Income from non-ancillary trading activities
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
other trading activities
Trading income- Berkhampstead School
(Day Care Nursery) Limrted
3,376
3,376
3, 143
1,480,655
1,480,655
1,276,931
Total 2024
1,484,031
1,484,031
1,280,074
Total 2023
1,280,074
1.280,074
Included within turnover is an amount of £245,320 {2023.'182,143} in relation to governments grants
received.
Analysis of expenditure on charitable activities
Summary by fund type
Unrestricted
funds
2024
Restricted
funds
2024
Total
2024
Total
2023
Teaching costs
Welfare
1.816.972
328,778
632,890
603,354
1,816,972
328,778
632,890
603,354
1, 582, 982
247,016
655, 696
518,648
Premises
Support and governance costs
Total 2024
3,381,994
3,381,994
3, 004, 342
Total 2023
3.002, 717
1.625
3,004,342
21

Berkhampstead School {Cheltenham) Trust Limited
Notes to the financial statements
for the year ended 31 August 2024
Analysis of expenditure on charitable activities (continued)
Summary by expenditure type
Staff Costs
2024
Depreciation
2024
Other costs
2024
Total
2024
Total
2023
Teaching costs
Welfare
Premises
Support and
Governance
costs
1.723,042
93.930
328,778
335,563
1,816,972
328,778
632,890
1, 582, 982
247,016
655. 696
165.023
132.304
338.172
265,182
603,354
518,648
Totsl 2024
2,226,237
132.304
1,023.453
3,381,994
3,004,342
Total 2023
1.876, 720
125,891
1,QQ1,731
3,004,342
Support costs forschooling Includes IT. administration costs, and govemance costs totalling £25,798 (2023
£22,583) consists of inspection costs and professional fees (including auditors fees of £14,700 for the
year).
Expenditure on raising funds- Trading activities
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
Other costs
Staff costs
Depreciation
328.227
910,732
11.820
328,227
910,732
11,820
291,294
809,451
16,315
Total 2024
1,250,779
1,250,779
1,117,060
Total 2023
1,117,060
1,117,060
22

Berkhampstead School (Cheltenham) Trust Limited
Notes to the financial statements
for the year ended 31 August 2024
Financing costs
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
Bank loan interest
Bad debts
84,599
1,013
84,599
1,013
9,281
10,893
Total 2024
85,612
85,612
20,174
Total 2023
20.174
20,174
10.
Auditor's remuneration
2024
2023
Fees payable to the School's auditor of the School's annual accounts
Fees payable to the School's auditor in respect of:
The auditing of accounts of the subsidiary of the school
All non-audit services not included above
12,500
10,450
2,200
5,350
1,925
4, 770
11.
Staff costs
Group
2024
Group
2023
Company
2024
Company
2023
Wages and salaries
Social securty cost5
Pension costs
2,625,021
236,527
275,421
2.263,401
192,426
230,344
1,796.908
174.862
254.467
1, 522, 749
142, 184
211. 787
3,136,969
2. 686. 171
2,226,237
1,876, 720
23

Berkhampstead School (Cheltenham) Trust Limited
Notes to the financial statements
for the year ended 31 August 2024
11.
Staff costs (continued)
The average number of persons employed by the Company during the year was as follows..
Group
2024
Group
2023
Teaching
Day Nursery
Administration
67
47
43
14
114
104
The number of employees whose emoluments exceed £60,000 were..
Group
2024
Group
2023
£60,001- £70,000
£100,001- £110,000
The total employee benefits of the key management personnel totalled £342,902 (2023 - 292,362).
12.
Governors, remuneration and expenses
During the yearthe school paid one of the Governors, Mrs G Agg £3,235 {2023- £2,970) for professional
services provided to the school.
Four Governors {2023: Four) had children at the school during the year. One Governor received a staff
discount as a result of a spouse working at the school. At the year end, no fees12023.' £1,922) were due
from one Governors and an amount of £5.868 was owed to one Governor for fees paid in advance12023'.
£51).
The Governors and Senior Leadership Team paid fees under nonnal commercial temis and all fee
discounts were awarded on an ams-length basis.
During the year ended 31 August 2024. no Govemor expenses have been incurred (2023 - £NIL).
24

Berkhampstead School (Cheltenham) Trust Limited
Notes to the financial statements
for the year ended 31 August 2024
13.
Tangible fixed assets- Group
Freehold land
and buildings
Assets under
construction
Motor
Vehicles
Fixtures and
equipment
Total
Cost
At 1 September 2023
Additions
3.489,515
32.287
(3,310)
72,789
828,221
107,437
(63,410)
4,390,525
1,914,958
166,7201
1.775,234
Disposals
At 31 August 2024
3.518,492
1.775,234
72,789
872,248
6.238,763
Depreciation
At 31 August 2023
Provided during year
On disposals
1,254,885
75,522
{1,&15)
70,181
2.608
485,908
65.994
159,841)
1,810,974
144,124
{61,3861
At 31 August 2024
1,328,862
72.789
492,061
1,893.712
Net book value
At 31 August 2024
2.189,630
1,775,234
380.187
4.345,051
At 31 August 2023
2,234, 630
2. 608
342,313
2,579. 551
25

Berkhampstead School {Cheltenham) Trust Limited
Notes to the financial statements
for the year ended 31 August 2024
13.
Tangible fixed assets l¢ontinued)- Company
Freehold
property
Assets under
construction
Motor
Vehicles
Fixtures and
equipment
Total
Cost
At 1 September 2023
Additions
3,377,118
32,287
(3,310)
72,789
712,447
100,752
(46,299)
4,162,354
1,908,273
149,609)
1.775,234
Disposals
At 31 August 2024
3,406,095
1.775.234
72,789
766,900
6,021,018
Depreciation
At 31 August 2023
Provided during year
On disposals
1.150,250
73,944
{1,545
70,181
2,608
429,783
55,752
(45,637)
1,650,214
132,304
(47,182>
At 31 August 2024
1.222,649
72,789
439,898
1,735,336
Net book value
At 31 August 2024
2,183,446
1,775,234
327,002
4,285,682
At 31 August 2023
2,226,868
2, 608
282, 664
2,512, 140
26

Berkhampstead School (Cheltenham) Trust Limited
Notes to the financial statements
for the year ended 31 August 2024
14.
Fixed asset investments
Investments in
subsidiary
companies
Company
Cost or valuation
At 1 September 2023
100
At 31 August 2024
100
Principal subsidiaries
The following was a subsidiary undertaking of the Company and has been included in the consolidation=
Name
Company
number
Registered office
Principal activity Share
holding
Berkhampstead
School {Day Nursery)
Limited
07805292
Berkhampstead School, Day nursery
Pitiville Circus Road
Cheitenham
Gloucestershire
GL52 2QA
Ordinary
The financial results of the subsidiary for the year were..
Name
Income
Expenditure
Profit for
the year
Net
assets
Berkhampstead School (Day
Nursery) Limited
1.480,655
(1,375,811)
104,844
102,673
Included within tumover is an amount of £245.320 (2023 - £182.143) in relation to governments grants
received with regards to fees.
Administrative expenses include rent totalling £60,000 {2023 £60,000) and a management charge of
£65,032 (2023 - £78,768) paid to Berkhampstead School {Cheltenham} Trust Limited.
A gift aid payment of £Nil (2023- £Nil) was made to Berkhampstead School (Cheltenhaml Trust Limited.
At the yearend Berkhampstead School (Cheftenham) Trust Limited owed Berkhampslead School (Day
Care Nursery) Limited £1,085 (2023 - (£84.475)}
27

Berkhampstead School (Cheltenham) Trust Limited
Notes to the financial statements
for the year ended 31 August 2024
15.
Debtors
Group
2024
Group
2023
Company
2024
Company
2023
Trade debtors
Amounts owed by group subsidiaries
Other debtors
Prepayments and accrued income
11,084
47.350
11.006
39,015
284, 475
841
102, 645
11,117
121,377
6. 969
117,458
9.383
96.004
143,578
171, 777
116,393
426,976
Fee debtors are stated after impaimient provisions totalling £21,178 (2023.. £23,178).
16.
Creditors: amounts falling due within one year
Group
2024
Group
2023
Company
2024
Con7pany
2023
Bank loan
Trade credilors
Amount owed to group
subsidiaries
Social security and other taxes
Pension creditor
Fees paid in advance
Deposits
Advan￿ fees scheme
Accruals and deferred income
101,666
232,046
83,067
92,147
101,666
204,087
83,067
63,459
1,085
41,002
32,471
206,006
41,500
100,947
63,448
56,825
38,344
232,196
97,858
100,947
91,556
47,280
19,315
252. 866
110,245
35,519
16,046
230, 782
39, 857
104, 007
91,643
951.438
708, 927
792,212
560,373
Fees in advan￿ represent payment for school and nursery fees relating to tems within the 2023124
financial year. Movements during the year were=
Group
2024
Group
2023
Company
2024
Company
2023
Fees paid in advance
Balance at 1 September
Resources deferred during the year
Amounts released from previous years
252,866
232.196
1252.8661
189, 877
252, 866
(189,877)
230,782
206,006
(230,782)
161,556
230, 782
(161,556)
Balance at 31 August
232.196
252.866
206,006
230, 782
28

Berkhampstead School (Cheltenham) Trust Limited
Notes to the financial statements
for the year ended 31 August 2024
17.
Creditors: amounts falling due after more than one year
Group
2024
Group
2023
Company
2024
Company
2023
Bank loans {Note 19)
Advance fees scheme (Note 18)
2,247.183
225.516
425. 667
2,247.183
225,516
425,667
2.472.699
425.667
2,472,699
425, 667
18.
Advance fees scheme
Parents may enter into a contract to pay the school up to the equivalent of seven years. tuition fees in
advance. The money may be retumed to the parents at the discretion of the school in exceptional
circumstances. Assuming pupils will remain in the school. advance fees will be applied as follows..
Group
2024
Gn)up
2023
Company
2024
Company
2023
Due within 1 year (Note 16)
Due after 1 year (Note 17)
100,947
225,516
100,947
225,516
326.463
326,463
19.
Bank loans
Group
2024
Gmup
2023
Company
2024
Company
2023
Due within 1 year (Note 16)
Due after 1 year (Note 17)
101,666
2.247,183
83.067
425. 667
101,666
2,247,183
83,067
425, 667
2,348,849
508.734
2,348,849
508,734
The aggregate amount of liabilities payable or repayable wholly or in part more than ftve years after the
reporting date is=
Group
2024
Group
2023
Company
2024
Gompany
2023
Payable or repayable by
instalments
1,968.613
194,073
1.968,613
194, 073
29

Berkhampstead School {Cheltenham) Trust Limited
Notes to the financial statements
for the year ended 31 August 2024
19.
Bank loans {¢ontinued)
The school has eight {2023.' six) loans, three (2023.. three) are fixed rate loans and five (2023.. three) are
variable rate loans. The first has a fixed interest rate of 3.71Q/o for ten years, the second has a fixed rate of
3.900/0 for 12 years, the third has a fixed rate of 3.770kn for 12.5 years. The three variable rate loans have
interest rates of 1 OA and 3.33 % over the base rate.
The loans are secured by means of a legal mortgage over the freehold property known as Pengwern
House, Pittville Circus Road, Chemenham, GL52 2QA. Berkhampstead. Pittville Circus Road, Cheltenham,
GL52 2QA and Lexham Lodge. Copt Elm Road, Charlton Kings, Cheltenham, GL53 8AG.
There is also an unlimited debenture incorporating a fixed and floating charge.
20.
ststement of funds
Statement of funds - current year
At1
September
2023
Balance at
31 August
2024
Transfers
inlout
Income
Expenditure
Unrestricted funds
Designated funds
PTA fund
22.226
11.248
(14,139)
19,335
22,226
11.248
(14,139)
19,335
General funds
General- Day
Nursery
Genera5 - School
Eliminated on
consolidation
12,275)
2,139,813
1,480,655
3,177,909
(1,375,811)
(3,453,467)
102,569
1,864,255
(125,032)
125,032
2.137,538
4.533.532
(4,704,246)
1,966,824
Total Unrestricted
funds
2.159,764
4.544,780
(4,718,385)
1,986,159
Restricted funds
Science equipment
Funds
22
22
22
22
Total funds
2,159,786
4,644,812
(4,818,417)
1,986,181
30

Berkhampstead School (Cheltenham) Trust Limited
Notes to the financial statements
for the year ended 31 August 2024
20.
Statement of funds (continued)
Statement of funds- prior year
Atl
September
2022
Balance at
31 August
2023
Transfers
in/out
Income
Expenditure
Unrestricted funds
Designated funds
Governors Bursary
PTA fund
8,878
29, 505
(8, 878)
23, 756
(29.035)
(2,000)
22,226
38.383
14,878
(29.035)
(2, 000)
22,226
General funds
General- Day
Nursery
General- School
Eliminated on
consolidation
(23, 378)
2. 154,457
1,276.931
2.977.212
(1,255. 828)
(2,993. 856J
(2,275)
2, 139,813
2, 000
(138, 768)
138, 768
2. 131,079
4. 115,375
(4. 110,916)
2,000
2, 137,538
Total Unrestricted
funds
2, 169.462
4, 130,253
(4, 139, 951)
2, 159, 764
Restricted funds
Science equipment
Funds
Stsff entertainment
fund
500
(478)
22
1,147
(1. 147)
1,647
(1. 625)
22
Total funds
2, 171, 109
4, 130, 253
(4, 141,576)
2, 159, 786
The Govemors Bursary fund provides fee remission for children where need is identified.
The PTA fund is monies raised by the PTA for use within the school. The transfer in the year relates to fixed
assets purchased with PTA fund monies and the prior year relates to a correction to expenditure in the prior
year.
The scien￿ Equipment fund is a donation to provide for science materials.
The Staff Entertainment is a donation to be spent on the staff.
31

Berkhampstead School (Cheltenham) Trust Limited
Notes to the financial statements
for the year ended 31 August 2024
21.
Summary offund$- current year
Balance at 1
Sept 2023
Balance at
31 Aug
2024
Transfers
inlout
Incorne
Expenditure
Designated funds
General funds
Restricted funds
22.226
2.137.538
22
11,248
4,633,564
(14,139)
(4,804,278)
19,336
1,966,823
22
2,159,786
4,644.812
{4,818.417)
1,986,181
Summary offunds- prior year
Balance at 1
Sept 2022
Income
Expenditu
Transfers
in/out
Balance at
31 Aug
2023
Designated funds
General funds
Restricted funds
38,383
2. 131,079
1,647
14.878
4, 115.375
(29,035)
(4,110,916)
(1,625)
(2,000)
2,000
22,226
2, 137,538
22
2, 171. 109
4, 130,253
(4, 141,576)
2. 159, 786
22.
Analysis of net assets between funds- Current year
Unrestricted
Funds
2024
Restricted
funds
2024
Total
funds
2024
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
4,345,051
1.065,245
(850.491)
(2.573,646)
4,345,051
1,065,267
{850,491)
{2,573,646)
22
Total
1.986,159
22
1,986,181
32

Berkhampstead School (Cheltenham) Trust Limited
Notes to the financial ststements
for the year ended 31 August 2024
22.
Analysis of net assets between funds (continued) - prior year
Unrestricted
Funds
2023
Restricted
funds
2023
Total
2023
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
2,579, 551
714,807
(708, 927)
(425. 764)
2,579,551
714, 829
(708, 927)
(425, 667)
22
Total
2, 159, 764
22
2, 159, 786
23
Reconciliation of net movement in funds to net cash flow from operating activities
Group
2024
Group
2023
Net expenditure for the reporting period (as per the Statement of
Financial Activities)
(173,605
(11,323)
Adjustments for:
Depreciation charges
Lossllprofit) on the sale of fixed assets
Increase in debtors
Increase in creditors
Finan￿ costs
144,124
3,307
28,199
449,428
84,599
142,297
340
(55,216)
110,078
9,281
Net cash provided by operating activities
536,OS2
195,457
24.
Analysis of cash and cash equivalents
Group
2024
Group
2023
Cash in hand
921,689
543, 052
Total cash and cash equivalents
921,689
543, 052
33

Berkhampstead School (Cheltenham) Trust Limited
Notes to the financial statements
for the year ended 31 August 2024
25.
Analysis of changes in net debt
Other non-
cash
changes
At 1 Sept
2023
At31
August 2024
Cashflows
Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
543,052
(83,067)
(425.667)
378,637
1,840,115
921,689
(101,666)
{2,247,183)
1,821,516
(1,821,516)
34,318
1,461.478
(1,427,160)
26.
Pension contribution
Teachers. Pension Scheme
The School participates in the Teachers. Pension Scheme ("the TPS") for its teaching staff. The
pension charge for the year includes contributions payable to the TPS of £172,831 (2023
£141,917) and at the year*nd £32,471 (2023- £16.123) was accrued in respect of contributions
to this scheme.
The TPS is an unfunded multi*mployer defined beneftts 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 employer contribution rate is set by the Secretary of State following scheme valuations
undertaken by the GovemmentActuary's Department. The most recent actuarial valuation of the
TPS was prepared as at 31 March 2020 and the Valuation Report was published in October
2023.
Following the Mccloud judgement, the remedy proposed that when benefrts become payabSe,
eligible members can select to receive them from etther the reformed or legacy schemes for the
period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to
choose the option that provides them with the greater benefits, and in preparing the 2020
valuation have valued the 'greater value. benefits for groups of relevant members.
The valuation confimied that the employer contribution rate for the TPS would increase from
23.60/0 to 28.6/0 from 1 Aprtl 2024. Employers are also required to pay a scheme administration
levy of 0.08/0 giving a total employer contribution rate of 28.680A.
Scheme for non-teaching staff and teachers
The School operates a defined contribution scheme for its non-teaching staff in addrtion to
teachers not in TPS, the assets of which are held separately from those of the School. The
pension costs charged represents contributions payable by the School to the scheme and
amounted to £81,636 (2023 £88,427} for the year ended 31 August 2024. At the year end
£7,905 (2023- £3,191} was due to be paid.

Berkhampstead School (Cheltenham) Trust Limited
Notes to the financial statements
for the year ended 31 August 2024
27.
Operating lease commitments
At 31 August 2024 the Group and Company has commitments to make future minimum lease
payments under non-cancellable operating leases as follows..
Group
2024
Group
2023
Company
2024
Company
2023
Not later than one year
Later than one year and not
than five years
38,165
48.607
38,165
48,607
152.659
107. 125
152,659
107, 125
190,824
155. 732
190,824
155, 732
The following lease payments have been recognised as an expense in the Statement of financial
activities..
Group
2024
Group
2023
Company
2024
Company
2023
Operating lease rentals
48,607
28, 260
48,607
28,260
28.
Related party transactions
There were no other Related Paty Transactions other than those disclosed in note 12 and 14.
35