Charity registration number $05310 IEngland and Wales) Company registration number 01260765 CARLETON HOUSE PREPARATORY SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Carleton House Preparatory School ¢? xeinadin CARLETON HOUSE PREPARATORY SCHOOL LEGAL AND ADMINISTRATIVE INFORMATION Trustee5 J P Bum5- Ch8il E Czameckn" S M Hegaty T Manning J A Robinson HANesS l Brown T Jones K Castellina G Ahmad (Appointed 8 May 20251 (Appointed 19 January 2026} (Appointed 19 January 20261 (Appointed 19 January 20261 (Appoinled 19 January 20261 Senior management S Coleman C Griffies A Purthase R Mumbenge Headlea¢*er Deputy Headteacher Assistant Headteacher SchLK)l Business Manager Charity number IEngland and Wales) )5310 Company number 01260765 Registerèd offieè 145 Menlove Avenue Lwerpool Merseyside L183EE Auditor Xeinadin Audit Limited 46 Hamillon Square Birkenhead tral Merseyside CH415AR Bankèr N3¢wÈst 138 Atlerton Road Liverpool Merseyside L182JN CARLETON HOUSE PREPARATORY SCHOOL CONTENTS Page Trusteès, rèport Staternent of Trustees. responsibilities Independent auditorfs report Statèment ol financial activities 10 Balan￿ sheet 11 Statemènt of cash flows 12 Notes to the financial statements 13-24 CARLETON HOUSE PREPARATORY SCHOOL TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AUGUST 2025 The Trustees presenl their annual report and finanaal statements for the year ended 31 August 2025. The finanaal statements have been prepaied in 3¢cordan¢e with the a¢¢ounting poliues set out in note 1 to the financial statements and comply wilh the charitys goveming document. the Companies Act 2006, FRS 102 "The Financtal Reporting Standard applicable in the UK and Republ￿ of Ireland" and the Charitie5 SORP 'Accounting and Reporting by Charities-. Statement of Recommended practi￿ applicable to char¢ties preparing their aeeounts in accordance with the Finanual Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021" Objectives and activities Carlelon House Preparatory School is a Calholic Si*ool welcoming children from families of all faiths. It offers the full statutory primary curriculum. Pupils. attainment at the end of t￿th Key Stsges is consistently well above the expected level of attainment nationally. -A5 a re5uIt of the well-planned cum￿lUm. puprls develop knowledge and underslanding so that they are p￿pared effectively for the next stage of their eduG3tion. ISI Rewrt June 2025. With small class sizes, highly experienced dass teathers. abty supported by a dedi¢aled lea¢hing assistant in every class, we ensu￿ all children are supported to reach their full potential. We employ speciali51 leathers of Spanish, Physical Education, MLJSi¢ and Compubng to ensure our children are provided with an exciting and engaging ¢uriiculum laughl by specialists. The Head Teacher and all slaff have supported the sth(K)l and workèd hard to maintain high school standards. The Goveming Body of the school is also actively invow in the ovet5ight of the management of the school and in setting new objectives for the school for the future. Carfeton House prowdes equal opportunities for all staft and pupils. The school is committed to the safeguarding of thildren and its polioes and procedures Teflect this. All policies and procedures are updated as appropriate and are available * the school for inspecbon. In setting the School's objectives, the Trustees have given considered Charity Commission's general guidan￿ on public benefits and in particular to its supplemenlary public benefrt guidance on advan¢ing education and on fee charging. Public benefjt The Tiustees have paid due regard to guidanc* issued by the Charity Commission in deading what activities the charity should undertake. Achievements and pèrfoffl￿nc• Swnificènl activit￿S and achievements against obieclives Our most recent exiernal ISI Educational Quality inspection judged all of the IrKlependenl Schools Standards to be met. The rnajority of our pupils obtsin their first th01￿ p￿fe￿nce at secondary school level. The places secureil for 2024-25 were as follows.. The Blue Coal Sd)001- 10 pupils Biikenhead School- 7 pupils Liverpool College- 1 pupil Belvedere Academy- 1 pupil Bellerive FCJ Catholic College- 1 pupil R3inford High S¢hool- 1 purKI Sl Edward's College-1 pupil St Margaret's Academy-1 Pupil The achievement ofour pupils are in measured in StalvloryAttainmenl Test (SATI using a SCAlèd score. CARLETON HOUSE PREPARATORY SCHOOL TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2025 Results for Ihe academic year 2024-25 Key stage 1 123 pupils) Malhematics 100°A of pupils met Ihe required standard with scaled scores of 100 or more123 pupils). Reading 100°A of pupils rnet the required standar(I ￿th scaled scores of 100 or rnore123 pupils). Grammar, Punctuab'on and Spelling 650A of pupils met the reqtjired standard vhth scaled scores of or more {15 pupils). Key stage 2123 pupils) Mathematics 100°/o of pupils met the required slandard with scaled scores of 1CM) or moTe123 pupils}. 830A ol pupils exceeded the required standard with scaled scores of 110 or more119 pupils). Reading 100.kn of pupils met the required slandard with scaled s(xJres of 1￿ or rnoie123 pupils). 65% of pupils exceeded the required slandard with scaled SCLJres of 110 or more115 pupils). Grammar, Punctuation and Spelling 100¢A of pupils met the required standard s￿led scores of 1CK) or more123 pupils). 830h of pupils exc£edèd thè required standard wrth stsled s(x)rès of 110 or more119 pupils). Writing 100°A of pupils achieved the expected standard (23 pupils). 78°A ol pupils We￿ assessed at woik¢'ng at grealer deplh118 pupils). Our SATS scores show th* our children continue lo ￿rforn well above nab"on31 average in all subjects. Our children benefit from Ihe exciting experience of residential lrips star*ng in Yeai 3 through to year 6. These immersive experiences take our children out of their comfort zones and immerse them in nature, where they face challenges. develop resilience. and acquire Mtal life skills. During these adventures, children leam to work together. ¢ommunicatÈ effectively, and solve problems in unfamiliar setb'ngs. foslering leadership and teamwork capabilities. In Carfeton House all pupils are given the opporlunity to fully develop their musi(31 talents. Our spe(i3lisl curriculum rnusic leacher promdes lessons across the school from Nursery to Year 6. Children are taught to sing. to create and compose music, to perfomi and to listen lo and evaluate music. They are given the opportunity and confjdence lo become musicians. Our strong ongoing partnership with outside rnusic company Pulse. has ensured all pupils in Key Stage 2 are given Ihe opportunily leam a musical instrumenl. taught weekty by experienced music leachers. Our childien progress to grade exams and take part in Christmas and summer concerts for our families. Many of our children go on lo a¢hieve music scholarships at I￿1 secondary sthools of their choice. Our eX￿ptIOnallY talented thoir are inirited lo perform at a range of different festivals and events throughout the school year, the highlight being a Christrnas performance at thè Liverpool Mètropolitan Cathedral. The school provides an exlensive range of extr&curriculaf dubs induding debating. fiTSt aid, dan￿. judo, chess and a wide variety of sports dubs. Sptsrt helps children to remain healthy. develop leadership sknlls and Unders￿nd the value of teamwork and co- operation. We have a dedicaled speryalist PE teacher who teaches lessons from Nuisery to Year 6. Key Stage 2 have swimming lessons under the supeNsion of fulty qualified swimming teachers and coaches. We believe in developing a competitive sports'ng spirit with an emphasis on partic¢palion. A wde variety of games are played in the school and at inter-5Ghool level induding lootball. cridtet. netball, rounders, swmming. athlelics and cross-country. We are members of LSSP. Liverpool Sdjools Sports Partnership whith allows us to compele against other local schools. We also take part in schwl football leagues and competttians with other local indèpÈndÈnt schools. CARLETON HOUSE PREPARATORY SCHOOL TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 The Sch(x)I continued to provide 3 daily hot lunch for every thild prepared by our own thef in the kitchen to meet national food standards in sthools. The qualty of food and thoice is dosely monitored and has been a great success with the children and staff. Ftsndraisingperfivmance The school has continued to support local charilies. wth an impressive £1,459.57 being raised for Zoe's Place Children's Hospital. Other fundraising included Caf(xl, South Liverpool Foodbank, The ￿lle¢hapel Centre for the homeless as well as other IOCAI and national good (3uses and tha[￿"e$. Financial review ReseNes policy The Board of Trustees continues lo ie¥iew the rese￿eS policy regularly lo ensure that the sthool maintains Suffi￿ent financial resilience to support ils ongoirhg operab"ons, strategic objectwes and fvture sustainability within an increasingly challenging independent school sector. The Board has adopled a prudent approad) to reserve management in light of continuing sector pressures, including econtsmic uncertainty, the introduction of VAT on sthool fees, inflatitsnary pressures and wder independent school maTkel instsbility. Desprte these Challenges. the ￿001 iemains in a strong financTal position due lo careful financial rnanagemenl. robust pupil iecruitment and ongoing monitoring of financial performance. The current year Surplus is £144,788. The general reserve has inueased to £1.760,301, induding cash balances of £1,011.438. This is within Ihe range of reserves agreed by the Board of Trustees. athough some of the retained reseNes have been set into a speiufic fijnd which wll be uU15sed to finance an ambIt￿OuS development ol the currenl premises, which is planned to be phased over the next thrèè yèais. As a general prinriple, the Board aims to maintain cash rese￿ equiwalent to belween three and six rnonths of normal operating expendilure. although this may vary during periods of planned capital invesiment or strategic developmenl. The charities free reserves. unrÈstrided funds after Èxduding t3ngiNe fJxÈd assets. as at 31 August 2025 were £105,785. Prinupal funding sources The principal source of fvnding is the fees charged to parents for the prowyon of school places for their children. Maiorrisks The Trustees have assessed the prinapal risks and uncertainb'es faong the school, induding those relating to pupil ruitmenl and retention. financial sustainability. regul*ory wmplianGe and wder economic pressures affecting the independent 5th001 sectOT. The Trustees are sat15fied that appropriate systems, contro15 and rroniloring piocedures are in place to mitigate exposure lo these risks and to support the CLJntinued stability and sustainability of the school. Plans for fuiurè pèriods As outlined in the finanGial re)riew. Ihe sthool has conb.nued lo invesl in a phased programme of estate improvetnent and refuibi5hment in order lo tnaintain and enhance the Feaming enwronment for pupi15. Hislorically, thi5 has included the conslruction of a purwse-buitt cloakrwm facility. replacement artificial grass play are85. and wider improvements to the school estate and faalilies. During Summer 2025. signifi1￿nt planned CAPital works were complèted. induding roof. fas(ia and gutter repairs, extem81 repainting of the sthool building. and reconstruction of the front entrance wrch. These improvements were funded through a combination of prudenl borrowing arrangements and cash reserves and were undertaken following a short delay to allow the Board to assess Ihe financtal implications of VAT on school fees. The Board remains wmmitted to the wntinueil development ol the sthool enwronrnenl. Planned wotk5 for Summer 2026 include the ¥edevelopmenl of the EYFS outdoor pro￿s1o￿ and the contsnuation of the phased inteinal refurbishment programrne, with the KS2 refvrbishrnent scheduled for c4Jrnpletion in August 2026. CARLETON HOUSE PREPARATORY SCHOOL TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Structure, govemance and management Garfeton House Preparatory School Ltmited is registered a5 a tharitsble wmpany limited by guarantee and was set up by a Memorandurn ofAssociation on 28 May 1976. The Memorandum and Artides of Assoualion were altered by special resolution on 18th June 2020. The principal object of the cornpany is to prowde a fir51 dass, independent t(￿luCatIOnal sd)ool to pupils aged 3 to 11 years. The Head Teacher is a member of the Independent Schools Association. which givés accrèditation by the Independent Schools Counal. The School is a Catholic School which ac£epts children of other derjominations and faiths. It has strong links wth the Archdittese of Liverpool and the Parish of Our Lady of the Annunaation Bishop Eton. The Trustees. who are also the directors for the purpose of o)mpany law. and who served during the year and up to the date of signature ol the finanaal stalements were.. L MoTrison- Chair to 30109r2025 J P Bums- Chair E C2amed(i C M Harrison S M Hegarty C B Holguin MJoe T Manning J A Robinson HANe55 18rovm T Jones K Castellina G Ahmad (Resigned 7 October2025) (Resigned 7 October 2025) (Resigned 7 O¢tober 20251 (Resigned 11 November 20241 IAppornle(18 May 2025) IAprK)inted 19 January 2026) (Appointed 19 January 2026) (Appointed 19 January 2026) IApwinte(119 Jarhuary 2026) Subsequent to the year end. L Morrison stepped down as Chair of Tnjstees wth effect from 30 September 2025 and Wa$ appointed Vice Chair. while JP Bums was appointed Chair of Trustees following nominations by the Governors. L Morrison subsequenuy Teygned Irorn the Boaid on 7 0(aober 2025 and SM Hegaty was appointed as Vice Chair. Recmitment and appointment of Imstees The managernenl ofthe company is the responsibility of the Trustees who are elected and c4H)pted under the ternis of the Memorandum ofAssoaalion. A few Iruslees have benefiryal Inte￿$1 in the o)mpany. mostly hamng d)ild￿n altending at the school. JP Burns, who is a Direcior of J&S Partnership, czrried oui the rwf. gutters and fasryas works. building redecoration, front entrance porch construction, and refurbishment of the Year 5 dassroom. as disclosed in the related party transactions. All of the Trustee5 are members ofthe company and guarantee to contribuie £1 in the event of a wnding up. Organisational structure The Board of Trustees delemiines the general stsalegy and policy of the schwl, bul the day-to-day rnanagement of the school is delegated to the Head Teacher. The Board meels al least temily and theie are a nurnber of sub- committees convening such areas as CurricAJlum and Safeguarding, Finance. Buildings and Health and Safety and Pay and Appraisal. CARLETON HOUSE PREPARATORY SCHOOL TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Induction and I￿{ning of Imslees The trustees who serve<1 during the year are shovm on page one. Tnjslees a￿ appointed by the Board of Trustees lalso known as the Governing Body) and serve for a period of three ye8rs_ Upon the end of eath three-year term, trustees are eligible for re-election. Vacanl tnJstee positions are advertised with a current equal nurnber of external trustees and trustees who are current parents of the school. New trustees are provided with an introduction into the naluie and running of the school. Auditor In accordance with the company's artides, a resolution prowsing that Xeinadin Audit Limited be reappointed as auditor of the company will be put al a General Meeting. Disclosure of information to auditor Each of thè Trustees has confimed that there is no infomialton of which they are aware which is relevant lo the 8udil, bul of whith the auditor is unawarè. They have further confimed that Ihey have taken appropriate steps lo identify SL¢ch relevant information and lo establish that the audrtor is aware ol suth information. The Truslees. report was approved by the Board of TnIst￿. J P Bums- Chair Trustèè 13 May 2026 CARLETON HOUSE PREPARATORY SCHOOL STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2025 The Truslees. who are a150 the diredots Of Carleton House Preparatory School for thè purpose of company law, are responsible for preparing the Trustees, Rewrt and the finantial stalements in aCC￿r￿an￿ with applieable law and United Kingdom Accounting Siandards (United Kingdom Generally Accepted Accounting Practi￿1. Company law requires the Ttuslees to prepare finanaal statements for eath finantyal year whith give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resOur￿S, including the incorne and expenditure, of the charitable company for that year. In preparing these finaneial statements. the Trustees aTe required to-. select suitable accounting policies and then apply them consistently: observe the methods and principle5 in the Chartties SORP., makè judgements and eslimales that are reasonable and prudenL state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the finanual statements.. and prepare the finanoal 51alements on the going con￿rn basis unless it is inappropriate to presume that the charity will continue in operatKJn. The Trustees are responsible for keeping adequate accounting records that disdose wilh reasonable accuracy at any tirne the financial position of the charrty and enable them to ensufe that the finanaal statements comply with the Companies Act 2006. They are also ¥esponsible for safeguarding the assets of the charliy and hence foi taking reasonable steps for the prevention and detection of fraud and other irregularities. CARLETON HOUSE PREPARATORY SCHOOL INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CARLETON HOUSE PREPARATORY SCHOOL Opinion We have audited the financial statemenls of Carleton House Preparatory School Ithe'charity'l for the year ended 31 August 2025 which comprise the statement of financial aCtI￿ties. the balance sheet. the statement of cash flows and notes tts the financial statements. induding signifirAnt a¢counting policies. The financial reporting framework that h8s been applied in their preparation is applicable law and Unrted Kingdom Accounting Slalldards. induding Finanaal Rèporting Standard 102 The FAnanGial Reporting Sta￿lard appI￿able in the UK arjd Republ￿ of Ir8land (United Kingdorr Generally A￿Epted Acuunb"ng Practice). In our opinion, the finan¢ial statements-. give a true and fair wew of the state of the charitaNe (x)mp3ny's affairs as at 31 August 2025 and of its incoming iesourees and applieatitin of resOur￿s. induding tts income and expendituie. for the yèar then èndèd". have been propedy prepared in acLordanc£ vrith United lfjngdom Generalty A¢¢epled A¢rx)unting Practice.. and have been prepared in accordan￿ with the requirements ofthe CompaniesA¢t 2006. Basis for opinion WÈ eonductèd our audit in acujrilance wth lnlemab.onal Standards on Auditing (UK) {ISA5 {UK)l and applieAblè law. Our responsibilitie5 under Ihose standards are further described in the Audilorts responsibilities lor the audit of the financial slaten￿nIS section of our report. We are independenl of Ihe charity in accordance with the ethical requiremenis Ihal are relevant to our audil ol the financ4al statements in the UK, induding the FRC'S Elhical Standard. and we have fulfilled our other ethicAI responsibilthes in accordan￿ wrth these requirements. We believe that the audit emdence we have obtained is sufficient and appropTiale to piowde a basis for our opinion. Conclusions relating to going concern In auditing the finanGial statement5. we have ￿nduded thal the Trustee5' use of the going cor￿eM basis of accounting in the preparation of the finan￿al staternents is approwi8te. Based on the work we have perfomied, we have not identified any malerial uncertainlies relating to evenls or conditions that, individually or collectively, may cast signtficant doubt on the charrty's ability to continue as a going concem for a period of at least twelve months from whèn the financial statements arè authorised for issue. Our responsibilities and the responsibilities of the Trustees wth respecl lo going concem are described in the relevant seclions of this rew)rt. Other information The other infomation comprises the infomation indudÈd in thè annual rèport othèr than the financial statements and our audrtorfs report therè¢)n. Thè Ttustees are responsible for the other infotrnation contained within the 3nnual report. Our opinion on Ihe financial statements does not cover the other information and, except lo the extent otherwise explicitly slated in our report. we do not express any forrn of assurance condusion Ihereon. Our responsibility is to read the olher infom)ation and. in doing so, consider whether the other information is materially inconsistent with the financ¢al statements or our knth￿edge obtained in the course of the audit, or othenthse appears to be materially misstated. If we identify such material inconsistenues or appa￿nI malerral tnisslalements, we are required lo determine whether this gives rise to a material rnisstatement in the financ4al statements themselves. If, based on the work we have perfomied. we ojndude that there is a material misstatement of this other information. we are required to report thal fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in Ihe course of our audil.. the information given in the Trustees. report for the finanryal year for which the financAal statements are prepared, which indudes the directors. report prepared for the purposes of o)mpany law, is c4)nsistent with the finanaal slatemenls.. and the directors, report induded within the Truslees. report has been prepared in aC£Ordan￿ witti applicable legal requirements. CARLETON HOUSE PREPARATORY SCHOOL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CARLETON HOUSE PREPARATORY SCHOOL Mattets on which wè are required to report by exception In the light of the knowledge and understanding of the tharity and tts enwronment obtained in the course of thè udil. WÈ have not identified material misslatemenls in the directo￿, report induded wrthin the Trustees, report. We have nothing to report in respe¢t of Ihe following matters in relation lo which the Companie5 Act 2006 requires us to report to you if, in our opinion.. adequale accounting rec4)rds have not been kept. or retums adequale for our audit have not been received from branches not wsited by us., or the financial statements are not in agreement wtth the accounting records and returns,. or certain disclosures of trustees, remunefation spe(ified by law are not made; or we have not received all the infomiation and explanations we require for our audit", or the Trustees were not entitled to prepare the finanryal slalernenls in accordance with the small companiès règimÈ and takè advantage of the small companies. exemptions in preparing the Ttustees, report and from the requirernent to prepare a strategic reporL Rèsponsibilities of Trustees As explained more fully in the statement of Trustees, Tesponsibilib'es, Ihe Trustees. who are also the directors of the charity for the purpose of company law. are responsible for the preparation of the finanual statements and for being satisfied that they give a Irue and fair view. and for such inlemal control as the Tftjstees detemiine is necessary to enable the preparation of financtal slatements that are free material misstatèment, whether due lo fraud or error. In preparing the finanual statemenis. the Trustees are responsible for assèssing the charity's ability lo continue as a going wncEin. disdosing. as applirable. matters related to going con¢em and using the going concem basis of acc£)unling unless the Trustees esther intend to liquidate Ihe charitable company or to cease operat'ons. or have no realistic alternative but to do $0. Auditoes rèsponsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the finanual statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that indudes our opinion. Reasonablé aSSUTance is a high level of assurance but is not a guarantee that an audit conducted in accordan with ISAS IUKI will ahyays detect a material misstatement when it exists. Misstatements C2n arise from fraud or error and are considered Material rf. indiwdually or in the aggregate. they could reasonably be expÈdèd to influence the economic decisions of users taken on the basis ofthese finanaal statements. The extent to whid) our procedures are capable of detecling irregularitie& induding fraud. is detailed below. Our approath to identifying and assessing the risks of material misstatement in respeci of irregularities, induding fraud and non-compliance wth laws and regulations. was 8$ follows" the engagement partner ensured that the engagemenl learn cdlectively had the appropriate compelence. capabilities and skills lo identfy or rÈcognise non-complian￿ wth applicab￿ laws and regulations- we identified Ihe laws and regulations applicable lo the school through discussions with Twstees and other management. and from OUT knowledge and experience of academy secior, we focused on speoffic laws and regulations which we c￿nSidered may have 3 direct material effect on the rinancial stalerHents or the operations of the academy, induding the Companies Act 2006, data protection, anti-bribery, employment. fo(xl hygiene and health and safety legislation., we assessed the extent of compliance with the laws and reguEations identified above through making enquiries of management team and inspeiaing legal ￿[reSpondence". and identified laws and iegulations were Communicated wthin the audil leam regulady and the team ￿rna1ned alert to instances ol noncompliance throughout thè audit. We assessed the sUs￿ptibIlity of the school's finantyal stslements to material misstatement, induding obtsining an understanding of how fraud mighl occur, by.. making enquiries of management team as to vthere they considered there was susceptibility to fraud, their knowledge of actual. 5uspeded and Èlleged fraud." and considering the in(emal conlro15 in to rnth.gate risks of fraud and non-ojmpliance wilh laws and regulations. CARLETON HOUSE PREPARATORY SCHOOL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CARLETON HOUSE PREPARATORY SCHOOL To addre55 the risk of fraud through management bkas and overr¥Je of contrc4s. we: . perfornied 3naW'cal procedLwes to *Jentify any unLLsual or unexFe¢ted rtlationships.. tested ioumal entries to identify unusual trdnsaclions" assessed whether judgements and assUMp￿n$ made in determiniThJ the a￿U￿ting estimate5 wete indicativè of potential bias-, aThJ • investigated the rationale behind signfficant or Un1￿u81 ITan5arkn. In response lo the risk of irreguL4rities and Th)n-complance Eaws and regu￿1]onS. we design8d prttedures which included, but were not limited to= agreeing finanryal strtement diylosures to UTKledw"ThJ Sup￿rts"ng documentabon; enquiriro of management 8S to actual arvj potential I￿gation at*J daims.. and r8viewing correspondence wth HMRC aTrJ relevant regulators. There are inherent limitations in our audit prcmzdures described Thè more renY)ved that laws and regulations are from financial transactions, Ihe Jess likety rt 15 that we would become aware of norrtomplianc8. Auditing standards also lirnil the a￿lit procedures required to identfy non-compliance ￿th laws and regulations to enquiry of the directors and other management aThJ the insFeCth)n of regubtory and legal o)rrespond8n(%, rf any. atérlal misstatements that arise due to fra￿y can be harder to detect than thos8 that aris& from error as they rnay involve deliberate concealment or collusirm. A further descripti)n of our responsibil￿eS 15 availab￿ on the Finanaal Reporbng Council's website at https'.11 vrnw.frc.org.uklaudit0rsresponsibil￿.es. This thscriptr)n forms part of our auditorfs re￿rL Use of our report This report is made solely to the charifable cornpanls member5, as a body, in attordance Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might State to the charitable cornpany's members Ihose matters we are required to state to Ihem in an auditorfs report and for no other purpose. To the fUl￿st extent pemiitted by Lgw, we do not accept or assume responsibility to anyone olher than the charttab company and the dHrilabl• companls members as a tKKty. for cwr auditwork. forthis rewKt. or forthe opinions we hav8 formed. Bradley Ke 8A 8FP ACA FCCA (Senior StatutoryAuditor} For and on behaw ol Xeinadin Audit Lirnited. StaluWAuditor Chartered Accountants 46 Hamitton Square Birkenhead Wirral Merseyside CFH15AR CARLETON HOUSE PREPARATORY SCHOOL STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGusf 2025 Unrestricted funds 2025 Unrestricted funds 2024 Notes Income from: Donations and legaaes Charitable aCtI￿tI@$ Investments 1.498 1.971,064 10,605 1,377 1.860,214 7,199 Total income 1.983.167 1,868,790 Expenditure on: Charitable actiirities 1.838,379 1,675,241 Total expenditure 1.838.379 1,675,241 Nat incomè and movement in funds 144,788 193,549 Reconciliation of funds: Fund balances 811 September 2024 1.615,513 1.421,964 Fund balances at 31 August 2025 1.760,301 1,615,513 Thè statèmenl of finantial adivities indudes 311 gains and losses recognised in the year. All income and expenditure derive from continuing adivilies. 10- CARLETON HOUSE PREPARATORY SCHOOL BALANCE SHEET AS AT31 AUGUST2025 2025 2024 Notes Fixed assets Tangible assets 12 1,654.516 1.452.545 Current assets Debtors Cash at bank and in hand 13 302.860 1.011.438 38,386 932,921 1.314.298 971.307 Crèdltors: amounts fallin9 due wlthln one year 16 {1.058.8951 1689.531) Net current assets 255,403 281,776 Totsl assets less current liabilities 1.909,919 1,734.321 Creditors: amounts falling due after more than onè yèar 17 {149,6181 (118.808} Net assets 1,760,301 1,615,513 The funds of the charity Unrestricted funds 20 1.760,301 1,615,513 1,760,301 1,615,513 The financial statements We￿ approved by the Trustees on 13 May 2026 J P Bums- Chair Trusteè Company registration number 01260765 {England and Wales) CARLETON HOUSE PREPARATORY SCHOOL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Notes cash flows from operating activities Cash (absorbed byy9enerated from operations 23 {55,1341 579,945 Investing activitiès Purchase of tsngible fixed assets Investrrent income received 1229.324) 10.605 (64,5681 7,199 Nèt eash used in investing activities (218.719) 157.3691 Financing activities Pr￿￿edS frorn new bank loans Payment of finance leases obligation5 356.250 13,8801 Net cash generated from financlng actlvltles 352,370 Net increase in cash and cash equivalents 78,517 522.576 Cash and cash equivalents at beginning of year 932.921 410,345 Cash and cash equivalents at end of year 1.011,438 932,921 12- CARLETON HOUSE PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 Accounting policies Charity information Cadeton House Preparatory School is a private company limited by guarantee incorporated in England and dles. The registered office is 145 Menlove Avenue. Liverpool, Meiseyside, L18 3EE. 1.1 Basis of preparation The financial statements ha￿ been prepared in atfA)rdance the charitls goveming dooxjment. thè Companies Act 2Q06, FRS 102 'The Finanryal Reporting Standard applicAble in the UK and Republic of Ireland" and (he Charities SORP "Accounting and Reporting by Charities". Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Rèporting Slandard applicable in the UK and Republic of Iretand {FRS 1021" The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterfing, whith is the funrtional (¥rren¢y of the ¢harity. Monetary amounts in these finan(#al slatements are rounded to the neaTesl £. The financial ststements have been p￿pared under the histori￿[ Cost convenhon. The principal ac£ounling poliaes adopted are sel oul below. 1.2 Going ¢on¢èm At the time of approwng the finanaal stalements. the Trustees have a reasonable expe¢tation that the charity has adequate resources to continue in operational exislenc£ for the foreseeable future. Thus the Trustees continuÈ to adopt the going (xjncem basis of accounting in Preparing the ffinancial statements. 1.3 Charitablè fvnds Unrestricted funds are available for use at the discretion of the Tw5tees tn furtherance Of their d)aritable objedives. Oesignated funds comprise funds which have been sel aside at the discretion of the Trustees for specific puiposes. The purposes and uses of the designated funds are sel out in the notes lo the financial statements. Resliicled funds are subject to specific COnd￿onS by donors or grantors as to how they may be used. The purposes and uses of the restri(*ed funds are set oui in the notes to the finanaal staternents. Endowment funds are subject lo speiifi¢ conditi(￿$ by donors Ihal the capilal must be rnainiained by Ihe charity. 1.4 Income Income is recognised when the tharity is legally entitled lo il after any perfom)ance (x)nditions have been mel, the amounts can be measured reliably, and li is probable thai income wll be rec£ived. Cash donalions are recognised on receipt. Other donations are re￿gnIse{l once the charity has been notified of thè donation, unless performance conditions require deferral of the amount. Incotne lax re¢overable in relation to donations rècelved undef Gift Aid or deeds of covenanl is recognised at the time of the donation. Grants are induded rn Ihe Statement of Financial AcAiirities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the ￿levant funds on the Balance Sheet. Where income is r￿1ved in advance of entrt1e￿enl ol re￿ipl. its recognition is deferred and included in ueditors as deferred income. Where entillement occurs before income 15 received. the income is 8c(xued. 13- CARLETON HOUSE PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policies Icontinuèdl 1.5 Expenditure Expenditure is recognised On￿ there is a legal or constructive obligation to tran5fei economic benefit to 8 third party. it is probable that a transfer of eConOrn￿ benefits will be required in settlement. and the amount of the obligation can ￿ rneasured reliabty. Expenditure is dassified by actiwty. The cosis of ead) adiirity are made up ol the total of dired costs and shared costs. indudino support costs involved in undertaking each adivty- Direct costs attributable lo 8 single acliirily are allocated directly to that adivity. Shared cDsts whic* wntribute to more than one activity and support costs whith ate not attributable to a single activity are apportioned befvleen those activities on a basis consistènt wrth the use of resources. Central staff cosis are allocaled on the basis ol time spent, and deprèciation tharges are all￿ted on the portion ofthe asset's use. 1.6 Tangible fixed assets Tangible fixed assets ale initially measured at cost and subsequentty measured at cost or valuation, net of depreuatyon arwl any impairment tosses. Depre¢iation is recognised so as lo write off the (￿t or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings Plant and IT èquipment Fixtures and ffttsngs 50 years straighl line- buildings only >5 years siTaight line 2-6 years straighl line Freehold land is not dep￿ry*ed. The gain or loss arising on the disposal of an asset is detemiined as Ihe difference be￿een the sale prO￿ed5 and the carrying value of the asset. and is recogftised in the sialement of finanual activities. 1.7 Impaimiènt of fixèd assèts At each reporting end date. the charity ￿vIewS the caTrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such ir)dication exists, thè reeA)vÈrablè arntsunl of the asset is estimated in order to determine the extent of the impairment loss {rf any). 1.8 Cash and ¢ash equivalents Cash and cash equivalents indude cash in hand. deposils held al rall banks. other short-temi liquid investments wth original maturities of three months or tess, and bank overdrafts. Bank overdrafts are shown wilhin borrowings in current liabiltties. 1.9 Financial instruments The charity has eleded to apply the provisions of Section 11 'Basic Financjal Instruments. and Section 12 'Other Financ4al Insliumenls Issues, of FRS 102 to all of its finanaal instruments. Finanaal instrumenls are iecognised in Ihe tharitys balan¢% sheet when the charity becomes party lo the contractual promsions of the instrument. Finanual 8ssets and liabilities are offset, with the nel amounts presented in the ffinan(ial statements, when there is a legally enfor￿able righl to set off the recognised amounts and the￿ is an intention lo settle on a nel basis or to realise Ihe asset and settle the liability sI￿Ul18￿e0usIy. 14- CARLETON HOUSE PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Accounting policrès (Continued) 8a5ic financialassets Basi¢ finanr#al a5sels. whith indude debtors and cash and bank balanc£5, are initially rneasured at transaction pri￿ induding transaction cosls and are subsequently carried al amortised cost using the effective interest method unless Ihe arrangement consiitutes a finanang transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Finanaal assets dassified as recewable within one year are not amorb"sed. Basic financial liabilities Basic finan￿8[ liabilities, induding creditors and bank loans are initialty recognised at transaction price unless the arrangement constitutes a finanang transaction. where the debt instrument is measured al the present Wdlue of Ihe fulure paymenis discounted at a market rate of inlerest. Finanaal liabilities dassified as payable within one year are not amortised. Oèbl instruments ale subsequentty carried al amorti5ed cost. using the effective interest late method. Trade creditors are obligations to pay for goods or serVi￿S ihat have been acquired in the ordinary course of operalions from suppliers. Amounts payable a￿ dassified as cxjrrenl liabilities if paymenl is due within one year or less. If not. they are presented as nOn-￿rrent liabilibes. Trade ¢yeditors are recognised initially at transaciion pri￿ and subsequently measured at am0￿Se1 C￿$1 using the effe(live inleresl method. Derecognition of financialliabilities Financial liabilities a￿ derecognised when the charivs ￿￿traI￿Val oblig8tion5 expire or are dis¢harged or cancelled. 1.10 Employee benefits The cost of any unused hdiday entitlement is recognised in the period in which Ihe employee's services are r￿1ved. Termination beneffts are re¢ognised immedialety as an expense when the Charity is demonstrably ¢ommrtted to lerrninale the empknyment of arh ern￿Oyee or lo pio¥iiJe leffllirhat￿n benelits. 1.11 Retirement benef Retirement benefits for employees who are teachers at Ihe School are prowded by the Teathers. Pension Scheme (TPSI.The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees. working lives with the School in such a way that the pension cost is a substantially level per￿nts9e of current and future pensionable payroll. The wntributions are delerrnined by the Government Actuary on the basis of quadrennial wdluations using a projected unit method. The TPS is an unfunded multi*mployer scheme Mth no underfwng assets to assign befvleen employers. Consequently, the TPS is treated as a defined contribution scheme lor accouniing purposes and the contributions are recognised in the period to which they relate. The Schotsl also ¢ontributes to personal pensK)n ￿a￿S for administrdtwe employees and the pension charge represents the arnounls payable by the School. 1.12 Leases Leases are claS￿fied as ffinance leases whenever the tems of the lease transfer substantially 311 thè risks and rewards of ownership lo the lessees. All other leases are dassthed as operab.ng leases. Assets held under finance leases are recognised as assels at the kjwer of the assels fair value at the dale of inception and the present value of the minimum lease payments. The related liabilty is induded in the balance sheet as a finance lease obligation. Lease payments a￿ treated as consisting of capital and interest element5. The inleiesl Is thaiged to nel incDmellexpenditurel for ihe year so as to pioduce a constant periodic rate of interest on the rernaining balan￿ of Ihe liabilily. 15- CARLETON HOUSE PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Critical ac¢ounting estimatss and judgements In the application of the chariivs accounting policies. Ihe Trustees are required to make judgements, estitnales and assumptions about the Garwng amount of assets and liabilities that are not readily apparent from olhei source5. The estimates and a550ciated assumption5 are based on histOriG81 experience and other factors that are considered lo be relewant_ Adual results may differ from these estimates. The estimates and underfying assumplions are reviewed on an ongoing basis. Rew&ons to accounting estimatès are recognised in the period in which the estimate is remsed where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and fvlure periods. Income from donations and legacies Unréstrieted funds 2025 Unrestricted funds 2024 tkjnations and grfts 1,498 1.377 Income from charitable activitie5 Unrèstrictèd funds 2025 Unrestricted funds 2024 Charitable Activity School fees Other inwme 1.842.842 128,222 1,761.646 98.568 1,971,064 1,860,214 Income from investments Unrestricted Unrestricted funds funds 2025 2024 Interest receiwdble 10.605 7,1S9 16- CARLETON HOUSE PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGusf 2025 Expenditure on ¢haritsble activities Charitable Activity 2025 Charltable Activity 2024 Direct costs Staff costs School expenses School meals expenditure School trips expendiltjre Repairs and rnaintenance Motor and travel 1.295,504 149.323 57.455 40,8 11,8 5.595 1.169,943 157,346 52,417 38,580 28,030 6.142 k- ij Rates Light. heat and power Telephone and IT Photocopier Membership and professional subs¢riplions Cleaning Insurance Training costs Bad debts Sundry expenses 16.766 35.298 33,722 6.915 9.958 40.551 44,592 1.806 12,867 17,431 22.Q25 6.092 10,693 42.717 22.255 3.859 3.786 9.555 1.141 1.751.364 1.6Q3.738 Share of support and 9ovemanet ¢o$ts (see note 71 Governance 87,015 71.503 1.838,379 1,675,241 Analysis by fund Unrestricted funds 1,838,379 1,875.241 Support ¢osts allocated to activilies Charitable A¢tivity 2025 Total 2024 Govemance 87,015 71.503 17_ CARLETON HOUSE PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Support costs allocated to activities Icontinuedl 2025 2024 Govèmance costs comprise: Depreualion Audit feès Accountancy Legal and professional 50,042 6,685 2.OLK) 28.288 32,532 6.150 2,550 30,271 87.015 71.503 Net movement in funds 2025 2024 The nel movemerit in fijnds is stsled after d)argingl{uediting)= Fees payable lo the tharity's auditor. - for the audit ofthe charity's finanryal statements - for other financial senri¢es OeprÈciation of owned tangible fixed assets 5.340 2.550 32.532 2.650 50,042 Trustee¥ None of the Truslees (or any persons c￿nnected vAlh them) [￿l¥ed any ￿mUneratiOn or benefits fiom the charity during the year. 10 Employees The average monthly number of employees during the yearwas= 2025 Number 2024 Number Teaching Finance & admin Faalities 27 25 Total 35 33 Employment costs 2025 2024 Wagès and salaries Swal security costs Other pension costs 1,013.912 107.988 173,604 932,970 87,324 149.649 1,295,504 1,169,943 18- CARLETON HOUSE PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 10 Employeès Icontinuèdl The number of ernployees whose annual remuneratNJn was more than £60.000 is as follows.. 2025 Number 2024 Numbèr £60,CKJ1 to £70,OCXJ £80,001 to £90,OCKI £90,001 10 £1CK).CKJO Remuneration of key management personnel The remuneration of key managemenl personnel was as fdlows.. 2025 2024 Aggregate compensation 357,254 261,898 The key management personnel of the School comprises the Trustees. the Head Teacher, the Depuly Head Teacher, Assistant Headteacher and the Sthool Busine55 Managei. The sthools Ttustees a￿ not remunerated. 11 Taxation The charty is exempt from tsxation on its a(Aiwbes b￿￿Se all its in(xJme is applied for charitable purposes. 12 Tangible fixed assets Freehold land Plant and IT Flxtures and and buildings e4UlPlllellt fittings Totsl Cost At 1 September 2024 Additions 1.727.260 205.972 1(K).073 23,443 80.101 22,597 1.907,434 252,012 At 31 August 2025 1.933.232 123.516 102,698 2,159,446 Depreciation and impalm*nt At 1 Sèplernber 2024 Depreciation tharged In the year 316,279 31.510 92.978 10.354 45.631 8,178 454,888 50,042 At 31 August 2025 347,789 103.332 53,809 504,930 Carying amount At 31 August 2025 1.585.443 20.184 48.889 1,654,516 At 31 August 2024 1.410,980 34,471 1.452,545 In¢luded in tand and buildings is freehold land at a valuation of £500.(KJO {2023.' £500,OOLII which 1$ not depreciated. 19- CARLETON HOUSE PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 AUGUST2025 13 Debtors 2025 2024 Amounts falling due within one year. Trade debtors Other debtor5 Prepayments and a¢(xued income 248,403 11,335 43,122 2,921 1.179 34.286 302.860 38,386 14 Loans and ovèrdrnfts 2025 2024 Bank bans 356,250 Payable wilhin one year 356,250 The bank loan is secured by fixed tharges on the Property ntribution sthemes 173,604 149,649 The Teachers, Pension Scherne (TPS) is a statutory. contn"bulory. defined benefit stheme, govemed by the Teachers, Pension Scheme Regulations 2014. Membership is automatic fo[ full-time teachers in sthools and from 1 January 2007, automatic for teathers in part-time employment. All teache¥s have the option lo opt out of the TPS following enrolment. The TPS is an unfunded stheme to whith l)olh thè member and employer makes contributs'ons, as a percentage of salary. These contributions aTe uedited to the Ex¢hequer. Retirement and other pension benefits are paid by public funds provided by Parfiament. The Govemment Actuary, using nonnal actuarial prinaples. o)nducts a formal actuarial rewew of thè TPS in accordance with the Public servi￿ Pensions (Valuations and Employer Cost Capl (Amendment and s8￿ng$) Directions 2019. The aim of the ￿VIeW is to spe(afy the level of future contributions. Actuarial scheme valuations are depÈndÈnt on assumptions about thè valuè of future cx)sts, design of benefits and many other fa¢lois. The latest actuarial valuation of the TPS was larried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023. wrth the SCAPE rate, sel by HMT, applying a notional invesimenl retum based on 1.7°A above the rate of CPI. The key elements of the valuatitsn outcome are.. employer contribution rates sel at 28.68% of pensionable pay [Induding a 0.08.￿ employer administration tharge}_ Thi5 15 an increase of 501 in employei ex)ntributions and the cost control result is such that no thange in member benefits is needed_ loial scheme liabililies (pensions currenuy in payment and the estimated ￿st of future benefits) for senrice to the effective date of £262,000 million. and tK*tional assets (estimated future contributions together wilh the notional rnvestments held al Ihe valuation datel of £222.200 million giving a nolional past servi￿ deficxt of £39.81KI rnillion The resuh of this valuation will be implemented from 1 April 2024.The next valuation resull is due to be implemented from 1 April 2028. The employer pen￿onS contributions to TPS in the year amounted to £149,33712024.. £139.9241. A copy ofthe valuation report and supwtng dOcumentat￿n is on the Teachers. Pension website. Under the definilions Sel out in FRS 102. the TPS is an unfunded mulb'*mployer pension scheme. The charity is unable lo identify its share of the underfying as5els and liabilities of the plan. Accordingly. the charity has taken advantage of the exemption in FRS 102 and has has accounled for its conlributions to the ￿heme as if it were a defined contribution scheme. The chality has set ¢)ut above the infomiailon avaitable on the scheme. The School also makes contribution5 to personal pension plans for non-tead)ing stsff. The total cost of these contribulions was £24,225.61 12024= £25,1K21. CARLETON HOUSE PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 20 Unrestricted funds The unrestricted lund5 of the tharrty cornprise IhÈ Unex￿nded balances ofdonations and grants which are not subject to speafic conditions by donors and grantors as to how they may be used. These indude designated funds which have been set aside out of unrestricted fvnds by the trustees for specific purposes. At1 SÈptember 21124 Incoming resources Resources At 31 AugLtst expended 2025 Sile devélopment fLFnd Personal donations fund General funds 73.050 353 1.542.110 73,050 1,473 1,685,778 1.120 1.982,047 11,838,379) 1.615.513 1,983,167 (1,838,379) 1.760,301 Previous year. At1 Septèmbèr 2023 Incoming resources Resources At 31 August expended 2024 Site development fund Personal donations fund General funds 73.050 570 1.348,344 73.050 353 1.542,11Q 1.132 1.867,658 11,3491 {1.673,8921 1.421.964 1.868,790 {1.675.2411 1,615,513 21 Operating lease commitrnènts Lessee At the reporting end date the charity had outstanding commttmÈnts for firture minimum lease payrnents under non-cancellable operating leases. which fall due as follow5." 2025 2024 Mfithin one year 3.158 -23- CARLETON HOUSE PREPARATORY SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 22 Related party transactions Transactions wlth relatèd parties During the year the chariiy entered into the follow.ng transactions with related parties.. Trustees whose children attend the sd)ool pay fees al the same rate as other parents. During the year, thè School entered inlo transactions with J&S Partnership, a business ¢onne¢ted lo a GovemOr￿rU$lee The transactions reialed lo building works carried out al the School, including roofing, gutters and fasuas, construction of Ihe front porch. extemal redeGoration and the Year 5 refurbishrnent. The total value of building works undertaken by J&S Partnership and recognised in the financial statements for the year amounted to £177.310 net ofVAT. The full tender value ol the project was £325.000 plus VAT. Thè transactions were undertaken in the normal CA)urse of business and We￿ approved through the S(*ool's governancè procedures. At the year end no amount was induded wthin c￿lItor￿aCCrVaIS in respeci of these works. 23 Gash labsorbed byllgenerated from opèrations 2025 2024 Surplus for the year 144.788 193,549 Adjustments for: Investment in¢ome re¢ognised in slalement of finanaal actithes Depreciation and imp8iment of tangible fixeil assets {10.6051 50,042 17,1991 32,531 Movements in working capitsl: Ilncrea5ellde(xease in debtors Inc¥ease in credrtors (Decrease) in deferred income {264.4751 1,309,544 44.373 68,345 119,257) {1,018,8251 Cash lab50rbed byllgenerated from operations 155,1341 579,945 24 Analysis of changes in net funds At I Septembgr 2024 ash flows Newlln8n¢• lea5e5 At 31 Augu8t 202S Cash al bank and in hand 932.921 78.517 1,011,438 Loans falling due within one year Obligations under finance leases {356.2501 3.880 1356.2501 118.8081 122.6881 932.921 1273.8531 {22,6881 636,380 -24-