**STAMFORD ENDOWED SCHOOLS ANNUAL REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2025**
## **Charity No. 527618**
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## **GOVERNORS & OFFICERS**
**Chair of Governors** T Cartledge
**Governors** S Appleton FCA _Resigned 9 December 2024_ M Bennett W Chadwick E Evans Dr C Hammant T Hindmarch[#] P Matharu J Peach ACSI, ACIB W Penty M Pruthi _Appointed 22 April 2025_ C Rickart J Seary S Vickers MRICS E Wawrzkowicz S Wyer J Wyld
# Director of Stamford Endowed Schools Enterprises Ltd
**Head of Stamford Schools** Chris Seal _From 1 September 2025_ **Interim Principal** Mark Steed _Until 31st August 2025_ **Interim Finance Director** Iain Cornelissen _From 1 October 2024_
## **ADVISORS**
**Auditors** HaysMac LLP, 10 Queen St Place, London **Bankers** Lloyds Bank, 65 High Street, Stamford **Solicitors** Harrison Clark Rickerbys, Ellenborough House, Cheltenham **Insurance Brokers** Hettle Andrews, 11 Brindley Place, Birmingham **Investment Managers** CCLA, Senator House, 85 Queen Victoria Street, London
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## **CHAIRMAN’S WELCOME**
I am delighted to be writing the welcome for the Annual Report.
I have been in the role as Chair of the Governing Body for three years, and during this time the School has continued to evolve, preparing students to make a meaningful impact in an ever-changing world.
As a parent of two Stamfordians and as a Governor, I see that Stamford is a community that prioritises people, belonging and culture. The School supports Students to become the best version of themselves, ensuring they are known as individuals. Stamfordians are supported to contribute, lead and collaborate with confidence.
I have seen firsthand how students have had a full, active and successful year and I am proud that Stamford offers every child fantastic opportunities in all areas. Students of Stamford gain the skills and imagination to carry a passion for the Arts with them for life and each year group enjoys opportunities to travel, discover, and learn in new environments. There is a commitment to academic excellence and fostering a lifelong love of learning, and Stamfordians achieve, supported by the outstanding teachers who design and deliver lessons to challenge each student to build confidence and resilience.
Stamford continues to tackle the challenges faced as a school part of the independent sector whilst balancing the requirement for investment in our estates to enhance the student experience. We continue to ensure that our operations are as efficient as possible and like every organisation, we need to control our costs and our cash. The high rate of inflation and increases in interest rates have impacted the School’s cost base and the Governors have been mindful of the need to balance fees to ensure the School remains financially secure while also being affordable to parents.
By having an excellent educational offering, and by strong commercial controls I am confident the School will be well placed for the future.
Tom Cartledge
## **Tom Cartledge**
## **Chair of Governing Body**
Tom Cartledge
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## **REPORT OF THE TRUSTEE YEAR ENDED 31 AUGUST 2025**
The Governing Body presents its Annual Report for the year ended 31 August 2025. The Governing Body confirms that the financial statements comply with the Charity’s governing document, with current statutory requirements, with applicable accounting standards in the United Kingdom, with the Charities Statement of Recommended Practice (the ‘Charities SORP’) and the Charities Act 2011, including having given due consideration to the requirements of Public Benefit.
## **ACHIEVEMENTS & PERFORMANCE OF THE SCHOOL**
The School’s impact and achievements are primarily measured by the success of its students:
Stamford School is proud to celebrate the achievements of its students following an exceptional set of GCSE results this summer. One third (30%) of grades were at 9-8 (A*) compared to 25% in 2024. This year, over 12% of all grades were awarded at grade 9, a notable increase from 10% in 2024. In total, 30% of grades were at 9–8, 50% at 9–7, and 70% at 9–6, reflecting the hard work and dedication of students and staff. An impressive 95% of grades were at 9–4, with a 100% pass rate across the cohort.
## **Headline Figures:**
- Over 12 % grades at 9 (10 % in 2024)
- 30 % grades at 9-8 (25 % in 2024)
- 50 % grades at 9-7 (45 % in 2024)
- 70 % grades at 9-6 (65 % in 2024)
- 95 % grades at 9-4 (92 % in 2024)
- 100 % pass rate
## **Individual successes:**
- One student secured twelve grade 9s
- 21 students with five or more grade 9s
- 28 students achieved an average grade of 8 or above
- 74 students achieved an average grade of 7 or above
Chris Smith, Deputy Head, comments: “We are incredibly pleased with the GCSE achievements of our students this summer. Although they do not define our students, the accomplishments across the board are outstanding, and this is a testament to the hard work, effort and resilience of our 2025 cohort of students. These results reflect the strength of Stamford’s academic provision and the supportive environment that enables students to thrive. We are incredibly proud of all our students and look forward to welcoming many of them back to Stamford Sixth Form in September.”
Chris Seal, Head of Stamford School, adds: “We are all delighted on behalf of the students and families achieving these excellent results today. They are a testament to the Stamford community that comes together in this endeavour – brilliant students, aspirational parents and wonderfully capable teachers. The significant improvement in grades this year reflects the impact made by Chris Smith (Deputy Head), Moira Cox (Deputy Head Academic) and the teaching departments in the last twelve months. This points to the academic ambition we have for our students and the exciting future that is ahead at Stamford.”
Students at Stamford School are celebrating another year of strong A-level results, with a 100% pass rate across all subjects and qualifications, and 90% of students achieving their first-choice university. With impressive performances across the board and many exceptional individual achievements, Stamfordians are now set to take up places at leading universities or embark on exciting career
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opportunities. The results reflect the hard work and determination of our students and staff and mark a positive step forward for this year’s leavers as they embark on the next stage of their journey.
## **Headline figures:**
- 192 students took A-level, BTEC or equivalent examinations this summer, with a 100% pass rate across all subjects and courses.
- Over 10% of all grades were the highest possible grades at A* for A-level courses or D* (Distinction Star) in BTEC.
- Well over one third of grades (37.1 %) achieved were A*- A.
- Two-thirds of grades were at A*- B.
- 20% of students achieved triple A grades or equivalent or better.
Chris Smith, Senior Deputy Head of Stamford School, comments: “We are extremely pleased with the ongoing overall upward trend in examination results this summer. We have been proud to support our students who are now moving on to leading universities, competitive apprenticeships, and promising career paths in a myriad of specialisms. We are particularly pleased that our students have been equally successful in both our BTEC and A-level pathways, with some excellent individual outcomes. These results reflect the dedication, determination, and team spirit shown by our young people and the staff who have supported them every step of the way.”
Our students have continued to shine in the arts and beyond this year.
We are delighted to share that our school’s production of Oliver! received multiple nominations at the prestigious National School Theatre Awards (NSTA), often described as “the Oscars for schools.” This recognition reflects the exceptional talent and dedication of our students and the entire production team. We were proud to win the People’s Choice Award for Best Female Musical Solo Performance (Age 11–16).
In addition, Stamford School’s accomplished public speaking team reached the ESU Public Speaking Final, placing in the top 18 out of 1,400 participants nationwide during the 2024–25 academic year—a remarkable achievement. Our students also excelled in photography, winning the Senior section of the District Young Photographer competition and progressing to the prestigious Rotary National competition.
## **Sport**
Sport remains very much at the heart of Stamford life, from nursery all the way to Year 13; sports provision was singled out by parents, with 90% identifying sport as one of the School’s main strengths.
**Rugby:** The school’s rugby programme had a standout year: the 1st XV won the Rosslyn Park Plate in 2024, and in July 2025, Stamford was named among the “top UK schools for Rugby” in the Which School Advisor’s guide. The 2025 rugby programme is being enhanced with a major new hire: former elite professional and experienced coach Geordan Murphy joins Stamford in September 2025 as Director of Rugby Performance — a sign of serious ambition for the sport. An Old Stamfordian has been named in the England squad for the World Rugby U20 Championship 2025, representing Leicester Tigers as the sole player selected for the 30-man squad heading to Italy. In addition, a Year 13 student has been awarded a scholarship to Lindenwood University, a leading Division 1 rugby institution in the United States, an outstanding achievement reflecting both talent and dedication.
**Dance** : Stamford was represented by two dancers at Team England at the Dance World Cup Final 2025 after a top-five national finish, while another group placed ninth nationally.
**Gymnastics** : Three teams competed at the ISGA National Premier 5 Piece Championships. The U9 team impressed with an 8th place finish in their first top-level competition, while the U19 team also secured 8th
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place, with three athletes achieving perfect scores on the set vault—a fitting finale for several senior students.
**Winter Sport** : In skiing, a student was crowned U16 British Ski Cross Champion following a first-place finish at The Brits in Mayrhofen, Austria.
**Equestrian** : Eight students competed at the National Schools Equestrian Championships, earning multiple top-ten finishes, including second place in the 110cm Open Eventer Challenge and strong results in show jumping and individual events.
**Swimming** : At the GB NEXTGEN Aquatics Nationals, a student reached multiple finals, winning silver in the 200m Butterfly and bronze in the 100m Butterfly, alongside top performances in backstroke and medley events.
**Triathlon** : A student achieved his first-ever top 10 finish at the British Triathlon Super Series, climbing from 16th to 8th overall in a demanding multi-race event.
**Netball** : Our U16 Girls’ team claimed victory in the Regional Schools Competition, while the 1st VII team secured third place at regionals.
## **Co-curricular**
Co-curricular activities remain at the heart of a Stamford education and given that the school has over 200 clubs and societies it is only possible to give a flavour of some of the co-curricular successes over the year.
In February 2024, the Sixth Form held its annual House Music competition: each House performed Choir, Chamber Choir, and Ensemble entries — showcasing the musical breadth and talent among students
In March 2025, the school’s full musical production — Oliver! — took place. That production was especially successful: it received multiple nominations at the National School Theatre Awards (NSTAs) for categories including Best Musical, Best Actor, Best Actress, and Best Supporting Actor.
One of the school’s students, a Year 8 pupil, won the NSTA “People’s Choice Award” for Best Female Musical Solo Performance (age 11–16), for her rendition of “Where is Love?” from Oliver! She went on to perform the solo live in London’s West End.
Beyond music and drama, dance is also well supported: the school runs an annual Dance Showcase; dance and movement are integrated into drama productions; there is a House Dance Competition; and the dance provision is supported jointly by the sports department and an external dance school.
In January 2025, two younger pupils, sisters in Years 6 and 4, achieved national/international success: one is set to represent Team England at the Dance World Cup Final 2025, after finishing 5th nationally in their Acro duet. The younger sister’s group also performed strongly and was nominated for a national musical theatre award.
The CCF contingent continues to be one the largest voluntary contingents in the country. At their various camps, weekend trips and Friday night sessions cadets gained badges and awards for their shooting; for sailing and water craft; for leadership, fieldcraft; and navigation. Cadets also had the opportunity to try flying – for real and in the school’s simulator.
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Students across the school have engaged in various charitable activities. This included sponsored walks, concerts, and cycling events. Year 13 boys and staff took part in Movember; there were collections for local food banks; and the school hosted events for local care homes.
## **CHARITABLE OBJECTS & FUTURE PLANS**
## **Charitable Objects**
The object of the Charity is the provision and conduct in or near Stamford of one or more day schools or day and boarding schools for boys or girls or for boys and girls.
## **Future Plans**
Like the majority of independent schools, the School’s strategic focus over the next 12 months will be on mitigating the impact of VAT on fees which came into effect on 1 January 2025. More operationally, there are plans in place around the continual improvement of teaching & learning, pastoral care, and the cocurricular provision.
The Governors’ approach to the addition of VAT is to: recover VAT wherever possible; to generate new sources of non-fee income to reduce the burden on current parents; to reduce the existing cost base by identifying inefficiencies; and to pass a percentage on to parents through a fee increase. Further work is required in each of these areas to determine the split.
In terms of additional revenue generation, the School is actively exploring opportunities to grow its Enterprises business through the appointment of our Head of Commercial Enterprises. Alongside this, we are refurbishing the St Michael’s building to expand our nursery offering and increase capacity, enabling us to meet rising demand and further strengthen our early years provision..
Stamford School’s appointment of Chris Seal as Head, effective September 2025, marks an exciting new chapter in the School’s development. Chris brings a wealth of leadership experience from the Tanglin Trust School in Singapore, where he has successfully led the Senior School since 2022. His appointment reflects a significant step forward in delivering Stamford’s strategic vision, reinforcing our commitment to academic excellence, outstanding pastoral care, and the holistic development of every student. With his proven track record and dynamic approach, Chris will position Stamford for continued success, innovation, and growth in the years ahead.
In terms of facilities, there are no plans for major projects over the next 12 months. However, in line with the Governors’ plan to improve efficiency and reduce costs a review of the estate is taking place, and this may ultimately result in some surplus properties being sold. There is also a rolling programme of minor improvements across the estate to improve various teaching and learning facilities, the living accommodation for our boarders, the work environment for our staff, and also the energy efficiency of our buildings.
## **PUBLIC BENEFIT ACTIVITIES**
In considering the aims and activities of the School, the Governing Body has, in accordance with the Charities Act 2011, given due regard to the public benefit guidance issued by the Charity Commission.
## **Widening Access**
The Charity’s primary objective is the delivery of education to boys and girls in Stamford and therefore the main way that it achieves its objective is through admissions. The Governing Body remains cognisant
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of the fact that the cost of independent education is an impediment to some families accessing the School; therefore, great emphasis is placed on providing financial support to families who may otherwise not be able to access the School.
The School welcomes pupils from all backgrounds; and the socio-economic diversity of the pupil body is one of the School’s strengths. The schools do conduct entrance tests, to ensure that young people joining the School will be able to cope with the educational demands of the curriculum; however, factors such as gender, economic status, race, ethnicity, religion or disability do not form any part of the entrance assessment.
The Governing Body is keen to protect the social diversity and as such significant resources are allocated to provide means tested support to families who may not otherwise be able to access a Stamford education. Bursary awards can range from 20% to 105% of fees.
Bursaries can be awarded to any child who meets the general entry requirements and whose family demonstrates a need for some level of financial support. In the academic year 2024/25 the School awarded means tested bursaries to 179 pupils, with a combined value of £2.1m (2024: 211 pupils, £2.3m). In the year there were 26 pupils whose fees were covered by bursaries of 90% or more (2024: 20). The School also supports children partly funded by the National Children’s Springboard Foundation, the Buttle Trust and also had one Sixth Form boarders from Eastern Europe under the HMC Projects scheme. We also support an exchange programme with a Japanese High School.
While the Governing Body would ideally like to do more in terms of bursary provision, it must also be mindful of its other financial responsibilities. The School does not have large endowments, and the Governors must balance the needs of full-fee paying parents, many of whom make significant sacrifices to send their children to the School, and the desire to provide fee assistance. The Governors’ focus is therefore to increase the number of truly transformative bursaries of over 90%.
## **Community Engagement & Outreach**
The School places a great deal of importance on building links with the local community and local schools. Here are just some of the ways in which the Stamford Endowed Schools support the local community:
## **Supporting local Schools**
- More than 80 pupils from local state primary schools attended the Stamford Primary School Concert, hosted at Stamford School and featuring performances from six local schools, including Stamford Junior School.
-
- Stamford School welcomed members of the local community to the Evergreen Tea Party. The event formed part of our ongoing partnership with the Evergreen Care Trust, an independent, not-for-profit organisation supporting older people across Stamford, Bourne, the Deepings, and surrounding villages since 2005.
- Stamford Futures invited local secondary state schools to take part in sector speed-networking events designed to inspire professional connections and prepare students for life beyond school.
- The Alumni Relations and Fundraising Team received the ‘Impact Beyond Fundraising’ award, recognising their contribution to the wider community through initiatives such as the Stamford Card, the Stamford Lecture Series, and personalised stewardship campaigns.
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- The Design Technology department hosted pupils from a local primary school, giving them an opportunity to use computer aided design tools and the 3D printer. These are resources not available in either of those schools.
- The CCF Contingent has provided support to local schools on an ongoing basis with equipment loans & donations. They have also assisted a local secondary school in setting up their own CCF contingent we have provided both equipment, facilities and staff support in order to begin training their staff over the last year.
- This year’s Stamford Junior School Cross-Country Event at Burghley Park united pupils from 15 local schools in an afternoon of spirited racing, sportsmanship, and a memorable celebration of community and teamwork
- Each autumn term a member of the MFL Department runs “Introduction to Spanish” lessons on a Saturday morning for pupils from across Stamford. The course mainly attracts students from the local state primary schools who do not have their own language specialist teachers.
- Many members of staff serve as Governors at other schools, and over 20 colleagues actively support local sports clubs in roles such as coaches, referees, or club secretaries. The School strongly encourages staff to take on voluntary positions that enable them to share their expertise and contribute to the wider community, supporting other schools and youth organisations.
## **Supporting the Stamford Community**
The School is keen to share it sports facilities with the local community, and this is done at rates significantly below the prices commercial providers would charge. The facilities are regularly used by the local tennis, squash, netball, cricket and swimming clubs. The School’s swim school is the largest in Stamford and over 577 children are learning to swim at the Stamford School Swim School.
The Stamford Card initiative continues to grow with more people signing up each year. In return for a monthly fee a card holder has access to a range of discounts at shops and businesses across Stamford. The income from the Stamford Card is used to support the funding of 80% plus bursaries for local children. As an initiative, the Stamford Card benefits both the School and our local businesses.
As a very deliberate policy the School looks to work with local suppliers wherever possible, and in many cases, suppliers are also parents of pupils. As the largest employer in Stamford, we feel there is a responsibility to support the town and its businesses as far as we can.
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## **FINANCIAL REVIEW AND RESULTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **Financial Review**
Stamford, as an independent school, continues to operate in a challenging and evolving environment. The sector has faced significant financial and operational pressures during the year, driven by a combination of macroeconomic and policy changes. Rising inflation and increased utility costs have impacted operating budgets, while higher interest rates have added to financing costs. In addition, the Government’s decision to introduce VAT on school fees from January 2025 and remove mandatory business rates relief for charitable schools from April 2025 represents a fundamental shift in the cost structure for the sector. The autumn budget imposed £900,000 in additional annual costs to the School, alongside the loss of charitable business rate relief and increased employers’ National Insurance contributions. These changes have required schools to adopt prudent financial strategies and explore new income streams. Despite these challenges, the School remains resilient and committed to delivering high-quality education, with us continuing to innovate, strengthen community partnerships, and invest in academic and co-curricular excellence to ensure long-term sustainability and success.
Gross fee income decreased by 3.5% in the year; this was driven by an inflationary increase in fees, offset by a reduction in student numbers. In actual terms there was a £144k reduction in the total value of fee discounts, which represents a 4% reduction on the prior year. This reduction is being achieved through the gradual removal of the fee discount associated with scholarships, and a reduction in the number of smaller bursaries so that funding can be targeted on truly transformative bursaries.
In terms of other income, Stamford Endowed Schools Enterprises Ltd had a good year of trading and generated a profit of £261k. This amount is transferred to the School under a Deed of Covenant and has been used this year to fund one full means tested bursary and investments in the school estate.
The Statement of Financial Activity shows total donations of £117k in the year (2024: £164k).
On a consolidated basis, the School made a deficit of £2.3m (2024: deficit £1.57m) and an investment surplus of £0.4m (2024: £1.16m). Investment surplus is defined as: surplus before depreciation, amortisation, finance costs any gains or losses on the disposal of fixed assets and investments.
Capital expenditure in the year was £1.2m (2024: £2.3m). This included the addition of a new laptop lease arrangement, which proved more cost-effective than the previous lease structure.
The closing cash position was £2.04m (2024: £5.33m) and the value of investment assets held by CCLA Investment Managers in the COIF Charities Investment Fund was £54k (2024: £469k).
At the year-end the School had bank borrowing of £7.22m (2024: £7.3m). The first is for £6m and is effectively funding the construction of the Wothorpe Sports Centre and the extension of the science block. This loan is repayable over 25 years, and the rate is fixed at rates between 7.0% and 7.3%. The second loan was a £3m facility, £1.5m of this second loan facility was repaid in July 2024, giving a year end balance for August 2025 on this facility of £1,493. This second loan was interest only until May 2025, at a rate of 2.84% over the Bank of England Base Rate. This has now converted to interest and capital repayments, with the loan repayable over 23 years.
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## **Reserves Policy**
At the year-end the School has unrestricted funds of £15,789k (2024: £18,039k). As the net book value of fixed assets is £40,221k (2024: £42,615k) the School does not technically have free reserves; however, Governors are confident that the School’s cash flow is managed in such a way to ensure that there are always sufficient funds to meet its obligations as they fall due.
The School had restricted funds of £1,050k at the year-end (2024: £1,014k). These restricted funds must be used to fund scholarships, prizes or capital projects. Additionally, the School has £7,212k (2024: £7,296k) of Endowed Funds. This relates to certain property assets that are inalienable under the Charity Deed (see Note 21).
It is the Governors’ policy to generate an annual investment surplus (defined as the surplus/deficit on unrestricted funds and before depreciation and amortisation, gains/losses on investments, profit/loss on the disposal of fixed assets and finance costs) in excess of 8% of net income. This level of surplus is felt to be sufficient to ensure the School can meet its obligations as they fall due, while also investing for the future. This year the investment surplus was £0.4m, which is equivalent to 1.4% (2024: 4.2%). Looking ahead, the Governors remain committed to restoring surplus levels through a combination of strategies, cost-efficiency initiatives, and the development of new income streams, ensuring the School continues to invest in facilities and educational excellence while maintaining financial sustainability.
## **Risk Management and Principal Risks and Uncertainties**
The Governing Body has overall responsibility for the management of risk. The School’s principal risks are identified, evaluated, and monitored on an ongoing basis through a formal risk management process. A risk register is maintained by senior management and reviewed termly by the Governing Body. Appropriate actions are taken to mitigate identified risks, and the effectiveness of those mitigations is kept under regular review. The Governors are satisfied that appropriate systems are in place to identify, manage, and mitigate the principal risks faced by the School.
The Governors consider that the key strategic risks faced by the School are broadly consistent with those affecting the independent school sector and are largely driven by external factors. These risks have not fundamentally changed during the year and include the following.
The introduction of VAT on school fees and the removal of mandatory business rates relief for charitable schools, which may affect affordability for some families and place pressure on school finances. The School continues to focus on careful financial planning, cost control, and value for money to ensure the continued delivery of high quality education.
Changes in the wider economic environment, including interest rates and cost of living pressures, which may influence parental decision making. The School closely monitors pupil numbers, maintains prudent financial forecasting, and seeks to retain flexibility within its cost base where possible.
Challenges in recruiting and retaining staff, particularly in shortage subject areas, within a competitive employment market. The School continues to invest in its people, maintain competitive remuneration within sector norms, and promote a positive working environment to support recruitment and retention.
Developments in employment legislation and labour market conditions, which may reduce workforce flexibility and increase staffing costs. These risks are managed through workforce planning, budgetary oversight, and compliance with all relevant employment requirements.
Changes in recruitment patterns within the independent school sector, including increased competition for international pupils, shifts in parental choice towards later entry points, and the evolving strength of
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the state sector. The School continues to invest in marketing, pupil recruitment, and the breadth of its educational offering to remain attractive to both domestic and international families.
The Governors believe that the combination of strong governance, active financial management, regular monitoring of risks, and ongoing strategic review places the School in a sound position to manage these challenges and to continue to operate sustainably in the best interests of its pupils, parents, and staff.
## **Investment Policy**
At the year end the School has £54k of investments (2024: £469k). Investments are held by the School’s investment manager CCLA Investment Management Ltd. Through the year the School realised £400k of this investment to fund its working capital requirements.
The fees in advance balance returned to normal levels this year, movement in the balance is shown in Note 13.
The Governors recognise and accept their responsibility to not only protect the Schools’ assets but also to maximise income within acceptable levels of risk. The Governors have therefore agreed their investment / treasury priorities are to:
- 1) Ensure the School has sufficient funds to meet its short-term obligations;
- 2) Hold sufficient funds to respond to unexpected events;
- 3) Hold funds to meet long-term strategic objectives, such as capital projects;
- 4) Make investments that have the potential to yield long-term financial gains.
Objectives (1), (2) and (3) are met through treasury management, and the School makes use of low risk savings products, such as fixed term bonds and notice savings accounts.
The Finance Committee reviews the School’s investments on an annual basis and are content with the performance of the investment manager and performance in the year against the priorities set out above.
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## **STREAMLINED ENERGY & CARBON REPORTING**
The School continues to consider and work on how it can reduce its environmental impact, both in our immediate local environment and also on a more macro level.
We continue with efforts to invest in the estate to reduce the School’s carbon emissions. There is continuing investment in building management systems and an ongoing process of heating system upgrades the latest of which was at Clapton House. The overall objective of the systems is to reduce gas usage. Where refurbishments works are undertaken sustainability issues are to the fore to ensure energy efficiency is a prime consideration. We are working towards meeting energy reduction targets under ESOS Phase 3 and are also putting in the pillars to ultimately meet compliance with ISO 50001 (Energy Management Systems)
The School has renewed its electricity contracts with effect from October 2025 and continue to purchase electricity from renewable energy providers as also applies to our gas contracts.
At this stage the School has not identified a way of accurately measuring Scope 3 emissions and is working towards measuring and reporting this figure. We have not reported a Scope 3 figure this year, as we do not feel it would be meaningful or helpful.
|**Type of Emission**|**2024/25 kWh**
**(‘000)**|**2024/25 CO2e **
**Tonnes**|**_2023/24 kWh_**
**_(‘000)_**|**_2022/23 CO2e _**
**_Tonnes_**|
|---|---|---|---|---|
|Scope 1
Natural Gas|5,400|967|_5,625_|_1,013_|
|Transport (owned)|-|59|_-_|_43_|
|**Sub-Total**|**5,400**|**1,026**|**_5,625_**|**_1,056_**|
|Scope 2
Electricity|1,894|356|_2,032_|_420_|
|**Total Scope 1 & 2 emissions**|**7,294**|**1,382**|**_7,657_**|**_1,476_**|
|**Tonnes per pupil**||**1.02**||**_1.05_**|
Note: these figures are unaudited.
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## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing Documents**
Stamford Endowed Schools (‘The School’) are governed by the Charitable Scheme, documented in a Deed sealed by order of the Charity Commissioners for England and Wales on 23 December 1980 and last amended in 2010.
## **Governing Body**
Stamford Endowed Schools Trustee Ltd is the sole trustee of the School. The Directors of Stamford Endowed Schools Trustee Ltd are referred to as the Governors.
## **Appointment and Training of Governors**
New Governors are elected on the basis of nominations from existing Governors or senior management, based on the candidate’s professional expertise, personal competence and affinity with the School’s aims and objectives.
Governors are initially appointed for a five-year term. In line with the Charity Governance Code where a Governor has served for more than nine years, their reappointment is subject to rigorous review and takes account of the need for progressive refreshing of the Governing Body. At the year end, the Governing Body has two members who has served for more than nine years, and having considered these particular appointment, the Governing Body believes that the Governors continues to add value and expertise to the Board that would be hard to replace.
New Governors are inducted into the workings of the School, and its policies and procedures, through visits to the schools, meetings with key management personnel, and the provision of handbooks and similar literature. New Governors receive safe-guarding training and are also encouraged to attend training provided by AGBIS. Details of training opportunities are circulated to existing Governors who are encouraged to benefit from training provided by AGBIS, as well as charity specific training provided by sector specialist law firms and accountants. Existing Governors are also encouraged to regularly visit the schools to meet staff, pupils and parents.
## **Charity Governance Code**
The Governing Body has reviewed compliance against the voluntary requirements of the Charity Governance Code and, with the exception noted above of two Governors who have served more than 9 years, is confident that it complies with its material requirements and objectives.
## **Governance Structure**
The members of the Governing Body, as Directors of Stamford Endowed Schools Trustee Ltd, are legally responsible for the overall management and control of the School. They meet four times a year, one meeting of which is focussed on strategy.
Governors exercise their responsibilities through a number of sub-committees, as set out below:
|Education|Responsible for overseeing the School’s education and co-curricular|
|---|---|
||provision, including EYFS and boarding. This Committee meets four times a|
||year, with one meeting focussed specifically on public exam results.|
|Safeguarding &|This committee has a remit of monitoring compliance with all safeguarding|
|Wellbeing|regulations and guidance, as well as overseeing the wider pastoral support|
||offered by the School. The Committee also has responsibility to oversee|
||Health & Safety. The School’s Designated Safeguarding Lead reports to this|
||Committee termly, and annually to the Full Board.|
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|Finance|Monitors the School’s financial performance and controls; including approval|
|---|---|
||of annual budgets, fee increases, borrowing, insurance, and capital|
||expenditure. Receives and reviews the annual accounts and meets annually|
||with the School’s auditor. Also oversees external relations and the School’s|
||physical estate.|
|Risks &|Following a review of governance, this new committee was formed this year|
|Opportunities|with a remit to focus on considering and overseeing major strategic issues|
||across the school – whether they be risks or opportunities. The Committee|
||reviews the risk register on a termly basis, has governance responsibility for|
||overseeing major projects, and also considers staffing / HR.|
|Governance &|Undertakes annual review of governance; recommends appointment of new|
|Nominations (GNC)|Governors to the Governing Body; and, oversees the remuneration and|
||appraisal of the senior leadership team.|
## **Group Structure**
The School has close relationships with Stamford Endowed Schools Enterprises Ltd, which is a wholly owned subsidiary of Stamford Endowed Schools Trustee Ltd and carries out the School’s trading activities. In the year this has included operation of the school shop, leasing school facilities to third parties outside of term time and managing public access to the sports centre. The profits of Enterprises Ltd are Gift Aided to the School.
## **Operational Management**
From 1 September 2024 to 31 August 2025, the School operated under the leadership of an Interim Principal. The Bursar left the School on 1 October 2024. During this period, the Core Executive Team structure remained unchanged with the exception of an interim Finance Director being appointed in order to ensure operational continuity and stability.
A wider organisational restructure focused on improving operational efficiency and clarity of accountability was implemented during the previous year, with effect from September 2025. This restructure reflected the School’s evolving operational needs following its transition to a fully coeducational model and was designed to strengthen executive oversight and functional leadership.
Day to day management of the School is delegated by the Governing Body to the executive leadership team. The Core Executive Team meets regularly to oversee the operation and management of the School. Senior executives attend meetings of the Governing Body and its sub committees as appropriate, providing assurance, financial oversight, and operational reporting.
Key Management Personnel are defined as the Head of Schools, Senior Headteacher, Junior Headteacher, Director of People, Director of Estates and Facilities, and the Interim Director of Finance. These individuals are responsible for planning, directing, and controlling the activities of the School within their respective areas of responsibility.
The remuneration of Key Management Personnel is determined by the Governing Body. In setting remuneration, the Governing Body seeks to ensure that pay levels are appropriate to attract and retain high calibre leadership, reflect individual responsibility and performance, and remain mindful of remuneration practices across the independent school sector. Remuneration is reviewed annually.
Remuneration for other employees is reviewed annually by senior management and approved by the Governing Body. Decisions take account of wider economic conditions, remuneration levels within the independent school sector, individual performance, and broader employment market trends.
Page | 14
## **FUNDRAISING**
The School does raise funds for capital projects and to support bursaries. All fundraising campaigns are run in-house, and the School does not use external fundraisers. The School primarily looks to raise funds from alumni and people and organisations already connected with the School. While the School makes the alumni and parent community aware of opportunities that they may wish to support through donations, we would only contact people as part of a fundraising campaign if they had given explicit consent to be contacted for this purpose. We do not conduct telephone or text campaigns.
The School is registered with the Fundraising Regulator and have put in place controls and procedures to ensure fundraising activities are carried out in a manner that is compliant with regulations and best practice. The School have not received any complaints relating to fundraising in the year.
## **STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILTIES**
The members of the Governing Body are responsible for preparing the Annual Report of the Governors and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).
The law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources of the group for that period. In preparing these financial statements, the Governors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions, disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **AUDITORS**
The Governors have approved the on-going appointment of HaysMac LLP as the School’s auditor.
Approved by the Governing Body of Stamford Endowed Schools on 25[th] June 2026 and signed on its behalf by:
## Tom Cartledge
_________________________
## **T Cartledge**
Chair of Governing Body
Page | 15
## **INDEPENDENT AUDITOR’S REPORT**
## **TO THE TRUSTEE OF STAMFORD ENDOWED SCHOOL**
## **Opinion**
We have audited the financial statements of Stamford Endowed Schools for the year ended 31 August 2025 which comprise the consolidated statement of financial activities, consolidated and charity balance sheet, consolidated cash flow statement and notes to the financial statements, 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, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the group’s and of the parent charity’s affairs as at 31 August 2025 and of the group’s net movement in funds 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 Charities Act 2011.
## **Basis for opinion**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’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 information. The other information comprises the information included in the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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 information. If, based on the work we have performed, we conclude that
Page | 16
there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent charity; or
- sufficient accounting records have not been kept; or
- the parent charity financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees for the financial statements**
As explained more fully in the trustees’ responsibilities statement set out on page 16, the trustees 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 charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the independent school regulations, safeguarding regulations, health and safety requirements, GDPR, employment law and charity law , and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and consider other factors such as payroll tax.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to to the improper recognition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
- Inspecting correspondence with regulators and tax authorities;
- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Evaluating management’s controls designed to prevent and detect irregularities;
Page | 17
- Identifying and testing journals; and
- Challenging assumptions and judgements made by management in their critical accounting estimates
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 regulation. This risk increases the more that compliance 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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.
## HaysMac LLP
HaysMac LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG
## 30/06/2026
HaysMac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Page | 18
## **STAMFORD ENDOWED SCHOOLS CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025**
|Notes|Unrestricted
Funds
£’000|
Restricted
Funds
£’000|
Endowed
funds
£’000|
**2025**
**Total**|
_2024_
_Total_
_£’000_|
|---|---|---|---|---|---|
|||||**£’000**||
|||||||
|**Income from:**
**Charitable activities**
School fees receivable
2
Other income
3
**Other trading activities**
Trading turnover of subsidiary
4
**Investments**
Investment income
Bank and other interest
**Voluntary Sources**
Donations
**Total income**
**Expenditure on:**
**Raising funds**
5
Trading costs of subsidiary
Financing costs
Fundraising & Development
**Charitable activities**
5
Education and grant making
**Total expenditure**
Gain/(Loss) on investments
9
Gain on disposal of Fixed Assets
Transfers between funds
16
**Net movement in funds for the year**
Fund balances at 1 September 2024
**Fund balances at 31 August 2025**|26,971
1,972
905
-
172
67|
-
-
-
13
-
50|
-
-
-
-
-
-||
_27,931_
_2,794_
_735_
_11_
_37_
_165_|
|||||||
|||||
**26,971**||
|||||
**1,972**||
|||||**-**||
|||||
**905**||
|||||||
|||||
**13**||
|||||
**172**||
|||||||
|||||
**117**||
||**30,087**|
**63**|
**-**||
_31,673_|
|||||
**30,150**||
||644
728
49|
-
-
-|
-
-
-|
**644**
**728**
**49**|
_556_
_704_
_88_|
||1,421
31,061
**32,482**|
-
13
**13**|
**-**
84
**84**|
**1,421**
**31,158**
**32,579**|
_1,348_
_31,920_
_33,268_|
|||
(14)
-
-|
-
-
-|
**(14)**
**145**
**-**|
_27_
_2_
_-_|
||-
145
-|||||
||(2,250)
18,039|
36
1,014|
(84)
7,296|
**(2,298)**
**26,349**|
_(1,566)_
_27,915_|
||15,789|
1,050|
7,212|
**24,051**|
_26,349_|
**The notes on pages 25 to 44 form part of these financial statements.**
Page | 19
## **STAMFORD ENDOWED SCHOOLS CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 AUGUST 2025 – COMPARATIVES**
|Notes|Unrestricted
Funds
£’000|
Restricted
Funds
£’000|
Endowed
funds
£’000|
**2024**
**Total**|
|---|---|---|---|---|
|||||**£’000**|
||||||
|**Income from:**
**Charitable activities**
School fees receivable
2
Other income
3
**Other trading activities**
Trading turnover of subsidiary
4
**Investments**
Investment income
Bank and other interest
**Voluntary Sources**
Donations
**Total income**
**Expenditure on:**
**Raising funds**
5
Trading costs of subsidiary
Financing costs
Fundraising & Development
**Charitable activities**
5
Education and grant making
**Total expenditure**
(Loss) / Gain on investments
9
(Loss) on disposal of Fixed Assets
Transfers between funds
16
**Net movement in funds for the year**
Fund balances at 1 September 2023
**Fund balances at 31 August 2024**|27,931
2,794
735
3
37
32|
-
-
-
8
-
133|
-
-
-
-
-
-||
||||||
|||||
**27,931**|
|||||
**2,794**|
|||||**-**|
|||||
**735**|
||||||
|||||
**11**|
|||||
**37**|
||||||
|||||
**165**|
||**31,532**|
**141**|
**-**||
|||||
**31,673**|
||556
704
88|
-
-
-|
-
-
-||
||||||
||||||
|||||
**556**|
|||||
**704**|
|||||
**88**|
||1,348
31,824
**33,172**|
-
12
**12**|
**-**
84
**84**|
**1,348**|
||||||
||||||
|||||
**31,920**|
||||||
|||||
**33,268**|
|||
**20**
**-**
**-**|
**-**
**-**
**-**||
||**7**
**2**
**-**|||
**27**|
|||||
**2**|
|||||
**-**|
||(1,631)
19,670|
149
865|
(84)
7,380||
|||||
**(1,566)**|
||||||
|||||
**27,915**|
||||||
||18,039|
1,014|
7,296|
**26,349**|
**The notes on pages 25 to 44 form part of these financial statements.**
Page | 20
## **STAMFORD ENDOWED SCHOOLS CONSOLIDATED AND CHARITY BALANCE SHEETS**
## **AS AT 31 AUGUST 2025**
|Note
**FIXED ASSETS**
Tangible assets
7
Intangible assets
8
Investment portfolio
9
Investment in subsidiary
**CURRENT ASSETS**
Stock
Debtors
10
Cash and deposits
**CREDITORS: Amounts falling due**
**within one year**
11
**NET CURRENT (LIABILITIES)**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**CREDITORS: Amounts falling due**
**after more than one year**
12
**NET ASSETS**
**REPRESENTED BY:**
**PERMANENT ENDOWED FUNDS**
15
**RESTRICTED FUNDS**
15
**UNRESTRICTED FUNDS**
15||**Group**
_2024_
_£’000_
_42,615_||**Charity**
_2024_
_£’000_
_42,467_
_11_
_469_
_60_|
|---|---|---|---|---|
||**2025**||**2025**||
||**£’000**||**£’000**||
||||||
||**40,221**||**40,074**||
||**12**|_11_|**12**||
||**54**|_469_
_-_|**54**||
||**-**||**60**||
||**40,287**|_43,095_|**40,200**|_43,007_|
|||_216_
_2,585_
_5,332_||_142_
_2,808_
_5,133_|
||**152**||**77**||
||**9,042**||**9,361**||
||**2,043**||**1,910**||
||**11,237**|_8,133_
_(12,331)_|**11,348**|_8,083_
_(12,199)_|
||||||
||**(16,138)**||**(16,164)**||
|||_(4,198)_||_(4,116)_|
||**(4,901)**||**(4,816)**||
|||||_38,891_
_(12,548)_|
||**35,386**|_38,897_|**35,384**||
|||_(12,548)_|||
||||||
||**(11,335)**||**(11,335)**||
||**24,051**|_26,349_|**24,049**|_26,343_|
|||||_7,296_
_1,014_
_18,034_|
|||_7,296_
_1,014_
_18,039_|||
||**7,212**||**7,212**||
||||||
||**1,050**||**1,050**||
||||||
||**15,789**||**15,787**||
||**24,051**|_26,349_|**24,049**|_26,344_|
The Charity generated a loss of £(2,294)k in the year (2024: loss £(1,572)k).
These financial statements were approved and authorised for issue by the Governing Body 25[th] June 2026 and were signed on its behalf by:
## Tom Cartledge
**________________________**
**T Cartledge On behalf of Stamford Endowed Schools Trustee Limited**
**Date: 25[th] June 2026**
Page | 21
## **STAMFORD ENDOWED SCHOOLS CONSOLIDATED CASH FLOW STATEMENT**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
|Note
**Net cash inflow from operating activities**
Net cash provided by operating activities
(i)
**Cash flows from investing activities:**
Payments for tangible fixed assets
Payments for intangible fixed assets
Purchase of investments
Proceeds on sale of investments
Proceeds on sale of fixed assets
Bank and other interest
Investment income and bank interest received
**Net cash used in investing activities**
**Cash flows from financing activities:**
Bank loan drawn down
Bank loan repaid
Finance Costs paid
Finance Lease payments
(Decrease/Increase in FIA scheme creditors
**Net cash from financing activities**
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period
(ii)|**2025**
**_2024_**
**£’000**
**£’000**
**_£’000_**
**_£’000_**
**(1,002)**
_2,641_
(1,216)
(5)
_(2,220)_
_(13)_
-
_(111)_
400
_261_
145
_2_
172
_37_
13
_11_
**(491)**
**_(2,033)_**
-
_585_
(102)
_(1,592)_
(728)
_(704)_
362
(1,328)
_(324)_
_6,273_
**(1,796)**
_(4,239)_
**(3,289)**
_4,846_
**5,332**
_486_
**2,043**
_5,332_|**2025**
**_2024_**
**£’000**
**£’000**
**_£’000_**
**_£’000_**
**(1,002)**
_2,641_
(1,216)
(5)
_(2,220)_
_(13)_
-
_(111)_
400
_261_
145
_2_
172
_37_
13
_11_
**(491)**
**_(2,033)_**
-
_585_
(102)
_(1,592)_
(728)
_(704)_
362
(1,328)
_(324)_
_6,273_
**(1,796)**
_(4,239)_
**(3,289)**
_4,846_
**5,332**
_486_
**2,043**
_5,332_|**2025**
**_2024_**
**£’000**
**£’000**
**_£’000_**
**_£’000_**
**(1,002)**
_2,641_
(1,216)
(5)
_(2,220)_
_(13)_
-
_(111)_
400
_261_
145
_2_
172
_37_
13
_11_
**(491)**
**_(2,033)_**
-
_585_
(102)
_(1,592)_
(728)
_(704)_
362
(1,328)
_(324)_
_6,273_
**(1,796)**
_(4,239)_
**(3,289)**
_4,846_
**5,332**
_486_
**2,043**
_5,332_|
|---|---|---|---|
|||||
||-|||
||(102)|||
||(728)|||
||362
(1,328)|||
|||||
|||||
||||_4,846_
_486_|
|||||
|||||
|||||
||||_5,332_|
|||||
|||||
**The notes on pages 25 to 44 form part of these financial statements.**
Page | 22
## **STAMFORD ENDOWED SCHOOLS CONSOLIDATED CASH FLOW STATEMENT**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **(i) Reconciliation of net income to net cash flow from operating activities**
|Net (expenditure)
Elimination of non-operating cash flows:
Losses / (Gains) on investments
Bank and other interest
Investment income
Finance Costs
Depreciation charge
Amortisation charge
(Gain) / Loss on the sale of fixed assets
Increase in debtors
Increase in creditors (excluding fees in advance scheme,
parents’ deposits and bank loan and finance lease
payments)
Increase in Fees in Advance scheme creditors
(Decrease) / Increase in parents’ deposits
Increase / (Decrease) in stock
**Net cash (outflow) / inflow from operations**
**(ii)**
**Analysis of cash and cash equivalents**
Cash at bank
Bank Deposits||**2025**|_2024_
_£’000_
_£’000_
(1,566)
(27)
(37)
(11)
704
2,044
13
(2)
(1,833)
3,355
-
35
(33)
4,207
2,641
_2024_
_£’000_
5,332
-
5,332|_2024_
_£’000_
_£’000_
(1,566)
(27)
(37)
(11)
704
2,044
13
(2)
(1,833)
3,355
-
35
(33)
4,207
2,641
_2024_
_£’000_
5,332
-
5,332|
|---|---|---|---|---|
||**£’000**|
**£’000**|||
|||**(2,300)**|||
||||||
||**14**||||
||**(172)**||||
||**(13)**||||
||**728**||||
||**2,088**||||
||**4**||||
||**(145)**||||
||**(4,935)**||||
||**3,713**||||
||||||
||**-**||||
||**(48)**||||
||**64**||||
||||
||
|||**1,298**|||
|||||2,641|
|||**(1,002)**|||
|||||_2024_
_£’000_
5,332
-|
|||**2025**|||
|||**£’000**|||
|||**2,043**|||
|||**-**|||
|||**2,043**||5,332|
||||||
Page | 23
## **STAMFORD ENDOWED SCHOOLS CONSOLIDATED CASH FLOW STATEMENT**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **(iii) Analysis of changes in net debt**
||**1 September**|**Cash Flows**|**Other**|**31 August**|
|---|---|---|---|---|
||||**Changes**||
||**2024**|||**2025**|
||**£’000**|**£’000**|**£’000**|**£’000**|
|**Cash and cash equivalents**|||||
|Cash|5,332|(3,289)|-|**2,043**|
||---------------------|---------------------|---------------------|**---------------------**|
||5,332|(3,289)|-|**2,043**|
|**Borrowings**|||||
|Debt due within one year|(98)|102|(136)|**(132)**|
|Debt due after one year|(7,226)|-|136|**(7,090)**|
|Fees in Advance within one year|(2,184)|1,328|(1,500)|**(2,356)**|
|Fees in Advance after one year|(5,267)|-|1,500|**(3,767)**|
||----------------------|----------------------|----------------------|**----------------------**|
||(14,775)|1,430|-|**(13,345)**|
||-----------------------|-----------------------|-----------------------|**-----------------------**|
|**Total**|(9,443)|(1,859)|-|**(11,302)**|
||**==========**|**===========**|**===========**|**===========**|
Page | 24
**STAMFORD ENDOWED SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **1. ACCOUNTING POLICIES**
The financial statements have been prepared in accordance with The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – second edition effective 1 January 2019 – and the Charities Act 2011.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) Second Edition rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Charity is registered in England (charity number 527618) with its registered office at Southfields House, St Paul’s Street, Stamford, PE9 2BS.
## **Basis of accounting**
The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation of investment properties and other investments.
The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the School operates.
## **Basis of consolidation**
The accounts present the consolidated statement of financial activities (SOFA), the consolidated cash flow statement and the consolidated and Charity balance sheets comprising the consolidation of the Charity with its wholly owned subsidiary Stamford Endowed Schools Enterprises Limited. The consolidation has been carried out on a line by line basis. No separate SOFA has been presented for the Charity in the financial statements. The separate parent charity’s Statement of Financial Activities for the year ended 31 August 2025 shows gross income of £29,244k (2024: £30,937k) and a total loss of £(2,561k) (2024: loss £(1,745k).
The Charity has taken advantage of the exemption available to a qualifying entity in FRS 102 from the requirement to present a charity only Cash Flow Statement with the consolidated financial statements.
The School is a Public Benefit Entity registered as a charity in England and Wales on 23 December 1980 as varied by Schemes of 12 September 1989, 17 January 1996, 24 April 2003 and 20 August 2010 (charity number: 527618).
## **Critical accounting judgements and key sources of estimation uncertainty**
In the application of the accounting policies, trustees are required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.
Page | 25
**STAMFORD ENDOWED SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **1. ACCOUNTING POLICIES (continued)**
## **Critical accounting judgements and key sources of estimation uncertainty (continued)**
The estimates and underlying assumptions are reviewed on an ongoing basis. 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 liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Charity’s financial statements.
## **Going concern**
After making enquiries, the Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future; and consider that there are no material uncertainties over the School’s financial viability. In particular the Governors have considered the School’s cash position and liquidity and remain confident that the School is well placed to manage its business risks successfully. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Accounting and Reporting Responsibilities on page 16.
## **Fees and similar earned income**
Fees receivable and charges for services and use of the premises (excluding VAT), less any allowances, scholarships, bursaries granted by the Charity against those fees, but including contributions received from restricted funds, are accounted for in the period in which the service is provided.
## **Investment income**
Investment income from dividends, bank balances and fixed interest securities is accounted for on an accruals basis.
## **Donations, legacies, grants and other voluntary income**
Income from donations, legacies or other voluntary income is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
Voluntary income is accounted for as unrestricted and is credited to the General Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according to whether the retention is to be permanent or not. Gifts in kind are valued at estimated open market value at the date of gift, in the case of assets for retention or consumption, or at the value to the School in the case of donated services or facilities
Time given by volunteers in support of the Charity does not have a value placed on it in the accounts. Whilst it is highly valued it is not material in the context of the accounts.
Page | 26
**STAMFORD ENDOWED SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **1. ACCOUNTING POLICIES (continued)**
## **Expenditure**
Expenditure is accounted for on an accruals basis, as soon as a liability is considered probable. Expenditure attributable to more than one cost category in the SOFA is apportioned to them on the basis of the estimated amount attributable to each activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.
Grants awarded are expensed as soon as they become legal or operational commitments.
Governance costs comprise the costs of complying with constitutional and statutory requirements.
Intra-group sales and charges between the Charity and its subsidiary are excluded from trading income and expenditure.
## **Tangible fixed assets**
## Land and Buildings
Land and Buildings owned by the School at the time, were revalued during the year ended 31 August 1994 by Messrs Cornerstone having regard to their specific uses. Historic buildings are included within the valuation.
Advantage has been taken of the transitional provisions included in Financial Reporting Standard 15, whereby the revaluation will not be updated on an annual basis. The Trustee expects that the properties will have increased in value since 1994 in line with other similar local properties.
Inalienable land and buildings have been capitalised at valuation, and are separately disclosed in these accounts (note 20). They are specifically referred to in the Charitable Deed, which specifies that they are to be retained for use by the Charity and cannot be disposed of, without the consent of the Charity Commission.
Expenditure incurred to improve and enhance the condition of land and buildings is capitalised if in excess of £10,000.
## Impairment Review
The value of any asset which has suffered an impairment is adjusted once the impairment has been identified (although none were identified in the current year) and this matter is kept under continual review.
Page | 27
**STAMFORD ENDOWED SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **1. ACCOUNTING POLICIES (continued)**
## Depreciation
All land and buildings owned at 31 August 2004 are amortised based on the net book value at 1 September 2004. Excluding the value attributable to land, this is being amortised over 50 years from 1 September 2004. Land and building additions since September 2004 are being depreciated over 50 years.
Depreciation of all other assets is provided to write off the cost of all relevant tangible fixed assets less estimated residual value based on current market prices, on a straight line basis, over their expected useful economic lives as follows:
Land and Buildings 50 years Leasehold Improvements Life of lease Improvements to freehold buildings 15 years Furniture, machinery and equipment Between 5 and 15 years IT / Computer Equipment 4 years Motor vehicles 5 years
Assets which have not been brought into use are not depreciated.
## **Intangible assets**
Since 1 September 2016, software expenditure in excess of £10k is capitalised. This is amortised over 3 years.
## **Investments**
Listed investments are valued at market value as at the balance sheet date. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate Fund according to the “ownership” of the underlying assets.
Investments in subsidiaries are valued at cost (see note 9).
## **Stock**
Stock represents goods for resale and is valued at the lower of cost and net realisable value.
Page | 28
**STAMFORD ENDOWED SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **1. ACCOUNTING POLICIES (continued)**
## **Fund accounting**
The charitable trust funds of the charity are accounted for as unrestricted or restricted income, or as endowment capital, in accordance with the terms of trust imposed by the donors or any appeal to which they may have responded. Endowment funds are permanent funds.
Unrestricted income spendable at the discretion of the Governors to further the charity’s objects.
Restricted income comprises gifts, legacies and grants where there is no capital retention obligation or power but only a trust law restriction to some specific purpose intended by the donor.
Permanent endowment funds relate to the inalienable capital of the Charity, as set out in its Charitable Deed. The income derived from the use of the assets which underpin the Capital Funds may be used for any purpose, and is therefore shown as income of Unrestricted Funds.
## **Pension costs**
Retirement benefits to employees of the Stamford Endowed Schools are provided through three pension schemes:
The Teachers’ Pension Scheme - This scheme is a multi-employer pension scheme. It is not possible to identify the Charity’s share of the underlying assets and liabilities of the Teachers’ Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS102, accounts for the scheme as if it were a defined contribution scheme. The Charity’s contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable.
Operations and Professional Staff – The charity contributes to a group money purchase scheme, the funds of which are held and administered independently by Scottish Widows.
APTIS – The charity offers teaching staff eligible to join TPS the opportunity to voluntarily withdraw from the scheme and instead have contributions paid into a money purchase scheme administered by APTIS.
## **Taxation**
The Charity is a registered charity and all expenditure is for charitable purposes. It follows that no provision is required for taxation on either the surplus from tuition and boarding, or on investment income received.
## **Doubtful debt**
The Trustee provides for sums which it considers will not be recoverable from parents and other debtors. Disputed amounts are provided for, if material, unless receipt can be predicted with a reasonable degree of certainly.
## **Operating leases**
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Page | 29
**STAMFORD ENDOWED SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **1. ACCOUNTING POLICIES (continued)**
## **Financial instruments**
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised value, with the exception of investments which are held at fair value, being market value in an active market. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.
## **2. CHARITABLE ACTIVITIES – FEES RECEIVABLE**
|**Fees receivable consist of:**
School fees
Less: total scholarships, bursaries, discounts and remissions
Add back: Bursaries and other awards paid for by
restricted funds
**HARITABLE ACTIVITIES – OTHER INCOME**
Student Extras (trips, meals, additional subjects etc)
Lettings Income
Other||**2025**
**£’000**
**30,551**
**(3,591)**|_2024_
_£’000_
_31,655_
_(3,736)_
_27,919_
_12_
_27,931_
_2024_
_£’000_
_2,686_
_72_
36
2,794|
|---|---|---|---|
|||**26,960**
**11**||
|||**26,971**||
|||**2025**
**£’000**
**1,671**
**135**
**166**
**1,972**||
|||||
## **3. CHARITABLE ACTIVITIES – OTHER INCOME**
## **4. OTHER TRADING ACTIVITIES**
||**2025**|_2024_|
|---|---|---|
||**£’000**|_£’000_|
|Stamford School Enterprises Limited|**905**|_735_|
|||Page | 30|
## **STAMFORD ENDOWED SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **5. ANALYSIS OF EXPENDITURE**
|**(a) Total expenditure**
Staff costs Depreciation &
(note 6)
Amortisation
Note
£’000
£’000
**Costs of raising funds**
Cost of sales
-
-
Other trading costs
251
4
Financing costs
-
-
Development costs
-
-
**Total costs of raising funds**
251
4
**Charitable expenditure**
**Education and grant making**
Teaching
15,654
-
Welfare
259
-
Premises, repairs and maintenance
1,715
2,084
Support costs of schooling
5(c)
2,383
4
Grants, awards and prizes
5(b)
-
-
**Total charitable expenditure**
20,011
2,088
**Total expenditure**
20,262
2,092
**(b)**
**Grants, awards and prizes**
**From Restricted Funds:**
Bursaries and other grants and awards
Prizes and leaving awards
**(c)**
**Governance included in support costs:**
Remuneration paid to auditor for audit of current year accounts
Remuneration paid to auditor for tax advisory services
Remuneration paid to auditor for audit of teachers’ pension
Indemnity Insurance for Governors|Other
**Total**
**2025**
£’000
**£’000**
214
**214**
175
**430**
728
**728**
49
**49**
1,166
**1,421**
1,536
**17,190**
2,458
**2,717**
2,185
**5,984**
2,867
**5,254**
13
**13**
9,059
**31,158**
10,225
**32,579**
**2025**
**£’000**
**11**
**2**
**13**
**2025**
**£’000**
**36**
**4**
**2**
**10**
**52**|Other
**Total**
**2025**
£’000
**£’000**
214
**214**
175
**430**
728
**728**
49
**49**
1,166
**1,421**
1,536
**17,190**
2,458
**2,717**
2,185
**5,984**
2,867
**5,254**
13
**13**
9,059
**31,158**
10,225
**32,579**
**2025**
**£’000**
**11**
**2**
**13**
**2025**
**£’000**
**36**
**4**
**2**
**10**
**52**|_Total_
_2024_
_£’000_
_225_
_331_
_704_
_88_|
|---|---|---|---|
||||_1,348_|
||||_17,806_
_2,962_
_6,171_
_4,968_
_12_|
||||_31,919_
_33,268_|
||||_2024_
_£’000_
_12_
_-_
_12_
_2024_
_£’000_
_39_
_3_
_2_
_10_
_54_|
|||||
|||||
|||||
Travel expenses of £516 (2024: £1,462) were reclaimed by 2 members of the Governing Body.
Page | 31
**STAMFORD ENDOWED SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **6. STAFF COSTS**
The aggregate payroll costs for the year were as follows:
|Wages and salaries
Social security & other employment taxes / levies
Other pension costs|**2025**
**£’000**
**15,845**
**1,685**
**2,732**
**20,262**|_2024_
_£’000_
_15,939_
_1,538_
_2,493_|
|---|---|---|
|||_19,970_|
None of the Governors received any remuneration or other benefits from Stamford Endowed Schools or from any connected body. During the year the School made redundancy or termination payments of £314k (2024: £110k).
Aggregate employee benefits of key management personnel which comprises the Senior Executive Team £468k (2024: £758k).
The number of higher paid employees, as defined by the Charities SORP, was:
|£60,001 to £70,000
£70,001 to £80,000
£80,001 to £90,000
£90,001 to £100,000
£100,001 to £110,000
£110,001 to £120,000
£170,001 to £180,000
£180,001 to £190,000
£190,001 to £200,000
Teaching
Teaching Support
Support & Professional Staff
Enterprises Ltd|Page | 32
**2025**
2024
**24**
20
**5**
**3**
5
2
**1**
**-**
**1**
2
1
1
**-**
1
**1**
-
**-**
1
**35**
33
Average Headcount
**2025**
2024
**203**
205
**153**
158
**149**
155
**42**
32
**547**
550|
|---|---|
## **STAMFORD ENDOWED SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **7. TANGIBLE FIXED ASSETS**
|**Group**
**Valuation or**
**Cost**
**_At 1 Sept 2024_**
Additions
CGS Adjustment
Transfers
Disposals
**At 31 Aug 2025**
**Depreciation**
**_At 1 Sept 2024_**
Charge for year
Disposals
**At 31 Aug 2025**
**Net Book Value**
At 31 Aug 2025
_At 1 Sept 2024_|**Leasehold**
**Improvement**
**£'000**
**_621_**
-
(12)
-
-
**609**
**_217_**
31
-
**248**
**361**
_404_|**Inalienable**
**Land &Buildings**
**£'000**
**_12,523_**
-
-
-
-
**12,523**
**_5,226_**
84
-
**5,309**
**7,214**
_7,297_|**Other**
**Land & Buildings**
**£'000**
**_38,974_**
175
(1,451)
182
-
**37,880**
**_7,280_**
1,043
-
**8,323**
**29,557**
_31,694_|**Motor Vehicles**
**£'000**
**_189_**
8
-
-
(9)
**190**
**_173_**
6
(9)
**170**
**20**
_17_|**Fixtures & Fittings**
**£'000**
**_11,876_**
960
(59)
14
(1,160)
**11,631**
**_8,898_**
924
(1,160)
**8,662**
**2,968**
_2,978_|**Assets Under**
**Construction**
**£'000**
**_195_**
54
-
(196)
-
**53**
**_-_**
-
-
**-**
**52**
_195_|**Assets Held For**
**Sale**
**TOTAL**
**£’000**
**£'000**
**_30_**
**_64,408_**
19
**1,216**
-
**(1,522)**
-
**-**
-
**(1,169)**
**49**
**62,934**
**_-_**
**_21,794_**
-
2,088
-
(1,169)
**-**
**22,712**
**49**
**40,221**
_30_
_42,615_|
|---|---|---|---|---|---|---|---|
Page | 33
## **STAMFORD ENDOWED SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **7. TANGIBLE FIXED ASSETS (continued)**
Fixtures and fittings includes assets with a net book value of £0.74m at the year-end that were subject to a finance lease (2024: £0.3m). This relates to the student Lenevo Surface devices and gym equipment.
## **Charity**
|**Charity**|||||||||
|---|---|---|---|---|---|---|---|---|
|**Valuation or Cost**
**_At 1 Sept 2024_**
Additions
CGS Adjustment
Transfers
Disposals
**At 31 Aug 2025**
**Depreciation**
**_At 1 Sept 2024_**
Charge for year
Disposals
**At 31 Aug 2025**
**Net Book Value**
At 31 Aug 2025
_At 1 Sept 2024_|**Leasehold**
**Improvement**
**£'000**
**_621_**
-
(12)
-
-
**609**
**_217_**
31
-
**248**
**361**
_404_|**Inalienable**
**Land & Buildings**
**£'000**
**_12,523_**
-
-
-
-
**12,523**
**_5,226_**
84
-
**5,310**
**7,214**
_7,297_|**Other**
**Land & Buildings**
**£'000**
**_38,974_**
171
(1,451)
33
-
**37,727**
**_7,280_**
1,038
-
**8,318**
**29,409**
_31,694_|**Motor Vehicles**
**£'000**
**_189_**
8
-
-
(9)
**189**
**_173_**
6
(9)
**170**
**20**
_17_|**Fixtures &**
**Fittings**
**£'000**
**_11,831_**
960
(59)
14
(1,160)
**11,586**
**_8,853_**
924
(1,160)
**8,617**
**2,969**
_2,979_|**Assets Under**
**Construction**
**£'000**
**_46_**
54
-
(47)
-
**52**
**_-_**
-
-
**-**
**52**
_45_|**Assets Held For**
**Sale**
**TOTAL**
**£’000**
**£'000**
_30_
**_64,214_**
19
1,212
-
(1,522)
-
-
-
(1,169)
**49**
**62,736**
**_-_**
**_21,749_**
-
2,083
-
(1,169)
**-**
**22,662**
**49**
**40,074**
_30_
_42,466_||
|||||||||**_21,749_**
2,083
(1,169)
**22,662**|
|||||||||**40,074**|
|||||||||_42,466_|
Page | 34
**STAMFORD ENDOWED SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **8. INTANGIBLE ASSETS**
## **Group and Charity**
|**Cost/valuation**
At 1 September 2024
Additions
Disposals
**At 31 August 2025**
**Amortisation**
At 1 September 2024
Charge for the year
Disposal
Net Book Value
At 31stAugust 2025
At 31stAugust 2024||**Software**
**£’000**
125
5
-
130
114
4
-
118|**TOTAL**
**£’000**
125
5
-
130
114
4
-
118|
|---|---|---|---|
|||||
|||12|12|
|||11|11|
Page | 35
## **STAMFORD ENDOWED SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **9. INVESTMENT PORTFOLIO**
|**Group investments**
At 1 September 2024
Purchase of investments
Sale of investments
Increase / (Decrease) in value of investments
**Group investments at 31 August 2025**
Investment in subsidiary
**Charity investments at 31 August 2025**
**Analysis of investment portfolios**
COIF Charities Investment Fund|**2025**
**£’000**
**469**
**(400)**
**(14)**
**54**
**60**
**114**
**54**|_2024_
_£’000_
_592_
_111_
_(261)_
_27_|
|---|---|---|
|||_469_
_60_|
|||_529_|
|||469|
## **10. DEBTORS**
|Fees and extras
Other debtors
Capital Goods Scheme (VAT)
Other prepayments and accrued income
Amounts due from subsidiary companies|**Group**
**2025**
2024
**£’000**
£’000
**6,646**
1,992
**424**
142
**1,522**
-
**450**
452
**-**
-
**9,042**
2,586|**Charity**
**2025**
_2024_
**£’000**
_£’000_
**6,646**
_1,992_
**343**
_106_
**1,522**
**447**
_444_
**403**
_266_
**9,361**
_2,808_|**Charity**
**2025**
_2024_
**£’000**
_£’000_
**6,646**
_1,992_
**343**
_106_
**1,522**
**447**
_444_
**403**
_266_
**9,361**
_2,808_|
|---|---|---|---|
||||_2,808_|
The debtors balance of £9,042k includes £1,522k (2024: £nil) of accrued VAT recoverable via the Capital Goods Scheme with £201k due within one year and £1,321k due within more than one year.
Page | 36
**STAMFORD ENDOWED SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **11. CREDITORS: amounts falling due within one year**
|Deposits from parents
Loan
Finance Lease obligations
Trade creditors
Taxation and social security
Other creditors
Fee received in advance of following term
Fees in Advance
Amounts owed to group undertaking
Accruals|**Group**
**2025**
_2024_
**£’000**
_£’000_
**614**
_662_
**132**
_98_
**180**
_240_
**2,046**
_1,388_
**1,491**
_-_
**174**
_310_
**8,722**
_7,312_
**2,356**
**-**
_2,184_
**423**
_136_
**16,138**
_12,330_|**Charity**
**2025**
_2024_
**£’000**
_£’000_
**614**
_662_
**132**
_98_
**180**
_240_
**1,977**
_1,259_
**1,467**
_-_
**172**
_308_
**8,722**
_7,312_
**2,356**
**121**
_2,184_
_4_
**423**
_132_
**16,164**
_12,199_|**Charity**
**2025**
_2024_
**£’000**
_£’000_
**614**
_662_
**132**
_98_
**180**
_240_
**1,977**
_1,259_
**1,467**
_-_
**172**
_308_
**8,722**
_7,312_
**2,356**
**121**
_2,184_
_4_
**423**
_132_
**16,164**
_12,199_|
|---|---|---|---|
||||_12,199_|
## **12. CREDITORS: amounts falling due after more than one year**
|Loan
Finance Lease Obligations
Fees in Advance Scheme
The Lloyds loan is repayable as follows:
Within 12 months
1 – 2 years
2 – 5 years
After 5 years|**Group**
**2025**
_2024_
**£’000**
_£’000_
**7,090**
_7,226_
**477**
_56_
**3,767**
_5,267_
**11,334**
_12,549_
**132**
_98_
**142**
_105_
**488**
_361_
**6,460**
_6,760_
**7,222**
_7,324_|**Charity**
**2025**
_2024_
**£’000**
_£’000_
**7,090**
_7,226_
**478**
_56_
**3,767**
_5,267_
**11,335**
_12,549_
**132**
_98_
**142**
_105_
**488**
_361_
**6,460**
_6,760_
**7,222**
_7,324_|**Charity**
**2025**
_2024_
**£’000**
_£’000_
**7,090**
_7,226_
**478**
_56_
**3,767**
_5,267_
**11,335**
_12,549_
**132**
_98_
**142**
_105_
**488**
_361_
**6,460**
_6,760_
**7,222**
_7,324_|**Charity**
**2025**
_2024_
**£’000**
_£’000_
**7,090**
_7,226_
**478**
_56_
**3,767**
_5,267_
**11,335**
_12,549_
**132**
_98_
**142**
_105_
**488**
_361_
**6,460**
_6,760_
**7,222**
_7,324_|
|---|---|---|---|---|
||**11,334**|**11,335**||_12,549_|
||**132**
**142**
**488**
**6,460**|**132**
**142**
**488**
**6,460**
**7,222**||_98_
_105_
_361_
_6,760_
_7,324_|
||**7,222**||||
Page | 37
**STAMFORD ENDOWED SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **12. CREDITORS: amounts falling due after more than one year (continued)**
The School has borrowing facilities arranged through Lloyds Bank. At the year end there were two separate loans in place. The first is for £6 million and is repayable over 25 years. This is a fixed rate loan with the total balance split into three tranches: £1m is fixed for 5 years at 7.293%; £2m is fixed for 15 years at 7.052%; and £3m is fixed for the full 25 year term at 7.026%. The second loan was a £3m facility, £1,500k of this second loan facility was repaid in July 2024, giving a year end balance for August 2025 on this facility of £1,493. This second loan was interest only until May 2025, at a rate of 2.84% over the Bank of England Base Rate. This has now converted to interest and capital repayments, with the loan repayable over 23 years. Both loans are secured by a charge over certain freehold properties of the Charity.
## **13. FEES IN ADVANCE SCHEME**
Parents may enter into a contract to pay the School in advance for fixed contributions towards future tuition fees. The money may only be returned if the children are withdrawn from the School. Assuming students will remain in the School, fees in advance will be applied as follows:
|After five years
Within two to five years
Within one to two years
Within one year
**Summary of movements in liability**
Balance at 1 September 2024
New contracts
Amounts used to pay fees
**Balance at 31 August 2025**|**2025**
**£’000**
**352**
**1,850**
**1,565**
**2,356**
**6,123**
**2025**
**£’000**
**7,450**
**878**
**(2,205)**
**6,123**|**2025**
**£’000**
**352**
**1,850**
**1,565**
**2,356**
**6,123**|
|_2024_
_£’000_
_606_
_2,558_
_2,103_
_2,184_
_7,450_|
|---|---|---|---|---|
|||||2024
£’000
1,177
6,812
(539)
7,450|
||||||
Page | 38
**STAMFORD ENDOWED SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **14. OPERATING LEASE COMMITTMENTS**
|Due within one year
Within two to five years|**2025**
**£’000**
**215**
**466**
**681**|_2024_
_£’000_
_84_
_25_
_109_|
|---|---|---|
Operating leases are all in the Charity and relate to minibuses and grounds equipment.
## **15. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Tangible fixed assets
Intangible fixed assets
Investments
Net current assets/ (liabilities)
Long term liabilities|**Endowed**
**£’000**
7,212
-
-
-
-
**7,212**|**Restricted**
**£’000**
-
-
54
996
-
**1,050**|**Unrestricted**
**£’000**
33,009
12
-
(5,897)
(11,335)
**15,789**|**Total**
**£’000**
**40,221**
**12**
**54**
**(4,901)**
**(11,335)**|
|---|---|---|---|---|
|||||**24,051**|
For the year ended 31[st] August 2024:
|Tangible fixed assets
Intangible fixed assets
Investments
Net current assets/ (liabilities)
Long term liabilities|**Endowed**
**£’000**
7,296
-
-
-
-
**7,296**|**Restricted**
**£’000**
-
-
351
663
-
**1,014**|**Unrestricted**
**£’000**
35,319
11
118
(4,861)
(12,548)
**18,039**|**Total**
**£’000**
**42,615**
**11**
**469**
**(4,198)**
**(12,548)**|
|---|---|---|---|---|
|||||**26,349**|
Page | 39
## **STAMFORD ENDOWED SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **16. ANALYS OF MOVEMENTS ON FUNDS**
|_At 1_
_Sept._
_2024_
_£’000_
**Unrestricted funds**
General reserve
_18,039_
**Restricted funds**
Capital Projects
_3_
Bursaries & Scholarship
_1,011_
**Permanent endowment**
_7,296_
**Total Funds**
_26,349_
**For the year ended 31st August 2024:**
_At 1_
_Sept._
_2023_
_£’000_
**Unrestricted funds**
General reserve
_19,670_
**Restricted funds**
Capital Projects
_-_
Bursaries & Scholarships
_865_
**Permanent endowment**
_7,380_
**Total Funds**
_27,915_|_At 1_
_Sept._
_2024_
_£’000_
_18,039_|Income|Expenditure|Transfers|Gains/
(Losses)|**At 31**
**August**
**2025**|
|---|---|---|---|---|---|---|
|||£’000
**30,087**|£’000
**(32,482)**|£’000
**-**|£’000
**145**|**£’000**
**15,789**
**5**
**1,045**
**7,212**
**24,051**
**At 31**
**August**
**2024**|
||_3_
_1,011_|**2**
**61**|**-**
**(13)**|**-**
**-**|**-**
**(14)**||
||_7,296_|**-**|**(84)**|**-**|**-**||
||_26,349_|**30,150**|**(32,579)**|**-**|**131**||
|||Income|Expenditure|Transfers|Gains/
(Losses)||
|||£’000
_31,532_|£’000
**_(33,172)_**|£’000
_-_|£’000
_9_|**£’000**
**_18,039_**
**_3_**
**_1,011_**
**_7,296_**
**_26,348_**|
||_-_
_865_|_3_
_138_|**_-_**
**_(12)_**|_-_
**_-_**|**_-_**
_20_||
||_7,380_|**_-_**|**_(84)_**|**_-_**|**_-_**||
||_27,915_|_31,673_|**_(33,268)_**|**_-_**|_29_||
**Bursaries & Scholarships Funds:** Donations accounted for as part of this fund must be used for bursaries and/or scholarships.
**Permanent Endowment Fund:** These relate to the inalienable capital of the Charity, as set out in its Charitable Deed. Expenditure in the year is the depreciation of permanently endowed fixed assets.
Page | 40
**STAMFORD ENDOWED SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **17. PENSION SCHEMES**
Retirement benefits to employees of the Charity are provided through a defined benefit scheme and a defined contribution scheme, which are funded by the Charity’s and employees’ contributions.
## **Defined benefit scheme – 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 £3,068k (2024: £2,059k) and at the year-end £251k (2024: £245k) was accrued in respect of contributions to this scheme.
The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’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. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn.
The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.
## **Teaching staff – Defined contribution scheme**
The School gives staff eligible to join the TPS the opportunity to voluntarily withdraw from the TPS and join an alternative defined contribution scheme. This is provided through the Aviva Pension Trust for Independent Schools (‘APTIS’). The employer’s contributions are 5% and the employees’ contribute 3%. The employer’s contributions are charged in the Statement of Financial Activities in the period in which the salaries to which they relate are due. The employer’s contributions in the year amounted to £63k (2024: £73k). At the year-end £7k was accrued in respect of contributions to this scheme (2024: 7k).
## **Non-teaching staff - Defined contribution scheme**
This is a money purchase group personal pension scheme. Basic contributions are between 3-5% for the employee and 5% - 10% for the employer. The employer’s contributions are charged in the Statement of Financial Activities in the period in which the salaries to which they relate are due. The employer’s contributions in the year amounted to £375k (2024: £364k). At the year-end £29k was accrued in respect of contributions to this scheme (2024: £31k).
## **18. SUBSIDIARY**
The charity owns all of the issued share capital of Stamford Endowed Schools Enterprises Limited, a company incorporated in England (company number: 2629879, registered office: 17 St Paul’s Street, Stamford, PE9 2BE). This company carries out trading activities on behalf of the Charity.
Page | 41
**STAMFORD ENDOWED SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **18. SUBSIDIARY (continued)**
Stamford Endowed Schools Enterprises Limited had a turnover of £905k (2024: £735k) and made a profit of £261k in the year (2024: £178k). A donation of £178k was made to the School in the financial year. At 31 August 2025 the company had shareholder’s funds of £60k (2024: £60k).
## **Related Party Transactions**
The net balance owed to Stamford Endowed Schools at 31 August 2025 was £282k (2024: £262k). This includes the donation that will be made to the School within 9 months of the year end.
## **20. CONNECTED CHARITIES DURING THE YEAR**
The School has three connected charities. None of these have funds and none have been active in the year.
|**Name**|**Edward Clapton Prize**|**Clapton Memorial Prize**|
|---|---|---|
|||**for Modern Language**|
|**Principal Contact Address**|Finance Office|Finance Office|
||17 St Paul's Street|17 St Paul's Street|
||Stamford|Stamford|
||PE9 2BE|PE9 2BE|
|**Relationship with Stamford**|Provision of Funds for|Provision of Funds for|
|**Endowed Schools**|prizes for Stamford|prizes for Stamford|
||Endowed Schools|Endowed Schools|
|**Principal Transactions**|Provision of prizes|Provision of prizes|
|**Name**|**R S De Bruyn Memorial**||
||**Bursary**||
|**Principal Contact Address**|Finance Office||
||17 St Paul's Street||
||Stamford||
||PE9 2BE||
|**Relationship with Stamford**|Provision of Funds for||
|**Endowed Schools**|bursaries for Stamford||
||Endowed Schools||
|**Principal Transactions**|Provision of bursaries||
Page | 42
**STAMFORD ENDOWED SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **21. INALIENABLE FIXED ASSETS**
Under the terms of the Charity Deed the following assets are stated to be inalienable to the Charity:
**Stamford St Martin’s Without** Land encompassing and including: Land encompassing and including: Bursar’s Office Main School Principal's House St Michael's Boarding House Browne House Park House Dining Hall The Music School Chapel Welland House Oswald Elliott Hall Junior School Performing Arts Centre School Fields Music School Byard House St Peter's House Southfields House Lower and Middle School Squash Courts Cricket Pavilion Site of former outdoor Swimming Pool Brazenose House School Library Clapton House Beaufort House Science School Art School School Fields
All of the inalienable properties are used either directly or indirectly in the provision of educational services. The buildings vary in age, many of them being 200-300 years old.
## **22. RELATED PARTY TRANSACTIONS**
Goods and services were obtained by the charity from companies associated with the following Governors which were transacted at arm’s length. As at 31 August 2025 £690 was due to related parties (2024: £575).
|rties (2024: £575).|||||
|---|---|---|---|---|
||||**2025**|_2024_|
|**Company**|**Governor**|**Relationship**|**£**|_£_|
|Local Living Ltd|N Rudd-Jones|Director|**n/a**|_n/a_|
In addition, the School received a bursary donation of £16,164 from Hindmarch Properties Limited where T Hindmarch is both a Director of the company and a School Governor. We also had other Governor Donations of £310.
Page | 43
**STAMFORD ENDOWED SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **22. RELATED PARTY TRANSACTIONS (continued)**
The children of staff and Governors may attend the School, subject to the normal entry procedures. In such cases, Governors pay School fees at the standard rates; seven of the Governors who served during the year had children at the School. Some staff members, including members of the Key Management, do receive a discount on school fees.
## **23. POST BALANCE SHEET EVENTS**
There are no post balance sheet events.
Page | 44