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2025-08-31-accounts

Charity Registration No. 529538

Company Registration No. 00898078 (England and Wales)

AYSGARTH SCHOOL TRUST LIMITED

GOVERNORS’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

AYSGARTH SCHOOL TRUST LIMITED

CONTENTS

Page Company Information 1 Report of the Governing Body 2 – 9

  1. Reference and administrative information

  2. Structure, governance and management

  3. Objects, objectives and principal activities

  4. Public Benefit

  5. Our finances

  6. Statement of Governors’ responsibilities

Independent Auditors’ Report 10 - 14 Statement of Financial Activities 15 - 16 Balance Sheet 17 Cash Flow Statement 18 - 19 Notes to the Cash Flow Statement 20 Notes to the Financial Statements 21 – 40

AYSGARTH SCHOOL TRUST LIMITED

COMPANY INFORMATION YEAR ENDED 31 AUGUST 2025

Charity number 529538
Company number 00898078
Principal address and registered office Aysgarth School Trust Limited
Newton-Le-Willows
Bedale
North Yorkshire
DL8 1TF
Chairman of the Governing Body C D Porter
Key management personnel
Headmaster J E Anderson Esq
Bursar A M Francis Esq
Deputy head P R Barlow Esq
Deputy head Dr E S G Canning
Company Secretary Mrs L M Hoskyns-Abrahall
Bankers CAF Bank Barclays Bank Plc
25 Kings Hill Avenue 31 High Row
Kings Hill Darlington
West Malling Co Durham
Kent DL3 7QS
ME19 4TA
Solicitors Womble Bond Dickinson LLP
St Ann’s Wharf
112 Quayside
Newcastle Upon Tyne
NE99 1SB
Auditors Torgersens
East Suite
Ground Floor
Avalon House
St Catherine’s Court
Sunderland
SR5 3XJ
Investment Managers Brewin Dolphin
Time Central
Gallowgate
Newcastle upon Tyne
NE1 4SR

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REPORT OF THE GOVERNING BODY (incorporating Directors’ and Strategic report) YEAR ENDED 31 AUGUST 2025

AYSGARTH SCHOOL TRUST LIMITED

1. REFERENCE AND ADMINISTRATIVE INFORMATION

1. 1 School status

Aysgarth School Trust Limited (‘the School’) is a company limited by guarantee and not having a share capital. The School was incorporated on 14 February 1967. The School is a registered charity.

1. 2 Governors

The Governors are the directors of the School for the purposes of company law and those who held office during the year were as follows:

J L Bourne-Arton Esq (Resigned on 30 June 2025) R J Brooksbank Esq (Resigned on 30 June 2025) Mrs C L F Cadogan Mrs A Consett (Resigned on 30 June 2025) D J C Faber Esq (Resigned on 24 February 2025) P J Glenton Esq Mrs S Guthe (Resigned on 4 November 2024) B M L Hoskyns-Abrahall Esq (Resigned on 30 June 2025) W M A Land Esq (Resigned on 30 June 2025) Mrs Anne Naylor (Resigned on 30 June 2025) T E J Nolan Esq (Resigned on 30 June 2025) C D Porter Esq W J Roe Esq (Resigned on 30 June 2025) Mrs V Savile C York Esq (Resigned on 30 June 2025)

No member of the Governing Body is eligible for appointment to a salaried office or any other benefit in money or money’s worth from the School save that a Governor possessing specialist skills or knowledge required by the School may be paid reasonable charges for work of that nature done by him or her or his or her firm.

2. STRUCTURE, GOVERNANCE AND MANAGEMENT

2.1 Governing Document

The School is governed by its Memorandum and Articles of Association which are periodically reviewed by the Governors.

2.2 Appointment of Trustees and Term of Office

Governors are recruited by the members of the Governing Body on the basis of nominations from School contacts and existing Governors. A sub-committee of the Governors, chaired by the Chairman, is convened as and when a vacancy arises to make recommendations to the Governing Body. The Governing Body seeks to ensure a mix of skills and selects new Governors on the basis of experience, competence and specialist skills to ensure the Board is well balanced. Governors are initially appointed for a five year term which is renewable. Exceptionally, Governors can be asked to continue in their post beyond a second five year term.

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2.3 Governor Training

New Governors are provided with formal induction training by the Chairman of the Governors, the Headmaster and the Bursar. All Governors are given the opportunity to attend specialist training courses such as those provided by AGBIS (Association of Governing Bodies of Independent Schools), ISBA (Independent Schools Bursar’s Association) and IAPS (Independent Association of Preparatory Schools). In particular, all Governors have attended safeguarding training. Presentations were given at Governors’ meetings on the relevant issues arising out of the training.

2.4 Governors’ Meetings

The Board of Governors meets once a term. In addition, the Board holds an annual strategy meeting. The Clerk to the Governors prepares the agenda and circulates papers for each of these meetings and keeps a minute of the meetings. Governors’ meetings are split into two parts. Part I deals with Governor only business. Part II deals with all other business and is attended by the Headmaster, the Bursar and the Deputy Headmasters.

2.5 Sub-Committees

The Governors have established sub-committees in order to consider certain matters in greater detail and report back to the Board. These committees are the Finance & General Purposes Committee, the Education & Pastoral Committee, the Bursary Committee and the Remuneration Committee. Individual Governors are also appointed to be responsible for Risk Management, Special Educational Needs, Health & Safety, Safeguarding/Child Protection, GDPR and the Pre-Prep.

2.6 Risk Management

The Governors review the risks faced by the School together with the systems in place to monitor and mitigate those risks on a regular basis, at least annually. The risks are categorised under a number of headings in a report entitled ‘Risk Assessment Management’. This report sets out the probability of risks occurring and the impact on the School in the event that the specific risk is realised. It also confirms the relevant control procedures that are in place, the individuals responsible, the monitoring process and any recommended action. This report is reviewed in detail by the Headmaster, the Bursar and three designated Governors before being discussed by the Finance & General Purposes Committee and then finally by the Board.

2.7 Remuneration

Key management personnel remuneration is agreed by the Remuneration Committee and is set at a commercial rate in relation to the sector and location.

2.8 Operational Management

The day to day running of the School is delegated to the Headmaster, to the Bursar and the two Deputy Heads who together make up the Senior Leadership Team, who are in turn supported by the Senior Management Team.

2.9 Group Structure

The school controls Aysgarth School Foundation, a Charitable Incorporation Organisation (Charity number 1206089). The foundation was split from Aysgarth School Trust Limited in the previous financial year to form a new CIO, with the school retaining the power to appoint all new charity Trustees in the foundation.

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REPORT OF THE GOVERNING BODY (incorporating Directors’ and Strategic report) YEAR ENDED 31 AUGUST 2025

AYSGARTH SCHOOL TRUST LIMITED

STRATEGIC REPORT

3. OBJECTS, OBJECTIVES AND PRINCIPAL ACTIVITIES

3.1 Charitable Objects and Aims

The School’s Objects, as set out in its Memorandum of Association, are to carry on the undertaking of Aysgarth School and to acquire and carry on in the United Kingdom any other school or schools for the education of children.

The Governors give careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplemental guidance on public benefit in relation to the advancement of education and on fee-charging. The School is very involved in seeking wider benefits for the public in line with its educational objectives.

Aysgarth School aims to provide an inspiring and relevant education of the highest standard to prepare its pupils to thrive at major public schools and beyond. This is measured by the Governors by reference to academic achievement; the development of other abilities such as sport, creative, musical and such other talents that help to boost confidence and self belief; the development of character and personal skills such as independence, leadership, interpersonal skills, self awareness and team working; the understanding and practice of the Christian faith and values as well as respect for other or no faiths; and an appreciation of how pupils can contribute to the community and the opportunity to do so.

3.2 Objectives for the year

The Governors’ main objectives for the year were (i) to enhance the education of the pupils by striving to achieve the highest possible educational experience whilst maintaining a solid financial trading base and (ii) to prepare for and successfully deliver a fully coeducational offering in the Prep school from September 2024.

3.3 Principal Activities

During the year ended 31 August 2025 the School comprised a boarding prep school for both boys and girls aged 8 to 13 and a mixed pre-prep and nursery department for children aged 3 to 8. It is situated in the Yorkshire Dales and has a capacity of approximately 165 children in the Prep school and 70 children in the Pre-Prep and Nursery. The size of the School and its geographical location limit the number of children who can benefit from its services. Girls joined the Prep School for the first time from September 2024.

3.4 Academic Attainment

For the last 20 years all pupils have reached their desired senior school, a number achieving scholarships or other awards, (12 awards were offered and accepted in 2025), and most go on to academically selective senior schools. The vast majority of pupils leaving the School achieve excellent results at GCSE and A Level and receive further awards and scholarships before heading to University which is due in part to the sound foundations and work ethic established at the School.

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3.5 General Review of the Year

At the end of the summer term the number of pupils in the prep school stood at 152 and the Pre Prep reached 60 children with a further 8 children in the Nursery. From an academic perspective, all candidates passed Common Entrance to their first choice schools and the school achieved notable success during regional and national academic competitions.

With regard to senior school scholarships, 9 scholarships were offered as follows:

School Scholarship
Ampleforth
Drama and Sportx 2
Barnard Castle Drama and Sport x 2
Fettes Academic and Music
Oundle Sport
Radley Sport
Sedbergh All Rounder
Shrewsbury All Rounder

Boarding at the school remains in a strong position and it continues to defy the national trend of a decline in boarding.

Sport is an important element of Aysgarth life and the excellent coaching, combined with the impressive facilities is of great benefit to all pupils. The provision for sports across all age and ability levels continues to be extended and this will benefit the pupils in the short, medium and long term. Notable sporting progress has been achieved on the local, regional and national scale. Furthermore, an impressive number of pupils achieve regional and county honours and, equally importantly, every pupil from Year 2 to Year 8 represented the school in interschool fixtures.

We continue to develop the musical and dramatic elements of the curriculum and, concerts, lectures, year group productions and plays featured throughout the year. The activity programme provided in excess of 45 activities available across the year groups; again offering opportunities for the children to experience new challenges, to build on existing talents and to develop confidence, cooperation and communication skills.

The Governors and Leadership team continue to work to develop the strategic direction of the School in light of our plans for full coeducation and other headwinds effecting the sector as a whole.

Aysgarth provides its pupils with the opportunity to develop into confident, kind, ambitious and resilient children who will thrive here, at their next school and in the wider world. The statement of purpose is underpinned by the School’s values of respect, endeavour and courage.

Aysgarth is home to a close, happy and thriving community of children and staff. We develop the best in each child by providing a caring, stimulating and safe environment. We believe strongly in the value of boarding as a means of developing a child in every aspect. The chapel is at the very heart of the school reflecting the importance of faith and service.

We will achieve our aims through the following strategic decisions:

  1. Establishing lifelong learning skills through strong academic and pastoral care

  2. Providing a wide range of opportunities beyond the classroom

  3. Challenging the pupils to develop their character through the teaching of Christian belief

  4. Attracting, retaining and developing high quality and enthusiastic staff

  5. Working closely with parents and guardians across all elements of their child’s education

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  1. Helping to identify the best future school for every child

  2. Developing partnerships within and beyond the Aysgarth community

  3. Remaining financially secure so as to enable reinvestment in both people and facilities

This information was delivered to the school communities via inset training, assemblies, service and written messages. Respect, endeavour and courage remain central to the messages imparted to the children throughout the year.

4. PUBLIC BENEFIT

4.1 Provision of Education

The School’s key public benefit is delivered through the provision of education for pupils through the PrePrep and Prep schools. The School is committed to broadening access by offering eligible parents / guardians means-tested financial support towards the payment of school fees.

The education of the children in the School at the expense of the parents will have saved the Treasury over £1million during the year, assuming a cost of £6,000 per annum per pupil to educate a child in the state system.

4.2 Widening Access

The total value of means-tested bursaries awarded by the School in the year was £338,397 representing 6.2% of the School fee income.

Aysgarth supports UK Armed Forces families and provided continuity of education for the children of personnel whose careers see them deployed in various locations within the UK and overseas.

The School welcomes pupils from all backgrounds. To admit a prospective pupil the School needs to be satisfied that the pupil will benefit from the all-round education and develop to the best of their potential. Entrance tests and assessments may be undertaken to satisfy the School and the parent that the potential pupil can cope with the pace of learning and benefit from the education provided.

An individual’s ethnicity, race, religion or disability do not form any part of the School’s assessment process. The School is committed to the provision of equal opportunities and an environment that is free from any form of discrimination. Reasonable adjustments can be made to meet the needs of staff or pupils who are, or become, disabled.

The School has a special educational needs department (Skills Development) which enables children with learning difficulties to attend the School. There are 40+ pupils on the SEND register from Nursery to Form 5, their needs (ranging from complete blindness to mild dyslexia) varying between and sometimes spanning more than one of the four areas of SEND. These needs are catered for by all staff and specifically the Skills Development Department.

4.3 Sharing Facilities and Expertise

The School’s facilities are made available to various local organisations and groups ranging from local cricket clubs to regional and county teams through to fundraising lectures in the theatre. These arrangements encourage the community to come in to, and benefit from, the School.

Most teachers and non-teaching staff attended training courses to maintain and enhance their skills, the cost of which was funded by the School.

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A number of members of staff support local schools and clubs through teaching, coaching and offering their support and expertise as governors.

4.4 Contributing to the Community

Aysgarth continues to organise fundraising activities for various charities throughout the year. Aysgarth also encouraged parents and families to donate clothing and key consumables which were passed on to families in need in the local area. The annual Macmillan Cancer Support Carol concert at Ripon Cathedral was again supported by Aysgarth School. The choirs, staff and musicians played a key role in raising vital funds for this charity (£49,000 this year and £656,000 since the concert started 28 years ago).

The School contributes to the St Patrick’s and St Gregory’s churches financially and a number of external groups (ranging from local individuals and clubs to county sports teams) make use of the School’s facilities.

Aysgarth is very grateful for the work and time of the many volunteers who have worked with the School during the year. Without the help of these volunteers, many of whom have been drawn from the parent body, it would not have been possible to have achieved so much during the year.

Where possible, the School also tries to support its staff in their own charitable offerings. Aysgarth staff charitable work includes supporting parish councils, offering support at local primary schools, supporting local sports clubs and organisations, coaching at local and regional sports clubs and supporting local music groups and churches.

5. OUR FINANCES

5.1 Trading Performance

The School’s trading performance has generated a surplus of £732,186, excluding net income from the foundation (2024: deficit of £494,677) before transfer to Rugby School on 30 June 2025. The foundation generated funds totalling £12,475 (2024: 65,374) for the School. The cash inflow generated from operating activities, after deducting capital expenditure and excluding movements in relation to fees received in advance, was £1,119,303 (2024: £456,683 cash outflow).

5.2 Reserves and Investment Policy

Note 22 to the Financial Statements summarises the movements in funds during the year.

It is the policy of the Governors to seek to generate a modest surplus of income over expenditure each year to safeguard the future of the School. The School has an overdraft facility with CAF bank to ensure that adequate resources are available to cover temporary working capital requirements.

Capital expenditure amounted to £82,474 (2024: £145,393). Over the past five years the School has invested £701,148 at an average of £140,230 per year.

All investments were liquidated early in the prior accounting period and these funds were held as cash reserves before transfer to Rugby School.

5.3 The Aysgarth Foundation

The Aysgarth Foundation was established in May 2008 to create funds to enable the School to provide future means-tested bursaries and to help fund major capital projects. It was established as a separate designated fund under the umbrella of the School and is managed by a committee of trustees made up of selected Governors and additional individuals who bring expertise to the running of the Foundation. During the prior financial year, the foundation was registered as a separate Charitable Incorporated Organisation.

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The School pays for the staff costs of running the Foundation, but other costs incurred are charged to the Foundation. Net funds received in the last financial year amounted to £12,475 (2024: £65,374). The School is very grateful for the generosity of the donors and the assistance provided by many of the parents, Governors and Foundation Trustees in the fundraising activities. Since its establishment, the Foundation has raised over £1,400,000 net of fundraising costs.

Fundraising (on both small and large scale) is targeted at the Aysgarth community rather than the general public.

As detailed below, Aysgarth Foundation donated all funds to Rugby School as part of the merger.

5.4 Merger with Rugby School and Future Plans

From 1st July 2025, Aysgarth merged with Rugby School, forming part of a growing group of schools in the UK and overseas. Plans are in place for immediate works to enhance the pupil experience from Nursery to Year 8, in the classrooms, on the sports fields and elsewhere.

Families retain their independence of choice when deciding on senior school destinations but Aysgarth will benefit from being part of a wider 'team'.

6. STATEMENT OF GOVERNORS’ RESPONSIBILITIES

The Governors (who are also the directors of Aysgarth School Trust Limited for the purposes of company law) are responsible for preparing the Report of the Governing Body and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

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

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

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REPORT OF THE GOVERNING BODY (incorporating Directors’ and Strategic report) YEAR ENDED 31 AUGUST 2025

Approved by the Governing Body of Aysgarth School Trust Limited, including, in their capacity as company directors, approving the Report of the Governing Body and Strategic Reports contained therein, and signed on their behalf:

C D Porter Esq (Chair of the Governing Body)

Date: 23 June 2026

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AYSGARTH SCHOOL TRUST LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF AYSGARTH SCHOOL TRUST LIMITED

Opinion

We have audited the financial statements of Aysgarth School Trust Limited (the ‘charitable company’) and its subsidiary (the ‘group’) for the year ended 31 August 2025 which comprise the Consolidated Statement of Financial Activities, Charity Statement of Financial Activities, Consolidated and Charity Balance Sheets, Consolidated Cash Flow Statement, Charity Statement of Cashflows and the related notes, 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:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements we are required to report to you if the governors’ use of going concern basis in the preparation of the financial statements is not appropriate.

As explained in Note 2.1 to the financial statements, the governors do not consider the charity to be a going concern because all operational activities, assets, and liabilities were transferred to Rugby School on 30 June 2025. Accordingly, the financial statements have been prepared on a basis other than going concern.

Based on our audit of the financial statements, we have concluded that the governors’ use of a basis of accounting other than going concern is appropriate and we have nothing further to report in this respect.

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

Other information

The governors are responsible for the other information. The other information comprises the information included in the governors’ report and financial statements, other than the financial statements and our auditor’s

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AYSGARTH SCHOOL TRUST LIMITED

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF AYSGARTH SCHOOL TRUST LIMITED

report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the report of the governing body.

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

Responsibilities of governors

As explained more fully in the governors’ responsibilities statement set out on pages 8 & 9, the governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the governors 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 governors are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the governors either intend to liquidate the group or the charitable company or to cease operations, or have no realistic alternative but to do so.

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AYSGARTH SCHOOL TRUST LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF AYSGARTH SCHOOL TRUST LIMITED

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 independent 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

•We obtained an understanding on the legal and regulatory requirements which applied to the charitable company, including the Companies Act 2006, and the Charities Act 2011.

•We obtained an understanding of how the charitable company had complied with these regulations by performing substantive tests, reviewing their treatment of transactions, reviewing meeting minutes, and discussing compliance with management.

•The risk of material misstatement of the financial statements due to fraud or error was assessed. We considered how fraud may occur within the charitable company and made enquiries of management as to where they considered there was susceptibility to fraud, including any suspected, alleged, or actual fraud. We designed our audit work to include substantive testing and tested the controls in place regarding the processing of transactions and how these controls are capable of preventing or detecting fraud or error.

•Our audit procedures gathered evidence to support the claims of the governors and staff whilst maintaining professional scepticism to allow us to draw our own conclusions on the matters.

•To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify unexpected relationships, tested journal entries to identify unusual transactions, and assessed whether the accounting estimates had indications of potential bias.

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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF AYSGARTH SCHOOL TRUST LIMITED

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of the governors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements, or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our independent auditors’ report.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF AYSGARTH SCHOOL TRUST LIMITED

Use of our report

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

Paul Newbold BFP FCA (Senior Statutory Auditor) For and on behalf of Torgersens Chartered Accountants, Statutory Auditor

East Suite, Ground Floor Avalon House St Catherine’s Court Sunderland SR5 3XJ

Date: 24 June 2026

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CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31 AUGUST 2025

----- Start of picture text -----
Unrestricted Unrestricted
General Designated Total Funds Total Funds
Note Funds Funds 2025 2024
£ £ £ £
INCOME AND ENDOWMENTS FROM
Charitable activities
School fees 3 4,630,101 - 4,630,101 3,924,948
Other educational income 4 218,096 - 218,096 135,441
Other trading activities
Trading income 5 (1,192) - (1,192) 53,090
Fundraising income 5 - 8,996 8,996 111,445
Investments
Investment income 6 21,676 1,255 22,931 22,123
Donations and legacies
Donations 7 1,001 3,551 4,552 9,946
Other incoming resources 8 4,365 - 4,365 11,051
Total incoming resources 4,874,047 13,802 4,887,849 4,268,044
EXPENDITURE ON
Raising funds
Fundraising costs 12 - - - 39,481
Trading costs 12 - 1,272 1,272 22,915
Financing costs 12 4,347 55 4,402 105
Charitable activities 12 4,137,514 - 4,137,514 4,632,038
Transfer of assests and liabilities to Rugby
25 5,347,608 77,849 5,425,457 -
School
TOTAL EXPENDITURE 12 9,489,469 79,176 9,568,645 4,694,539
- - -
Net gains/(losses) on investments (2,808)
Net income and expenditure
before transfers (4,615,422) (65,374) (4,680,796) (429,303)
Transfers between funds 21 - - - -
NET INCOME (4,615,422) (65,374) (4,680,796) (429,303)
Other recognised gains/(losses):
Pension scheme actuarial gains/(losses) 26 - - - -
Net movement in funds for the year (4,615,422) (65,374) (4,680,796) (429,303)
Fund balances at 1 September 2024 4,615,422 65,374 4,680,796 5,110,099
FUND BALANCES AT 31 AUGUST 2025 - - - 4,680,796
----- End of picture text -----

All amounts relate to continuing activities.

All recognised gains and losses in the current and prior year are included in the statement of financial activities.

The notes on pages 20 to 41 form part of these financial statements.

1 5

AYSGARTH SCHOOL TRUST LIMITED

CHARITY STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31 AUGUST 2025

----- Start of picture text -----
Unrestricted Unrestricted
General Designated Total Funds Total Funds
Note Funds Funds 2025 2024
£ £ £ £
INCOME AND ENDOWMENTS FROM
Charitable activities
School fees 3 4,630,101 - 4,630,101 3,924,948
Other educational income 4 218,096 - 218,096 135,441
Other trading activities
Trading income 5 (1,192) - (1,192) 53,090
Fundraising income 5 - - - 215
Investments
Investment income 6 21,676 - 21,676 22,112
Donations and legacies
Donations 7 1,001 - 1,001 3,296
Other incoming resources 8 4,365 - 4,365 11,051
-
Total incoming resources 4,874,047 4,874,047 4,150,153
EXPENDITURE ON
Raising funds
Fundraising costs 12 - - - -
Trading costs 12 - - - 22,915
Financing costs 12 4,347 - 4,347 85
Charitable activities 12 4,137,514 - 4,137,514 4,619,022
Transfer of assests and liabilities to Rugby 25 5,347,608 - 5,347,608 -
School
TOTAL EXPENDITURE 12 9,489,469 - 9,489,469 4,642,022
Net gains/(losses) on investments - - - (2,808)
Net income and expenditure
before transfers (4,615,422) - (4,615,422) (494,677)
Transfers between funds 21 - - - -
NET INCOME (4,615,422) - (4,615,422) (494,677)
Other recognised gains/(losses):
Pension scheme actuarial gains/(losses) 26 - - - -
-
Net movement in funds for the year (4,615,422) (4,615,422) (494,677)
-
Fund balances at 1 September 2024 4,615,422 4,615,422 5,110,099
FUND BALANCES AT 31 AUGUST 2025 - - - 4,615,422
----- End of picture text -----

All amounts relate to continuing activities.

All recognised gains and losses in the current and prior year are included in the statement of financial activities.

The notes on pages 20 to 41 form part of these financial statements.

16

AYSGARTH SCHOOL TRUST LIMITED Company Registration No. 00898078 (England and Wales)

CONSOLIDATED AND CHARITY BALANCE SHEETS YEAR ENDED 31 AUGUST 2025

----- Start of picture text -----
Group Group Charity Charity
Note 2025 2024 2025 2024
£ £ £ £
FIXED ASSETS
Tangible assets 16 - 4,484,227 - 4,484,227
- 4,484,227 - 4,484,227
CURRENT ASSETS
Stocks 17 - 64,505 - 64,505
Debtors 18 - 360,632 - 360,632
Cash at bank and in hand 19 - 1,384,579 - 1,317,705
- 1,809,716 - 1,742,842
CURRENT LIABILITIES
Creditors payable within one year 20 - (1,612,941) - (1,611,441)
NET CURRENT ASSETS - 196,775 - 131,401
TOTAL NET ASSETS EXCLUDING
- 4,681,002 - 4,615,628
PENSION LIABILITY
Net pension liability 25 - (206) - (206)
NET ASSETS - 4,680,796 - 4,615,422
REPRESENTED BY:
Unrestricted funds:
General 21 - 4,615,422 - 4,615,422
Designated 21 - 65,374 - -
- 4,680,796 - 4,615,422
----- End of picture text -----

Approved by the Board on 23 June 2026 and signed on its behalf by:

C D Porter Esq (Chairman of the Governing Body)

P J Glenton Esq (Governor)

17

AYSGARTH SCHOOL TRUST LIMITED

CONSOLIDATED CASH FLOW STATEMENT YEAR ENDED 31 AUGUST 2025

2025 2024
Notes £ £
Cash flows from operating activities:
Net cash from operating activities 1 90,066 288,325
Cash flows from investing activities:
Interest received 22,931 22,123
Interest paid (4,000) (105)
Payments to acquire tangible fixed assets (82,474) (144,461)
Proceeds from sale of investments - 497,122
Proceeds from sale of fixed assets 1,688 -
_ _
Net cash from investing activities (61,855) 374,679
Cash flows from financing activities:
Pension fund liability repaid (-) (475)
______ ______
Net cash from financing activities (-) (475)
Transfer of assets and liabilities to Rugby School (1,412,790) -
______ ______
(Decrease)/increase in cash and cash equivalents (1,384,579) 662,529
Cash and cash equivalents at the beginning
of the year 2 1,384,579 722,050
_ __
Cash and cash equivalents at the end of the year 2 - 1,384,579
_ __

18

AYSGARTH SCHOOL TRUST LIMITED

CHARITY CASH FLOW STATEMENT YEAR ENDED 31 AUGUST 2025

2025 2024
Notes £ £
Cash flows from operating activities:
Net cash from operating activities 1 79,212 221,442
Cash flows from investing activities:
Interest received 21,676 22,112
Interest paid (4,000) (85)
Payments to acquire tangible fixed assets (82,474) (144,461)
Proceeds from sale of investments - 497,122
Proceeds from sale of fixed assets 1,688 -
______ ______
Net cash from investing activities (63,110) 374,688
Cash flows from financing activities:
Pension fund liability repaid - (475)
______ ______
Net cash from financing activities - (475)
Transfer of assets and liabilities to Rugby School (1,333,807) -
______ ______
(Decrease)/increase in cash and cash equivalents (1,317,705) (595,655)
Cash and cash equivalents at the beginning
of the year 2 1,317,705 722,050
______ ______
Cash and cash equivalents at the end of the year 2 - 1,317,705
______ ______

19

AYSGARTH SCHOOL TRUST LIMITED

NOTES TO THE CASH FLOW STATEMENT YEAR ENDED 31 AUGUST 2025

1. Reconciliation of changes in resources to net inflow from operating activities

Group Group Company Company
2025
 2024 2025 2024
£ £ £ £
Net income and (expenditure)
 744,661 (429,303) 732,186
 (494,677)
Depreciation charges 149,829 190,920 149,829 190,920
Profit on disposal of fixed assets (1,172) - (1,172) -
(Increase)/decrease in stocks - (9,023) - (9,023)
(Increase)/decrease in debtors (5,168) (130,159) (5,607) (130,159)
Increase/(decrease) in creditors (779,153) 685,100 (778,348) 683,600
(Gain)/loss on investments - 2,808 - 2,808
Interest received
 (22,931) (22,123) (21,676) (22,112)
Interest payable 4,000 105
 4,000 85
______ ______ ______ ______
Net cash inflow from operating activities 90,066 288,325
 79,212 221,442
______ ______ ______ ______

2. Analysis of cash and cash equivalents

Group Group
 Company Company
At At At At
31/08/25 31/08/24 31/08/25 31/08/24
£ £ £ £
Cash at bank and in hand - 1,384,579 - 1,317,705
______ ______ ______ ______
- 1,384,579 - 1,317,705
______ ______ ______ ______

20

AYSGARTH SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

1 STATUTORY INFORMATION

The charity, Aysgarth School Trust Limited, is a private company limited by guarantee, incorporated in England and Wales. The subsidiary entity, Aysgarth School Foundation, is a Charitable Incorporated Organisation. The company’s registered office address can be found on the Company Information page.

2 ACCOUNTING POLICIES

2.1 Basis of preparation

The accounts of the group have been prepared under the Companies Act 2006 and in accordance with the Statement of Recommended Practice for Charities (‘SORP (FRS102)’) and with applicable UK Accounting Standards. These financial statements are drawn up on the historical cost accounting basis with the exception of investments which are included at market value.

The School meets the definition of a public benefit entity under Financial Reporting Standard (FRS) 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Any balances in the legal title of the charitable company as at the year-end are deemed to be held in trust for Rugby School, in line with the merger agreement dated 30 June 2025.

Under the terms of a Merger Deed, on 30 June 2025 the going concern, assets, and funds of the charity were transferred to Rugby School, a charity registered in England and Wales. Following the transfer, the charity ceased operations and it is the intention that the charity be liquidated. On that basis, the financial statements have been prepared on the basis the company is no longer a going concern.

The principal accounting policies of the School and foundation are set out below.

2.2 Incoming resources

Fees receivable are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions.

Donations subject to specific wishes of the donors are taken to restricted funds where those wishes are legally binding on the Governors.

The Aysgarth School Foundation was set up to raise funds to enable the School to provide meanstested bursaries and help to fund major capital projects. The foundation monies received are treated as general funds unless the appeal documentation restricts the use of the monies raised or donors specifically restrict the use of the donation. The Foundation is a separate Charitable Incorporated Organisation, controlled by the School.

2.3 Resources expended

Expenditure is accrued as soon as there is a contractual obligation or a liability is considered probable. Expenditure is allocated to expense headings, either on a direct cost basis or apportioned according to time spent. The irrecoverable element of VAT is included with the item of expense to which it relates.

21

AYSGARTH SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

2 ACCOUNTING POLICIES

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost, less estimated residual value of each asset over its expected useful life, as follows:

Freehold land is not depreciated Freehold buildings: - With an expected life over 50 years - Nil - - With an expected life under 50 years over estimated useful life, straight line basis - Plant, implements 20%, straight line basis - Computers 33.33%, straight line basis - School furnishings 20%, straight line basis Motor vehicles - 25%, reducing balance basis

Where the Governors consider that the expected useful life is in excess of 50 years and the carrying value in the financial statements is not more than the estimated recoverable amount, no depreciation is charged and, in accordance with FRS 102, the Governors have and will continue to carry out annual reviews of impairment.

Assets under construction are not depreciated. Once construction is complete they are transferred to the relevant fixed asset category and depreciated in line with the relevant depreciation policy.

Items costing less than £1,000 are written off as an expense.

2.5 Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the revenue account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the period of the lease.

2.6 Stock

Stock is valued at the lower of cost and net realisable value.

22

AYSGARTH SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

2 ACCOUNTING POLICIES

2.7 Pensions

The School participates in the Teachers' Pensions scheme, which is an unfunded Government scheme, which provides benefits based on final pensionable pay. The funds of the scheme are separate from the School, although the School’s share of the schemes cannot be identified as the scheme is a multiemployer scheme, and so the pension costs are accounted for on the basis of contributions payable. The School also contributes to other defined contribution pension schemes for non-teaching staff.

The School participates in a pension scheme the Pensions Trust Growth Plan which is, in most respects, a multi-employer scheme which provides benefits to some 1,300 non-associated participating employers. The scheme is a defined benefit scheme in the UK. The School’s share of the pension fund deficit is recognised as a liability at the balance sheet date. Interest costs charged on the liability are recognised as expenditure in the Statement of Financial Activities (SOFA). Actuarial remeasurements are recognised as other gains and losses in the SOFA.

2.8 Investments

Investments which comprise listed investments within a managed portfolio are stated in the balance sheet at their market value with annual gains and losses on revaluation being accounted for in the Statement of Financial Activities.

2.9 Financial instruments

Investments and the recognised pension scheme liability are stated in the balance sheet at their market value with annual gains and losses on revaluation being accounted for in the Statement of Financial Activities. All other financial assets and liabilities are measured at amortised cost.

2.10 Significant judgements and estimates

The preparation of the financial statements requires management to make significant judgements and estimates.

There are considered to be no significant judgements or estimates made in the preparation of these financial statements which would have a material impact on the amounts recognised.

2.11 Group accounts

The financial statements consolidate the financial statements of the company and its subsidiary with all inter-company balances being eliminated. Entities are consolidated where Aysgarth School Trust exercises overall control by the virtue of having the sole power to appoint or remove Trustees. Accounting policies are consistently applied between group entities.

23

AYSGARTH SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

----- Start of picture text -----
3 CHARITABLE ACTIVITIES - SCHOOL FEES
Group and company 2025 2024
£ £
Gross fees 5,473,373 4,696,487
Less: Bursaries, scholarships and remissions (843,272) (771,539)
4,630,101 3,924,948
4 CHARITABLE ACTIVITIES - OTHER EDUCATIONAL INCOME
Group and company 2025 2024
£ £
Learning support tuition fees 9,960 7,106
Overnight stays 124,660 59,412
Registrations 3,855 3,642
Educational extras 18,413 24,066
Pre prep events - 668
Other income 61,208 40,547
218,096 135,441
----- End of picture text -----

24

AYSGARTH SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

5
OTHER TRADING ACTIVITIES
Group
Unrestricted general trading activities
Use of school facilities
Trading income
Unrestricted designated trading activities
Income from activities for the purpose of raising funds
Fundraising activities
Company
Unrestricted general trading activities
Use of school facilities
Trading income
Unrestricted designated trading activities
Income from activities for the purpose of raising funds
Fundraising activities		 2025
£
(1,192)
(1,192)
8,996
8,996
2025
£
(1,192)
(1,192)
-
-		 2024
£
53,090
53,090
111,445
(111,445)
2024
£
53,090
53,090
215
215

The use of school facilities figure includes a £1,680 credit note in respect of income received in the prior year. There is no summer lets income this year as the charity had ceased trading.

25

AYSGARTH SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

6
INVESTMENTS
Group
Bank interest receivable
Company
Bank interest receivable
7
DONATIONS AND LEGACIES
Group
Unrestricted general donations
Sundry donations
Unrestricted designated donations
Aysgarth School Foundation
Total donations		 2025
£
22,931
2025
£
21,676
2025
£
1,001
1,001
3,551
4,552		 2024
£
22,123
2024
£
22,112
2024
£
2,371
2,371
7,575
9,946

26

AYSGARTH SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

7
DONATIONS AND LEGACIES CONTINUED
Company
Unrestricted general donations
Sundry donations
Unrestricted designated donations
Aysgarth School Foundation
Total donations
8
OTHER INCOMING RESOURCES
Group and company
Sundry other income		 2025
£
1,001
1,001
-
1,001
2025
£
4,365
4,365		 2024
£
2,371
2,371
925
3,296
2024
£
11,051
11,051

27

AYSGARTH SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

9 EXPENDITURE

Group charitable activity expenditure includes:
Auditor's remuneration
audit fees
non audit fees
Depreciation
owned assets
Operating lease charges
Bank interest and charges
Company charitable activity expenditure includes:
Auditor's remuneration
audit fees
non audit fees
Depreciation
owned assets
Operating lease charges
Bank interest and charges
10 STAFF COSTS
Group and company
The aggregate payroll costs for the year were:
Wages and salaries
Social security costs
Pension contributions		 2025
£
8,500
-
149,829
4,578
43
2025
£
8,500
-
149,829
4,578
43
2025
£
1,984,354
216,228
299,571
2,500,153		 2024
£
6,300
12,444
190,920
7,525
80
2024
£
6,300
10,944
190,920
7,525
60
2024
£
2,201,358
219,033
357,403
2,777,794

28

AYSGARTH SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

10 STAFF COSTS CONTINUED
2025
£
476,622
Number of employees:
The average monthly number of employees during the year was:
2025
Number
Teaching staff and administrative staff
47
Household staff and groundsmen
22
69
The number of employees whose annual emoluments were £60,000 or more was:
2025
Number
£60,000 - £70,000
-
£70,001 - £80,000
1
£100,001 - £110,000
1
Aggregate employee benefits (including employers pension contributions)
of key management personnel and connected persons thereof		 2024
£
536,912
2024
Number
47
22
69
2024
Number
1
2
1

The comparative employee numbers reflect a 12 month period, however the current year reflects a 10 month period due to the transfer to Rugby School on 30 June 2025.

11 GOVERNORS

None of the Governors received any remuneration during the year.

The Governors who have children at the School are charged fees in accordance with the School's normal fee structure and remissions policy. Parent Governors do not vote on fee issues. No scholarships and bursaries were awarded to the child of a Governor attending the School in the current or prior years. All bursaries are approved by the bursaries committee. No parent Governors are involved in this committee.

In accordance with normal commercial practice the School has purchased insurance to protect Governors and officers from claims arising from negligent acts, errors or ommissions occurring whilst on School business. The annual premium was £1,463 (2024: £2,409). The foundation has also purchased Governors' and officers' insurance, the annual premium being £Nil (2024: £1,026).

Travel and accommodation expenses of £326 were re-imbursed to 2 Governors (2024: £Nil).

29

AYSGARTH SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

12 ANALYSIS OF TOTAL RESOURCES EXPENDED

a) Group total expenditure

Costs of generating funds
Fundraising costs
Trading costs
Financing cost (note 13)
Resources expended on
generating funds
Charitable activities
Teaching
Welfare
Premises
Support
School operating costs
Grants, awards and prizes
Resources expended on
charitable activities
Total resources expended		 Staff costs
(note 10)
Other costs
Depreciation
2025
Total
£
£
£
£
-
-
-
-
-
1,272
-
1,272
-
4,402
-
4,402
-
5,674
-
5,674
1,747,423
166,807
28,208
1,942,438
161,790
522,188
6,603
690,581
269,579
434,951
115,018
819,548
321,361
351,910
-
673,271
2,500,153
1,475,856
149,829
4,125,838
-
11,676
-
11,676
2,500,153
1,487,532
149,829
4,137,514
2,500,153
1,493,206
149,829
4,143,188		 2024
Total
£
39,481
22,915
105
62,501
2,224,612
723,887
979,430
695,367
4,623,296
8,742
4,632,038
4,694,539

Governance costs of £8,500 (2024: £6,300) are included in support costs, as noted above.

30

AYSGARTH SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

12 ANALYSIS OF TOTAL RESOURCES EXPENDED CONTINUED

b) Company total expenditure

Costs of generating funds
Fundraising costs
Trading costs
Financing cost (note 13)
Resources expended on
generating funds
Charitable activities
Teaching
Welfare
Premises
Support
School operating costs
Grants, awards and prizes
Resources expended on
charitable activities
Total resources expended		 Staff costs
(note 10)
Other costs
Depreciation
2025
Total
£
£
£
£
-
-
-
-
-
-
-
-
-
4,347
-
4,347
-
4,347
-
4,347
1,747,423
166,807
28,208
1,942,438
161,790
522,188
6,603
690,581
269,579
434,951
115,018
819,548
321,361
351,910
-
673,271
2,500,153
1,475,856
149,829
4,125,838
-
11,676
-
11,676
2,500,153
1,487,532
149,829
4,137,514
2,500,153
1,491,879
149,829
4,141,861		 2024
Total
£
-
22,915
85
23,000
2,224,612
723,887
979,430
681,211
4,609,140
9,882
4,619,022
4,642,022

Governance costs of £8,500 (2024: £6,300) are included in support costs, as noted above.

31

AYSGARTH SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

13 FINANCING COST

Group
Bank charges
Pension scheme financing cost
Company
Bank charges
Pension scheme financing cost		 2025
£
4,098
304
4,402
2025
£
4,043
304
4,347		 2024
£
80
25
105
2024
£
60
25
85

14 TAXATION

The company is a registered charity, therefore, no liability to taxation arises on its charitable activities.

15 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Comparative figures in the Statement of Financial Activities are all unrestricted.

32

AYSGARTH SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

16 TANGIBLE FIXED ASSETS

Group and company
Cost
At 1 September 2024
Additions
Disposals
Transfer on merger
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
Disposals
Transfer on merger
At 31 August 2025
Net book value
At 31 August 2025
Net book value
At 31 August 2024		 Freehold
Plant,
Computer
School
Motor
Total
property
equipment
equipment
furnishings
vehicles
£
£
£
£
£
£
5,750,664
729,296
255,139
211,803
93,441
7,040,343
43,369
27,679
6,308
5,118
-
82,474
(15,490)
(15,490)
(5,794,033)
(741,485)
(261,447)
(216,921)
(93,441)
(7,107,327)
-
-
-
-
-
-
1,405,122
666,822
215,600
192,812
75,760
2,556,116
95,198
22,686
21,659
6,603
3,683
149,829
(14,974)
(14,974)
(1,500,320)
(674,534)
(237,259)
(199,415)
(79,443)
(2,690,971)
-
-
-
-
-
-
-
-
-
-
-
-
4,345,542
62,474
39,539
18,991
17,681
4,484,227

All assets were used for charitable purposes.

33

AYSGARTH SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

----- Start of picture text -----
17 STOCKS
Group and company 2025 2024
£ £
-
Clothing 64,505
18 DEBTORS
Group Group Company Company
Group and company 2025 2024 2025 2024
£ £ £ £
Fee debtors - 206,794 - 206,794
- -
Prepayments and accrued income 153,838 153,213
Other debtors - - - 625
- -
360,632 360,632
19 CASH AT BANK AND IN HAND
Group Group Company Company
2025 2024 2025 2024
Group and company £ £ £ £
Current accounts - 102,566 - 35,692
- -
Business premium account 1,278,368 1,278,368
Cash - 3,645 - 3,645
- -
1,384,579 1,317,705
----- End of picture text -----

34

AYSGARTH SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

20 CREDITORS: DUE WITHIN ONE YEAR

Group and company
Trade creditors
Taxes and social security costs
Pension contributions
Accruals and deferred income
Fees received in advance		 Group
2025
£
-
-
-
-
-
-		 Group
2024
£
101,921
52,419
34,825
300,815
1,122,961
1,612,941		 Company
2025
£
-
-
-
-
-
-		 Company
2024
£
101,921
52,419
34,825
299,315
1,122,961
1,611,441

Included in accruals and deferred income, are deposits and deferred income totalling £Nil (2024: £256,581). This represents refundable admission deposits and amounts received in advance for future school trips.

Fees received in advance represent school fees, net of remissions, received in advance for future terms' educational services.

Any deposits or fees in advance at the merger date were transferred as part of the merger.

35

AYSGARTH SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

21 FUNDS

Group
General funds
Designated funds
Aysgarth School Foundation		 Balance at
Pension
scheme
Balance at
1 September
2024
Incoming
resources
Resources
expended
Investment
gain/(loss)
Actuarial
gain / (loss)
Transfer on
merger
31 August
2025
£
£
£
£
£
£
4,615,422
4,874,047
(4,141,861)
-
-
(5,347,608)
-
65,374
13,802
(1,327)
-
-
(77,849)
-
4,680,796
4,887,849
(4,143,188)
-
-
(5,425,457)
-
Movement in funds

The Aysgarth School Foundation was set up to raise funds for bursaries to enable families, who cannot afford it, to give their children an Aysgarth education. Furthermore to allow the School to make the investments necessary to ensure Aysgarth remains one of the country's leading prep schools, whilst enhancing what makes it distinctive.

In the prior financial year, the foundation was incorporated as a separate Charitable Incorporated Organisation, which is a subsidiary of the School. Monies received are treated as general designated funds unless the appeal documentation restricts the use of the monies raised or donors wishes specifically to restrict the use of the donation, in which case monies received are treated as restricted funds.

Comparatives for movements in funds

Group
General funds
Designated funds
Aysgarth School Foundation		 Balance at
Pension
scheme
Balance at
1 September
2023
Incoming
resources
Resources
expended
Investment
gain / (loss)
Actuarial
gain / (loss)
Transfer on
merger
31 August
2024
£
£
£
£
£
£
5,110,099
4,149,013
(4,640,882)
(2,808)
-
-
4,615,422
-
119,031
(53,657)
-
-
-
65,374
5,110,099
4,268,044
(4,694,539)
(2,808)
-
-
4,680,796
Movement in funds

36

AYSGARTH SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

22
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Group
Fixed assets
Net current assets/(liabilities)
Long term liabilities
Net pension liability		 Unrestricted
2025
£
-
-
-
-
-		 Unrestricted
2024
£
4,484,227
196,775
-
(206)
4,680,796

23 COMMITMENTS UNDER OPERATING LEASES

Group and company

At 31 August 2025 the group had total commitments under non-cancellable operating leases of equipment as follows:-

Expiry date:
Within one year
Within two and five years
CAPITAL COMMITMENTS
Group and company
Expenditure contracted for but not provided in the accounts
At 31 August 2025 the group had capital commitments as follows:		 2025
£
-
-
-
2025
£
-		 2024
£
7,326
3,199
10,525
2024
£
-

24 CAPITAL COMMITMENTS

37

AYSGARTH SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

25 EXCEPTIONAL ITEMS

All assets of the charity, net of liabilities, were transferred to Rugby School by means of a donation as at 30 June 2025.

The net assets transferred were as follows:

FIXED ASSETS
Tangible assets
Investments
CURRENT ASSETS
Stock
Debtors
Cash at bank and in hand		 64,506
365,800
1,412,790		 2025
£
4,416,356
-
CURRENT LIABILITIES
Creditors due within one year		 1,843,096
(833,789)
NET CURRENT ASSETS / (LIABILITIES) 1,009,307
TOTAL ASSETS LESS CURRENT LIABILITIES
Creditors due after more than one year		 5,425,663
-
TOTAL NET ASSETS EXCLUDING PENSION LIABILITY
Pension liability		 5,425,663
(206)
CONSOLIDATED NET ASSETS DONATED TO RUGBY SCHOOL 5,425,457
Less Aysgarth Foundation funds (77,849)
CHARITY NET ASSETS DONATED TO RUGBY SCHOOL 5,347,608

38

AYSGARTH SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

26 PENSION SCHEMES

Group and company

Teachers’ Pension Scheme

Introduction

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. Membership is automatic for teachers in academy trusts. All teachers have the option to opt-out of the TPS following enrolment.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Valuation of the Teachers’ Pension Scheme

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

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

The result of this valuation was implemented on 1 April 2024. The next valuation result is due to be implemented from 1 April 2027.

The employer’s pension costs paid to TPS in the period amounted to £106,165 (2024: £243,392).

A copy of the valuation report and supporting documentation is on the Teachers’ Pensions website. Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The academy trust is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the academy trust has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined contribution scheme. The academy trust has set out above, the information available on the scheme,

39

AYSGARTH SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

27 RELATED PARTIES

Group and company

There were no other transactions with related parties other than those identified in note 10 Staff costs and note 11 Governors.

40