REGISTERED COMPANY NUIIBER.. SC119638 (ScoflAii(l) REGISTERED CHARITY NUMBER., SC007157 oit of tlie Ta'uslees aiid Audiled FiiixiictAI Stateiiieiits for tlie Year Elided 31 Jul 2015 foy Druiiiduam School Liiiiite Tlie A9 Partiiersliip Lid Abercorii Scliool Ne1017 EH52 6PZ
Di'uiiiduaii Scliool Liiiiited Content5 of tlie FiMaiicIRI Stxttijieiils Ar eiided 31 Jul 202 Page Repoi't or tlie Trustees Repoi't of the Indei)eiideiit Audltoys 12 10 14 StAteiiient of Fiiianeial Activlties B#laiiee Sheet 16 CAsli Flow StAteEJieiit Notes to the C#$lts FIOM, Sl#tem¢iit Notes to the Fiiiantial Statemeiit5 19 29 Detaileil Sl%tenient of Fliiaiielal Aet5vl¢les 30 to 31
DrutJiduAiI Scliool LiiT]itcd Re foy tlie )ort ol tlae Ti'ustets ear erided 31 Jul 2025 The Triisltts, who are algo tlie directors for Ilie purposes of conipany law, present tl)eir report )d (lie fii)ancial statcjiienls of tlie cliariiy foT tlie year ended 31 July 2025. Foi'ewnrd froiii tlje CIIAir of Ti'ustees 2024-25 Ivks a year of iiicaningfi]I milestones aiid mea511rcd rene%7 for Driiiknduan School. Against a backdrop of Iiatioiial cliaiige - not least Ilie introduction of VAT on independeiit scliool fees - tlie stliool reclaiiiied its pliysical ioiiie, strengtheiied its goveriiaiice, aiid greii, ils coiiiiiiui)iry. As Cliair of tlie B4)ard of T*sIt¢s, J Iviiiiessed first-liaiid Ilie car¢ attd colijilI1lielTrt tliat our slatT, fat)iilies aiid COlli11)uiiity brouglit to tli¢ life of Ilie s¢liool. Froin Ilie introduction of iveekly pareiii aiid carer drop.iiis and regular bulletins, to tlie sleady iii¢reag¢ in pupil nun)bers and Ilie soft lauiicli of our Aluniiii Prograiiiii)e. 2024-25 ivas a ytar ofgroivtli rooied iii puryose. Tlie cojiipletioii of the biiy-back of Druiiidu311 House aiid imniediate grounds iiiade possible by Ilie exiraordimary geiierosity of a beiiefactor vas perhaps the siiigle Inost signifi¢ant iiiomenl of Ihe yeai.. Aftcr >'ears of iwrLin8 toivaids 1his goal, Ilie s¢hool's pliysical lioiii¢ ivas once again its oivji. Th8t acliievejiieiit, aloiigside Ilie dediLalioJi or evei'yoi)e iyho giIpporied the s¢liool througli u den)aiiding year, is soineiliiiig of ivliich tlie ivliole cojlliiiiitiity can be proud. This Aiiiiual R¢poi't is a record of the rnaiii achieveiiieiils diiriiig Il)¢ fiJiaii¢ial year ended 31 July 2025. Tr1151ees are aivaTe that the period siiice Ilie year end has broiiglil vej'y si8iiificatit clialleiigts, which aT¢ desri'ibed in the Post YeaT-Eiid Events section of Ihis report. ROSIÈ Tall | Chair olTrt]51ecs | May 2026 OBJEcfivES AND ACTIVITIES Chai'itAble Objeclives Tlie scliool is a Iiot-for-profit cliarily ai?d roinpany liniit¢d by 8iiaraihtet. Tlic eliaritable objectives are set out in Ilie scliool's Memoi'aiiduin aiid Articles of Associatioii regi5t¢Y¢d iii 1989 aihd aiiitiided iii 2022. Predojiiitiaiitly, Ilie objectives ielale to cariyiijg a scliool to advaiice Steiiier Ivaldorf Ediit21ion aiid to uiidertake all reasonable a¢tiviti¢s toivards tliat eiid, including Ilie ability to pui'cli&se or lease propeity, borroiv, raisc or ini'¢st funds for tlie pui'poses of ihe scliool, and to pay oiit of School fiind5 all expeiises ijicide11tal ID scliool operaliojis. Ainis aiid Sti'ategies Tliis year Iiiarked & signifi¢ani njileslone iji tlie Iiislory of Steiner Ivaldorf education.. Rudolf Steiner died IOLI year5 ago on 30 Mar¢li 1925, aiid Steiner Ivaldoi'f ¢dii¢atioti had beeii preseiit in tlie United Kingdo1 foT 100 years. The sch¢)ol's 40th anniversary of its begiiiiiiijgs iii the Fiiidlioi'ii foiindation in 198.5 ivas diiiiiig 2025, plaiiiied foi. celebraiion oil 19 Septenibei. 2025. Diirijig 2024.25. Ilie scliool ran a Steiiier Ivaldorf ediicaltoIi froin Pareiil and Child age lo 18 )'ears old, including Parent aiid Cliild groiips. Kiiidergartens (ages 3 10 61, a Low'er atid Middle Scliool {6 to 14 s'eaisl aiid ali Upper Scliool114 to l 8 years). A notable developmeiii diii'iiig Ilie yeai. ivas the expLgnSiOJi of Ehrly Ye&rs piovi5ioiI, Iviih tlie scliool eiidiiig Ilie year iviili tivo Paieiit aiid Cliild gi'oiips and KiF]deTgaTtens, tip froi)) one of ea¢li al Ilie start of Ilie year. Public bemefit The Ti'ust¢ts Coiifiriiied tliat ili¢y liad diie regai'd to tlie piiblic bEiiefst requiremenl iittdei. Ilie Cliai'Èties aikd Ti'iistee Investiiienl (Scotlaiidl Act 2005 in exercisijig tlieir poiyei's and dillies diiriiig Ilie year. The sclii)ol adi'anced ediication f. tlie Iiiiblic beiiefit by providing a SteiiieF IValdorfe<lucaiioii to piipils frojii Pareiil aiid Child age tlirough to Upper Sch(y)l. The school ensiiied ihat lis cliaTitable piii'poses ivete for Ilie piibli¢ beiiefit by.. providing a liolistic. cljild-centred ediicalioiial yi'ograiiiiiie iliai siippoiled ilhe developineiil of tlie itholc cliild acadeniically, arlislically. PTacliL<slly aiid SWi4211y,' operaling a Fee A55151aiice pi'u¥iainin¢, Illvdns-lested oli household income and capfjlal, to eiiable access lo tli¢ sc11)1,5 educalioii for faniilie5 who i5111d oili¥nvi5e b¢ illiiible to (ifford Ilie fees., Jnaking faCli11e5 available to tlie iYid¢T local coinmunily fDI' nieeliiigs aiid activities- aiid IIo8tiiig eotnijiuiiity evetils, iticlliding Ihe aniiiial May Fail. and Christinas Markel, Ivli2ch ivere open to tli¢ piiblic and coiitribElted to Iccal coiiiiiiunity lif¢. PsLge I
DJ'tsiiJdvAn ScliDol Llihite¢J oi't of tlhe I'rustees efti. elided 31 .lu1 2025 ror Ilie OBJECTIITES AND ACTIVITIES Activilies Tlie scliool's overaicliiijg aim during 2024-25 Iva8 10 i)rovidc .SltiJicr Ivaldorf cducaltrtti t() all piipils froni Pareiil aiid Cliild Ilirough 10 Upper Sel)ool, ivitliin a finaiicially suslabjiable and ivcll-8OVCTJicd organisation. Tlie school focvsed it$ eftoris on four Strategic theines.. Rebuildiikg tlie school I'oll.. followijig significaiit PEJpiI departure5 ilt tlie end of 2023.24. rebuilding pupil niiiiibers iyas tlie Iiiaiii piiority, addressed IliTougli iniproved Inark-etiiig. a rnOT¢ hclive adiFii55iOI)s process, coiiiiiiufiity engagen)enl, and tlie deirlopnieiit of tlie iieiv scliool ivebsile ivFth searcli eiigFiie optiinisation aiid targeted adverlisiiig. Fiii#ii¢lal $u5talllHbllity'. diversifjqiig inconie beyond scliool fees tlirougli donations, grant applications and Iidr#ising,' and iiiaiiagihg costs Ilirough effici¢ncie5, VA T Ji)aJiageiiienl aiid active debt Jiiallagetiienl. Covei'iiAnce And oi'gaiiisattoiial dev¢loi)meMt: refreshiiig the goveriian¢e aiid niaiiageiiieiil Slruciure. appoiiiiiiig a voliiiileer Clerk io Trustees, esiablishiiig the Coordiiiaiiott Group aiid Ilie College of Tea¢liiiig Siaff. artd eittbeddiiiB Developn)ent Groups aci-os% the schcK)I coniiiiiiiiity. CoininuE]ity All(l aluinnÉ eiigageiiieiit.. developiiig an aluiiiiii prograiniiie, slrengiliciiiiig ilie PTFA aiid Developihent Groups, aiid iiiiproving coniJiiiinicat10115 Ivlth tlie 5clJool coiniiiuijity Ihrou8h resiilaT bulletitis, eivsleirers aiid weekly dTOP-iii ses510IIS. Fee As$i$tanee rlnd Faniil.v Suppoi't The Trustees hold that access to a Steiner Ivaldorf educati7 should i)ol depend 501ely on Ilie ability of a fHniil)' to pa), tlie sch[ fees. Duriii8 2024-25, fe¢ Assistanc¢ contiiiued to be mad¢ available froni Ili¢ s¢liool's iiicome. Applications iv¢re i)Jeons-iesied based oji tot&1 household in¢oiiie and capiial positioIi aiid ivere Iiianaged by Ac¢ouiits and r¢vi¢ii'ed aiid decided upoii by a Fee Assisloiice Coiiimittee. Tli¢ iiitrodu¢tioii of VA T ott scliool fees froni JanuaTy 2025, alongside iviiE¢i cost of liviiig PTe5siire& heigl)tened awareiiess of finajieial challeiiges for iiiaiiy faniilies. Tlie s¢hool reiiiaiiied aleri to Iiardsliip iieeds arising as a resuli. Duriijg 2024-25, tlie s¢hix>l approv¢d a n¢iv Fees Poli¢y aiid Debi fvlanageiiient Poli¢y, retlecling Ilie Triisiees, comiiiitijieiit to iransparency, fairn¢ss aiid coiisisteiicy iii Iioiv finaiicial Iiiaiier$ iver¢ haiidled iviili faiiJilies. Volunteers loluiileers played a sigiiifi¢ani role iii Ilie life of Drumduaii duriiig tlie ycar, uiideitakijig activitits 5ucI) as gardeniiig, cleaiiing aiid Iiiaintenaiice. Close coinmuiiity lies Ale eelitral to tlie scl)i)ol's etlios. aL)d tlie seliool foTiunate to liave a coiiiniiiied paret)t aiid earer coii)Iiiuiiitsr ivlio iyenl above and bej'oiid lo siipplenieiit its operatiolls and educational aiiiis. DuTing tlie year, a iieiv voluiitecr proces5 and aoreeii)eiit ivere dei'eloped to c11))1}, Ivit51 a cl)aiige in tlie laiv iii ApTiI 2025, eiisuring the scliool's approacli to lirkIng iviili volutiteers robust, cojisisteiit and legall), coiiipliant. P2gc 2
Dru11} S¢liool Limited
)oi't of ilie Ti'ustee5
ear tiided 31 Jul 21Y2S
STRATEGIC REPORT
Acliievenieiits Aiid i)el'fovi8ne
Tlie year sail, a ivelcoiiie and s¥gnifi¢anl ie¢oveTy in pupil Iiuinbers. Tli¢ s¢hool begaii tl)e fiDiiii¢ial yeilF Ivjili 58 pupils
aiid £rew to 72 pupils by tl)e end of tlie year, an in¢i'ease of over 24tyA, includiiiB tlie expansion of Early Year5
provisioji to tivo Parent a11d Cliild groups &nd tivo Kiiidergarteiis, Ivitli tlie Kin(lergaTlen5 3pproacliiiJg capacity b}, tlie
year end.
Adthiissions 2CllVlty ivas strozig througliout the year. It ivas particularly eiicourasiiig Ihat 50rne faniiliES ivlio liad Icft
Ilie scliool iii June 2024 expressed a ivisli lo rclurn. Iiiteriialioiial iiiieiest iii the scli(K>l a150 IIICTea5¢d, Ivitli visiling
students for tlie Upper Scliool taking place once agairb.
The sclioDI ivas sliorilisted as a fIiJalist iii Ilie'Seli001 of Ili¢ Y
Drumduan School Lin]ited Jie foi. tlie iorl of tlie Ti'ustets eAI- ended 31 Jul 2025 Tli¢ scliool hosted a Jiuiiiber of successfvl coiiiiniiiiiiy eveiiis during ilie year, iiicludiiig tlie annual May fair and Chrislnias Mark¢t, a Faijiily Frieiidly Ceilidh aiid a Bingo Niglil organiged by tlie PTfA. l-lie5e eveiits played ai) iiiiporiaiii rol¢ in building coiiiiijuiiity spirit. raising fundg and TaisiNg Il)e s¢liool's profile locally. Bw}-bHck of Di'uindunii House Tlie 5inale niost sigjiificaiit strategi¢ 8clii¢v¢iiieiit of tlie year was Ilie coiiiplelion of tlie buy-back of Drui?IduaJi House aiid its FIIIIFJediale grouiidg froiii Ekopia Social Iiivestmenls Liniited oij 7 MaTclI 2025. Made possible by tlic rectipt of a subslanlial oyie-off donatioii in Noveinber 2024, Iliis fvlfilled a loiig-lield objective of Ilie Tru5teeg daliiig back to tlie arigiiial sale and leaselkgck agTeeJi?eiit eiitered iiilo iii 2019. Tlie buy-back represented a ii)ajor 5lrciigilieJiiihg of Ilie school's ph)rsical aiid fiiiaiicial securtty and ijicreased tlie school's asset base by an estittialed £500.QOO. Page 4
Di'uiiiduAia Scliool Liiiiited Re ror tlie oi't of Ilie Ti'u$tee$ elided JI Jul 202S STRATEGIC REPORT FliJaTICIAI I'cview JJAsls ol PrepAI'Ation, Going Coneej'ii and l¥q&tei'iAI Uneertgiiity Tljese finaii¢ial stateiiicnls have been prepared oil Ilie going coiiccrii ba515. HoiieveT, tlie Trustee% draw attentioji to post year-end events (described iii Ilie Post Year-End Events scclioii beloiy) Ivhicl) cast sigi)ifi¢aiit doubt (Mi tlie charity's ability lo continue as a going coii¢erTh. Tlie Lowei. aiid Middle School was closed ITI FebruaTy 2026, tlie Upper School Ivas closed iii Mi arcli 2026, and tlie Early Years provisioii ivill close 011 30 Julie 2026. Tlie priniary reASOllS for tliese c105tires ivere ihe removal of ihe VAT exeniplion for indep2tideiJt sclioo15 aiid tlie cuniulalive eLonomi¢ pressiires of receiit years, IncldI112 tlje renioval of business rate5 relief. tlie impact of Brexil aiid COVID-19 on lilternalila1 siaff and studeiits, and ijicreases iii eiiiplo}'Jihent cost5, and tlie costs of living ciisis. Jt ivas no loiiger possible for ilie ¢liariiy to contine to 2bsorb suLlI cosl ijiCTeases alongside reduced incotiie. The charily iiiiettds to realise its a8sels iti ali orderly inaThiier, repay all liabililies, and transfer any residue lo a siiiiilar cliarÉlable body. Tlje Ti'uslees Iiaiie considered Ilie valuatioji of assets aild liabilities iii Ilie Balance Slieel aiid do not believe Ilieir curreiit carryiijg values differ iiiaterially fr(Mii a breakup basis of accountiiig. Full disclosiire is i)rovided Results for tlie I'emr Tlie scliool eiitered tlie fittancial year iviili loiv pupil liviberS risiiig costs, includiiig tlie iiitroductioii of VAT 011 s¢liool fees froiji Janiiary 2025. iiicreascd Nalional liisurance COTltribiiÈioiis and rises til tlie NatlOll81 MiiiiEiiuii)ILiviiig Vag¢. Tlie5e created sigiiificaiit pi'e5sures oil iiicoIiie and expeiidilure. Tlie SLlioul Ivas oji track lo rceord a deficit for tlie yeai., lioivever, tlie i'eceipt of livo one-off doiialioiis meanl Ilie scliool repcrled d SrpluS of £469,295 for tlhe star. Iviih ali iiiiproveiiient ii) its reserves posilioij. Tlje deficit ivas less Ilian OTigiiially fi)Fecast, refleeltiig tlie positive inipact of in)proved pupil iiuniber5. effective cost Inanagenieiit 311d tlie fuiidraisiihg efforts of tlic scliool coJ]iiiiunity- Priiitipal Fuiid5iig Soui'ees The scliool's pi'iiieipal soiirce of funding is p&reiital and ¢arer fee iiicoiiie. ,hiC]I provFded Ihe fouiidalion foT all of tlie scliool's educational activities. Secoiidaiy sources iiicluded Early Years fundiiig frojii MoTa), Coiiiicil (for eligiblt Kindergarten Cliildienl, donatiotis aiid fuiidraisiji8 aclivities. Tlie scliool Hctively iVOTked to divtrsifjT its it)conie IIITougli graiit applications, ¢oryDrate partnersliips, &luiiiJii giving, additional 5ei'vicE Provision and ¢oiiiJ))uiiity fuiidraisiiig. iii order lo reduce its reliaiice ai) fee ijic()ii)e. Slgiiifitaiil Eyeiits Affecting Fiiiii Ejcial Peyforijiaiice Retelpt of A sigiiifttATht Diie-off doiialioii in NoveiiibeT 2024 froni a beiiefactor eiiabled tlie sc11[ to triggeF tlie buy.back clause iih Ilit sale aiid Itascback gL greeI]ent ivitli Ekopia Social liivesiiMeTlts Liiiiited, brijiging Druii)duan House aiid iiiiiiedikie grouiids back iiito Ilic scliool'8 oiviiersliip and iiiiyroviiig Ilie reserves position. Rei)iovAI of tlie IIAT exeiTlP(IOTi on ind¢pei)d¢iit 5cliool fees froim 5 Jaiiuar). 2025 iijtrodiiced neiip coinpliaiice oblig&tions and cost pressures, parlially offset in 2024-25 by Ilie scliotsl's ability ¢0 r¢¢laiiii input VA T aiid by savings I renlul payiiieiits lo F.kopik foll(Jwirt8 tlie Driiiiidiiaii Houst buy-ljack. Aniiouiioenieiit iij Jiiiit 2025 of Th 20°/th iiicrefise Tn scliool fees to ai)ply froni Augiist 2025. laken in resiJon5e to risiiig cosis iiicluding VAT, aiid refleclijig tlit Iieed lo eiisiire ilie scliool'5 laAg-terin fiiiallctal 5UStainabilil)'. Unfortunaiely. Iliis Iiad a sigiiificaNt iiiipact oil piipil iiuiiibers - by Aug115t 2025 iliey Ii)d reduced by 240/0. Fiiiaiiclal [ge11}ealt DuTiiig Ihe sreaT. Ilie scliool fvlly embedded Ilie use of Xcro accouiiling 50ftivare and est*blislied a niotiilily reeoiiciliatlon PToeess of budgei iiersiis actuals, signifieaiitly ijiiproving Ilie trL2lispareiic5' aiid oiiersiglit of tlie scliool's fijiances. Actiiie fee debt niaiiageiiiejt coDliJiued ihroiigjiout Ilie year, and professional VA T Rdvice and ac¢oiinÈiiig SUPPOTt Iva5 obtaiiicd. R¢seYves Policy I'lie'fru$tees' ]K>licy ivas to iiiaiiitaiij free reserves at a level equivalent to tliree iiioiitlis, riiiiiiing c05t5. Reserves at tlie year eiid ii'ere arOnd £151.000 ivhicli ineaiit tlial tlie reserves largel liras acliieved for Ilie )rar. Tlie scliool coiilimued lo liold Ihe Covid-19 Boiince-Back Loaii {£50,0001, Tlie sigiiificaiit assct iiicrease arisiiig from Ilie Druii?diian Hoiise biiy-back reiTrreseiiied a iiiajor strengthetjiiig of tlie sell1'S ovcrall bulathce 51ieei posilioii ai ilie year end. Pa8e 5
DYuiiJduRiI Scliool Limited Re foi. the )oYt of tlie Ti'vgteos tar eiided 31 Jul 2025 STRATEGIC REPORT Po$t I'e81'.F.iid F.veJits Tlie f(JlloiYiiig niaterial events (Jttcllired after tlie halaiice slitet dale of 31 July 2025. Folloiving ilic 20¥¢ f¢¢ iiicr¢asc for 2025-26, pupil iiuiiibcrs in August 2025 fell si8iiificaiitl)' fr0111 72 (Julie 2025) 10 52. In ilie autuiiiii of 2025, tlie s¢liool's pupil nunibers did not re¢ov¢r as Ilie Trustees liad aiiticipated. Despite sustaiEicd etlorls to iiicreasE iiicoiiie Jnd ieduce Costs, tlie scliool's finaiicial Iiositioti contiiiued to deteriorale. Tlie cuiiiiilative iiiipact of tlie removal of biiglTiess ral¢s relief, tlie reniovic l of tlie VA T exeiiiplioii for iiidepeiident scliools. iiicreases yii ciiiployrneiit Costs, and Ilie Cosis of living eri5iS ii)Hde it 110 loi)ger wssible io sustaiii Ilie scliool's Folloiviiig a Ilioiougli revieii, of options, tlie Trustees Ik Ilie decision to ¢lose the Loiver and Middle School (Febiuai), 20261 aiid Ilie Upper Scliool {Mar¢l) 2026). Tlie Eaily Years provtsioii cwiiiiiiied io opei'ate followijig Ilioge closures, but it iYa5 not possiblc to 5cciire Ihe fuiidiiig required to SLlglain li 011 a souiid loiig-term footing. Tlie closure of tlie Early Year5 Provision il'as announced 011 25 hlay 2026, Ivitli tlie last day of operalioii being Ilie eiid of ihe suiiinier terni 011 30 Julie 2026. In Sepiernbcr 2025. Educatioii Scoilaiid Carried oul & full iiispe¢iion of Ilie 5¢hool, includit)8 a pilot iiispeclion of tlie Kindergartei). Tlie Kiiidergarieii ivas Iioled for its siroiig practice. A furtlier inspeci(oii took place in Marcli 2026. al 14,hicli poiiit tlie Kindergarteti ivas tlie oiily reimainiiig provisioii. Educatioii Scotland's report. publisljed 011 18 May 2026, noted sigiiifieanl s1?IprovenicJit iii tlie Kiiidei'garteii. Tlie repoTI stated: 'The kindergarteii hag Iiiade sigiiificaiit progress since tlie origiiial iiispeclion last Sept¢mb¢r. Ive are coiifideijt tliat it has tlie capacity to coijliiiue to iihprove, so ive ivill make iio more visils iii coiine¢iion ii'iili tliis inspe¢lioJJ. Tlie cliai'ity has Inade Hnd iv411 tnake, the reduridancieg arising fiom Iliesc closu¥es aiid is i&kiiig slerfys to rninimise costs aiid tiiaiiaEe its affaii's in ordei'ls, Inannei.. The charitys yrincipal asset is Driiindiian House aiid groiitjds. The Trustees iiiteiid to iealise th¢ cliarily's fysseis in an orderly ii)aiiiiei'. ¥epay all liabilities, 8tid doijate iesidiie lo a siinilai. charilable body. Finai?cial stalejhenls for Ilie year ejiding 31 Jiily 2026 ivill b¢ PT¢pared and siibjecl to iiidependent ¥evieiv in due course. Plai1$ foj. FTiluJ'e Pei'iD115 As dcsei'ibed iii tlie Post Year-Eiid Events sectioii above, all cdiicational operatioiis of the charity ivill Cffdse on 30 Jiine 2026. Tlie friistecs, focus foi. Ilie period aliead is the orderl>' Ivind-doivji of the eliai'ily's affairs. incliidiThg Ilie iealisatioji of a88tls, Ilic rcpayiiiciit of Rll liabilitics, and tlie Iraiisfcr of any residile to a similaT cliai-iiable iKJdJ'. lil Ilie meaiitime, the Trii8tee% ivtll coJiliiiii¢ to ftilfil all statutory and rcgulalory obligatioiis to Coithpanies Holise &nd ilie Srottisli Clixrity Regiilator (OSCRI. rRUCTURE. GOVERNANCE AND MI ANAGEMENT Gov¢t'tJiKg docuiiient Driii)Jdiiatt Scliool Limited is a cojnpan), liiiiiled by guaraiitee, registered in 1989 linder compaiiy nuniber SCI 19638, govei-iied by its fvIemoi-aiidiim atid Ai'licles of Associat0ji. It is also a registered charity ivitli Il)e Scoiiisll Chariiy Regiilai01'. chAiity Iiliiiibei. SC007157. AiJpoliitEiieii* of Ti'iistees TTUStees Clected bj, Ihajoi'ily of ilie Iiieihbersliip or the school Associalioii (COttiPiTriiyI Meiiibers Ht Ilic school's Aniiual Geiiei'al hlceting. Tlie BoaTd of Trustees can ai any liine co-opt Any yei-soii duly lified lo be appoiiiled as Trustee lo fill a vacaiicy or as an addilioii¢il Triisiee. Tjie BoArd is required io coiisisl of at le¢rySt five alid 0t niore iha iiv¢lve iiidividiials. At eacli AGM, a Iliird of Ilie eharity Trustees are Jtquiird lo stei) doiifft but cali slaiid for re-¢leciion' iii Ilie inleresis of coiiiiniiity, Iliis is often appyoved. cojiiiiiiittily enga&ieiheht a)Id biisiiiess. IVlieTe ihe appoiiitinent of ali addiliotial Ti'ustee iva5 deenied desijable. Ilic Inejiibvi-s of ilic SLliwl Associalion iverc t2iRde aivare of tlii5, and tlie Trust¢eg also searclied ouisid¢ of 1he s¢hcx)I C11EIl1tY for oppropiiale caiididates. Page 6
Dyumduam Scliool Liiiiited Re oyl of tlie Ti'ustoos i- elided 31 Jul 2025 STRUCTURE, GOIFERNANCE AND MANAGEMENT Orgmiiisitiojial Sti'ucture 41iid De£i5ioiI IlqakiTrg Tlie Trustees deteriiiine broad policy directioii for Ilic sc111, Kiiidergarien aiid Early Years provisron. Pllrliciilarly regardiiig legal atid fiiiancihl Tequiremethts. Maiiageiiieiil of tli¢ d¢livei'y of educatioii aiid day.to-day operalioiis is delegated to Ilie CoordiF]ation Groiip. Tlie Trugtees It)et regularly during terni tinie and ivere accuiiiitable to tlie scliwl's Associatioii. The Ass¢Kiatioii iiiet in Marcli 2025 at ilie AGM, and Co1711)51Y Meetiiigs took place duritjg During 2024-25. tlie org311isatÈoJial slriicliire of tlie scliool ivas Tefreshed. Tlie Coll¢ge of Teachiiig Staff {all staff, focused oti educalioiial iiiattersl wa5 re.iiilrodiiced. aiid Ilie forniei Cor¢ Group ivas i'eplaced by a CIKirdiiiatioii Grouv. Tlie Coordinatlolh Group coi>iprised the Ediication codI11#10rs (for Early Years, Loii'er Middle Scliool aiid Upper S¢lionl} aiid Ilie mail2erS (HR aiid Opera110115. Busines5 Developillei)I, I'.a¢ilitiesl. The College of l eachiiig Staff &iid operalioiial fuiictioiis tiiteracled iiqtli tlie Coordinatioii Group. ivliicli 11)aiiag¢d daY-rdaY activities aiid reported to aiid accouiitable tu tlje Trustets. A nunib¢T Df Dtirelopiiieiit GIDups operatcd durijig tlie year, bringing togeiliei. pareiils. 5t2ff, Tru5teeg, fTieiids o11d, Ivhere appropriate, studciits. Tliese iiicliided tlie Pareiils, Teacliers and Friends Associatioii {PTfAI. tlie Stiideiil Couiicil. the AlumTii Groiip, ilit Eyetits Gix>up, tlie F£ciliiies Group. Ihe Gardeiiing Group aiid a Marketing Group, reflectiFig ihe school's sitroiig ttlios of coi)Jiiiunity involveiiitiit aiid pariicipalion. Folloii'ing tli¢ dispersal of tlit Scliool Dtvtloi)tiieiil Group in July 2024, a Busiiiess Developiiieiit Maiiager ivRs appointed iii Aiigiisl 2024 to cooi'dinate ijicome diveTsificaiion. graiit applicaliojis, mai'ketbiig and alumni ¢Jigllgem¢Jit. A voluiileer Clerk lo Ti-iigt¢¢s ivas appoiiiid iii S¢ptenJbei' 2024. Tliis role fo¢iised on revithifjng, updaliiig and streiigtlheniijg Ilie scliool's gov¢Tllance dociimeiitation Jnd proc¢gses, and on developing a Triislees iiiduction giiide ai?d otlieT Ivrititii gEiidan¢c. Data Pi'otection Tlie school maiijlaijied a Data Pi'oteclion Policy, associated procedures and Pi'ivacy Notices it) Accordaiice iviili ils obligations viidei. UK GDPR the Dala Piot¢clion Ael 2018. Dui'iiig tlie >'¢ar, ojic Subjeci Access Reqiiest ivas received ivas haiidled in coJiiplianc¢ iviili slaluior>' requii'enieiits ivitliiii the requii'ed lijiiefraiiie. Trustet5 Iiidiielioii anil TYAtniJig Neiv Ti'usteeg ivere inducted into Ilie workiiigs of the BDard iii a series of meetings ivith eitlier the Cliairperson or a noiiiinaled peTSOlI. Trustees ii'ere encoiira¥ed io attend trainiiig evei)Is orgAnised by Ivaldorf UK aiid io join the ValdoTIUK Triislees Nel%voTk. Tliere iyere rnktndatory aiinii&l traiiiiiig sessions for Truslees on topics including tlitld plte¢ll0Th aiid safegiiardiiig. l<ey ni8nAgenient i-eTMuiiei'RtÉon Ke), niaiiag¢iiiei)t p¢r$oiinel are tliose persons ivlio had autliorily and responsibility for planiiing, nianagin8 aiid implenieiiliiig ih¢ a¢liviti¢s of tlie chai'ity. Reniuttei-atioti foi. key niaiiaLFeinent persoJiiJel Ivas sei by ili¢ Trustees haviiig J'egard to tlie resp0115ibililies of Ilie rL)Irs, tlje school's fEiiancial p051tioii. and Ihe Iieed to alli'act aiid Telaiii apyi'opriat¢ly qiialified individiials. No eniployce ieceived ci)Iployee beiiefits of Tr)ore tliaii £60.000 duriijg tlie yellT. Relafi011511ip wltli IVHI(loFf UK Tlie schi)ol 15 a ITbembci' of Ivaldorf UK Ifoi'iiierly thc Sieiiiei. Ivaldorf Scliools Felloivsliiyl, the natioiial body for Steiiiei Ivaldorf edii¢ation in Ihe Uiiited Kiiigdojii. Tliis nienibeisliip iiifliitiices Ilie scljool's operaiiiig policies in relation 10 curticuliiiii, lea¢lier traiJJiiig aiid giovei'naiicc slaiidards. Tlic sclioDI ivorked c105¢1y iviih Ivaldoi'f UK Ihroiiglioiii 2024-25. Ivilh livo visits.. oiie to pix)vide staff tTainiiig aiid anoilicr to eiigage dirccily iviili Ilie Board of Triisiecs in aii advisorjp ¢apa¢ity. Related pHI't5es Noiie of ihe voliinieer Ti'usle¢s received reiijuiieratioji or othei. b¢nefJl froiii ilieir rtsle as a Ti'iEstee. Triisie¢s were oble to i'eclaiin reasonable expenses by agreemeiil of tlje Board. Ali), coiitTacliiHI r¢latioiiships of Ihe Triisiees relaliiig io Ilie scliool ivere dsscloscd. aiid noits of inierest ivei'e relaiijed Éli Ivrittcii foi'm. Soiile TTiisiees are past or Current paretits of cliildreii attending Ilie scliool. Geiierally, Ihis did not affect Ilieir capability io 11)ake iiidepeiideni aiid f¢%ir decisions in the best interesis of Ilie s¢hool- Iioiv¢v¢r, wher¢ u specific conflict of iiiteicses urose, tlie uffecied l-l'ustee eitliei. did tiot lake pal-t in Ihe relevant dis¢iissioii or decisioii-iiiakiiig. Deiails of aiiy related party tL'allsilCliOliS are showti ith Ilie iiotes lo Ilie finaiicial stateiiients. Page 7
Di.11111 Seliool LlinSted r tlie Ti'us ear elided 31 Jul 2025 foi- tlie STRUCTURE, GOIFERNANCE AND MANAGEP*qENT Clilld Pi'otection hijd Sxfeguai'diiig Tlie scljool's De5igiiated Child Proleciion Lead ensiired that trainiiig iyas kepl up la dale, policies ivere revieived and pdated. and coiisisienl child proteclioii at]d safeguarding practice ivas iiiaintaiiied acTOSS the scliool tliroiiglioul tlie yeai. Cljild proieciioii aiid safeguardiiig re2naiiied a standiiig priorily for knth ilie Coordiiiatioii Group aiid tli¢ Board of Trttstees. aiid Iiiaiidaiory Qnnual iraiiiing in these areas ivas conipleted by Trustees aiid staff.
DJ'uiiidu8n SclioDI Liniil jol't of tlit T?'ustee5 eAI' ended 31 Jul 2025 STRUCTURE, GOVERNANCE AND mANAGEENT Risk and MitTgAtioii At tlie start of tlie fiiianci%kl year. niembers of Ilie Coordinaiioii Group and TT115tees carried oui a revteiv of the niajor risks 10 iyhieli tlie scli(x)I n)iglii be exposed at)d, Ivlieie appropriate, put iii i)lace or developEd sysletiis aiid controls to litigate those risks. Tlic 2024-25 Tisk register idetiiified tlie folloiving risks ajid key niiiigaiioiis: l. Ge)b¢l'il School Roll Tlie priinaTy funding of tlie scliool is Ilirougli parental oiid Carer fees, niakiiig tli¢ s¢hool llnerable to any iinexpecied fall in tlie ov¢rall s¢liool roll. Tlie sch(x)I began Ilie finaiicial year ivith 58 pupils. liaving experienced significant departures al ilie eiid of 2023-24. A siist&ined aiid focused effort 011 iiiaTketin8, adniissioiis aiid coihthiunity engagen)eiil througliout 2024-25 result¢d iji a 24% recovery iji pupil nuiiibers by Ilie year eiid. Key mitigations iiicluded Iiia4111eiiaii¢e of educational staiidards, a ¢onsist¢nt aiid iiiii)rov¢d tnarketiiig aiid adiiiissiong process. Tetentioii of piipils and fainilies tlirougli good wmiiiunity relationsliips, and activ¢ outre8¢1i to prospective fai)iilies. Tlie scliool faced an 01)goiiig risk in Tccruiiiiig experieiiced, trained Steiner Ivaldorf leacliers, r¢fle¢ting a iiational sIIoTtage ivitliisi tlie Ivaldorf iiioveinent. Key mitigali02iS included ivorkiiig closely ivitli Ivaldorf UK aiid advertisiiig IhrouEh its n&t£oiial nelii'orks., eiideavouring to suppoit staff iIi undeTlakiiig Steiner Ivaldorf traiiiing ai)d professional developJiieiil' priorilisiii£ retention tliroiigli a supportive IVOTkiJig eiivironiiiejit aiid flexible arraiigeiiieiiis ivhere POS5ible,' and Seeking to Ihakc salaries artd beiiefits as compeiitive as tlie scliool's financial Iiosilion alloived. 3. Ti'#iisiliun Poiiits M05t faiililies in Kiiidergarleji beiiefit froii) Early Ycars fiiiidiiiE provided by Moray Council. Wljeij cliildren reacli s¢IiLX)l age aiid tliis fiiiidiilg eijds, faiiiilies face potejiiial aftord3bility eliallenges at Ilie w>iiit of Iran51tion to Class l. Addilionally. soine faJiiilie5 cIIooge lu leave Ilit scliool at Middle SclioDI age or ivlitt) tlieir cliild reaclies 16. iii order lo access slate exaiiiiiialiojis. Kcy iiiitigatioiis iiicluded iijiproving proaetive coJi)Jiiunicatioii ivitli fan)ilies at key Iraiisilioi) poiiiis,. eiisuriiig faiiiilies iiiiderstood ilic fec assislancc available. and ensurinu Iliat faiiiilieg iviili older liildreij ivere ivell iiiforiiled aut Ilic bciiefEts of tlic Stciiier Ilfaldorf apijroacli aiid tlie Cr05sfields liistiluce qitalification patliivay, irfhicli provided a rectsgiiistd, eXa1-(rec roufr to Higlier Educatioii aiid eiliploliCj)t. 4. CIASS One Size sinall Cla59 1 cohort r15ks loiv iiuiknbtrrg tlirougliout tlle folloii'itig yta¥s. Tlic key Inittgation ivas niaxiiiiising nuiiibeFS iii KiiidergaTlen ivliicli, as iioled beloiii iiiovcd to tivo groups during ilie year. 5. VA'I. on liidepeiideiit Scliool fee5 Vitli eifecl froiii l January 2025, V A T al 20Q/o iva5 applied to ind¢paidciil scliool fees, ii)Iroduciii& iieiv ¢otiipliaiJce obligatioiis and iticreasiiig Ilie cost of ediication foi. faiiiilies. Tlie risk iva5 of fiiiaii¢ial pressure oil faiiiilies, redvced pupil nuiiJber5. alid adniinislraiive buTdeii 011 Ili¢ school. Key Iiiiligatioiis in¢liid¢d 5eektiig professioiial VAT advice: regislering for VA T and TnaiihgiTig Ilie nelv coiiiplimiice obligations; colli1[1111¢&1l1ig ¢le8rl>' Ivith t5Je school colmiiiuiiity on Ilie iinplications.. reclaiiiiiiig input VA T to offs¢t costs., aiid reduciiig ov¢rhead costs ivh¢re possible. incliidiiig savTrii£s oil rental payineiits folloiving tlie buy-back of Driiindiian House iii March 2025, 6. Buildiiigs Tlie stlioDI's buildiiigs are shoiyiiig their age and Fequire OTigoiiig iiivesliiienl iii Iiiaintenance, Iviili a risk or deierioralioii leaviiig Ilie scljool iiiiable lo ulilise all areas. Key niiliEalioiis incli¥ded tlie developineiit of# ii)aiiilenaii¢e plan and Ilie priorilisalion aiid cotiiplelioji of csset)tial ivorks a5 fiiiaiices a51oived. 7. f%ÉiiAiicial Healtlj Aijd Rc5ei'ves Tlie scliool entered the fijiaiicial year iyitli reserve5 beloiv Ilie TTiisiees' target level ofiliree Jijotiilis, ruiiiiin¥ costs, and Inaiiagenieni. iiicoiiie divei'sificaiion, gi-ant appliealitsns, d01131ioiis arid lIdra]StIl£, aloiigside cost efticieiicies ahd CONITolg. The receipt ofiivo sigiiificaiil one-off donatsoiis during tlie )ar, otie or1}iC}I eiiabled Ihe Drufildan House buy-back, Ivas a Tiiajoi. positive develi)piiient, 8. Regulgtoi'y Requii'eTEients Aiid Iiispectioihs Past inspections ol Sieiiiei. Ivaldorf scliools iii Eoglaftd and Ivales liad raised coiiceriis alx)ut slructiire. goi'ernaiice aiid accouiJl&bilily. Tlie school coiiliFiiied io iiY)rL iviih Illaldoi.fuK to iiiideistaiid 8iid apply lessoiis leariied aiid niade coiitiiiued efforts to revieiv and iipdale polÈcies &iid ijiiprove govei'iiaiice. Tlie 5cli(x)I received a prt-itisptelioji visit froni Ediicatioii Scotlaiid iii Jliiie 2025 aiid ¢xpecls its fir51 fitll Edcatio11 Scotlaiid i115peclioii iti over a dtrtade duriiig 2025-26. 9. St8ff Retetitioii aiid Ivellbeiihg Page 9
Druinduhii Seliool Liimlte )ovt of tlje'fi'ustees e#r Éiidoil 31 Jul 2025 for tlie STRUCTURE, GOVFRNANCE AND MANAGEThqENT Tlic scli(Jr)I factd ali oiigtsing risk- of staff iuriiover and difyiciiliie5 in rctetilion, exaccrbated by rising c05t5 intliidiiig in¢rtage5 sn tlit National us1iiiniiiiill.ivii)g Ivage Nalioiial Insurance coiitribiitions. IvlJicli created pre5siiI'e oil tlie scliool's ability (o oftcr cojiiiJc¢iliv¢ %alari¢g. Key tiiiligatioiis irttliided 8ui)w)rliiig slaft. developiii¢iil aiid iirllb¢ing- s¢¢kiiig lo liaiidlc aiiy staffiiig iraiisilions iviili ¢are aiid a Coi)Iii)itiiieiit lo ¢oiiliniiity foT pupi15', and endeavoiiriiig to 1118ke salaries aiid beiiefits As coinpelitive a5 Ilie 5cliool's fiiiaiicial p0511ioii alloived. Tlie risk- reg55ter ivas revieived regulaTI5, by Ihe Triistee5 aiid updated accordingly. ualities Driiiiiduan Scliool is C171111ted to equality of OPPOFlunily 3Jid lo trealillg all iiieinbers of ils coiniilunty - puiiils, faiiiilies, slaff at]d voluiiteers i'iih fairijess, digiiity aiid respect. Tlje scljool souglil to eijsure Iliat ils policies, practices aijd ciiliure ivere free froiii lliklai4,ful distriiiiijiation aiid tliat tlie needs of individuals ivere recogijised and accoiiiijiodated ii,lierever possible. Tlie geliool's %lpproach to equality 311d iiielusion was reflected in its Fee Assistance provi510tI, Its inelusive educational eilios aiid its ongoinE policy revieiv yrograninie. REFERENCE AND ADPthllNISTRATIVE DETAILS RegÉstei-ed CoiiipAihy iiuniber SCI19638 Iscoilandl Registei'ed Charlty Iiuinber SC007157 Registered office Drun1duaii Hoiise Cojiipaiiy Secretary Druniduan Schwl LiniiÉed. Drufiiduaii House. Cloveiiside Road rorres Moray IV36 2RD Trustees J S Hall Cliatrperson Till 1 1103125 Irtsig11ed 27.6.25 M Kultetiiik Managing Director Of Paiiosuti Ltd. K Robcrtsoii Salc Accouiit Managei. Iresigiied 27.6.251 A Slater Chairptrson 31103125 10 27106125 Iresigiied 27.6.25) Ms R S Tail Cliairpcrsoii - froii) 27106125 Ms P c{11tY Dirtclor (appoiiiltd 27.6.251 Ms K L Laiig DiTeclor (appaiiitEd 27.6.25} Ms S Mills Dir¢¢tor lappoiiitcd 27.6.251 AuditOl'5 Tlie A9 Parlii¢r511ip Ltd Abercorn Scliool Ncivton EH52 OPZ BAiilier5 Baiik Of Scoilaiid 73 Higli Street Nair IV124BS Page 10
DYiini(Jii#ii Seliool L Re for the rt of tli¢ Trustees ear cndeil 31 Jul Z02 STATEMENT OFTRUSTEES, RESPONSIBILITIES The Truyiecs, Ivl)o are Thlso dircclors for ihc purposes of coiiipany law, are r¢5ponsible for preparing Ilie Trusle¢s' Report and tlie finaiicial slatejncnts in accord&net iviih tspplitable law ond United Kingdoiii Accounting Sloiidards Illjiited Kingdom Cftencr4Llly Acccplcd A¢coiiniiiig PrAclice). Coii)paiiy IAW requiTCS Ilic eliarity Triis(tCS lo prepa firiaiicial slllteineiils for ¢ach wliicli gttve a Iriic niid fllir vieiv of Ihg 51ate of atyairs of the chariiiL bl¢ eompaiiy aiid the incoming resoiirc¢s and application of r¢5911rcEs. Iii¢ludiiig ¢h¢ incomc arid ¢xlId11ur¢, for ilial pcriod. In preparing ihese fiiiancial slalenients, Ihe Trusle¢5 were requir¢d to.. selecl suilAbl¢ occoiintiiig policies and tlien apply tli¢iM coiisisi¢ntly' obs¢rvc ili¢ method5 and priiTciples iii tlie applicable Cliarilies SORP. iiiake judsenieiits and Rccouthlin8 e51¥iMate5 Ihllt were reawnable and prlldent: grtd prepare Ili¢ fillanciul 51aleiMciil5 on tIiE 8oin8 concerii Esis unless il wa5 inappropriale to presunie tliui Ihc cliarily would coniillue iii business. 1.lie TT115tccs ii'ere rc5POt15iblc for k¢cping adequatc cic¢oiintin¥ records siiflicicnl lo show aiid explain th¢ ¢liaTilJls Iraiisllctions aipd discIosE willi reasonable Accuracy al aiiy tiiiie ihe fiiiaiicilll posilioii of Ihe cliority, to enable Ili¢iii lo e11511r¢ that the fiiiaDciNI 51al¢in¢ii15 coillplied wilh the Coinpanic5 Act 2006. They w¢r¢ glso respoiisiblt for 5afeg¥ardiiig ilie as5e¢5 of Ilie charily ai)d lience for tHkiii8 reasoi)able $t¢ps for the preveiilion and deleclion of fraud lid other iEBUtaTi11¢5. Audltor Encli ofiiie pErson& wlio wS a Trustee at the dThtc of approval of tliis r¢poTt confirnis thal: so for Ds ili¢y were awar¢, Ilicre WA5 no relevai)t iiiforiiiatioii of i¥l)i¢h the cliariigs audilor ivas unowfjre- aiid they Ii#d lakeii #ll s(CPS tlial Iliey oiiglii io Iiave Inkeii as a Tru51eo lo Iiiakc tlieinselv¢s #ware ofoily T¢l¢vaiil audit iiiforniatioii and lo establish iliat tlie cliarilys auditor was aware of tli8t irtforniatioii. Sinall Company Provl$lon$ ThÈ$ repori has leii prepared in a¢cordanee willi the provisions applicable lo companl¢s eniiiled to ih¢ 5ni&ll ¢ompsLnyexemption. AUDITORS Tli¢ lludiiors, Tli¢ A9 Porlner511ip Ltd, will bc PToposod for re.appoiiilin¢nl at tlie fortlicoiiiin8 Annunl Geiieral Meelilig. Reporl of the trusl¢e5, incorporating a stral¢gi¢ pOrt, approved by order of tlie boArd of irust¢¢5, as Ihe cottiP8ny dirlor$, oil ..1g....Y.w.&...£ots. aiid signed 011 lh¢ bth2rd's belialfby.. Ms R S Tali- Tru51ce Pgge I
ieiiiltiit Auili(o>i'% In tlie i1qeib¢l'5 of Oiiiiiioii Ive liave audited Ilje fiaaijcial StatelentS of Druinduan Scljool Ltd. (tlie 'cliaritYI for the year elided 31 Juls, 2025 ii,hicli colprISe the stateiJieiJt of fiiiaiicial activities, tlje balance sljeet, tlie slateiiieiil of casli floi¥s aijd notes lo ilie finaiicial slaleinenls, includiijg sigiiifjcant accouiitijig po1cles, Tlie fiiiaiicial reporting fratiiework tlial has beeiJ applicd in tlieir preparatioii is applicable laiv and Uijiled Kingdoni Ac¢ountiiig Statidards, including Financial Reporting Standard 102 Tli¢ Financial Reyorliiig Staiidard applicable in tlie and Republic of Irelaijd (Uiiited KiiiEd(NJi Geiierally Acceyted Accouiiting Practice). give a true and fail. vieiv of Il)¢ stale of ilje cljaritable Compart9 affairs as at 3 1 July 2025 aiid of ils incoiiiing resoyrcts aiid applicalioth of resources, for Ilie year tlieij elided.. liave beeii properly prepared iji aceordaijee i¥iih United Kittgdoni Generally Accepied AceouJitiii2 Practice. and have beeii prepai'ed in a¢cordan¢e ivith tlie irqiiirements of the Coinpaoies Act 2006, tlje Cliarilies and Trustee Ir¥vestnieiit {ScoilAndl Act 2005 and r¢gulatioN 8 of the Charilies Accounts (Scoilaiidl Regiilalions 2006. BASÉS foi. t>piiJioit Ve cojiducted oiir audit iii accordance iviili llllernatiojial Standai'ds 011 Audilijib. (UK) IISA5 (UK)} and appliLable laiy. Ovr responsibilities itnder ih05e staiidards are furihei. described in Ilie Auditoi s responsibilities for the aiidil of tlie fiiiancial slat¢inentS 5ectlOEJ of oiir J'eport. Ive are ijidepeiident of tlie cliarity in accoi'dance iviih the ¢thiral requir¢ments Iliat ar¢ relevant to oiir aiidit of the fiiian¢ial slhtemeiits in tlje UK, iijeliidiJi8 tlie FRC'5 Eihycal StaiidaTd, ajid ive liave fiiifilled OUT olher ethical rcspoiisibilities in accoT(laiice iviilJ these r¢qiiireii)enls. IV¢ bEItEVC that the audit evidence ive ljave obtRined is siifficienl wid aypropTiRte lo yiK>vide a basis for oiir opinion. Conelu51oiis ilatlllE tts golng cotjcern Ve draiv atlcntioii to Note l in tlie fiiiartcilll siateineiils, I71¢h Slaies Ilial. These fiiiaii¢ial siaienients are prepaied on the going con¢ei'ii basis. Hoivever. the dire¢lors are aivare of certaiii iknalei-illl Iin¢eTtaiiiltes ivhicli cast significaiii doiibl on the coJi)panYs abiliry to coiiliiiiie as a gotiig coneerii. Spccifically. the Loiyer and Middle School Ivjs closed in FebTiiaTy 2026, tlie Upper Scliool ivas closed in NJlarclJ 2026 aiid tlje trustees ciirT¢lltlJ' iiitejid to close tli¢ Earl5p Years Provision 011 30ih Jiine 2026. Tlie niain ieason for closiire is tlie i-eiiitsval of tlie VAT exeiiipliort for independent scliools aiid tlje ecoiiomi¢ hardship caiised by various Olher exrerllal factors over recei)r years e.g. removal of l$afte$S rates relief, BREXIT and COVID-I9 impacling interiiaiional staff and siudeiiis, Ihe inci-ease iii Clp10YerS National Tnsiiraiice and mii1iniiii J living wage iikcreases. It is no longer possible for Ilie company its coniiiiiie 10 absL)rb siicli incieases. The compaiiy ciii'reiitly ii)teiJds to realise the assels iii ali orderly niwJiJer, repay liabilities aiid doiiate any residue to similar ¢harilable body. Tlie diTeciors Iiave tottsidered the v&luaiion of asseis athd liabiliries in Ihe Balaii¢e Sheet at)d do iioi believe tlieir curreiit caTiyiiig valiies differ niaterially froin Ihe bTeakiip bASiS of a¢¢oiiiiting. Oiir opiiiion is nor modified iii respe¢t of Iliis maÉiet. Other iiifoi'nJ9tioi 'riie oihei. iiiforination coiiiprises tli¢ inforniatioii included iii the aiinllal report otlier thali lie fijiaiicial slaleinenls aiid OLir auditor's I'eporl tliereon. The truslces are rcspoiisible for tlie otlier iiiforiijalioii £oiilaiiicd ivitliin ilie aiiiiTIlI iepoit. Our opiiiioij oil the fijiaiicial slatejiienls does ijot cover tlie otlier iiifoi'malioji aiid ive do iiol exijress ali), for41) of assuiajice cojiclusion Iliereon. Oiir respoiisibility is to read tlie otlier iiiforinalioll and, in doingi so. consider Ivli¢tlieT tlie otlier infortiiatioji is iknaterially inconsistent iviih tlie fiiiancial stateinenls oi. our knoivledge obiaiiied in the coEJrs¢ of the audit, or oth¢rivise appears lo be Jnalei'i411s' Inisstated. If we ideiitify siicli iiiaterial iticoiisist¢iicie5 01. appaTenl iiiaterial ii)iS51al¢nient5, Ive are requircd to deteyniiiie ivlieilier this gives Tise lo A inaterial iiiisEt1£ tenlent iji lh¢ finaiiciRI slateiiieiit5 Iliejnselves. If, based on tlie work li'e liave perfor417ed, Ive CDiicliide iliat Iliere is A moterial niisstateiiient of tliis otlier inforjmatioii, Ive are required to repori that fact. Ve ljave iiothiiig to report iri tlits regard. l¥IAtteis on ii,Iiicli we 91.¢ iequir¢il to YepDJ't by eieeijtioij Ive 11i1ve iiotliiyig ro report iii respeci of the folloiytiig niatiers iii r£latioJi to ivhich tlie Charilies Acc1tS (Scoiland) Regiilattons 2006 requires lis lo report 10 you if, iji oiir opiiiioji: Page 12
eiJdeEJt Auditoi's to tli¢ {¢1111)erS of DI'uiLiduaii Scliool Liriiited Ihe iiifoTJiia(ion giveii in tlie fiiianeial stateiiieiits is ineoiigistertt in any matcrial re5PCCt ivitli tlie Irusiees, report.. or pi'oper acc()iinliiig rec<)rds liave iioi beety kepr; or Ilie fiiian¢ial 8lateiiieiits are nor in agreeiiieiit iviih the accouniing records., or ¥'e liave not received 811 ilie iiiforiiiaiioii aiid exi)laiiaiioiis ive require for oiir audit. Respoilsibilities of ti'ustees As eyplained rt)ore fully in tlie siaieineiit of Iruslees, resportsibilitits. Ilie Ériistees. Ivho are also ihe directors of ihe ehaTits' for t]ie purpose of cojiipaiiy laiv. are respoiisible for tlie preparatioEJ of tlie financial statejiieiits aijd for beiiig sat15fied tliat tljey give a true aiid fair vieii,, and for such internal ¢onlrol as tli¢ trusl¢es deteTiiiine is necessary 10 eiiable th¢ preparatioii of fiiian¢ial state1entS that are free frotii iiial¢rial n)isstatenieiii. ithether du¢ to fraud or error. ItJ preparing tlie finèn¢ial statenieiirs, Ilie Iruste¢s are resp0115tble for assessing Ilie ¢118ritls ability to ¢oiitinue as a going con¢erJi, disclosing. as appli¢able. Jnatters ielated to 8QllJ8 conc¢i'n and Y$n8 th¢ goin8 coiJcerJi basis of accoiintbng iinl¢ss th¢ ti'ust¢¢s ¢iilieJ' inl¢Jid to liqiiidale tli¢ chai'itable ¢ompany oi. to ¢ease operations, oi. have iio realistic alt¢l'1131ive biit to do so. AiidTtor'5 re5poiisibTlities for the Audit of ilie fiiiancial statemeiEts Ve hAY¢ been &ppoiiiled ag Aiidiior uiidei- scctiLNI 44(1 Ilcl of the Charities Riid Truste¢ Invesliiient (Scotland) Acl 2005 aiid r¢poi't in accordai)ce ivitli Ilic Art aiid relevaIit iegulatioiis niade or liaving effect tlicrciirtder. Oiir objeciives are to obiAilI re#sonAble agsiiraiice aboui ivhether tlie firt&ncial siateinents as a iyliole are free froni Reasonable a5siirance is a high level of assuFaiicc biit ss iiot a giiaiaiit¢e that ali aiidii condiicltd in accordance witli ISAS (UK) Ivill alivays detect a nialerial ini5$1aleii)eiit ivlicji it exists. Misstateiiienls cali arise from fraiid or error and tjre considered niatei'ial if, lId1vId17al1Y or iii tlie aggregate, they could reasonably be expected to influence lh¢ ecoiioini¢ decisioi)s of users taktn on the basis ofthese fiiiaiicial staien)eiits. The ¢xt¢nl to ivhich 1r procedures are capable of deteclijig ii'regiilarities, Liicluding fraiid. is detailed beloiv. Irre8Lilarities, iiicludi118 fraud, al'e iiistai)ces of Jiob].coiiipliaiice ivitli laivs and re8ulalions. Ive design procediires in line willi oiir respojisibiliiies, oiillined ulK)ve. to deteci Tiiaierial missia1eiCnls iii respeci of ij'regiilariiies. iii¢liiding ijoii-coinpliaiice ivith laivs and regiilali0115 rclated to.. Ediicalion Scotlaiid aiid Care lJisp¢cioraie reqiiireiMeiits, UK laN, p¢t)sions. einployimeiit, aiJli-briber5' and data protection legislatioii ld liealtli and safety, regulatioiis. We coiisidered the exteiit to ivhicli noii-compliai)ee Jiii8lit hhve a inatcrial effect on ihe fijiaiicial SiateiiieiJlS. Ive also eoiJsidere(I tliose laws aiid regulaiions thai have a di¥e¢i iiiipact oil tlie preparation of Ihe fiii&iicial siaieineiils, such as Ilie Charities iid Triisiee Iiivesiifteiit (Scotlandl Aei 2005. Ctsnipaiiies Aei 2006, Chaiiiies Accounis (Scotlandl Regulations 2006 las anieijdedl aiid Ilie Charities SORP (FRS 102). Ve evaluated tlie ti'iistees, aiid niaEJa8eineiJl'5 incentives and opportiinitie5 for fraiidulellt nlaiiipulatioii of tlie fiiiAAcial siaieiMeAlS 1sii¢luding Ilie risk of ovei'ride of conti'olsl aiid deieTJnined Ihat tlie principal Tisks ivere r¢lHled to postiijg niaiiual jOUTTial eijti'ies io Inanipulate fillancial perforniaiice. Iiianagieinenl bitts Ihrougli judgreiiiei)Is aiid assuiiiplioiis iii sigiiificajit accoiiiiliiig estimates. Also there bs tlje risk of frauduleiit Illtsapproprsaiioii of.. casli or other assets. Our audit procediir¢s ivere desigjied to respond to those ideiitified risks, Èiicliiditl8 iion-coinpli&nce ivitli laivs aiid regiilalions lirregiilarilies) aiid fraud Ihal are iiialerial io tlie fiiiaiicial 5talenien15. Our audit procedure5 iilcliided bill DEscussiiig ivitli the trustees and maiiagciiienl tlieir policies aiid proccduTeS regarding compliaiice ivith laivs and regulalioiis: Coiisid¢Tiiig tlie risk of acts by tlie cl)aYily illiich iyei'e coiitrary lo Hpplicable 121vs aiid regulalithis, iiicludiiig fraud. Revieiviiig for legal fees inciiTfed in the year for 511dicalioiis of noii-compliaiice or liiigatioii. RevieivFiig Board niceling niinules. Oiir aiidil PToccdure5 in Telatioii lo fraiid iiiclud¢d but IveTe not liniiled lo.. M?kiiig eiiqiiii'ie5 of tlie tTUStees aiid iiianageni¢iit on ivfiEtlier IIIEY had kiioivledge of a¢i)' a¢lu&l, suspected or d fraud. Gaiiiiiig ali undersÉaiiding of ihe inlernal coiitro15 e5tablislicd to Initigale Tisks ielated to fraud; Page 13
)eiidciit Auditoi's t(b tlje N.letiJb¢i's tbf Di'uiiiduAri Scliool Liiiiited Discussiiig amojigsl (l?e engageiiieiit teaiii Ilie risks of fraud., and Addressing tlie ri5k5 of fraud ilirougli iiiaiiageii)enl override of coiiirols by petforiiiing jouriial entry lesliJi8. Perforniing iiicoii)e coiiiplcleiiess teslijig aiid agreeiiig receipts to subsequeiil baiik lodgenienl. Perforniiiig anal)rtical procedures to identify aiiy uiiusual or uiiexpecied relationsliips. tlie Inore tliat coiiipliaijce iviili a laiy or reEulatioJi is r¢Jiioved from Ilie ¢v¢nts and Iiansaclioiis reftected in the riiiaiicial slatenients, os we ivill be less likely to becojiie aivare of iiistances of Iion-compliaiice. Tlie risk is also greater regJrdiJig iTre¥iilarilies o¢¢uriing diie lo fraud ratlier Iliaii error, as fi'aiid iiivolves intentiojial conccalmertt, forgery, collusioji, oii)issioJi or ii)isrepreseiitatioJi. The priinaiy responsibiliiy for ihe prevention and detection of irregiilarsties incliidiijg fraiid rests ivith niaiiagejiient. A fiirther descriplioii of oiir respojisibililies is available oil tlie Ftiiancial R¢porliIig Coiineil's websit¢ al= https'.Iliwv%v.fr¢.oJ'g.IiklaiiditorsrespoJisibililies. Tliis desci'ÈptioJi foriiis parl of oiir aildiloi s i'eporl. Use of oui. i'eport This TCPOI'I is niade 501ely to (he charitS triistees, as a body, in accordance ivitli Regiilation 10 of the ChaTilies Accouii15 (Scotlandl Regiilatioiis 2006. Oiir aiidil ivork lias been ujiderlaken so that ive niiglil stale to tlie charity's triislees Ihose Inalters we aT¢ reoiiired to stale to Ilicii) in 41n auditor's repoyl and foi. no otlier piirpose. To tlie fiIllest extent p¢i'niitt¢d by laiv, Ive do iiol accept or assiiJiJe respoiisibility to anyoiie otlier tlian Ihe cliarily and the ¢harily$ tfuslees as a body. for OIIT aiidit ivork, for this report, or for the opinions ive liave forjiied. Tlie A9 Parlnei'sliip Limited 15 eligible for apptsiiitit)enl 3s aiidiloi. of the chority by virliie of its eligibility for appoiiilmenl as aiiditor of a conipany undei. section 1212 of ¢he Coiiipaiiies Act 2006. l Mamsa Mr Graiit'fiioiiisoji {SeJiior Siatiitor), Audiloi.) for and oji btlialf of Tlie A9 Parliiersl)ip Lid Abeicorii School Neivton Lothiaii EH52 6PZ 11Th 7026 Page 14
Di'uniduan Seliotbl Liiiilted teijient of fiiiiancial Aetivi1Ses for tlie ear 31J 1 2025 31.7.25 Total frEiids 31.7.24 Total fuiids UnrestTlCted fuiids Restricted fuiid Notes INCOME AND ENDOII'MENTS FRONI Donations and legacies 207,868 444,234 652,102 137,199 Charitable activitles 347,612 347,612 532, 138 Other tradiiig aclivities ljiyestmeiit incoine Oiliei incon16 10,398 2,379 160 10,398 2,379 160 28.165 722 Totsl 568,417 444,234 1,012,651 698.224 XPENDITURE ON Cliaritable Aetivitlts Eduealional Costs Adniiijistratioll Cosis Preiiiises Costs Support Costs 313,454 128,255 89,592 10,178 313,454 IJO,lJ2 89.592 10,178 422,475 144,498 94,603 7.529 1,877 Tothl 541,479 1,877 S43,356 669,105 NET INCONIE 26,938 442,357 469,29S 29,119 RECONCILIATION OF FUNDS Total fiinds broiiglit foriyai'd 229,437 IS,019 244,456 215,337 I'OTAL fi UNDS CARRIED FOR)VARD 256,375 457,376 713,751 244,456 Tlie Iioies fo¥ni i)ari of tlie8e fiiiancial slaleiiients Pa&ie 15
DYiimduAii Seliool Llmlfed BglAiiee Sl eef 31 Jyl 2025 31.7.25 31.7.24 Notes FIXED ASSETS 14 628,394 200,559 CURRENT ASSETS Stocks Debiors Cash 81 bank and in liand 15 16 4,500 18,743 151,437 4.500 49,751 109,537 174,680 163,788 CREDITORS AIMouiil$ falliiig duc iviihin oiic 17 {Sq,802) (79.739) NfiT CURRENT ASSC4TS 115,878 84,049 TOTAL ASSETS LESS CURRENT LIABILITIES 747,272 284,608 CRF.DITORS Aiiioiints falling due #fl¢r Inore ilian one y¢#r 18 {33,521) {40,152) NET ASSETS 713,751 244,456 FUNDS Uiireslricted fiinds.. G¢ii¢nl fuiid Musie fiind Revaliiaii¢Mi Il¢s¢rv¢ 21 194,654 1,721 60,000 167,716 1,721 60,000 296,375 229.437 K¢5tri¢lcd fuiids.. Reslricled fuiids 457,376 15,019 TOTAL FUNDS 713,751 244,456 Tlte finaiicial slaleineiils were approved by ihe Board of Truslecs aiid auihorised for issue ..I.q ..'Sw. ..*..2£).2h.. and were sigried on its belialf by.. Truslee Tlie notes forrn parl ofih¢5¢ Ilnniicial sliiicuicnls Page 16
Di-uiiiduaTI Scliool Liinlled CAslI filom. StAtement for tlie e#i' eTided JI Jul 2025 31.7.25 31.7.24 Notes Casli l]uiv& fi'or]i oI)ei'aling actIeS Cash generated froin operatioi)s Iiiterest paid 487,212 (1,497) 31,944 (3,2091 Net casli provided by operaling activities 485,715 28,735 Cosh flow5 fi'om inve51ing Act]lieS Piii'cliase of taiigible fiyed assets Sale of taiigible fjxed assets Interest received (444.928) 5,364 2,379 (9811 722 Net casli used iii invesliiig aclivities {437,185) (259) CAsli fl011s fi'oni finaiiciiig 9clitieS Loan repaynieiiis in year (6,630) (6.243) Net cash used in finaiicing activities {6,630) {6,243) Cliaiigc ali casli rasli equivsleihls iii the i'epoi'tiiig pej'ioil CA5h cash equivaleiils at flie begLTlI)ing of ille i'ei)ortiiig pei'lod 41,900 22,233 109,537 87,304 sli aiid eiTrsli eqiiivaleiits at tlie end of ISl,437 109,537 Page 17
Di'uJiiduAii sc111 Lir)iited Notes to tlie Casli Flow St9tenJent ror flie eAr elided 31 Jul 2025 RECONCILIATION OF NET INCOME TO NET CASH FLOIV fiROM OPKRATING ACTIIIITIES 31.7.2S 31.7.24 Nel IllCOlMe foi. tlie i'ei)oi-tiiig period (as per the stAtelent of Fiii*iieiAI Activities) AdjiistineiJt$ foi.: Depre¢ialion ¢har8¢S Interest received Interest paid Accrued (Incoii)ellexpenses DccieLiscI(iiici'easel in debiois IDecrcaselliJicreas¢ in ¢irdilors 469,295 29,119 11,729 (2,379) ,497 3,613 31.008 (27,551) 12,989 17221 3.209 112,8851 (3,349) 3.583 Net tasli provided by operAtions 487,212 31.944 ANALYSIS OFCHANGEIS IN NET FUNDS At 1.8.24 Casli floiv At 31.7.25 Net easli Cash al baiik aiid in haiid 109,537 41,900 151,437 109,537 41,900 151,437 Debt Debts fa11511g dEle Ivlthin l year Debis fallinB dtie aftei. l year (7,932) (40,152) {7,932} (33.521) 6,631 (48,0841 6,631 {41,4531 Total 61,45J 48.531 109.984 Page 18
Di'umduaii Sclhool Liijiite Notes to tlie Fliixncial StHleineaits foy tlie eAI' eiided 31 Jul 2025 ACCOUNTING POLICIES Bisls of pi'epAriiig tlie fiiiAHcÉaI slalett]eiits The finaiicial slateiiitjits of tlhe tlidrlable Lylipany, Ivliicli is a publi¢ beiiefit enliry under FRS 102. hkve been prepared in aC¢OTdaiice ivs11i tlie Charities SORP IFRS 102)'Accounliiig and Reporliii by Ch&rities.' Staleinent of Re¢oi)Iniended Practice applicable ID cliaiilie5 prtpariiig iheir accouiJt5 iji accordan¢¢ iviili Ilie Financial Repoitiiig Staiidard apiilicable iii Ilie UK aiid Rei)ublic of Irelaiid {FRS 1021 l¢fteclive l Januarj, 2019),, Financial RepDrliiig Staihdard 102 'The Fi114iicial Repoi'ling Siaiidard appli¢abl¢ iii rli¢ UK aiid Republic of Ireland, aiid Ilic Coiijpaiiies Act 2006. T]i¢ fijiaiicial stateiietits liav¢ Ixei) prepared under tlie liislorical cost coiiveiillOI). except for land aiid buildiiigs iyliicli are Iield at fair value. it is probable tliat Ihe inconie ivill be received and Ilie ainouiii cart be ni£Esured reliably. Expenditui'e LiabilitEe5 are recogtiised as expeiidiiure as soon as tliere is a le8al or coF]structive obligalioti toixihilliiig Ihe cliarit), to Iliat expenditure, li is pi'oLiable Iliai a traiisfer of ccoiioiiiic benefits ivtll be rtquirtd iii seiil¢iiicnl aiid tlie alliouiil of Ihe obligation can be IneasuTed reltrably. ExpeJiditY¢ is accoujittd ftsr oil ali attiua15 basis aiid lias bceii cla55ified uiider headiiigs iliat aggregate all cost related to tlie category. Ivliere cosis caiijiot be directl5, atlributed to particular Ileadig$ Iliey Iiave been ltlloealed lo acliviti¢s oil a basis coiisisleiil ivitli tlie 5¢ of Tesources. TAiiglble nxeil assets Depreciatioii ig provided ac Ilie folloiviijg aiJiiiTral rates iii order to ivrit¢ oft"eacli asset oi'cr it5 ¢Stiiiiated usefiil Freehold propeTIy lJiipi'oN'eihe#is 10 ptoperty 4Vo OJI ¢OSt IOO/fy 011 WSI 15Yo oji rtdiiciiig balance 15Yo reduciiig balance 250/D oij reduciiig b8lanc¢ Molor vtliÉLle5 Stock5 Stotks are valued al tlie loiver of cost and nel r¢alisable value, afler iiiakiiig diie alloiiwnce for obsolete and Tsx8tioti Tli¢ ¢harity is exeillpt froiii eorporation lax oil tts cliarilable aclivilies. Fyiid keeouiilTiig Uiiresliicted fi]iids cali be used in accordance willi the tliartlHble objectives at Ilie discretioij of tlie tTllStees. ResiTlCtcd fuiids cali otily bt used for parliciilai. re51ricled pui'poses ivitliiij tlie objects of Ili¢ charily. Resiriciioiis arise iyhcii specified by Ilie doiior oj. ii,licii fiitids are raised for particular I'e51ricted piirposes. Furiher explanalioii of tlie nature aiid purpost ofeatli fund is iiicliided iii the iiote8 lo tlie fiiiaiicial slateiiieijls. PeaisTon costs olliei. i)05t*l'cli)'eJiieiit beiiefils Tlie cliariiable coi)Ipan)' optr3ic8 a dtfiiied canlriljiilitsn i?en5ion scheiiie. Colltributioiis payable lo Ili¢ cliatiiable co2iipai)y5 1)eiisioii s¢heine ore cliarged lo Ilie Slatenieiil of l iijaiicial Activities in Ilie period to 19 coiiiinued...
Di'uiiiduarj Scliool Liijiited Notes to tlie FiiiAIiciAI Statoiiieiits- coi)IliJlled for the elided 31 Jul 21125 ACCOUNTING POLICIES- eoiitliiued Govei'iii)ient Gyaiits Governiii¢nt Grants for Pres¢liool childi'en are recognised in the profIt ajid loss occount ali an accruals basig ii Ili¢ period in I11¢h the ¢ompany r¢¢ogiiises tlie related costs for ivliicli Ilie grants are iiiiended to coi))pensate. InipairiMeTIt of fixed assets A Teview for iiidicalots of iimpairitteilt is carried out at eacli reportiiig date, iyiih Ilie recoverable amouiii being eslinialed ii,Iicre sucli indicators exist. Ivlieie Ilie CaTryiiig Wdlue exceeds tlie Tecoveiable aiiiouiii, Ilie asset is inipaired accordingly. Prhor inipairmeiils are a150 rtviavcd for possible reversal at each repoiliiig dale. For the PEirposes of impairment testiiig, ii,ITen it 15 1101 possible to esliniate Èlie recoverable aiiioiiiit of ali iiidividual as5ei, att estiiiiate is Iiiade of ilie reeoverable aiiiouiii of tlie ¢asli.getteraiiiig unli to ivliicli the &sset beloiigs. Tlie casl1"geiicTatiiig L]iiil is Ilie 5Eiiallest idtiitifIable gTOUP olas5ets tlial includes ihe asset and generates ¢asli inflolvs that18Tgely Èiidep¢Jident of tlje casli irtfloivg froiii otlicr assets or groups of assets. DÈfined coIitributioii IilHIis CoJilrtbuttoi)s lo defiAcd cniilril1uli7 plans arc recogiiiscd as Ali txpcnsc Fli Ilic pcriod iij ii,hicli thc related service is iJrniiided. Prei)aid ci)tilrilJulioii8 2re rccogiiistd as ali assct to Ilic cxleiil tliat Ilic prcpayiiciil ivill lead io a redu¢¢ion iii future pa)1¢1119 or a casli refvnd. Vlieii coiitributlOlb5 are Iiot expected to be settled i1011Y ivtiliiii 12 ijioiiths of tli¢ end of tlie reportiiig date in i,liicli Ilie eJi)ployees reiider Ilie related servic< tlie liability is Itieasured on a dis¢outited preseiil value basis. Tlie iiiiivinding of tlie discouiit is re¢ogni5¢d as ali expeiise in Ilie period iii ivliich il arises. A fiiiaiicial asset OT a finaiicial liabslity is recognised oiiljt ivlien Ilie charity becot)ies a parly tts Ilie coiiir8Ctual Basic fiiiaiicial iiislrui)Jen(s ore iEiilially reco£iiised al tlie amouiit receivable or payable iiicluding related Iran5aclioii costs. CiIrrent assets and curreiit liabilities are subsequently iiicasiired at the casli or otlier consideration expectcd to be paid oi. received and iiot discoiiiited. Debt iiistriiineJit5 are siibseqiientl), Iiieasiired at anioTtised cost. Oilier fiijancial iJistriinieJits, incltidiiig derivatives, al'e iiiitially Tccogiiised al fair value, Iinless pa)'IM¢nl for ali asset is deferred be>'oiid iioriiial biisiiiess terjiis or fiiianced at A ratc of iIitcrest Iliat is iiot a niarket rjie, in Ivliicli case tlie asset is Jiita511red ai Ili¢ pr¢s¢111 valile (Trf tlie fLltiire pa)'In¢iits discoiinted at a niarket i'aie or Oilicr fiiiancial instriiiiieiitg are siibseqiienily Ineasiired al fair valiie. Iviili aiiy dianges recogiiised iii Ihe SlThtenieiit of fiiiancial aetivilie5, Iviih tlie exceptioii of Iiedgiiig iiistTiiiiieiits iii a designaied hedgiiig rclalioiiship. Fiiiaiicial #sseis that are nieasiired al cost or aiiioTlised Cosi are I'evieiyed for obje¢live evidence of inipairtiient ai Ilie end of eacli reporliiig dale. Irtliere is objective evideiice ofiinpairineiii, aij iiDpairii)erti loss is recogiiised Page 20 coiitinued...
Drumduaii Seliool Liii?ited Notts lo tlit FliixrtElxl Stateiiieiits- coiitinued eRI' eiided 31 Jul 202S AccouKfiNG POLICIES- eoiitlijued For all equÈls' instriil)iels regardless of signiftcaiice, and oilier fiiiancial assets Iliai are iiidividiiolly sigiiificant, Iliese aT¢ a5se5sed iiidividually for iiJipaiTJiJenl. oilier fJiiaiJcial assets ar¢ eitl)er assessed iiidividiiRlly or giouped on i17e basi5 of siinilar credit risk cliaracteTjStics. Any rever5a15 of inipairEMeiit are recogiiised iJ))iTrJediately, to Ilie exreiii ilial tlie reversal does Iiot lesult in a carryiiig aiiiouiil of tlie fiiiaiici31 asset Ilial eyceeds ivliat die ¢ariyiiig aiiiouni ivould liave been Iiad tlie i11ipaiFllient iiol prev50usly been recognistd. DONATIONS AND LEGACIES 31.7.25 31.7.24 Gifts Doiiati0115 Grants 563040 88,262 38.065 99,132 652,102 137,199 GFanls receivtd, included in tlie aEove, llre as folloivs.. 31.7.2S 31.7.24 Moray Couiicil Pie-schoo Kiiidergarleii Grantsl EIF Parliier Fuiiding Herffl¢s TrLlSt 78.S07 7.2SS 2,500 89.291 9,841 a8,262 99,132 OTHER TRADING AcfiviTIES Dur>iig Ilie year ftiiidraisiiig eveiit inconie £10,398 ivas raised coiiipared to £28,165 Eli tlie pr¢vious a¢¢ountlll8 period. INVESTMENT INCOhqE 31.7.25 31.7.24 Baitrk Ithleresl 2.379 722 Page21
Dyuniiluxn Seliool Limit¢d Notes to *lie FiiiaiieiAI Staleiiieiils- coiitlnued foi. Ili¢ eai. elided 31 Ju1 21J2S [P4cOlE FROhq CHARITABLE ACTIVITIES 31.7,25 3 1.7.24 Aciivity Parental Coiitribulions Parental ContTibution5 347,612 532,138 CHARITAHLE AcfiviTIES cosrs Siipport costs (see iioie 7} Direct Costs Totals Iducalional Costs 313.454 130,132 313,454 130,132 Preiiiises Costs SIippoTt Costs 10,178 10,178 533,178 10,178 543 J56 SUPPORT COSTS Governaiice cogis rinanc¢ Totals Suppoi'i Costs 1,497 8,681 10,178 OTEIER 31.7.25 31.7.24 Support ¢osts 10,178 7,529 Bui¥ai'ies Sliidciii bursaries an)ouiiling to £59,592 (2024 £54,QOO) Ivere aivarded during ihe year. Iii additioii to tliesc bursaries, discoiiiils of £47,874 12024 £103,000) Ivere given iii Te5peet of fees for tlie children of Ji)emb¢rs of tlit ItacliiThg staff alltJidiiiL Ilie scliool. NET JNCOMEI{EXPENDITURE) Net inconic/{expenditure} 15 slated after chargiiigl(¢i'edi¢ingl'. 31.7.25 31.7.24 The audiling of accouiits Dcpitcialioii- oimied assets 3,600 11,729 4,320 12.989 Page 22 coiilihued...
Di'uinduaii SelLI)ol Lltiilted ear eiidcd 31 Jul 202 10. TRUSTEES, REMUNERATION AND BENEFITS One of The Trustee's ivlio ivas einployed by tlie Cliarity Iva5 paid £2,428.13 in gr05s wage5 dthraiig Llie year. One of tlie Trllstees ivas paid £3.718 for the Coiisultaiicy services provided to Ilie cliaTit5' durijig the ye2r. Trustees, cxpeiises During tlie year total expeiises of £1.255.67 ivas reitnbiirsed io ilie truslees. Otlier ly#iisa¢lioiis During the srear trustees doiiated £816.69 10 Ilie cliarily. Fees paid by faniily nicjiibers of ihe Irusiees iotalled £33,918.48 duriiig tlic year. A liiiiiied coi)Ipaiiy of one of tlie trustees doiialed £2,428.13 to Ilie cliarity duriiig Ilic year. STAFF COSTS 31.7.25 31.7.24 IVag¢s aiid salaries Social 5ccurity costs Oiher peiisioij costs 341.393 8,830 5.612 478,612 23,395 6,380 355,835 508.387 The average Inonihly Iiiijiiber of employees diirirtg tlie year ivas as folloii%: 31.7.25 30 31.7.24 24 Average Jiuiiiber of eiiiployee5 No employees reetived t101Men1$ in excess of £60,000. 12. COhlPARATIIIES FOR THE STATEF¥lENT OF FINANCIAL AcfiiiiTIES Unrestricted fiinds Resli'icted nd Total fiinds INCOhlE AND BNDOIVNIENTS FROM Doiiations aiFd legacies 137,199 137,199 CITrAI'itAble acttvities Parental Coiitribulions 512,138 532,138 28,165 722 28,165 722 liiirstnicllt iiicoiiie Tolnl 698,224 698,224 EXPRNDITURE ON Educalloiial Costs Adiiiinistratioji Cost5 Preiiiises CDSIS 422,475 142.621 94.603 422,475 144,498 94,603 1,877 Page 23
DVutndayI SelJoDI Liiiiltod Notes to tlie f£liihiicIAI Stat¢nitnts eoiitlhued reTI 2S 12. Co1PARATIVEs FOR THE STATEMENT OF FINANCIAL ACTIIIII'IES- coiitimued UJir¢5trE¢ted Reslricied fund Total Nds Sup]x)It Costs 7,529 7.529 TotfLI 667,228 1,877 669,105 NET INCOME/{EXPENDITUREJ 30,996 {1,8771 29,119 RECONCILIATION OF FUNDS Tolal fuiids brougliÈ forivard 198.441 16,896 215,337 TOTAL fiUNDS CARRIED FORIIIARD 229.437 15,019 244,456 13. LIMII'ED ]IY GUARANTEE Driiimdiiaii Scliool Liinited is a cobJip&Iiy limited by giiarartiee not Iiaviiig a sliaye capital. Accordiihg to Ilic Metiioraiidutii of Association of the coiiipahy eveTy nieiiiber undertakes to conlribute to tlje assets of (he coimpan), in tlie ev¢iii of its being ivouiid tjp ivliile they are a Jiiei)Iber, or ii'itliin oiie year afte'ards. for pa)mieiit of tlic debts aiid liabÈlities of Ilie coiiipaiiy coiitracted beforc tlie linie al ivliich tliey cease to be 2 nieniber Aiid of tlie costs, eliarges aiid expenses of iviiidiiig up of Ilie sanie, and for tlie adj1151meJit of Ilic riglits of tlie cotitribiitories anionost theniselves. SLtcli as inay be required Iiot exceeding £1. 14. TANGIBLE FIXED ASSETS Freeljold property to Plant 2nd Inachinery properry COST At l August 2024 AdditÈons Disposals 172,388 444,234 {1,913) 31,095 30,286 694 {294) Ai 31 Jiily 2025 611,709 31,095 30,686 DEPRECIATION At l Augiisl 2024 Cliarge foi. year 27.022 4,495 6,219 3,110 26,642 574 At 31 July 2025 31.517 9.329 27,216 NET BOOI< VALUE At 31 July 2025 583,192 21,766 3.470 Ai 31 Jiily 2024 145.366 24,876 3,644 Page 24 coilliiiued...
Di'uirtduxii Scliool Limited Notts Éo tlke FiiiAiitial Stateiiieiits- coiitiiiue(I for Ilie car eijdod 31 Jul 2025 14. TANGIBLE FIXED ASSETS- coiitiiiued Fixlurcs and fiiiings Motor Totals COST Ai i August 2024 Additions Disposals 76,476 1,602 311.847 444,928 {5 J64) (3,157) Ai 31 July2025 73,319 1,602 7SI.411 DEPRECIATION Ai l Augusl 2024 Cliar&e for year 50,030 3,493 lJ7S 57 111,288 11,729 At 31 Jiily 2025 53,523 ,4J2 123,017 NET BOOK IIALUB Al 31 Jiily 2025 19,796 170 628,394 At 31 July 2024 26,446 227 200,559 Land aAd biiildiiigs incliides laiid willi a value of £60.OQO. The laiid ivas valued at 31 Iiily 2020 al open InRrket valiie. 'I'lie valiiatioii ivag carried oiit by the Ivustees. noiie of ivliom liave any formal relevant qiialificatioiis, but liavc prei'ious experience of i11g properly. In addilioii Property ivith a valiie of £430,000 ivas purcliased diiriiig the year. Thc land and buildiiigg ivere valLted posi year end by DM Hall, Ijidepetideiit Cliai'tered Survcyots al an open Ma¥k¢t valii¢ of £50G.000. This value does 1101 differ nialerially lo Ilie curreiit carryiiig valiie. 15. STOCIIS 31.7.25 31.7.24 Stocks 4,500 4,500 16. DEBTORS.. AMOUNTS FALLING DUE IVITHIN ONE I'EAR Jl.7.25 31.7.24 Trade debtOTS VAT 9,579 521 8,64J 31,835 Prepayjmenls 42iid accrlied iiicoiiie 17,916 18,743 49,751 Page 25 conlitsued...
Di'uiiidu#ii Scliool Liiiiited Notes to tlie FinAncial Slaleiiiciits- eoiit tlie '¢ai' ended 31 Jul 2025 17. CREDITORS: AloUNTs FALLING DUE IVITHIN ONE I'EAR 31.7.2S 31.7.24 Bank loaiis and overdrafts (see note 19) Oilier loaijs (see iiote 19) Tradc creditors Social security and otlicr taxes Oilier ¢reditors Accriials aiid deferred inconie Accrued expeiises 6,250 ,682 351 2,097 1,551 28,686 15,185 6,250 1,682 23,170 5,931 2,449 23.721 16,536 55,802 79,739 18. CREDrroRS: AlouNTs f4ALLING DUE ArrER fvlORE THAN ONE VEAR 31.7.25 3 1.7.24 Baiik loaiis (see iioie 191 Other loaiis {s¢e iiote 19) 23,9S8 9.563 30,215 9,937 33.521 40,152 19. LOANS An aiialysis of th¢ maturity of loans is gtven beloiv.. 31.7.25 31.7.24 Anioujils falliiig due iviihiii one year 011 detiiand.. BAI)k loaths Otliei. l(baiis 6.250 1,082 6,250 1.682 7.932 7,932 Ajnoiints falliiig diie betiveeii livo aiid five yeArs.' Baiik loaiis- 2-5 years Otli¢r loaiis- 2-5 year5 23.958 30,215 9.937 33,521 40,152 Page 26 coiitiniied..
Dyuiiidyaii SclioDI Liimited Note5 to the Fiiiancial 8tatoiiitntS COI foy tlhe eAr ended 31 Jul 2025 20. ANALYSIS OF NET ASSETS BETIVEEN FUP4DS 31.7.25 Total fuiids 31.7.24 Tothl funds Unrestricted lids Restricted lid rixed assets CIiTr¢nt assets 171,018 174,680 (55,8021 (33,Sll) 457,376 628,394 174,680 (55,802) (33,521) 200,559 163.788 179,7391 140.1521 Long terni liabilities 256,J75 4S7,376 713,751 244,456 21. hioifEMEP4T IN FUNDS Net Inovemetit T¥ansf¢Ys belii'een ftinds At 31.7.25 Ai 1.8.24 Uni'e5ti'icte(I fund5 Gciieral fiind Music Fiind Revaliialion Reserve 229.437 26,938 (61,721) 1,721 60,000 194,654 1,721 60.000 229,437 26.938 256,37S Resti'ieted funds Restricted Fund5 IS,019 442,357 457,376 TOTAL FUNDS 244,4S6 469,29S 713,751 Net nioveiiient in fiiiids, included in ihe ave are £1S folloivs.. Resoiirces expeijded Movenienl iii funds reSOUTces Uni'e51rlcted fuiids Gejieral fuiid 568,417 (541.479) 26,938 ReslrRcttd futids Restricted Fujids 444,234 (1,877) 442,357 TOTAL FUNDS 1,012,651 (543.356) 469,295 Page 27 c11]11ed...
Di'uiiiduAJi Sthool Liii)Ited Notes to Ilie Flnliielil Stateiiieiits- coiitiiiued foy tlje eAI' elided 31 Jul 2025 21. IOVEMENT IN FUNDS- coiitriiued CoiiipAI'allves foi. movellieiit funds Nei ijioveiiienl iii ndS TTaiisfeTS betiyeeii fut)ds At 31.7.24 Ai 1.8.23 Uiireslricted fuiids Geiieral fviid Music Fuiid Revaluation Reserve 198.441 30,996 (61,721) 1.721 60.000 167,716 1,721 60,000 198,441 30,996 229.437 Restviett(I fui)ds Reslricied Fiiiids 16,896 {1,877) 15.019 TOTAL FUNDS 215,337 29.119 244,456 Coniparotive nel n)ov¢iii¢iil iji fviids, iiiclud¢d iii lh¢ above are as folloivs.. lllcoii)ing resources Re5011rces expeiided Moveme]It in fviids Uiii'e5tricted fiiiids General fviid 698,224 1667,228) 30,996 Resti'ieted furids Restricted Funds (1,877) {1,877} TOTAL FUNDS 698.224 (669.105) 29,119 Tlie lotal of Re8lrt¢ted fuiids is £457,376 and is splii £13.141 CARERS grat)I Itliis iwas resrricied fiiiiding received for solar i)aiiels) and £444.234 Purcliase of scliool biiildiiig (this ivas rtslricted to buy back Ilie scliool 22. REI.ATED PARTY DISCLOSURES Note 9 Trustee Rejiiuiieration ajid Benefits gives details of the traiisacltojis ivitli tli¢ triistees. Tliere ii'er¢ ller disclosable rclated party traiJsaclÈoii duriiig tlie 2025 accoiinling period. The scli(x>l ivds ujider tlie cojilrol of ilie LK)ard of director5 {truslees} tlJrouglioiEt ilie current and previoLiS years. Page 28 continited...
Di'uiiiduaii Scliool Liiniled Note5 to tlic fITIiHcI4ll Stateiiieiits- contiiiue(I 'eAY elided 31 JMI 2025 23. PENSIONS AND OTHER POST RKTIREI¥.IEiYf BENEFITS Defiii¢d ttsnlrlbutloii pl#iis Tlie aniuuiit r¥wgni5ed in iiicome oj. eNpeiiditure as an expeijse iii relatioll to d¢fin¢d coiItFibulioJi plans i¥?s £5,611 12024.. £6,380). 24. CONTINGENCIES Tlie scliool received a gjani of £18,773 iii Ilie year elided 31 July 2023 froim tlie Scottisl) GoveiniTJeiil'S Coniii)unity and Reneiyable Eiiergj, Scljerne (CARES) for lh¢ pur¢liase of solar paiiels. Iii ilie eveht of the scliool ceasing lo operate ivitliiij S years fi'oji) tli¢ date Ili¢ grant ivas aivarded, Ilie graiii ivill be repayable iii 25. POST YEAR END EVENTS P05t year end tlie loiver. niid<lle And upper scliool iva5 closed in FebTuary 2026 & hlarcli 2026, ll'itli the early years i)roYisioii continuing to operate. hqore details relating lo this are COZitait]ed in tlje trustees, aniiual report. Pa8¢ 29
Di'uinduAii Scliool Liiiiited D¢t8iled Stlteiiieiit or ri114aiiclal Actlwties rov tlie eai. elided 31 Jul 2025 31.7.25 31.7.24 INCOlE AND ENDOIVhlENTS l)oiiatloiis ATkd legacaes Gifts DonatlOlES Grants 563,840 88,262 38.005 99,132 652.102 137.199 Otlier ti'adlng Mtlivltles 10,398 28,165 2,379 722 ChAI'it%hble activities Parental Coniribiiiioiis 347,612 532,138 OtlJ¢i' ilicome Suiidry Iiicoine 160 Total iiiconiiiig Yesoui'ces 1,012,051 698,224 EXPENDITURE Clif¢i.ItAbl¢ act11t$ Ivages So¢ial security Pensions Kejil, Rates and ivaler Iiisurance Light and li¢at Teltphoiie Adverlisiiig Suiidries Reyairs & Maiiitejiatjee Minibiis Cn81s Profe5sioiial Fecs Provisioii for Doubifiil debls oilier Costs Staff Dcvclopniciit Class relaltd tlPellSC5 341.393 9,830 5.612 40.851 18,849 18,242 7,157 1,613 478.612 23,395 6.380 52,618 17,771 18,525 7.195 1,203 1,459 2,S28 21,292 I J04 6,495 ,016 8,321 4,117 17,293 4,876 11,729 4,274 4,516 7.832 {6,266) 4,281 3,516 9,725 2,410 Class Trips Subconirnciors Deprcciatioii of laiigiblc filed asseis 12,989 533,178 661,576 This page does iiot foTlii parl of ilie Slaluiory fill17claI stalcineiits Page 30
DrEIFhcIuan Sell7 Llinlted for tlie eAI' ejided 31 .Vul 2025 31.7.25 31.7.24 Sui)i)oi'l cos15 FÉngiJce Baiik ititerest 1,497 3,209 Goveriiamce costs Audilor5' reiiiuneralioti for non audit IVOFk Accouijtancy aiid legal fee5 3.600 5,081 4,320 8,681 4,320 Total resourccs ekp¢nded 543,356 669,105 Net Incottie 469,295 29,119 TIIES p&ge does riot forni pari of tlie statiilory flianc1a1 slateiiieiits Page31