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Registered number:
CONSOLIDATED
FOR THE YEAR ENDED 31 AUGUST 2024
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OAK TREE SCHOOLS HOLDINGS LIMITED
COMPANY INFORMATION
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OAK TREE SCHOOLS HOLDINGS LIMITED
CONTENTS
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OAK TREE SCHOOLS HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
The directors present their strategic report for the group for the year ended 31 August 2024. The group continued to trade as that of providers of education services.
The Group continues to make use of its efficient system of resourcing the schools centrally. The Group Development Office has flourished with the Group Marketing Team acting as a strong department that oversees the marketing strategy for the Group, including oversight of the websites, apps, advertising and publicity.
The marketing strategy, together with growing reputations in the local area, have helped the Group to attract more families and the school rolls have grown throughout the period. Turnover has increased over the period in line with projections. Staffing costs increased in line with projections following the awarding of higher than usual pay rises to staff to help compensate for the reduced awards that were necessary during and following the Covid-19 pandemic. Other central resources include accounting, operations, health and safety, maintenance, ICT technical support and infrastructure managing and secretarial. The Group Management Team comprises the Group Managing Principal (also main Director), Group Bursar, Group Education Principal, Group Operations Manager and Group ICT Manager. The Team meets formally at the start of each week to discuss various issues and generally strategise.
Braeside School
At the end of the period, the Group learned that the premises leased to Braeside School had been sold to a third party following a process of sealed bids. Post-year end, on exchange of contracts with the new landlord the school learned that the new proposed lease would be unachievable given the consistent size of the school, and that the new landlord was looking for an alternative use. The school had no alternative but to announce the closure at the end of academic/financial year 2024/25 with the relocation of pupils and staff to other schools in the Group. Oak-Tree Group In conjunction with the Group’s advisers, the Group has taken the opportunity at the end of this period to consider the intra-company loans and to write off a proportion of intra-company loans to Braeside School. This was felt to be particularly beneficial when planning for the closure of Braeside. VAT (post 31 August 2024) The new Labour government carried out its election proposal to add 20% VAT to school fees from January 2025. The Group secured a group registration from HMRC and announced in November 2024 that although VAT would need to be added to invoices for tuition and other activities from the Spring Term 2025, the Group would be subsidising invoices for the remainder of the academic year by reducing the fees by 4%. This facilitated a net increase of 16% for families. The Group’s fees remained at a far lower level than many of it’s competitor schools. The early signs following the implementation of the VAT have been very positive from families. Independent Schools Inspectorate Inspections
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OAK TREE SCHOOLS HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
There were no school inspections in the period, with inspections envisaged taking place at Oaklands, Coopersale Hall and Normanhurst during 2024/2025. Facilities During the academic year many of the internal facilities were refurbished, with rooms redecorated and recarpeted on a rolling programme. At Coopersale Hall, Phase 1 of the building programme to open a new senior department on site was completed and the school welcomed the first cohort of 16 Year 7 pupils. New senior staff also joined the school from September 2023. Phase 1 was to convert the premises of a newly-purchased neighbouring residential property into specialist classrooms (Science Lab, prep room, Art/DT Studio and prep area, ICT suite, support rooms, offices, toilets). Phase 2 started in Summer 2024 to construct a new senior building in the grounds of the senior premises. This is anticipated to be completed in Summer 2025 so that the school will be well-placed to relocate senior pupils from Braeside, take existing pupils into the seniors and welcome new pupils to the school. Technology The Group continued to invest heavily in a range of virtual platforms for pupils of all ages in order to facilitate the virtual home learning programmes embedded into homework tasks and assessment/exam revision. Activities An enhanced programme of holiday activities and weekend clubs was provided in the main breaks, which were very popular with parents and generated additional income. Coffee Mornings The programme of coffee mornings with parents and Mr Hagger at each school continued during the period. The discussions were seen as being very useful for both sides and subsequent actions helped to develop the schools. Staffing Beyond the normal routine staff movements, there was a change of Head at Coopersale Hall. The previous Head left during the summer and the Deputy Head stepped up into the role on a temporary basis for one academic year from September 2024.
The Group’s operations expose it to a variety of financial risks that include credit risks, liquidity risk and interest rate risk.
The Group has in place a risk management programme that seeks to limit the adverse effect on the financial performance of the Group by monitoring levels of debt finance and the related finance costs. The Group does not use derivative financial instruments to manage interest rate costs, and as such no hedge accounting is applied. Given the size of the Group, the directors have not delegated the responsibility of monitoring financial risk management to a subcommittee of the board. The Group’s finance department implements the policies set by
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OAK TREE SCHOOLS HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
the board of directors. The department have guidelines, agreed by the directors, to manage interest rate risk, credit risk and circumstances where it would be appropriate to use financial instruments to manage these.
Credit risk All customers who wish to trade on credit terms are subject to credit verification procedures. Liquidity risk The Group manages its cash and borrowing requirements in order to minimise the interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business. Interest rate risk Interest bearing liabilities include only bank borrowing facilities on which interest is charged a base rate plus a fixed rate. Competition The main risk to the business is from competitor schools. However, most of the neighbouring preparatory schools are smaller than the schools within the Group and do not have the Group’s level of resources. There are many large senior schools in the area, all with prep departments and some with pre-prep departments. Although some of these posed a risk when their pre-prep departments were first created, relatively few families decide to leave early.
Annual turnover rose in 2023/2024. Staffing costs included an average 4% pay rise for staff that was applied from September 2024.
Other running costs and overheads have remained stable compared with the previous year.
This report was approved by the board on 7 August 2025 and signed on its behalf.
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OAK TREE SCHOOLS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
The directors present their report and the financial statements for the year ended 31 August 2024.
The profit for the year, after taxation and minority interests, amounted to £41,751 (2023 - loss £143,688).
The directors have declared a dividend of £Nil (2023 - £366,000).
The directors who served during the year were:
The main development has been the completion of Phase 1 of the Coopersale Hall senior development, followed by the commencement of Phase 2.
Various smaller improvement projects took place at Normanhurst and Oaklands during the year.
The Group places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting their current and future interest.
It is the policy of the Group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
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OAK TREE SCHOOLS HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
The announcement was made at the start of November 2024 that Braeside would close from 31 August 2025. All staff were guaranteed positions within the Group, with no redundancies offered. All pupils were guaranteed places at the other schools in the Group, and many relocated during the school year in order to help with the integration into their new schools.
Under section 487(2) of the Companies Act 2006, Haslers will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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OAK TREE SCHOOLS HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group 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 Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
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OAK TREE SCHOOLS HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAK TREE SCHOOLS HOLDINGS LIMITED
We have audited the financial statements of Oak Tree Schools Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 August 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
We draw attention to note 2.3 and note 14 in the financial statements, which describes circumstances that have impacted the preparation basis of the accounts. As stated in this note, the school is due to close at the end of the Summer Term, July 2025. Our opinion is not modified in respect of this matter but it does affect the schools ability to continue as a going concern.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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OAK TREE SCHOOLS HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAK TREE SCHOOLS HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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OAK TREE SCHOOLS HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAK TREE SCHOOLS HOLDINGS LIMITED (CONTINUED)
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 Auditors' 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we determined that the most significant are those that had a direct effect on the determination of material amounts and disclosures in the financial statements. We obtained an understanding of how the entity are complying with those legal and regulatory frameworks by making enquiries of the management. We corroborated our enquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations. We discussed among the audit engagement team regarding the opportunities, including management override of controls, that may exist within the entity for fraud and where fraud might occur in the financial statements. As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are described below: The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to potential weaknesses in the procurement system, control over banking and the existence of inappropriate journal entries to manipulate performance were also identified. Procedures performed to address these were as follows: • Identifying and assessing the effectiveness of controls management has in place to prevent and detect fraud, including known of suspected instances or non-compliance with laws and regulations and fraud. • Understanding how the management considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process.
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OAK TREE SCHOOLS HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAK TREE SCHOOLS HOLDINGS LIMITED (CONTINUED)
• Using analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatements due to fraud. • Assessing the appropriateness of accounting estimates and challenging any significant assumptions or judgements made by management. • Incorporating testing of manual journal entires that were posted throughout the year. In particular we focused on material journal entrties, journal entries posted with unusual account combinations, journal entries crediting turnover or cash, and journal entries with specific defined descriptions. These were scrutinised for evidence of unusual entries. • Evaluating the business rationale of any significant transactions that are unusual or outside of the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the 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 Company's members those matters we are required to state to them in an Auditors' 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Old Station Road
Loughton
Essex
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OAK TREE SCHOOLS HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
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OAK TREE SCHOOLS HOLDINGS LIMITED
REGISTERED NUMBER: 03033574
CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2024
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OAK TREE SCHOOLS HOLDINGS LIMITED
REGISTERED NUMBER: 03033574
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 August 2025.
The notes on pages 23 to 44 form part of these financial statements.
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OAK TREE SCHOOLS HOLDINGS LIMITED
REGISTERED NUMBER: 03033574
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024
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OAK TREE SCHOOLS HOLDINGS LIMITED
REGISTERED NUMBER: 03033574
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 23 to 44 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
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OAK TREE SCHOOLS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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OAK TREE SCHOOLS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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OAK TREE SCHOOLS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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OAK TREE SCHOOLS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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OAK TREE SCHOOLS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
23.Deferred taxation (continued)
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OAK TREE SCHOOLS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss account
Prior year adjustments have been processed to deferred taxation, revaluation reserve and profit and loss reserve. The overall impact of the restatement on the comparative Balance Sheet (as at 31 August 2023) was to decreased deferred taxation by £590,744 and decrease revaluation reserve by £590,744.
During the year, the company identified an error on deferred taxation of freehold properties. An adjustment was made to the Balance Sheet as at 31 August 2023 to decrease deferred taxation by £590,744 and to decrease revaluation reserve by £590,744. During the year, the company identified an error on the classification of revaluation reserve. An adjustment was made to the Balance Sheet as at 31 August 2023 to decrease revaluation reserve by £237,354 and increase profit and loss reserves by £237,354.
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £433,996 (2023 - £363,766).
Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date.
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OAK TREE SCHOOLS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
The ultimate parent and controlling party is The Hagger Family due to its majority shareholding.
Consolidated financial statements for Oak Tree Schools Holdings Limited can be obtained from 6 Albion Hill, Loughton, Essex, IG10 4RA.
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