REGISTERED COMPANY NUMBER: 00554799 (England and Wales)

REGISTERED CHARITY NUMBER: 525919

Trustees' Report and

Audited Financial Statements

for the Period 1 September 2024 to 31 July 2025

for

Terra Nova School Trust Limited

(A Company Limited by Guarantee)

Page

Trustees' Report

1

to

10

Report of the Independent Auditors

11

to

14

Statement of Financial Activities

15

Balance Sheet

16

Cash Flow Statement

17

Notes to the Cash Flow Statement

18

Notes to the Financial Statements

19

to

30

STRUCTURE, GOVERNANCE AND MANAGEMENT

Status and administration

Terra Nova School was founded in 1897 and was transferred to Terra Nova School Trust Limited, a company limited by guarantee and a registered charity, in 1955. The registered company number is 554799 and the registered charity number is 525919.

The company is limited by guarantee and its governing document is its Memorandum and Articles of Association. Each Governor has undertaken to contribute a maximum of £1 to the assets of the company in the event of its winding up and as such is a member.

The school has an elected Board of Governors who also act as Trustees of the Charity and directors for the purposes of company law. A third of the Governors retire by rotation at each Annual General Meeting and are able to offer themselves for re-election. The Board of Governors meets a minimum of 3 times a year to consider matters of policy and strategy. The Finance and General Purposes Committee ("F & G P"), a sub-committee of the Board, also meets 3 times a year to exercise financial oversight and to prepare advice on other operational matters for the full Board. The Board also operates a Health & Safety Committee and a Safeguarding Committee which also meet 3 times a year to monitor the safety and wellbeing of the school's pupils and staff. Responsibility for the running of the School lies with the Board of Governors.

In line with generally accepted best practice for corporate governance, regular reviews of the Board's range of skills and training are undertaken to determine that the Governors have the necessary breadth of skills and experience. The Board has approved policies which cover conflict of interest, Governors' code of conduct and the recruitment of Governors. Role descriptions have also been drawn up for the Chair of Governors, the Governor who is the nominated safeguarding lead and the normal Governor function.

The remuneration of the Head and Bursar is set by the Board with reference to benchmarking surveys. The remuneration of the Senior Leadership Team is agreed by Governors following the Head's recommendation.

The Governors who served through the year were:

Mrs E J Lees-Jones - Chair

Mr M J Grice - Vice Chair (until 3rd December 2024)

Mrs E S Stanley

Mr A C Dick

Mr M A Boulton

Ms A R Peak

Ms K Campbell

Ms L Tulloch

Mr B Atkins - Vice Chair (from 3rd December 2024)

Mrs Y Lawson - Appointment terminated on 19th November 2024

Mr. N Parkin - Secretary

With support from the Governing body, the day-to-day management of the School is overseen by Headmistress Mrs C Westall and Bursar Mr N Parkin. They are supported by a Senior Leadership Team which currently consists of:

Mr M Greenwood

Deputy Headteacher and DSL

Mrs C Grey

Assistant Head Academic

Mrs J Price

Head of Pre-Prep (Since Sept 2024)

OBJECTIVES AND ACTIVITIES

Staff Changes

The end of the 2024-25 academic year, saw the following staff members leave:

Ms E Reynolds

Miss A De Donker

Mrs N Fox

Miss B Dungey

The following staff joined at the start of the 2024-25 academic year were:

Mr H Rosser

Mrs E Broadbent

Mrs C Wilshaw

Academic success

In June 2022, the School was inspected by the Independent Schools Inspectorate and graded excellent.

The average number of pupils in the School in the period to 31st July 2025 was 24 FTE in the Nursery, 69 in the Pre-Prep, and 133 in the Prep. This gives an overall total of 226 pupils (compared to 277 in the period to 31 August 2024 and 289 in the period to 31 August 2023). Note the Nursery figure for these 2 years was not tracked as FTE, therefore Nursery total pupil figures can be misleading as children are only part time, with each student adopting a variable number of sessions.. An increasing number of children make use of the flexi-boarding facilities. Numbers fluctuated following the introduction of VAT and increased costs to small business owners following the new government's policy, which had an impact on our pupils numbers. Current interest in Terra Nova school from prospective families is extremely positive.

In 2025, all pupils gained access to a Senior School of their choice when transferring to the secondary stage of education. Terra Nova continues to support a wide range of schools with some pupils leaving at 11+, but the majority of our students transferring at age 13+ with parents recognising the growth in confidence, maturity and achievement gained from the additional 2 years at Terra Nova.

This year, pupils were successful in winning:

- 1 Academic scholarship to Shrewsbury School

- 2 Michael Palin All rounder scholarships to Shrewsbury School

- 1 Music scholarship to Shrewsbury School

- 1 Drama scholarship to Shrewsbury School

- 1 Sports scholarship to Newcastle Under Lyme School

- 1 Sports scholarship to Repton School

- 1 Drama scholarship to Repton School

- 1 DT scholarship to Repton School

- 1 Art scholarship to Rugby School

Terra Nova is proud of its academic success but is also delighted to recognise pupil achievement in any form - be it academic, aesthetic or sporting. The school continues to support a breadth of pupil ability and retains its non-selective ethos offering a broad curriculum that meets individual pupil needs. Pupil success is recognised through assemblies, individual pupil commendation, or the wider media. Terra Nova is recognised for its committed approach and whole-hearted endeavour in transferring pupils to the next stage of their education.

Development of the School's site

The school continues to strive to improve its setting and facilities. The Governors continue to stringently assess the cost-benefit and feasibility of any significant capital expenditure 'CAPEX' projects.

During the 2024-25 financial year, £35k was spent on capital (CAPEX) projects, this is compared to £69k in the 2023-24 financial year. These projects included:

-Stage two of the school playground.

-Additional LED lighting to support the school's sustainability goals

-The installation of new windows and specific roofing works

Objectives and aims

The main objectives that the Governors hoped to focus upon that were detailed in last year's Strategic

Report were as follows:

-

the continued development of the school and raising of pupil numbers.

-

the continued development of the boarding operation.

-

to focus on the curriculum delivered and the classroom resources available in relation to the school's aim of continually enhancing teaching and learning.

-

to continue to expand access to the school and to offer bursaries.

-

refurbishment work in the main school building.

The Governors believe that although the 2024-25 financial year was a challenging one, progress has been made in almost all of these objectives:

-

Despite a national decline in the demand for prep school boarding in recent years, our boarding services continue to demonstrate resilience. In September 2024, the Governors decided to suspend full-time boarding and introduce newly designed daily and weekly flexi-boarding options. This change provides parents with the flexibility to choose boarding times that suit their needs. The total income generated from boarding for the 2024-25 financial year amounted to £39.5k

-

The development of teaching and learning has progressed with a strong retention rate and ongoing recruitment of outstanding teachers. Our strategic focus maintains academic rigour and high expectations for all students throughout the school, complemented by excellent pastoral care and a genuinely holistic approach to educating the entire child.ed).

-

Following the introduction of VAT on school fees starting January 1, 2025, Terra Nova School observed a significant decrease in pupil enrolment during the academic year. The school is dedicated to boosting enrollment through targeted marketing initiatives. It is expected that the merger with Shrewsbury School will greatly enhance our marketing capabilities and help us stay competitive in the local area.

-

Given these circumstances, it was essential to assess and adjust our bursary support, which was reduced to £67k this year, down from £154k in 2023-24.

Public benefit

The Governors have complied with the duty to have due regard to the Charity Commission's guidance on public benefit in the course of carrying out their responsibilities.

The school, which is already ethnically and socially diverse, has continued to focus on increasing the accessibility to a wider range of families.

The fees of 8 children were means tested and subsidised, either in full, or in part, in the 2024-25 academic year totalling £67k (compared to £154k in 2023-24). There was a substantial reduction in the affordability of bursaries and other discounts. In part, this is due to the imposition of VAT on independent school fees from 1st January 2025.

The school's facilities are made available to sports clubs and other groups when not required by the pupils. Examples of use during this period include:

- Use of the Sports facilities by local football and hockey clubs

Events where the school have supported the local community are as follows;

- food bank relief

- mother and baby clubs hosted by staff at the school

Each of the constituent parts of the school continue to be involved with raising awareness of and financial support for those less fortunate than themselves both at home and abroad.

During the year the following charities have benefited from the care and generosity of our pupils, staff and families:

- BBC Children in Need, Jeans for Genes, BBC Comic Relief, St. Luke's Hospice, One Project Ukraine, Save The Family, Silklife Food Bank, Macclesfield, The Big Clothes Movement, Congleton, Windyway Animal Rescue, Macclesfield, Northwich Hedgehog Rescue

Governors' responsibilities statement

The Governors, who are also directors for the purposes of company law, are responsible for preparing the Trustees report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.

In preparing these financial statements, the Trustees are required to:

-

select suitable accounting policies and then apply them consistently;

-

observe the methods and principles in the applicable Charities SORP;

-

make judgments and accounting estimates that are reasonable and prudent;

-

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Child protection

The school is committed to maintaining thorough and continuing child protection policies and procedures in accordance with legislation and good practice.

Statement of disclosure of information to auditors

The Governors who were in office on the date of the approval of these financial statements have confirmed that as far as they are aware there is no relevant audit information of which the auditors are unaware. Each of the Governors has confirmed that they have taken all the steps that they ought to have taken as Governors in order to make themselves aware of any relevant information and to establish that the auditors are aware of that information.

Fundraising

The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.

STRATEGIC REPORT

Plans for future periods

In March 2025,the governing body of Terra Nova School Trust Limited approved a motion to merge Terra Nova School with Shrewsbury School. This merger took place of 1 August 2025.

On 1 August 2025 the assets, liabilities, undertakings and activities of Terra Nova School Trust Limited were transferred to Shrewsbury School. Following this transfer the governors are to wind up the affairs of Terra Nova School Trust Limited and apply for it to be dissolved.

Financial position

Terra Nova School Trust Limited is reporting a deficit of £216k for the financial year 2024-25. It is important to note that the accounting period has been shortened from twelve (12) months to eleven (11) months to correspond with the financial year of Shrewsbury School. This financial deficit reported above also includes depreciation amounting to £127k for the same eleven (11) month duration.

It is crucial to highlight that during this financial year, Terra Nova School Trust Limited has experienced significant changes due to the merger with Shrewsbury School and has encountered unprecedented governmental changes along with increased operating expenses. These expenses include the introduction of VAT on school fees starting from 1st January 2025.

Beginning 1st April 2025, the Government also eliminated business rate relief for independent schools, which was previously set at 80%.

Furthermore, the Government announced in their Autumn budget an increase in Employer's National Insurance effective from 6th April 2025.

Summary

At the beginning of the 2024-25 financial year, Terra Nova School Trust Limited aimed to achieve a breakeven financial status, in contrast to the previous financial year (2023-24), during which the school recorded a modest yet commendable profit.

Nevertheless, Terra Nova School observed a decrease in pupil enrolment throughout the 2024-25 financial year, attributed to the introduction of VAT on school fees. Measures were taken to curtail expenses; however, it was not entirely feasible to compensate for the revenue loss resulting from the reduced student numbers.

After reviewing the financial year of 2024-25 and recognising the challenges that independent schools have encountered, we remain optimistic about our year-end results. We understand the significance of maintaining a 'viable' business moving forward and will collaborate with our new owner (Shrewsbury School) to achieve this in the upcoming academic year(s).

One off cost(s)

During the 2024-25 financial year, Terra Nova School Trust Limited incurred several large one-off costs.

Income and Expenditure for the 2024-25 academic year:

-

Gross fee income decreased to £3.56m - compared to £4.26m in 2023-24.

-

Primarily, this is a direct result of the introduction of VAT on school fees starting from 1st January 2025, Terra Nova School has observed a decline in pupil enrolment during the 2024-25 financial year, reaching a maximum of 230 students. This figure contrasts with a peak of 282 students in the 2023-24 financial year.

-

While a reduction in pupil numbers was anticipated due to the introduction of VAT on school fees, the actual decline exceeded the school's expectations. Despite implementing measures to cut operating costs, it was not feasible to fully compensate for the revenue loss resulting from the decrease in student enrolment

-

The balance sheet shows additions to fixed assets amounting to £35k, this compares to (£69k) in the 2023-24 financial year. All of which has been spent on improving the management of the estate.

Cash and cash equivalents

The amount of cash and cash equivalents at the year-end was £534k - compared to £902k in 2023-24.

The slight reduction in cash equivalents at year end directly relates to a decrease in parents wishing to take up enrolment in the fees in advance scheme. However, this continues to indicate financial stability, and promotes the work carried out to safeguard the finances of the school.

Creditors

Creditors amount falling due within one year has substantially decreased to £1m in 2024-25, compared to £1.92m in 2023-24. This is predominantly due to a reduction in uptake in relation to the fees in advance scheme, £347k in 2024-25 compared to £578k in 2023-24..

Trade creditors have increased to £134k - compared to £118k in 2023-24. These are accounted for, but do not require immediate payment, details relating to these costs are as follows:

-

insurance rates

-

business rates

-

catering costs

-

international tour holidays for 2025

Sureties have increased to £131k, compared to £124k in 2023-24. This is due to several parents enrolling children for future years and a smaller cohort of Year-8 leavers in comparison to previous years.

Reserves policy

The Governors have historically established a policy to keep available cash reserves at a minimum of £250k. This policy is evaluated based on the activities and the nature of the charitable company's income sources.

The Governors will make sure to maintain sufficient cash reserves to fulfil this obligation.

Determining the necessary reserves is a crucial aspect of the charitable company's planning, budgeting, and forecasting activities. It considers the risks associated with income and expenditure streams deviating from the budget, anticipated student numbers across different school sections, and the school's financial obligations. The reserves policy will undergo an annual review, which will consider projected student and fee levels, as well as future needs and opportunities.

Financial and risk management objectives and policies

Risk management

The Board of Governors is responsible for overseeing the management of risks faced by the school. The operational handling of these risks is delegated to sub-committees, primarily the Finance & General Purposes Committee and the Health & Safety Committee. Established protocols are in place to identify, assess, and manage risks.

The key controls used include:

-

Formal agendas for all Board and Committee meetings.

-

A clearly defined committee structure.

-

A clear organisational structure and lines of reporting.

-

Detailed delegated powers.

-

Financial controls including long and short-term forecasting and management accounting.

-

Vetting and interview procedures as required by law for the protection of children.

-

Regular review of the strategic risks faced by the schools and the control measures in place to deal with them.

-

Medium term strategic planning.

The Board has considered the major strategic risks facing the school and has prepared a risk analysis which is reviewed at Board meetings. The Governors consider that the most significant risks facing the school currently are

-

Pupil enrolment numbers.

-

Political changes and VAT implications on school fees, loss of business rate relief and the rise in employer National Insurance contributions effective from 6th April 2025

-

Compliance with regulations and pension obligations

For each of these categories, the potential risks have been outlined, the possible impact on the school assessed, and existing controls documented. Any additional actions required to further reduce the risks have also been identified. These include:

Pupil numbers

The school continues to invest in targeted marketing to improve recruitment of pupils. The school focuses on retention of existing families through targeted communication and excellent parent partnership. It is anticipated that the merger with Shrewsbury School will only enhance the school's ability to recruit pupils.

Political change & VAT Implications

The school has preserved its connections with both local and national organisations and is actively engaged in planning and preparing for upcoming challenges and political shifts.

On July 29, 2024, the Government confirmed that VAT would be applied to independent school fees starting January 2025, whilst business rate relief, which was previously set at 80%, would be eliminated as of April 6, 2025.

The rapid implementation of VAT on independent school fees undoubtedly surprised the Governors and leaders of Terra Nova School. The Bursar and the Finance Team took proactive measures to comprehend the requirements and risks linked to the execution of this policy.

It remains uncertain whether this Government will impose any further financial measures on independent schools in the future

Regulatory compliance

The school has procedures for the Senior Leadership Team and the Board to monitor and approve regulatory requirements. Compliance with pension schemes including the 'Teachers Pension Scheme' continues to be a key priority for Terra Nova School. This includes the annual review and audit of these schemes.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Refer to page 1 for the relevant details.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

00554799 (England and Wales)

Registered Charity number

525919

Registered office

Jodrell Bank

Holmes Chapel

Cheshire

CW4 8BT

Trustees

Mrs E J Lees-Jones Chair

Ms A R Peak

Mrs E S Stanley

Dr M A Boulton

M J Grice

A C Gilchrist-Dick

L E Tulloch

B Atkins Vice Chair

Y Lawson (resigned 19.11.24)

Company Secretary

N J Parkin

Senior Statutory Auditor

Darren Walley FCCA

Auditors

Banks Sheridan (Statutory Auditor)

Datum House

Electra Way

Crewe

Cheshire

CW1 6ZF

EVENTS SINCE THE END OF THE PERIOD

Information relating to events since the end of the period is given in the notes to the financial statements.

TRUSTEES' RESPONSIBILITY STATEMENT

The Governors, who are also directors for the purposes of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the preparation financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.

In preparing these financial statements, the Governors are required to:

-

select suitable accounting policies and then apply them consistently;

-

observe the methods and principles in the applicable Charities SORP;

-

make judgments and accounting estimates that are reasonable and prudent;

-

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Trustees' report, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 5 December 2025 and signed on the board's behalf by:

Mrs E J Lees-Jones - Trustee

Opinion

We have audited the financial statements of Terra Nova School Trust Limited (the 'charitable company') for the period ended 31 July 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the charitable company's affairs as at 31 July 2025 and of its incoming resources and application of resources, including its income and expenditure, for the period then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements we draw your attention to note 1 of the financial statements which gives further details of the full merger with Shrewsbury School.

Our audit report is not modified in this respect.

All of the assets, liabilities, undertakings and activities of the charitable company will be transferred to Shrewsbury School, following this transfer the governors are to wind up the activities of the charitable company and apply for it to be formally dissolved.

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Trustees' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

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

-	adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of trustees' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with law and regulations

We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the charitable company, and its industry, we identified that the principal risks of non-compliance with laws and regulations related to Charities Act 2011, Charities SORP (FRS 102) pensions legislation, employment regulation and health and safety regulation. We considered the extent to which non-compliance might gave a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.

We evaluated the trustees and management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgement and assumptions in significant accounting estimates and significant one-off or unusual transactions.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:

-

Discussing with trustees and management their policies and procedures regarding compliance with laws and regulations;

-

Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and

-

Considering the risk of acts by the charitable company which were contrary to applicable laws and regulations, including fraud.

Our audit procedures in relation to fraud included but were not limited to:

-

Making enquiries of the trustees and management on whether they had knowledge of any actual, suspected or alleged fraud;

-

Gaining an understanding of the internal controls established to mitigate risks related to fraud;

-

Discussing amongst the engagement team the risks of fraud; and

-

Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with the trustees. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misinterpretations or the override of internal controls.

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 Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Darren Walley FCCA (Senior Statutory Auditor)

for and on behalf of Banks Sheridan (Statutory Auditor)

Datum House

Electra Way

Crewe

Cheshire

CW1 6ZF

5 December 2025

Period

1.9.24

to

Year Ended

31.7.25

31.8.24

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

2,002

6,415

8,417

53,753

Other trading activities

3

3,399,963

-

3,399,963

3,805,492

Investment income

4

10,543

-

10,543

12,730

Total

3,412,508

6,415

3,418,923

3,871,975

EXPENDITURE ON

Charitable activities

5

Staff costs

2,305,254

-

2,305,254

2,531,949

Education costs

582,256

-

582,256

479,764

Motor & travel costs

24,079

-

24,079

38,984

Premises costs

378,079

-

378,079

433,438

General administration costs

133,841

-

133,841

143,879

Legal & professional costs

57,275

-

57,275

77,916

Depreciation costs

127,403

-

127,403

132,619

Interest payable

569

-

569

1,534

Governance costs

25,962

-

25,962

27,814

Total

3,634,718

-

3,634,718

3,867,897

NET INCOME/(EXPENDITURE)

(222,210

)

6,415

(215,795

)

4,078

Transfers between funds

17

22,835

(22,835

)

-

-

Net movement in funds

(199,375

)

(16,420

)

(215,795

)

4,078

RECONCILIATION OF FUNDS

Total funds brought forward

1,154,601

255,834

1,410,435

1,406,357

TOTAL FUNDS CARRIED FORWARD

955,226

239,414

1,194,640

1,410,435

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

11

1,346,677

228,745

1,575,422

1,667,951

CURRENT ASSETS

Stocks

12

20,671

-

20,671

20,279

Debtors

13

119,058

-

119,058

899,297

Cash at bank and in hand

523,740

10,669

534,409

902,466

663,469

10,669

674,138

1,822,042

CREDITORS

Amounts falling due within one year

14

(1,002,228

)

-

(1,002,228

)

(1,924,254

)

NET CURRENT ASSETS

(338,759

)

10,669

(328,090

)

(102,212

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,007,918

239,414

1,247,332

1,565,739

CREDITORS

Amounts falling due after more than one year

15

(52,692

)

-

(52,692

)

(155,304

)

NET ASSETS

955,226

239,414

1,194,640

1,410,435

FUNDS

17

Unrestricted funds

955,226

1,154,601

Restricted funds:

Old appeals

73,547

78,645

Centenary appeal

38,581

48,603

Kennedy fund

67,840

69,960

SENCO

29,408

30,273

New playground 2024

19,369

24,099

OTN - School repair fund

4,354

4,254

Airdome

6,315

-

239,414

255,834

TOTAL FUNDS

1,194,640

1,410,435

The financial statements were approved by the Board of Trustees and authorised for issue on 5 December 2025 and were signed on its behalf by:

E J Lees-Jones - Trustee

Cash flows from operating activities

Cash generated from operations

1

(322,426

)

47,967

Interest element of hire purchase payments paid

(569

)

(1,534

)

Net cash (used in)/provided by operating activities

(322,995

)

46,433

Cash flows from investing activities

Purchase of tangible fixed assets

(34,874

)

(63,744

)

Net cash used in investing activities

(34,874

)

(63,744

)

Cash flows from financing activities

Capital repayments in year

(10,188

)

(9,582

)

Net cash used in financing activities

(10,188

)

(9,582

)

Change in cash and cash equivalents in the reporting period

(368,057

)

(26,893

)

Cash and cash equivalents at the beginning of the reporting period

902,466

929,359

Cash and cash equivalents at the end of the reporting period

534,409

902,466

1.	RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Period

1.9.24

to

Year Ended

31.7.25

31.8.24

£

£

Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities)

(215,795

)

4,078

Adjustments for:

Depreciation charges

127,403

132,619

Interest element of hire purchase and finance lease rental payments

569

1,534

Increase in stocks

(392

)

(7,833

)

Decrease/(increase) in debtors

780,239

(708,899

)

(Decrease)/increase in creditors

(1,014,450

)

626,468

Net cash (used in)/provided by operations

(322,426

)

47,967

2.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.24

Cash flow

At 31.7.25

£

£

£

Net cash

Cash at bank and in hand

902,466

(368,057

)

534,409

902,466

(368,057

)

534,409

Debt

Finance leases

(22,369

)

10,188

(12,181

)

(22,369

)

10,188

(12,181

)

Total

880,097

(357,869

)

522,228