Charity registration number 1091089 (England and Wales)
Company registration number 4301828
EGERTON ROTHESAY
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
EGERTON ROTHESAY
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr Jonathan Cooke (Chairman)
Sir Jeremy Cooke
Mr Stephen East
Ms Eleanor Margesson
Ms Bethany Lewis
(Appointed 21 September 2024)
Secretary
Ms Sarah Vest
Charity number
1091089
Company number
4301828
Registered office
Egerton Rothesay School
Durrants Lane
Berkhamsted
Hertfordshire
United Kingdom
HP4 3UJ
Auditor
Azets
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
Bankers
Barclays Bank
The Dacorum Group
11 Bank Court
Hemel Hempstead
Herts
HP1 1BX
Investment managers
JM Finn & Co
25 Copthall Ave
London
EC2R 5TA
EGERTON ROTHESAY
CONTENTS
Page
Trustees' report
1 - 3
Statement of Trustees' responsibilities
4
Independent auditor's report
5 - 7
Statement of financial activities
8
Balance sheet
10
Notes to the financial statements
11 - 22
EGERTON ROTHESAY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 AUGUST 2025
- 1 -

The Trustees present their annual report and financial statements for the year ended 31 August 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The objects for which Egerton Rothesay is established are:-

(i) To further the education of children attending Egerton Rothesay School.

(ii) The advancement of education in the United Kingdom and elsewhere (including social and physical training) of persons and children attending schools, colleges or other places of education in which religious instruction in accordance with the doctrines and principles of the Protestant and evangelical faith is given.

The Charity does not undertake fundraising.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

Egerton-Rothesay School Limited

Egerton-Rothesay School Limited is a wholly owned subsidiary of the Charity. It is managed by a Board of Directors which includes Mr Stephen East who represents the Charity.

Review of Development, Activities and Achievements

The School continues to carry into effect the charitable objectives of the Trust.

The School continues to build on its proven ability to provide an educational environment where pupils who need additional support can achieve their potential.

The School's focus is being build around the following key strands of activity:

- Providing an exciting, relevant and supported educational experience.

- For students who have found, or might find, it difficult to make progress and succeed within another school where there is inadequate provision for their specific needs.

- To make a unique and excellent contribution into the life of each child ensuring that they can be supported in the way that they personally need to maximise their individual learning potential.

- Provide an environment offering exceptional pastoral care and spiritual development based on and informed by the School's Christian ethos.

With this focus we continue to draw children from a wide area - made possible by our 7-route bus service and to also act as specialist education provider to 10 Local Authorities who pay full fees for 141, part fees for 1 and no part of the fees for 9 children with EHCP's so they can attend Egerton Rothesay School.

As we are now well established in the SEN market both on the open market with private fee paying parents and local authorities, the need for Open days has reduced amounting to one possibly two per year.

The average number of pupils for the year was 158.

The school has continued to develop its links to the local Christian community as part of its own ministry. We intend to build further network links with both ministers and youth activities in the area both for the benefit of our own children and to enable them to make a contribution for others.

EGERTON ROTHESAY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 2 -

Future developments

The Trustees are keeping the current activities and objectives under review and are looking at opportunities to further the objects of the Charity, in particular in relation to the School, but will also generally examine opportunities as and when they arise.

Financial review

The main activities of the Charity are conducted through its subsidiary Egerton-Rothesay School Limited and these are reviewed in further detail overleaf. The School continued to implement the conclusions from a review of how its activities should be focused going forward. The Trustees continue to support the changes to the School's operations. Continued plans are in place to ensure that the School has sufficient resources available to finance its operations through the period of change.

The School made a profit after tax before donations to the charity of £415,312, which is higher than the profit in the previous year of £184,194.

During the year the Charity received a distribution from its subsidiary of £216,417 (2024: £275,000) and donations from parents including gift aid of £9,579 (2024 - £8,364).

At the year end date the funds of the Charity consisted of unrestricted funds of £2,832,994 (2024 - £2,623,497) and restricted funds of £nil (2024 - £nil) giving total funds of £2,832,994 (2024 - £2,623,497).

At the year end date the funds of the Group consisted of unrestricted funds of £3,854,084 (2024 - £3,445,692) and restricted funds of £nil (2024 - £nil) giving total funds of £3,854,084 (2024 - £3,445,692).

It is the policy of Egerton Rothesay to hold reserves in unrestricted funds that have not yet been committed or designated for any particular purpose. The Trustees have retained these reserves in order to provide a sound financial base for the charity as part of a policy of good financial management practice.

Having considered the medium term requirements of the Charity, a further £200,000 was invested in a portfolio of investments created for the Charity by J M Finn & Co Limited in previous years. The remainder of the Charity's funds are retained on deposit. The Trustees continue to keep the needs and objectives of the Charity under regular review.

The Trustees has assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Risk management in relation to the operation of the School are governed by its own risk management policies and procedures overseen by its Board of Trustees.

Structure, governance and management

The Trustees are selected and appointed in accordance with the Articles of Egerton Rothesay.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr Jonathan Cooke (Chairman)
Sir Jeremy Cooke
Mr Stephen East
Ms Eleanor Margesson
Ms Bethany Lewis
(Appointed 21 September 2024)

Three of the Trustees each have a long association with Egerton-Rothesay School Limited and interest in its work. Having reviewed the charity's needs they were pleased to welcome Eleanor and Beth as additional Trustees. Together they bring a range of skills to their role as Trustees and review the skills necessary for performance of their duties and any training requirements at least annually. They believe they have available to them the skills necessary to enable the Charity to satisfy its objectives.

EGERTON ROTHESAY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -

Organisational Structure

Egerton Rothesay is governed by its Trustee Board which is responsible for setting the strategic direction of the organisation and the policy of the charity. The Trustees carry the ultimate responsibility for the conduct of the charitable company and for ensuring that the charity satisfies its legal and contractual obligations.

Trustees meet bi-annually and produce formal minutes of the meeting and delegate day-to-day operation of the organisation to senior management. The Trustee Board is independent from management. The Directors of Egerton-Rothesay School Limited meet quarterly and produce formal minutes of the meeting. During the meetings the budget and school performance is reviewed.

Trustees' Interests

The Charity is a company limited by guarantee, having no share capital, with all the Trustees being members of the company. The liability of the members is limited to £1 each in the event of winding up the company.

Charitable Status

Egerton Rothesay is incorporated as a charitable company limited by guarantee (charity number 1091089, company number 4301828) and is governed by its Memorandum and Articles of Association.

Auditor

In accordance with the company's articles, a resolution proposing that Azets be reappointed as auditor of the company will be put at a General Meeting.

The Trustees' r eport was approved by the Board of Trustees.

Mr Stephen East
Trustee
Dated: 8 May 2026
EGERTON ROTHESAY
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 AUGUST 2025
- 4 -

The Trustees, who are also the directors of Egerton Rothesay for the purpose 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 Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

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 Charities SORP;

- make judgements and 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; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

The Trustees are responsible for keeping adequate accounting records that 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.

EGERTON ROTHESAY
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF EGERTON ROTHESAY
- 5 -

Opinion

We have audited the financial statements of Egerton Rothesay (the ‘Charity’) for the year ended 31 August 2025 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 August 2025 and of its incoming resources and application of resources, for the year then ended;

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

have been prepared in accordance with the requirements of the 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

-

the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or

-

sufficient accounting records have not been kept; or

-

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

-

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

EGERTON ROTHESAY
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF EGERTON ROTHESAY
- 6 -
Responsibilities of Trustees

As explained more fully in the s tatement of Trustees' r esponsibilities, the Trustees, who are also the directors of the Charity for the purpose 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 Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

EGERTON ROTHESAY
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF EGERTON ROTHESAY
- 7 -

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Mark Jackson FCA DChA (Senior Statutory Auditor)
for and on behalf of Azets
13 May 2026
Chartered Accountants
Statutory Auditor
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
PE2 6FZ

Azets is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

EGERTON ROTHESAY
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
- 8 -
Group
Unrestricted
Unrestricted
funds
funds
2025
2024
Notes
£
£
Income from:
Donations and legacies
3
9,579
8,364
Other trading activities
4
5,969,641
5,591,586

Investment s

5
17,686
15,095
Total income
5,996,906
5,615,045
Expenditure on:
Other trading activities
6
5,559,567
5,394,163
Charitable activities
7
58,449
65,513
Interest payable
6,480
8,185
Tax expense
(11,624)
5,126
Total resources expended
5,612,872
5,472,987
Net gains/(losses) on investments
12
24,358
38,314
Net movement in funds
408,392
180,372
Fund balances at 1 September 2024
3,445,692
3,265,320
Fund balances at 31 August 2025
3,854,084
3,445,692

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
EGERTON ROTHESAY
CONSOLIDATED BALANCE SHEET
AS AT
31 AUGUST 2025
31 August 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
2,036,842
2,152,932
Investments
14
764,989
531,411
2,801,831
2,684,343
Current assets
Debtors
16
34,618
13,221
Cash at bank and in hand
2,987,702
2,183,224
3,022,320
2,196,445
Creditors: amounts falling due within one year
18
(1,830,433)
(1,251,443)
Net current assets
1,191,887
945,002
Total assets less current liabilities
3,993,718
3,629,345
Creditors: amounts falling due after more than one year
19
(83,677)
(116,072)
Provisions for liabilities
(55,957)
(67,581)
Net assets
3,854,084
3,445,692
Income funds
Unrestricted funds
3,854,084
3,445,692
3,854,084
3,445,692

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 8 May 2026
Mr Stephen East
Trustee
Company Registration No. 4301828
EGERTON ROTHESAY
BALANCE SHEET
AS AT
31 AUGUST 2025
31 August 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
14
1,512,830
1,279,252
Current assets
Debtors
16
6,182
5,373
Cash at bank and in hand
1,334,042
1,354,092
1,340,224
1,359,465
Creditors: amounts falling due within one year
18
(20,060)
(15,220)
Net current assets
1,320,164
1,344,245
Total assets less current liabilities
2,832,994
2,623,497
Income funds
Unrestricted funds
2,832,994
2,623,497
2,832,994
2,623,497

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 8 May 2026
Mr Stephen East
Trustee
Company Registration No. 4301828
EGERTON ROTHESAY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 11 -
1
Accounting policies
Charity information

Egerton Rothesay is a private company limited by guarantee incorporated in England and Wales. The registered office is Egerton Rothesay School, Durrants Lane, Berkhamsted, Hertfordshire, HP4 3UJ, United Kingdom.

1.1
Accounting convention

The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. Further, forecasts and business plans have been prepared which provide comfort that the Group and Charity will continue to trade in the foreseeable future.

1.3
Charitable funds

General unrestricted funds represent funds which are expendable at the discretion of the Trustees in the furtherance of the objects of the Charity.

Restricted funds represent funds which have been donated to the Group for a specific purpose.

1.4
Income

Voluntary income represents donations received by the charity, and are accounted for when received.

Investment income represents bank interest receivable.

Other trading activities represents amounts receivable for school fees and similar income plus other operating income of the subsidiary Egerton-Rothesay School Limited. Revenue from school fees and similar income is recognised in the term in which the services are provided and when:

- the amount of revenue can be measured reliably; and

- it is probable that the company will receive the consideration due.

Revenue is deferred where received in advance of the service.

1.5
Expenditure

Expenditure is recognised on an accruals basis and when there is a legal or constructive obligation to do so.

Charitable activities represents the legal, professional and other costs of running the charity.

Other trading activities are those costs incurred by the trading activity of the subsidiary Egerton-Rothesay School Limited.

EGERTON ROTHESAY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 12 -
1.6
Tangible fixed assets

All assets costing £500 or more are capitalised and depreciated.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and equipment
3 to 8 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Fixed asset investments

Investments for the charity are stated at market value. Realised and unrealised gains and losses on investments are recognised in the Statement of Financial Activities.

1.8
Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

EGERTON ROTHESAY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.11
Taxation

Egerton Rothesay is a charitable company and does not carry out activity that would be subject to corporation tax.

Egerton-Rothesay School Limited, a subsidiary of Egerton Rothesay, is subject to corporation tax.

1.12
Retirement benefits

The Company operates defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

1.13

Distributions

Distributions to the charity from the subsidiary are recognised when they are paid. Distributions are eliminated on consolidation.

2
Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

EGERTON ROTHESAY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 14 -
3
Donations and legacies
Charity
Charity
Group
Group
2025
2024
2025
2024
£
£
£
£
Donations from parents including gift aid
9,579
8,364
9,579
8,364
Distributions from subsidiary
216,417
275,000
-
-
225,996
283,364
9,579
8,364
4
Other trading activities
Charity
Charity
Group
Group
2025
2024
2025
2024
£
£
£
£

School fees and similar income

-
-
5,969,641
5,591,586
5

Investment s

Charity
Charity
Group
Group
2025
2024
2025
2024
£
£
£
£
Interest receivable
17,593
15,013
17,686
15,095
6

R aising funds

Charity
Charity
Group
Group
2025
2024
2025
2024
£
£
£
£
Trading costs
School expenditure
-
-
5,559,567
5,394,163
-
-
5,559,567
5,394,163
EGERTON ROTHESAY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 15 -
7
Charitable activities
Charity
Charity
Group
Group
2025
2024
2025
2024
£
£
£
£

Legal and professional fees

50,076
51,694
50,076
51,694

Investment management fees

8,373
13,819
8,373
13,819
58,449
65,513
58,449
65,513

Included in legal and professional fees is £12,500 (2024 - £20,000) which relates to services purchased from Marshall Lucas for the year. They have been disclosed as a related party transaction in note 23.

8
Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
9
Employees

The average monthly number of employees during the year was:

Charity
Charity
Group
Group
2025
2024
2025
2024
Average number of Trustees
5
5
5
5
Average number of employees
-
-
156
159
5
5
161
164
Charity
Charity
Group
Group
2025
2024
2025
2024
Wages and salaries
-
-
3,334,636
3,279,029
Social security costs
-
-
313,538
272,254
Other pension costs
-
-
580,496
568,645
-
-
4,228,670
4,119,928
EGERTON ROTHESAY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
9
Employees
(Continued)
- 16 -
The number of employees whose annual remuneration was £60,000 or more were:
2025
2024
Number
Number
£70,001 - £80,000
1
1
The key management personnel of the Group are deemed by the Trustees to be the members of the 'Management and Leadership Team'. During the year there were 13 members (2024 - 13 members) and their total remuneration was £664,601 (2024 - £647,961). This includes pension contributions of £97,381 (2024 - £104,704).
10
Taxation

The charity is exempt from tax ation on its activities because all its income is applied for charitable purposes.

11
Auditor's remuneration
Fees payable to the charity's auditor and associates:
2025
2024
£
£
For audit services
Audit of the financial statements of the charity
13,400
12,550
For other services
All other non-audit services
4,140
3,875
12
Net gains/(losses) on investments
Charity
Charity
Group
Group
2025
2024
2025
2024
£
£
£
£
Realised gain/(loss) on investment
27,068
(4,908)
27,068
(4,908)
Unrealised gain/(loss) on investment
(2,710)
43,222
(2,710)
43,222
24,358
38,314
24,358
38,314
EGERTON ROTHESAY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 17 -
13
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Total
Group only
£
£
£
Cost
At 1 September 2024
2,675,839
799,166
3,475,005
Additions
-
14,314
14,314
At 31 August 2025
2,675,839
813,480
3,489,319
Depreciation and impairment
At 1 September 2024
839,916
482,157
1,322,073
Depreciation charged in the year
52,549
77,855
130,404
At 31 August 2025
892,465
560,012
1,452,477
Carrying amount
At 31 August 2025
1,783,374
253,468
2,036,842
At 31 August 2024
1,835,923
317,009
2,152,932
EGERTON ROTHESAY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 18 -
14
Fixed asset investments
Charity and Group
Listed investments
£
Cost or valuation
At 1 September 2024
531,411
Additions
228,171
Valuation changes
30,294
Disposals
(24,887)
At 31 August 2025
764,989
Carrying amount
At 31 August 2025
764,989
At 31 August 2024
531,411
Subsidiary undertaking
Charity
Group
£
£
Cost
At 31 August 2024 and 31 August 2025
747,841
-
In the opinion of the Trustees, the aggregate value of the Charity's investment in subsidiary undertakings is not less than the amount included in the balance sheet.
Company
Company number
Shares held
Class
%
Egerton-Rothesay School Limited
02226604
Ordinary
100
The main activities of the Charity are conducted through its subsidiary Egerton-Rothesay School Limited. The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and
Income
Expenditure
Profit
reserves
for the year
£
£
£
£
Egerton-Rothesay School Limited
1,768,931
5,969,732
5,554,420
415,312
The registered office of the subsidiary is the same as for the Charity.
EGERTON ROTHESAY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 19 -
15
Financial instruments
Charity
Charity
Group
Group
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial assets
Listed investments
764,989
531,411
764,989
531,411
Cash and cash equivalents
1,334,042
1,354,092
2,987,702
2,183,224
2,099,031
1,885,503
3,752,691
2,714,635
Carrying amount of financial liabilities
Trade creditors
-
-
49,440
53,840
Other creditors
-
-
47,988
68,412
Accruals
20,060
15,220
33,650
27,770
Borrowings
-
-
115,265
146,031
20,060
15,220
246,343
296,053
16
Debtors
Charity
Charity
Group
Group
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
-
-
13,033
-
Other debtors
6,182
5,373
15,817
10,629
Prepayments and accrued income
-
-
5,768
2,592
6,182
5,373
34,618
13,221
17
Loans and overdrafts
Charity
Charity
Group
Group
2025
2024
2025
2024
£
£
£
£
Bank loans
-
-
22,894
33,936
Other loans
-
-
92,371
112,095
-
-
115,265
146,031
Payable within one year
-
-
31,588
29,959
Payable after one year
-
-
83,677
116,072
EGERTON ROTHESAY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 20 -
17
Creditors: amounts falling due within one year
Charity
Charity
Group
Group
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
17
-
-
10,220
9,413
Other borrowings
-
-
21,368
20,546
Taxation and social security
-
-
440,306
60,871
Payments received on account
-
-
1,227,461
1,010,591
Trade creditors
-
-
49,440
53,840
Other creditors
-
-
47,988
68,412
Accruals and deferred income
20,060
15,220
33,650
27,770
20,060
15,220
1,830,433
1,251,443

Included in group other creditors is pension contributions payable of £47,988 (2024 - £68,412).

18
Creditors: amounts falling due after more than one year
Charity
Charity
Group
Group
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
17
-
-
12,674
24,523
Other borrowings
-
-
71,003
91,549
-
-
83,677
116,072

Secured loans

Banking facilities are secured by the first legal charge over the site at Durrants Lane, Berkhamsted, Herts, HP4 3UJ.

Interest on bank loans is paid at 2.25% above the base rate.

In 201 3 a secured loan facility was taken out for £300,000 in order to acquire the Woods Building which was previously rented. The year end balance is shown above within other borrowings and is secured by way of a second legal charge over the Durrants Lane site.

Interest on other loans is paid at 4%.

19
Provisions for deferred taxation
Charity
Charity
Group
Group
2025
2024
2025
2024
£
£
£
£
At beginning of the year
-
-
67,581
62,455
Charge for the year
-
-
(11,624)
5,126
-
-
55,957
67,581
EGERTON ROTHESAY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 21 -
21
Retirement benefit schemes
Defined contribution schemes

The group operates a defined contribution pension scheme for all qualifying employees. 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 and amounted to £580,679 (2024 - £122,643) in relation to defined contribution schemes.

Defined benefit schemes

The group contributed to a defined benefit multi-employer pension scheme, the Teachers Pension Scheme (TPS). This is an aggregate of the pre 2015 scheme and the 2015 scheme. Contributions to the scheme were determined on the basis of quadrennial actuarial valuations carried out by the Government Actuary. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. This sets out the contribution rates for the implementation period (1 April 2024 to 31 March 2027).

The key elements of the valuation and subsequent consultation are:

- employer contribution rates set at 28.68% of pensionable pay (including a 0.08% employer administration charge)

- total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £262,000 million, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222,200 million giving a notional past service deficit of £39,800 million

- the SCAPE rate, set by HMT, is used to determine the notional investment return. The current SCAPE rate is 2.4% above the rate of CPI. The assumed real rate of return is 2.4% in excess of prices and 2% in excess of earnings. The rate of real earnings growth is assumed to be 2.2%. The assumed nominal rate of return including earnings growth is 4.45%.

The contributions during the year totalled £Nil (2024 - £347,875).

A copy of the valuation report and supporting documentation is on the Teachers' Pension website.

Under the definitions set out in FRS102, the TPS is an unfunded multi-employer pension scheme. The group has recognised contributions to the scheme as if it were a defined contribution scheme.

Contributions totalling £Nil (2024 - £30,355) were payable in respect of pensions at the year end and are included in other creditors.

The School exited the Teachers' Pension Scheme on 31 August 2024, staff who were members of the scheme were transferred to a defined contribution scheme.

22
Analysis of net assets between funds
Unrestricted
funds
2025
£
At 31 August 2025:
Tangible assets
2,036,842
Investments
764,989
Current assets/(liabilities)
1,191,887
Long term liabilities
(83,677)
Provisions
(55,957)
3,854,084
EGERTON ROTHESAY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
22
Analysis of net assets between funds
(Continued)
- 22 -
Unrestricted
funds
2024
£
At 31 August 2024:
Tangible assets
2,152,932
Investments
531,411
Current assets/(liabilities)
945,002
Long term liabilities
(116,072)
Provisions
(67,581)
3,445,692
23
Related party transactions

The Group has taken advantage of the exemption permitted by FRS 102 Section 33 "Related Party Disclosures" not to provide disclosures of transactions entered into with other wholly owned members of the Group.

The loan taken out to purchase the previously rented Woods building is provided by Pact Holdings Limited as trustee of God Save Britain Crusade (registered charity number 262703). Mr J C Cooke and Mr S J East are directors of Pact Holdings Limited. The loan was for £300,000. The loan amount outstanding at the year end was £92,371 (2024 - £112,905)

David Vesey, Director of Egerton-Rothesay School Limited, operates as Marshall Lucas. During the year, the charity purchased services in the ordinary course of business from Marshall Lucas amounting to £12,500 (2024 - £20,000).

Cherry Martin was appointed as Director of Egerton-Rothesay School Limited on 1 January 2023 and since this date has provided consultancy services to the Charity amounting to £22,800 (2024 - £20,400).

24
Analysis of changes in net funds
At 1 September 2024
Cash flows
At 31 August 2025
£
£
£
Cash at bank and in hand
2,183,224
804,478
2,987,702
Loans falling due within one year
(29,959)
(1,629)
(31,588)
Loans falling due after more than one year
(116,072)
32,395
(83,677)
2,037,193
835,244
2,872,437
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