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Registered number:
FOR THE YEAR ENDED 31 JULY 2025
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2025
Gardener Schools Group Limited operates two co-educational, non-selective, independent preparatory schools in South West London for children aged four to eleven: Ravenscourt Park Preparatory School and Kew Green Preparatory School. Both schools provide education of the highest quality, preparing children for transfer to the best and most selective independent schools. The group also operates Kew House School and Maida Vale School, co-educational independent secondary schools in West London for students aged eleven to eighteen years.
The Board of Gardener Schools Group Limited is committed to maintaining the excellent standards delivered by its schools over the last two decades. Both Maida Vale School and Ravenscourt Park Preparatory School were inspected under the new ISI Framework during the financial period and met all required standards. Ravenscourt Park Preparatory School also received a significant strength. We look forward to future inspections across the group as further opportunities to demonstrate the quality of our pastoral provision and academic achievement.
While pupil numbers remain strong overall, the introduction of VAT on school fees has led some families to withdraw or decide against independent education. Despite this challenging environment, we continue to invest in our schools and enhance the opportunities available to pupils. This includes securing access to professional sports facilities at Trailfinders in West Ealing, providing greater value to both existing families and those choosing to join our schools. The reputation of our schools is founded on strong pastoral care, academic achievement and a holistic approach to education. Our open-door ethos remains central to the positive relationships we maintain with pupils, parents and staff.
The directors have assessed the principal risks and uncertainties to which the schools are likely to be exposed in the main areas of teaching, general operations, pupil and staff welfare, facilities and finance. Wherever possible, systems, controls and contingencies are put in place to minimise or mitigate all such risks identified. The directors identify, monitor and mitigate risk exposure on an on-going basis.
We manage these risks by remaining well informed and working closely with professional bodies, including IAPS, ISC and ISBA. We are satisfied that the Group’s financial strength, together with our prudent approach to budgeting, will enable us to respond effectively to future uncertainties and challenges.
The group's business is relatively straightforward and performance indicators naturally fall to be considered on a school by school basis. Two principal KPI's are future pupil registration and capacity numbers which require forward planning decisions to be considered a number of years in advance. KPI's which are used for routine management include assessment data, pupil/teacher ratios, both numerical and cost, catering and other fundamental cost/income ratios together with periodic fluctuations in significant overheads.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
The directors consider that they have fulfilled their individual and collctive duty under S172(1) of the Companies Act 2006 to act in a way they consider, in good faith, would be most likely to promote the success of the Company and the Group for the benefit of shareholders as a whole. This has been achieved through continuous investment in the provision of education, facilites and staff, and ensuring excellence is maintained cosistently as a matter of course. The sole share class has full representation at Board level and the Board is committed to a strategy that will drive long term value for the equity holders in the business.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2025
The directors present their report and the financial statements for the year ended 31 July 2025.
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.
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;
∙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 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 profit for the year, after taxation, amounted to £2,431,226 (2024 - £3,159,421).
Dividends paid to shareholders during the year were £3,175,000 (2024: £1,800,000).
The directors who served during the year were:
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
The Group is committed to providing education of the highest quality and invests consistently in its schools.
The Group is continually looking invest in its facilities. In the past year, in addition to the investment in sporting facilities at Trailfinders, we look forward to the full-year benefit of the new boathouse bays at Quintin Boat Club. We are also enhancing our curriculum offering as the numbers grow in the school. Subjects that combine academic rigour with flexibility and choice, offering both traditional academic subjects and vocational pathways such as Creative Digital Media Production. Furthermore, we have invested in a library at both Kew Green Preparatory School and Ravenscourt Park Preparatory School and we have increased the number of classrooms to accommodate a Reception bulge year.
Employee involvement in the successful operation of the schools is critical at all levels. Close engagement between management and professional and administrative staff is necessary throughout each school to ensure the consistent delivery of excellence for the benefit of every pupil. A strong ethos for information flow and feedback exists, for professional, performance and employment matters. Clear and effective communication operates within each individual school, but also between schools as a wider group.
Engagement with parent groups (ie 'customers') is strong and absolutely necessary to ensure the intended comprehensive and high quality education experience is received consistently by all students. Reliable delivery of quality goods and services by suppliers and others are also critical, so active engagement with these groups is pursued at all times.
There were no significant events after 31 July 2025 that required adjustment to or disclosure in the financial statements.
The auditors, Warrener Stewart, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GARDENER SCHOOLS GROUP LIMITED
We have audited the financial statements of Gardener Schools Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2025, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and 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 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.
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 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..
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GARDENER SCHOOLS GROUP LIMITED (CONTINUED)
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GARDENER SCHOOLS GROUP 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 financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our assessment of the likelihood of material misstatement arising within the entity's financial statements due to irregularities including fraud is low. This conclusion is supported by the following which reduce the likelihood of irregularities, including fraud to arise or to go undetected:
∙A clear segregation between finance management and general staff resulting in a high level of review control;
∙A high level of review of key performance and similar indicators;
∙The presence of informed management within senior finance management;
∙The general absence of individuals with opportunity and authority to override controls undetected; and
∙A high level of experience and trust within senior finance and operations management;
Audit procedures are structured to identify potential risks for irregularities and fraud and detect material instances should they arise. Some specific procedures include:
∙The analytical review of results and balances for unexplained or unexpected variances;
∙The review of transactions, control accounts and journal adjustments for unusual, unexplained or unauthorised entries;
∙The review of transactions and journals for any indication of fraud or management override;
∙Consideration of transactions and balances for any irregular related party involvement;
∙Review of any significant estimates for deliberate manipulation or misstatement
Due to inherent limitation of the audit procedures, there is a risk that irregularities or fraud will remain undetected with the result that the financial statements may include material misstatement or non-compliance with regulation. Such risk is increased the more that compliance with law or regulation is removed from the events and transactions reflected in the financial statements as instances of non-compliance are less clear or likely to be detected. The risk is greater where irregularities arise due to fraud as fraud is likely to involve intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GARDENER SCHOOLS GROUP LIMITED (CONTINUED)
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
Registered Auditors
Harwood House
43 Harwood Road
SW6 4QP
Date:
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2025
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CONSOLIDATED BALANCE SHEET
AS AT 31 JULY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 33 form part of these financial statements.
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COMPANY BALANCE SHEET
AS AT 31 JULY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 33 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2025
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2025
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2025
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
1.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 31 July 2016.
The directors have prepared these financial statements on a going concern basis as they consider the financial and operational situation sufficiently stable such that the company will be able to meet its financial obligations as they fall due for payment for a period of at least 12 months from the date of signature of this report.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
1.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
1.Accounting policies (continued)
The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. The impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
1.Accounting policies (continued)
The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees' working lives with the school in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a prospective unit credit method. The TPS is a multi-employer scheme and there is insufficient information available to use defined benefit accounting. The TPS is therefore treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
1.Accounting policies (continued)
The Group and Company's principal activity is the provision of private schooling. The Company is a private company, limited by shares, incorporated and domicilied in England and Wales, United Kingdom. The Company's registered office is Harwood House, 43 Harwood Road, London, SW6 4QP.
There are no significant judgements, estimates or assumptions which impact on these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Page 26
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
13.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Page 28
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Bank loans are secured by fixed and floating charges over the freehold property and other assets of the Group.
Bank loans due after more than 5 years total £13,293,888 (2024: £13,293,858) and are repayable by monthly instalments.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Page 30
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
20.Deferred taxation (continued)
Page 31
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
The Group makes contributions to the Teachers Pension Scheme ('TPS') on behalf of many of its qualifying teaching staff. The TPS is a multi-employer pension plan which is a defined benefit scheme and the assets are held separately from those of the Group. There is insufficient information concerning the scheme to use defined benefit accounting. The TPS is therefore treated as a defined contribution scheme and the contributions recognised in the period to which they relate. The pension cost charge for the year represents contributions payable by the Group to the fund and amounted to £2,228,671 (2024: £1,987,584). Contributions totalling £283,833 (2024: £285,470) were payable to the fund at the balance sheet date and are included within Other Creditors falling due within one year.
The Group makes contributions to the Aviva Pension Trust for Independent Schools ('APTIS') on behalf of certain of its qualifying teaching staff. APTIS is a defined contribution scheme and the assets are held separately from those of the company within independently administered funds. Fixed contributions paid to the APTIS are recognised in the period to which they relate and the company has no further payment obligations. The pension cost charge for the year represents contributions payable by the company to the fund and amounted to £481,288 (2024: £432,078). Contributions totaling £50,600 (2024: £47,089) were payable to the fund at the balance sheet date. The Group also makes contributions to other defined contributions pension plans on behalf of certain other employees. The assets of these schemes are held separately from those of the Group within independently administered funds. The pension cost charge represents contributions payable by the Group to the funds and amounted to £195,361 (2024: £121,672). Contributions totalling £2,219 (2024: £3,610) were payable to the funds at the balance sheet date and are included within Other Creditors falling due within one year.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
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