PREP SCHOOLS TRUST

• ⚠

  Material uncertainty over going concern

  For that reason the Trustees of the remaining transfer conclude that it is not appropriate to continue to adopt the going concern basis in preparing the financial statements.

• ◆

  12 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

1. PREP SCHOOLS TRUST 2021-09-20 → present
2. COTHILL TRUST 2017-12-21 → 2021-09-20
3. COTHILL EDUCATIONAL TRUST 2003-06-03 → 2017-12-21
4. COTHILL HOUSE SCHOOL LIMITED 1969-09-09 → 2003-06-03

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Wenn Townsend

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“For that reason the Trustees of the remaining transfer conclude that it is not appropriate to continue to adopt the going concern basis in preparing the financial statements.”

Group structure

1. PREP SCHOOLS TRUST · parent
   1. PST Enterprises Limited 1% · England and Wales · Events

Significant events

• “This is the final annual report for Prep Schools Trust following its merger with Radley College at 1st September 2025 to form Radley Schools Group (www.radleyschoolsgroup.org.uk). All assets, liabilities and staff employment have been transferred to St Peter's College Radley at the merger date.”
• “West Hill Park School joined the Trust in January 2025, PST's seventh school.”
• “Following the July 2024 announcement that VAT would be imposed on independent school fees from January 2025, together with increases to employers' National Insurance contributions and business rates from April, an expenditure review was implemented, including a voluntary redundancy scheme throughout all schools and Trust Office.”
• “As a result 21 staff left PST's employment at 31 August 2025, reducing staff costs by £890k.”
• “Following the merger of West Hill Park School into PST in January 2025, land owned by the school that already had planning permission for residential houses and was identified for sale, was marketed by Savills, realising £750k.”
• “In December, an Enforcement Notice was received from the Environment Agency advising that PST had not complied with the requirements of ESOS Phase 2 (Energy Savings Opportunities Scheme), a mandatory”
• “Discussions for a possible merger with Radley College started in late 2024. Trustees delegated authority to a working group to develop negotiations such that the Merger was announced in May and, subject to satisfactory completion of all due diligence, completion achieved for 1 September 2025.”
• “The Transfer Deed with Radley College was signed on the 1 May with a completion date of 1 September 2025. Thus the legal merger was completed successfully.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

20

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

12

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +13.3%

  £22,895,000 → £25,930,000

• Cash

  -57.5%

  £2,967,000 → £1,262,000

• Net assets

  -14%

  £37,278,000 → £32,067,000

• Employees

  +3.1%

  580 → 598

• Wages

  +19.8%

  £14,264,000 → £17,095,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers