Charhy Reglstratlon No. 1103049
Company Registration No. 05066406 (England and Wales)
ELLESMERE COLLEGE LIMITED
DIRECTORS, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024

ELLESMERE COLLEGE LIMITED
CONTENTS
Page
Company informatlon
Directors. report {incorporatlng the Strategic report)
3-14
Directors, Responsibilities Statement
15
Independent auditor's report
Flnancial statements of the company:
16-19
Consolldated Statement of Financial Activitles
20
Charlty Statement of Financial Activities
21
Consolidated and Charity Balance Sheets
22
Consolidated Statement of Cash Flows
23
Notes to the Financial Statements
24-44

ELLESMERE COLLEGE LIMITED
COMPANY INFORMATION
DIRECTORS AND ADVISORS
Directors
Mr C E Lillis {Chairman)
Dr K E Castle
Ms S M Connor BA (Hons) PGDipBJ
Mr R A K Hoppins FCA
Mrs J Nieto (appointed 25 March 2024)
Mr J C Pochin
Mr M D T Sampson Bsc
Dr Julie Scanlon
Professor Anna Sutton B. Ed M.Ed (Wales) FRSA
Mrs J M Trowbrldge LLB JP
Mr Michael A Ward BA (Hons) LL (Dip)
Secretary
Mrs RAvery BAACMA
Charfty No.
Company No.
Prlncipal Address and R•glst6red oince
1103049
05066406
Ellesmere College
Ellesmere
Shropshire
SY12 9A8
Key Management Per80nnel
Head
Mr B J Wlgnall MA FRSA (deceased 26 January
2024) Mrs S V Prltt-Roberts MEd NPQH
(appointed 25 January 2024)
Mrs R Avery BAACMA
Mrs S V Pritt-Roberts MEd NPQH {Head from 251h
January 2024}
Mr R Chatterlee Msc PhD
Mr M Mccarthy Bsc
Mr S B Mullock BA
DlreGtor of Flnanco
Deputy Head Academlc
Deputy Head Pastoral
Dlrector of Operatlons
Doputy Head External Rolatlon8
Audltor
Moore Kingston Smith LLP
6th Floor, g Appold Street
London
EC2A 2AP
Bankers
Bardays Bank plc
68-70 High Street
Rh￿. Denbighshire, LL18 1 EU

ELLESMERE COLLEGE LIMITED
COMPANY INFORMATION
Solicltors
Veale Wasbrough Vizards LLP
Narrow Quay House
Narrow Quay
Bristol BS14QA
Browne Jacobson LLP
15th Floor, 103 Colmore Row
Birmingham, B3 3AG
Jolliffe & Co LLP
6 St John street
Chester, CH11 DA
Investment Advlsors
Evelyn Partners Investment Management LLP
45 Gresham Street
London
EC2V 7BG
Insurance Brok•rs
Marsh Ltd
4 Milton Road
Haywards Heath
West Sussex
RH16 1AH

ELLESMERE COLLEGE LIMITED
DIRECTORS, REPORT (Incorporating the Strategic Report)
YEAR ENDED 31ST AUGUST 2024
The directors p￿sent their report and financlal statements for the year ended 31 st August 2024 and
confimi they comply with the requirements of the Charities Act 2011. including the Directors, and
Strategic Reports, under the Companies Act 2006.
REFERENCE AND ADMINISTRA TIVE INFORMA TION
The charity was fomied in 2004 and is registered with the Charity Commission as charity number
1103049. The charity is a limited liabillty company and wholly owned subsidlary of The Woodard
Corporation (charity number 1096270). The charitable Company is incorporated in United Kingdom.
Directors of the Company are also Fellows (members) of the Woodard Corporation and participate in
the electlon of its board of management and are commltted to its charitable objects.
Notes 27 and 29 provide details of connected charitles.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governlng Document
Th8 company is governed by Articles of As8oclatlon as adopted by Special Resolutlon dated
20 March 2013, replacing those dated 4 March 2004 amended by Special Resolution<s) dated 24
January 2006, 28 April 2009 and 23 June 2009, They permlt funds to be managed in such a manner
as the directors see flt. provlded that such powers are only exerclsed for the purposes of attaining the
objects and in a manner whlch is legally Charitable. The Articles of Association forbid the distribution
of any property or funds, whlch are to be applied solely towards the promotion of the objects of the
company.
Governlng Body
The governors are the directors and charitable trustees of the company and comprise the governing
body of Ellesmere College and are elected lo hold office for five years. The school is governed by the
governing body, the operation of which is supplemented by the use of a number of committees. The
full governing body met three times during the ye8r.
Recrultment and Tralnlng of Governors
All governors are Fellows of the Woodard Corporation. Fellows are responslble for electing the
Woodard Corporation Board. Govemors are recrulted on the basis of nominations from school contacts
and from selection when a post becomes avallable. The governing l)ody look to ensure a mix of skills
and select new governors on the basis of background. competence, Sp￿1811$t skills and, in the case of
Fellows, Christlan commitment. GoverrK)rs are provided wlth Induction training by the Head and other
senior College staff and a wlder programme of training events is organised by the Woodard Corporatlon.
The school also encourages governors to attend events run by the Association of Goveming Bodies of
Independent Schools {AGBIS), and other suitable conferences.
Where possible the governors consider th8t the skiSls and experience of the govemlng body should
comprise the following:
A Governor with a legal background.
A Governor with a financiallaccounting background.
A Governor with education experience.
A Governor with safeguarding experience.
A Governor with senior managerial or buslness experience.
A Governor with experience of equal opportunities or disability needs.
At least one female Govemor and at least one male Governor.
One Govemor may have one or more of these skills.

ELLESMERE COLLEGE LIMITED
DIRECTORS, REPORT (incorporating the Strategic Report)
YEAR ENDED 31ST AUGUST 2024
Volunteers
Governors are volunteers providing their time for free to support the govemance of the school.
Organlsational Management
The school is governed by the governing body which delegates work to a number of committees.
Membershlp of each committee is outlined on page 14. The directors determine the general policy of
the company.
The governors manage thelr work through a number of subonmmittees:
Finance and Gener81 Purposes Committee
Staffing and Personnel Committee
Regulatory Compliance Committee
EducatK)n Committee
Investment Committee
The day-to-day markggement of Ihe company is delegated to the Head who oversees educational,
pastoral and administrative functlons In consultation with the senior staff. The day-to4ay administration
is undertaken within the pollcSes and procedures approved by the governors whSch provide for only
significant expenditure decisions and major capital projects to be referred to the governors for prior
approval.
The Head oversees the reGruitment of all staff. The Head and Director of Finance are invited to attend
governors, meetings.
The remuneratlon of key management personnel is set by the governing body, with the policy objective
of providlng approprlate incentives to encourage enhanced performance and of rewarding them fairly
and responsibly for thelr Indlvldual contributions to the school's success.
We alm to recruit, subject to experlence, at the lower to medium point withln a band, provldlng scope
for rewarding excellence, Delivery of the school's charltable vision and purpose Ss primarlly dependent
on our key management personnel and stsff costs are the largest single element of our charitable
expenditure.
Group Structure and Relatlonshlps
The school has 2 wholly ovmed non-charitable subsidiaries. Ellesmere College Enterprlses Limited and
Ellesmere College International Llmlted.
The school has developed links with a wide range of organisations to ensure the widest possible access
to our facilities and schooling. Through membershlp of the Headmasters. and Headmistresses,
Conference and through ne￿rkIng with peer groups we ensure that we are able to attain the highest
standards of quallty and performance. We encourage our pupils to develop an awareness of the social
context of the all-round education they receive at the school and they are engaged in a number of
activities to enhance thelr understan(5ing. We have a thriving alumni group. The Ellesmerian Club, who
are generous in supporting the work of the school and whose support we greatly appreciate. We also
cooperate with many local charikn'e5 in our ongoing endeavours to widen public access to the schooling
we can provide, to optimise the educational use of our cultural and sporting facilities and to awaken In
our pupils, in the public interest, an awareness of the social context of the all-round education they
rece5ve.

ELLESMERE COLLEGE LIMITED
DIRECTORS, REPORT (incorporating the Strateglc Report)
YEAR ENDED 31ST AUGUST 2024
CHARITABLE OBJECTS. AIMS. OBJECTIVES & ACTIVITIES
Charltablo Objects
The charity's objects, as set out in the Articles of Asscclation. are to promote and extend education
(including spiritual, moral, social, cultural and physical education) in accordance with the doctrines and
principles of the Church. The Church is defined as being the Church of England and churches In full
communion with the See of Canterbury.
Intended ImpaGt
Woodard schools strive for the best all round education of every aspect of each Individual; they ensure
high standards of religious education., and they see themselves as communities working together for
the benefit of all members, and of the Church and the nation. They are strong Christian foundations
which adhere to catholic belief as found in the Church, to Christian worship focused in the Eucharis(
and to the care of each individual and the whole school community particularised in the minlstry of the
Chaplain.
Alms
Ellesmere College Is a boarding and day school for pupils from the ages of 7 to 18. It aims to support
children in reaching their potential in all areas of their activity at the school, and In the wider community.
Thls may be in academlc subjects but could Just as easily be reflected In success In art, drama, sport,
muslc or dance. We produce'well rounded, Indlvlduals who are able to make a posltlve contribution to
soclety. All Woodard school3 aim to provide a rounded education to help the puplls to make their way
In adult Ilfe.
Prfmary obJectlve8
The primary objectives of Ellesmere College to fulfil these aims are..
to provide a stimulating leamlng environment in whlch pupils can develop their academic
potential to the full.,
to provlde a happy and secure pastoral env5ronment In which pupils can learn to Ilve together
and thus foster a sense of community, respect for one other and good citizenshlp,,
to provlde puplls with the opportunity to take advantage of a breadlh of co-curricular actlvltles
In order to develop posltlvely all aspects of their character:
to provide pupils with the opportunity to take decisions based on thelr own judgment and to
communicate those decision8 appropriately and effectively.,
to provide financial support to enable children whose parents are unable to afford the full fees
to benefit from an Ellesmere College educatlon.
to provlde a clear, simple and effective management structure Gapable of taklng timely
decisions and allocating necessary resources appropriately, and
to provide the necessary administrative and logistlc framework to meet the needs of members
of staff and pupils alike.
Strat•gles to achleve the primary obJectlve8
This year our focus has been on -
To continue to develop the exceptional levels of academic support for all pupils.
The College continues to be one of only a small number of schools in the world that has been
accredited by the World Academy of Sport as an Athlete Friendly Educatlon Centre. Various
national selectlons and achievements took place across a wide range of sports. includlng (but
not excluslvely) rugby, hockey, shooting. golf. swimming. and lennis.
Continuing to achieve and maintain appropriate accreditatlon to validate the exceptional artistic
arKI performance opportunities at the College.
Ensuring that the College is of the highest quallty to maintain pupil numbers.

ELLESMERE COLLEGE LIMITED
DIRECTORS, REPORT (incorporating the Strateglc Report)
YEAR ENDED 31ST AUGUST 2024
The College provides a holistic education coverirrfJ the academic, sporting, artlstlc and personal
development of all our pupils.
Exploring international opportunlties lo create additional revenue streams to support the
College's charitable activities. The College has signed an agreement with Alruwad Internattonal
Sch¢)ol in Muscat, Oman. The school has subsequently rebranded as Ellesmere Muscat. A
second school. Ellesmere Riyadh opened in September 2024.
Prlnclpal Actlvltl•s of th• Yoar
The principal activity of the school Is the delivery of education to pupils ranging from 7 to 18 years of
age. We run a number of summer school actfvltles and the school is open at other times for use by the
local community. Pupil numbers at the school durlng the year were as follows:
Of whlch are
boarders
Of whlch are
boarders
Totsl 2024
Total 2023
Senlor school113-18 years)
429
223
449
229
Lower school (7-13 years)
141
134
10
Total
570
227
583
239
Publlc Ban•flt
Within the objects, the school aims to create an envlronment to nurture children, to get the best from
them and to allow them to develop and fulfil their potentlal. We provide thern with a first-class
independent education and a wide range of sporting and artlstlc opportunities. Our public benefit aim
Is that all pupils will be self<onfident and desire to ￿ntrIbute to the wlder communlty.
In the furtherance of these alms the Ellesmere College governors, as the charRy trustees, have
complied with the duty In 8.17 of the Charities Act 2011 to have due regard to the Charlty Commlssion's
published general and relev8nt sub-sector guldance concerning the operation of the public beneflt
requirement under that Act.
Our school welcomes pupils from all backgrounds. To admit prospectlve pupils, we need to be satisfied
that our school will be able to educate and develop prospective puplls to the best of their potential and
in line wlth the general stsndards achieved by their peers. Entrance interviews and assessments are
undertaken to satlsfy oursdves and parents that potential pupils can cope with the pace of learning and
benefrt from the educatlon we provide. An individual's economic status, gender. ethnlclty. race, religion
or disability do not form part of our assessment processes.
Our school is a part of a wider community and we are keen that our staff and pupils participate. Our
school also offers a resource to support a range of educational activities for the benefit of local children
attending state schools and their teachers. Our governors are committed to developing our programme
of cooperation and joint working with local maintained sector junior and secorKlary schools. The
activities undertaken and the success of our programme are explained in the 'review of achievements
and perf0mlan￿ for the year. section of this report.
Woodard and ts Schools provide a significant benefit to the public. The school strives to ensure that
measures of public benefit are appropriate, and that signlficant sections of the public are not excluded
from the opportunity to benefit from the education and facilltles offered due to the need to pay a fee. In
addition to significant provision of bursaries and other forms of financial support, the school provides
wide range of opportunities for community benefit and facilities and events are often open to all.

ELLESMERE COLLEGE LIMITED
DIRECTORS, REPORT (incorporatlng the Strategic Report)
YEAR ENDED 31ST AUGUST 2024
Parents of pupils at the school often make signrficant sacrifices to pay the fees. In educating 452 UK
based pupils, parents help to relleve the state of the financial burden of paying for their children's
education. The saving to the publlc purse Is estimated to have a value in the last year of £3.475,880.
In addition to the very substantial benefits our school brings to our pupils, the local communlty and
society through the education we offer and our bursary programme, we create a social asset without
cost lo the Exchequer.
Bursarles & Scholarshlps
The school awarded fee reductions In the fom of bursaries and scholarships to 410 pupils, based on
either educational merit and potentlal or family financial need. The majority of those receiving merit
awards would not have been able to join the College had they not received such award8 and to that
extent much of the merit award funding can be regarded as bursary spending. This ye8r the value of
scholarships and bursaries totalled £3,779,913 (2023: £3,616,679) and represented 260h {2023: 26Yo)
of our gross fees.
Bursarles
The govemors view our bursary awards as Important in helping to ensur8 chlldren from families who
would otherwise not be able to afford the fees can access the education we offer. Our bursary awards
are available to all who meet our general entry requirements and are made solely on th8 basis of
parental means or to relieve hardshlp where a pupil's education and future prospects would otherwise
be at risk for example in the case of redundancy. In assessing means we use the methodology
promulgated by the Independent Schools. Bursars Association, which takes a number of factors Snto
considerats'on including family income, investments and savings and family circumstances for example
deperKlant relatives and the number of siblings. Our school does not have an endowment and in
fundlng our awards we have to be mindful that we must ensure a balance between fee-paying parents.
many of wthom make considerable personal sacrifices to fund their child's education, and those
benefltlng from the awards.
The bursary awards are made In monetary values and range up to 100% of remission of fee8.
Information about fee assistance through bursaries is provided to all applying to the school. We asso
advertise the avrdrds each summer in the local press and at local libraries. FUrt￿￿r deta518 of our
scholarships and bursaries and how to apply are available on our website.
S¢hol4rshlps
The purpose of our scholarshlp awards is to recognise high academic potentlal or the ability to excel in
our c￿currICUlar activitles. Our scholarships are awarded on the basis of the Indlvidual's academic
potential or evidence of exceptlonal abilities which will contribute to our co-currlcular activities. In
addition, awards may be subject to conditions imposed by the original donor.
Scholarships are awarded with a fixed percentage remlssion of fees of between O'A and 50%. Where
further assistance is required, scholarship awards may be supplemented by a means tested bursary.
We advertise the availability of scholarship awards each summer in the local press and at local libraries.
Further detalls of our scholarship policy are available on our webslte.
Revlew
The progress of pupils receiving scholarships Is reviewed at least annually to ensure their progress is
In line with their abilities. The availability of all such awards for fee-assistance, together with the terms
and conditions for each kind of award, is advertised on our website at wwN.ellesmere.com.
The school includes details of the various concessions in the prospectuses and on the website. All
parents making enquiries about posslble entryare provided with a description of the criteriafor bursaries
and scholarships. All criteria and policies relatlng to concessions are kept under review and are updated
when necessary.
Employment Policy
We are an equal opportunity organisation and are committed to a working environment that is free from

ELLESMERE COLLEGE LIMITED
DIRECTORS, REPORT (incorporating the Strategic Report)
YEAR ENDED 31ST AUGUST 2024
any form of discrimlnation on the grounds of colour. race. ethnicity, religion, sex, sexual orientalion or
disabillty. We will make reasonable adjustments to meet the needs of staff or pupils who are or become
disabled.
Investment Pollcy and ObJeGtlves
The companls memorandum and articles of association permit funds to be invested In such manner
as the directors see fit, providing that such powers of investment are only exercised for the purpose of
attaining the objects and in a manner that is legally charitable.
Investment actlvities are managed in line with the requirements of the Trustee Act 2000. The governors
have appolnted Evelyn Partners Investment Management (prevlously known as Smith and Williamson)
as investrnent manager. Our Investment policy is to grow the value of the portfolio so that it can be used
in support of school prolects. The Investment manager has discretion about how the investments are
managed within the policy parameters set by the governors. Fund5 not Invested are held on deposit to
earn interest.
STRA TEGIC REPORT
REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR
Tho Promotlon of Education
During the year we educated an average of $64 children between the ages of 7 and 18. The school
provides a high standard of education and thls Is validated in review of the academic results, student
destinations and through external inspection. The school offers an exceptionally broad currlculum and
educates children with a wide range of ability. We can demonstrate particular excellence in a verywide
range of activities, both curricular and extracurricular. Our aim is to support children in reachlng their
potentlal In all areas of their activity at the school. Thls may be in academic subjects but could lust as
easily be refiected in success in art, drams, sport, muslc or dance. We aim to produce 'well rounded,
individuals who are able to make a positive contribution to soclety.
ArAdomlc Re8uIt$
The educational performance of the school continues to achieve excellent outcomes, overall and for
the Individual. The school achieved an 860/0 pass rate at 9 to 4 for GCSE, of which 290/0 of exam results
were graded 9-7 (A'IA). The 2024 school pass rate of 860/0 Sits with a national pas8 rate of 670/0.
Ellesmere College uses added value as a measure of educational progress, Added value measures
the difference between the expected grade from a pupil's b858line assessment score at the beginning
of their course and the grade they actually achieved. Value added at GCSE at Ellesmere College is
+0.11 meaning that, on average, an Ellesmere College education added +0.11 of a gr8de to every
pupil's result. across all subjects.
The sixth forni curriculum offer of A level, International Baccalaureate, and BTEC Diploma provides
choice for students and routes that access universities in the UK and around the world. At A Level the
pass rate was 960h with some out8tsndlng performances taking students onto prestigious university
places. 420/0 were graded A'IAIB. 28 subjects were examined. The school aims to provide a rounded
e¢Jucation to help the pupils to make their way in adult lrfe. A very large majority move on to higher
education, and a significant number achieve their first choice destination.
The 2024 IB cohort achieved an overall average of points 33. Three students achleved an impressive
40 plus points out of the maximum possible of 45. Three did not achieve the full diploma. They gain
certification in the subjects they passed and can retake in November. One of our top IB performers,
HMC Scholar and Head Girl, secured her place at Harvard University for October 2024.
The BTEC Sports Diploma is embedded in our currlculum offer and provides an alternative approach.
100¥0 of students passed the A level diploma and the extended diploma, which is a three A level
equivalent. Two who completed the extended diploma did so at Distinctlon star level, equivalent to three
A levels at A" _ others achieved strong passes at Distinction and Merlt level, securing their pathways to
university.

ELLESMERE COLLEGE LIMITED
DIRECTORS, REPORT (Incorporatlng the Strategic Report)
YEAR ENDED 31ST AUGUST 2024
Improvlng Facllltlès
We continue to improve facilities through constant Investment in the fabric of the buildings and assets,
and programmes to provide the best facilitie5 to support teaching and learning.
Arts, Mu8lc and Drama
The excellence of the College's provision for the media, visual, dramatic, and musical arts has already
been noted. That the College continues to be one of the few independent schools in the country to
have achleved the Arts Council of Great Britain's award of 'Artsmark Platinum, bears external testimony
to the standards achleved, both In performance and in partnership and outreach.
Further details of the excellence of the Colle￿'S provlslon and its outreach work can be found on the
College's website.
Sport
As previously noted the College had been accredited by the World Academy of Sport as an Athlete
Frlendly Education Centre (AFEC) and as such is one of fewer than 30 schools in the world to have
achleved thls status. The AFEC scheme is backed by the International Olympic Movement and the
Intematlonal Baccalaureate, and It re¢ognlses excellence in the provision 8t an Indlvidual level In
catering for the needs of puplls.
Further details of the College's sporting excellence, and Its sportlng outreach programmes, can be
found on the College website.
Adventurous Actlvltl08
The College remains committed to providing high quality adventurous activitles, most partlcularly
through the Duke of Edinburgh scheme and the Combined Cadel Force. The Duke of Edinburgh
scheme contlnue8 to be extremely popular with Ellesmerians.
Wldor Educatlon
In line with the Christian character of all Woodard Schools, and havlng regard for guidance Issued by
the Charity Commission and others, the school pursued policies that support the provlslon of benetlt to
the publlc.
The Woodard Corporatlon Is involved In development of academies as part of the government's
initiative. In support ofthis project all Woodard Schools have provided assistsnce, where asked. through
provision of educational exp8rtise, participalion In governance, direct curriculum support, etc. Ellesmere
College has contributed to this initiative.
More locally, the College is actively involved in the maintained schools. A number of members of the
College's academic staff fu￿11 governance roles within local maintained schools.
Further signlflcant publlc beneflt Is provided by the College through the work of its other employees in
the furtherance of educatlon beyond Ellesmere College. Fifteen of the teaching staff undertake
significant work as examiners for GCSE, A-level, and the International Baccalaureale Diploma
programme, with roles ranging from Examlner to Chlef Examiner at A-level. The College provides a
public benefit by facilitating staff absence to enable them to complete these tasks. The College's
significant public benefit role as a centre for excellence for the West Midlands In many sports is
augmented further by the College's willingness to allow staff time to support regional development,
which directly benefits pupils from the maintained sector. This yearfs such developments have included
club refereelng and coaching,. management of county cricket, rugby and hockey squads," directing and
coaching for North Midlands rugby. The College acts as a centre for teacher training. We have links
with Manchester Metropolitan University and Glyndwr University and take a number of trainees on
placement who then go on to teach in both the malntalned and Independent sectors. We are authorised
to run ECT (Early Careers Teacher) programmes for completion of QTS {Quallfied Teacher Status) and
have a full CPD (Continual Personal Development) programme for servlng teachers.
Public benefit within the wider communty of young people is provided through the College Duke of

ELLESMERE COLLEGE LIMITED
DIRECTORS. REPORT (incorporating the Strategic Report)
YEAR ENDED 31ST AUGUST 2024
Edinburgh scheme's willingness to lend Its canoes to other Duke of Edinburgh groups and provide
l(MJistical advice. Students from Ellesmere College spent in excess of 2.300 hours volunteering during
the year, something they can be very proud of.
Communlty
The College continues to provide financial and operational support to the Ellesmere Town swimmlng
pool to enable it to remaln open and available for the public.
The College offers Easter and Summer courses for local children in a variety of sports and activities.
Outreach and Partnership
The College offers considerable and extensive public benefit through its outreach and partnershlp
activities. In additlon to t￿se activities mentioned under the heading 'WKler Education, the College
has hi)8ted Arts Connect meetings for the Midlands hub of the Arts Council Arts Mark Award Schools.
There have been many collaborations with local schools in the area particular in th8 areas of drama.
music and sport.
Charltabl• Actlvltl
The College's charitable commitments contlnue to be strong and varied. Too many charities have
benefrtted this year from College fundraising actlvlty to be mentioned individually.
Fundralslng Perfomiance
Donations to the college totalled £56,500 (2023: £20.237). Enhance Ellesmere is a programme through
which donations are invested In educational facilitates and support whlch might not otherwise be
afforded. The College's focus Is on development of its relationship with and between alumni over an
active policy of fundraising.
Inv08tment Perforn)anc• agalnst ObJectlve8
The company's Investments are managed by Evelyn Partners and In the opinion of the governors the
performance has been in line with expectations over this perlod. The Investment backdrop has seen
risk assets contlnue to beneflt despite an ever more complicated geo-polltlcal backdrop. Inflation has
continued to fall and as a result cenlral bank interest rates are following sult albeit the pace is being
determined by a more stubbom 'core' Inflation. The portfolio has seen a net total return of +13.6OA (net
total return) over the trailing 12 months to 31st August 2024 to a value of £476,071 (2023: £420.522).
This compares to the peer group with a sSmSlar risk appetite as measured by ARC Steady Growth of
+12.49/0 and CPI of +2.20h.
Key Perfonnanco Indlcators
The governors use a number of KPIS to guide and inform their review of the school's performance, while
recognising that any short-tem measurement may distort the delivery of the primary objectives of the
College. Current KPIS..
1. To produce a surplus for the group before depreciation and special projects are tsken into
account.
The surplus before depreciation and special projects was £311.211.
2. To retain a mSnlmum of 60% of current pupils on transfer from Middle School to Sixth Form.
In the year 202&24 570/0 of puplls transferred from Year 11 to Year 12.
3. To remain a minimum of 90% of pupils on transfer from Lovrfer School to Middle School.
In the year 2023-24 the figure was 89°/0.
io

ELLESMERE COLLEGE LIMITED
DIRECTORS, REPORT (incorporatlng the Strategic Report)
YEAR ENDED 31ST AUGUST 2024
4. To achieve 60% of pupils joining their first4hoice university. Thls target Is set on the basis
of the College's policy to encourage pupils to be ambitious in thelr applications to
universities.
In the year 2023-24 770/0 of Year 13 students secured their first-choice university place.
5. To maintain an appropriately wide spread of International pupils both for reasons of
spreading financial risk and- more importantly- for malntaining a genuinely international
culture within the College. 'Appropriately wide. Is defined as having an international
population of students from more than 20 countries.
In the year 2023-24 34 different nationalities were represented at the College.
FINANCIAL REVIEW
Results for the Year
The net deficit for the year out of unrestricted funds amounted to £94,482 (2023: £314,021) after
charglng depreciation of £411,448 {2023: £320,467). The Group surplus before depreciation was
£284,067 whlch was a pleasing improvement on the year before. Net fees were hlgher than anticipated
due to an Increase In the number of international pupils, but Costs remained challenglng particularly in
areas such as stafflng and energy.
Net current liabilitles fell slightly to £3.059,602 (2023: £3,121,737) with Increased fees In advance
reducing Ihe overdraft oulstanding at the end of the year. Long term liabilities increased by £398,871
to £1 ,278.696 (2023: £879,825) due to fees in advance pakl by parents for 2 years or more.
The College is supported by our subsidiary companies, Ellesmere College Enterprises {ECE) and
Ellesmere College Intemational (ECI). Our Irading company, ECE. contSnues to hire out Ellesmere
College facllltles as well as undertaking commercial 8Ctivity on behalf of the School. ECE'S surplus was
£64,663 (2023: £69,754) for the year. In addition, ECI contributed a surplus of £294,841 (2023:
£146,618).
R•8•rvos Level and Pollcy, and Flnanclal Vlablllty
It has been Ihe school's policy to utilise funds to ensure that hlgh quality up-to4ate facilities are provided
for the benefit of pupils. The aim is to budget so as to provlde sufflclent working capital to meet the
present needs and future development requirements of the school wlthout the requirement to have
recourse to sales of tanglble fixed assets, or use of the school's readily realisable Investments to support
unrestricted funds. Unrestrlcted funds decreased by £94.482 to total £3,876,221 (2023: £3,970,703).
Ellesmere College plans to fund longer term capital expenditure and meet long term IlabS1Stles through
careful management of resources and Investments and through building reserves through operations
and trading.
The governors have invested substantial sums into malntalnlng school buildings in recent years and
have a continuing programme of ￿fUrbIShment, development, and Investment to maintain excellent
teaching facilities for our pupils. In common with most independent schools, which tend to fund their
own capital investment plans. free reserves are at a negative balance illustratlng the extent of the
investment in our school. The group's total capital and reserves of £3,908,032 (2023: £4,035,413) at
the year-end included £31.711 (2023: £64,610) of restricted funds. Tangible assets held for charity use
totalled £7,770,259 (2023: £7.616.453). leavlng a deficit on free ￿SerVeS of £3.8m (2023: £3.6m) at the
year-end. The school's financial viability does not depend on income reserves but in its ability to
continue to trade at a surplus on an annual basis. and on the substantial FQrtfolio of fixed assets held
for operational use. The school does not have. and cannot rely on, permanent endowments.
PRINCIPAL RISKS AND UNCERTAINTIES
The goveming body is responsible for the identification and management of risks. The major rlsks to
which the charity is exposed. as identified by the directors. have been reviewed and systems or
procedures have been established to manage those risks. Detailed examination of the risks and
estsbllshment of controls to mitigate them is delegated to the relevant Sub-committees and the process
is overseen by the governing body. A formal review of the risk management processes is undertaken
11

ELLESMERE COLLEGE LIMITED
DIRECTORS, REPORT (incorporating the Strategic Report)
YEAR ENDED 31ST AUGUST 2024
annually.
The independent sector as a whole Is cuThently subject to increased political risk as the stated policy of
the Labour Party is to remove tax cOn￿ssIOnS for charitable independent schools. adding VAT and
removing business rates relief. There is a signrficant risk to the independent sector as adding VAT to
school fees will make the fees unaffordable for a proportion of parents. materially affecting school
income. The full effect will not be known until all detslls of the policy are announced and schools and
pa￿nts are able to assess impact on affordability.
The prlnclpal risks to which the school is exposed include those affectlng protection of pupils and
securlty and preservation of charitable assets both now and in the future. Slgnificant risk areas:
the change in political leadershlp has resulted in VAT being added to school fees along with the
removal of the 80¥0 rates rellef, both of which will impact fin8nces signrficantly. The Governors
consider this to be the predomlnant rlsk to the school.
the economic turbulence of recent years Impacting parents. ability to afford school fees
all organisations face difficult economk condltlons an¢J directors and senior managers In tk
school keep abreast of economic conditlons locally, nationally and internationally to identify trends
and develop plans to address issues
the school operates in an environment of rising costs, partlcularly energy and employThent costs.
the market in which the school operates is highly competStSve and we monitor developments in
educatlon to ensure that pupils always receive a first class, hollstic and varied educational
experlence In our school
we strlve to ensure that all staff are able to work in a safe and 8UPPOrtSve environment and pollcies,
procedures and tralnlng In Human Resource management and Health arKI Safety help to ensure
that the school meets expectatlons
the school operates in a hlghly regulated sector. including in matters of child protectlon, and we
appoint appropriate professlonal advlsers to ensure that we can keep up to date with all
requirements., school or individual membershlp of bodies being the constituent asscKlatlons of the
Independent Schools Council also ensure that we have access to up to date information and
support
the school operates in an increasingly Iltlglous envlronment and we appoint appropriate
professional advisers and purchase insurance using speclallst brokers and advisers to ensure that
we can keep up to date with all requirements and meet all challenges
The key controls used by the school Include:
fomial agendas and minutes for all meetings of the governing body and committee8
terms of reference for all committees
comprehensive strategiG planning, financial forecastlng, budgeting and management accounting
established and identifiable organisational structures and reporting lines which are regularly
reviewed
comprehensive fomial written policies
clear authorisation limits and purchase control systems
vetting procedures, as required by law, for protection of the vulnerable.
The school plans strategically havlng regard for risk. The executive team provides the governlng body
with regular reports which include details of the princlpal strategic objectives and the activity to achleve
those objectives. The school also records significant achlevements and updates the governing body
and Woodard on short-term plans.
The strategy Is discusseil between the governing body and the Woodard Board and protocols have
been developed and agreed which outline the relationship bet￿￿en the two bodles.
Financlal rfsk management objectives and policie8
The school uses financial instruments. other than derivatives. comprising loans. cash and other liquid
resources and various other items such as trade debtors and creditors that arise directly from
operations. The main purpose of these financial instruments is to raise finance for group's
operations.
12

ELLESMERE COLLEGE LIMITED
DIRECTORS, REPORT (incorporating the Strateglc Report)
YEAR ENDED 31ST AUGUST 2024
The main issues arising from the group's financial instruments a￿ liquidity risk, interest rate rlsk 2nd to
a lesser extent debtor risk. The school's directors adopt policies for managing each of the risks and
these are summarised below:
LIquKfÉty risk - the school seeks to manage financial risk by ensuring sufficient liquidity is available
to meet foreseeable needs by negotiating adequate facilities from its bank.
Interest rate risk- the school finances operations through a mixture of retalned surpluses and bank
borrowings. These are open to fluctuations in interest rates.
Debtor risk - debt collection procedures are in place to ensure timely payrnent of fees including a
direct debit Scheme. Debts are referred to solicitors rf necessary.
Golng Concom
In her Autumn budget statement, the Chancellor of the Exchequer confirmed that VAT should be applled
to private school fees from the 1st January 2025. In addition to this, an increase in employers. National
Insurance contributions is to take effect from April 2025. The Directors are preparing for these measures
to have a material impact on fees and cause a reduction in demand in the independent school sector.
Budgets and cashflow forecasts have been prepared to December 2025 which show that the Group
can operate within the Ilmlt of the overdraft facility, but this will be closely monltored as the year
progresses as the effeds of the Increased cost to parents are seen. While it is not antlclpated that it will
be required, the Group has assets Includlng investments that could be liquidated rf necessary. Barclays
support the College and the Group wlth a £2,000.000 overdraft faGilily and this can be extended by
agreement. Cash is managed on a group basis and Barclays have expressed their support.
Despite the very considerable pressures imposed on the Independent school sector in the recent budget
statement, the Directors have a reasonable expectation that the group will be able to continue operating
for the foreseeable future, and thus the financial siatements have been prepared on a going concern
basis.
Details relating to the adoptlon of the golng concern basis can be found in the accountSng policy 1b.
FUTURE PLANS
The key objectives of the current five-year plan are:
Having achleved accreditation as a High Performance Leaming World Class School to build on
the programme to ensure that every pupil reaches his or her full academlc potential.
2. To build on the recognition of the excellence of the College's artistic programme provlded by the
Artsmark Platinum status and to continue to develop as an arts hub for the region. There are
ambitious plans for renovation of a building at the College to provide improved music teaching
facilltles.
To review curriculum provlsion in line with national Changes and to meet the needs of our market.
To manage the staffing at all times so that we deliver the best possible education as well as
accommodation, welfare and administration.
5. To build and encourage community access for educatlonal purposes to the schools. facilitles.
To maximise the income from the use of the College's facilities and develop new streams from
overseas.
To identrfy opportun5ties for energy consumption reduction.
To malntsin the fabric of the school to a high level.
13

ELLESMERE COLLEGE LIMITED
DIRECTORS, REPORT (incorporating the Strategic Report)
YEAR ENDED 31ST AUGUST 2024
DIRECTORS
The dlrectors who served durirrfJ the year, and the committees of ￿lch they are members, are..
C E Llllls (Chairman)
Finance and General Purposes
Investment
Regulatory Compliance
Education
Finance and General Purposes
Investment
{Full Council)
Finance and General Purposes
Regulatory Compliance
Education, Regulatory Compliance
Education
Education
Finance and General Purposes
K E Castle
S M Connor
R A K Hoppins
J Nieto
J C Pochin
M D T Sampson
J Scanlon
A Sutton
J M Trowbridge
MAWard
None of the directors has any beneficial interest in the company. Ellesmere College buys trustees and
officers Insurance on behalf of the directors.
AUDITORS
Following a competitive tender process, Moore Kingston Smlth LLP were appointed as the companls
external auditors at the Annual General Meeting held on 23rd May 2024, for the year to 31 August 2024
onwards. As a consequence, RSM UK Audit LLP did not offer themselves for reappointment under
section 487 (2) of the Companies Act 2006. The Board would Ilke to express its appreGiation to RSM
for their senilces over the past seven years.
14

ELLESMERE COLLEGE LIMITED
DIRECTORS, REPORT (incorporatlng the Strategic Report)
YEAR ENDED 31ST AUGUST 2024
DIRECTORS. RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the directorfs report. incorporating the strategic report and
the financial 5tstements in accordance with applicable law and regulations.
Company law requires the dlrectors to prepare company and group flnanclal statements for each
financial year. Under that law the directors have elected to prepare the financsal statements in
accordance with United Kingdom Generally Accepted A￿oUnting Practice (UnSted Klngdom Accounting
Standards and applicable law).
Under company law the directors must not approve the financial statements unless they are satisfied
that they glve a true and fair view of the state of affairs of th8 company and the group and of the income
and expendlture of the company and group for that period.
In preparing each of the group and company financial 8t8tements. the dlrectors a￿ required to:
select suitable accounting pollcles and then apply them consistently;
observe the methods and prlnciples In the Charities SORP (FRS 102);
make judgements and accounting estimates that are reasonable and prudent.
prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the group and the company will continue in buslness.
The directors are responslble for maintaining proper accounting records that are suffKient to show and
explain the group's and company's transactions and disclose with reasonable accuracy at any time the
financial position of the group and company and enable them to ensure that the financial statements
comply with the Companies Act 2006. They are also responsible for safeguardlng the assets of the
group and company and hence for tsking reasonable steps for the prevention and detection of fraud
and other irregularities,
The directors confinn that:
so far as each dlrector Is avmre, there is no relevant audlt Inforniatlon of which the charltable
CoMpan￿S auditor Is unaware.. and
the directors have taken all the steps that they ought to have tsken as directors in order to make
themselves aware of any relevant audlt Information and to establish that the charitable company's
auditor is aware of that information.
The directors are responsible for the maintenance and Integrty of the corporate and flnancial
information Included on the charitable CoMpan￿S website. Leglslation in the United Kingdom governing
the preparation and dissemination of financial statements may differ from legislation in other
jurisdictions.
Approved by the Board of Directors of Ellesmere College on aoé
capaclty as company directors, approving the Dlrectors, and Strategic Repo
slgned on tts behalf by:
1014 including, In their
contalned therein, and
Mr C E Lillis
Chaimian
15

ELLESMERE COLLEGE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELLESMERE
COLLEGE LIMITED
YEAR ENDED 31ST AUGUST 2024
Oplnlon
We have audlted the financial statements of Ellesmere College Limited (the parent charltsble companl)
and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidsted
Statement of Flnancial Activities (inGluding an Income and Expenditure Account), The Charity
Stalement of Financial Activities {including an Income and Expenditure Account), the Consolidated and
Charity Balance Sheets. the Consolidated Cash Flow Statement and notes to the financial ststements,
Including significant accounting policies. The financial reporting framework that has been applied in
their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 'The
Flnancial Reporting Standard appllcable in the UK and Republic of Ireland. (United Kingdom Generally
Accepted Accounting Practice).
In our oplnlon the financial statements..
give a true and fair view of the state of the group's and the parent charitable CoMpan￿S affairs as
at 31 August 2024 and of the group's incoming resources and application of resources, including
its income and expendlture, for the year then ended,.
have been properly prepared in accordance with United Klngdom Generally Accept8d Accounting
Practice: and
have been prepared in accordance wSth the requirements of the Companles Act 2006.
Ba818 for opinlon
We have been appointed auditors under the Companies Act 2006 and 8ectlon 151 of the Charities Act
2011 and report in accordance with those Acts.
We conducted our audit in accordance wtth Internatlonal Standards on Auditing (UK) (ISAS (UK)) and
applicable law. Our responsibilities under those standards are further described In Ihe Auditor's
responsibilities for the audit of the financial statements sectlon of our report. We are independent of the
group and parent charitable company in accordance with the ethlcal requirements that are relevant to
our audit of the fin8ncial statements In the UK, including the FRC'S Ethical Standard and we have
fulfilled our other elhical responslbllities in accordance with these requlrements. We believe that the
audit evidence we have obtained Is sufficient and appropriate to provlde a basis for our opinion.
Con¢lu8lons relatlng to golng concern
In auditing thp flnanclal statements, we have concluded that the Directors, use of the going concern
basis of accounling In the preparation of the financial statements is appropriate.
Based on the work we have performed. we have not identif￿d any material uncertainties relatlng to
events or conditions that, irKJividually or collectively, may cast significant doubt on the group's or the
parent charitable companvs ability to continue as a going concern for a perlod of at least twelve months
from when the financial statements are authorised for issue.
Our responslbllltles and the responsibilities of the Dlrectors with respect to going concem are described
in the relevant sectlons of this report.
Other Infomiation
The other infomation comprises the infonnatlon included in the Annual Report other than the financial
statements and our auditor's report thereon. The Directors are responsible for the other information
contained wlthln the Annual Report. Our opinion on the financial statements does not cover the other
information and. except to the extenl otherwise explicitly stated in our report. we do not express any
form of assurance concluslon thereon.
Our responsibility is to read the other infonnation and. in doing so, consider whether the other
information is materially inconsistent wlth the financial statements or our knowledge obtained in the
course of the audit or otherwise appears to be materially misstated. If we identrfy such rnaterial
inconsistencies or apparent material misstatements, we are required to determine whether this gives
rise to a material misststement in the financial statements themselves. If, based on the work we have

ELLESMERE COLLEGE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELLESMERE
COLLEGE LIMITED
YEAR ENDED 31ST AUGUST 2024
performed. we conclude that there is a material misstatement of this other information. V￿ are required
to report that fact. We have nothing to report in this regard.
Oplnlons on other matters proscrlbed by the Companles A¢t 2006
In our opinion, based on the work undertaken in the course of the audit:
the infomiation given in the Directors, Report which includes the Directors, Report and the Strateglc
Report prepared for the purposes of company law for the financial year for which the financlal
statements are prepa￿(1 is consistent with the financial statements; and
the Directors, Report and the Strategic Report. included within the Directors, Report have been
prepared In accordance with applicable legal requlrements.
Matters on whlch we are raqulrèd to report by excoptlon
In the light of the knowledge and understanding of the group and the parent charltable company snd
their environment obtalned in the course of the audit. we have not identified material misstatements in
the Directors. Report or the Strategic Report included within the Directors, Report.
We have nothing to report Sn respect of the following matters where the Companies Act 2006 requlres
us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent charltable company, or returns
adequate for our audit have not been received from branches not visited by us; or
the parent charitable company financial statements are not in agreement wlth the accounting
records and returns. or
certain disclosures of dlrectors, remuneration specrfied by law are not made" or
we have not received all the information and explanations we require for our audit.
Ro8pon8lbllltle8 of dlractor8
As explained more fully In the Statement of Directors, responsibilltles set out on page 14, the trustees
(who are also the directors of the charltable company for the purposes of company law) are responslble
for the preparation of the financial statements and for being satisfied that they give a true and fair vlew,
and for such internal control as the directors determine is necessary to enable the preparation of
financial statements that are free from material mlsstatement, whether due to fraud or error.
In preparing the financlal statements. the directors are responslble for assessing the group's and parent
charit8ble cOmpan￿S abilty to continue as a going concern, dlsclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless the directors either Intend to
liquidate the group or parent charltable company or to cease operatlons, or have no realistic alternative
but to do so.
Audltorfs r88ponslbilitles for tho audlt of the flnanclal stateM￿ts
Our objectives are to obtsln reasonable assurance aboLrt 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 guarante8 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 rf. individually or in aggregate.
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audlt In acwrdance with ISAS (UK) we exercise professional judgement and maintain
professional scepticism throughoLrt the audit. We also:
Identfy and assess the risks of material misstatement of the financial statements, whether due to
fraud or error. ijesign and perform audit procedures responsive to those risks. and obtain audit
eviden￿ that is sufficient and appropriate to provide a basis for our opinion. risk of not detecting
a mater181 misstatement resulting from frau¢J is higher than for one resultlng from error, as fraud
17

ELLESMERE COLLEGE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELLESMERE
COLLEGE LIMITED
YEAR ENDED 31ST AUGUST 2024
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of intemal
Gontrol.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the trustees.
Conclude on the appropriateness of the trustees. use of the golng concem basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exlsts related to events or
conditions that may cast significant doubt on the group and parent charitable companvs ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our audilor's report to the related disclosures in the fsnancial statements or, if such
disdosures are inadequate. to modify our oplnion. Our conclusions are based on the audit evidence
obtained up to the date of our audttor's report. However, future events or condition8 may cause the
group or parent charitsble company to cease to continue as a going concem.
Evaluate the overall presentation, structure and content of the financial statements, including the
disdosures, and whether the financial statements represent the underlying transactions and events
in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the firkgnclal Infonnatlon of the entities or
business activities within the group to express an opinion on the consolldated financial statements.
We are responsible for the direction, supervision and performance of the group audSt. We remain
solely responslble for our audit report.
We communlcate wlth those charged wlth governance regarding, among other matters. the planned
scope and timing of the audlt and slgnlflcant audit findings, including any significant deficiencies in
internal control that we identify durlng our audit.
The extent to whlch the audlt was consld•rod capable of detectlng Srregularltl88. Includlng fraud
Irregularities. induding fraud, are instances of non-compllance with laws and regulations. We design
procedures in line with our responsibilit￿s, outlined above, to detect material misstatements in respect
of irregularities. including fraud. The extent to whlch our procedures are capable of detecting
irregularities, including fraud is detailed below.
The objectlves of our audlt In respect of fraud, are; to identlfy and assess th8 risks of material
mlsstatement of the finandal statements due to fraud. to obtain sufficient approprlate audit evidence
regarding the assessed rlsks of material missiatement due to fraud, through designing and
implementing appropriate responses to those assessed risks,. and to respond appropriately to instances
of fraud or suspected fraud identlfied durlng the audit. However. the primary responsibility for the
prevention and detection of fraud rests vAth both management and those charged with governance of
the charitable company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the charttable
company and considered that the most slgnfficant are the Companies Act 2006, the Charities Act
2011. the Charity SORP, and UK financlal reportlng standards as issued by the Financial Reporting
Council.
We obtained an understanding of how the charitable company complies with these wuirements
by discussions with management and those chsrged with governance.
We assessed the risk of material misstatement of the financial statements, IncludlrKJ the risk of
material mlsstatement due to fraud and how it might occur. by holding dlscusslons with
management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-
compliance or suspected non-compliance with laws and regulations.
Based on this understanding. designed speclfic approprlate audit procedures to identify
instances of non-compliance with laws and regulations. This included making enquiries of
management and those charged with governance arKI obtaining additional corroboratlve evidence
as required.
There are inherent limitations in the audit prc>cedures described above. We are less likely to become
aware of instances of non-compliance with laws and regulations that are not closely ￿lated to
18

ELLESMERE COLLEGE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELLESMERE
COLLEGE LIMITED
YEAR ENDED 31ST AUGUST 2024
events and transactions reflected in the financial statements. A180. the risk of not detecting a
material misstatement du8 to fraud is higher than the risk of not detecting one resutting from error,
as fraud may involve deliberate concealment by, for example. forgery or intentional
misrepresentations, or through collusion.
Use of our report
Thls report Is made solely to the charitable company's members, as a bjdy, 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 charltable company's members those matters we are required to state to them In an auditor's
report and for no other purpose. To the fullest extent permitted by18w, we do not accept or assume
responsibilty to anyone other than the charltable company and the charit8ble company's members as
a body, for our audit work, for this report. or for the opinions we have formed.
16 January 2025
Mr Robert Kersse (Senior Statutory Audltor)
For and on behalf of Moore Kingston Smith LLP
9 Appold Street
London
EC2A 2AP
19

ELLESMERE COLLEGE LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {Incorporating an
Income and Expenditure Account)
YEAR ENDED 31 AUGUST 2024
Unrestrlcted
FU￿ts
Restrtcled
Fund8
Endow
Fund$
Totsl
2024
Tolal
2023
Notes
Income and Endowm•nts from .
Charftabk Actlvltles
School fees rece6vabl6
Anclllary tradlng Income
¢)Ih•r tradlng 8Gtlvltl•s
Non4nclllary tradlng Income
Oiher 8thIUes
Invostm•nt¥
Investm8nt Ineome
10.759.183
1.159.210
10.759.183
1,159210
10.359.989
1,093.630
750.854
{224)
750,854
(2241
831,524
4,369
7.686
7.868
7.312
Volunlary *ourco*
Grants and Donatlons
Oth•r In¢omlng r••our¢
10.000
104,401
46.500
56.500
104,401
20,237
62,572
TOTAL INCOMING RESOURCES
12.791.090
46,500
12.837,590
12,179,633
Expendllurn on Ralslng Fund•
Non anclllary tradlng costs
Anclllary tradlng expenses
Flnanclng costs
Investment management
Fundr818lng and dovelopmenl
389.918
1,165.560
151,102
2,498
123.084
389,918
1.165,560
151,102
2,498
123.084
405,814
1.108,004
254,658
2,465
142,580
TOTAL DEDUCTIBLE COSTS
1.832.182
1,832,162
1.913,499
Charlt•bl• AGtlvltl•¥
Educatlon
11,103.790
79,399
11.183,189
10.574.054
TOTAL EXPENDMIRE
12,935.952
79.399
13.015,351
12,487.553
Net Exp8ndlturo
befor• transfern
Re8llsed galns I Ilossesl on Investment assets 13
Unreall8ed galns l {108ses) on Invesknent asset 13
{144,882)
5.654
44,726
132.8991
{177,761)
5,654
44,728
{307.9201
14201
(8.8101
N•t Exp•ndltur•
194.482)
132,8991
(127.381)
(315,1501
Tran$fer$ between fijnds
23
Net Movement in funds for the year
194.482)
132,899}
(127,381)
(315,1501
FurKI balances at 1st September
3,970,703
64.610
4,035,313
4,350,463
FUND BALANCES A8 AT 318T AUGUST
3,876,221
31,711
3,907,932
4,035.313
All amunts r91ate to conunuing activities.
All recognlsed galns arKI losses in the Gu￿ent arKI prksr year are in¢luded in the Statement of financial a¢tivities.
Th8 notes on pages 24 to 44 form part of these financial statements.
20

ELLESMERE COLLEGE LIMITED
CHARITY STATEMENT OF FINANCIAL ACTIVITIES (Incorporatlng an
Incoma and Expendlture Account)
YEAR ENDED 31 AUGUST 2024
Unreslrictgj
FuTrJs
ReStrict￿j Endt)wed
Funds
Funds
Totsl
2024
Tot81
2023
Noles
Income and Endowmonts from ."
Charitablo Actlvllles
School fees receivable
Ancillary tradlng in¢ome
Other Iradlng actlvltles
Recharges to Ellesm8r8 College Enterprises
other actlvltles
Investments
Investrnent income
Voluntary $ourG
Grants and Donattons
Oihw Incomlng r••OUr￿l
10,759,183
1,159,210
10,759,183
1,159,210
10.359.989
1.093.830
43,839
1224)
43,639
1224)
42,295
4,369
7,666
7,312
389.504
104,401
46,51)0
416,004
104,401
180,199
62.672
TOTAL INCOMING RESOURCES
12.443,379
12,489,879
11.750,3ee
Expondllur• on Ralslnp Fund•
Non Anclnary Trading
Anclllary trading èxpen888
Financlng costs
Inve8tsnent management
Fundraising a￿1 development
43,639
1,165,560
150.170
2,498
123,084
43,639
1,166,580
150,170
2,498
123,084
42,295
1.108,004
253,798
2,465
142,560
TOTAL DEDUCT18LE COSTS
1,484,951
1,484,951
1,549,122
Charltabl? Adlvltlo•
Educallon
11.103,290
79,399
11,182,689
10.566,574
TOTAL EXPENDITURE
12,588,241
79,399
12,887,640
12.114,696
Not Expendlturq
before transfern
Reallsed galn$ I11088•81 on In￿￿tMent a¥s0ts
Unreallsed gains I (Ioss8sI on Investment 8$$010
(144,862)
5,654
44,726
132,899)
(177,7611
5,654
44,726
(364.3301
{4201
16.8101
13
13
Not Expendltur•
(94,482)
132,899)
{127,3811
1371.5601
Transfers befv*en funds
23
Not Mov•mont In fvnds for the year
(94.482)
132,899)
1127,3811
1371.5601
Fund balances at 1st September
3,970.703
64,610
4,035.313
4,406.873
FUND BALANCES AS AT 31ST AUGUST
3,876.221
31,711
3.907,932
4,035.313
All amounts relate to continuing aC￿vI￿eS.
All reccgnised gains and losses in the current and prior year are Included In the stslement of financial aclivilies.
The nolas on p4es 24 10 44 form part of these financial ststements.
21

ELLESMERE COLLEGE LIMITED
CONSOLIDATED AND CHARITY BALANCE SHEETS
AS AT31 AUGUST2024
Group
2024
Charity
2024
2023
2023
FIXED ASSErs
T8ngible assets
Secjjrltles Investments
12
13
7.770,259
476,071
7,616.453
420.522
7.770.259
476,172
7.616,453
420,623
8.246,330
8,036,975
8.246,431
8,037.076
CURREKf ASSETS
Stock
Debtor5
Cash at bank arKi in h8nd
42.633
919,653
161,828
41582
818,904
177.323
36.157
1,039,294
7,943
41.573
1.028,572
6,277
14
1,124,114
1,044,809
1,083.394
1,076,422
CURRENT LIABILITIES
Creditors: amounts f8111ng due vAthin one year 15
4,183,716
4,166,546
4.143,097
4.198,260
NET CURRENT LIABIUTIES
(3.059,602)
{3.121.737) {3,059,703) {3.121,838)
TOTAL ASSETS LESS CURRENT LIABILITIES
5.186.728
4.915.238
5,186,728
4,915,238
LONG TERM LIABILITIES
Cfeditors.. amounts falling due after more
than one year
16
(1.278.696)
{879,825} (1,278,696)
(879,8251
NET ASSETS
3,908,032
4,035.413
3,908.032
4,035.413
REPRESENTED BY:
Called up 8h8re c8pit81
20
100
100
100
100
RESTRICTED FUNDS
UNRESTRICTED FUNDS
23
31,711
64,610
31.711
64,610
General reserve
3.876,221
3.970,703
3.876.221
3,970.703
3.908.032
4,035,413
3,9)8,032
4,035,413
glIlLS
The finandal stalem8nts were approved and authorised for issue by the B08rd on.......
on its behalf by .
.and slgned
Mr C E Lillis- Chaiman
Company Registration No '. 05066406
The notes on pages 24 to 44 fomi part of these finanryal statements.

ELLESMERE COLLEGE LIMITED
CONSOLIDATED CASH FLOW STATEMENT
AS A T31 AUGUST2024
Group
2024
Group
2023
Cash flows from op•rating actlvftles .
Net cash provided by operatlng activitt83
30
936.961
230.170
Cash flows from Investlng actlvllles .
Dlvldends, Interest and rents from inv88tm8nts
Proceeds from the s81e of property, plant and equlpm8nt
Purchase of propety. plant and 8quipmenl
Proceed8 from sale of investments
Purchase of Investments
7.666
16,356
(565,254)
120,830
(125,999>
7,312
(433,598)
75,220
<80,051)
Not cash u$•d In Invostlng actlvltle8
(546,401 >
(431,117)
Cah fl(￿8 from flnanclng actlvltl•8 .
Repaym6nts of borrowing
Repaym9nt of existing loan to Hande18bank8n
Drawdown of Barclays loan
Flnancing costs
(99,681 >
(131,821)
(473,188)
540,000
(254,656)
(151,102>
N•t Cash used In flnanclng actlvllle8
(250,783>
(319.685)
Chongo In cash and ca8h •qulval•nts In Ihe year
139.777
(520,612)
Cash and cash equlvalonts at th• boglnnlng of the ￿ar
(881.617}
(361,005)
Cash and cash oqulvalents at Ihe ond of th• ￿ar
31
(741,8401
(881,617}
23

ELLESMERE COLLEGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
1 AccouNfiNG POLICIES
The prlncipal accounting policles. all of which have been applied consistentty throughout the year and in
the preceding year are:
a) Bas18 of Accounllng
Ellesmere College Limlted Is a prlvate company limlted by shares, number 5066406. Incorporat8d In
England and Wales. Its registered office and ptlncipal p18ce of buslness Is Ellesmer8 College,
Ellesmere, Shropshire SY12 9AB. It is also a charlty, number 1103049. The group conslsts of
Ellesmere College Limited. Ellesmere Colleg8 Enterprises Limited and E118sm8re College Intemational
Limited.
The accounts of the group have been prepared under the Companles Act 2006 and In accordance wlth
the Statement of Recommended Pracalce for Charltles ('SORP {FRS102)') and with applicable UK
Accountlng Standards. They are drawn up on the historical cost accounting basis except thal property
and share Investments held as fixed assets are carried at fair value.
Ellesmere College meets the definltlon of 8 publlc benefit 8ntity und8r Financlal Reporting Standard
{FRS> 102. Assets and Ilabllltl8s are inltially r8cognised 8t hlstorlcal cost or trans8Ctlon value unless
ottrffjrwlse statsd In the relev8nt accountlng pollcy notes.
The preparatlon of fln8nclal statements In confomilty wlth FRS 102 raquI￿S management to make
Judgements, estlrnates and assumptlons that affect the 8ppllcatlon of pollcles and r8POrted amounts of
assets and Ilabilltles. incom8 and 8xp8nses. The esllmates end associated assumptions are based on
hlstorlcal 8XP8ri8nce and varlous other factors that are believed to be reasonable und8r the
circumstances, the results of which form the basls of maklng the judgements about cerrylng values of
ass8ts and Ilabilities that are not readlly apparent from other sources. Actual results may dlffer from
these estimates. Further detalls are provided in note 33 and In the acGountlng pollcles for depreciatlon
of flxed assets. for pensions and for bad debts.
The. financlal statements ar8 prw38nted In sterling (£) and the functlonal currency is sterllng (£).
Monetary amounts In these flnance stst8m8nts are rounded to the nearest £.
b) Golng Conc•rn
Th• accounts havé ￿en prepared on a golng conoern basls. The Ellesmere Colleg6 Board revlews
the financial infom)atlon for the company end the group and considers whether the group and the
company are a going ¢on¢em for a perlod of at least 12 months from the date of approval of the
accounts.
Havlng considered all factors and reviewing the avallable evldence, dlrectors have a reasonable
expectation that the group will be able to continue operatlng for the foreseeable future and the financlal
statements have been prepared on a golng concem b8SIS.
In 202312024 the Group achieved a surplus before depreciation as 8xpect8d. Pupil numbers are lower
Sn September 2024 than the year 2023 - 2024 but the College has made significant ¢05t reductlons to
compensate for this. Labourfs policy of addlng VAT lo school fees from January 2025 Is a concern for
all independent schools, however budgets and cashflows have been prepared for the 2024-2025 year,
whlch also include the Impact of an increase in employers Nl from Aprll 2025 as noted In the most
recent bud￿t, and these show that wlth the planned cost savlngs the Group wlll remain a golng
concern for the foreseeable future.
Whlle It Is not antlclpated that It will be requirad. the Group has assets Indudlng inv88tments that could
be liquidated rf necessary. Barclays support th8 College by providing a £2.000.000 overdraft facillty.
which is reviewed annually. Cash is managed on a Group basis and Bardays have expressed thelr
conlinued support for the Group for the period with an increase in overdraft rf ne￿Ssary.
The Trustees l Directors are unaware of any other factors which would impact on the charity and the
group being treated as a going concem.
24

ELLESMERE COLLEGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
c) Group Accounts
The financial statements consolidate the financial statèments of the company, and 811518 subsldSary
companies, charitable trusts and funds with all inter-company balances being elimlnated. Entitles are
¢onsolidat8d where Ellosmere College exerclses overall control elther through ownershlp of shares. or
through having common trustees with 8 common objectlve. Accountlng pollcles are consistently
applied b8tween group companies.
d) School Fees Recelvable and Slmllar Incomo
Fees ￿e1vable and oth8r educational Income are accounted for In the perlod In which the servlce Is
provided. Fees receivabl8 are stated after deducting allowances, scholarshlps and other r8mlssions
by the school, but includ8 contributions received from restrfcted funds for scholarships, bursaries and
other grants. All d8bts are fully provided for Un￿$$ they relate to current pupils owlng less than two
t8nns in whlch case a partlal provision Is made.
•) Ancillary and Non-Anclllary Tradlng Incom•
Anclllary tradlng Incomo rapresents amounts from actlvltles to generate funds wllhln the charitable
objects for example, tultlon In extra subjects and coaches to ar¢d from school. Non-anclllary tradlng
Income reprasents amounts from activitles not dlrectly relatad to thè charitable objects, for exampla
lettings of school facilitles Out of term tlme and sales from the tuck shop and vending machlnes.
Income from these activities18 recognlsed In the SOFA when the goods are sold or servlces provlded.
Voluntary 8ource8, Grant* and Donatlon¥
Voluntary incomlng resources are accounted for as and when entltlement 8rise5, the amount can
reliably be quantified and the economlc benefrt Is considered probable.
Voluntary incom8 for general purposes is accounted for as unrestricted and 16 credlted to the General
R8S81V8. Where the donor or an app881 has Imposed trust law restrictions, voluntsry Income Is
cr8dlt8d to the relevant restricted fund and Incomlng endowments are 8ccounted for as permanent
trust capital or expendabl8 trust capltal, according to whether the donor intends retentlon to be
permanent or not. Glfts In klnd are valued at esllmated open market value at the date of grft, In the
case of assets for retentlon or consumptlon, or at the value to the school In Case of donated services
or facilitl8S.
g) Expendltur•
Expgndlture Is accrued 88 soon as there Is a contradual obllgatlon or a Ilability is considered probable,
dlscounted to pr8S8nt value for longer term liabS1itles. Expendlture is allocated to expense headlngs
alth8r on a direct cost basis or apportioned accordlng to tlme spent. The irrecoverable element of VAT
Is includ8d with the item of expense to whlch It relates. The cost of refurbishing and convertlng
existing bulldlngs is written-off in the year In whlch It is incurred except where the useful Ille Is
ext8nd8d.
25

ELLESMERE COLLEGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
h) Pènslon Costs
The school company partlclpates in the Teachers, Pensions scheme, which 18 8n unfunded
govemment scheme. The Teachers, Pensions schème provides benefits based on final pensionabEe
pay. The funds of the scheme are separate from the company, although the company's share of the
scheme cannot be identified as the scheme is a multi*mployer scheme. and so the pension costs are
accounted for as defined contribution schemes.
The Company offers membershlp of the Penslons Trust Flexlble Retirement Plan to employees other
than the full end part-tlme 8cademlc staff. The Pensions Trust Flexlble Retirement Plan Is a multi-
employer penslon schem88 wh8r8 the sch8me assets are pooled for investment purposas and cannot
be attrlbuted to Individual 8mploy8rs. Banefits are pald from the total scheme assets, It Is in most
respects a mon8y purchase arrangement, bul has sorne guarantees. As a result It is not possible or
appropriat8 to Identify the assets and liabilities of the s¢P￿rne whlch are attributsble to the company.
In accordance with Financlal Reportlng Standard (FRS) 102 (sectlon 28) therefore, the scheme Is
accounted for as a defined contribution scheme.
l) Tanglbl• Flxed A••¢ti and Deprnclatlon
In 8ccordance wlth Section 35.10 (d) of FRS102, Ellesmere College has alactad to use the canylng
value of any of the above fr88hold land and bulldlng5 prevlously carried at a valuatSon, as thelr deemed
cost at the date ol transltion to FRS102, 1 September 2014.
Tanglble flxed assets are stated al cost less depreciation. Indlvldual capltal Items. or projects, with 8
Value greater than £10,000 are capltallsed.
Where tangible fixed assets have been acqulred with the ald of speclflc grants they are Included in the
balance sheet at cost and depreciated over their expected useful economlc life. The related grants are
credlted to a restricted fixed asset fund (in the slalement of flnanclal activiti8s and carried fopeiard in
the balance she8t). The depreciation on such assets Is charged in the statement of flnanci81 activltles
over the expected useful economlc Ilfe of the related asset on a basis consistent with the depreclallon
policy.
Depreciation is provlded at rates c8lculated to wrfte off tha cost,16ss astimated resldual value of each
asset ba￿d on current market prlces, over Its expected useful life, as follows:
Freehold land is not depreclated
Freehold Buildings:
varlable according to the building and wrltten off
over the expected useful life (888 note below)
33.330/0 on cost
between 40/0 and 25% dependlng on expected useful Ilfe
25% on cost
Computer equipment
Plant and Equlpment
Motor vehlcles
The company has revlewed Its tanglbl8 ass8ts, whlch comprise land, bulldings and Inltlal flxtures and
fittings. The company undertakes an annu81 revlew of all bulldlngs assessing thelr useful economic
Ilfe. In some cases the useful econombc Ilfe of a building Is anticipated to be of conslderable langth.
often In 8XC8ss of 100 years. The buildings are capitallsed in the financiel statements at historic cost
and the calculated depr8clation charge is charged In these accounts over the expected useful Ilfe
whlch ranges from 10 to 250 years. The dlrectors will continue to Garry out annual assessments of the
recoverable amount and the estimated useful lrfe of all buildings. The review is based on the directors,
assessments of the market value and the future eGonomic benefit derived from an asset versus its
carrying value in th8 financlal statements,
26

ELLESMERE COLLEGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
Jl Flnanclal Instruments
Ellesmere College only has financial assats and ffinanclal Ilabllltles of a klnd that quallfy as basic
financial instruments. Baslc financlal Instruments are Inbtlally recognlsed at transaction value and
subsequently m9asured at thelr settlement value wllh the exceptSon of bank loans which ar8
5ub5equerrtly measured at amortls8d cost uslng the effective inter8St method.
k) Securltlos Investments
Securities investments are carrled at fair value. which is deemed to be market value as at the balance
sheet date.
Realised and unrealis8d investment galns and losses are recognlsed as 'net gainsl(losses) on
investment assets, In the Statement of Flnanclal Actlvltles and are allocated to the appropriate fund
accordlng to the 'ownershlp' of the underfylng assets.
l) Stock8
Stocks comprise raw materials, consumable stores and goods held for resale: they are valued at th8
lower of cost and net r6alisabl8 value.
m) Loaslng Commltments
Rentals applicable to operating leases where substantially all of the benefits and rlsks of ownarship
remaln wlth the lessor are chBrged to lh8 SOFA on a stralght Ilne basls over the108g• tam). Lease
incentives are atrKounted for over the lease term on a stralght-llne basls.
n) Fee Depo81ts
Refundable fee deposits are currently classlfi8d be￿een long term and short lem in the flnanclal
statements. These deposSls are refundable in the event that the pupils leave the school on one t8rm's
notlce and as such the deposit would bè rèfunded to the parents at that polnt. However. th8 fin8nci81
ststements are prepared on a golng concem basis and It Is assumed that the majorlty of children wlll
rèmaln In school for their full years of educatlon and therefore the deposlt wlll be refunded to them
when they leave school.
0> Fund Accounts
Restricted funds are subject to specfflc condltlons by donors 89 to how thay may be used. The
purposes and uses of the restrlcted funds are set out In the notes to th8 fin8nclal statements.
p) Taxatlon
Ellesmere Colloge Is a r8glstered charity and as such is 8X8mpl from tsx on income and galns falling
wlthln Part 11 of the Corporation Tax Act 2010 or s8Ctlon 256 of the Taxation of Chargeable Galns Act
1992 to the extent that these ar8 applled to Its charitable objects. There Is no similar exemptlon for
VAT, which is Included In èxpendlture or in the cost of assets as appropriate.
The school has subsldlary companles that are subject to taxes including corporatlon tax and VAT In
the same way as any commerclal organlsatlon. Th8 tsx charged to the profit and loss account is
based on the subsldlary companles proffts for the y8ar and tskes Into account tax arislng because of
tlmlng dlfferences between the treatmenl of certain items for tax and accounting wrposes. The
subsldlary companies distribule their profits to Ellesmere College under Gift Ald and tsx liabilities are
kept lo a minimum.
27

ELLESMERE COLLEGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
CHARITABLE ACTIVITIES- SCHOOL FEES RECEIVABLE - GROUP AND CHARITY
The School fees In(xJme comprises:
2024
2023
Gross fees
14.539.096
13,980,148
Less.. Total scholarships. bursarles. etc
3,779.913
10,759.183
3,620,159
10,359,989
Add back '. Stholarships, Grants etc. paid for by
Restricted Funds
12.122
Unrestricted .
10,759.183
10,372,111
Scholarshlp8, bursaries and other awards wer8 pald to 410 pupils (2023 . 426 puplls). Wlthin this,
m&ans-tested bursarles totalling £623,374 were pald to 107 puplls {2023 '. £660.198 to 118 puplls).
CHARtrABLE ACTMTIES. ANCILLARY TRADING INCOME IUNRESTRICTED) . GROUP AND CHARITY
2024
2023
Entrance fees and wl$tr8tion fees
Fees In lieu of notice
Extra subjects
Other ancill8ry wjucatlonal Income
Pupil Busslng
Actlvlties, Club5, Events and House income
21.394
56.306
464,555
2,406
408,659
205,890
21.691
129.854
462.222
7.086
331.279
141.498
1.159,210
1,093.630
OTHER TRADING ACTIVITIES (UNRESTRICTED)
2024
2023
NOn￿nCIlIary tradlng In¢om•
Ellesmere College Enterprises Llmited
Ellesmere College Intematlonal Limited
341,114
409,740
750,854
(224)
394,591
236,933
631,524
4,369
Interest recelvable- puplls, bills
750,630
635.893
Cost of stsxk £28,998 (2023 . £30,311)
28

ELLESMERE COLLEGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
INVESTMENTS- INVESTMENT INCOME
Unrestrlcled R05trcted
Endowed
Total
2024
Total
2023
Securltles InwJ8lmont Incomo
Dividends
Flxed Interest
6,111
1,555
6,111
1,555
6,029
1.283
7,666
7.312
£7.312 of income In 2023 w88 unrestricted.
VOLUNTARY SOURCES- GRANTS AND DONATIONS
Unrostrlcted Restdcttyl
End¢)wod
Totsl
2024
Totsl
2023
Don8ti¢)ns
Gfft Ald from Ellesmero Colleg8 Ent Ltd
Gift Ald from Ellesmere Collega Int Ltd
10,000
46,500
56,500
20,237
13,464
146.498
294,841
294.841
369,504
46,500
416,004
180.199
£19,200 of 2023 donation income was restrlcted, £160.999 unrestrlcted.
ANALYSIS OF EXPENDITURE
a)Total Expendltur•- Group
Stsff Co¥ts Depredatkn
{rv)t• 9> (nots 121
Support
Total
2024
Totsl
2023
Costs ol ra181ng funds
Non anclllary trading costs
Other income generatlng actlvltles
Financing cosl (note 8)
Investment m8n8gement
FundralslrKJ and development
167.390
631,637
222,528
533,923
151.102
2,498
6,978
389,918
1.165,560
151,102
2,498
123,084
405,814
1.108,004
254,656
2,465
142,560
116,106
Totsl
915,133
917.029
1,832,162
1.913,499
Charltable Expondlturo
Education
Teachlng
Welfare
Prèmises
School administrallon and govemance
Grants. awards and prizes (note 7c}
4.836,252
823,492
878.580
393.477
564,123
838,455
1,641,913
789,858
5,591
5,400.375
1,661,947
2,931,941
1,183,335
5,591
5,452,956
1.580,326
2.083,537
1.452,C62
5,173
411,448
Total
6.931.801
411.448
3,839,940
11.183.189
10.574.054
Totsl Expendod - Group
7.846,934
411,448
4,756,969
13,015.351
12.487,553
29

ELLESMERE COLLEGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
ANALYSIS OF EXPENDITURE (Contlnued)
b)Totsl Expndltur•- Charlty
Stsff Costs D•prndallon
{r￿te 9) (note 121
Support
Totsl
2Q24
Total
2023
C08ts of ralslng funds
Non Ancillary Tradlng
Other Income generating activities
Flnancing c05t (note 8)
Inv8Stment management
Fundralslro and development
43,639
533,923
150,170
2,498
6,978
43,639
1,165,560
150.170
2,498
123,084
42,295
1,108,004
253,798
2,465
142,560
631,637
116,106
Total
747,743
737,208
1.484.951
1,549,122
Charftabh Expondltum
Educallon
Teaching
Welfare
Premises
School 8dminlstralion and govemance
Grants, awards and prizes (note 7c)
4,836,252
823,492
878,580
393,477
564,123
838,455
1,641,913
789,358
5,400,375
1,661,947
2,931,941
1,182,835
5,452,956
1,580,326
2,083,537
1,443,582
411.448
Total
6,931,801
411.448 3.839,440
11,182,689
10,565,574
TOts￿ Expondod. Charlty
7.679,544
411,448 4,576,648
12,667.640
12,114,696
Premises Costs Indude £79,399 from a restrlcted fund {£8.207 in 2023)
The cost of stock In the year was £222,799 {2023 . £98,052).
ANALYSIS OF EXPENDITURE Icontlnuod)
) Grants. award8 and prlz••
Ellesmere College makes 8war(Is to Individual familles to support 8choollng
Group and Charlty
2024
2023
From R•strlcted Fund8 .
Bur8aries and other grants and awards
From unre8trlctéd fund8 .
Prizes and leavlng awards
12,122
5,591
5,174
5,591
17,296
30

ELLESMERE COLLEGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
d) Governance Includèd in support costs
Ellesmere College reimburses governors for out of pocket expenses Indudlng travel. subsistence
and accommodation, where a claim Is made. One trustees was reimbursed £96 durin9 Ihe year121r23 . NIL).
Group
2024
2023
R8mun8ration paid to audllor for audit services for current year
Rèmuneralion pald to auditor for audit services for prior yéar
Other govemance (x)sts
19,650
20.4C
38,866
1,655
40.246
40,521
Charlty
Remuneration paid to auditor for audit servlces for current year
Remuneratlon pakf to auditor for audit services for prlor year
Other govemance ￿$ts
17.500
22.050
196
1,655
39.746
32,041
FINANCING COSTS
2024
2023
Group
Bank charges and Bank Loan Intore8t
Bad and doubtlul debt- Increase l (decrease) In provlslon
129.716
21,386
98,514
156,142
151,102
254,656
Charlty
Bank charges and Bank Loan Interest
Bad and doubtful debt- Increase l (Decrease) In provislon
128,784
21,386
97,656
156,142
150,170
253,798
31

ELLESMERE COLLEGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
STAFF COSTS
Th8 aggr8gatè payroll costs for the year were '.
2024
2023
Group
WwJes and salaries
Social security costs
Other pension casts
Private medical InsuranL
6.332,096
595,090
898,829
20,919
6.208.747
585.340
822.535
10.957
7,846,934
7,627,579
Charlty
Wages and salaries
Sc¢i818ecudty costs
Other ponslon costs
Private medlcal Irk8ur8n¢e
6.173.043
588.360
897,222
20.919
6.068,741
581,988
821,457
7.679.544
7,483.143
All staff are lolnlly employed by Ellesmere College and Its subsidiary Ellesmere College Ente￿lIses.
The charlly expenditure on payroll Is reduced by amounts cherged lo the subsldlary to r8fi8cl tlme
Spent workino on 8ubsidi8ry business. The number of staff p8rt18lly charged wa8 35 (2023 . 49> and the
number wholly di$bursed is 3 {2023:3).
The Senior Management Team ar8 classed by the School as belng the Key Management
Personnel.
None of the govemors recelved remuneration or other bgnefrts from Ellesmere College or from any
connected body.
2024
2023
Aggregate employee benefits of key management per80nnel
654,573
714,
32

ELLESMERE COLLEGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST2024
STAFF COSTS {contlnued)
The number of hlgh8r pald employees th received emoluments of £￿,000 or mre Wds:
2024
Numbgr
Numbèr
£￿).0[￿l- £70,000
£70,OIX)- £80.000
£80,000- £￿,000
£W,000- £100,OCIJ
£100,OC(1- £110.Cw)O
£120,OOCk £130.(MJO
£200,000. £210.1XK)
Av•rnge nurn￿r of enN)loy•os on head count bas18
2024
Number
2023
Numbor
Teathlng
Welfare
Premlses
Support
Group and Charlty
119
48
48
29
244
119
50
30
243
10
DIRECTORS
None of the dlrectors (or any persons connected ￿th th8rn) received any remuneratlon durlng the year.
No chlldren or grandchildren of directors attènded Ihe College (2023 .' NIL).
t)urlng the year one directors12023:NIL) recelved relmbursement of tr8vd and training expenses.
11
TAXATION
The cnmpany is a registered charlty and therefore no liability arises on Its charitsble actlvltles.
33

ELLESMERE COLLEGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
12
TANGIBLE FIXED ASSETS
Group and Charlty
Land and
Buildings
Freehold
Motor
Vehicles
Computer
Plant and
Equipment Equipment
Total
Cost
At 1 September 2023
Additions
Dlsposals
9,054,516
185,896
261.642
107,235
40.000
430,782
81,189
1,579,876
190,934
11.326,816
565,254
40,000
As 31 August 2024
9,240,412
328,877
511.971
1.770,810
11,852,070
D•preclatlon
At 1 September 2023
Charge for the year
Disposals
1,g73,008
200,272
230,019
19,555
40,000
218,083
124,526
1,289,253
67,095
3,710,363
411,448
40,000
At 31 August 2024
2,173,280
209,574
342,609
1.356.348
4,081,811
Net book valuo
at 31 August 2024
7,067,132
119,303
169,362
414,462
7,770,259
Net book valu
at 31 August 2023
7,081,508
31,623
212,699
290,623
7,616.453
All assets are used for charltable purposes.
Flnance l•a808 and hlre purchase contracts
There are no assets held under finance leases or hire purchase contracts.

ELLESMERE COLLEGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (Continued)
YEAR ENDED 31 AUGUST2024
13
SECURITIES INVESTMENTS
8ecurlties
Invgstmenls
2024
S•¢urllles
Investment*
2023
Restated
Group
Group Investments
At 1 September
Additions
Dlsposals
Increa881(Decr8as8) In value of Investments
420,522
125,972
(120,803)
50,380
422.921
80,051
{75,220)
7.230
Group Invostments at 31 August
476,071
420,522
Inve8trnent in 8ub8idlari88
101
101
Charlty Inv68tm•nt8 at 31 Augu81
476,172
420,623
Invaltmonts comprt8e .
U8t¢d Invostments
Bond8 - Sterllng
Bond8 - Other Currencles
Property
Altematlve8
Multi Asset
Global
UK Equiti88
Continental Europe
North America
Japan Indlrect
Paclfic 888in
Other oversaas equtt188
Em8rglrrfJ Markets
Ca8h
44.160
38,126
10,451
11,887
38.718
7.024
35.224
100,827
10,530
94.415
20.855
37,826
15,395
6,262
40.875
7,502
51,399
97,641
11,820
147,409
24,695
19.961
22,384
1,983
1,244
Group Inva8tm•nts at 31 AugU•t
478,071
420,522
Investment Sn subsdiarfe8
101
101
Charlty Inveslmonts at 31 August
476.172
420.623
Hlstorfcal cost of Inve8tment8
383,315
384,562
Ellesmere College owns all of the shar8 caplt81 of Ellesmere College Enterprises Ltd and Ellesmere
College Intemational Ltd, companies incorporated in Englandmales. Further deiails are provided in
notss 27 and 29.
Tho rnain Securliles Investments are managed for Ellesm8r8 Coll8g8 by Evelyn Partners Investment
M8n8gement LLP. All investments ar8 managèd and held In the UK.
Three of the North America investments had a value of mor8 than 5% of the total (2023 .' One of the
North Am8rica investments).
35

ELLESMERE COLLEGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (Continued)
YEAR ENDED 31 AUGUST 2024
14 DEBTORS
Group
2024
Charty
2024
2023
2023
School fees recelvable
Trad8 debtors
Oth8r debtors
Prepayments and accrued income
Amounts du8 from subsldlary companies
Amounts due from parent company
528,971
101,046
27,472
262,164
320.999
183,754
24,752
288.898
528,971
320.999
27.472
262.164
220.687
24,044
288,898
394,131
500
500
919,653
818.903
1,039,294
1.028,572
The school f888 recelvabie is net of a Bad Debt Provision of £231,019 {2023 . £239,329).
15
CREDITORS: DUE WITHIN ONE YEAR
Group
Charlty
2024
2023
2024
2023
Bank loans a￿1 overdrafts
F888 réceived from par8nts In advance
of temi
Repayable deposlts from parents
Trade ¢redltor6
Taxation and social securlty
Other creditors
Accruals
Amounts due to 8ubsidlary companles
921.996
1,185,974
921.996
1,185,974
2,033,452
407,818
390,493
150.370
154,205
125,382
1,682,140
472,336
332,556
149,383
158,824
185,333
2,033,452
407,818
371.909
132.930
154,205
105,442
15,345
1,682.140
472,336
328,621
141,568
158.824
168,447
60,350
4,183,716
4,166.546
4,143.097
4,198,280
Fee8 received from parents for the followlng academlc year ar8 treated as deferred incom8.
18 CREDITORS: DUE AFfER MORE THAN ONE YEAR
Group ond Charlty
2024
2023
Fe88 recalved from parents in advance of t8mi
Repayable Deposlts from Parents
Bank loans
388.946
518,100
371,650
517,200
362,625
1,278,696
879,825
The Repayable Deposits from Par8nts are disclosed as partly repayable after more than one year because they
are repayable when th8 pupil leaves and it is r6asonabl8 to assume that many pupils wll not b9 leaving within
one year. A breakdown of the expected periods of repayment is shown in notg 18.
36

ELLESMERE COLLEGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (Contlnued)
YEAR ENDED 31 AUGUST2024
17
BANK LOAN
2024
2023
The bank loans are repayable by Instalments
Du8 wEthin 2 to 5 yaars
Du8 within 1 to 2 years
Due after more than on8 year
141.694
229.956
371.650
227,471
135.154
362.625
Due wtthln 1 year
389,978
489,659
The group refinanced Barclay8 In March 2023, whlch Included a loan of £540,000 r8payable over
a terni of 4 ye8r8 (untll March 2027) whlch is secured by a charge on the Collage's assets at an Inter8st
rate of 2Qk over bank base rate.
18
REPAYABLE DEPOSITS FROM PARENTS
2024
2023
Th8 d8poslts become r8pay8ble when the pupll leaves .'
Due after 5 years
Due within 2 to 5 years
Due wlthln 1 to 2 years
Du8 after mor8 than on8 year
79,400
242,700
196,000
518,1CM)
57,600
302,500
157,100
517,200
Due ￿thin 1 year
407,818
472.336
925,918
989,538
Parents pay the 8chc4)l a deposlt of £500, £2,000 or £9,000 in advance. The money may be retumed
subject to specfflc condttlon8 on tha recelpt of one tenn'8 notlce. Assuming pupll8 remaln In the school
{whlch the vast majority do ba8ed on historfcal Infomatlonl, dep081ts will be applled as above.
19 COMMITMENTS UNDER OPERATING LEASES
2024
2023
Wlthln 1 year
Be￿een 2 and 5 years
29.773
37.636
29,773
29.773
67,409
Lease payments recognised as an &xpanse emountsd to £38.535 (2023 '. £38,535}. On818ase relate6
to the broadbend ¢onne¢tion1£11,100) and the other io printers, Scanners and phot(Koplers {£27.435).
SHARE CAPITAL
2024
2023
Aulhorised
100 Ordinary shares of £1 oach
100
100
Allotted, called up and fully pald
100 Ordlnary shares of £1 8ach
100
100
37

ELLESMERE COLLEGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (Continued)
YEAR ENDED 31 AUGUST 2024
21
RESTRICTED FUNDS
Ellesmere College's fiJnd8 are analysed und8r the following headings .
a) RESTRICTED FUNDS
The Peter Messenger Fund was set up In memory of a fomer pupil to provlde support to pupils
o wlsh to further thelr musical and instrumentsl abilitle8.
The Mullock Scholarship is to fund musSc scholarships.
Enhance Ellesmere is a donation scheme to fund additionel educatlonal facilities.
The lan B88r Scholarship Fund 18 to fund rugby xholarshlp.
The Leavers Gift Fund18 a donation schem& to fund piece8 of arNvork are displayed
at the school premlses.
The Walker Scholarshlp18 to fund music scholarship8.
b) UNRESTRICTED FUNDS
Unr8strlct8d funds represent accumulated Income fr(xn th8 8chool's activities and other Sources
that are avallable for the general purpose of the school.
22 ANALYSIS OF NET ASSETS BETWEEN FUNDS
Total
2024
Unrestricted
Restrlcted
Tanglble flxed a886ts
SecurSties investments
Net cuThent (Ilabllluesyassets
Long t8m118biliti8s
7,770,259
476,071
13,480,359)
{889,750)
7,770,259
476,071
13,448,648)
{889,750)
31,711
3,876,221
31.711
3,907,932
Total
2023
Unrestrfoted
Restrictad
Tangible fixed assets
Securities inv95tments
Net Current (liabllitlesyassets
Long term Ilabilities
7,616,453
420,522
{3,186,447)
(879,825)
7.616.453
420,522
{3.121,837)
(879.825)
64.610
3,970.703
64.610
4,035,313

ELLESMERE COLLEGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (Continued)
YEAR ENDED 31 AUGUST 2024
23 SUMMARY OF MOVEMENTS ON MLIOR FUNDS
Balance at 1
Incoming
Resourcès
Galnsl Balance at 31
Restrlcted Funds
Peter Messenger Fund
Enhance Elle6mere
lan Beer Rugby Scholarship
L8av8rs Gift
3.570
18.199
100
42.741
3.570
20.781
100
7,260
2.775
(1931
43.725
79.206
64,610
46.500
(79.399)
31.711
Unrestrlcted Fund$
General ReseNe
3,970,703
12.791,090
(12,935.952)
50,380
3,876.221
Balance at 1
Incomlng
Resources
Galnsl Balanc8 at 31
R•8trlcted Funds
Peter Messenger Fund
Mullock Scholarshlp
Enhance Ell8sm8r8
lan Beer Rugby Scholarshlp
Leavers Glft
Walker Scholarshlp
3.570
1,902
26,006
100
33.941
220
3.570
(1,902)
(8,207)
400
18,199
100
42,741
8.800
65.739
19,200
(20,3291
64,610
Unrostrlcted Fund8
General Res8lV8
4.284,724
12,172,555
{12,479.3461
(7,230)
3,970,703
Note 22 provid88 details of tho Individual funds.
24 CAPITAL COMMITMENTS
At 31 August 2024 the company has no captal commltments {2023 . £175,000).
39

ELLESMERE COLLEGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
25 PENSION SCHEMES
Toa¢hers' Penslon Schome
The School partlclpates in the Teachers, Pension Scheme {"the TPS.), for its teaching staff. The pension
charge for the year includes contrilx]tions payable to the TPS of £792,863 (2023 . £735,573) and at the
year-end £73.195 (2023 . £60,830) was accrued in respect of contributions to this scheme.
TPS is an unfunded multiomployer defined benefits penslon scheme governed by The Teachers.
Pensions Regulations 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 {as
amended). Members contribute on a °pay as you go. basis with contributions from members and the
employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds
provided by Parliament. The School has accounted for its contributions to the scheme as rf it were
defined contribution Scheme.
The Govemment Actuary. using normal actuarlal principles, conducts a formal actuarial review of the TPS
in accordance with the Public Servlce Pensions (Valuations and Employer Cost Cap) Directions 2023
published by HM Treasury every 4 years. The aim of the review Is to specify the level of future
contributions. Actuarlal scheme valuations are dependent on assumptions aboul the value of future costs,
design of beneflts and many other factors. The latest actuarfal valuation of the TPS was carried out as at
31 March 2020 In accordance with The Public Servlce Pensions (Valuations and Employer Cost Cap)
Dlrectlons 2023 and the Employer Contrilxjtion Rate was assessed using agreed assumptlons in line with
the Directions and VRS accepted at the orlglnal assessed rate as there was no cost control mechanism
breach
The valuatlon report was publlshed by the Department for Education on 26 October 2023. The key
elements of the valuation are:
.Total scheme liabilities for service (the capltal sum needed at 31 March 2020 to meet the stream of future
cash flows in respect of benefits earned) of £262 billion
.Value of notional assets (estimated future contributions together with the proceeds from the notional
investments held at the valuatlon date) of £222 billion
•Notional past service deflclt of £39.8 billM)n (2016 £22 billion)
.Discount rate is 1.7Q/o In excess of CPI (2016 2.4Vo in excess of CPI) (this change has had the greatest
financial signfficance)
As a result of the valuation. new employer contribution rates have been set at 28.6% of pensionable pay
from 1 April 2024 untll 31 March 2027 (compared to 23.680/0 under the previous valuation including
0.08% administration levy>.
40

ELLESMERE COLLEGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
25 PENSION SCHEMES continued
Until the 2020 valuation is completed It Is not possible to conclude on any financial impact or future
changes to the contribution rates of TPS. Accordingly, no provision for any additional past benefit penslon
costs is included in these financial statements.
Ponslon8 Trust Flexlblo Rotlremont Scheme
The School participates In The Flexible Retirement Scheme (FRS) for its support staff. This is a multi
employer deflned contribution scheme administered by the Pensions Trust. For those enrolled on the Auto-
enrollment scheme Ellesmere College paid contrlbutlons at the rate of 3 % with members contributions at
5%. For the majority of those enrolled in the Company Scheme the employer conlrlbutlon is 50/ts With
matching contributions made by members.
26 SUBSIDIARIES
The Company owns all of the share capltal of Ellesmere College Enterprises Lim ited, a company
incorporated In England and Wales, company number 05181897, registered office Ellesmere College.
Ellesmere. Shropshire, SY12 9AB. This company carries out trading activity on behalf of the school
Includlng lettings and sales from the school's tuck shop.
Ellesmere College Enterprlses Limited had a turnover of £534,915 (2023: £462.332), gross profit of
£81,946 (2023.. proflt £96,782), and a profit of £64,663 in the year ended 31 August 2024 (2023: profit
£69,754). At 31 August 2024 the company had shareholder's deficit of NIL {2023,' NIL), assets of
£262,561 (2023 ,. £264,187) and liabilities of £262,461 <2023 £264,087). Gift aid distrlbuted to the College
for the year was £64,663 (2023: £13,464)
The Company owns all of the share capital of Ellesmere College International Limited a company
Incorporated in England and Wales, company number 08512074, registered office Ellesmere College.
Ellesmere, Shropshire, SY12 gAB.
Ellesmere College Internatlonal Limited had a turnover of £409.740 (2023.. £236,933), gross profft of
£294,516 (2023.. £149,843) and a profit before tsx and gfft aid of £294,841 in the year ended 31 August
2024 (2023: £146,618). At 31 August 2023 the company had shareholder's deficit of NIL (2023'.NIL}.
assets of £14,190 (2023 £158,681) and liabilitles of £14,189 (2023 . £158,680). Gift ald dlstributed to the
College was £294,841 for the year (2023: £146.498)
41

ELLESMERE COLLEGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
27 ULTIMATE CONTROLLING PARTY
The Woodard Corpordtlon Llmlted is the ultimate controlling party. a rgglstered charity number
1096270. which is incorporated in England and Wales, company number 04659710 . Copies of the
financial statements of the Woodard Corporation can be obtsined from the registered office. High
Street. Abbots Bromley, Rugeley, Staffordshire, WS15 3BW. The a¢￿Unts of Ellesmere College
Limited are included within the consolidated financial statements of the Woodard Corporation Limlted.
The Woodard Corporation's principal purpose and activity is to provide high quality education In an
actively Christian school environment for all.
28 RELATED PARTIES
As stated in note 28, Ellesmere College Llmited is a wholly owned subsldlary of the Woodard
Corporatlon. Durlng the year £82,191 (2023 . £70,237) VRS invoiced by the Woodard Corporation for
levy to meet running costs and staff training. In addition to thls the Woodard Corporation made
payments to Ellesmere College of £836 (2023 .' £500) for commlssion on the advance fee scheme.
The year end balances bet￿en Ellesmere College and the Woodard Corporation are shown on note
14.
The company also controls two subsidiary tradlng companles, Ellesmere College Enterprises Llmited
and Ellesmere College International Llmlted.
The transactlons with the subsidiaries are summarised below ,
2024
2023
(60.350) (24,156)
394,131 175,590
295.669 325,539
(828,618) (266,959)
(254,465) (298,659)
299.471 262,464
359,504 159,962
205 342 333 781
Opening charity credltor
Opening charity debtor
Recharged to subsidiaries
Paid by subsidiaries
Invoiced by Subsidiaries
Paid by Ellesmere College
Gift Aid from Subsldlarles
Closlng charlty credttor
Closing charity debtor
{15.345) {60,350)
220.687 394,131
205 342 333 781
The College provides financlal and operational support to the Ellesmere Primary school pool in ￿turn
for timetabled u58 of the pool. This benefits the College. as Ellesmere College Swimming Academy is
in need of additional pool tlme, and the Primary School was able to keep its pool open for the benefit
of the school, and the wider community. The Primary School is a member of the North West
Academies Trust. The Chairman of the Trust is our Headmaster.
During the year £39,210 (2023 . £16,517) was invoiced by Ellesmere Primary School for power and
water rates. The amount accrued at 31 August 2024 was NIL (2023 . £7,200). In addition to this the
College invoiced Ellesm&re Primary School £2,908 (2023 . £498) for services provlded. The balance
outstanding at 31 August 2024 was £138 (2023 '. £138).
During the year £275 (2023 . £300) was donated to the School by member of the key management
personnel.
42

ELLESMERE COLLEGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2023
29 Consolidated Statement of Financlal Actlvitiés- Ccxnparatlva figures by fund type
Yoar Ended 31 August 2023
Unrestrfct8d
Funds
Resltlcted
Funds
Endowed
Funds
Total
2023
Income and Endowmonls from .
Charitable Acllvlti
School fees rec8ivabl8
Anclllary trading Income
Othr tradlng aetlvltles
Non-anclllary tradlng income
Oth&r activitles
Inveslmonts
Investment Income
Bank and Other Interest
Voluntary Sour￿•
Grants and Donatlons
Other Incoming resources
TOTAL INCOMING RESOURCES
10,372,111
1.093.630
{12.122)
10,359.989
1,093,630
631.524
4.369
631.524
4,369
7,312
7.312
1,037
62,572
12,172,555
19,200
20.237
62,572
12.179,633
7,078
Expendlture on Ralslng Fund8
Non anclllary tradlng costs
Other income generating actlv1ti8S
Flnancing c08ts
Investrnent manag8m8nt
Fundralslng and development
TOTAL DEDUCTIBLE COSTS
405,814
1,108,004
254,656
2,465
142,560
1,913,499
405,814
1,108,004
254.656
2.465
142,560
1.913,499
Charltablo Actlvftle•
Educatlon and grantrnaklng
TOTAL EXPENDITURE
N•t Income and expendlture
befor• transfers
Realised galns on Investment assets
Unrealised galn8 on inv88tm8nt 888ets
Not Incomlngl{out9olng) r•sourco8
10,565,847
12.479.346
8,207
8,207
10,574,054
12,487,553
(306.7911
(4201
6.810
{314.021)
{1,129)
(307,920)
(420)
6,810
{315,150}
{1,129)
Transfers beiween funds
Net Movement In funds for the
(314,021)
(1,129)
<315,150)
Fund balancas at 1st September
4.284,724
65,739
4.350,463
FUND BALANCES AS AT 31ST AUGUST 2023
3,970,703
64,610
4.035,313
43

ELLESMERE COLLEGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
ASAT31 AUGUST2024
30. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
Group
2024
Group
2023
Net Incomo for tho roporting parlod las per th• statsment
of finanGlal actlvltl88)
{127,381) (315,150)
Adjuslmonts for:
Depreciation charges
(GalnsVLosse5 on Investrnents
Dlvldends, Interest and rents from investments
Flnancing costs
Lossl(profit) on sale of flxed assets
Decrease In stocks
(Increase) I decrease in debtors
Increase in credltors
411,448
(50,380)
(7,666)
151,102
(16,356)
5,949
8.971
(100,749) (186,782)
670,994
150.090
320,487
7,230
(7,312)
254,656
936,961
230,170
Group
2023
C8shflows
Other non
cash changes
Group
2024
31. ANALYSIS OF CHANGES IN NET DEBT
Cash at bank and in hand
Overdraft facllity repayable on demand
177,323
1,058,940
(881,817)
(15.495)
155,272
139,777
181,828
903,668
(741,840)
Borrowlngs
Loans falllng due withln 1 year
Loans falling due after 1 year
{127,034)
362.625
(489.659)
108,706
9,025
99,681
(18,328)
371,850
(389.978)
Total cuh and cash 8qulvalent•
1.371,276
,45
18
32. ACCOUNTING ESTIMATES AND JUDGEMENTS
In preparlng the financial statements, the directors are requlred to make estlmates and Judgements. The
matters detailed below are considered to be the most Important in understandlng the Judgements that are
Involved In preparing the flnanclal ststements and the uncertainties that could impact the accounts
reported in the results of operations. flnancial position and cashflows. Accounting pollcie5 are shown at
note 1 to the financlal statements.
Provlslon for bad debts
Debts are provided for If not recovered wlthln one tenn. Estimating amounts to provlde agalnst recovery
of debts Is a matter of judgement.
Depreciation, impairment and rosidual values of fix•d a$$els
Judgement Is exercised in 8Stimallng the residual values of fixed assets, the selection of appropriate
rates for depreciation, and for matters of impalrment.