Chirlty RogtstTation No. 1103049 Company Registratlon No. 05066406 (England and Walesl ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025
ELLESMERE COLLEGE LIMITED CONTENTS Page Company infomalion Directors. report lincorporating the Strategic report) 3-14 Directors, Responsibilitses Ststement 15 Independent auditorfs report Financial statements of the company.. 16-19 Consolidated Statement of Financial Activities 20 Charity Slalement of Financial Activities 21 Consolidated and Charity Balan Sheets 22 Consolidated Slalemenl 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 8A {Honsl PGDipBJ Mr R A K Hoppins FCA (resigned 24 March 2025} Mrs J Nieto Mr J C Pochin (resigned 6 May 20251 Mr M D T Sampson Bsc Dr Julie Scanlon Professor Anna Sutton B.Ed M.Ed (Wales) FRSA Mrs J M Trowbridge LLB JP Mr Michael A Ward BA (Honsl LL IDip} Secretary Mrs R Avery BA ACMA Charlty No. Company No. Prlntlpal Address and Registered Office 1103049 05066406 Ellesmere College Ellesmere Shropshire SY12 9AB Key Management Personn81 Head Director of Finance Deputy Head Pastoral Dlrector of Operations Deputy Head External Relations Mr5 S V Pritt-Roberts MEd NPQH Mrs R Avery BAACMA Mr R Chatterjee Msc PhD Mr M Mccarthy Bsc Iresigned 31 August 2025} Mr S B Mullock BA Auditor Moore Kingston Srnith LLP 61h Floor, 9 Appold Street London EC2A 2AP 8ankors Barelays Bank plc 68-70 High Street Rhyl. Denbighshire, LL18 1 EU Sollcltors Veale Wasbrough Vizards LLP Narrow Quay House Narrow Quay Bristol BS14QA
ELLESMERE COLLEGE LIMITED COMPANY INFORMATION Browne Jacobson LLP 15th Floor, 103 Colmore Row Birmingham. B3 3AG Investment Advlsols Evetyn Partners Investment Management LLP 45 Gresham Street London EC2V 7BG Insurance Brokers Marsh Ltd 4 Milton Road Haywards Heath West Sussex RH16 1AH
ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST2025 The d1clOr$ present their report and financial stslements for the year ended 31st August 2025 and confirm 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 formed in 2004 and is registered with the Charity Commission as charity number 1103049. The charity is a limited liability company and wholly owned subsidiary of The Woodard Corporation leharity number 10962701. The charitable company is incorporated in the United Kingdom. Directors ol the Company are also Fellows Imembersl of the Woodard Corporation and parb¢ipate in the election of its board of management and are committed lo its charitable objects. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The company is governed by Articles of Association as adopted by Special Resolution dated 20 March 2013. replacing those dated 4 March 2004 amended by Special Resolulionlsl dated 24 January 2006, 28 April 2009 and 23 June 2009. They permit funds lo be managed in such a manner as the directors see fil, provide(I that such powers are only exercised for the purposes of attaining the objects and in a manner which Is legally charitable. The Articles of Association forbid the distribution of any property or funds, which are lo be applied solely towards the promotion of the objects of the company. Govomlng Body The govemors 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 goveming body, the operation of which is supplemented by the use of a number of committees. The 11 governing body mel three limes during the year. Recrultment and Tralnlng of Governors All governors are Feliows of the Woodard Corporation. Fellows are responsible for electing the Woodard Corporation Board. Governors are recruited on the basis of nominations from school contacts and from selection when a post becomes available. The governing body look to ensure a mix of skills and select new govemors on the basis of background. competence, specialist skills and. in the case of Fellows, Christian eommitmenl. Governors are provided with induction training by the Head and other senior College staff and a wider programme oftraining events is organised by the Woodard Corporation. The school also encourages governors to attend events run by the Asso¢iation of Governing Bodies of Independent Schools IAGBISI, and other suitable conferences. here possible the governors consider that the skills and experien of the goveming body should comprise the following.. A Governor with a legal background. A Governor with a financiavaccounting background. A Governor with education experience. A Govemor with safeguarding experience. A Govemor with senior managerial or business experience. A Governor with experience of equal opporbjnities or disability needs. Al least one female Governor and at least one male Govemor. One Govemor may have one or more of these skills.
ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST2025 Volunteers Governors are volunteers Providing their time for free lo support the governance of the school, Organisational Management The school is governed by the governing body which delegates work lo a number of committees. Membership of each committee is outlined on page 14. The directors determine the general policy of the company. The governors manage their work through a number of sub-committees.. Finance and General Purposes Committee Staffing and Personnel Committee Safeguarding and Regulatory Compliance Committee Education Committee Investment Committee The day-to-day management of the company is delegated to the Head who oversees educatK)nal, pastoral and administrative functions in consultation with the senior staff. The day-to4ay administration is undertaken within the poliCS and procedures approved by the governors which provide for only Significant expenditure decisions and Major capital projects to be referred to the governors for prior approval. The Head oversees the recnjitrnent of all staff. The He&1 and Director of Finance invited lo attend govemors, meetsngs. The remuneration of key management personnel is set by the goveming body, with the policy objeelive of providing appropriate incentives lo encourage enhanced performan¢e and of rewarding them fairly and responsibly for their individual Contributions lo the school's success. We aim to recruit, subject lo experience, at the lower to medium point within a band, providing scope for rewarding excellence. Delivery of the school's cttaritable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure. Group Structure and Relatlonshlps The school has 2 wholly owned non-charilable subsidiaries, Ellesmere College Enterprises Limited and Ellesmere College International Limited. The school has developed links with a wide range of Ofganisations lo ensure the wdest Possible access to our facilities and schooling. Through membership of the Headmasters, and Headmistresses. Conference and through netsvorking with peer groups we ensure that we are able to attain the highest standards of quality and perforrnan. We encourage our pupils lo develop an awareness ofthe social context of the all-round education they receive al the school and they are engaged in a number of activities to enhance their understanding. We have a thriving alumni group, The Ellesmerian Club, who are generous in supporb'ng the work of the sehool and whose support we greatly appreciate. We also cooperate with many local charities in our ongoing endeavours to widen public access to the schooling we can provide, lo oplimise the edLtcab'onal 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 edu¢ation they receive.
ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2025 CHARITABLE OBJECTS, AIMS, OBJECTIVES & ACTIVITIES Charitablo Objects The charity's objects, as set out in the Articles of Associakn'on, are to promote and extend education lincluding spiritual. rnoral, 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 ommunion with the See ofcanlerbury. Intended Impact Woodard schools strive for the best all round educatlon of every aspecl 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 Eucharist, and lo the care of each individual and the whole 001 community particularised In the ministry of the Chaplain. Almg Ellesmere College 1$ a boarding and day school fof pupils from the age5 of 7 to 18. 11 aims to support children in reaching their potential in all area5 of their activity al the school, and in the wider community. This may be in academic subjects but could just as easity be reffecled in success in art. drama, sport, music or dance. We produce 'well rounded, individuals who are able to make a positive contribution to soeiety. All Woodard schools aim lo provide a rounded education to help the pupils lo make their way in adult life. Primary obJectlve8 The primary objectives of Ellesmere College lo fulfil these aims are.. lo provide a stimulating learning environment in which pupils can develop their academi potential to the full.. lo provide a happy and secure pastoral environment in which pupils can learn to live together and thus foster a sense of community, respect for one other and good citizenship., to provide pupils with the opportunity lo take advantage of a breadth of co<urricular activities in order lo develop positively all aspects of their ¢haracler', to provide pupils with the opportunity lo lake decisions based on their own judgment and lo communicate those de¢isions appropriately and effectively., to provide financial support lo enable children whose parents are unable to afford the full fees to benefit from an Ellesmere College education., to provide a clear, simple and effective management structure Pable of taking timely decisions and allocating necessary resourees appropriately. and lo provide the necessary administrative and logistic framework to meet the needs of members of staff and pupils alike. Strategies to achieve the primary oblectlvos This year Our focus has been on - To continue lo develop the exceptional levels of academic support for all pupils aligned with the principles of High Perfofrnan Learning to promote self-belief and resilience in leamers. The College is an accredited Fellowship member of World Class Schools. The College continues to b8 one of only a small numb8r of schools in the world that has been aecredited by the World Academy of Sport as an Athlete Friendly Education Cenlre. Various national selections and achievements look place across a wide range of sports, including Ibul not exclusively) rugby. hockey, shooting. golf, swimming, and tennis with sludenl athletes competing al regionally, nationally and international levels. Continuing to achieve and maintain appropriate accreditab'on lo VaIlate the exceptional artistic and perfoman¢e opportunitses at the College.
ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Repo YEAR ENDED 31ST AUGUST 2025 Ensurin9 that the College is of the highest quality to maintain pupil numbers. The College provides a holistic education covering the academic, sporting, artistic and personal development of all our pupils. Exploring international opportunities to create additional revenue streams lo support the College's charitable actwities. The school provides expertise in collaboration with investors which has led lo the establishment of Ellesmere College Muscat, Ellesmere College Riyadh and Ellesmere College Doha, Qatar which is due lo open in September 2026. Prlncipal Actlvilles of the Year 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 activities and the school is open at other limes for use by the local community. Pupil numbers al the school during the year were as follows.. Of which are boarders 172 Of which are boarders 223 Total 2025 395 136 Total 2024 429 Senior school {13-18 years) Lower %hool {7-13 year5) Total 141 531 173 570 227 Public Benefit Within the objects, the school aims lo create an environment to nurturg children, to gel the best from them and to allow them to develop and fulfil their polenlial. We provide them with a first-class independent education and a wide range of sporting and artistic opportunities. Our public benefit aim is that all pupils will be self-confident and desire to contribute lo the wider cornmunity. In the furtherance of these aims the Elle5mere Colle9e governors. as the charity trustees, have complied with the duty in s.17 of the Charities Act 2011 to have due regard to the Charity Commlssion's published general and relevant sub-sector guidance concerning the operation of the public benefit quiremenl under that Act Our school welcornes pupils from all backgrounds. To admrt prospe¢live pupils, we need to be satisfied that our school will be able to educate and develop prospective pupils to the best of their potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy ourselves and parents that potential pupils can cope with the pa of learning and benefit from the education we provide. An individual's economic status, gender, ethnicity, race. religion or disability do not form parl of our assessment processes. Our school is a part of a wider community and we are keen that our staff and pupils partiGipale. Our school also offers a resour to support a range of educational activities for the benefit of loeal children attending slate schools and their teachers. Our governors are committed to developing our programme of cooperation and joint working with loeal maintained sector junior and secondary schools. The activities undertaken and the success of our programme are explained in the 'review of achievements and performanee for the year, section of this report. Woodard and ils schools provide a significant benefit to the publ. The school strives to ensure that rneasures of public benefit are appropriate. and that significant sections of the public are not excluded from the opportunity lo benefit from the education and facilities offered dsje to the need to pay a fee. In addition lo significant provision of bursaries and other forms of ff nancial support, the school provides wide range of opportunities for community benefit and facilities and events are often open lo all. Further detail of the public benefit offered is included in the SeCtn entitled 'Review of Achievements and Performance for the Year, below.
ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategie Report YEAR ENDED 31ST AUGUST 2025 11 is a key requirement of evKlencing public benefit that any private benefit to individuals or elements of the charity will be incidental lo the charity's objectives. Bursarigs & Scholarshlps The school awarded fee reductions in the form of bursaries and scholarships lo 406 pupils, based on either educational merit and potential 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 awards and to that extent much of the merit award fvnding can be regarded as bursary spending. This year the value of scholarships and bursaries, which included a discount offered lo all pupils from January 2025, lotalled £3,623,74212024'. £3,779,913) and represented 270A12024.- 26.knl of our gross fees. Bursaries The govemors view our bursary awards as important in helping lo ensure children 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 the basis of parental means or to relieve hardship 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, whh lakes a number of factors into consideration including family income, investments and savings and famity circumstances for example dependanl relatives and the number of siblings. Our school does not have an endowment and in funding Our awards we have to be mindful th81 we musl ensure a balance between fee-paying parents. many of whom make considerable personal sacrifices to fund their child's edueation, and those benefiting from the awards. The bursary awards are made in monetary values and range up lo 1000A of rernission of fees. Information about fee assistance through bursaries is provided to all applying lo the school. We also advertise the awards each summer in the local press and al local libraries. Further details of our scholarships and bursarie5 and how lo apply are available on our website. Scholarshlps The PUTpose of our scholarship awards is to recognise high academic potential or the ability lo excel in our co-curricular 8¢livilies. Our scholarships are awarded on the basis of the individual's academic potential or evidence of exceptional abilities which will contribute to our coourricular actsvilies. In addition, awards may be Subject to conditions imposed by the original donor. Scholarships are awarded with a fixed percentsge remission of fees of bettveen OQ/g and 50%. Where fvjrther assistance IS required, scholarship awards may be supplemented by a means tested bursary. We adVe'Se the availability of scholarship awards each summer in the local press and at local libraries. Further details of our scholarship policy are available on our website. Revlew The progress of pupils receiving scholarships is Teviewed at least annually to ensu their progress is in line with their abilities. The availability of all such awards for fee-assislance, together with the terms and conditions for each kind of awaTd, is advertised on our web511e at www.ellesmere.com. The school includes details of the various conce$$ions in the prospectuses and on the website. All parents making enquiries about possible entry are provided with a description of the criteria ft)r bursaries and scholarships. All criteria and policies relating to concessions are kept under revjew and are updated when necessary. Employment Policy We are an equal opportunity organisalion and are committed to a Working environment that is free from any fomi of discrimination on the grounds of colour, race. elhnscity, religion, sex. sexual orientation or disability. We will make reasonable adjuslmenls to meet the needs of staff or pupils who are or become disabled.
ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT {inGorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2025 Investment Policy and Objoctives The company's memorandum and articles of association permit funds lo be invested in such manner as the directors see fil, providing that such powers of investment are onty exercised for the purpose of attaining the obje¢t$ and in a manner that is legally charitable. Investment activities are managed in line with the requirements of the Trustee Act 2000. The govemors have appointed Evelyn Partners Investment Management Ipreviously known as Smith and Williamsonl as investment manager. Our investrnent policy is lo grow the value ofthe portfolio so that il can be used in support of school projects. The investment manager has discretion about how the investrnenls are managed within the policy parameters sel by the governors. Funds not invested are held on deposit lo earn interest. STRA TEGIC REPORT REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR The Promotlon of Educatlon During the year we educated an average of 531 children beeen the ages of 7 and 18. The school is non-selective by ability and provides a high standard of edu¢ation to meet the needs of leamers, validated in review of the academic result5. sludenl destinations and through external inspection. The school offers an exceptionally broad curriculum and educates children wtlh a wide range of ability. We can demonstrate particular excellence in a very wide range of a¢livilies, both curricular and extracurricular. Our aim is lo support chiklren in reaching their potential in all areas of their activity at the school. This may be In academic subjects bul could just as easily be reflected in success in art, drama, sport, music or dance. We aim lo produce 'well rounded, individuals who are able to make a positive contribution to society. Academlc Results The educational performance of the sch¢)ol conts'nues lo achieve good outcomes, overall and for the individual. The school achieved an 83010 pass rate at 9 10 4 for GCSE, of which 300/0 of exam results were graded 9-7 IA'IAI Girls, outcomes were slrtsnger with 89U/o levels 94 and 33.kn levels 9-7 IA'.AI The 2025 school pass rale of 83Yo compares with a national pass rale of 67Yo. Ellesmere College uses added value as a measure of educational progress. Added value measures the difference between the expected grade from a pupil's baseline assessment score at the beginning of their course and the grade they actually achieved. The sixth fomi curriculum offer of A level, International Baccalaureate, and BTEC Diploma provides Choi for student5 and routes that access universities in the UK and around the world. Al A Level the pass rate was 97'h with some outstanding perfomiances taking studen15 Onto prestigious university places. 420A were graded A'IAJB gmdes. 25 subjects were examined. Gir15' outcomes were again stronger with 980/ty pass for all A levels sat A -E with 62,10 achieving A'AJB. The school aims lo provide a rounded educab.on to help the pupils to rnake their way in adult life. A very large majority move on to higher education, and a significant number achieve their first choice desb'nalion. The 2025 IB cohort achieved an overall average of points 31.2. Three students achieved an impressive 40 plus points out of the maximum possible of 45, one of the three achieving 44 poinls putting him in the top 19h of IB Diploma students worfdwide. Three did not achieve the full diploma. They gain certification in the subjects they passed and can fetake in November. The BTEC Sports Diploma provides an alternative approach. 100Yo of students passed the A level diploma and the extended diploma, which is a three A level equivalent. Four out of the six who completed the extended diploma did so at Disbnction or Distinction star level, equivalent to three A levels at A. others achieved strong passes al Distinction and Merit level, securing their pathways to university.
ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2025 Improving Facllltles We continue lo improve facilities through constant investment in the fabTiC of the buildings and assets. and progiammes lo provide the best facilities to support leaching and learning. To that end we have launched a fund raising programme lo renovate one of our buildings as a dedicated music school. Arts, Mu$1¢ and Drama The excellence of the College's provision for the media, visual. dramatic, and musical arts has already been noted. That the College conb'nues to be one of the few independent schools in the country to have achieved the Arts Council of Great Bnlain's award of'Artsmark Platinum, bears external testimony to the standards achieved, both in perfomianee and in partnership and outreach. Our MUS continues to go from strength lo strength with annual participation in the Barnado's National Choir Competition at the Symphony Hall Birmingham. A eore part of our Arts offer is the opportunity to lake the London Academy of Music and Dramatic Arts ILAMDAI speech and Drama examinations. Over 45 examinations were taken by pupils this academic year, with 880k achieving a distinction. LAMDA students have also experienced success al this yeaf s Chester Speech and Drama Festival. Further details of the excellen of the College's provision and rts outreach work can be found on the College's website. Sport As previously noted the College had been accredited by the Wodd Academy of Sport as an Athlete Friendly Education Centre IAFECI and as such is one of fewer than 30 schools in the world to have achieved this status. The AFEC scheme is backed by the Intemalional Olympic Movement and the Internats'onal Baccalaureate, and il recognises excellence in the provision at an individual level in catering for the needs of pupils. Further details of the College's sporbng excellence, and ils sporting oulTeach programmes, can be found on the College website. Adventurous Activitles The College remains committed to providing high quality adventurous activities, most partt'cularty through the Duke of Edinburgh scheme and the Combined Cadet Force. We remain the largest school provider in the county of the Duke of Edinburgh Award. Collectively all award parbcipanls in college have contributed 3224 volunteering hours. 51 pupils will complete their bronze award by the end of term and 27 continued from Bronze last year onto the silver award, completin9 their final expedrtion in summer term with impressive commitment. Wlder Education In line with the Christian chaiacler of all Woodard Schools, and having regard for guidance issued by the Charity Commission and others, the school pursued policies that support the provision of benefit to the public. The Woodard Corporation is involved in development of academies as part of the government's initiative. In support ofthis project all Woodard Schools have provided assistance, where asked, through provision of educational expertise, participation in governance, direct curriculum support, elc. Ellesmere College has contributed lo this initiative. Further signifunt public benefit is provided by the College through the work of its other employees in the furtherance of education beyond ElleSMe College. Fifteen of the teaehing staff undertake significant work as examiners for GCSE. A-level, and the International Baccalaureate Diploma programme, with roles ranging from Examiner lo Chief Examiner al A-level. The College provides a public benefit by facilitating staff absence to enable them to complete these tssks. The College's significant public benefit role as a centre for excellenTr for the Vvest Midlands in many sports is augmented further by the College's willingness lo allow staff lime to support regional
ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST2025 development, which directly benefi15 pupils from the maintained sector. This year's such developments have included elub refereeing 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 maintained and independent sectors. We are authorised lo run ECT (Early Careers Teacher) programmes for completion of QTS lQualified Teacher Status} and have a fvll CPD {Continual Personal Development) programme for serving teachers. Public benefit within the wider community of young people is provided through the College Duke of Edinburgh scheme's willingness lo lend its canoes to other Duke of Edinburgh group5 and provide logistical advice. Outrea¢h and Partnershlp The College offers considerable and extensive public benefit through ils outreach and partnership activities. In addition to those activities mentioned under the heading 'Wider Education, the College has hosted 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 the areas of drama, music and sport. Charltable Actlvltles The College's charitable commitments conts'nue to be strong and varied. Too many charities have benefitted this year from College fundraising activity to be mentioned individually. Fundralslng Perforniance Donations to the college totalled £16,25412024'. £56.5001. Enhance Ellesmere is a programme through which donations are invested in edueats'onal facilitates and support which might not othetwise be afforded. The College's focus is on development of its relationship with and betsveen alumni over an active policy of fundraising. Investment Porformance agalnst Objedlves The investment backdrop has seen risk assets continue to make progresswith the 'Artificial Intelligence, theme driving retums over the last 12 months despite the disruption of President Trump's new policies impacting global trade. The geopolitical challenges persist alongside a worsening fiscal position across many of the G20 economies. Inflation has moderated albeit still peTsislenl al a 'core' level which has meant central bank interest rates cuts are at 8 slower paee than many anticipated at the beginning of 2025. The portfolio has seen a positive nel total retum of +6.5Vo over the trailing 12 months to 31st August 2025 to a value of £507,641 12024.. £476,071}. This compares lo the peer group with a similar risk appeb'le as measured by ARC Steady Growth of +6.1 Yo and a rale of CPI of +3.gVo. Key Pgrfornianco Indicators The governors use a number of KPIS lo guide and infomi their review ofthe school's perf0m)an, while recognising that any short-lerm measurement may distort the delivery of the primary objectives of the College. Current KPIS". 1. To produce a surplus for the 9roup before depreciation and spe¢ial projects aTe taken into account. There was a deficit before depreciaoon and special projects of £100,353. 2. To retain a minimum of 6001¢ of current pupils on transfer Irom Middle School to Sixth FO. In the year 2024-25 460A of pupils transferred from Year 11 to Year 12. 10
ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2025 3. To remain a minimum of 90Vo of pupils on transfer from Lower School lo Middle School. In the year 2024-25 the figure was 84%. 4. To achieve 600/0 of pupilsjoining their firsl-choice university. This target is set on the basis of the College's policy to encourage pupils lo be ambttious in their applications to universities. In the year 2024_25 81Vfi of Year 13 students secured their first-choice university place. S. To maintain an appropriately WTde spread of international pupils both for reasons of spreading financial risk and - more importantly for maintaining a genuinely international ulture within the College. 'Approprialely wide, is defined as having an international population of students from more than 20 countries. In the yea¥ 2024-25 27 different nationalities were represented at Ihe College. FINANCIAL REVIEW Results for Ihe Year The nel deficit for the year out of unrestricted fvnds amounted lo £599,881 12024.. £94,482) after charging depreciation of £352,949 12024.. £411,448>. The Group deficit before depreciation was £239,926. In January 2025 the fees were discounted by 4.17% for all pupils who were subject to VAT on fees. This led to nel fees being lower than originally budgeted but this was an anticipated reduction once this decision was made after VAT was introduced. Costs were in line with expected figures. Net current liabilities increased to £3,666,619 {2024.' £3,059,602) primarily due lo the increase overdraft at the year end. This was due lo liming of receipts for fees, which were received in September Tather than August. Long teTm liabilities decreased by £335,521 to £943,17512024". £1,278,696} owing lo reduction in retumable deposits due and the term remaining on the loan. The College is supported by our subsidiary companies. Ellesmere College Enterprises {ECEI and Ellesmere College International IECII. Our trading company, ECE, continues lo hi out Elsmere College facilities as well as undertaking commercial aelivity on behalf of the school. ECE'S surplus was £18,153 12024: £64.663} for the year. In addrtion, ECI ¢ontributed a surplus of £262,297 12024: £294,841> Reserves Lovel and Pollcy, and Flnan¢ial Viability It has been the school's policy to utilise funds lo ensure that high quality up-lo-date facilities are provided for the benefit of pupils. The aim is to budget so as to provide sufficient working capital lo meet the present needs and future development requirements of the school wrthout the requirement lo have recourse lo sales oftangible fixed assets, or use ofthe school's readily realisable Investments lo support unrestricted funds. Unrestricted funds decreased by £599,881 to total £3,276,34012024'. £3,876,221). Ellesmere College plans to fund longer tem Capital expenditure and meet long term liabilities through carefvl management of resources and investments and through building reserves through operations and trading. In common with most independent schools. which tend to fund their own capital investment plans. free reserves are al a negative balance illuslraling the extent of the investment in our school. The group's total capital and reserves of £3,315,157 {2024. £3.908.0321 al the year*nd included £38,71712024. £31,711 of restricted funds. Tangible assets held for charity use tolalled £7,417,310 (2024". £7,770,259), leaving a deficit on free reserves of £4.Om12024.. £3.8ml at the year-end. The school's financial viability does not depend on income reserves bul in ils ability lo continue lo meet its obligations an annual basis. and on the substantial portfolio of fixed assets held for operational use. The school does not have. and cannot rely on, permanent endowments.
ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST2025 PRINCIPAL RISKS AND UNCERTAINTIES The governors consider the economic turbulence of reeenl years and the ability of parents lo afft>rd school fees across the independent sector to be the prineipal risk laced by the school. The governing body therefore decided to reduce fees by 4.17Vo in January 2025 so that parents fad a 150A increase when VAT was introduced instead of 200A. In September 2025 this was removed and net fees have remained the same as September 2024 plus VAT. The independent sector is currently subject to increased political risk following Ihe introduction of VAT on school fees, and the removal of business rates relief. The introduction of VAT creates a level of uncertainty in business planning for all independent schools Planning future income based on pupil numbers has become more difficult owing to an increased level of uncertainty in demand. The full effect will not be known until levels of demand settle down, schools adapt and parents become more secure in their finances. This is unlikely to happen for a number of pupil recruitment cycles. Health and safety is always a significant area for risk management. The risks range from fire and damage to infraslruclure, to personal risks Imosl notably when away from the campus on trips and expeditions). The level and breadth of activity al the school is impressive and the risks as50ciate¢J with all activities are minimised through planning and risk assessment. The principal risks to which the school is exposed include those affe¢ling protection of pupils and security and preservation of charitable assets both now and in the future. Significant risk areas.. the govemors consider possible catastrophic events and ensure that the school has a plan in place lo allow education to continue in a range of different scenarios the market in which the sehool operates is highly competitive and we monitor developments in edu¢ation lo ensure that pupils aKvays receive a first class. holistic and varied educational experience in our school we strive to ensure that all staff are able to work in a safe and supportNe environment and policies. procedures and training in Human Resouree management and Health and Safety help to ensure that the school meets expectations the school opeffttes In a highly regulated sector, including in matters of child protection. and we appoint appropriate professional advisers to ensure that we can keep up to dale with all requirements.. school or individual membership of bodies being the constituent associations of the Independent Schools Council also ensure that we have access to up-to-date information and support the School operates in an Increasingly lrtigious environment, and we appoint appropriate professional advisers and purchase Insurance using specialist brokers and advisers to ensure that we can keep up to dale wrth all requirements and meet all challenges all organisalions face difficult economic conditions, particularly in relation to the impact of inflabon, and directors and senior managers in the school keep abreast of economic eonditions localty, national and inlernalionally to identify trends and develop plans to address issues The key controls used by the school include.. fofmal agendas 2nd minutes for all meetings of the goveming body and committees comprehensive strategic planning, financial forecasting, budgeting and management accounting established and identifiable organisational StrUureS and reporting lines which are gUlar reviewed comprehensive formal written policies clear aulhorisats'on limits and purchase control systems vetting procedures. as required by law, for protection of the vulnerable 12
ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2025 Financial rlsk management objectives and policies The school uses financial instruments, other than derivatives. comprising loans, cash and other liquid resources and various other items such as trade debtois and creditors that arise directly from operations. The main purpose of these financial instruments is to raise finan for the group's opeiations. The main issues arising from the group's financial instruments are liquidity risk and interest rate risk. The school's directors adopt policies for managing each of the risks and these are summarised below-. Liquidity risk- the school seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs by negolialing adequate facilities from its bank. Interest rate risk- the school finances operatsons through a mixtUTe of retained surpluses and bank borrowings. These are open to fluclualions in Inte$1 rates. Going Concem Having considered all factors and after reviewing the available evidence, the directors have a reasonable expectation that the group will be able to eontinue operating for the foreseeable future and the financial statements have been prepared on 8 going concern basis. A thorough review of c051 structure has been undertaken by the Govemors and Senior Management Team and the results of this are still ongoing. Budgets and cashflow forecasts have been prepared lo December 2026 which show that the Group can operate within the limit of the agreed overdraft facility. Cash is managed on a group basis and Barclays have fomially expressed their conts'nued support. Details relating lo the adoption of the going concern basis can be found in the accounting policy 1 b. FUTURE PLANS The key objectives are= To review curriculum provision in line wrth national Changes and to meet the needs of our market. To manage the staffing al all times so that we deliver the best possible education as well as accommodation. wetfare and administration. To maximise the income from the use of the College's facilities and develop new streams from overseas. To idenlfy opportunities for energy consumption reduction. Having achieved accreditation as a High Perfoman¢e Learning Wortd Class School to build on the programme to ensure that every pupil reaches his or her full academic potential. To maintsin Artsmark Platinum status and lo 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 teaehing facilities. To eonlinue to develop our sports provision, including sports academies and opportunities for young people at all levels of sport.
ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT lincorporating the Strategic Report) YEAR ENDED 31ST AUGUST2025 DIRECTORS The directors who served during the year, and the committees of which they are members, are.. C E Lillis (Chairman) Finance and General Purpose$ Investment Safeguarding. Regulatory Compliance Education Finance and General Purposes Investment (Full Council) Finance and General Purposes Regulatory Compliance Education, Regulatory Compliance Finanee and General Purposes Education Education Finan and General Purposes K E Caslle S M Connor R A K Hoppins J Nieto J C Pochin M D T Sampson J Scanlon A Sutton J M Trowbrid9e MAWard None of the directors has any beneficial interest in the Mpany. Ellesmere College buys trustees and officers insurance on behalf of the directors. AUDITORS Moore Kingston Smith LLP, having expressed their willingness lo continue in office, will be deemed reappointed for the next financial year in accordance with section 487121 of the Companies Act 2006 unless the company receives noti under sects'on 488111 of the Companies Act 20C6. 14
ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT {incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2025 DIRECTORS, RESPONSIBILITIES STATEMENT The directors are responsible for preparing the directors, report, incorp)rating the strategic report and the financial ststements in accordance with applicable law and regulations. Company law requires the directors to prepare company and group financial statements for each financial year. Under that law the directors have elected to prepare the financial slalements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accountsng Standards and applicable lawl. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the company 8nd the group and of the income and expenditure of the company and group for that period. In preparing each of the group and company financial ststements, the directors are required lo.. select suitable accounting polpcies and then apply them consislently-, observe the methods and principles in the Charities SORP IFRS 1021., make judgements and accounting estimates that are reasonable and prudent., prepare the financial ststements on the going concern basis unles5 11 is Inappropriate to presume that the group and the company will continue in business. The directors are responsible for maintaining proper accounting re¢ords that are sufficient lo show and explain the group's and company's transactions and disclose with reasonable accuracy at any lime the financial position of the group and company and enable them lo ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detecb'on of fraud and other irregularities. The directors ¢onfimi that.. so far as each director is aware, thele is no relevant audit infomalion of which the charitable company's auditor is unaware., and the directors have tsken all the steps that they ought to have taken as directors in order lo make themselves aware of any relevant audit information and to establish that the charitable company's auditor is aware of that infomalion. The directors are responsible for the Maintenan and integrity of the corporate and financial information included on the charitable company's website. Legislation 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 including, in Iheir capacity as company directors, approving the Directors, and Strategic Reports contsined therein. and signed on ils behalf by". Iq IiilioLS Mr C E Lillis Chairman
ELLESMERE COLLEGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELLESMERE COLLEGE LIMITED YEAR ENDED 31ST AUGUST 2025 Opinion We have audited the financial statements of Ellesmere College Limited (the 'parenl charitable company'l and its subsidiaries Ilhe 'group'i for the year ended 31 Augu512025 which comprise the Consolidated Statement of Financial Activities, the consolidated and Parent Charitable Company Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial repo.ng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland, IUnit8d Kingdom Generally Accepted Accounting Pra¢licel. In our opinion the financial stslements.. give a true and fair view ol the slate of the gioups and the parent charitable company's affairs as at 31 August 2025 and of the group'5 inming resources and application of resources, including its income and expenditure, for the year then ended". have been properly prepared in accordance with United Kingdom Generally Accepted Accountin9 Practice., and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. Basis for opinion We conducted our audit in accordanc8 with Intemalion81 Standards on Auditing IUKI {ISA$ IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs Responsibilities for the audit of the finan¢ial slalements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard, 2nd we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficionl and appropriate to provide a basis for our opinion. Conclusions relating to going concem In auditing the financial statements, we have concluded that the Directors. use of the going concern basis of accounting in the preparats.on of the financial statements is appropriate. Based on the work we have performed, we have not identified any rnaler¢al uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the group's and parent charitable company's ability to continue as a going conrn for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. other Inforniatlon The other information comprises the information Included in the annual report, other than the financial statements and our auditor's report thereon. The Directors are responsible for the olhef information contained within the annual report. Our opinion on the financial stslemenls does not cover the other information and, except to the extent otherwise explicitly ststed in our report, we do not express any fomi of assurance conclusion Ihereon. Our responsibility 1$ to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls, we are required to determine whether there is a material misstaternent in the financial statements themselves. If, based on the work we have perfomied, we condude that there is a material misststement of this other information. we are required lo report 16
ELLESMERE COLLEGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELLESMERE COLLEGE LIMITED YEAR ENDED 31ST AUGUST2025 that fact. We have nothing lo report in this regard. Oplnions on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the informatson given in the Directors, Report for the financial year for which the financial statements are prepared is consistent with the financial statements,. and Directors, Report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to roport by exceptlon In the light of the knciwledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identsfied material misstatements in the DitorS, Report. We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 require us to report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or turns adequate for our audit have not been received from branches not visited by us., or the parent charitable company's financial statements are not in agement with the accounting records and returns,. or certain disclosuies of Directors, remuneration specified by law are not made., or we have not ceIVed all the information and explanations we require for our audit., or Responslbllitles of dlrectors As explained more fully in the Directors, responsibilities statement set out on page 15, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financi81 statements, the Directors are responsible for assessing the group and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the group or parent charitable company or to cease operations, or have no realists'c alternative bul to do so. Auditor's Re$ponslbllltle$ for thg audlt of the flnanclal statements We have been appointed as auditor under the Companies Act 2006 and Secllon 151 of the Charities Act 2011 and report in accordance with those Acts. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and lo issue an auditoff s report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslalementwhen il exists. Misstaternenls can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected lo Influence the enOmiC decisions of users taken on the basis of these finan¢ial statements. 17
ELLESMERE COLLEGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELLESMERE COLLEGE LIMITED YEAR ENDED 31ST AUGUST 2025 As part of an audit in accordance wrth ISAS IUKI we exercise professional judgement and maintain professional s¢epb'cism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial slalemenls, whether due lo fraLtd or error, design and perform audit procedures responsive to those risks, and obtsin audrt evidence that is sUffiCnI and appropriate lo provide a basis for our opinion. The risk of not dete¢ling a material misslaternenl resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions. misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit pro*duros that are appropriate in the circumstances. but not for the purposes ol expressing an opinion on the effectiveness of the group and parent charitable company's internal control. Evaluate the appropriateness of accounting poIleS used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the Directors, ¥Jse of the going concern basis of accounting and, based on the audit eviden obtained, whether a material uncertainty exists related to events or conditions that may ¢a$t significant doubl on the group and paTenl charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report lo the related disclosures in the financial statement5 or, if such disclosures are inadequate. to m¢)dify our opinion. Our conclusions are based on the audit eviden obtained up lo the date of our auditor's report. However, future events or conditions may cause the group or parent charitable company to cease to continue as a going concern. Evaluate the overall presentation, strueture and conlenl of the financial statements, including the disclosures, and whelherthe financial statements represent the underlying transacts'ons and events In a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financia1 infomation of the entities or business aclivitses within the group lo express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report. We communicate wrfth those charged with govemance regarding, among other matters, the planned scope and liming of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Explanation as to what extgnt the audlt was ¢onsidered capable of detecting irregularltios, including fraud Irregularities, including fraud, are instances of non<ompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstalemenls in respect of irregularities, including fraud. The extent to whi¢h our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are,. lo identify and assess the risks of material misstatement of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstalemenl due to ffftud, through designing and irnplemenling appropriate responses to those assessed risks,. and lo respond appropriately lo Instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company 18
ELLESMERE COLLEGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELLESMERE COLLEGE LIMITED YEAR ENDED 31ST AUGUST 2025 Our approach was as follows.. We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most Sl9nificant are Ithe Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting Standards as issued by the Financial Reporting Council obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstslement of the financi81 ststements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with govemance. We inquired of management and those eharged with govemanee as lo any known instances of non<ompliance or suspected non-complian with laws and regulations. Based on this understanding, we designed specific approprtate audit procedures to identify instances of non-compliance with law5 and regulations. This included making enquiries of management and those charged with govemance and obtsining additional corroborative evKlence as required. Thefe are inherent limitations in the audrt procedures described above. We are less likely to become aware of instances of non-compli8n¢e with laws and regulations that are not closely related lo events and transactions relecled in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecling one resulting from error, as fraud may involve deliberate conalMent by, for example, forgery or intentional misrepresentations, or through ollusion. Uso of our report This report is made solely to the charitable company's members. as a body, in accordano with Chapter 3 of Part 16 of the Companies Act 2006 and, in respect of the corssolidated finaneial statements, to the charity's Iruslees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Ael 2011. Our audit work has been undertaken so that we might stste to the charitable company's members and Iruslees those matters which we are required to slate to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo any paty other than the charitable cornpany, the charitable company's members, as a body, and the charity's trustees, as a body, for our audit work. for this report. or for the opinion we have fom*d. l£p Date.. 1210112026 Robert Kersse (Senior Slalutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 9 Appold Street London EC2A 2AP Moore Kingston Smith LLP is eligib lo act as auditor in temis of Section 1212 of the Companies Act 2006. 19
ELLESMERE COLLEGE LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Incorne and Expenditur• Account) YEAR ENDED 31 AUGUST 2025 Unresknct8d Fu$ Reslrictgcl Fund5 Endowed Funds Total 2025 Totsl 2024 Notes In¢om• and EndowTr8nts from . Charitsble Actlvitios School fees receivab Ancillary trading income Other tradlng actlvltles Non-anallary trading income Other activities In¥tMentS Investment income 9.459,W4 1.236,255 9,459,904 1,236,255 10,759.183 1.159.210 859,680 859,680 750,854 12241 8.207 8,207 7.666 Vduntary $our¢05 Grants and Donations Other in¢¢)ming resourc88 8,564 78.794 7.690 16,254 78,794 56.500 104,401 TOTAL INCOMING RESOURCES 11.851.404 7,690 11.659.094 12.837,5gJ Expendlture on Ral8lng Funds Non anu15ary trading ¢D5ts Ancillary trading expenses Finanong co$ls Investment management Fundraising and dev81oprnenl 573.010 1,170,074 116.390 2.779 130.540 573.010 1,170.074 116.390 2,779 130,540 389.918 1,165.560 151,102 2.498 123,084 TOTAL DEDUCTIBLE COSTS 1,992,793 1,W2,793 1,832.162 Charftabl¢ A¢tlvl¢lg9 Education 10.284,634 10.285.318 11,183,189 TOTAL EXPENDITURE 12.277,427 12,278.111 13.015,351 Expenditure before transfers Realised gain5 1 Ikssesl on investment assets 13 UnrealW 9ain$ I Ilossesl on investment asset 13 1628.0231 18.$57 9.585 7.006 1619,0171 16,557 1177.7611 5.654 44.726 Not Exp8ndlturg 1599.8811 7.0 1592,8751 1127,3811 Transfers beh4pen fvnds 23 N•t Mov•mont In funds for the year 1599,8811 7,006 1592.8751 1127.3811 Fund balan5 al 1st September 3.876,221 31,711 3,907.932 4.035,313 FUND BALANCES AS AT 31ST AUGUST 3.276,340 38,717 3,315.057 3,907,932 l amounts wlate to centinuing activiligs. Al recognised gain$ and IDsse$ in thè Gurrent and prr year arg induc(ed in the ststement of financwl activthe5. The notes on page5 24 10 44 form part of these finantsal statèments. 20
ELLESMERE COLLEGE LIMITED CHARITY STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31 AUGUST 2025 Unrestricted Fund5 Restricted Funds Endowed Funds Totsl 2025 Total 2024 Noles In¢om8 and Endowm?nts from: Charltsble Activiti08 School fees receivable Ancillary trading Incorne Othet trading a¢VIti9$ Recharge5 to Ellesme College Entefpfis85 Other a¢tivilie$ Investhwnts Investment in¢omo Voluntary source$ Grants and Donations Other in¢oming resource8 9.459.904 1.236.255 9.459.4)4 1,236.255 10,759,183 1,159,210 31,313 31.313 43.639 12241 8.207 8.207 7.666 289.D14 78.794 7,6 296,704 78,794 416,004 104,401 TOTAL INCOMING RESOURCES 11,103,487 7,8 12,489,879 Expendlture on Ralslng Funds Non Ancillary Tradi Ancillary trading expenses Financing Costs Invastment management Fundraising and devdopmenl 31,313 1,170,074 115,370 2,779 130,540 31,313 1.170.074 115.370 2,779 130,540 43,639 1,165, 150.170 2.498 123,084 TOTAL DEDUCTIBLE COSTS 1.450.076 1,450,076 1,484.951 Charitabh Activitses Education 10.279.434 10,280,118 11.182.689 TOTAL EXPENDITURE 11.729.510 11.730.194 12.667,840 Net Expenditure before transfer8 Rèalised gainsl Ik05ses1 on investment assets Unrealised 98ins I Ibsse51 on inveslrnenl assets 1626,0231 16,557 9.585 7,008 1619,0171 16,557 9,585 1177,7611 5,654 44,726 13 13 Not Expondiiure 1599,8811 7.006 1592,8751 1127.3811 Transfers betsveon lunds 23 Net Movgment In funds for tho yèar 1599,8811 7.ClJ6 1592,8751 1127.3B11 Fund balan¢•$ al 1st S8Ptgmb9r 3.876,221 31,711 3,907.932 4,035,313 FUND BALANCES AS AT 31ST AUGUST 3.276.340 38.717 3.315,057 3,907.932 All arnounls relate to ccntinuing activities. All cOgnised gains and 105ses in the current and prior ar a ineluded in th8 Statement of financial a¢tNilies. The Th)tes on pag05 24 to 44 forn part cf these finan¢val $lat&ments. 21
ELLESMERE COLLEGE LIMITED CONSOLIDATED AND CHARITY BALANCE SHEETS AS A T31 AUGUST2025 Nots Group 2025 Charlty 2026 2024 2024 FIXED ASSETS Tangible assets Securityes Invèatments 12 13 7.417.310 507.641 7,770,259 478,071 7,417.310 507,742 7.770,259 476,172 7.924.951 8,246,330 7,925,052 8,246,431 CURRENT ASSETS Stock Debtors Cash at bank and in hand 33,562 2,IC6,390 108,325 42,633 919.653 161,828 26.938 2.156.422 1,764 36,157 1,039,294 7,943 14 2,248,277 1,124,114 2.185,124 1.083,394 CURRENT LIA81LITIES Creditors." amoun15 falling due wthin one year 15 5,914,896 4.183,7161 15,851,8HI 4,143,097) NET CURRENT LIABILITIES 13,866,619) 13.059.6021 13,668,720) 13.059.7031 TOTAL ASSETS LESS CURRENT LIABILITIES 4,258,332 5,186.726 4.258,332 5,186,726 LONG TERM LIABIUTIES Creditors.. amounts falling due after rnore than one year 1943,1751 11,278,696) 1943.1751 11,278,696) NET ASSETS 3.315.157 3.gJ8,032 3,315,157 3.908.032 REPRESENTeD BY: Called up Share [ytal 20 11YJ 100 100 100 RESTRICTED FUNDS UHResTRICTED FUNDS 23 38.717 31,711 38,717 31.711 General reserve 3,276,340 3,876,221 3,276.340 3,876.221 3.315,157 3,9)8,032 3.315,157 3,908,032 Ttta finarrial staternents re approved and authorisèd for i¥8ue by the Board on.... on ils behalf by .and signed Mr C E Lilli5- Chaimian Cornpany Registration No". 050664C The notas on page$ 24 to 44 form part of thesé finanaal staternents 22
ELLESMERE COLLEGE LIMITED CONSOLIDATED CASH FLOW STATEMENT AS AT31 AUGUST2025 Nots Grtsup 2025 Group 2024 Cash flows from op8ratlng a¢tlvitie¥ . Nel cash provided by operating actIv.e$ {682,6551 936,961 Cash flow¥ from investing activiti•s - Dividends, interest and rènts frorn investments Proceeds from the Sale ol property, plant and equipment Purchase of property, plant and equiprnent Proceeds from sale of investments Purchase of investments 8.207 7,666 16,356 IS65,254} 120,830 {125,999) 66,433 171,861} Net cash used In Inv8Stin9 a¢tlvltlos 2.779 {546.4011 Cash flows from finan¢ing actlvitbos: Rèpayments of borrowng Financing costs Movem¢nl in fee5 paid in advance over 1 year (34.5121 (116,3901 2,837 {99,8811 1151,1021 Net cash u$od in financlng actlv5tles 1153,7391 1250,7831 Change Sn cash and cash èquivalents in the year 1833,6151 139,777 Cash and cash equSval•nts at thè ginning of the yoar 1741.8401 {881.6171 Cash and ca#h ?quivalents at thè ènd of thg year 31 11,575,455) (741.8401 23
ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025 1 ACCOUNTING POLICIES The principal accounting policses, all of which have been applied consislenuy throughout the year and in the preceding year are.. al Basis of Ac¢ountlng Ellesmere College Limited is a private company limited by shares, number 50664Ce. incorporated in England and Wales. Ils registered office and principal place of business 15 Ellesmere College, Ellesmere. Shropshire SY12 9AB. 11 is also a charity. number 1103049. The group consists of Ellesmere College Limited, Ellesmere College Enterprise5 Limited and Ellesmere College International Limited. The accounts c*f the gfOUP have been prepared under the Companies Act 2006 and in accordance wth the Statement of Recommended Practice for Charitses I'SORP IFRS1021'} and with applicable UK A¢counling Standards. They are drawn up on the histerical cost accounting basis except that property and share investments held as fixed assets are carried at fair value. Ellesmere College meets the definits'on of a public benefit entity under Financial Reporttng Standard {FRSI 102. Assets and liabilities are inf(ially recogrbised at historical ¢o$t tsr transaction value unless olherwse stated in the relevant accounting policy notes. The preparation of financial $taternent5 in conformity with FRS 102 requires management lo make judgements, estimate5 and assumptions that affect the application of policAes and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of whi¢h fom the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other source8. Actual results may differ from these estimatgs. Further details are provided in note 33 and in the accounting policies for depreciallon of fixed assets, for pensions and for bad debts. The financial statements are presented in glerting 1£> and the functional currery is 5terfing 1£). Monetary amounts in these finance statements are roun¢Je(I to the nearest £. b} Golng Con¢¢fn The a¢counts have been prepared on a going concern basis. The Ellesmere College Board reviews the financial infomialion foi the company and the group at)d considèrs whether the group and the company are a going concem for a period of al least 12 months from the dale of approval of the accounts. Having considered all factors and reviewing the available evIdee. the d1CtTs have a reasonable expectation that the group wll be able to continue operating for the foreseeable future and the financial statements have been prepared on a going concem basis. At the balance sheet date. the Group had nel current liabilities of £3,666,61912024.. £3,059,602). The Group manages its working cap1tal requirement through an overdraft of £2m wth Barclay$ Bank plc which was increased lo £2.5m in October 2025. The College has seen a decrease in pupil numbers. However at the same lime the College has carried out an extensive review of ils cost structure. Budgets and cashflow forecasts have been prepared until December 2026 which show that the Group can operate wthin the limits of the overdraft facility. In addition. the Group disposed of its inve$tmenl portlolio in Sep16mber 2025 and is in the advanced stages of negotiating other asset sales which are expected to realise al least £620.000 thereby reducing the level of overdfaft. The Directors a unaware of any other factors which woukl impact on the Charity and the group being treateil as a going con¢em. 24
ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025 ¢1 Group Accounts The financial statements consdidate the financial ststernents of the company, and all its subsidiary companies. charitable trusts and funds wlh all inter-company balances being eliminated. Enlilies are consolidated Whe Ellesmere College exercises overall Control either through ownership of shares, or through having common Iruslees wth a common objective. Accounting policies are consistently applied between group companies. dl S¢hool F88$ RK¢lvablts and Slmllar Income Fees receivable and other educational income are accounted for in the peri¢)d In which the SeiCe 1$ provided. Fees receivable are stated after deducting allowances, scholarships and other remissions by the school. bul indude contributions received from restri¢led funds for scholarships, bursaries and other grants. All debts are fvlly provided for unles$ they ielale lo current pupils owing less than terms in which case a partial provision is made. 01 Anclllary and Non.Ancillary Trading Income Ancillary trading in¢ome preSentS amounts from activitie$ to generate funds wthin the charitable objects for example. luilion in extra subjects and coaches lo and from school. Nori-aftcillary trading income represents amounts from activities not directly related lo the charitable objects. for example lettings of school facilities out of term time and sales from the tuck shop and vending machines. Income from these activit8 is recognised in the SOFA when the goods are sold or services provided. Voluntary sourcès, Grants and Donations Voluntary incoming resources are 4¢c¢unled for as and when entitlement arises, the amount can reliably be quantsfied and the economic benofit is wisidered probable. Voluntary income for general purpts5es 15 accounted for as unrestTlCted and is credited lo the General ReseNe. Where the donor or an appeal has imwsed trust law reslri¢lion5, voluntary income 1$ credited lo the relevant restricted fund and incoming endowrnents are accounted for as pemianenl trust capital or expendable trust capital. according lo whether the donor intends retention lo be permanent or not. Girts in kind are valued at estimated open market value at the dale of gift. in the case of assets for retention or consumption, or at the value to the school in case ol donated servi5 or facilities. gl Expendlture Expenditure is a¢¢rved as soon as there is a contractual obligation or a liabilty is considered probable, discounted lo present value for longer lemi liabilities. Expenditure is allocated to expense headings erther on a direct cost basis or apportioned according to time spent. The irrecoverable element of VAT is included with the item of expense lo which il relates. The cost of refurbishing and converting existing buildings is written-off in the year In which it is incurred except where the uselul life is extended. h) Pènslon Costs The school company participates in the Teachers. Pensions scheme, whieh is an unftsnded 90vernment scheme. The Teachers, Pensions scheme provldes benefits based en final pensionable pay. The fund5 of the scheme are separate from the company, although the company's share of the scheme cannot be identified as the scheme is a mulli-employer scheme. and so the pension Costs are accounted for as defined contribution schemes. 25
ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025 h) Pension Co$ts {¢ontinuedl The company offers membership of the Pensions Twsl Flexible Retirement Plan to employees other than the full and part-ts'me academic stsff. The Pensions Trust Flexible Rel1ment Plan is a multi- employer pension schemes where the scheme assets are pooled for Investment purposes and cannot be attributed lo individual employers. Benefits are paid from the ltstal scheme assets. 11 is in most respects a money purchase aTrangement, but has some guarantees. As a result rt is not possible or appropriate to identify the assets and liabilities of the scheme which are attributable to the company. In accordance with Financial Reporting Standard IFRS) 102 (s¢cln 28) therefore, the scheme is ac¢ounted for as a defined Contribution scheme. il Tangible Flx¢d Assets and O•prKlatlon In accordance with Section 35.10 Idl of FRS102, Ellesmere College has elected lo use the carrying valije of any of the above freehold18nd and buildings previously carrfed at a valuation, as their deemed cost at the dale of transition to FRS102, 1 September 2014. Tangible fixed assets are staled at cost less depreciatson. Individual capital items, or proleets. with a value greater than £10,000 are ¢apilalised. Whwe tangible fixed assets have been aUired with the aid of specific grants they are included in the balance sheet at cost and depreciated over their expected useful economic life. The related grants are ¢dIted to a restricted fixed asset fund lin the slalemenl of finarKial activrties and carried fOard in the balance sheell. The deprecAats'on on such assets is Charged in the statement of finan¢ial activities over the expected useful economic life of the lated asset on a basis ¢onsistenl wth the depreciation policy. Depre¢sation is prowded at rates calculated lo write off the cost, less estimated residual value of each ¥S5el based on curyenl market prices, over f(s expected useful lrfe. as follows.. Freehold sand is not deprecioted Freehold Buildin9S'. variable according to the building and written off over the expe¢led useful life Isee note below} 33.33% on cost between 4% and 25% depending on expected useful life 25°/• on cost Computer equipment Plant and Equipment Motor vehi¢les The company has reviewed ils tangible assets, which comprise land, buildings and initsal fixtures and frtiings. The company undertakes an annual Teview of all buildings asses&ng their useful economic life. In some cases the useful economic life of a building is anticipated lo be of considerable length, often in excess of 100 years. The buildings are capitalised in the financial statements al historic cost and the calculated depreciation charge is charged in these accounts over the expected useful life which ranges from 10 10 250 years. The d1clor5 will continue lo rry out annual assessments of the recoverable amount and the estimated useful life of all buildings. The review is based on the directors, assessments of the market value and the fvlure ecormi¢ benefit derived from an asset versus its carrying value in the financial Statements. 26
ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025 11 Flnanclal Instruments ElleSMe College only has financial assets and finan¢ial liabilities of a kind that qualify as ba51C financial inslrurnents. Basic financial instruments are initialjy recognised al Iran$3clion value and Subsequenlly measured al their settlement value wrth the exception of bank loans which are subsequently measured at amortised cost using the effeth've intere51 method. kl So¢urltles Investments Securities investments a carried at fair value, which is deemed to be market value as at the balance sheet dale. Realised and unrealised investment gains and losses are reco9nised as 'nel gainsllltsssesl on investment asset5, in the Statement ol Financial Activities and are allocated lo the apprgpriale fund according lo the 'ownership' of the underlying assets. 11 Sto¢k$ Stocks comprise raw materials, ¢onsumable stores and goods held for resale-. they are value(l at the lower of cost and net realisab value. ml Lèasing Commitmants Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged lo the SOFA on a 5traighl line basis over the lease term. Lease Incentives are a¢¢ounled for over the lease term on a slraigh14ine basis. n) Fae Dèp05its Refundable fee deposits are currently classified beeen loThJ lemi and short temi in the financial stalemenls. These deposits are refundable in the event that the pupils leave the school on one term's notice and as such the deposit would be refunded lo the parents at that point. However, the financial statements are prePad on a going concern basis and f( is assumed that the majority of children wll remain in school for their full years of educalK>n and therefore the deposit wll be refunded to them when they leave school. ol Fund Accounts Reslri¢ted fvnds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are sel out in the notes to the financial statements. pl Taxation Ellesmere College is a registered charity and as such is exempt from tax on income and gains falling thin Part 11 of the CorpOratn Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied lo ts charitable objec15. There is no similar exemption for VAT. which is included in expenditu or in the cost of assets as appropriate. The school has subsidiary companies that are subject lo taxes induding corporation tax and VAT in the same way as any commercial oryanisation. The tax chargekl to the profil and loss ac¢ounl is based on the subsidiary companies profi15 for the year and lakes into account tax arising because of timing drfferences between the treatment of certain items for tax and accounting purposes. The subsidiary companies distribute their profrts lo Ellesmere College under Gift Aid and lax liabilities are kept to a minimum. q) Cash at Bank and in Hand Cash and Cash equivalents are basi¢ financial assets an¢J include cash in hand, deposits held 81 call with bank5, Other short-term liquid investmfjnls with original maturities of 95 days or less. and bank overdrafts. Bank overdrafts are shown wthin borrowings in current liabilities. 27
ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025 CHARifA8LE ACTIVITIES- SCHOOL FEES RecEIVA8LE - GROUP AND CHARITY Thg S¢hool fees incorne comprf5es'. 202S 2024 Gross foès 13,083,647 14,539,096 Loss.. Total scholarships. bursaries. etc 3,623,743 9,459,904 3,779,913 10.759.183 Add back.. Scholarships. Grants etc. paid for by Resthcted Fund5 Unrestricted. 9.459.904 10,759,183 Scholarshtps. bursaries and other awards were paid to 406 pupil812024 410 pupilsl. Within this. rneans-tested burgaries totalling £457,963 were p8id io 85 pupils12024 ". £623,374 tg 107 pupilsl. CHARABLE ACTIVITIES- ANCILLARY TRADING INCOME IUNRESTRICTEOI. GROUP AND CHARITY 2025 2024 Entran fees and registrats.on fees Fees in lieu of notice Extra subjects Other ancilkary educational income Pupil Bussing Activ"es, Clubs. Events and House itxoma 13,828 119,920 547,599 13,763 378,089 163,056 21.394 56.306 464,555 2.406 408.659 205.890 1,236,255 1,159,210 OTHER TRADING ACTNITIES IUNRESTRICTEOI 2025 2024 Non-an¢lllary tradlng Iorn• Elle5rnere College Enterpii$es Ltd Ello¥m•re Collage Int•matlonal Ltd 269.656 590,024 859.680 341,114 409,740 750.854 12241 Interest rec8ivabl&- pupils, bills 859,e80 750,830 28
ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025 INVESTMENTS . INVESTMENT INCOME Lh)restricted Restricted Endowed Totsl 2025 Tot81 2024 Securltlgs InsIm•nI Income Dividends Fixed InreSt 6.866 1,341 6.111 1,555 1,341 8,207 8,207 7,666 £7,866 of incorne in 2024 was unreslricthd. VOLUNTARY SOURCES- GRANTS AND DONATIONS Unreskn¢ted Restricted Endowetj Total 2025 Totsl 2024 Donations Gift Aid frorn Ellesmere College Ent Lid Gift Aid from E118smere Colge Int Ltd 7.690 16.254 18,153 262,297 56.500 64.883 294,841 18,153 262,297 289,014 7.690 296,704 416.004 £46,51XJ 012024 donalon inwrne was restrieted, wth £369,504 unrestrided. ANALYSIS OF EXPENDITURE alTotsl Expenditur•- Group Staff Costs Depretiaiion (note 91 (Mte 121 Support Cosls Total 2025 Total 2024 Co#ts of ralslng funds Non ancillary trading costs Other income genarating a¢tivitYès Finanang cost (note 81 Investment managamént FuThJra15iTrJ and develor¥Thnl 176.663 fj44.208 396,347 525,866 116,390 2.779 7,369 573,010 1,170,074 116.390 2,779 130,540 389.918 1,165,560 151.102 2,498 123.084 123.171 To¢a 944.042 1.048.751 1,992,793 1,832,162 Charftabl• Expenditure Educawon Teaching Wella Premises School administratK)n and govemance Grants, awards and prties (note 7¢) 4.724.869 781,565 932,166 414.206 388,778 739,717 1,377,639 565.342 8,087 5.113.647 1.521.282 2.862.754 979.548 8,087 s,4.375 1,661.947 2,931.941 1.183.335 5.591 352.949 Total 6,852,806 352,949 3,079,3 10.285,318 11,183.189 Total Exp•nd?d. Group 7.796,848 352.949 4,128,314 12.278.111 13,015.351 29
ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025 ANALYSIS OF EXPENDITURE l¢ontlnuedl blTotsl Expendknr¢. Chadty Staff Cos15 DeprecK8lbn Imte 91 Inole 121 Support Costs Tot41 2025 Total 2024 Costs of ral$ln9 lunds Non Ancillary Trading Olher incorne generating advlties Financing cost Intste 81 Investment management Fundraising and development 31,313 525,86fj 115,370 2,779 7,369 31.313 1,170,074 115.370 2.779 130.540 43.639 1.165,560 150,170 2.498 123,084 644.208 123,171 Total 767.379 682,697 1.450,076 1,484,951 Char(table Expondltur• Education Teaching Welfarè Premises School administration and goveman Grants, awards and piizgs (note 7cl 4,724,869 781,585 932,186 414,208 388.778 739.717 1,377,639 560.142 8,087 5,113,647 1,521,282 2,662,754 974,348 8.087 5.400,375 1.661.947 2.931,941 1.182.835 5,591 352,949 Tolal 6.852.806 352,949 3,074,363 10,280.118 11,182,689 Total Expendefj . Charlty 7.620,185 3S2,949 3,757,060 11.730.194 12,867,640 School Admin and Govèmance Costs include £684 from a tricted fund (Pramisès Costs £79.399 in 20241 ¢1 Grnnts, award• and prlz Ellesrnère Col*e makes awards to individud farnilies to support schooling Group and Charfty 2025 2024 From Roatrfcted Funds . Bursanes and other grants and awards From unr¢8trlcte<l funds '. Prizes and leaving 8wards 8,087 5.591 8,087 5.591 30
ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025 ANALYSIS OF EXPENDITURE {¢ontinuodl dl Govoman¢g Includ•d In support ¢o$ts Ellesrnere College reimburses govemors for out of pocjcet expenses induding trav81, sub5iSt8nCe aThJ aeeomNK)dation. where a daim i% ma(. No trustè8$ Were reirnbursed during the year12024'.1 trustee £961, Group 2025 2024 Ramuneratson paid to auditor for audrt servicgs for current year Remuneration paid to auditor for audit seivices for prior yaar othèr govemance costs 25,375 8,239 425 19.650 20,400 196 34,039 40.246 Chorlty Remuneraknon paid to auditor for audit services lor currènt yèar Remuneration paid to auditor for audit 58rvir*s lor prior year Other 90mants costs 20.175 8.239 425 17.500 22,050 196 28.839 39,746 FINANCING COSTS 2025 2024 Group Bank chargès and Bank Loan Interest Bad and doubtful debt- increase I Id6creasel in provision 109,888 6,502 129,716 21,386 116.390 151.102 charlty Bank charges and Bank Loan Intèrèst Bad and doubtful d8bt- increase I IDecreas•l In provlslon 108,868 6,502 128,784 21,386 115,370 150,170 31
ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025 STAFF COSTS Thè aggr8gat8 payroll costs for th6 yaar wero . 2025 2024 Group Wages and salaries Social security costs Other pension costs Private medical insuran 6.197,223 652,348 904,358 22,744 6,332,096 595,090 898,829 20.919 7,776,673 7.846.934 Charfty Wages and salaries Social security costs Other pen510n cost$ Private medical insuranc8 8,030.442 644.083 902.741 22.744 6,173,043 $88,360 897,222 20,919 7.600.010 7,679,544 All st8ff arè jointly employed by Ellesmere College and its 5ub$idiary Ellesmere College Enterpnsos. The charity expenditure on payroll is reduc4d by amounts charged to the subsidiary to raflect tirne Snt working on subsKliary business. Thè numbar of staff partially Charged was 3212024 '. 351 and th$ nurnber wholly disbursed is 312024..31. The Senior Managernent Team are dassed by th• school as being the Key Management Personnel. None of the govemors r1Ved r8muneration or other benefits from Ellosm&rè Collag8 or from any cOnntad body. 2025 2024 Aggregate empK)yee benefrtg of key management personnd 563.718 654,573 32
ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025 STAFF COSTS l¢ontlnuedl Th8 number of hher paid employees who reiVed emoluments of £60,000 or morè was." 2025 Number 2024 Number £60.1J)0- £70.0(K) £70,000- £80,OCO £80.COO- £g).OC() £100,000- £110.000 £120,000- £130,000 £130,000- £140.000 Avora99 number of omploy••s on head count basis 2025 Number 2024 Number Teathing Welfarè Prerni5e5 Support Group and Charlty 115 119 43 30 232 48 29 244 10 DIRECTORS None of thè diroetors lor any persons connected thèm) Teceived any rernuneration during th& y80r. No children or grandchildren of directors attended the Coliege12024 '. NILI. During the year no difOCtors12024.Onèl r9ceived reirnbursement of travel and training èxpèn8è1 11 TAXATION The company is a registered charity and therefo no liability 8ri58s on its charitable activities. 33
ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025 12 TANGIBLE FIXED ASSETS Group and Charity Land and Buildings Freehold Motor Vehicles Computer Plant and Equipment Equipment Total Cost At 1 September 2024 Additsons Disposals 9,240,412 328.877 511,971 1,770,810 11.852,070 13,111 11,868 24,979 As 31 August 2025 9,240,412 328,877 498,860 1,758,942 11.827,091 Depreclatlon Al 1 September 2024 Charge for the year Disposals 2.173,280 139,098 209,574 37,350 342,609 97.077 13,111 1.3%,348 79,424 11,868 4,081.811 352,949 24.979 At 31 August 2025 2.312,378 246,924 426.575 1,423.904 4,409.781 Net book value at 31 August 2025 6,928,034 81,953 72,285 335,038 7,417,310 Net book value Ot 31 August 2024 7,C67,132 119.303 169,362 414,462 7.770,259 All assets are used for charitable purpose$. Finance lea$08 and hirg Purchase contr•¢ts There are no assets held under finance leases or hire purchase contracts.
ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2025 13 SECURITIES INVESTMENTS S&¢urftloS Invostmonts 2025 Securiti•s Inv05tm8nts 2024 Group Group Investments At 1 September Addibons Disposals IncreasellDecrease} In value of investments 476,071 71.861 186.4331 26.142 420,522 125.972 {120,8031 50,380 Group investments at 31 AUgt 507,641 476,071 Investment in subsidiaries 101 101 Charity Invo8tm•nts at 31 August 507,742 476.172 Inv8¥tments comprlsè '. Listed Inv•stm•nt¥ Bonds- Sterling Bonds- Other Curr&nci8s Property Alternath've¥ Mulli Asset Global UK Equitles Continental Europe North America Japan Indirect Pacific Basin Olher overseas equities Emerging M8rke15 Ca$h 49,817 44,180 13,407 45,873 8,015 6,262 40,875 7,502 51.399 97,641 11,820 147.409 24,695 19,961 100,048 26,260 132,615 28,530 29,936 47.540 23,734 22,364 1.983 Group Inve$trnents at 31 August $07,641 476.071 Investment in subsdiarie 101 101 Charlty Invostm¢nts at 31 August 507,742 476,172 Hlstorteal cost of inveskn•nts 4[.553 383.315 Ellesmere College owns all of the share capital of Ellesmeie College Enterprises Ltd and Ellesrnere College Intemational Ltd. ¢ornpanies incorporated in Englandlwales. Further details are provided in notes 27 and 29. The main Securitiès Snvestments are man8g&d lor Ellesmere College by Evelyn Partners Investment Managèment LLP. All investm$nl$ are managed and held in the UK. One ol the European investments had a value of more than SQA of thè lolal12024 .' Three of the North America investments). Thg Charty disposed of the s•Tity investments post year end. 3S
ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2025 14 DEBTORS Group 2025 Charlty 2025 2024 2024 scho faas recèivable Trade debtors Othèr debtors Prepayments and accruéd income Amounts due from ¥ubsidiary companies 1,1,270 211.913 167,347 536.860 528,971 101.046 27.472 262,164 1.190.270 528.971 165,141 536,860 264.151 27,472 262,164 220,687 2,1C6.390 919,853 2.156,422 1.039.294 The school fees receivable is nat of a Bad Debt Provision of £221.28312024 .. £231,019). 15 CREDITORS: DUE WITHIN ONE YEAR Group Ch3rlty 2025 2024 2025 2024 Bank loans and overdrafts Fees received from parents in advance of tem Repayable deposits from parents Trade creditors Taxation and social security Other creditors Accruals Amounts due to subsidiary companios Arnounls due to parent cornpany 1.887,780 921,996 1,887.780 921,996 1.815,115 387,783 658.044 667,569 176.939 290,916 2,033,452 407,818 390,493 150,370 154,205 125,382 1,815,115 387.763 654.973 651.933 176,939 246.571 2.033,452 407,818 371,909 132,930 154,205 105,442 15,345 30,770 30.770 5.914,896 4.183,718 5,851,844 4,143.097 Fges received from parènt$ for the followng academi¢ year are treated as deferred income. 16 CREOITORS.. DUE AFTER MORE THAN ONE YEAR Group and Charlty 2025 2024 Fees received from parents in advance ol tèmi Repayable Deposits from Pants Bank loans 386,109 405,600 151,466 388,946 518,100 371,650 943,175 1,278,6 The Repayable Depostt5 from Parents are disclosed as partly repayable after more than one year because they are repayable when the pupil leaves and it is reasonable to assume that many pupils will not be leaving within one year. A breakdovm ofthe expected periods of repayment is shown in note 18.
ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2025 17 BANK LOAN 2025 2024 The bank loans a repay8ble by inslalments Due within 2 to 5 years Due wrthin 1 10 2 years Due after more than onè year 141,694 229,956 371.650 151,466 151,466 Duo within 1 year 204,000 18,328 355,466 389,978 The group refinand with Barclays in March 2023, which included a loan of £540,000 repayable over a term of 4 years (until March 2027) which is secured by a charge on the College's asse15 at an interest rate of 20h over bank base rate. The overdraft is aSso secured by a charge on the College's assets. 18 REPAYABLE DEPOSITS FROM PARENTS 2025 2024 The deposits become repayable when the pupil leav8s '. Oue after 5 years Due within 2 to 5 years Due wthin 1 to 2 years Due aftar more than one year 58,500 251,800 95,300 405,600 79,400 242.700 196.rKJo 518,100 Due within 1 year 387,763 407.818 793,363 925.918 Parènt$ pay the school a deposit of £500. £2,000 or £9,orx) In advance. The money may be returned subject to specific conditions on the receipt of one term's notice. Assuming pupils m81n in the school (which the vast majority do based on historical informth'onl, depostts will be applied as above. 19 COMMITMENTS UNDER OPERATING LEASES 2025 2024 Within 1 year Betsveen 2 and S yeArs 22,205 55,512 29,773 77,717 29,773 Lease payments recognised as an expense amounted to £26,06512024 .. £38,535). The lease relates lo the broadband connection {£2,800} and the other lo printers. scanners and photocopiers1£23,2651. 20 SHARE CAPITAL 2025 2024 Authtsrid 100 Ordinary shares of £1 each 100 Allotted, called up and fully paid 100 Ordinary Shares of £1 each 100 100 37
ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2025 21 RESTRICTED FUNDS Ellesmere College's funds are anatysed under the following headings. al RESTRICTED FUNDS The Peter Messènger Fund was set up in mèmory of a former pupil lo provlde support to pupils who w5h to fvrther their musical and inslrurnental abIle$. The Mullock Scholarship is to bnd music scholarships. Enhance Ellesmere is a donation scheme to fund additional educational facilities. The Ian Beer Scholarship Fund is lo fund rugby scholarship. The Leavers Gift Fund is a donation scheme to fijnd pieces of arrk which are displayed al the school premises. The Walker Scholarship is to ftjnd music scholarships. bl UNRESTRICTED FUNDS Unrestricted fijnds Tepresent acLumulated inTr)me from the school's activrfi85 and other sources that arg available for the gener81 purpose of the school. 22 ANALYSIS OF NET ASSETS BETWEEN FUNDS Total 2025 Unréslricled Restricted Tangible fixed assets Securities inv85lments Not current {liabilitiesllassets Long lemi liabilities 7,417,310 507.641 13.705,4361 1943.1751 7,417.310 507,641 13,666,719) 1943.1751 38,717 3,276.340 38,717 3,315.057 Testated Total 2024 Unrestricted Restrlctgd Tangible fixed assets Seeurities investments Net current Iliabilibès)la$$els Long t&rm liabiliues 7,770,259 476,071 13,091,413) 11,278.6961 7,770.259 47e,071 {3,059.7021 {1,278,6961 31,711 3,876,221 31,711 3,907,932
ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS {Continued) YEAR ENDED 31 AUGUST 2025 23 SUMMARY OF MOVEMENTS ON MAJOR FUNDS Balance at 1 Septembèr 2024 Gain81 ILosses}l Balance 8131 Transfers August 202S Incoming resources Resoufces expended Restrlet•d Funds Peter Messenger Fund Enhance Ellesmere lan Beer Rugby Scholarship Leavers Gift 3,570 20,781 100 7,260 3.570 20.597 100 14,450 500 16841 7,1 31,711 7,690 {684) 38,717 Unrestricted Funds General Re$erv8 3.876.227 11,651,404 (12,277,42n 28,142 3,276,340 Balance at 1 September 2023 Gainsl ILossesll Balance at 31 Transfers August 2024 Incoming resour$ Resources expended Restrictsd Funds Peter Messeng&r Fund Enhance Ellesmere Ian Beer Rugby Scholarship Leavers Gift 3.S70 18,199 100 42.741 3.570 20,781 100 7,260 2.775 11931 43,725 79,206 64,610 46,500 {79,3991 31,711 Unrestricted Funds General Reserve 3.970,703 12,791.090 112.935,9521 50,380 3.876,221 Note 22 provides details of the individu81 fijnds. 24 CAPITAL COMMITMENTS At 31 August 2025 the company has no caplal commrtments12024 .. None). 39
ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025 2S PENSION SCHEMES Teachers, Pension Schemg The School participates in the Teachers, Pension Scheme {"Ihe TPS'I, for its leaching staff The pension charge for the year includes contributions payable lo the TPS of £692,72912024 .' £792,863) and at the year-end £74,92812024 ". £73.1951 was accrued in respect of contributions to this scheme. TPS is an unfvnded mulli-employer defined benefits penslon scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Seheme Regulations 2014 las amended). Members contribute on a'pay as you go. basis wlh contributions from members and the employer being credited lo the Exchequer. Retirement and other pension benefits are paid by public funds provided by Partiamenl. The School has accounted for its contributions to the scheme as if il were defined contribution scheme. The Government Actuary. using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions Ivalualions and Employer Cost Capl Direcbons 2023 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuakn'ons are dependent on assumptions about the value of future costs. design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as al 31 March 2020 in accordance with The Public Service Pensions (Valuations and Employer Cost Cap} Directions 2023 and the Employer Contn'bulion Rate was assessed using agreed assumptions in line with the Directions and was accepted at the Original assessed rate as there was no cost control mechanism breach The valuation report was published by the Department for Education on 26 October 2023. The key elements of the valuation are.. .Tolal scheme liabilities for service Ilhe capital 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 valuation datel of £222 billion .Notional past service deficit of £39.8 billion12016 £22 billion) .Diseounl rale is 1.7Vh in excess of CPI12016 2.4°/0 in excess of CPI) (this change has had the greatest financial signifi¢ancel As a result of the valuation. new employer contribution rates have been set at 28.6Vo of pensionable pay from 1 April 2024 until 31 March 2027 leompared lo 23.68Qh under the previous valuation including a 0.08Qk adminislralion levy)- 40
ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025 25 PENSION SCHEMES contlnued Until the 2020 valuab'on is completed it is not possible lo conclude on any financial impact or future changes lo the contribution rates of TPS. Accordingly, no provision for any additional past benefit pension costs is included in these financial statements. Penslons Trust Flexible Retirement Scheme The School participates in The Flexible Retirement Scheme IFRSI for its support staff. This is a mulb. employer defined contribution scheme administered by the Pensions Trust. For those enrolled on the Auto- enrollment scheme Ellesmere College paid contributions al the rate of 3% with members contributions al 5Vo. For the majority of those enrolled in the Company Scheme the employer ntnbUtion is 5% with matching contributions made by members. 26 SUBSIDIARIES The Company owns all of the share capital of Ellesmere College Enterprises Limited, 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 including lettings and sales from the school's tuck shop. Ellesmere College Enterprises Limited had a turnover of £343,107 {2024= £534.9151, gross profit of £39,37912024.' profit £81,946), and a profit of £18, 153 in the year ended 31 August 202512024.. profft £64,6631 At 31 August 2025 the company had shareholder's deficit of NIL12024. NIL). assets of £169,92712024 .' £262,561) and liabilities of £169,82712024 .. £262,461). Gift aid distributed lo the College for the year was £18,153 (2024.. £64,663) The Company owns all of the share Capital of Ellesmere College International Limited a company ineorporated in England and Wales, company number 08512074, registered office Ellesmere College, Ellesmere. Shropshire, SY12 9AB. Ellesmere College International Limited had a turnover of £590.02412024. £409,740), gross profit of £265,06212024.' £294,516} and 8 profil before tax and gift aid of £262,297 in the year ended 31 August 2025 {2024. £294,841) At 31 August 2024 the company h8é shareholderfs deficit of NIL12023.NILI. assets of £170,57412024 . £14,190) and liabilities of £170,57312024 £14,189). Gift aid distributed to the College was £262,297 for the year12024.' £294,841) 41
ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025 27 ULTIMATE CONTROLLING PARTY The Woodard Corporation Limited is the ultimate controlling party, a registered charity number 1096270, which is ineorporaled in England and Wales, company number 04659710 . Copies of the financial statements of the Woodard Corporats'on can be obtained from the registed office, High Street, Abbots Bromley. Rugeley, Slaffordshire. WS15 3BW. The accounts of Ellesmere College Limited are included within the consoSidaled financial slalements of the Woodard Corporation Limited. The Woodard Corporation's principal purpose and activity is to provide high quality educatKsn in an actively Christian schoo5 environment for all. 28 RELATED PARTIES As stated in note 28, Ellesmere College Limited is a wholly owned subsidiary of the Woodard Corporation. During the year £92,310 {2024 .' £82,191) was invoiced by the Wcx)dard Corporation for a levy to meet running costs and staff training. In addition lo this the Woodard Corporation made payments lo Ellesmere College of NIL (2024 .' £8361 for commission on the advance fee scheme. The year end balances beeen Ellesmere College and the Woodard Corporation are shown on note 14. The company also controls kn subsidiary trading companies, Ellesmere College Enterprises Limited and Ellesmere College lnlernab.onal Limited. The transactions with the subsidiaries are summansed below '. 202S 2024 115,3451 {60,3501 220.687 394,131 273,208 295,669 1507,0301 1828,6181 (85,3791 1254,4651 97,560 299,471 280,450 359,504 264 151 205 342 Opening charty creditor Opening charty debtor Reeharged lo subsidiaries Paid by subsidiaries Invoiced by Subsidiaries Paid by Ellesmere College Gift Aid from Subsidiaries Closing charity creditor Closing charity debtor 11 S,345} 264.151 220,687 264 151 205 342 During the year NIL12024 '. £275) was donated to the S¢hool by a member of the key management personnel. 42
ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025 29 Con801idat•d Statement of Financlal A¢tivitie8- Compardflv• ftyuros by fund typ Yoar Ended 31 Augu¥t2024 ijnreslricted Funds Restricted Funds En¢Jowed Fund5 Total 2024 Nol Income and Endowments from . Charitablo Actlvlties School fees re¢eivable Ancillary trading income Other tradlng a¢tlvitles Non-ancillary trading income Other activities Investrngnts Investment income Voluntary sources Grants and Donations Other incoming resources 10.759.183 1,159.210 10,759,183 1,159,210 750.854 12241 750,854 12241 7,666 10.¢JOD 104.401 46,5CX) 56,500 104,401 TOTAL INCOMING RESOURCES 12,791.090 46,5(K) 12,837,590 Expenditurn on Ralslng Funds Non ancillary trading ¢osls Ancillary trading expenses Financing costs Investment management FundTaising and development 389.918 1,165,580 151,102 2,498 123,084 389,918 1,165,560 151,102 2,498 123.084 TOTAL DEDUCTIBLE COSTS 1,832,182 1.832,162 Charftablo Actlvlties Education 11,103,790 79,399 11,183,189 TOTAL EXPENDITURE 7 12,935,952 79,399 13,015,351 N¢t Expenditure bafore tran$fors Reali5ed gains I Ilossesl on investment asset5 13 Unrealised gains I Ilossesl on investment assets 13 1144,8621 5,654 44,726 132,8991 117T,7611 5,654 44,726 N•t Expgnditure 194,4821 132,8991 1127,3811 Transfers between funds 23 Net Movemènt in funds for the year 194,4821 132,8991 1127,3811 Fund balances at 1st September 3.970,703 64,610 4.035,313 FUND BALANCES AS AT 31ST AUGUST 3.876,221 31,711 3,907,932 43
ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS AS A T31 AUGUST 2025 30. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Group 202S Group 2024 Net income for tho reportlng poriod la$ the ststem8nl of flnanclal activitig81 1592.8751 1127,3811 Adjustmgnts for: Depreciation charges IGainsllLosses on investment5 Dividends, interest and rents from investments Financing costs Lts5sllprofitl on sale of fixed assets Decrease in Stocks Ilncreasel I decrease in debtors Increase in creditors 352,949 126.1421 18,2071 116.390 411,448 150.3801 17,6661 151.102 116.3561 5,949 1100,7491 670,994 9.071 11.186.737) 652,896 1682,6551 936,961 Group 2024 Cashfthis Other non cash ehanges Group 2025 31. ANALYSIS OF CHANGES IN NET DEBT Cash at bank and in hand Overdraft facility repayable on demand 161.828 903.S68 1741.8401 (53,5031 780,112 1833,6151 108,325 1,683,780 11,575,455) Borrowings Loans falling due wlhin 1 year Loans falling due after 1 year 118,3281 371.650 1389,9781 1185,6721 220,184 34,512 1204.0001 151,466 {355,4661 Total cash and cash oqulvalents 1,131.818 799.103 1,930,921 32. ACCOUNTING ESTIMATES AND JUDGEMENTS In preparing the financial slalements, the directors are required lo make estimates and judgements. The matters detailed below are Considered to be the most important in understanding the judgements that are involved in preparing the financial ststements and the uncert3intr.es that could impact the a¢¢ounls reported in the results of operations, flnancial position anLI ¢ashflows. Accounting policies are Shown at note 1 to the financial slalemenls. Provlslon for bad d•bts Debts are provided for if not recovered within one term. Estimating amounts to provide against recovery of debts is a matter of judgèment. Dapro¢iation, impairnient and r•$idual values of flxgd ass¢ts Judgement is exercised in eslimaling the residual values of fixed assets, the selection of appropriate rates for depreclalion, and for matters of impairnient.