GAYHURST SCHOOL TRUST
(A Company Limited by Guarantee and not
having a Share Capital)
GOVERNORS, REPORT AND ACCOUNTS
YEAR ENDED 31 AUGUST 2023
Company Registered Number: 2209385
Charity Registered Number: 298869

GAYHURST SCHOOL TRUST
GOVERNORS, REPORT
YEAR ENDED 31 AUGUST 2023
Governors
Mr R Thompson (Chair until 24.04.23, st¢y)d down 05.07.231
Mr R Skinner ljoined 06.12.22, Chair from 24.04.23
Mrs A Dusek (stood down 05.07.231
Mrs E Halliday
Mr5 Z McKinnon
Mr S Potts
Mr N Garner
Mr A Wallace
Ms T Hartley
Mrs A Borwick
Mr G MacPhee (joined 24.11.221
Mrs S Kerr (joined 07.02.231
Mr5 G Fienberg (joined 15.11.221
The Governors are the directors of the company and the charity trustees.
Officers and Advisors
Headmaster:
Mr Gareth R A Davies
Bursar and Company Secretary:
Mrs Vanessa Lakatos
Addres5 and Registered Office
Gayhurst School
Bull Lane
Gerrards Cross
Buckinghamshire
SL9 8RJ
Bankers..
Natlonal Westmlnster Bank PIC
Auditors:
Haysmacintyre
10 Queen Street Place
London
Gerrards Cross
Buckingham5hire
SL9 8EA
EC4R 1AG
Solicitors..
Moore Barlow LLP
Insurance Broker:
Hayes Parson5
St Lawrence House
The Oriel
Sydenham Road,
Guildford GU1 35R
Bristol Street
Bristol B51 2HF
All Governors attend the Full Board meetings, the Head and Bursar attend all meetings. The commlttees
are..
Admission5 & Marketing - A Du5ek Ichair to 31.03.231, R Skinner Ichair from 01.04.231, N Garner, S Kerr
Education - R Thompson (Chair to 24.04.231. A Wallace (Chair from 24.04.231, Z McKinnon, T Hartleyp
Fienberg, R Skinner lex-officiol
Finance & General Purp05e5 -s Potts (Chairl E Halliday, A Borwick, G MacPhee. R Skinner lex-officiol

GAYHURST SCHOOL TRUST
GOVERNORS, REPORT Icontinuedl
YEAR ENDED 31 AUGUST 2023
OBJECTS, OBJECTIVES AND ACTIVITIES
Overall Objective5
The overall objectives are, as set out in the Metnorandum of Association, to promote and
provide for the advancement of the education of children.
Gayhurst School aims to enable all pupils to reach their potential and be fully prepared for any
secondary school their parents may choose. Gayhurst's highest priority is the safety and
welfare of its community, with an unwavering commitment to safeguard it5 pupils in every
action and decision made.
Gayhurst strlves for all children to reach their highest academic standards while ensuring the
development of well-rounded individuals who are confident, independent, and resilient. Pupils
are encouraged to take part in a wide range of extracurricular activities to enrich their
broader education and personal development.
The school aims to widen public access to its educational provision as much as possible within
the context of our funding a5 an independent education provider and registered charity.
Gayhurst encourages use of the school's facilities for public benefit and interacts positively
with the local community, aiming to encourage its pupils to contribute to society.
In achieving it5 overall objectives, Gayhurst prepares girls and boys from ages 3 to 11 for their
life at secondary school and beyond.
Objectives for the Year
Over and above the overall objectives noted above, the school had the following specific
objectives for the year ended 31 August 2023:
To maintain high levels of academic excellence.
To prepare pupils for entry into the most appropriate secondary schools commensurate
with their skills, abilities and the wishe5 of their parents.
To continue to develop sporting, artistic, musical, performance and cultural
opportunities.
To extend extra-curricular activities and provide a wide, age-appropriate choice for all
pupils.
To ensure the school is fully prepared for an inspection by ISI
To promote the values and benefits of Gayhurst a5 a co-educational school.
To continue to increase the number of girls in the school
To support recruitment and retention of high-quality staff.
To contlnue to market the school actively, both externally and internally.
To move forward with plans to enhance sports and performing arts facilities at the
school.
To work with traffic consultants and the local community to enable better traffic
management
To appoint new governors as required

GAYHURST SCHOOL TRUST
GOVERNORS. REPORT {continuedl
YEAR ENDED 31 AUGUST 2023
To continue to Use a System for tracking pupils, development to ensure each child is
monitored and 5trategie5 are identified to enhance their learning with suitable
challenge or inteNention where required.
To review and update School policie5 regularly to ensure compliance and appropriate
Implementation In Ilne with Independent School Standard Regulations IISSRI.
To review on an ongoing basis public benefit and wider community engagement in line
with funding constraints.
To monitor and plan for future political and economic challenges
The School has met its objectives foi 2022123 a5 Outlined in the review of performance and
achievements section of this report.
Two governors stepped down from the Board, one because of ill health and another for
personal work commitments. Four new governors joined the Board.
Publlc Beneflt
The governors confirm that they have complied with the duty in section 4 of the Charities Act
2011 to have due regard to public benefit guidance published by the Charity Commission in
detertnining the activitie5 undertaken by the charity.
The school is committed to the concepts of access and opportunity for public benefit and in
the last year the school provided means-tested support for 11 pupils (including 4 who were
displaced from Ukraine by warl who otherwise would not have been able to access the school's
provision, to the value of £158,000.
Beyond the benefit of providing a high-quality education to all the pupils of Gayhurst School,
which equips them with ski115 for their future, the school also provided wider public benefit
through partner5hip5 Wlth both local state schools and our local community. Gayhurst has
enjoyed reinstating events and creating new opportunities to work with our neighbouring
5choo15 and communities since the disruption to its partnership work throughout the Covid
pandemic. The school, staff and pupi15 continue to work hard to support Lhe local community
and charities in several different way5 including..
Partnership5 Wlth local state school5:
Gayhurst continues to be used as an exam centre for LAMDA by local chlldren from
other schools.
The Head Is a governor at a secondary state academy and large prep school
The Head is a board member of iTrust, the IAPS charity.
The Deputy Head is chair of the governing board at a local state schoollMAT.
The Bursar is a governor at a local state school and a board member of ISBA.
Gayhurst hosted a local sports partnership cr05s country event for 13 schools across KS2
involving more than 500 children
Gayhurst hosted the Maths Challenge Final,18 different schools were involved.
Gayhurst collaborated with a local primary school choir to perform at the local feast
day celebrations

GAYHURST SCHOOL TRUST
GOVERNORS, REPORT Icontinuedl
YEAR ENDED 31 AUGUST 2023
Partnerships with the local and wider community:
Gayhurst attends and sponsors the Community Feast Day in Gerrards Cross
Gayhurst actively promotes events for local churches, groups and schoo15 via our parent
communications.
Pupils from Gayhurst represent the school annually in the local community
remembrance Service.
The Metropolitan Police use the school buildings and premises several times each term
for training of their dogs.
Harvest Festival - Pupils delivered produce collected at the harvest festival to the
Foodshare Charity in Slough
Gerrards Cross girls cricket team use the school for weekend training
Gerrards Cross Tenni5 Club use the site for parking during evenings and weekends
Art supplie5 donated to Brooke Infant School.
Sponsorship of Beacon5field RFC
With the assistance of the Thomas Franks catering team Year 6 leavers cooked meals
which were then frozen and donated to their Feeding Communities initiative.
Risk Management
The governor5 have a duty to identify and review the risks to which the charity is exposed and
to ensure appropriate controls are in place to provide reasonable assurance against fraud and
error. The governors a55ess the major risks to which the school is exposed and are Satisfied
that system5 are in place to manage exposure to these risks. Risk management is a matter of
on-going policy and governors continue to keep the school's exposure to these risks under
review. The risk management documentation is reviewed at every committee and updated at
least annually.
Responsibility for identified risks remains a standing item on appropriate governor
subcommittee agendas, thereby ensuring a dedicated focus on risks and controls.
The main areas of risk are considered to be..
External factors: the sector, economic and political
Financial
Health & Safety/Safeguarding: child, member of staff, volunteer or visitor suffering
physical or emotional harm
Regulatory compliance failure
Interruption to business/reputational damage
External Factors ~The risks relating to the potential105s of charity tax benefits and VAT on
fees are monitored and considered in future planning for the school. The school continues to
work with the Independent Schools Council, ISBA and other representative bodies to defend
the charitable status of independent education and inform the positive contribution it makes.
The economic climate and market competitiveness are monitored by the governors and senior
leadership and effects of recession, inflation, increased interest rates and potential drop in

GAYHURST SCHOOL TRUST
GOVERNORS, REPORT (continued)
YEAR ENDED 31 AUGUST 2023
pupil roll are considered in budgeting and forward planning scenarios. The risk of cyber-attack
is addressed through staff tralning and working with IT contractors to minimi5e the likelihood
and severity,
Flnanclal rlsks -areas of concern include the application of VAT to school fees, high inf lation,
high interest rate5 and energy cost5 due to current economic and political factors resulting in
fees becoming unaffordable for parents. The subsequent risk to the school is a reduction in
pupil numbers and an increase in bad debts. Costs continue to be regularly reviewed and cost
pressures arising from external factors are identified at an early stage and managed as far as
possible by the preparation and control of school budgets involving budget holders across the
school. The school aims to ensLJre timely collection of fee income and management of debtors
to minimise losses.
The risk of harm - thi5 is addressed through maintaining and implementing robust
Saf￿uard1￿g, child protection, safer recruitment and health and safety policies and practices.
A health and safety consultant is engaged to provide professional oversight and guidance.
There is a focus on awareness by all, annual training for all staff and regular review meetings
of the safeguarding and health and safety team5.
Regulatory compliance 15 ensured by review and update of all school policies on a
predetermined cycle and checking of implementation by senior staff and governors.
Risk of business interruption through critical incidents is managed, where It can be, through
health and safety risk assessments. An emergency plan is in place to provide guidance on how
to deal with, and minimise, the impact of external critical incidents. Reputational damage is
managed through planning Irisk management and the proactive control of event5 a5 they
happen to reduce this risk.
REVIEW OF ACHIEVEMENTS AND PERFORMANCE 2022-23
The academic year 2022-23 was one of the most successful in the school'5 history with many
notable achievement5 to celebrate. The year started with a record school roll of 363 students
including four Ukrainian refugee children supported on bursaries. For the first time, girl
numbers exceeded 100 with 110 on roll. a positive development and an indication that the
school's co-educational offering wa5 becoming increasingly popular. Such growth in pupil
numbers was testimony that parental confidence in the school was high and its reputation
strong. This was very much attributed to the emphasis placed on pupils, character
development and enrichment as well a5 high academic standards which combine to provide an
attractive and compelling educational offer.
During the year, a legacy of the pandemic contlnued to affect chlldren's mental health,
anxiety and attendance. The School therefore prioritised emotional and pastoral support to
focus on pupil happiness and wellbeing from all members of staff. The school continued to use
the services of a counsellor on a weekly basis and a member of staff also developed skills in
this area to broaden the expertise and support available internally. Sotne Year 6 pupils also
trained as peer mentors in associatThon with B￿ckInghamshlre Mind so that they could support
younger pupils acr055 the school.
New developments sought to broaden the currlculum and extend facillties to support
educational provision and increase extracurricular opportunities. Spanish was introduced to
Nursery for the first time, dance and outdoor learning sessions were offered f rom Nursery to
Year 2 and STEAM extended to Year 5 following its introduction to Year 6 previously. Swimrning
provision was also extended to include all children acr055 the School except those in Nursery.
New facilities included a new putting green in the heart of the school to amuse and engage

GAYHURST SCHOOL TRUST
GOVERNORS, REPORT (continued)
YEAR ENDED 31 AUGUST 2023
children during break times, a dedicated garden studio for LAMDA tuition, a revamp of the
junior library and erection of a new boot-room, which also increased playground space for the
younger children and improved the aesthetic appearance of the site. We were delighted to
receive planning approval for a major capital development of a new sports hall and changing
rooms, large auditorium and new staff room building from the local authority and we hope to
begin construction early into the new academic year.
Pupils were appropriately prepared for a variety of Selective grammar, independent and
maintained schools with 66% of entrants securing places at the selective Bucks grammar
schools after passing the 11 + transfer test. In total, pupils transferred to 24 different schools.
It was an excellent year for scholarships, with 15 awarded at 11 different schools. Sport and
academic Scholarships were prominent, whilst the creative and performing arts were also
recognised. Two pupils each won multiple scholarships at different schools. In all, 5 sport
scholarships were offered, 4 academic, 2 art, 2 drama and 2 mu55c. Thi5 reflects the school's
commitment to offering a broad and balanced education and demonstrates how the school
both supports and extends the more talented pupi15. A newly appointed SENDCO ensured that
appropriate support and individual education plans were in place for children with special
educational need5 and disabilities including the two children on roll with an Educational Health
and Care Plan IEHCPI. A slight increase in learning assistants ensured that support could be
offered within class and to small groups where required.
Extracurricular and enrichment opportunities were once again prevalent and widely taken up
by the pupi15. Academic competitions included debating, maths, computing, prose and poetry
recital, RS essay writing and music, whilst qulz teams also participated in inter-school
competitions for general knowledge, maths and science. Themed enrichment weeks saw a
focus on sustainability and water themed activities and residential week provided varied
educational experiences at school, in Devon and Bilbao. World Book Day focused on bedtime
Stories and two author visits enthused the children about creative writing. 95% of pupils
achieved a di5tThnction in their LAAIDA exams and one pupil achieved success in an IAP5
gymnastics competition on the first time that the school had entered the competition. School
productions included The Puzzled Penguin, Porridge and Star Warts, whilst competitive sport
against other schools wa5 also a regular occurrence.
Charitable days were well supported and saw significant funds and donation5 of food, clothes
and toys for local, national and international charities including the Rainbow Trust and Helen
and Douglas House, Children in Need, the Royal British Legion, Slough Food Bank and
Macmillan. The Gayhurst Parents Association {GPAI were also well-supported, and this enabled
them to donate an outdoor classroom, a laser cutter, two 3D printers, a Lego technology kit,
blazepod reaction resources and a video camera to the school, all of which were gratefully
received and allow the furtherance of different educational activities.
Involvement in community events included the hosting of a large cr05s-country event and
multiple rugby tournaments as well as a maths quiz and competition for local schools. External
candidates were able to sit LhMDA exams at the school and police dogs used the school
buildings for training purposes. A local football group r￿ULarlY hire the resources and a local
tenni5 club use the site for parking. A school choir and parental community performed at a
local feast day, which the school also sponsored. A local rugby club was also sponsored by the
school. Additionally, the school continues to promote workshops and events to its comtnunity
for a local church and various other local groups. The school's caterers oversaw efforts from
our Year 6 children to create meals which were portioned and frozen as part of the Feeding
Communities initiative and engaged in a surplus to purpose Service which used excess produce
that would otherwise have been destined for waste.

GAYHURST SCHOOL TRUST
GOVERNORS, REPORT {continuedl
YEAR ENDED 31 AUGUST 2023
The year ended with a long overdue, focused compliance and educational quality inspection by
the Independent Schools Inspectorate (ISI). The school was found to be fully compliant with
excellent judgements for pupils, academlc and other achievements and for pupils. personal
developments. The report was effusive in its praise of the school and recognised many of the
school's strengths. The sole recommendation was to extend and deepen pupils, understanding,
awareness and leadership in responding to environmental challenges, which the school had
already identified as a Strategic objective.
It 7s evident that the school had a very successful year, meeting its aims and strategic
objectives. l am thankful to all the staff for their noble efforts, to governors for their advice
and oversight and parents for their support. Most importantly, l applaud the pupils for their
confidence, independence and resilience in embrac7ng the educational opportunities on offer
to them so fully, making the school such a positive and worthwhile environment.
The prospect of a major capital developrllent on the horizon is exciting and we are committed
to building on what we have achieved over this academic year. We will do so with renewed
energy and commitment to offer the best educational experience that we are well-reputed
for.
REVIEW OF FINANCIAL ACTIVITIES
The Finance & General Purposes Committee 5upervi5es the school'5 financial affairs and meets
at least once each term. The committee liaises closely with the school's Bursar who is
responsible for the day-to-day management of the school's finances. A target for financial
performance has been set for net incoming resources {excluding donations) to be in the range of
4% to 8% of total annual fee income. In the year ended 31 st August 2023 the figure was £790, 353
15% of fee income up frorn £586,054 in 2021 or 12.5% of fee income in the year to 31" August
2022.
The school's banking arrangements continue to operate satisfactorily. The 2008 development
loan wa5 cleared during the year ahead of the repaytnent schedule, the repayments for the
new loan frorn 2022 continue on schedule. Cash management is good with proactive
management of debtors and miniTnal outstanding fees.
Reserves and Financial Health
The governors, pollcy is to malntain free reserves Ifunds not deslgnated or tled up In flxed
a55etsl through annual Surpluses to Support the development of the school and its charitable
purpose. Reserves may be used to fund specific projects alongside an appropriate and prudent
level of borrowings if necessary. The school currently has total unrestricted funds (excluding
designated funds) of £8,001,352 12022: E7,210,9981. After deducting the carrying value of the
tangible fixed assets of £5,764,373 12022.. £5, 526,9041 held for the schcM)I's own use, the freely
available reserves were £2.24m 12022.. E1.68ml which is considered sufficient for operational
needs.

GAYHURST SCHOOL TRUST
GOVERNORS. REPORT Icontinuedl
YEAR ENDED 31 AUGUST 2023
FUTURE PLANS
The governing board will support the Head, the senior leadership team and the staff in
delivering the school's aims and updated strategic objectives offering a broad, high quality
education to children in school years Nursery to Year 6. The school will continue to promote the
values and benefits of co-education for primary aged pupils.
Pupils will continue to benefit from enriched learning to develop confidence, independence and
resilience as core value5 that are promoted in all aspects of the education at Gayhurst. The
enrichment programme will continue to offer wide and varied opportunities to cater for the
learning needs, interests and skill development of all pupi15. Sports, creative and performing
arts will continue to be valued and supported as key components of the broad education
Gayhurst offers.
The wellbeing of pupils will continue to be promoted, taught, and embedded into the
comprehensive pastoral support provided. School policies and all other documentation will
continue to be reviewed by the Head, the senior leadership team, and governors to ensure
ongoing compliance and implementation.
The governors and senior leadership are planning a programme for facility improvement,
especially with regards to enhancing sports and performing arts facilities, and provision for staff,
for which planning approval has been received.
New governors will be appointed as required.
Fundraising Performance
The charity ha5 not made any fundraTsing appeals to the general public during the year. There
has been no outsourced fundraising via professional fundraisers or other third parties. As a
result, the charity is not registered with the fundraising regulator and did not receive any
fundraising complaint5 in the year.
STATEMENT OF GOVERNORS, RESPONSIBILITIES
The governors (who are also directors of Gayhur5t School Trust for the purposes of company lawl
are responsible for preparing the governors, report and the financial Statements in accordance
with applicable law and regulations.
Company law requires the governors to prepare financial statements for each financial year.
Under that law the governors have elected to prepare the financial statements in accordance
with United Kingdom Generally Accepted Accounting Practlce {United Kingdom Accounting
Standards and applicable lawl. Under company law the governors must not approve the financial
statements unless they are sat15fied that they give a true and fair view of the state of affairs of
the charitable company and of the profit or 105s of the charitable company for that period.
In preparing these financial statements, the governors are required to..
select suitable accounting policie5 and then apply them consistently.
observe the methods and principles in the charities SORP.
make judgments and accounting estimates that are reasonable and prudent,
State whether applicable UK accountlng standards have been followed, subject to any
material departures disclosed and explained in the financial statements.

GAYHURST SCHOOL TRUST
GOVERNORS, REPORT {continuedl
YEAR ENDED 31 AUGUST 2023
prepare the financial statements on the going concern basis unless it 15 inappropriate to
presume that the company will continue in business.
keep adequate accounting records that are sufficient to show and explain the charitable
company's transactions and disclose with reasonable accuracy at any tirne the financial
P051tion of the company and enable them to ensure that the financial statements comply
with the Companies Act 2000.
safeguard the asset5 of the charitable company and hence take reasonable steps for the
prevention and detection of fraud and other irregularities.
So far as each of the governors is aware at the time the report is approved..
There is no relevant audit information of which the charitable company's auditors are
unaware. and
The governors have taken all steps that they ought to have taken to make themselves
aware of any relevant audit information and to establish that the auditors are aware of
that information.
AUDITORS
In accordance with Section 495 of the Companies Act 2006, a resolution proposing the
reappointment of Haysmacintyre as auditors to the company will be put to the Annual General
Meeting.
On behalf of the Board
Mr R Skinner
Chair of Governors

INDEPENDENT AUDITOR'S REPORT TO THE
BOARD OF GOVERNORS OF GAYHURST SCHOOL TRUST
We have audited the financial Statements of Gayhurst School Trust I'the charitable company'l for the
year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the
Statement of Cash Flows and note5 to the financial statements, including a summary of significant
accounting policies. The financial reporting framework that has been applied in their preparation is
applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102
The Financial Reportifjg Standard applicable in the UK and Republic of Ireland (United Kingdom
Generally Accepted Accounting Practice).
In our opinion, the financial 5tatements.'
give a trLJe and fair view of the state of the charitable cotnpany's affairs as at 31 August 2023
and of the charitable ctsmpany's nel movement in funds, including the income and expenditure,
for the year then ended.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice,. and
have been prepared In accordance with the requirements of the Companies Act 2006.
Basls for oplnlon
We conducted our audit in accordance wilh International Standards on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those standards are further described in the Auditor's
re5ponsibilitie5 for the audit of the financial statements section of our report. We are independent of
the charity in accordance with the ethical requirements that are relevant to our audit of the financial
Statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Concluslons relatlng to golng concern
In auditing the financial statements, we have concluded that the trustees, use of the going concern ba51S
of accounting in the preparation of the financial Statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to
events or conditions that, individually or collectively, may cast signlflcant doubt on the charitable
company's abllity to continue as a going concern for a period of at least twelve tnonths from when the
financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described
in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information
included in the Governors, Annual Report. Our opinion on the financial statements does not cover the
other information and, except to the extent otheThvi5e explicitly Stated in our report, we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements, or our knowledge obtained in the aLJdit or otherwise appears to be materially
misstated. If we identify such material inconsistencies or apparent material misstatements, we are
required to determine whether there is a mateiial misstatement in the financial statements or a
material misstatement of the other information. If, based on the work we have performed, we conclude
that there 15 a material misstatement of this other Information, we are required to report that fact. We
have nothing to report in this regard.
10

INDEPENDENT AUDITOR'S REPORT TO THE
BOARD OF GOVERNORS OF GAYHURST SCHOOL TRUST
Continued...
Oplnlons on other matters prescrlbed by the Companles Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Governors, Report (which incorporates the strategic report and the
directors, report) for the financial year for which the financial statements are prepared is
consistent with the financial statements,. and
the Governors, Report Iwhlch incorporates the strateglc report and the dlrectors, report) has
been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and Trts environment obtained
in the course of the audit, we have not identified material misstatement5 in the Governors, Report
(which incorporates the strategic report and the directors. report).
We have nothing to report in respect of the following matters in relation to which the Companies Act
2(K)6 requires u5 to report to you if, in our opinion..
adequate accDunting records have nDt been kept by the charitable company. or
the charitable company finanaal statements are not in agreement with the accounting records
and returns. or
certain disclosure5 of Governors. remuneration specified by law are not made. or
we have not received all the information and explanations we require for our audit.
ResponsibTlitie5 of trustees for the financial staternents
As explained more fully in the Governors, responsibilities Statement on page 9 the Governors (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 Governors determine is necessary to enable the preparation of financial
5tatetnent5 that are free from material mi55tatement, whether due to fraud or error.
In preparing the finanaal statements, the Govemors are responsible for assessing the charitable company's
ability to continue as a going concern, disclosingj as applicable, matters related to going concern and using
the going concern basis of accounting unless the Governors either Intend to liquldate the charltable
company or to cease operation5, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable a55urance about whether the financial statetnent5 a5 a whole
are free from material mi55tatement, whether due to fraud or error, and to issue an auditor'5 report
that includes our opinion. Reasonable assurance is a high level of assurance but is nol a guarantee that
an audit conducted in accordance with ISAS IUKI will always detect a material flli55tatement when It
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
ba515 of these financial Statements.

INDEPENDENT AUDITOR'S REPORT TO THE
BOARD OF GOVERNORS OF GAYHURST SCHOOL TRUST
Continued...
Irregularities, including fraud, are instance5 of non-cotnpliance with laws and regulations. We design
procedures in line with our re5ponsibilitie5, Outlined above, to detect material misstatement5 in respect
of irregularilies, including fraud. The extent to which our procedure5 are capable of detecting
irregularities, including fraud is detailed below-
Based on our understanding of the charitable company and the environment In whlch It operate5. we
identifled that the principal risks of non-compliance with laws and regulations related to ISI regulations.
safe4uarding regulations, health and safety law, GDPR and employment law and we considered the
extent to which non-compliance might have a material effect on the financial statements. We also
consldered those laws and regulations that have a direct impact on the preparation of the financial
statements such as the Companies Act 2(X)6, the Charities Act 2011, and payroll tax.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial
statement5 (including the risk of override of controls) and determined that the principal risks were
related to posting inappropriate journal entries to revenue and management bias in accounting
estimates. Audit procedures performed by the engagement team included..
Inspectlng correspondence with regulator5 and tax authorities;
Discussions with management including consideration of known or suspected instances of non-
compliance with laws and regulation and fraud,.
Evaluating management's contro15 designed to prevent and detect irregularities.
Identifwng and testing journals, in particular journal entries posted with unusual account
combinations, postings by unusual users or with unusual descriptions. and
Challenging assumptions and Judgements made by management in thelr crltical accounting
estlmates.
A further description of our responsibilities for the audit of the financial Statements is located on the
Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms
part of our auditor's report.
Owing to the inherent limitations of an audit, there Is an unavoidable risk that we may not have
detected some material misstatements in the financial statements, even though we have properly
planned and performed our audit in accordance with auditing standards. For example, the further
removed non-compliance with laws and regulations lirregularitie51 is from the events and transaction5
reflected in the financial statement5, the less likely the inherently limited procedures required by
auditing standards would identify it. In addition, as with an audit, there remained a higher risk of non-
detection of irregularities, as these may involve collusion, forgery> intentional omissions,
misrepresentation, or the override of internal controls. We are not responsible for preventing n(8)-
compliance and cannot be expected to detect non-compliance with all laws and regulations.
Use of our report
This report is made solely lo the charitable companls members, as a body, in accordance with Chapter
3 of Part 16 of the Cotnpanie5 Act 2006. Our audit work ha5 been undertaken $0 that we might state to
the charitable company's members those matters we are required to state to them in an Auditor's report
and for no other purpose. To the fullest extent permitted by law, we do nol accept or a55ume
responsibility to anyone other than the charitable company and the charitable companls members as a
bodyj for our audlt work, for this report, or for the oplnions we have formed.
Thomas Wilson
Senior Statutory Auditor
For ond on l)ehalf of Haysmacintyre LLP, Stotutory Auditors
10 Queen Strpet Place
London, EC4R IAG
Dote.'.l.1.1.1212.3............
12

GAYHURST SCHOOL TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 AUGUST 2023
Unrestricted
Tc>tal
2023
Total
Funds
2023
Total
Fund5
2022
INCOME FROM:
Notes
Charltable Actlvltles..
Fee5 receivable
Grants and donations
Investments
Other
5, 361,856
20,312
36,966
83,577
5,361,856
20,312
36,966
83,577
4,786,571
12,007
6,498
93,437
Total
5,502,711
5,502,711
4,898,513
EXPENDITURE ON:
Charitable Activity
School Operating Costs:
Teaching costs
Welfare
Premi5e5
Support costs of Schooling
Finance cost5
2,916,833
461,367
704,294
597,032
32,831
2,916,833
461,367
704,294
597,032
32,831
2,695,980
379,181
678,657
552,686
5,955
Total
4,712,357
4,712,357
4,312,459
Net Income
790,354
790,354
586,054
Transfers between funds
Net movement in funds
790,354
790,354
586,054
Balance brought forward
7,210,998
7,210,998
6,624,944
Balance carried forward
8,001,352
8,001,352
7,210,998
There were no acquisition5 or discontinued activitie5 during the year. There were no other recogni5ed
gain5 or losses during the year.
The accompanying notes form part of these accounts.
13

GAYHURST SCHOOL TRUST
BALANCE SHEET
AT 31 AUGUST 2023
2023
2022
Notes
FIXED ASSETS
Tangible assets
5.764,374
5,526,904
CURRENT ASSETS
Debtors - fees
other debtors
Prepayments and accrued income
7,137
44,981
48,158
158,118
Total debtors
52,118
206.276
Cash at bank and in hand
3,975,110
3,531,095
4,027,228
3,737,371
CURRENT LIABILITIES
Creditors and accruals
Bank loan
11,120,059)
117,1961
11,295,895)
192,3821
11,137,255)
11,458,2771
NET CURRENT ASSETS
2,889,973
2,349,094
TOTAL ASSETS LESS CURRENT
LIABILITIES
8,654,347
7,875,998
CREDITORS: due after more than
one year
1652,9951
1665,000
Nrf ASSETS
8,001,352
7,210,998
FUNDS
Unrestricted funds
8,001.352
7,210,998
8,001,352
7,210,998
The financial statements were approved and authorised for issue by the Govemors on 5th December 2023
and were signed belo
on their behalf by..
Mr R Sklnner
I GOVERNORS
Mr S Potts
The accompanwng notes form part of these financial statements.
14

GAYHURST SCHOOL TRUST
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023
2023
2022
Cash flows from operatlng actlvltles:
Net cash provided by operatiTrs activities
957,724
852,566
Cash flows from Investing activities:
Interest received
Payments for tangible fixed assets
Proceeds from sale of fixed assets
36,956
1441,1421
7,215
6,498
11,509,096)
Net cash used in investing actiwties
1396,9711
11,502,598)
Cash flow from flnanclng actlvltles
Loan drawn down
Interest paid
Repayment of long term loan
700,000
129,4681
187,1881
1143,0041
Net cash used by financing activitie5
1116,6561
556,996
Change in cash and cash equivalent5 in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
444,096
193,0361
3,531,015
3,624,131
Cash and cash equivalents at the end of the
reporting period
3,975,110
3,531,095
Reconciliation of net movements in fund5 to net cash flow from operating activities
2023
2022
Net movement in fund5 for the reporting perTod
{as per the statement of financial activities)
Adjustments for:
Depreciation charges
Interest received
Interest paid
Ilncreaselldecrease in debtors
IDecreasel/increase in creditors
IGainllLoss on disposal of fixed assets
790,354
586,054
199,036
136,9561
29,468
154,158
1175,8361
12,5WI.
220,705
16,4981
1148,6561
193,392
7,569
Net cash provided by operating activitie5
957,724
852,566
B. Analysis of cash and cash equivalents
2023
2022
Cash at bank and in hand
3,975,110
3,531,095
Total cash and cash equivalents
3,975,110
3,531,095
15

GAYHURST SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
ACCOUNTING POLICIES
The financial Statements have been prepared in accordance with Accounting and Reporting by
Charities: Statement of Recommended Practice applicable to charlties preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
IFRS1021 Icharities SORP 2015 Isecond Edition, effective 1 January 201911, the Financial Reporting
Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companie5 Act 2006.
The functional currency of the school is considered to be GBP because that Is the currency of the
primary economlc environment in which the school operates.
The school is a Public Benefit Entity registered as a charity in England and Wales and a company
limited by guarantee (company nutnber- 2209385 and charity number: 2988691.
Basis of Preparation
The account5 are prepared under the historical cost convention.
b)
Going concern
Having revlewed the funding facilitie5 available to the schwl together Mth the expected ongoing
demand for places and the school's future projected cash flows, the Governors have an expectation
that the schoDI has adequate resources to continue it5 activities for the foreseeable future and
consider that there were no material uncertainties over the school'5 financial viability.
Accordingly, they also continue to adopt the going concern basis in preparing the financial
statetnent5 as outlined in the Statement of Accounting and Reporting Re5ponsibilltles on page 10.
Crltlcal accounting judgements and key sources of estlmatlon uncertalnty
In the application of the accounting policie5, Governors are required to make judgement,
estimates, and assumptions about the carrying value of assets and liabilitie5 that are not readily
apparent from other Sources. The estimates and underlying assumptions are based on historical
experience and other factors that are considered to be relevant. Actual results may differ from
these estimate5.
The estlmateg and underlwng assumptions are reviewed on an ongoTrng basis. Revisions to
accounting estimate5 are recogni5ed in the period in which the estimate is revised if the revision
affects only that period, or in the period of the revision and future period5 if the revision affected
current and future periods.
Judgements made by the Governors, in the application of these accounting policies that have
significant effect on the financial statement5 and estimates with a significant risk of material
adjustment in the next year are deemed to be in relation to the depreciation rate5 of tangible
fixed asset5 and are discussed below.
In the view of the Governors, no assumptions concernins the future or estirnation uncertainty
affecting assets or liabilitie5 at the balance Sheet date are likely to result in a material adjustment
to their carrying amounts in the next financial year.
10

GAYHURST SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS {contlnued
FOR THE YEAR ENDED 31 AUGUST 2023
ACCOUNTING POLICIES Icontinuedl
d)
Fees and Similar Income
Fees and charges receivable are accounted for in the period in which the service is provided. Fee5
receivable are stated after deducting allowances and other remi5sion5 allowed by the school.
Other fees consist of extras and disbursement5 charged to pup51s.
Investment income
Investment income from bank balances and fixed interest securities 15 accounted for on an accruals
basis.
fl
Donation5, legacie5, grants and other Yoluntary income
Voluntary income is accounted for a5 and when entitlement ari5e5, the amount can be reliably
quantified and the economic benefit to the School is considered probable.
g)
Expenditure
Expendlture Is accounted for on an accruals basls and are allocated to expense headlngs on a dlrect
cost basis. The irrecoverable VAT is included with the item of expense to which it relates.
Governance costs comprise costs incurred in meeting statutory and constitutional requirements of
the School.
h)
Assets
Fixed assets are Shown on the balance sheet at cost les5 accumulative depreciation. Current
assets are shown at the lower of cost and net realisable value. Assets under £1,000 are written off
in the year of purchase.
Depreclatlon
Depreciation is provided on fixed assets to write off their cost over their estimated useful lives at
the following rates:
Buildings
Furniture, Fittings and Equipment
Short Leasehold Property (Boilers)
All Weather Pitche5
Grounds Works
MTnibu5e5 & Motorised Equipment
IT Equipment
2% on cost
10% - 20% pa on cost
2%- 12.5%on c05t
15% on cost
15% on cost
20% on cost
25% on cost
Penslon contrlbutions
The company contributes to a defined contribution scheme. The pension cost charge represent5
the amount of the contributions payable to the scheme in respect of the year. The company also
contributes to personal pension schemes for non-teaching staff and these contributions are
charged to the profit and 1055 account in the year in which they are incurred.
17

GAYHURST SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl
FOR THE YEAR ENDED 31 AUGUST 2023
ACCOUNTING POLICIES (continued)
kl
Operating Lease Rentals
Rentals paid in respect of assets held under operating leases are charged against income on a
straight line basis over the lease term.
Unrestricted Funds
General funds are unrestricted funds expendable at the discretion of the Governors in furlherance
of the objects of the charity.
Designated funds are unrestricted funds that have been set aside by the governors for a particular
purpose.
rnl Restrlcted Funds
The restricted fund represents donations received for specific projecls.
Financial instrument5
Basic financial instrument5 are initially recognised at transaction value and subsequently measured
at amort15ed with the exception of investments which are held at fair value. Financial asset5 held
amortised cost cornprise cash at bank and in hand, together with trade and other debtor5. A
specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is
defined a5 all cash held in instant access bank account5 and used as working capital. Financial
liabilities held at amort15ed cost comprise all creditors except social security and other taxes and
provisions.
Debtors
Trade and other debtor5 are recognised at the settlement amount due after any traée discount
offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
pl
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments.
ql
Creditors and provisions
Creditors and provisions are recognised where the School has a present obligation resulting from a
past event that will probably result in the transfer of funds to a third party and the arnount due to
settle the obligation can be measured or estimated reliably. Creditors and provisions are normally
recognised at their settlement amount after allowing for any trade discounts due.

GAYHURST SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS Icontinuedl
FOR THE YEAR ENDED 31 AUGUST Z023
FEES RECEIVABLE
Unrestricted Unrestricted
funds
funds
2023
2022
Gr05s fees
Less: bursaries and discounts
5,590,485
1346,6031
4,941.321
1255,1601
Fees Inetl
5,243,882
4,686,161
Extras and disbursements
107,774
91,410
5,351,656
4,777,571
Registration fees
10,2(H)
9,000
5,361,856
4,786,571
ANALYSIS OF TOTAL RESOURCES EXPENDED
2023
staff costs
Other
Depreclatlon
Total
Charitable Activity:
School operating costs:
Teaching costs
Welfare
Premises
Support and govemance costs
Finance costs
2,573,664
343,169
461,367
412,001
266,480
32,831
2,916,833
461,367
704,294
597,032
32,831
93,255
330,552
199,038
2,997,471
1,515,848
199,038
4,712,357
20Z2
Staff costs
Other
Depreclatlon
Total
Charitable Activity:
School operating cost5:
Teaching costs
Welfare
Premises
Support and governance costs
Finance costs
2,411,085
284,895
379,181
383,325
263,789
5,955
2,695,980
379,181
678,657
552,686
5,955
74,627
288,897
220,705
2,774,609
1,317,145
220,705
£4,312,459
19

GAYHURST SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS Icontinuedl
FOR THE YEAR ENDED 31 AUGUST 2023
ANALYSIS OF TOTAL RESOURCES EXPENDED (continued)
2023
2022
Expenditure includes
Auditors, remuneration ALJdit lincluding VATI
Other non-audit setvices
Operating lease rentals - Plant and machinery
Other Assets
16,560
1,860
14,962
85,000
14,005
15,135
74,585
STAFF COSTS
2023
2022
Salaries and wages
Social security costs
Pension costs
2,530,683
250,965
215,823
2,323,996
231,200
219,413
2,997,471
2,774,609
2023
2022
Aggregate employee benefits of key management personnel
327.315
306,668
The number of etnployee5 whose emoluments exceeded £60,000 were..
£60,000 - E70,000
E110,001 £120,000
FroTn 1" September 2020 all retirement benefit5 to these employees were accrued under a
Defined Contribution Pension Scheme.
The average number of employees during the year was made up as follow5-
Teaching
Premises
Support
53
49
63
59
20

c o
rtj >
CÉ
u<40

GAYHURST SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 AUGUST 2023
CREDITORS: Due within one year
2023
2022
Deferred income - fee5 in advance
Taxation and social security
Deposits refundable and other creditors
Trade creditors and accruals
Pension
599,019
64,511
309,176
119,003
28,350
662,940
67,635
333,895
201,187
30,238
1.120,059
Efj.295,895
All brought forward deferred income was released during the year.
CREDITORS: due after more than one year
2023
2022
Bank loan (note 8}
652,995
665,000
652,995
665,000
Composltlon Fees
Parents may enter into a contract to pay the school up to the equivalent of 8 years, tuition fees in
advance. The money may be returned subject to specific conditions on the receipt of one terms
notice. Assuming pupils will remain in the school, fees will be applied as follows:
2023
2022
Amounts falling due:
Wlthin one year
The balance represent5 the accrued liability under contracts. The movements during the year were..
Brought forward
Additions in year
Amounts utilised in the year
Carried forward
22

GAYHURST SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl
FOR THE YEAR ENDED 31 AUGUST 2023
BANK LOAN
2023
2022
Amounts falling due
between one and two years
between two and five years
after more than five year5
20,069
68,969
563,958
17,198
41,532
596,270
652,995
665,(M)O
Within one year - bank loan
17,196
92,382
670,191
757,382
On 10 March 2022 the school entered Into a new loan agreement, the loan was formally drawn
down on 23 August 2022. The total loan amount 15 E700,000 to be repaid in monthly instalment5
over 20 years with interest being charged at 1.95% above the bank base rate. The loan is secured
over the freehold site of Little Chantry, Chalfont St Peter.
TAXATION
The company is a registered charity and no taxation is payable on Its Income.
10. FUNDS
Unrestricted RestrTCted
Funds
Funds
Total
Funds
Balance at 1 September 2022
Net income
7,210,998
790,354
7,210,998
790,354
Balance carried forward at 31 August 2023
8,001,352
8,001,352
PRIOR YEAR COMPARATIVE OF FUNDS
Unrestricted Restricted
Funds
Funds
Total
Funds
Balance at 1 Seplwiber 2021
Net Income
6,624,944
586,054
6,624,944
586,054
Balance carried forward at 31 August 2022
7,210,998
7,210,998
23

GAYHURST SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 AUGUST 2023
OPERATING LEASES
At 31 August 2023 the charity had annual commitments under non-cancellable operating leases
for a5 follows-
Land and buildings
2023
2022
Expiry date
Within one year
Within two to five years
9,566
75,875
70,000
210,000
85,441
280,0(XJ
2023
2022
Operating leases
Expiry date
Within one year
5,397
3,980
5,397
3,980
12. RELATED PARTY TRANSACTIONS
No travel and accommodation expenses were reimbursed to governors12022: £Nill. There were no
other related party transactions during the year.
CAPITAL COMMITMENTS
The Governors have authorised expenditure in 2023 £nil 12022 in respect of £36,495 relating to a
new minibu51.
24

GAYHURST SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS lcontinuedl
FOR THE YEAR ENDED 31 AUGUST 2023
PENSION COSTS
The School participates ln the Aviva Pension Trust for Independent Schools IAPTISI for it5
teaching staff. The Pension charge for the year include5 contributions payable to APTIS of
£181,873 12022.. E194,4081. At the year-end Enil was accrued in respect of contributions to this
scheme.
The School participated in the Aviva Pension Scheme for its Support staff.
The pension charge for the year includes contributions payable to the of £33,951 12022:
£24,950>. At the year-end £8,88712022.' C4,0641 was payable.
14. NET DEBT RECONCILIATION
Atl
Sept'22
Ca5hflows
Other non-
cash
change5
At31
Aug'23
Cash at bank and in hand
Secured bank loan falling due within 1
year
Secured bank loan falling in more than 1
year
3,531,095
192,3821
444,015
87.191
3,975,110
117,1961
112,0051
1665,0001
12,005
1652,9951
NET DEBT RECONCILIATION 2022
At I
Sept'21
Ca5hf lows
Other non-
cash
changes
At31
Aug'22
Cash at bank and in hand
Secured bank loan falling due within 1
year
Secured bank loan falling in more than 1
year
3,624,131
1131,087
193,0361
108,004
3,531,095
192,3821
169,299
{69,299} 1665,0001
69,299
1665,0001
25

GAYHURST SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS {continued)
FOR THE YEAR ENDED 31 AUGUST 2023
17. COMPARATIVE PERIOD STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Total
2022
Total
Fund5
2022
INCOME FROM:
Note5
Charitable Activities:
Fees recelvable
Grants and donation5
Investments
Other
4,786,571
12,007
6,498
93,437
4.786,571
12,007
6,498
93,437
Total
4,898,513
4,898,513
EXPENDITURE ON:
Charitable Activity
School Operating Costs:
Teaching costs
Welfare
Premises
Support costs of schooling
Finance cost5
2,695,980
371,181
678,657
552,686
5,955
2,695,980
371,181
678,657
552,686
5,955
Total
4,312,459
4,312,459
Net Income
586.054
586,054
Transfers between fund5
Net movement in funds
586,054
586,054
Balance brought forward
6,624.944
6,624,944
Balance carrled forward
7,210,998
7,210,998
26