EI.STREE SCHOOL LIMITED (A Registered Company Limited by Guarantee) ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 TOGETHER WITH GOVERNORS, AND AUDITOILS, REPORTS Registered Number.. 690450 Registered Charity Number.. 309101
ELSTREE SCHOOL LIMITED GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The Governors present their annual report on the affatrs of the co¥npany, tog¢ther with the accounts artd auditors, report for the year ended 31 August 2022 REFERENCE AND ADMINISTRATIVE INFORMATION Charity Registraiion NuMr 309101 Company R¢byitstration Number 690450 Governors Mr J B Sunley {Chair) Mrs E McGrath {Viee-Chair) Mr J Dahl Mr J Vimceni MrSMHill Mrs J Lyons Mrs E McKendri¢k Mr N Murphy Mr G A W (hvston MTS J Joynson Mr A PaT]nell Mr R B Waller (Resigned 15 December 2021) Mrs P Foulds (Appointed 18 March 2022) Mrs M Price (Appoin(ed 18 March 2022) Mrs E Shaw (Appointed 18 March 2022) Headmabter Mr A C T Inglis Bursar Mr5 J Burnett {Re.lglled 14th December 20221 Mr RWS Aird IAppointed 16th January 20231 Address Elstree School Woo]hampEon Reading Berkshire RG7 STD Bankers BarLlays Bai)k PIC Newbury Business C¢ntre 6 Market Place Newbury Berks RG145AY Auditors Hayrnacintyre LLP Re¥istered Audiiors 10 Queens Street Place Londo EC4R IAG
ELSTREE SCHOOL LIMITED GOVERNORS, REPORT FOR THE YEAR ENDED 31 AVGUST 2022 The Governors, who are also directors of the company and chariiy ttvstees, have pleasure in submitting their report and audited fjnancial stsiements for the year ended 31 Auguqi 2022. The flnancial statements have been prepared in accordance with the staMent of Recomrnend¢d Prnctice Ac<'ountirtg and ReportÈMg by Chdrifies, issued in 2015, applicable low and the company's governing docwxet]t the Memorandum and Articles of Asso¢iation. STRUCTURE, GOVERNMCE AND MANAGEMENT St41us andudwJinistr4tion The SLhool was incory)orated it) 1961 as a charitAble company limited by guarantee. The Governors (The 'Board'l deierniine the general poli¢y of the school. The day-i<Fday management of the sch4)ol is delegated io the Head and The GovernorJ who served dmrimg theye4r4nd up ts the dfite ofthis report were." Mr J B Sunley (Chair),. Mrs E McGraih (Vice-chair) Mr J Dahl Mr J Vincent MrSMHill Mrs J Lyons MTS E McKendrE¢k Mr R B Waller {R¢signed 15th December 2021) MrN Murphy, Mr G A W Owston Mrs J Jo580n Mr A Pannell 5. Mrs P Fould8 (Appointed 18 March 2022) Mr8 M Price (Appointed 18 March 2022) Mrs E Shaw (Appointed 18 March 2022) .Member of the Fingnce & General Pu4x)ses Committee . Member of the Acadetni¢ Commiiiee Member of ihe Pagioral & Safeguarding Committee Member of ihe Marketing Committee Member of ihe Health & Saf¢ty Committee Org4MisiiliTonalmunogement The Governors meet as a board At least four time4 a year to deierniine the general policy of the Charity and to review its overall management and control. for which they are legally responsible. The wotk of implementing a substantial pan of th¢ Board's policies is carried out by the Finance and General Purposes Committee, which meets at l¢ast two weeks b¢for¢ ea¢li meeting of the full board, specifically to review the budgets. the management accounts, the annual accounts and repgrLs. For the purposes of ihe day-to-day management of the charity, the Govemors give delegated powers to the Headmaster and the Bursar. There ib an increasing level of commut)ication between GovernoTh and the Headrna%ter and teaching comrnunity at Elsiree through the regular sub-committee meetings and inforn)al communication. All Govemors are linked to a role within the School and meet a% separat¢ sub-committees, including Fii)ance, Acad¢mic, Pastora] and Safeguardillg. Marketing and Health and Safety. Recr4limeni training vf Governors Govemors are recJui*d as and when nece&sary, bearing in mind the particul8r skills that need to be covered by the circunistances of die vacancy. Upon appointment Governo are given a copy of the Memorandum al Anicle$ of Association of Elstree School. ioKether witli the AGBIS handbook and are provided with a comprehensive induction vi.SLt to the School. Governors are encouraged to attend the training sessions proirided by AGBIS or other appropriate bodie8. Specific trainin also provided io all Gtsverntsrb, r¢c¢nt trainings include Safeguarding and updates to the lat¢st KCSIE legkslation.
ELSTREE SCHOOL LIMITED GOVERNORS, REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2022 Strtseiure relationships Elstree School is a member of IAPS, ISBA AGBIS and the BSA for the promotion and maintenance of standardq ODd joins in peer group studies for the evaluaiion of quality and perfornian¢¢ improvement method5. The School eo-op¢rate8 with as tnany charities as 51 Lan and %eeks to widen public aceess io the educatiott provided, tts optin]ise the educational U5¢ gf the cultural and sporting faciliti¢8. and to awaken in its pupi15 an awarenesq of the wider social context of th¢ u¢ation they receive ai ihe School. OBJECTS, PRINCIPAL ACTIVITY, OWECTIVES AND PUBLIC BENEFIT Objects The objects. of the company are to provide an outstanding education for boys and girls b¢tween the ages of 3-13. Within thebe objecis tl)e company also matntains Èts. Grade 2 * listed buildings which are considered lo be of national importance. and any fund% held in imsi for bpecial purpose.8 in connection with the developmtnt of the School'8 facilities as well as for scholarships, bursaries. ptizes and other educational putyoses need to be appropriately managed. In the furtherance of these object5', the Govemors seek io comply with the duty in s.4 of the Charities Act 2006 to have due regard to ihe Charily Comjnitssion's published guidance concemin¥ the operation of the Ptsblic BenefEt reqUirnent under that Acl. PrAn¢wul aclivity The School continues to provide a11-roLd education for toys and girls between the age8 of 3-13. Elstree welcomes children ofall abilities ond from all backgrounds. Elstree is well esthblished as one of the leading Prepdraiory schools in the South of England, attraeling children Irom a wide area. The Charity is Committed to an education which develop the acadetllic, physical, creative, social and spiritual potential in all its pupils. All ilb activities and polici¢s are geared to this aim. This is developed further by paniLipation in the El.%tre¢ Award (the Schoo)I's VelOn of th¢ Duke of Edinburgh Award) which ib for boys at giTls in Years 6. 7 and 8. This initiative develops citizetLship and COTnmunity spirit. The ¢ornbination of academic Tigour in the ¢lasbroom wilh opptsrtunities lo participaie in a wide rdnge of competitive sports and other activiiie6 ensures we provide prepardiion for life at tbe leading independent senior schools acro&% the UK. Objeciivesfor iheyear The Board'5 Stralegic aim as a charitable indep¢nd¢nl school is the focus and Subtained attainment of the htghest levels of academic perforniance in a safe and happy enviTonm¢nt, the development of puptl numkn in Itne wiih a wider-accebs athnibsions policy, the continuation of external leltings provision which is putting the School's facilities to good use when not otherwise needed, the developn)ent of sustainable and appropriate boarding oppormniiies and the greater involvement of all pupils in the full rangt of extra-curricular activities. Through the bucces%ful iTnplemet]taiion of ihese objectives, public benefit and accebs to the School will be ¢nhaD¢ed. The Board also look to broaden the academic curriculum, Continually enhance the rdnge of sponing, creative arts, musical and pastoral opporDJniliLs and incre&%e the school's involvement in and contribution towards the local community. The School recognise tlie value of capable well motivaied teaching and support staff in succeeding in its objective of tnaximi5ing the achievement of all pupils and seeks ¢0 ensure chai all staff receive recogniiion for their contributLOlI to the quality of school life. It re¢ogni4es that an effective reinuneraiion policy allows the School io mainthin and improve the quality of education proyided for all pupils by enabling th¢ S¢hool to recJuiL retain and motivate slaff. Key ManRemeIFeYSoftÉlreInUrterOi1D The Govemor8 aim to provide rnarkei competitive salaTieS and recognise the need to pay hi¥her salaries for exceptional candidaieb where this is in the interest of ¢he School. Remuneration of the key rnanagement perbonnel is £¢ by the Board. in conjunction with ihe Ileadmasler for the Bur%ar and Depuiy HeadaSter. using a number of criteria such nature of role and responsibilitie%, 8eclor salaries as indicated by varioub benLhmark and other market reports. cost of living increases and trends in pay. Any revisions must b¢ agreed by the Full Board.
ELSTREE SCHOOL LIMITED GOVERNORS, REPORT (Continued) FOR THE YEAR EIYDED 31 AUGUST 2022 Strarfe The Govemors are responsible for agreeing a long-term strategy that is designed to plac¢ the school in the best possible POSition to achieve the objectives set out above. The8e include.. conlinuin¥ to review the School's academic tK)licies in ihe light of national academic benchmarks at]d independent knspector%' reports. We also review the academic syllabus. teaching tnethods and exam results. ensuring the Co-curricular activities on offer to pupils are outstanding and aciively Contributing to the development, social.8kills and spiritual awattness of the children., investing in the infra8tructure and technology of the School. In ent yeaTS significant investment has been made in sports facilities, %ci¢n¢e buildings, Pre-Prep facilities, musac facilities and the main assembly hall. The School's strategic planning review highlights art and design and technology as the nexi areas for developmenL and there has also been significant development in the school's dtning room, wilh a complete redecoration. new flring and lighiing and new furniture. The exiernal windows have been fvll refurbished and redecorated insid¢ and out. with the Inove to full Co-education in 2020 and girl nmberS nearing 90 across the school. there has also been signifi¢ant investment in a wide range of girls, facilities. A new girls. dormitory Nith refurbished shower ai bathroom, new girls, changing factlities in the tsports hall and a n¢w Head of Girls Games. Bursuries and s¢holarships The value of bursaTieg. scholar%hip$ and allowances in the year amounted to £659.601 (2021.. £634,848). There is a Bursary Policy. The Governors rnake these awards based on ihe individual needb and abilities of the child and of hislher parentb.. The Governor& are always willing to explore any method of helping to maintain the continuiry of the educational experience for a pupil where there is evidence of family hardship. Two pupilg received IOOQ/o of the boarding element of the fee. one pupil received 900/0 of the boarding fee, one pupil received 70°/o of the boarding fee, one pupil received 500/0 of die boarding fee. One pupil receiv¢d IOOQ/o of the day fee, Three pupils received 90Yo. whilst eighteen pupils received in excess of 700/0. During the year, 78 ¢hildr¢n were flnancially assisied in some way, 28 / Of All pupil. Eqv41 opporn¢niiies The School welcomes pupils from all backgrounds and need% to be able to 8aiiqfy iL8elf that li can fully and adequately prepare every pupil for entry to Senior bchool through at leabt the Comrnon Entrance process. Entrance interviews. in person. or lor an overseas pupil via video calls. and assessments are undertaken to satisfy the School and the prospectsve parents that thekr child can Cope with the academic demands, the pace of the le4sons and thai hel8he can benefit from the education on offer. The race, gender, religion or dibability of a chhld has bearinbF on the agsessmeni decision. In cases where a child or mernb¢i of Staff ES or becomes disabled. every effort is made to accommodate these needs. WiTd¢nlKg of tseeess- educalioll related a¢tiviiies The School welcomes children from all backgrounds and it prepares pupils for entry to senior school through Comrngn Enirance or Scholarbhip process. WideDill¥ of access lo the School is achieved by the Schools. Foundation Award% and bur4aries, granted io parentb. who would not nornially be able io afford the School's fees. and by directing the families of those in need to suiiable exiernal funding sources. During the year 78 pupils benefitted from a fee remistsion. The school provide8 1(Kal nuTherie8 and primary sch(K)18 Wjth regular acee44 lo its facilities. The scliool organises a variety of different event%. including a den-building day, a 'Mini Olympic8' afterÈJoon. a Year 2 Fooktball Festival and a Primary Schoolq Cro% Country Event. Covid-19 re%trictions hai'e meant that 8orne events had to be postponed or cancelled. A number of pupils ai the.school take part in the Restl&%s Triathlon at Bradfield College, Taising money for on¢ of the school's chosen charitie& as well as the Restless Development chartty, supporting children in Africa. Partners for Active Leisure Scheme (PALS) is a West BeTkb-hire Charity which uses the school'b facilities throughout the year and which beneflts from aciivilies bein¥ l¢d by the Year 7 pupib as part of their Elstree Award.
ELSTREE SCHOOL LIMITED GOVERNORS, REPORT {Continuedl FOR THE YEAR ENDED 31 AUGUST 2022 Widening of ueLess- other community limks The Charity recognises its role in the contexi of the wider community, to continually increase access to its facilities and its education,. many activities are organiKd with this in mind. The public organisations listed hereafier have benefited from the use of (he School4. facilities as a 8POrting edu¢alitsnal or entertainment v¢nue'. Kennet Badminton Club, Bu¢klebury Badminton Club. St Mary'% Badminton Club, Newbury and District Badminton Association, Serious Cricket, BTitish Shintsido, London Jrisl) Rugby in the Community Scheme. Mortimer and West End Cricket Club. Raeing Ltne Running, Scarlei Rum)ers hockey club. In addiiion. the following charitiw have benefited from donations or fundrai8ing eveni8 held at the school. PALS, Charlie Waller Trust. St Peter's Church. Riding for ihe Disabled. Bratn Tumour Trwst, NSPCC. 55AFA. The Chkldren's Soctety, Born Free foundatio]L Si Michael's Ho8pi¢e, TISCA, Marie Curle, Royal National Children's Foundation, Make a wish foundation, Cystic Fibrosi5 and Naomi House. Chtldren and Sthff bUPPOrt a variety of charitie8.' Pre-Prep tree planting for the Woodland Trust Inter-house cro8%-country eveni io rai.* money for St. Mi¢hael's HcK8pice NSPCC W¢ekly chapel colleciionb for a variety of charitie¥ from the local area Gift Fair (Year 6 Elsiree Award Pupils support) raised money for PALS clwity Food wa% collected and donated to the Wesi Berkshire Food Bank 10 mile Ridgeway walk for children. statTand parents raiskng money for the Make a wish foundation and Cyyti¢ fibrosib chariiy Each terni the staff enjoyed a 'Brilliant Breakfasi. whilst raisEn¥ rnoney for the Princes Tn1
ELSTREE SCHOOL LIMITED GOVERNORS, REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT OperatioDal Performance Elstree provides a safe, secure enviionment for cliildren to achieve their poiential in any given fJ¢ld. We aim 10 educate children in a familiar, friendly, supportive alld encouraging eDVifonmen( where they can be tr¢a(¢d as individuals bui leam lo live in a Community. The CphaSS is on buildlll&7 confidence, develop&ng talent and Ellaximising poteniial. In the Pre-Prep, it ts our aim lo make Children's rst experi¢nc¢¥ of leaming positive and inspiTin¥ so that they develop a thirst for learning. We strive for academic excellence for each child. We ai]n to provide help and support to enable them to achieve their best and Teach their potential becomin¥ tself-regjulaied learners. The El4tree Leamer Profile ouilines the academic values and a&pirdtions we have ¢very pupil. We prepare pupi15 thoroughly lor the next stage of theii education and to maintain strong links with the nwjor s¢nior schools. We equip all pupi15 Wlth essential laf¢ skills.. hard work, tolerance, kindnebs, pride ill themselve& resilience and enthusiasm. We promote and develop a broad range of opportunities in all areas of the gchool- Academic, m81¢. Drama. Art. D.T. and Sport. Our Co-Curri¢ular programme of activities, boarding clubs and Elstree Award further enhance the opportuttities for our pupils. Elstree 15 a 'prq)aratory' school in the broadest sense of th¢ word. We aim to giv¢ puptls a ¢onfidence in their own ability, a s¢nse of moral and spiritual awarenes¥ and & positive set of values that will tquip them with rebilience and enable them to be mentally happy. Assemblies and weekly church services provide a valu¢s-led educaiLOn Wxth time lo reflect. They also develop an awareness of th¢ wider world through community actLVities, ternily ItUreS, outreach. charity work and l¢ad¢r5hip developmenL Independent Sehots15 lllspectorate In$pectlon As a member of the Independent Schools Council, Elstree School is inspect¢d by the Independeni Schools Inbpectorate (ISI) on a re8ulaF ba5LS. In November 2022, The ISI undertook a focus¢d Compliance inspection cL>mbined with an in¥pection of educational quality. The inspection team interviewed over 100 children and around 40 staff.. Ihey conducted surveys of parenis, sraff and pupils tn Year$ 3-8, and ihey observed a significant number of lessons. Importantly they experienced both Elsiree Prep and Pre-Prep School life in its. fullest sense- ass¢mblies, rneals, boarding lime. Activities, sports, musical groups and ihe creative arts. The two areas on which the school is judged relate lo tlie qllaltY of pupils, academic and other achievement$ a[ the quality of pupi15' personal d¢velopment. In ix)th categories, Elstr¢ school achieved the higihesl accolad¢- Exo¢llent. Achlevtments and Performance: The School has ¢on¢inued to embed its D&gital LEaming Strategy, to pupils in Years 7 & 8 using a Microwfi Surface device to ¢omplemeni existingi traditional leaniing 8trategies. T¢a¢h¢rb incr¢a&ingly use iechnology appropriately to ¢llhatice learning outcomes. T]iere have been exciiing developments to the curriculum, wiih the introductic>n of formal Spanish lesson8 in Y¢ar8 5 & 6, and a Spanish Club in Years 3 & 4. All pupi15 Ilp to Year 6 now have dram& le&sons and 55 tak¢ part in weekly LAMDA lessons. A new structure to the gchool day in the Prep School has the main academic lessons timetabled at the front ¢nd of Ilie day, thus rnaximising the learning outcon)es for the pupils. The laiier part of the day now I¢ry¢d foT ¢nrichment actii'ities, the able and talented progranuJ]¢ and prq) for the senior pupils.
In the Pre-Prep there are 8 clubs that the children can choose to participat¢ an. There are 24 activities on offer each week in the prep schotrl. The school promotes and develop5 a broad range of opportunities ID all areas- Academic. Music, Drama, Art, D.T. and Sport. These include a Co-curricular progrdmme of acttviti¢s, Headmaster's Project, Boarding clubs and the Elstree AwaTd. A $u¢¢¢ssful Cultural Divetsity Week was held. which included a Black Live.% Matter as5eEnbly from the Year 5 ehildren. We also bupponed Black History month and we had a Tr78lt speaker about Food and Healthy W¢llb¢ing, with an African Culrural Theme. Pupi]s are thoroughly prepared for th¢ n¢xt stage oftheir education and the school maintains strong link% with the rnajor senior schools. The Headmaster and Senior Master-ExieTnal Relatic)nq guide parenis through the process SUPPOrted by.. A Senior School Presentation in Year 5. Individual meeting8 Wlth parents to discus senior school cboices and pupil progress. Pupi18 are prepared for their senior h(K)I aqsessments and interviews with tailored lessons includinbj verbal al non-vejbal reasonang, covering online a&se%sments, interview workshops, academic enrichment tatk% and debating. We have introduced this year a new learning platfom] Called 'Atorn' to support ihe pupi15 further in diis domain. Senior school representatives are invited io the school to gyive talL%, pr¢ach in church berviceb and io referee incer-school matches. Pupils also take part in many senioi school activity days (music. art. drama, academic and sport), wh2ch fi]rther build-up the strong links between Elstree and th¢ ¥eDior schLX)Is. The school prideb itself on giving pupils a confidence in their own ability by celebrating all levels of achievemeni in all areas of .%chool life. The children gain a real sense of phybical. moral and spiritual awareness and a positive set L¥f values that will equip then) with resiliellec and enable thn to be mentally happy. Assemblies and weekly church services provide a values-led education with rime to reflect. The 'family' lunclj service provid¢s an infomial way for pupils and staff to engage in interestin8 conversation, outsid¢ the claSsrm. The children also develop an awaren¢s5 of the wider world through conimunÈty activitie4 termly lecre5, outr¢ach, charity work and leadership development. Throughout the school, over 151 rnusic lesson take place each weeK and pupils are funherencouraged to participat¢ in r¢gular infornjal and fornial concerts each ierni. The school i% further developing an 'open door, culwre to teaching and an enquiry-based approach to teaching and learning, supportin&F colleagues wfftth their career development and the curriculum development. Also supporting l¢amer8 with a robu51 tracking, support system and develop¢d R¢vision Swdy Skills pn)gramme. STEAM workshops have been introduc¢d across the prep school to help pupil$ link knowledge and prepare them for the workplace. Pupil tracking and LDD (Learning Dev¢loprnent Deparunentl inforniation is on ISAMS and hab beeij tnade much more aCc8]ble for the reaching staff. There is now a weekly academic progress meeting focusing on pupi15' aCade]C need% and inierventiO]L%. There is enhanced communicatioR with the Head of LDD in moming staff briefin¥s. LDD inforniation is updated more regularly and shared with teaching colleaguets. The mentoring system for ihe Year 85 adds an extra layer of pastoral 5UPPOrt. It has also introduced a weekly pastoral meeting that focu8es on monitOTi118 our Tnore lInerable ¢hildrerL, behai'iour lo&>s, staff welfare, eic. throughout the whtsle school {Prep and Pre-Prepl. Further development of the ljslree Award and providing a ¢omprehensive leadership programme for Years 6, 7 & 8 and strengthening links with the local comtDUllity. Staff are developing links with local primary bchools to $uppon them with their leaching, particularly with specialist subjecis like Art, DT, Science and Mod¢rn Languages. OpporLunities for public speaking have incmsed with ¢venis.wch a.% the Declamations Competitions and the Poeiry Perforniance afternoon. We have also introduced a senior {Yeai 8} and Middle School (Year 61 debate and Elsiree Award Prebentation% in Year 7 and Headm85ter's D¢bate topic$ each Monday morning. The school has maintsined its 'Green Flag Status, and this has further increa5cd the pupils. awar¢n¢ss of ec i.8sues.
ELSTREE SCHOOL LIMITED
GOVERNORS, REPORT (Continued)
FOR THE YEAR ENDED 31 AUGUST 21122
The school has continued to Etrengthen its central management with th¢ Jppointment of a Head of Human
Resources. a Head of Adrnissions & a Markeling Manager.
Academic Scholarshlps
Our academic profile is diverse. ranging in m04t year8 from a MIDYIS overall score ai the end of Year 7 from 135+ 10
85. Tlie children are prepared for 2 wide range of different and diverse set)tor schools and entry requirements, and
pareDtal expeciation is high. The dsverse nature of the children's talents and abilities and the school's ability lo ppare
the childr¢n for these awards are reflected in a rangc of prestigious awards to some top senior schools.
Academic Exhibition 10 St Edward's School, Oxford
All-Rounder Scholarship to Sherborne Scliool Idrama and music)
Art and DT Award lo Monkton Combe School
Dr Gray All-Rounder Award to Bradfield College
m1C Scholar8hip to Winchester College
Art and DT Scholarship to Monkton Combe Scliool
Spons Scholarship Radley Coll¢8¢
Boarding
Th¢ boarding experience enhances pupils. learnin¥ and achievemeni by:
Encouraging self-discipline matters of punctualiiy. time mawd¥ement, tidin¢ss, ¢are of property and pers
ELSTREE SCHOOL LIMITED GOVERNORS, REPORT (Contlnued) FOR THE YEAR Ef4DED 31 AUGUST 2022 FINANCIAL REVIEW Resultsfor iheyeur Th¢ final SUTplus for the year was £100,883 (2021.. £245,406 defici1} to include total donotions yeceived of £60,322 (2021 £36,326) during the period. In total, net fees received in the yedr were £716,778 more than 2021, which was impacted by Covid-19. land total expenditure in the year was £481,895 more than 2021, resulting in the SchLX)I returning a trad2ng surplus. Lettings income in the year was £53.013 hi]er than 2021 due (o the re.%umption of the Summer 2022 residential bookiThgs following the lifiing of the Covid-19 restrictions and a number of community Sports hirers returning io Ube ihe facilities at E]stree for ihe same reason . Rtservespolicy ond level The reberves policy of the School has been based on the School's objectives. Its main aim 18 to achieve a margin of working Lapital sufficient lo enable all aspecis of the School's work io be conducted in an orderly and efficient manner and to fund the School's building a)ntenance programme. The poli¢y'$ Specific Tequirement is: The maintenance of a liquid reserve to provide cover for unexpetted but unavoidable iiems of expendiiure which cannot b¢ funded from curreni Èncome. In this respecL it is imponani to realige that Certain of the School's reserves are in the foEm of lix¢d assets, which would take time to realise. The School's total lld8 at 31 Augjust 2022 was £6,243.340 12021.. £6.142,457), represented by £7,726.181 12021.. £7.715,0461 of fixed asseis Inei of d¢preciationl less nei borrowings which tog¢th¢r with accumulated surpluses w¢r¢ used towards. their fvnding. Freekoldproperty In the opinion of the Governors the value of the freehold land and pern)anent buildings is substontially more than the book iialue, bul no useful purpose would be served by undertakillg a revaluaiion. Fundrtsising The School is fortunate to have the Friendb. of Elstree running fundraising events during the year incltsding the annual bonfire and freworkS in NovembeF, Gift Fair in Ociober ano Sum]ner Fair in June. An annual old pupil reunion 18 organised by the School and is well supported. Risk Molla%em¢ni The Governors regularly assess Ihe major risks to which the School is exposed, in partieular those related to its operationb and flliances, and are satisfied that there are systems in place to miiigate exposure to such risks. The Riqk Regibter foi Governors is revi¢wed annually. The risks Identifi are considered by the Governors to be typi¢al in nature of a privately funded prep School. The Govemors Coribidei the major risks. to the School to be: The fees becoming unaffordable due to economic pressures.. Chan¥e& to the taxable status of Charities following a change in Government InLreased competition from both independent 2nd state 8chool.%,' and An unforeseen Material damage to the school's reputation. The key controls used to mitigate these ri8k8 include.. Good governance procedures lo ensure effective strdlegy, planning and moniring. Financial planning, accoun18 report and monitOTing; and Fonllal risk policies, risk regisiers and risk managemcnt procedures.
ELSTREE SCHOOL LIMITED GOVERNORS, REPORT (Continu¢d> FOR THE YEAR ENDED 31 AUGUST 2022 PLANS FOR THE FUTURE Infrastructure The Governor5 have inve8t¢d substan¢ial 8ums into the s¢hool'5 infra¥tru¢tur¢ in Tecent years. During the year sib7ntficant investment wa5 made into improving the shower and toilet facilities in the Sand¢rsons boarding house. Following uFr(Fwth in the Pre-Prep school, improvement% and enlargeen[. have been rnad¢ lo the car park to ereaie more parking space%. Further investment in technology has been made to upgrade the comput¢rs in the IT sui* for use for all th¢ ¢hildr¢n across the school. STATEMENT OF GOVERNORS, RESPOF4SIBILITIES The Governors {who are also Directors of Elstree School for the purptsses ofcompany law} are r¢sponsible for preparing th¢ Governors, R¢port incowrating the Strategic Report and the financial statements- IEL accordance with applicable law and Uniled Kingdom Accouniing Standards (United Kingdom Generally Accepted Accounting PrdCtio¢). Company law r¢quires the Governots io prepare financial statements for each financial year which Bive a true and fair view of the state of affaiTh of the charitable company and of the incoming resOUth and application of resources, including the income and expenditure, of the Charity for that year. In preparing these financial stateEnents, tlie Governors are requir¢d to.. selcct suitable accouniing wlicies and iheD apply them ¢onsistenily' observe the merhods and prineiples in the Charities SORP. make judgements and estimates that are reasonable and prudent: state whether applicable UK Accouniing Standards have been followed, Subject to any material departures disclosed and explained in the financial statementq. and prepare the financial ststemenl8 on a going concern basis unless it is inappropriate to presume that the charitable company will continue in busin¢8s. The Governors are responssble for keeping proper accounting records ihat disclose with reasonable accuracy ai any time the financial position of the charitable company and enable theni to ensure that the funCIal slaiements comply with the Companies Aci 2006. They are also responsible for 8afeguarding the assets of the charitsble ¢ompany and hence for taking reasonable steps for the prevention and delection of fraud and other iTTegular2ties. So far as each of the Govemors is aware at the time the report 1$ approved.. there 18 no relevant audit infornjation of which the company's auditors aft unaware. and the Governors hav¢ taken all steps that they oukhi hawe taken to rnak¢ themselves aware of any relevant audit inforntstion and e5tsblisli that the audilors are aware of thai infoation. Auditor5 The auditorb Haysmacintyre LLP have expr¢5sed their willingness ¢0 continue tn offJc¢ and a resolution to re-appoillt them wxll bc submilt¢d to th¢ Annual General Meeting. The GovernoTh' Report incoTporating a Strategic Report was approved by the Board of Govemots on and bigned on it5 behalf by.. 17 March 2023 Elstree S¢liool Woolhamp¢on B¢rkshire RG7 STD Mr J B Sunley Chatmian 10
IYDEPEN'DE,YT ALIDITORS, REPORT TO THE MEMBERS OF ELSTREE SCHOOL LJ,MITED Opinion We have audited the fUA¢1a1 ststements of Elstr¢e School Limiied {the 'Con]pany') for the year ended 31 August 2022 which cornprise the Statemeni of Financial Activities, Ihe Balance Sheet. the Ca4h Flow Forecast and note8 to the fanCIal slalernents, inLluding a suminary of sigDLficant accounting wliLjes. The financtal reporting framework ihat h2s b¢en applied in their preparation is applicable law and Uniied Klrtgdo Accoullting Srandar&8. including Financial Reporting Siandard 102 Tht, Finunciul RL'puriing Sianddrd IwpliLuble in the UK and Republic of Irelund (United Kingdom Generally Accepted Accountin¥ PractÈ¢e). In our opinion, the fmancial s¢aiemenis'. give 8 twe and fair view of the state of the Charitable company's affairs as at 31 August 2022 and of the charitable compony's nei movement En fund%, including the income and expenditur¢, for the year then ended: hai'e been properly prepared in accordance with Uniied Kingdom Generdlly Accepted AccountEng Practice. and have been prq)ared in accordance with the requirements of th¢ Companie8 Aci 2006. Bas1$ for opinlon We conducted our audi¢ ill accordance with Internaiional Standards on Auditing (UK) IISAS (UKII and applicable law. Our respoThsibiliiies under those standard% are further described in the Auditor's responsibilities for ihe audit of the fncial statenients seciion of our report. Wc are independent of the charitable Company in occordance with the ethical requirements that are relevani io our audit of the financial SthÈemenis in the UK, including the FRC'q Ethical Standard, and we hav¢ fulfilled our other eihscal respon8Ebilitie8 in accordance with these requirem¢nts. We believe that the audit evidence w¢ have obtained is sufficieni and appropriate to proNide a basis for our opinion. Conclusions relatinE io going concer In audiiin¥ the fthancial statements, we have concluded thai the governors, use of the going concern bosis of o¢counting in the preparaiion of the financial statements is appropriaie. Botsed on ihe work we have perfornied, we have not identifled any material uncertainties relating to event5 or conditions that, individually or Collectively, may casi significani doubt on the charitable company's abslily to continue 05 a going eonc¢rn for a period of ai leasi twelve OnthS from when ihe financial staiementg are authoriqed for issue. Our responsibilitie¥ and the rebyonsibilitE¢S of the govemors with respect to goitw ¢on¢¢rn are described in the relevant gections of this report. Other informatRon The governor5 are responbible for the other infomaiion. The other infomiation compriseb the infomiation included in the Govemorb, Report. Our opinion on the financial staien)enis doe not cover the other inforniation and. except to the extent otherwise explicitly stated in our r¢pon, we do not express any fomi of assurance conclu8ion ihereon. In ¢onnec¢ion wilh our audit of the fjnancial ststemenis. our respollsibility 1$ to read the other tnforniation and, in doing so. consider whether ihe other inftsTmation is materially inconsisten( wÉih the fancial sthiements or our knowledge obtained in ihe audii or otherwise appearb to be materially missthied. If we idenlEfy 8uch material incon$i8tencieb or apPartt material misstatements., we ale requir¢d to detemiine whether there ig a material mi%sthtemeni in the financial statements or a material niisstatemeni Of the other inforniation. If, babed on the Work we hav¢ perforn)ed. we conclude that IheTe is a Tnaterial misststemeni of this oth¢r itrfonnaiion, we are required to report that fact. We have nothing to report IT) this regard. Opinions on other matters prescrTrbed by the Companles Aet 2006 In ow opirtiort, based on the work undertaken in the course of the audEt'. the infomiation bFiven in the Governors. Report (whicli kncludes ihe strategic report and the directors, report prepared for ihe purpo8e8 of company lawl for the financial year for which the financial statement5 are prepared is consibieni with the financial statemenis,. and the straiegic report and the direciors, report included within the Gov¢morb' Report have been prepar¢d in accordance with appli¢able legal requirement8.
INDEPET4IDLNT AUDITORS. REPORT TO THE MEMBERS OF ELSTREE SCHOOL LIMITLD (contlllued) Matters on which we #re requlred to report by exception In the ligiht of the knowledge and understanding of the charitable company and its environment obtained in th¢ course of the audit, we have not identified materiAI misstatements in the Governors. Report (which incorporates th¢ strategE¢ report and the directors, report}. We have nothing to report in regpect of the following matters in relation to which the Companies Act 2(X)6 requires us to Teport to you if, in our opinion.. adequa aLcounting recoriLs have not been kepi by the charitable company; or the charitable company fjnaneial STaiemeni.s are not in agreement with the &c¢oun¢ing records and rem8." or certAin di%clo8ure8 of govemorq, remuneration specifted by law are not made; or we have 0t reeeived all the infornigtion and explanaiions we require for our audit. Re5P0115ibilitie5 of governors for the fitlaneial statements ¢xplain¢d more fully in ihe governot%' responsibilities Statement set out on page 10. the govemtsrs {who are also the directors of th¢ charitable company for ihe purpose.% of company law) are respotL%ible for the preparation of the financial stat¢met]t4 and for being sati8fied ihat they give a true and fair view, and for quch iniemal control as the governors detern]iE]e ].% necessary to enable the preparation of financial statenients that are frce from material misstatement, wheiher due to fraud or error. In preparing the flnancial ststements, the govemors are responsible for assessing the charitable Company's ability to continue as a going concern, di%¢l08ing, a$ applicable. matiers related to going concern and usit)g the going concern basis of accounting unless the governors, either intend to liquidate the charitable company or to ¢¢a8¢ operations. or have nts reallbtie alternative but to do so. Auditor's responslbllities for the ttlldit of the financial statemellts Our obje¢ti¥e8 are to obtain reasonable assurdnce about whether the financial staiement5 as a whole are free (rom material misstaiemeni. whether due to fraud or error, and to i.sue an auditor's report that include5 our opinion. Reasonoble assurance is a high level of a%surance, bul is not 8 guardntee thai an audii conducted in accordance wktli ISAS IUK) will alway8 detect a material misstatement when it exists. Missthiemen¢s Can arise from fraud or error and are con.8idered material if, individually or in the aggregate, they could reasonably be expected 10 influence the economic decision5 of users taken on the basis of these financial statemenL%. Iffegularities, including fraud, are it]8tance$ of non4ompliance with law5 aTtd regulation8. We de8ign procedures in line with our resyon8ibilitie8, outlined above, lo deleci material mi%statemcnts in respect of irregularitieg, including fraud. The extent to which our pnxedures are capable of detecting ittegulkTities, including fraud is detailed below.. Based on our understanding of the charitsble company and the environment ill which it operates, we idenLfied that the pnncipal risks of non-compliance with law% and reguSation8 related to the Health & Safety Acts and the Education A¢¢ 2002. and we con8ideied the exteni to which non-compliance might have a material effect on die financial slatemenis. We al80 considered iho4e law5 and regu18tions that have a direct impact on the preparation of t]ie financial statem¢nts such as ihe Companies Aci 2006 and the Chariiies Act 2011, and con.sider other factOTS such as payroll t&x. We evaluated managemeni'q incentiveb and opportunitie% for fraudulent manipulation of the financial statements (includit)g the risk of override of control81. and detern)Ened that the principal ri8k8 were related to po%ting inappropriate journal eniriex to revenue and mat]agement bias in accounting estimate8. Audit procedures perfomjed by the engagement team included: Iny¢ring ¢orre8ponden¢e w'ith regulator% and tax auth(>riiies,' Diqcussiong with management including consid¢ration of known or suspected instances of non-compliance with law.8 and regulation and fraud; Evaluaiing management's Control designed to prevent and deleci irregularitie5; Identifyinbj and testing journal%, in particular joumal entrie5 posted ivith unusual accoimi combination4. or with unusual de.crIptIO1]S,' and c]llenging assumptioiis and judgement5 made by tnanageme%]l in th¢ir ¢riii¢al accounting estimates Because of the inherent limitaitonq af an audil. there ib a risk that we will not dele¢l all irregularities, including those leading lo a material mksstatement in th¢ financial %thten)ents or noii-cotnpliance with r¢gulation. 1bis risk increases the more that cotnpliance with a law or regulation is removed from the evenls and transaclions r¢flecfrd in the financial statemenL*, as we will be les5 likely to i)ecome aware of in%tan¢eb of non-compliance. The risk is also greater regarding irregularitie% occurriijg due to fraud rather than eor, as fraud involveb intenlkonal concealment, forgery, collusion, omi%sion or misrepresentatLOn. 12
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ELSTREE SCHOOL LIMITED {CODtinuedl A further description of our responsibililieb for the audit of the financial .%tatements is located on the Financial Reporting CouncÈl's website at.. www.frc. audi10r¢ onsibilillcs. This description forn)s part of our auditor's repon. Use of our report This report is made Solely lo the chariiable cL¥mpany's members. as a body, in accordance wtth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work hab been undertaken so that we Et]ight State to the Charitable Company's members those MatrS we are required io stale to them in an Auditols rq>ort and for no other purpose. To the fullest extet]t pern)itted by law. we do llot accept or assume respomsibiliry to anyone other than the charitable company and the charitable company's membus. a5 4 body. for our audii work, for this report. or for the opinions w¢ have fom)ed. Thom&% Wilson (Senior Stsiuitsry Auditor) For and on blf of Haysmaciniyre LLP, Ststutory Auditors Dat¢: 20 March 2023 10 Qu¢¢n Str¢¢t Place London EC4R IAG 13
ELSTREE SCHOOL LIMITED STATEMENT OF FINATrICIAL ACTIVITIES FOR THE YEAR EIYDED 31 AUGUST 21122 Re$lri¢¢¢d 3] August 2022 31 August 2021 School r*'ote5 lllcome from- Charltable activities: Fees receivable Other educattonal income 4,573,498 229.511 4,573.498 229,511 3.856,720 138,348 2a Other tradlng actlvltles: Letlings income Grant4 donations and legacles Bank and other interest Other iDcome 75,121 60.322 85 10,614 75.121 60.322 85 10.614 22,108 86,376 17 6,063 2b Total income 4.949,151 4.949,151 4,109.632 Expenditure OD: Raising funds: Finance and other costs 15,512 15,512 19,397 Charltable activitie5 School operating costs.. Teaching ¢obtS Welfare Premises Support ¢osts of schooling 2.678,536 574,241 861,181 713,768 2.678.536 574.241 861.181 713.768 2,320,672 475,610 810,174 735,490 Total expenditure 4,843,238 4,843,238 4.361.343 Net in¢omel(expendilurelbefore transferb 105,913 105,913 (271.711) Transfer8 between fut)ds 14 Net inromel{exp¢nditurel 105.913 105,913 {251.711) {Losse5}/Gains on Investments (5,030) (5.030) 6,305 el moyenient in funds 100,883 100,883 (245,406) Balance brou8hi fonvard at I SeptenJber 2021 6,142,457 6.142.457 6,387,863 Balance Carried forward al J l August 2022 14 6243,340 6.243.340 6,142,457 All recognised gain8 aod losses are Included in the Statement of Financial Activities. The a¢companying notes forni att integral part of the fiFLancial stateinents. The Ststemcnt of Financial Activities for the comparative perEod is presellied in Not¢ 20. 14
ELSTREE SCHOOL LIMITED COMPAf4Y f4UMBER: 690450 BALANCE SHEET AS AT 31 AUGUST 2022 31 AUGUST 2022 31 AUGUST 2021 Not¢s FIXED ASSETS Tangible fixed assets Investments 7,726,181 11,070 7,715,046 16,100 7,737251 7,731,146 CURRENT ASSETS D¢btorg F¢ in advance at]d extras in arrear8 Other debsor4 stocks and prepaymet)Is 955,895 140,162 677.571 127.530 10 ,096,057 805,101 Cash ai bank and irt hand 507.597 483,766 ,603.654 1,288,867 CREDITORS- due withitj one year Fe&8 received in advance for Autumn tem) Other creditors ,568,125 750,957 1,415.856 537.175 2,319.082 1.953.031 IYET CURRET4T LLIBILITIES (715,428) (664,164) TOTAL ASSETS LESS CURRENT LIABILITIES 7,021.823 7.066,982 CREDITORS- due aftermore thall gne yegr 12 (778,4831 (924,525) NET ASSETS 14 6.243,340 6,142,457 Repre5¢llted by.. UTJrestricted fvDds RestrRCted 14 14 6243.340 6,142,457 TOTAL FUIYDS 6,243,340 6,142.457 The financial stat¢ments were approv¢d by the Board of Governors and authorised for ibsue on 17 March 2023 and signe hell behalf by.. Mr J B SLmley ) GOVERNORS Mr G A W Owston Th¢ ac¢ompanying notes are an integral part of thÈs balall sh¢¢t. 15
ELSTREE SCHOOL LIMITED CASH FLOW STATEMENT YEAR ENDED 31 AUGUST 2022 2022 2021 Cash flows from operatirtg actlvltles Nel incomellexpenditure) LoSse{GainS) on investments Depreciation Loss on dispgsal Interest receEv¢d Interest paid DecreaA{increase) in debior8 {Decrease)linerease iii ¢r¢ditQTS 100,883 5,030 158,611 484 {85) 22.458 (290.956) 323.227 {245,406) (6,3051 170,3JO (17) 17,673 161,679 227,928 319.652 325,882 Cash flows from Investlng aetlvlties Purchase of tsngible fjxed assets Inierest received 1170.230) 85 {153,334) 17 {170,145} {153.317) Casb flows frfjm financlng activities Interest paid Repaym¢nt of loans (22,458) (103.218} (17,673) 151,567) (125.6761 {69,2401 Increase of eash in the year 23.831 103,325 Cash and cash equivalentb. ai the be¥inning of the yeaT 483,766 380.441 Cash and £a5b eqmlvalents at the end of the year 507.597 483.766 2021 Cgshflow Non- C45hflow 2022 AllAlysAs of movements llel debt Cash at ballk and in hand 483,766 23,831 507,597 BaTclays Loan due within on year Barclays loan due after one year Coronavirns Businesb Intemipiion Loan ICBIL} Due wiihin one year CBIL due aft¢r on¢ y¢4T (51,039) {476.793) (50,000) 53,218 {57.1031 57,103 (50.(K)01 154,924) {419.690) 150.000) 50,000 (200.000) 50,0(K) {150,000) Total (294.066) 127,049 (167,017) 16
ELSTREE SCHOOL LIMJTED ACCOUNTING POLICJES FOR THE YEAR ENDED 31 AUGUST 2022 The ftnancial staMen(b. have been prepored in accordance wilh the Charities Statement of Recommended Prnc(i¢e ("SORP"I, Finattcial Reporting Practict applicable in UK and RepubliL of Ireland {FRS 1021 second edition effective I January 2021 and ihe Companies ACÈ 2006. Th¢ functional currency of the School is consid¢red io be GBP because thai is the cutTeney of the primary economic envlrollment in which the School operates. The Scliool 1% a Public Benefit Eniiry Registered a5 a charity in England and Waleb and a Company IiTtiited by guarnntee. Il was incorporat¢d OD 21 April 1961 (company nun]ber 006904501 and regiSred as a charity on 21 July 1961 (chariry TruH]ber 309101). The School's regibtered office is Elstre¢ School, Woolhampton, Reading, Berkshir¢, RG7 STD. Accounting eollven¢ion The accounts have be¢n prepared under the hIsrical cost conv¢ntion. Income Income from charitable activities is accounted for in the year in which the 8ervices are PTovided. Fees receivable are ststed after deducting allowances. Donations and legacies are accounted for a8 and when eniiilement arises, the aniount can be reliably quantified and the economic bettefii io the school considered probable. Lettin¥s in¢ome is recognised in the Stsiethent of Ftnancial A¢tivhties on a siraight IiTJe b&%is over the l¢as¢ temi. Job Retention Scheme Governmeni Grants att accounted for in the year in whieh employees were placed on mporary leav¢. Expenditure Expenditure is accounted (or 011 2n accmals basis, discounred to present value for longer-tern] liabilili&S, and is summaribed under funciional headin&% in the S(aiement of Financial Activities, with the irrecoverdble elemenr of value added included with the item of expense io which it rela. Fixed assets and depreciation Builthng improvements. furniture and equipment are capiialised and carri¢d in the Balance Sheei at historical cost. Depreciation is provided on freehold buildings in use at one per cent per annum afier exclusion of land and r¢sidual values. An impairnient review 1% carried oui to ensure the t]ei book value in the financial statemenLS do no exceed the value in ube of the freehold buildings. Depreciation if provided on ocher fixed assets to write off their cost over estimated useful live5 at the following rates.. FuTt]iture Ènd equipm¢nl Laundry equipment Motor ehicle and garden equipm¢Dt Computerq 4/0 on cost 25 /0 on WTitten value 250/0 On 14ryitten down value 25/0 on cost Fund accounting General funds are unre%ir2Cted funds which are available for use ai the discretion of the Governors in furtherance of th¢ generdl objective8 of ihe company and which have not been designated for other purposes. Speei21 repair$ fund An atnount is 8ei asde for special repairs on the basis of expected future r¢quiremen¢b'. The c05t of these repairs is charged against this fund as incurred. 17
ELSTREE SCHOOL LIMITED ACCOUNTENC POLICIES {contiRued) FOR THE YEAR ENDED 31 AUGUST 2022 Operating leases Rentals payable are Charged on a time basis over th¢ l¢a$e lerni. PeDsioll schemes The School's contributions to priva pension schemes ar¢ charged in ihe peri¢xl in which ihe salaries tg wliich they relate are payable. Financial in5trum¢nt$ Basic financial in%tnJments are initially recognised at traDsa¢tion valu¢ and subsequenily measured at amortibed th the exception of investments which are held ai fair value. Financial assets held at amortised cost comprise cash at bank aijd in hand, tog¢ther with trade and other debtors. A specific provision is made for debts. for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in ins&int access bank aceounis and used as working capital. Financial liabilities held al amortised cost comprise all creditors except social security and other taxes and provisions. A$setq and liabilities held in foreign curr¢llcy are tronslaied to GBP ai the balance sheet date at an appropr&ate y¢ar end exchange rate. Going concern Governor8 have analysed the itnplications of a drop in pupil numbers of 10,20 & 30 and the itnpac( on cash flow. A loss of 30 pupilb would result in a revkew of pital expenditure commitments. to ensure the School r¢mains a going ¢oncern. Having revEewed the updated Cashflow forecasts. Governors have a reosonable expectsiion thai the School has adequale resOU¢S to ¢onlillue its. aciivilie5 foT the foreseeable future and consider that there are no ntsierial uncertainties over the School's financial viability. Accordingly, th¢y also Continue to adop( the going concern basa5 ifl preparing tlie fJnan¢ial statements.. Crltieal accounting judg¢ment$ and key sources of estlm#tion untertsinty In ihe application of tlie accounting policteq, Governorb ale requited to make judgemenL estimaieb, and a&8umption5 about the carying value of asseL4 and liabilities thai are not Feadily appareiit from other sources. The eslirnaie% and underlying assun)ptions ar¢ based on historical experience and othei facto that are Considered be relevant. Actual results may differ from these esiimateb. The e8timales and underlying assurnptions are reviewed on an ongoing basis. RevisioDS Lo aecoun¢ing esiimates are recognised in the period itl which the eslimale is revised if the revision affectb only thai perio4 or in the period of the revision and fuiure peritsdb if the revision affected ¢urr¢nt and fuiure periods. In the view of the Ciovernor8, no assumptions concerning the fvture or estimation uncertainly atrtttill¥ assets or liabilittes at the balancc sheei date are likely to resuli in a rna¢¢rial adjusimeni io their canying amounts in th¢ ll¢x¢ financial year. 18
ELSTREE SCHOOL LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 FEES 21122 2021 F¢¢s Teceivable consist of.. Gross fees Less.. Total bursaries, scholarbhips and allow8C¢S 5,233.099 (659.6011 4,491,568 (634,8481 4,573.498 3,856,720 OTHER EDUCATIONAL INCOME 2022 2024 Extras and disbursements R¢gistraiion fees 203,803 25,708 113.028 25.320 229,511 138.348 2b. GRANTS, DONATIONS & LEGACIES 2022 2021 Donaiions Job Reiention Scheme Goven]ment Grdnts 60,322 36.326 50.050 60,322 86,376 The School claimed the above amount UTJder the Coronaviru8 Job Retention Scheme during th¢ 2020-21 period and is considered govenllncnt support. INTEREST RECEIVABLE 2022 21121 Bank depositq 85 17 FINANCL AiYD OTHER COSTS 2022 2021 Bank charges Bank intere%t Fee% in advance di8count Bad debt recovery 5,848 22,458 2,118 (14,9121 6.057 17.673 5,927 (10,260) 15,512 19,397 19
ELSTREE SCHOOL LIMITED IYOTES TO THE ACCOUNTS Icontinued) FOR THE YEAR ENDED 31 AUGUST 2(122 TOTAL EXPENDITURE 2022 Total Staff costs Other Depreciation Chxritable activities School Operaiing Costs- T¢aching ¢osts Welfare Premis¢s 2,344.153 120.073 310.147 274.249 454.168 452.557 60,134 2,678,536 574,241 861,181 98,477 Support Costs of s¢hooling 412.518 301.250 713,768 3,186.891 1,482.224 158.611 4,827,726 Cost of raAslnE lunds: Finance and oth¢r LVb¢ 15.512 15,512 3,186,891 1,497,736 158.611 4.843,238 202J Total Staff Costs Other Depreciation Ch4rÉtable activities Sch[ Operating Costs.. T¢aching costs Welf8re Premsses Support ¢olils of ¥¢hooling 2,098.573 116.837 295.585 384,169 149.945 358.773 416.413 351.321 72,154 2,320,672 475,610 810,174 735,490 98,176 2,895,164 1,276,452 170.330 4,341,946 Cost of raising funds: Finance and other costs 19,397 19.397 2.895,IfA 1,295,849 170.J30 4,361.343 OPERATING PROFIT 2022 2021 Operalin¥ profit for the year is staled after char]ng.. Auditors remuneraiion= For audit For oiher services Depreciation Operatinki lease expense 18,120 2.040 158,611 24.698 16,920 I,R60 170.330 22.925 20
ELSTRE£ SCHOOL LIMITED NOTES TO THE ACCOUNTS (eontinued) TrOR THE YEAR ENDED 31 AUGUST 2022 STAFF COSTS 2022 2021 Total Staff Cobts.. Salaries and wages Social securily costs Penbion contribuiitsn Terniinaiion payments 2,636,403 242,967 300,293 7,228 2.357,069 210,453 277,457 43,585 3,186,891 2,895,164 2022 2021 The average weekly nuDibu of employees during the year Wab mad¢ up a$ followb.. Teaching O¢her 55 37 50 37 92 87 Th¢ number of employees who had emolumenLs exc¢¢ding £60,000 were.. 2022 2021 £60,000- £69,999 £70.000- £79,999 £90.000- £99,999 £100.000 - £119,999 £120,000- £129,999 Tothl remunerdiion of key management personnel was £326,209 (2021.. £342,217). No ggvernors receii'ed remunerlliion {2021: £nil) during th¢ y¢ar ended 31 August 2022. 21
ELSTREE SCHOOL LIMITED NOTES TO THE ACCOUf*TS (Contived) FOR THE YEAR ENDED 31 AUGUST 2022 TANGIBLE FIXED ASSETS The rnov¢ment of thngible red assets were as follow$.' Motor v¢hicle and garde ¢qvipment Furlllture Freehold propert) Laurtdry ¢qtslpment equlpment Computers Total COST At 31 Au8u%l 2021 Additions Diswisals Trdttsfers 8,617,849 909,259 106,984 13,3561 14,803 142.606 29.375 388.013 33,871 10,072,530 170,230 (3,356) 8.617,849 1,012,887 14,803 171,981 421,884 10,239,404 At 31 August 2022 DEPRECIATION Ai 31 August 2021 chge for rh¢ ycar DisN)sa15 1,386.973 86,172 521,289 30,761 {2,8721 14,803 119,988 12,305 314,431 29,373 2,357,484 158.611 12.872) 1,473,145 549,178 14,803 132,293 343,804 2.513,223 At 31 Au¥ust 2022 NET BOOK VALUE At 31 August 2022 7,144,704 463.709 39,688 78,080 7,726,181 7,230,876 387,970 22,618 73,582 7,715.046 AI 31 August 2021 INvESTlENTs T0141 Listed investments Mwkci volu¢ as ai I Scplcmbcr 2021 UnTlid losses 16,10 15,0301 Market value at 31 Augus12022 11,070 10. OTHER DEBTORS 31 August 2022 3) August 2021 Prepaym¢nts and ¥LLmLe41 inLL)me Oiher (Jebiors 102,743 37,419 121,315 6,215 140,162 127,530 22
ELSTREE SCHOOL LIMITED NOTES TO THE ACCOUNTS (eontinued) FOR THE YKAR ENDED 31 AUGUST 2022 I I. OTHER CREDITORS- due within one yeAr 3] August 2022 31 August 2021 Trade creditors Payroll taAes and Soci81 securiiy cosL8 Other creditors Acctuals and deferred income Pupil deposiis Compo8ltion fees (see note 131 Bank loan 187,872 61,098 58,266 39,567 17.500 281.730 104.924 115,004 54,205 56,850 22,821 21,850 165,400 101,039 750.957 537.175 12. OTHER CREDITORS - due after more than one year 31 August 2022 31 August 2021 Bank Loan Pupils, Deposits Composition fees (see note 111 Coronavirus Business tntemjption Loan 419,690 200,240 8,553 150,000 476,793 161,740 85,992 200,000 778.483 924,525 Bank Loan The loan from Barclays is ¢harged at a fixed rate of 3.16/.. The capital eleMt of Ihe loan is repayable the following years: Wirhin one year Wi¢htn one to iwo year5 Within two to five years 54,924 69,135 350,555 51,039 53,411 423,382 474,614 527,832 The loan is s¢cured by a legal charge over the School property. Coronavirus Business Interruption Loan (CBIL) CBIL of £250.000 wa4 dra) down in Augu%t 2020. There is a 12 month capital & interesi holiday from thi% date. From August 2020, inreresl ]% Charged ai a fixed rate of 2.85 /. The capital elemeni of the loan 18 r¢payable in the following years.. Wiihin one year Within one to two years Within two to five years 50.000 50,000 100.000 50,000 50,000 150,000 200,000 250,000 23
ELSTREE SCHOOL LIMITED NOTES TO THE ACCOUNTS (continued) FOR THE YEAR EP4DED 31 AUGUST 2022 13. COMPOSITION FEES 31 August 2022 31 August 2021 At I September 2021 Composition fees received Applied to School fees Discouni applied 251,392 222.754 {183,863) 202,933 244,974 (194 J45) (1,970) At 31 August 2022 290.283 251,392 14. MOVEMENT I, FUNDS Designated Special Rep&irs Fund General Revenue Account Restrlcted Fund Totgl Balance ai 31 August 2021 surp]u(defi¢llI for the y¢ar Tran¥f¢T between funds 6,142.457 100,88J 6.142,457 100.883 Balall$ at 31 August 2022 6,243,340 6,243.340 Represented by.. Fixed assets Investments Net current (liabilities) Long ierni liabdiÉa¢s 7,726,181 11,071 (715,4281 (778,48J) 7.726.181 11,071 (715.428) {778.483) 6,243,340 6,243,340 Designated Special Rep8ir$ Fund General Revenue Aeeount Restricted Fund Total Balance ai 31 Augubt 2020 SuluSI(dtfIcI(I for the year Transfer beiween funds Gains on investmenis 6,3J7.863 (271,7111 70,000 6,305 50,0(K) 20,000 (70,000) 6.387,863 {251,711} 6,305 Balances at 31 Augusi 2021 0,142,457 6,142,457 Represented by.. Fixed assets IDvestn)ents Net curmit asseiQlliabililiesl Long lerni liabilities 7,715.046 16,100 {664,164) {924,525) 7,715.046 16.100 (664.1641 (924.5251 6,142,457 6.142.457 24
ELSTREE SCHOOL LIMITED NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 AUGUST 2022 15. OPERATING LEASE COMMETMEf*'TS AI 31 Aubjust 2022 the School had the following nilnimu leas¢ payments under non-cancellable operating leases.. 31 August 2022 31 August 2021 Wiihin one year Within two to five years 24,698 42,407 19,685 42,997 16. PENSION COSTS Contributions are made to personal pension schemes for 40me employees. PensioTJ cosis charged in the year to defined contribution s¢hernes totalled £300.293 (2021.. £277,457). 17. TAXATION The company is a regtstered charity and t]0 taxation is payable on its income. 18. LIABILITY OF MEMBER Every member of the Company undenakes to contribute io the assets of the Company, in the eveni of the sam¢ being wound up while tiiey are a metnber: or Wiiihin one year after they ¢e&8e to be a member, for payment of the debts and liabilities of the Company contracted before they eeage to be o member, and of the co8ls. charges and expenbes of windinbr up, and for the adjustment of the riglits of th¢ ¢ontributories among themselves, such amount as may be requir¢d not exceeding £1. 19. RELATED PARTY TRANSACTIONS Tliere aTe gL>vemors and membets of the senior managemeni learn who are associated with the School by either having grand children or children who are pupils a( the School. All trat)sactions are 01 arnhs length and in the norn1 course of busine8ts. There are further related party disclosure thai require disclosure. 25
ELSTREE SCHOOL LIMITED NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 AUGUST 2022 20. STATENIENT OF FINANCIAL ACTIVITIES- COMPARATWE FIGURES BY FUNI D TYPE Restrleted 31 August 2021 School Notes Income from: Charltable aetivities: Fees receivable Other educational ineome 3,856,720 138.348 3,856,720 138,348 Other trading actlvltles: Letiingb iniome Grants. donattons and legaeie$ BAllk and other interest Other iry¢om¢ 22.108 66.376 17 6,063 22,108 80,370 2b 20,000 6,063 Total income 4.089,632 20.1)00 4,109.632 Expettditure on: Raising funds: Finance and oiher costs. 19.397 19,397 Charitable actlvltles School operaiinki Cobts: Teachiiig costs Weif8re Premises Support rosis of scliooling 2,320,672 475,610 810,174 735,490 2,320,672 475,610 810,174 735,490 Total expellditur¢ 4,361.343 4.361,343 Nel in¢omell¢xpendiiure)before transf¢rs (271.711) 20.000 1251,711) Transfeis between fvndb 14 70,000 170.000) Net ineomel(expenditure> (201.711) 150,0001 {251.711} Gainb on investments. 6J05 6,305 Net movement In funds (195,406) (50.000) (245,4061 Balance brought forward at I Sepiember 2020 6,337,863 50,000 6.387,863 Balance carried fonvard at 31 August 2021 14 6,142,457 6,142,457 26