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 NuM￿r
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 sta￿Ment 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 Jo5￿80n
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 reqUi￿rnent under
that Acl.
PrAn¢wul aclivity
The School continues to provide a11-roL￿d 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 Ve￿lOn 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 Man￿Reme￿IFeYSo￿ftÉlreInUrterOi1D
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 rnanag*ement perbonnel is ￿£¢ by the Board.
in conjunction with ihe Ileadmasler for the Bur%ar and Depuiy Head￿aSter. 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
fl￿ring 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 n￿mberS 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 Tn￿1

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 C￿phaS￿S is on buildlll&7 confidence, develop&ng talent and Ellaximising poteniial. In the
Pre-Prep, it ts our aim lo make Children's r￿st 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, m￿81¢. 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 I￿tUreS, 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 qllal￿tY 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 th￿n 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 claSsr￿m.
The children also develop an awaren¢s5 of the wider world through conimunÈty activitie4 termly lec￿re5,
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 aCc￿8]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 p￿pare
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
m￿￿1C 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<mal
hygiene
Promoting po%itive relationshipq with all peers and adult5
Encouraging independence and good man¥Lers
Encouragin&y sliaring ond accepiing valid decisions
Encournging a sense of responsibility and leadership roles {E.g., Dom] Captain& table tskeTS, et¢.)
Promoting the constructive use of free time
Promoting a p051tive tnoral attitude and developing a sense of citizenship alld ¢omoiuniiy spirit
Approximately every 213 week5 a 'Stsr Boarder, 15 celebraled in Prayers labsembly) io recognise pupils that are
dev¢loping in the manner outlined above.
Personal responsibiliiy week fo¢ubes on children taking responsibllity for their own actions. There are &rroup
consequences le.g. if you are not out of bed by 7.10am, the wliol¢ d0rm4 takeb the laundry from the landing down to the
washr(>otll). This eiicourage% ¢hildren 10 work together and support those who fmd it challen¥ing.
A resident boardin8 academtc tutor supports the childien and is availablt io them throughoui the week and if there is
extra work they need to C2tch up on, li is then co-ordlnated by then). Every Sunday evening the Housemaster and the
Acadetnic Tutor 80 througli Spelling8 and General Knowledge foT the following week. Teacher-led revibion session5 take
place after supper {instead of club.%} in the week leading up lo exam weeK ond during exam week in order io support
tho.8e children who board. 'Pyjama Latin, is laken by Mr. Inglis and Mrs Inglis off¢rs support with French oral practlLe.
There ts a fvll programrne of activities, which tske place on the weekend to enrich the boarding experience. Thebe range
from Laqer Tag. trips lo the cinen3a. water parks {indoor and outdotsrl, trampoline park and ten pin bowlin&> to 'Big
Weekend8. whetx ai) entire Year Group would board. W¢ have also introduced a 'Mini' Weekend Year 5 ¢0 aci as a
gentle inirodu¢iion to boatdlng and to encourage cliildrn) lower down the bchool to board. In the Sun]rner Terni, the Year
3 children also have a 'Boarding Taster. evening.
There is also an extensive programme of boarder5' clubs available after supper. This has recently been revamped ond the
children were surveyed 10 see wl)ich clubs were the most popular, and the Itasl popular were removed from the
programme. lljen cliilthn were given the choice as to which club they would like to do. Every child got eithet th¢ir fll5t
OF second choice of club.

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 f￿reworkS 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 moni￿ring.
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 enlarge￿en[￿. 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 resOU￿th 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 fu￿nCIal 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 info￿ation.
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 fU￿A¢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
f￿anCIal 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
f￿￿ncial 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 f￿ancial sthiements or our knowledge
obtained in ihe audii or otherwise appearb to be materially missthied. If we idenlEfy 8uch material incon$i8tencieb or
apPart￿t 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 re￿m8." 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 idenL*fied 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 e￿or, 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.
audi10￿r¢
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 Mat￿rS 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 b￿￿lf 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 sta￿Men(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 regiS￿red 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 hIs￿rical 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 as￿de 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 allow8￿C¢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 (Conti￿ved)
FOR THE YEAR ENDED 31 AUGUST 2022
TANGIBLE FIXED ASSETS
The rnov¢ment of thngible r￿ed 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
ch￿ge 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
INvEST￿lENTs
T0141
Listed investments
Mwkci volu¢ as ai I Scplcmbcr 2021
UnT￿li￿d 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 eleM￿t 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
Su￿luSI(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
norn￿1 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