ELSTREE SCHOOL LIMITED (A Registered Company Limited by Guarantee)
ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2025
TOGETHER WITH GOVERNORS' AND AUDITORS' REPORTS
Registered Number: 690450
Registered Charity Number: 309101
ELSTREE SCHOOL LIMITED
GOVERNORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
The Governors present their annual report on the affairs of the company, together with the accounts and auditors' report for the year ended 31 August 2025
REFERENCE AND ADMINISTRATIVE INFORMATION
| Charity Registration Number | 309101 |
|---|---|
| Company Registration Number | 690450 |
| Governors | Mr J B Sunley (Chair) |
| Mr G A W Owston | |
| Mr J Vincent | |
| Mrs J Lyons MBE | |
| Mrs E McKendrick | |
| Mrs J Joynson | |
| Mr A Pannell | |
| Mrs P Foulds | |
| Mrs M Price | |
| Mrs E Shaw | |
| Mr J McKinnel | |
| Mr C Houston | |
| Mr T Robertson | |
| Mr TFC Wayman (appointed 16 October 2024) | |
| Mrs R Mills (appointed 26 September 2025) | |
| Headmaster | Mr A C T Inglis |
| Director of Finance & Operations | Mr RWS Aird |
| Address | Elstree School |
| Woolhampton | |
| Reading | |
| Berkshire | |
| RG7 5TD | |
| Bankers | Barclays Bank Plc |
| Newbury Business Centre | |
| 6 Market Place | |
| Newbury | |
| Berks | |
| RG14 5AY | |
| Auditors | Haymac LLP |
| Registered Auditors | |
| 10 Queens Street Place | |
| London | |
| EC4R 1AG |
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ELSTREE SCHOOL LIMITED
GOVERNORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
The Governors, who are also directors of the company and charity trustees, have pleasure in submitting their report and audited financial statements for the year ended 31 August 2025. The financial statements have been prepared in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities , issued in 2015, applicable law and the company’s governing document the Memorandum and Articles of Association.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Status and administration
The School was incorporated in 1961 as a charitable company limited by guarantee. The Governors (The ‘Board’) determine the general policy of the school. The day-to-day management of the school is delegated to the Head and the Director of Finance & Operations.
The Governors who served during the year and up to the date of this report were:
Mr J B Sunley (Chair)[ 1.] Mrs P Foulds[1. 4.] Mr G A W Owston (Vice-Chair[ ) 1.2.] Mrs M Price[3. 4. 5. 6. ] Mr J Vincent[1.][4.] Mrs E Shaw[3. ] Mrs J Lyons MBE[3. 4. 5. 6. ] Mr C Houston[1. 5..] Mrs E McKendrick[2. ] Mr T Robertson[1.] Mr J McKinnel[2. 3. ] Mr TFC Wayman[2] (Appointed 16[th] October 2024) Mrs J Joynson[2. ] Mrs R Mills (Appointed 26[th] September 2025)[ 3. 4. 5.] Mr A Pannell[6. ]
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Member of the Finance & General Purposes Committee
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Member of the Academic Committee
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Member of the Safeguarding & Pastoral Committee
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Member of the Marketing Committee
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Member of the Health & Safety Committee
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Member of the Legal & Governance Committee
Organisational management
The Governors meet as a board at least four times a year to determine the general policy of the Charity and to review its overall management and control, for which they are legally responsible. The work of implementing a substantial part of the Board’s policies is carried out by the Finance and General Purposes Committee, which meets at least two weeks before each meeting of the full board, specifically to review the budgets, the management accounts, the annual accounts and reports. For the purposes of the day-to-day management of the charity, the Governors give delegated powers to the Headmaster and the Director of Finance & Operations. There is an increasing level of communication between Governors and the Headmaster and teaching community at Elstree through the regular sub-committee meetings and informal communication.
All Governors are linked to a role within the School and meet as separate sub-committees, including Finance, Academic, Safeguarding & Pastoral, Marketing, Health and Safety and Legal and Governance.
Recruitment and training of Governors
Governors are recruited as and when necessary, bearing in mind the particular skills that need to be covered by the circumstances of the vacancy. Upon appointment Governors are given a copy of the Memorandum and Articles of Association of Elstree School, together with the AGBIS handbook and are provided with a comprehensive induction visit to the School. Governors are encouraged to attend the training sessions provided by AGBIS or other appropriate bodies. Specific training is also provided to all Governors, recent trainings include Safeguarding and updates to the latest KCSIE legislation.
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GOVERNORS' REPORT (Continued)
ELSTREE SCHOOL LIMITED
FOR THE YEAR ENDED 31 AUGUST 2025
Structure and relationships
Elstree School is a member of IAPS, ISBA AGBIS and the BSA for the promotion and maintenance of standards and joins in peer group studies for the evaluation of quality and performance improvement methods. The School co-operates with as many charities as it can and seeks to widen public access to the education provided, to optimise the educational use of the cultural and sporting facilities, and to awaken in its pupils an awareness of the wider social context of the education they receive at the School.
OBJECTS, PRINCIPAL ACTIVITY, OBJECTIVES AND PUBLIC BENEFIT
Objects
The objects of the company are to provide an outstanding education for boys and girls between the ages of 3-13. Within these objects the company also maintains its Grade 2* listed buildings which are considered to be of national importance, and any funds held in trust for special purposes in connection with the development of the School’s facilities as well as for scholarships, bursaries, prizes and other educational purposes need to be appropriately managed. In the furtherance of these objects, the Governors seek to comply with the duty in s.4 of the Charities Act 2006 to have due regard to the Charity Commission’s published guidance concerning the operation of the Public Benefit requirement under that Act.
Principal activity
The School continues to provide all-round education for boys and girls between the ages of 3-13. Elstree welcomes children of all abilities and from all backgrounds. Elstree is well established as one of the leading Preparatory schools in the South of England, attracting children from a wide area. The Charity is committed to an education which develops the academic, physical, creative, social and spiritual potential in all its pupils. All its activities and policies are geared to this aim. This is developed further by participation in the Elstree Award (the School’s version of the Duke of Edinburgh Award) which is for boys and girls in Years 6, 7 and 8. This initiative develops citizenship and community spirit. The combination of academic rigour in the classroom with opportunities to participate in a wide range of competitive sports and other activities ensures we provide preparation for life at the leading independent senior schools across the UK.
Objectives for the year
The Board’s strategic aim as a charitable independent school is the focus and sustained attainment of the highest levels of academic performance in a safe and happy environment, the development of pupil numbers in line with a wider-access admissions policy, the continuation of external lettings provision which is putting the School’s facilities to good use when not otherwise needed, the development of sustainable and appropriate boarding opportunities and the greater involvement of all pupils in the full range of extra-curricular activities. Through the successful implementation of these objectives, public benefit and access to the School will be enhanced. The Board also looks to broaden the academic curriculum, continually enhance the range of sporting, creative arts, musical and pastoral opportunities and increase the school’s involvement in and contribution towards the local community.
The School recognises the value of capable and well motivated teaching and operational staff in succeeding in its objective of maximising the achievement of all pupils and seeks to ensure that all staff receive recognition for their contribution to the quality of school life. It recognises that an effective remuneration policy allows the School to maintain and improve the quality of education provided for all pupils by enabling the School to recruit, retain and motivate staff.
Key management personnel remuneration
The Governors aim to provide market competitive salaries and recognise the need to pay higher salaries for exceptional candidates where this is in the interest of the School. Remuneration of the key management personnel is set by the Board, in conjunction with the Headmaster for the Director of Finance & Operations and Deputy Headmaster, using a number of criteria such as nature of role and responsibilities, sector salaries as indicated by various benchmark and other market reports, cost of living increases and trends in pay. Any revisions must be agreed by the Full Board.
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ELSTREE SCHOOL LIMITED
GOVERNORS' REPORT (Continued)
FOR THE YEAR ENDED 31 AUGUST 2025
Strategy
The Governors are responsible for agreeing a long-term strategy that is designed to place the school in the best possible position to achieve the objectives set out above. These include:
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continuing to review the School’s academic policies in the light of national academic benchmarks and independent inspectors’ reports. We also review the academic syllabus, teaching methods and exam results;
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ensuring the co-curricular activities on offer to pupils are outstanding and actively contributing to the development, social skills and spiritual awareness of the children;
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investing in the infrastructure and technology of the School. In recent years significant investment has been made in sports facilities, science buildings, Pre-Prep facilities, music facilities, the main assembly hall and Art. The School’s strategic planning review highlights ICT as the next areas for development; and
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with the move to full co-education in 2020 and girl numbers exceeding 100 across the school, there has also been significant investment in a wide range of girls’ facilities and positions, including a new girls’ boarding area with refurbished showers and bathroom, dormitories and common room, new girls’ changing facilities in the sports hall and the appointment of a Head of Girls and a Head of Girls’ Games.
Bursaries and scholarships
The value of bursaries, scholarships and allowances in the year amounted to £578,444 (2024: £710,880). There is a Bursary Policy. The Governors make these awards based on the individual needs and abilities of the child and of his/her parents. The Governors are always willing to explore any method of helping to maintain the continuity of the educational experience for a pupil where there is evidence of family hardship. During the year, 62 children were financially assisted in some way, 19% of all pupils. One pupil received 100% of the day fee, one pupils received 90%, whilst fifteen pupils received 70% or more. In addition to this, one pupil received 90% of the boarding fee, three pupils received 70% or more of the boarding fee and one pupil received 50% of the boarding fee.
Equal opportunities
The School welcomes pupils from all backgrounds and needs to be able to satisfy itself that it can fully and adequately prepare every pupil for entry to senior school through at least the Common Entrance process. Entrance interviews, in person, or for an overseas pupil via video calls, and assessments are undertaken to satisfy the School and the prospective parents that their child can cope with the academic demands, the pace of the lessons and that he/she can benefit from the education on offer. The race, gender, religion or disability of a child has no bearing on the assessment decision. In cases where a child or member of staff is or becomes disabled, every effort is made to accommodate these needs.
Widening of access – education related activities
The School welcomes children from all backgrounds and it prepares pupils for entry to senior school through the ISEB Pre-Test and then subsequently, Common Entrance or the Scholarship process. Widening of access to the School is achieved by the Schools’ Foundation Awards and bursaries, granted to parents who would not normally be able to afford the School’s fees, and by directing the families of those in need to suitable external funding sources.
The school provides local nurseries and primary schools with regular access to its facilities. The school organises a variety of different events, including a ‘Mini Olympics’ and ‘Ball Skills’ afternoon, a Year 2 Football Festival and a Primary Schools Cross Country Event. A number of pupils at the school take part in the Restless Triathlon at Bradfield College, raising money for one of the school’s chosen charities, as well as the Restless Development charity, supporting children in Africa. It also offers specialist Art and Design Technology workshops for local primary schools (Woolhampton and Bucklebury Primary Schools). The Elstree scholarship form also offer Academic outreach workshops in French and Maths to Woolhampton Primary School in early June.
Partners for Active Leisure Scheme (PALS) is a West Berkshire Charity which uses the school’s facilities throughout the year and which benefits from activities being led by the Year 7 pupils as part of their Elstree Award.
The School also supports the local church and its community with regular weekly services and an annual candlelit concert to raise funds for the church. It also supports the CWT Carol Service at Bradfield College and also the Rainbow Trust Carol service at St Paul’s Church, Knightsbridge in early December each year.
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ELSTREE SCHOOL LIMITED
GOVERNORS' REPORT (Continued)
FOR THE YEAR ENDED 31 AUGUST 2025
Widening of access – other community links
The Charity recognises its role in the context of the wider community, to continually increase access to its facilities and its education; many activities are organised with this in mind.
The public organisations listed hereafter have benefited from the use of the Schools’ facilities as a sporting educational or entertainment venue: Kennet Badminton Club, Bucklebury Badminton Club, Camp Beaumont, St Mary’s Badminton Club, Newbury and District Badminton Association, Serious Cricket, British Shintaido, Racing Line Running and Scarlet Runners hockey club.
In addition, the following charities have benefited from donations or fundraising events held at the school: PALs, Charlie Waller Trust, St Peter’s Church, Riding for the Disabled, Brain Tumour Trust, NSPCC, SSAFA, The Children’s Society, Born Free foundation, Daisy’s Dream, St Michael’s Hospice, TISCA, Marie Curie, Royal National Children’s Foundation, Make a wish foundation, The West Berkshire Food Bank, The Disaster Emergency Committee, Comic Relief, Cancer Research, Cystic Fibrosis, Stroke Care, Canine Partners, Time2talk and Naomi House.
Children and Staff support a variety of charities:
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Pre-Prep tree planting for the Woodland Trust
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Inter-house cross-country event to raise money for St. Michael’s Hospice
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NSPCC
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Weekly chapel collections for a variety of charities from the local area
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The Wellbeing Walk in the Autumn Term raised money for time2talk projects in and around Newbury
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Gift Fair (Year 7 Elstree Award Pupils support) raised money for Daisy’s Dream
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Food was also collected and donated to the West Berkshire Food Bank
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the Beacons of Light Challenge – 23 staff and Governors taking on a challenge in the Brecon Beacons, raising almost £20k for Charlie Waller Trust
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10 mile Ridgeway walk for children, staff and parents raising money for the Make a wish foundation and Cystic fibrosis charity (Summer 2025)
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Year 7 pupils assist children and young adults from PALS
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‘Save the Children’ Christmas Jumper Day at the end of the Autumn Term
STRATEGIC REPORT
Operational Performance
Elstree provides a safe, secure environment for children to achieve their potential in any given field. We aim to educate children in a familiar, friendly, supportive and encouraging environment where they can be treated as individuals but learn to live in a community. The emphasis is on building confidence, developing talent and maximising potential. In the PrePrep, it is our aim to make children’s first experiences of learning positive and inspiring so that they develop a thirst for learning.
We strive for academic excellence for each child. We aim to provide help and support to enable them to achieve their best and reach their potential becoming self-regulated learners. We prepare pupils thoroughly for the next stage of their education and to maintain strong links with the major senior schools. We equip all pupils with essential life skills: hard work, tolerance, kindness, pride in themselves, resilience and enthusiasm.
We promote and develop a broad range of opportunities in all areas of the school – Academic, Music, Drama, Art, D.T. and Sport. Our Co-Curricular programme of activities, boarding clubs and Elstree Award further enhance the opportunities for our pupils. Elstree is a ‘preparatory’ school in the broadest sense of the word.
We aim to give pupils a confidence in their own ability, a sense of moral and spiritual awareness and a positive set of values that will equip them with resilience and enable them to be mentally happy. Assemblies and weekly church services provide a values-led education with time to reflect. They also develop an awareness of the wider world through community activities, termly lectures, outreach, charity work and leadership development.
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GOVERNORS' REPORT (Continued)
ELSTREE SCHOOL LIMITED
FOR THE YEAR ENDED 31 AUGUST 2025
Independent Schools Inspectorate Inspection
As a member of the Independent Schools Council, Elstree School is inspected by the Independent Schools Inspectorate (ISI) on a regular basis. In November 2025, the ISI undertook a focused compliance inspection combined with an inspection of educational quality.
The inspection team of six met with over 100 children and around 30 staff; they conducted surveys of parents, staff and pupils in Years 4-8, and they observed a significant number of lessons. Importantly they experienced both Elstree Prep and Pre-Prep school life in its fullest sense – assemblies, meals, boarding time, activities, sports, musical groups and the creative arts.
The Governors are pleased to confirm that the school has successfully met all the requirements of the inspection, including the Independent School Standards and the National Minimum Standards for Boarding Schools, where applicable.
Achievements and Performance:
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The School has continued to embed its Digital Learning Strategy, to pupils in Years 6, 7 & 8 using a Microsoft Surface device to complement existing traditional learning strategies.
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Teachers increasingly use technology appropriately to enhance learning outcomes.
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There have been exciting developments to the curriculum. The pupils now have ‘Outdoor Learning’ in Years 3, 4 and 5 as well ‘Pre-Test Preparation’ in Year 5 and 6; we are considering adding this into Year 4.
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55 take part in weekly LAMDA lessons.
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The new structure to the school day in the Prep School has the main academic lessons timetabled at the front end of the day, thus maximising the learning outcomes for the pupils. The latter part of the day is now reserved for enrichment activities, Games, and Prep for the senior pupils.
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A new Maths scheme, White Rose, has been introduced in the Pre-Prep, emphasizing conceptual understanding and problem-solving skills.
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In the Pre-Prep there are 11 clubs in which the children can choose to participate. There are 24 activities on offer each week in the Prep school.
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The school promotes and develops a broad range of opportunities in all areas – Academic, Music, Drama, Art, D.T. and Sport. These include a Co-Curricular programme of activities, Headmaster’s Project, Boarding clubs and the Elstree Award.
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• A successful Cultural Diversity Week was held, which included Black Lives Matter Workshops to prep school children. We also supported Black History month with a talk from Mr Gary Bentley.
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The whole school (Prep and Pre-Prep) enjoyed activities and assemblies to highlight Kindness Week in the Autumn Term and Children’s Mental Health awareness week in the Lent term.
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Two community wellbeing walks were organised to raise awareness of good mental health and promote the value of being part of a wider school community. All the children, staff and parents were invited to come together to walk and talk in the fresh air.
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Pupils are thoroughly prepared for the next stage of their education and the school maintains strong links with the major senior schools. The Headmaster and Deputy Head (Academic) guide parents through the process supported by: A Senior School Presentation in Year 5, Individual meetings with parents to discuss senior school choices and pupil progress. Pupils are prepared for their senior school assessments and interviews with tailored lessons including verbal and non-verbal reasoning, covering online assessments, interview workshops, academic enrichment talks and debating. We have introduced this year a new learning platform called ‘Atom Learning’ to support the pupils further in this domain. Senior school representatives are invited to the school to give talks, preach in church services and to referee inter-school matches. Pupils also take part in many senior school activity days (music, art, drama, academic and sport), which further build-up the strong links between Elstree and the senior schools.
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The school prides itself on giving pupils a confidence in their own ability by celebrating all levels of achievement in all areas of school life. The children gain a real sense of physical, moral and spiritual awareness and a positive set of values that will equip them with resilience and enable them to be mentally happy. Assemblies and weekly church services provide a values-led education with time to reflect. The ‘family’ lunch service provides an informal way for pupils and staff to engage in interesting conversation, outside the classroom.
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ELSTREE SCHOOL LIMITED
GOVERNORS' REPORT (Continued)
FOR THE YEAR ENDED 31 AUGUST 2025
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The children also develop an awareness of the wider world through community activities, termly lectures, outreach, charity work and leadership development.
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Throughout the school, over 151 music lesson take place each week, and pupils are further encouraged to participate in regular informal and formal concerts each term.
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The school is further developing an ‘open door’ culture to teaching and an enquiry-based approach to teaching and learning, supporting colleagues with their career development and the curriculum development. Also supporting learners with a robust tracking, support system and developed Revision Study Skills programme.
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STEAM workshops have been introduced across the prep school to help pupils link knowledge and prepare them for the workplace.
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Pupil tracking and LDD (Learning Development Department) information is on iSAMS and has been made much more accessible for the teaching staff. There is now a weekly academic progress meeting focusing on pupils’ academic needs and interventions. There is enhanced communication with the Head of LDD in morning staff briefings. LDD information is updated more regularly and shared with teaching colleagues.
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In the Lent Term the Head of LDD lead an assembly in the prep school focusing on Dyslexia and ADHD to mark Neurodiversity Week.
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The mentoring system for the Year 8s adds an extra layer of pastoral support. It has also introduced a weekly pastoral meeting that focuses on monitoring our more vulnerable children. Then follows a meeting of the Pastoral Committee to discuss any further action on points raised in the earlier briefing, also where behaviour logs, staff welfare, etc. throughout the whole school (Prep and Pre-Prep) is discussed.
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The Deputy Head Pastoral also meets regularly (every 2 weeks) with the Safeguarding Governor.
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• The Head of Wellbeing and Mental Health meets every week with the Head of HR and the School Nurse to discuss and monitor staff wellbeing. Where appropriate points discussed are brought to the weekly Pastoral Committee meetings.
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The Elstree Award provides a comprehensive leadership programme for Years 6, 7 & 8
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Staff are developing links with local primary schools to support them with their teaching, particularly with specialist subjects like Art, DT, Science and Modern Languages (Woolhampton Primary School, Beenham Primary School and Bucklebury Primary School).
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Opportunities for public speaking have increased with events such as the Declamations Competitions and the Poetry Performance afternoon. We have also introduced a senior (Year 8) and Middle School (Year 6) debate and Elstree Award Presentations in Year 7 and Headmaster’s Debate topics each Monday morning. Within the Pre-Prep we have adapted the Poetry Performances with an event happening for all the Pre-Prep children in the Lent Term.
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A new phonics scheme has been introduced in the Pre-Prep, providing better consistency in the teaching of phonics in the Pre-Prep.
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Progress Testing in English and Maths was brought in across the school to better monitor and track pupils’ development.
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The school has maintained its ‘Green Flag Status’ and this has further increased the pupils’ awareness of ecoissues.
Academic Scholarships
Our academic profile is diverse, ranging in most years from a CAT4 overall score at the end of Year 7 from 135+ to 85. The children are prepared for a wide range of different and diverse senior schools and entry requirements, and parental expectation is high. The diverse nature of the children’s talents and abilities and the school’s ability to prepare the children for these awards are reflected in a range of prestigious awards to some top senior schools. Last year Academic scholarships were won to Radley, Downe House and Bradfield.
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ELSTREE SCHOOL LIMITED
GOVERNORS' REPORT (Continued)
FOR THE YEAR ENDED 31 AUGUST 2025
Boarding
The boarding experience enhances pupils’ learning and achievement by:
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Encouraging self-discipline in matters of punctuality, time management, tidiness, care of property and personal hygiene
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Promoting positive relationships with all peers and adults
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Encouraging independence and good manners
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Encouraging sharing and accepting valid decisions
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Encouraging a sense of responsibility and leadership roles (E.g., Dorm Captains, table takers, boarding prefects)
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Promoting the constructive use of free time
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Promoting a positive moral attitude and developing a sense of citizenship and community spirit
Boarders earn dorm stars each night by showing that they are able to follow the evening routine. These stars are collated via the Boarding Management System and the running totals are visible to the children on the screens on their respective landings. There are prizes for the highest scoring dorms at the end of each term.
Personal Responsibility Week focuses on children taking responsibility for their own actions. There are group consequences (e.g. if you are not out of bed by 7.10am, the whole dorms takes the laundry from the landing down to the washroom). This encourages children to work together and support those who find it challenging.
A resident boarding academic tutor supports the children and is available to them throughout the week and if there is extra work they need to catch up on, it is then co-ordinated by them. Teacher-led revision sessions take place after supper (instead of clubs) in the week leading up to exam week, and during exam week in order to support those children who board. ‘Pyjama Latin’ is taken by Mr. Inglis and Mrs Inglis offers support with French oral practice. Children that learn a musical instrument are also given the opportunity to practice in the morning after breakfast. The Director of Music provides a timetable that is published in the Dining Room.
There is an exciting programme of 'Big Weekends', which provide an opportunity for those who do not board to have a taste of what it entails and to enrich the boarding experience for the fuller boarders. These range from Socials with other schools to Bushcraft and Cooking-themed activities. We have also introduced a ‘Mini’ Weekend in Year 5 to act as a gentle introduction to boarding and to encourage children lower down the school to board. In the Summer Term, the Year 3 children also have a ‘Boarding Taster’ evening.
There is also an extensive programme of boarders’ clubs available after supper. This has recently been refreshed and the children were surveyed to see which clubs were the most popular, and the least popular were removed from the programme. Then children were given the choice as to which club they would like to do. Every child is guaranteed to get either their first or second choice of club, with the fuller boarders getting to make their choices first.
We also have a new-look, vibrant and energetic House Team who provide exceptional pastoral care for the children. These staff also spearhead the Big Weekends and assist the Houseparents in the whole Boarding Community events, such as Family Fortune Nights, Quiz Nights and Race Nights.
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ELSTREE SCHOOL LIMITED
GOVERNORS' REPORT (Continued)
FOR THE YEAR ENDED 31 AUGUST 2025
All children are invited to attend at least one 'Brew' over the course of the year. This provides an opportunity for the children to enjoy a homemade cookie with the Houseparents whilst discussing all matters relating to their boarding experience.
Results for the year
The final surplus for the year was £825,624 (2024: £589,327). Total income for the year was £7,353,746 (2024: £6,507,781) with total expenditure in the year £6,533,567 (2024: £5,916,851), resulting in the School building on its trading surplus. Interest received in the year was £92,444 higher than 2024 due to the improved results and therefore cash position of the School and greater treasury activity.
Reserves policy and level
The reserves policy of the School has been based on the School’s objectives. Its main aim is to achieve a margin of working capital sufficient to enable all aspects of the School’s work to be conducted in an orderly and efficient manner and to fund the School’s building maintenance programme. The policy’s specific requirement is:
The maintenance of a liquid reserve to provide cover for unexpected but unavoidable items of expenditure which cannot be funded from current income. In this respect, it is important to realise that certain of the School’s reserves are in the form of fixed assets, which would take time to realise.
The School’s total funds at 31 August 2025 was £7,811,463 (2024: £6,985,839), represented by £8,455,029 (2024: £7,873,897) of fixed assets (net of depreciation) less net borrowings.
Freehold property
In the opinion of the Governors the value of the freehold land and permanent buildings is substantially more than the book value, but no useful purpose would be served by undertaking a revaluation.
Fundraising
The School is fortunate to have the Friends of Elstree Association running fundraising events during the year including the Gift Fair in October and the annual bonfire and fireworks in November, as well as many other parent events throughout the year. An annual Alumni reunion is organised by the School and is always well supported.
Risk Management
The Governors regularly assess the major risks to which the School is exposed, in particular those related to its operations and finances, and are satisfied that there are systems in place to mitigate exposure to such risks. The Risk Register for Governors is reviewed annually. The risks identified are considered by the Governors to be typical in nature of a privately funded prep school.
The Governors consider the major risks to the School to be:
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The fees becoming unaffordable due to economic pressures;
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Changes by the Government to the taxable status of Charities in addition to the current implementation of VAT on Education and Boarding in Independent Schools
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Increased competition from both independent and state schools; and
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An unforeseen material damage to the school’s reputation.
The key controls used to mitigate these risks include:
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Good governance procedures to ensure effective strategy, planning and monitoring;
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• Financial planning, accounts report and monitoring; and
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Formal risk policies, risk registers and risk management procedures.
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ELSTREE SCHOOL LIMITED
GOVERNORS' REPORT (Continued)
FOR THE YEAR ENDED 31 AUGUST 2025
PLANS FOR THE FUTURE
Infrastructure
The Governors continue to invest into the school’s infrastructure. During the year significant investment was made into improving the School’s website and the overall parent experience through a Parent Portal, LDD facilities and additional parking. Further investment in technology has been made to upgrade the computers in the IT suite for use for all the children across the school.
STATEMENT OF GOVERNORS’ RESPONSIBILITIES
The Governors (who are also Directors of Elstree School for the purposes of company law) are responsible for preparing the Governors' Report incorporating the Strategic Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the Charity for that year. In preparing these financial statements, the Governors are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
So far as each of the Governors is aware at the time the report is approved:
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there is no relevant audit information of which the company’s auditors are unaware; and
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the Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Auditors
The auditors Haysmacintyre LLP have expressed their willingness to continue in office and a resolution to re-appoint them will be submitted to the Annual General Meeting.
The Governors’ Report incorporating a Strategic Report was approved by the Board of Governors on 28th November 2025 and signed on its behalf by:
Mr J B Sunley Chairman
Elstree School Woolhampton Berkshire RG7 5TD
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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ELSTREE SCHOOL LIMITED
Opinion
We have audited the financial statements of Elstree School Limited (the ‘Company’) for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Forecast and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
-
give a true and fair view of the state of the charitable company’s affairs as at 31 August 2025 and of the charitable company’s net movement in funds, including the income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the governors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the governors with respect to going concern are described in the relevant sections of this report.
Other information
The governors are responsible for the other information. The other information comprises the information included in the Governors’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Governors’ Report (which includes the strategic report and the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the strategic report and the directors’ report included within the Governors’ Report have been prepared in accordance with applicable legal requirements.
11
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ELSTREE SCHOOL LIMITED (continued)
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors’ Report (which incorporates the strategic report and the directors’ report).
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept by the charitable company; or
-
the charitable company financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of governors’ remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of governors for the financial statements
As explained more fully in the governors’ responsibilities statement set out on page 10, the governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the governors are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the governors’ either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the Health & Safety Acts and the Education Act 2002, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011, and consider other factors such as payroll tax.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
-
Inspecting correspondence with regulators and tax authorities;
-
Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
-
Evaluating management’s controls designed to prevent and detect irregularities;
-
Identifying and testing journals, in particular journal entries posted with unusual account combinations, or with unusual descriptions; and
-
Challenging assumptions and judgements made by management in their critical accounting estimates
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
12
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ELSTREE SCHOOL LIMITED (continued)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Thomas Wilson (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of HaysMac LLP, Statutory Auditors London Date: EC4R 1AG 02/12/2025
13
ELSTREE SCHOOL LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 AUGUST 2025
| 31 August | 31 August | |||
|---|---|---|---|---|
| Unrestricted | 2025 | 2024 | ||
| Notes | £ | £ | £ | |
| Income from: | ||||
| Charitable activities: | ||||
| Fees receivable | 1 | 6,521,662 | 6,521,662 | 5,995,499 |
| Other educational income | 2a | 334,585 | 334,585 | 319,684 |
| Other trading activities: | ||||
| Lettings income | 108,408 | 108,408 | 104,563 | |
| Grants, donations and legacies | 2b | 215,857 | 215,857 | 14,525 |
| Bank and other interest | 3 | 140,600 | 140,600 | 48,156 |
| Other income | 32,634 | 32,634 | 25,354 | |
| ---------------------- | ---------------------- | ---------------------- | ||
| Total income | 7,353,746 | 7,353,746 | 6,507,781 | |
| ---------------------- | ---------------------- | ---------------------- | ||
| Expenditure on: | ||||
| Raising funds: | ||||
| Finance and other costs | 4 | 70,343 | 70,343 | 33,855 |
| Charitable activities | ||||
| School operating costs: | ||||
| Teaching costs | 3,517,680 | 3,517,680 | 3,195,163 | |
| Welfare | 692,624 | 692,624 | 702,630 | |
| Premises | 1,224,111 | 1,224,111 | 1,008,950 | |
| Support costs of schooling | 1,028,809 | 1,028,809 | 976,253 | |
| ---------------------- | ---------------------- | ---------------------- | ||
| Total expenditure | 5 | 6,533,567 | 6,533,567 | 5,916,851 |
| ---------------------- | ---------------------- | ---------------------- | ||
| Net income/(expenditure) | 820,179 | 820,179 | 590,930 | |
| Gains/(Losses) on Investments | 9 | 5,445 | 5,445 | (1,603) |
| Net movement in funds | 825,624 | 825,624 | 589,327 | |
| Balance brought forward | ||||
| at 1 September 2024 | 6,985,839 | 6,985,839 | 6,396,512 | |
| ----------------------- | ----------------------- | ----------------------- | ||
| Balance carried forward | ||||
| at 31 August 2025 | 14 | 7,811,463 | 7,811,463 | 6,985,839 |
| =========== | =========== | =========== |
All recognised gains and losses are included in the Statement of Financial Activities.
The accompanying notes form an integral part of the financial statements.
The Statement of Financial Activities for the comparative period is presented in Note 20.
14
COMPANY NUMBER: 690450
ELSTREE SCHOOL LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2025
| 31 AUGUST | 31 AUGUST | 2025 | 31 AUGUST 2024 | 31 AUGUST 2024 | ||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||
| FIXED ASSETS | ||||||
| Tangible fixed assets | 8 | 8,455,029 | 7,873,897 | |||
| Investments | 9 | 12,690 | 7,245 | |||
| ------------------- | ------------------- | |||||
| 8,467,719 | 7,881,142 | |||||
| CURRENT ASSETS | ||||||
| Stock | 1,285 | 650 | ||||
| Fees billed in advance and extras in | ||||||
| arrears | 1,466,511 | 849,047 | ||||
| Other debtors and prepayments | 10 | 227,708 | 154,503 | |||
| ------------------- | ------------------- | |||||
| 1,695,504 | 1,004,200 | |||||
| Cash at bank and in hand | 4,159,097 | 3,863,322 | ||||
| ------------------- | ------------------- | |||||
| 5,854,601 | 4,867,522 | |||||
| ------------------- | ------------------- | |||||
| CREDITORS –due within one year | ||||||
| Fees received in advance for | ||||||
| Autumn term2012 | (1,933,579) | (1,769,292) | ||||
| Other creditors | 11 | (2,006,586) | (1,879,882) | |||
| --------------------- | --------------------- | |||||
| (3,940,165) | (3,649,174) | |||||
| --------------------- | --------------------- | |||||
| NET CURRENT | ||||||
| ASSETS/(LIABILITIES) | 1,914,436 | 1,218,348 | ||||
| ------------------- | ------------------- | |||||
| TOTAL ASSETS LESS CURRENT | ||||||
| LIABILITIES | 10,382,155 | 9,099,490 | ||||
| CREDITORS –due after more than one | 12 | |||||
| year | (2,570,692) | (2,113,651) | ||||
| ---------------------- | ---------------------- | |||||
| NET ASSETS | 14 | 7,811,463 | 6,985,839 | |||
| ========== | ========== | |||||
| Represented by: | ||||||
| Unrestricted funds | 14 | 7,811,463 | 6,985,839 | |||
| --------------------- | --------------------- | |||||
| TOTAL FUNDS | 7,811,463 | 6,985,839 | ||||
| ========== | ========== |
The financial statements were approved by the Board of Governors and authorised for issue on 28 November 2025 and signed on their behalf by:
Mr J B Sunley ) ) GOVERNORS Mr G A W Owston )
The accompanying notes are an integral part of this balance sheet.
15
ELSTREE SCHOOL LIMITED
CASH FLOW STATEMENT
YEAR ENDED 31 AUGUST 2025
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | |||
| Cash flows from operating activities | ||||||
| Net income | 825,624 | 589,327 | ||||
| (Gains)/ losses on investments | (5,445) | 1,603 | ||||
| Depreciation | 192,537 | 186,208 | ||||
| Loss on disposal | 19,145 | - | ||||
| Interest received | (140,600) | (48,156) | ||||
| Interest paid | 10,239 | 16,309 | ||||
| (Increase) in stock | (635) | (21) | ||||
| (Increase) in debtors | (690,669) | (85,819) | ||||
| Increase in creditors | 799,864 | 8,240 | ||||
| ----------------- | ----------------- | |||||
| 1,010,060 | 839,329 | |||||
| Cash flows from investing activities | ||||||
| Purchase of tangible fixed assets | (812,591) | (297,454) | ||||
| Interest received | 140,600 | 48,156 | ||||
| ----------------- | ----------------- | |||||
| (671,991) | (249,298) | |||||
| Cash flows from financing activities | ||||||
| Interest paid | (10,239) | (16,309) | ||||
| (Decrease)/Increase in fees in advance | (973,985) | 2,580,722 | ||||
| Repayment of loans | (413,070) | (106,503) | ||||
| New loan in the year | 1,355,000 | - | ||||
| ----------------- | ----------------- | |||||
| (42,294) | 2,457,910 | |||||
| -------------------- | -------------------- | |||||
| Increase of cash in the year | 295,775 | 3,047,941 | ||||
| ========= | ========= | |||||
| Cash and cash equivalents at the beginning of the year | 3,863,322 | 815,381 | ||||
| ------------------- | ------------------- | |||||
| Cash and cash equivalents at the end of the year | 4,159,097 | 3,863,322 | ||||
| ========= | ========= | |||||
| 2024 | Cashflow | Non- Cashflow |
2025 | |||
| Analysis of movements in net debt | £ | £ | £ | £ | ||
| Cash at bank and in hand | 3,863,322 | 295,775 | - | 4,159,097 | ||
| ------------------- | ----------------------- | --------------------- | --------------------- | |||
| Barclays Loan due within one year | (363,070) | 363,070 | (34,992) | (34,992) | ||
| Barclays loan due after one year | - | (1,320,008) | - | (1,320,008) | ||
| Coronavirus Business Interruption Loan (CBIL) | - | |||||
| Due within one year | (50,000) | 50,000 | (50,000) | (50,000) | ||
| CBIL due after one year | (50,000) | - | 50,000 | - | ||
| Fees in advance due within one year | (1,096,151) | 131,281 | 1,002 | (963,868) | ||
| Fees in advance due after one year | (1,785,911) | - | 841,702 | (944,209) | ||
| Total debt | (3,345,132) | (775,657) | 807,712 | (3,313,077) | ||
| ------------------- | ----------------------- | --------------------- | --------------------- | |||
| Total net debt | 518,190 | (479,882) | 807,712 | 846,020 | ||
| ========= | =========== | ========== | ========== |
16
ELSTREE SCHOOL LIMITED
ACCOUNTING POLICIES
FOR THE YEAR ENDED 31 AUGUST 2025
The financial statements have been prepared in accordance with the Charities Statement of Recommended Practice (“SORP”), Financial Reporting Practice applicable in UK and Republic of Ireland (FRS 102) second edition effective 1 January 2019 and the Companies Act 2006.
The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the School operates.
The School is a Public Benefit Entity Registered as a charity in England and Wales and a Company limited by guarantee. It was incorporated on 21 April 1961 (company number 00690450) and registered as a charity on 21 July 1961 (charity number 309101). The School’s registered office is Elstree School, Woolhampton, Reading, Berkshire, RG7 5TD.
a. Accounting convention
The accounts have been prepared under the historical cost convention.
b. Income
Income from charitable activities is accounted for in the year in which the services are provided. Fees receivable are stated after deducting allowances and net of VAT.
Donations and legacies are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the school is considered probable.
Lettings income is recognised in the Statement of Financial Activities on a straight line basis over the lease term.
Job Retention Scheme Government Grants are accounted for in the year in which employees were placed on temporary leave.
c.
Expenditure
Expenditure is accounted for on an accruals basis, discounted to present value for longer-term liabilities, and is summarised under functional headings in the Statement of Financial Activities, with the irrecoverable element of value added tax included with the item of expense to which it relates.
d. Fixed assets and depreciation
Building improvements, furniture and equipment are capitalised and carried in the Balance Sheet at historical cost.
Depreciation is provided on freehold buildings in use at one per cent per annum after exclusion of land and residual values. An impairment review is carried out to ensure the net book value in the financial statements do no exceed the value in use of the freehold buildings.
Depreciation is provided on other fixed assets to write off their cost over estimated useful lives at the following rates:
| Freehold Property | - 2% on cost |
|---|---|
| Furniture and equipment | - 4% on cost |
| Laundry equipment | - 25% on written down value |
| Motor vehicle and garden equipment | - 25% on written down value |
| Computers | - 25% on cost |
e.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the company and which have not been designated for other purposes.
17
ELSTREE SCHOOL LIMITED
ACCOUNTING POLICIES (continued)
FOR THE YEAR ENDED 31 AUGUST 2025
f. Operating leases
Rentals payable are charged on a time basis over the lease term.
g. Pension schemes
The School’s contributions to private pension schemes are charged in the period in which the salaries to which they relate are payable.
h.
Financial instruments
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together 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 instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchange rate.
i. Going concern
Governors have analysed the implications of a drop in pupil numbers of 10,20 & 30 and the impact on cash flow. A loss of 30 pupils would result in a review of capital expenditure commitments to ensure the School remains a going concern.
Having reviewed the updated cashflow forecasts, Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future and consider that there are no material uncertainties over the School’s financial viability. Accordingly, they also continue to adopt the going concern basis in preparing the financial statements.
.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the accounting policies, Governors are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.
Judgements made by the Trustees in the application of these accounting policies that have significant effect on the financial statements are deemed to be in relation to the value of the bad debt provision.
In the view of the Governors, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.
18
ELSTREE SCHOOL LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2025
| 1. | FEES | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Fees receivable consist of: | |||
| Gross fees | 7,100,106 | 6,706,379 | |
| Less: Total bursaries, scholarships and allowances | (578,444) | (710,880) | |
| --------------------- | --------------------- | ||
| 6,521,662 | 5,995,499 | ||
| ========== | ========== | ||
| 2a. | OTHER EDUCATIONAL INCOME | 2025 | 2024 |
| £ | £ | ||
| Extras and disbursements | 306,324 | 297,790 | |
| Registration fees | 28,261 | 21,894 | |
| ------------------ | ------------------ | ||
| 334,585 | 319,684 | ||
| ========= | ========= | ||
| 2b. | GRANTS, DONATIONS & LEGACIES | 2025 | 2024 |
| £ | £ | ||
| Donations | 215,857 | 14,525 | |
| ------------------ | ------------------ | ||
| 215,857 | 14,525 | ||
| ========= | ========= | ||
| 3. | INTEREST RECEIVABLE | 2025 | 2024 |
| £ | £ | ||
| Bank deposits | 140,600 | 48,156 | |
| ======= | ======= | ||
| 4. | FINANCE AND OTHER COSTS | 2025 | 2024 |
| £ | £ | ||
| Bank charges | 20,765 | 6,639 | |
| Bank interest | 10,239 | 16,309 | |
| Fees in advance discount | 21,202 | 4,574 | |
| Bad debt expense | 18,137 | 6,333 | |
| ---------------- | ---------------- | ||
| 70,343 | 33,855 | ||
| ========= | ========= |
19
ELSTREE SCHOOL LIMITED
NOTES TO THE ACCOUNTS (continued)
FOR THE YEAR ENDED 31 AUGUST 2025
5. TOTAL EXPENDITURE
| 5. | TOTAL EXPENDITURE | ||||
|---|---|---|---|---|---|
| 2025 | |||||
| Staff costs | Other | Depreciation | Total | ||
| Charitable activities | £ | £ | £ | £ | |
| School Operating Costs: | |||||
| Teaching costs | 3,025,798 | 420,387 | 71,495 | 3,517,680 | |
| Welfare | 120,995 | 571,629 | - | 692,624 |
|
| Premises | 390,727 | 712,342 | 121,042 | 1,224,111 | |
| Support costs of schooling | 657,906 | 370,903 | - | 1,028,809 |
|
| ---------------------- | ------------------- | ------------------ | -------------------- | ||
| 4,195,426 | 2,075,261 | 192,537 | 6,463,224 | ||
| Cost of raising funds: | |||||
| Finance and other costs | - | 70,343 | - | 70,343 | |
| ---------------------- | --------------------- | ------------------ | ----------------------- | ||
| 4,195,426 | 2,145,604 | 192,537 | 6,533,567 | ||
| =========== | ========== | ========== | ========== | ||
| 2024 | |||||
| Staff costs | Other | Depreciation | Total | ||
| Charitable activities | £ | £ | £ | £ | |
| School Operating Costs: | |||||
| Teaching costs | 2,743,200 | 388,086 | 63,877 | 3,195,163 | |
| Welfare | 127,179 | 575,451 | - | 702,630 | |
| Premises | 358,440 | 528,179 | 122,331 | 1,008,950 | |
| Support costs of schooling | 571,941 | 404,312 | - | 976,253 | |
| ---------------------- | ------------------- | ------------------ | -------------------- | ||
| 3,800,760 | 1,896,028 | 186,208 | 5,882,996 | ||
| Cost of raising funds: | |||||
| Finance and other costs | - | 33,855 | - | 33,855 | |
| ------------------------ | --------------------- | ------------------ | ----------------------- | ||
| 3,800,760 | 1,929,883 | 186,208 | 5,916,851 | ||
| =========== | ========== | ========== | ========== | ||
| 6. | OPERATING PROFIT | ||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Operating profit for the year is stated after charging: | |||||
| Auditors remuneration: | |||||
| For audit | 20,000 | 22,800 | |||
| For other services | 3,250 | 2,400 | |||
| Depreciation | 192,537 | 186,208 | |||
| Operating lease expense | 49,068 | 24,698 | |||
| ======= | ======= |
20
ELSTREE SCHOOL LIMITED
NOTES TO THE ACCOUNTS (continued)
FOR THE YEAR ENDED 31 AUGUST 2025
| 7. | STAFF COSTS | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Total Staff Costs: | |||
| Salaries and wages | 3,460,673 | 3,160,243 | |
| Social security costs | 352,777 | 284,508 | |
| Pension contribution | 381,976 | 356,009 | |
| ---------------------- | ---------------------- | ||
| 4,195,426 | 3,800,760 | ||
| ========== | ========== | ||
| 2025 | 2024 | ||
| The average weekly number of employees during the year was made up as | |||
| follows: | |||
| Teaching | 64 | 62 | |
| Other | 39 | 37 | |
| ------------- | ------------- | ||
| 103 | 99 | ||
| ====== | ====== | ||
| The number of employees who had emoluments exceeding £60,000 were: | 2025 | 2024 | |
| £60,000 - £69,999 | 2 | 2 | |
| £70,000 - £79,999 | 1 | - | |
| £90,000 - £99,999 | - | 1 | |
| £110,000 - £119,000 | 1 | - | |
| £120,000 - £129,999 | - | 1 | |
| £130,000 - £139,999 | 1 | - |
Total remuneration of key management personnel was £503,222 (2024: £456,228).
No governors received remuneration (2024: £nil) during the year ended 31 August 2025.
21
ELSTREE SCHOOL LIMITED
NOTES TO THE ACCOUNTS (continued)
FOR THE YEAR ENDED 31 AUGUST 2025
8. TANGIBLE FIXED ASSETS
The movement of tangible fixed assets were as follows:
| Motor | ||||||||
|---|---|---|---|---|---|---|---|---|
| Assets | Furniture | vehicle | ||||||
| Freehold | under | and | Laundry | and garden | ||||
| property | construction | equipment | equipment | equipment | Computers | Total | ||
| £ | £ | £ | £ | £ | £ | £ | ||
| COST | ||||||||
| At 31 August 2024 | 8,627,414 | 101,706 | 1,240,311 | 14,803 | 264,630 | 478,365 | 10,727,229 | |
| Additions | - | 500,351 | 198,374 | - | 68,218 | 45,648 | 812,591 | |
| Disposals | - | - | (49,766) | - | (8,753) | - | (58,519) | |
| Adjustment for |
pre- | |||||||
| registration VAT | - | - | (10,420) | - | (3,931) | (5,426) | (19,777) | |
| ------------------------ | ------------------------ | ------------------------ | ------------------------ | ------------------------ | ------------------------ | ------------------------ | ||
| At 31 August 2025 | 8,627,414 | 602,057 | 1,378,499 | 14,803 | 320,164 | 518,587 | 11,461,523 | |
| ------------------------ | ------------------------ | ------------------------ | ------------------------ | ------------------------ | ------------------------ | ------------------------ | ||
| DEPRECIATION | ||||||||
| At 31 August 2024 | 1,645,665 | - | 617,809 | 14,803 | 165,814 | 409,241 | 2,853,332 | |
| Charge for the year | 86,268 | - | 38,082 | - | 33,413 | 34,774 | 192,537 | |
| Disposals | - | - | (31,789) | - | (7,585) | - | (39,374) | |
| ------------------------ | ------------------------ | ------------------------ | ------------------------ | ------------------------ | ------------------------ | ------------------------ | ||
| At 31 August 2025 | 1,731,933 | - | 624,102 | 14,803 | 191,642 | 444,015 | 3,006,495 | |
| ------------------------ | ------------------------ | ------------------------ | ------------------------ | ------------------------ | ------------------------ | ------------------------ | ||
| NET BOOK VALUE | ||||||||
| At 31 August 2025 | 6,895,481 | 602,057 | 754,397 | - | 128,522 | 74,572 | 8,455,029 | |
| =========== | =========== | =========== | =========== | =========== | =========== | =========== | ||
| At 31 August 2024 | 6,981,749 | 101,706 | 622,502 | - | 98,816 | 69,124 | 7,873,897 | |
| =========== | =========== | ========= | =========== | ======== | =========== | =========== |
.
9. INVESTMENTS
| Total | ||
|---|---|---|
| Listed investments | £ | |
| Market value as at 1 September 2024 | 7,245 | |
| Unrealised gain | 5,445 | |
| --------------------- | ||
| Market value as at 31 August 2025 | 12,690 | |
| ========== | ||
| OTHER DEBTORS | 31 August | 31 August |
| 2025 | 2024 | |
| £ | £ | |
| Prepayments and accrued income | 161,505 | 93,558 |
| Other debtors | 66,203 | 60,945 |
| ------------------ | ------------------ | |
| 227,708 | 154,503 | |
| ========= | ========= |
10. OTHER DEBTORS
22
ELSTREE SCHOOL LIMITED
NOTES TO THE ACCOUNTS (continued)
FOR THE YEAR ENDED 31 AUGUST 2025
| 11. | OTHER CREDITORS - due within one year | 31 August | 31 August |
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Trade creditors | 414,602 | 97,621 | |
| Other taxes and social security costs | 325,106 | 68,669 | |
| Other creditors | 91,397 | 101,821 | |
| Accruals and deferred income | 90,721 | 75,100 | |
| Pupil deposits | 35,900 | 27,450 | |
| Composition fees (see note 13) | 963,868 | 1,096,151 | |
| Bank loans (see note 12) | 84,992 | 413,070 | |
| ------------------ | ------------------ | ||
| 2,006,586 | 1,879,882 | ||
| ========= | ========= | ||
| 12. | OTHER CREDITORS - due after more than one year | 31 August | 31 August |
| 2025 | 2024 | ||
| £ | £ | ||
| Bank Loan | 1,320,008 | - | |
| Pupils’ Deposits | 306,475 | 277,740 | |
| Composition fees (see note 13) | 944,209 | 1,785,911 | |
| Coronavirus Business Interruption Loan | - | 50,000 | |
| ------------------ | ------------------ | ||
| 2,570,692 | 2,113,651 | ||
| ========= | ========= | ||
| Bank Loan | |||
| A new loan was secured with Barclays in the current year, charged at a floating rate of 2.35% above Bank of England | |||
| bank rate. The previous loan from Barclays was charged at a fixed rate of 3.16%. The capital element of | |||
| the loan is repayable in the following years: | |||
| Within one year | 34,992 | 363,070 | |
| Within two to five years | 60,740 | - | |
| More than five years | 1,259,268 | - | |
| ------------------ | ------------------ | ||
| 1,355,000 | 363,070 | ||
| ========= | ========= |
A new loan was secured with Barclays in the current year, charged at a floating rate of 2.35% above Bank of England bank rate. The previous loan from Barclays was charged at a fixed rate of 3.16%. The capital element of the loan is repayable in the following years:
The loan is secured by a legal charge over the School property.
Coronavirus Business Interruption Loan (CBIL)
CBIL of £250,000 was drawn down in August 2020. There is a 12 month capital & interest holiday from this date. From August 2020, interest is charged at a fixed rate of 2.85%. The capital element of the loan is repayable in the following years:
| Within one year | 50,000 | 50,000 |
|---|---|---|
| Within one to two years | - | 50,000 |
| ------------------ | ------------------ | |
| 50,000 | 100,000 | |
| ========= | ========= |
23
ELSTREE SCHOOL LIMITED
NOTES TO THE ACCOUNTS (continued)
FOR THE YEAR ENDED 31 AUGUST 2025
| 13. | COMPOSITION FEES | 31 August | 31 August |
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| At 1 September 2024 | 2,882,062 | 301,341 | |
| Composition fees received | 131,281 | 2,889,763 | |
| Applied to School fees | (1,126,468) | (313,616) | |
| Discount applied | 21,202 | 4,574 | |
| ------------------ | ------------------ | ||
| At 31 August 2025 | 1,908,077 | 2,882,062 | |
| ========= |
========= | ||
| Composition fees are due as follows: | |||
| Within one year | 963,868 | 1,096,151 | |
| Within two to five years | 919,359 | 1,686,616 | |
| More than five years | 24,850 | 99,295 | |
| ------------------ | ------------------ | ||
| 1,908,077 | 2,882,062 | ||
| ========= | ========= | ||
| 14. | MOVEMENT IN FUNDS | ||
| General | |||
| Revenue | |||
| Account | |||
| £ | |||
| Balance at 31 August 2024 | 6,985,839 | ||
| Surplus for the year | 825,624 | ||
| ----------------------- | |||
| Balances at 31 August 2025 | 7,811,463 | ||
| ---------------------- | |||
| Represented by: | |||
| Fixed assets | 8,455,029 | ||
| Investments | 12,690 | ||
| Net current assets | 1,914,436 | ||
| Long term liabilities | (2,570,692) | ||
| ----------------------- | |||
| 7,811,463 | |||
| =========== | |||
| General | |||
| Revenue | |||
| Account | |||
| £ | |||
| Balance at 31 August 2023 | 6,396,512 | ||
| Surplus/(deficit) for the year | 589,327 | ||
| ----------------------- | |||
| Balances at 31 August 2024 | 6,985,839 | ||
| ---------------------- | |||
| Represented by: | |||
| Fixed assets | 7,873,897 | ||
| Investments | 7,245 | ||
| Net current (liabilities) | 1,218,348 | ||
| Long term liabilities | (2,113,651) | ||
| ----------------------- | |||
| 6,985,839 | |||
| =========== |
24
ELSTREE SCHOOL LIMITED
NOTES TO THE ACCOUNTS (continued)
FOR THE YEAR ENDED 31 AUGUST 2025
15. OPERATING LEASE COMMITMENTS
At 31 August 2025 the School had the following minimum lease payments under non-cancellable operating leases:
| 31 August | 31 August | |
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Within one year | 49,067 | 24,997 |
| Within two to five years | 146,010 | 18,311 |
| ======= | ======= |
16. PENSION COSTS
Contributions are made to personal pension schemes for some employees. Pension costs charged in the year to defined contribution schemes totalled £381,976 (2024: £356,010) of which £59,254 (2024: £52,403) has been accrued at the year end.
17. TAXATION
The company is a registered charity and no taxation is payable on its income.
18. LIABILITY OF MEMBER
Every member of the Company undertakes to contribute to the assets of the Company, in the event of the same being wound up while they are a member, or within one year after they cease to be a member, for payment of the debts and liabilities of the Company contracted before they cease to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves, such amount as may be required not exceeding £1.
19. RELATED PARTY TRANSACTIONS
There are governors and members of the senior management team who are associated with the School by either having grand children or children who are pupils at the School. All transactions are at arms length and in the normal course of business.
There are no further related party disclosure that require disclosure.
25
ELSTREE SCHOOL LIMITED
NOTES TO THE ACCOUNTS (continued)
FOR THE YEAR ENDED 31 AUGUST 2025
20. STATEMENT OF FINANCIAL ACTIVITIES – COMPARATIVE FIGURES BY FUND TYPE
| 31 August | 31 August | |||
|---|---|---|---|---|
| Unrestricted | 2024 | 2023 | ||
| Notes | £ | £ | £ | |
| Income from: | ||||
| Charitable activities: | ||||
| Fees receivable | 1 | 5,995,499 | 5,995,499 | 5,090,891 |
| Other educational income | 2a | 319,684 | 319,684 | 274,853 |
| Other trading activities: | ||||
| Lettings income | 104,563 | 104,563 | 88,890 | |
| Grants, donations and legacies | 2b | 14,525 | 14,525 | 37,518 |
| Bank and other interest | 3 | 48,156 | 48,156 | 2,617 |
| Other income | 25,354 | 25,354 | 31,113 | |
| ---------------------- | ---------------------- | ---------------------- | ||
| Total income | 6,507,781 | 6,507,781 | 5,525,882 | |
| ---------------------- | ---------------------- | ---------------------- | ||
| Expenditure on: | ||||
| Raising funds: | ||||
| Finance and other costs | 4 | 33,855 | 33,855 | 30,249 |
| Charitable activities | ||||
| School operating costs: | ||||
| Teaching costs | 3,195,163 | 3,195,163 | 2,961,618 | |
| Welfare | 702,630 | 702,630 | 641,456 | |
| Premises | 1,008,950 | 1,008,950 | 892,179 | |
| Support costs of schooling | 976,253 | 976,253 | 844,986 | |
| ---------------------- | ---------------------- | ---------------------- | ||
| Total expenditure | 5 | 5,916,851 | 5,916,851 | 5,370,488 |
| ---------------------- | ---------------------- | ---------------------- | ||
| Net income/(expenditure)before transfers | 590,930 | 590,930 | 155,394 | |
| ------------------ | ------------------ | ------------------- | ||
| Net income/(expenditure) | 590,930 | 590,930 | 155,394 | |
| (Losses)/Gains on Investments | (1,603) | (1,603) | (2,222) | |
| Net movement in funds | 589,327 | 589,327 | 153,172 | |
| Balance brought forward | ||||
| at 1 September 2023 | 6,396,512 | 6,396,512 | 6,243,340 | |
| ----------------------- | ----------------------- | ---------------------- | ||
| Balance carried forward | ||||
| at 31 August 2024 | 14 | 6,985,839 | 6,985,839 | 6,396,512 |
| =========== | =========== | =========== |
26