St. Margaret's School Bushey (A Company Limlted by Guarantee) Incorporated in England and Wales No. 03201182 Registered Charity No. 1056228 GOVERNORS. REPORT AND FINANCIAL STATEMENTS For the year ended 31 August 2025
17 49 ST MARGARET'S SCHOOL Annual Report 2025 CONTENTS Chair of Govemorfs Introduction . Head's Report 24125 al a Glance Objectives and Aims . adoM1¢ Vision Bursaries and Scholarships Campus and Facilities Partnerships and Pupil Voluntearing Equality. Diversity, and Inclusion Sustainability Report of the Governors . Structure, Govemance and Management Strategic Report Risk Cornmercial Future Financial Performance Reference Details for Governors and Advisors Page 1
St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2025 Chair of Governor's Introduction The Governing Board of Sl Margaret's School a delighted to report another strong year operational for the school. We can report a near doubling of the school size over the last five years, now wllh a stable school roll of over 800 pupils. We are delighted to report that following the move to co-educalion, the school is now truly 50150 across the genders frorn years reception to year 10. The school is securely set for future. This has enabled long term planning and investment into the future dgvelopmenl of Ihg s¢hool. The curriculum ha5 developed and grown further to offer a wider range of academic experi8nces lo prepare our young people lo meet their aspirations. The Board also realise the challenges ahead for the students and have continued lo grow and develop our welfar8 and pastoral servIs. We continue to invest in staff and servi¢$s lo improve the care we can provide for our pupils. The powerful and passionate leadershlp ofour Head. Ms Lara Pé¢hard, together wllh h8r senlor leaders. leaching staff. adminislralive staff and support staff continue lo deliver the best experience for a11 our pupils from 2 10 18. Sl Margaret's continues lo be an incredible space and a unique family school. The Governors. investment in our people continue lo make thi5 school the special place it is. This has been an excepb'onally difficult year financially across the independent school sector due lo recent Govemment lax poli¢ios. Despite the scale of thes8 challgnges, the school's ¢ash surplus li.e. surplus before depreciation and one of our key melricsl declined just £0.3M versus prior year. This declln8 was due to'.- The InlroduGtion of VAT Ilike many schools, we did not pass the full impact onto to parents via fees) The loss of charitable business rales rellef The increases in Employers, National Insurance. The full year impact of the Aprfl 2024 increase in the school's contrfbulion to the Teachers. Pension Scheme A write off from deferred incomè from previous years. Strong and robust financial management and plannlng has redUd the impactoflhese once in a decade external factor5 to limit the effect on the financial outcome of the school. We are pleased that due to the reputation and delivery in the school, pupil numbers remain strong with the growth since last year seeing an increase in the school's nel fee income of £1.5M. The school has a robust and well prepared business model, and Governors are worklng with the senior leadership lo optimise the school's cost base and lo increase working capital (including free cash reserves} lo meet the challenges we and the sector face, and lo ensure the school is in an even stronger Page 2
St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2025 wsition in the future. As can be seen in this year's accounts, the Snlroduclion of VAT has also impacted the school's short- term cash flow, with grealer highs and lows as the school now collects, and subsequently pays over, VAT lo the Government. The Governor's and school's management are working hard lo control these short-term fluctuations in cash with the school's overdraft facility having been increased to £1.SM. The effect of the VAT and the payment points have affe¢led the cash in the bank al particular points Sn time. which recover qui¢kly upon rec8lpl offee income. The Govemors havg set the objective lo Ihe exgcuIIv8 to build up higher cash resgrves for the charity for future years. Addilk)nally, by June 2026 the school will be debt free. having paid ¢Jown the Government backed Covid loan taken out in 2020. Despite these evident challenges, we arg delighted to report that the school remains in a robust financial position. with stable pupil numbers and strong admissions pipeline, delivering significant fee income to support the operations and Teinveslmenl in the school. Therefore, the Govemors look lo the school's futu wllh optlmlsm. Above all, we remain committgd to Continue to invest in our buildings, people and facilities lo ensure wg can deliver the highest quality of edu¢alion for our young people lo prepare them frir the future. The school will continue to be a modern, progressive, ¢o-edu¢alional 811-Ihrough school with a focus on happiness and success. The Governing Board expects to see the rèturn on their invoslmenl over the coming years as this wonderful and very special school continuos to flourish in Ihg years ahoad. Page 3
St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2025 Head's Report- Lara Péchard A school Focused on Happiness and Success Sl Margaret's 15 proud of its rich history and traditlon for providing an educational experience that enriches and transforms young lives in an environment that is open minded, and warm hearted. Throughout the last academic year, we have seen significant achievements in our co<urricular offer with significant development to our sporting offer, with more breadth and depth to our fixture list, with exciting sporting partnerships being announced at the ond of the academic year for the following year. We have also continued lo develop our Creative arts with more children taking part in the arts than before. We have also built on the Strong spirit of communty with further leadership and service work. Central to our approach is the belief that a busy co-currlcular life feeds confidence, focus and personal growth which in tum enhances academic interest and outcomes. We are incredibly proud of the remarkable progress and resilience demonslraled by our pupils, during what has been another busy and hallenging year of examinations. Thls yearwe have seen pupils excel in their GCSE and A-level results with 610/0 achieving grade A'_B al A-level. with pupils heading off lo sludy a range of sublecls al some pre51igious UK universities with a high number achieving places al Russell Group universities, including History al Cambridge, Biomedicine, and Liberal Arts, al King's College London, Hi510ry and Politics al Warwick, Classics al Leeds. and Law at Nottingham. 4310 of our pupils achieved grade 9-7 in cora GCSE subjects. This success is lestsment to their delerminalion and positive work ethic and represented tremendous value-added progress on the baseline profile of this cohort. Sl Margaret's celebrated five years as a co-educaliona5 school in January 2025. As a family school, we strive lo ensure Ihal every child in our Community from Nursery right through lo Sixth Form, thrives in an inspiring, safe and happy environment. Over the next year our focus will move towards more inclusive provision with a variety of wrap4round options lo support families across Ihe school. The school continues lo invest in the campus and facilities with the conversion of the Chapel into a new dance studio, the conversion of the previous danc8 studio in the Sports Centre into a slatewof-the-art gym, the addition of indoor cricket nets, and the addition of a new luck shop for pupils use. 2024125 At a Glance Giving Back 26 pupils in the school have re¢¢lved a bursary. More than 400 hours of communlty servlce ha5 been undertaken by puplls and staff. 8ulldlng a Co-education81 Community C¢l¢brating S years as a co4d school. 805 puplls on school roll111 Nov 2025}. Page 4
St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2025 470/0 of pupils in our Junlor School aro now boys111 Nov 20251. 43% of pupll$ in our Senior school are now boys111 Nov 20251. SlrivAng for Excellence 800/a of leavers made It to thelr first4holce unlverslty. 105 puplls awardgd scholarships in school. Objectives and Aims Excellence in pastoral care- to ensure a safe environment where safeguarding and wellbeing is the lop priority. First.¢lass ¢O•¢urrl¢ular provlslon - lo ensure thts co-curricular programme offers a ri¢h variety of activities that are reflective of the high standards. breadth of interest and skills of all pupils within our community and which create stronger links between our curricular and pastoral work. Academi¢ excellen¢e- lo losler a dwerse ¢ullure that nurtures acade1¢ ¢onfidgnce, independence and a passion for leaming, with a focus on engagement through a modern and relevant ¢urri¢ulum that includes more skills-based subjects for the future. alongside value-add opportunities and examination achievement. . Invest in facilitie5 and seice5-10 ensure that our school is safe, and that we make the most of the spacg and resources onsite to best support outcomes for pupils. . Commitment to stsff Culture andprogression- lo be recognised as a modern employer that values positive relationships and is committed lo the professional development of individuals and the heatth and wellbeing of all stsff. Academic Vision The school was delighted lo celebrate superb results al GCSE and A-l&vel, with 43Qk of GCSE grades awarded al 9-7 and 32% of A-level grades awarded al A'A. High levels of value added as well as exlIent raw examination scores are key markers of success for our pupils and value added was improved al both GCSE and A-level from 2019's results. Developing the offer is a key aspo¢l of our academic vision and this year ¥MII see a significant expansion of the curriculum. Dance entered the curriculum as an examined option al GCSE and al A-level, with new facilities having been developed to house this subject area. In the summer of 2025 we rolled out our new digital strategy, with all Year 7 pupils as of September 2025 having access lo a school managed device. The school also completed ils migration from the Google suite to offi 365. significantly increasing the ability to use digitsl learning tools in the classrtsjm. Page 5
St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2025 We will also continue to expand our broad CPD offering to Staff, with a locus on the developrnenl of middle leadership. Investing in our staff and their development is key to our future growth. Bursaries and Scholarships Access and Recognition Broadening acc8SS to a high standard of education has always been important lo St Margaret's, esp&¢ially for those families with talented children who don't have the financial means to support an Independent gducation. In these cases, the school offers a limited number of means-lesled support across two categories of pupils, those who are new lo the school and those who are currently al school bul have become financially unable lo afford the fees. Bursary awards range from 50/0 to 1000kn. Since 2007, Sl Margaret's typically has offered one 1000/. bursary lo at least one pupll on entry lo Year 7 on an annual basis. During the lasl academic year. the school offered 4 new bursaries. ranging from 25Wo lo 100%. Scholarships al 11+ and 13+ are awarded based on success in enlran¢o examinations and interviews. This year, St Margaret's awarded 76 scholarships lo talented pupils across a wide range ol subje¢ls. At 16+ specialist scholarships are also awarded for contribution to the Sl Margaret's community. The Governors consider that they have complied with Section 17 of the Charities Act 2011, including the guidance public benefit.. running a charily IPB2}." Campus and Facllltles Spaces to relax and bulld acadgmlc Confldenc The increase in pupil numbers has enabled the school to plan the inveslrTrenl and Tedevelopment of ils superb 60-a¢re site confidentty, and in a way that will enrich its pupils, learning environment. 11 is part of the schools, ongoing strategy lo make the best use of the space and facilities available to best support pupil outcomes. The school continues to invest in the campus and facilities with the conversion of the Chapel into a new dance studio, the conversion of the previous dance studio in the Sports Centre into a slale-of-the-art gyrll, installation of indoor cricket nels, a new air handling system forthe swimming pool and the addition of a new luck shop for pupils use. Partnershlps and Pupll Volunteering Reaching Out and In St Margaret's is a school steeped in a hlslory of service and charitable works. The school was founded Io SLJPPOrt the orphaned children of clergymen, and il has continued lo priorilise kindness ever since. Page 6
St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2025 The lake-up of Ihe school's pupil-led montoring programme is always very high as a rgsull. The school's pupil led sludenl council is actively focused on charity work and pupils place significant importance on the impact they make. Reaching out and in is a concept that the school is focused on as il moves forward. This means engaging experts in wellbeing. careers and academics. It also means intèracting with alumni to support the s¢hool community and developing outreach locally loo so that the school can continue to provlde a programme of leadershSp and service. Outreach lo tslher schools and universities is also important, as is volunteering so that every pupil is involved in serving the local community. Further and rather uniquety, Sl Margaret's foslers opportunities also for its staff body lo volunteer for service during school hours, reflecting the school's values and embodying intention to underpin service al every level of our school community. During this academic year, the enrichment slot has been used for sgrvicg OPPOrtunilies for our sixth fomiers, encouraging their development as thoughtful and empathetic young people. Sl Margaret's has developed a collaborative approach lo identifying opportunities across local and wider geographic regions where il can offer meaningful educational value and support lo partner schools and charitie5. Further, every chlld In the school tskes part In service for others. supporting divèrse causes from foster childreri lo the homeless. As a development of this in 2025126 we will cement the 100 Hours projert which builds in at least one hundred hours of service for our studenis from Year 7 through to Year 13. Sorvi¢g is deliverod via onri¢hmgllt pgriod, during Sl Margaret's Day, and on designated Servic8 Days and throughout the year. The school also works hard to ensure that the grounds and our facllilies can be uged by the community for certaln causes and events. The school also runs speaker panels on topics such as the media. law and medicine in which experts in their field come in lo talk lo sixth formers. Local schools are invited to join these events. Our sports facilities are available lo the local community and local schcx)Is use our swimming pool for free. We hosted the county cross-counlry championship in February 2025. More recently the s¢hool has entered partnerships with Wallord Swimming Club and Mavericks Netball Club, where access lo our facilities is provided in Tetum for opportunities foT our pupils to engage with the clubs. Equallty, Dlverslty and Incluslon Ordinary. Extraordinary The school prides itself on being a family school and ensuring every child flourishes in a safe. happy and Inclusive envlronment. Champlonlng Ils dlverse community Sl Margaret's is keen lo deepen social awareness and understanding of differences by celebrating the cultural richness of the school. For instance, this year the school held a 'This is Mo, day, giving Ihg whole school Ihg opportunity lo come to school dressed in clothes that best represented their identity and heritage. Similarfy. pupils were also given two days off timetable lo celebrate why they are extraordinary. in Page 7
St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2025 re¢ognilion of their courage, ¢reativity, progress, endeavours and perseverance, with a great nurnber of individual awards being presented across various year groups. The school has embedded an EDI calendar onlo the school calendar, this in turn is used lo inform the PSHE topics as well as being used lo help facilitate grass root involvement on these focus points. All events are marked wllh 8 dlsplay providing key information and reflections that are displayed on the diversity notice board, students contribute both to this and their themed assembly. Sustainability Passion for our Planet The school previously established an Environment and Sustainability Group which is responsible for the development and adoption of the Environmental Policy for the school which has resulted in a number of inilialives being rolled out across the school during the year. Page 8
St. Margaret's School Bushey REPORT OF THE GOVERNORS forthe year ended 31 August 2025 REPORT OF THE GOVERNORS Structure, Govemance and Management All Governors give of their lime freely and no remuneration Ss paid. Governlng Document Sl. Margaret's school Bushey Is an Independent school fourided by the Clergy Orphan Corporation In 1749. The school is governed by ils Memorandum and Articles of Association dated 20 May 1996 las arnendgd 20181. The company is limited by guarantee and is a registered ¢harily. Recrultm&nt, Inductlon and Tralnlng of Governors The school's Governors are appointed al a meeting of the Board of Govemors. Nominations are proposed on the basis of adding specialist ski15s to the Governing body. New Governors are formally inducted into their role through a series of briefings with the Chair. Vice Chair. the Head and the CleTk to the Governors. The Governors are offered training and are informed of seminars and COUTses that are beneficial lo their g0Veman and their responsibilities as Charity Trustees. Specifically. the charity governance cod& has beèn instrumental in the Governors. approach lo increasing div8rsily on the Board. The school has Invested In state-of-the-art conference facllhles, whlch enable effe¢liv& meeungs In mlxed mode. satisfying the needs of those who are unable to meet in pgrson when this is MIsSIble for others. A by-product of this technology is the abilty now lo increase the geographical area frorn which Governors can be recruited. Organlsatlonal lJJanaggment The Governors are responsib for the policy and strategic direction of the school with strategic and operational management delegated to the Head and her Senior Management Team. The Board delegates certain areas of responsibility to the Finance and Risk Commilleo. This committoe and the Board ilseff meet al least three times per annum. The Governors also ragularly rovlèw tha school's pèrforman¢& versus a numbgr of academlc. Cowcurrlcular & welfare, marketlng & adm15slons. and financlal key performance Indlcators. The kgy finan¢lal KPIS ara cash surplus, cash surplus as a porcantaga of foos* puplllteacher ratlos, average class slze and debtors. Group Structure and Relatlonshlps Tho school has a wholly owned non-charitable trading subsidiary, St Margareys Enterprises Limited (company number 055650551. The financial slal&menls of the subsidlary have be6n consolidated wlthin those of the school. The school has closo links with many local and national schools, groups and charities which are Pe9
St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2025 addressed in detail earlier in this report under the review of our achievements. STRATEGIC REPORT Rlsk The Board of Governors is responsible for the management of risks faced by the school. The Senior Management Team and thè committees identify and assess risks and implement ¢onlrols lo mitigate against these. The Full Board regularfy reviews the main risks identified by the committees. The key controls implemented by the schoDI are as follows.. Formal agendas for all Board and Commillee activities. Strategic planning, budgeting and management accounting. Estsblished organisalional structure and lines of reporting. Formal written policies Authorisalion and approval procedures and processes. Thè maln rlsks to thè school Idèntlflad by Governors aro.. Risks due to recent rapid pupil growth Sn the school. These are managed vla regular feedback from parents and pupils plus Investments in advance in the required people and school facillties. Economic and political risks lo th& independent school s&¢tor including tho introduction of VAT on f&&5 from January 2025, plus the loss of charitable business rates relief and the increase in employers National Insurance from April 2025. These are managed through regular, robust strategic reviews, financial plans, and scenario planning. Risks of cybor-attack. The school's network resilience Is robust wllh firewalls, multiple discrete backups, security protocols and regular staff training on cyber threats. The school also has a cyber insurance policy. Through the established systems for managing risk, the Governors are satisfied that all foreseeable, major risks have been id8nllfied and rllanaged appropriately. 11 is, of course. re¢ognis&d by the Governors that systems can only provide reasonable assurance that major risks have been adequately managed. The Governors closely monitor the working capital of the school and are satisfied that the school has sufficient reserves lo continue ils operations. An overdraft facility is in place lo resolve any short-lemi cash flu¢lualions. Therefore, having assessed the school's financial posillon. and the plans for the foreseeable future, the risks to which the school is exposed lo and the detailed cash projections, the Governois ar8 Satisfied that il remains appropriate lo prepare the financial statements on a going concem basis. Through the established systems for Inanaging risk, the Govemors are satisfied that all foreseeable, major risks have been identified and managed approprialely. 11 is, of ¢ourse, recognised by the Pag9 10
St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2025 Govemors that systems Can only provide reasonable assurance thal major risks have been adequately managed. Commercial The SrK>rts Cenlre, comprising a full-slze sports hall, a 25m swimming PODI, dance studio, gym and oulsldo courts ar8 open to the public for use outside the school timetable. The facility was recently upgraded with the installation of a new state of the art gym. which has significantly increased the number of paying members and provided a new facillty for school use. recently installed indoor cricket nels are receiving enquiries from a number of local clubs expressing an interest in hiring. Sl Margaret's also hosted a residential summer language school and continue lo expand our offering of holiday camps run by an external provider. Sl Margaret's has a wonderful campus and facilities that is available for hire outside of school hours. Futurè A school wlth Famlly at It$ Hoart Over the next three years. St Margaret's aims to continue to increase its pupil roll lo benefit pupil experience and outcomes. It will develop ils buildings on campus both inlerrially and extemally with sustainability in mind. Provision will move towards more inclusive options that continue the wrap-around care for all famllies across the school community. The school wlll also consSder Its boarding facililios and how Waterhouse is best deployed lo serve th8 pupII communlty. As a farnily school. Sl Maryaret's is passionate about supporting parents practically to make family lrfe easier. From transport and parking to after school care and communications, the school will continue lo offer parenllng support as well as advice through specially created events, webinars and through future seminars with wellbeing experts. Looking after ils pupils and staff, wh excellence In safeguarding, security and wellness al its heart. also means developing more personalised pathways for those requiring 8dditional support - that means listening to and understanding pupil feedback, croaling opportunities for more personalised and open communi¢alion around pupil progress on a regul8r basis. Flnanclal Performance Income and Expenditure As detailed on Page 23, in the period to 31 August 2025, despite an increase in income by some £1.5m, the school experienced a nel loss for the year. This is due lo the Governors. continued Commitment during 2024125 to a strategy of investing in improving and developing the school's educational offering. resources and facilities as the school continues ils rapid re¢ent growih, plus the unique challenges due lo recent Government policies such as VAT on fe&s, loss of business rates relief, NalK)nal Insurance increases and the full year impact of the last increasg in Conlribulions lo the Teachers, Pension Scheme. A key indicator of the success of this strategy is the increase in pupil numbers over thg last 5 years. This Pagg11
St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2025 represents a significant increase of over 880/D since September 2020. The progress lo being fully co- educational ¢ontinu$s apace and is a contributor to this increase with boys now in all school years. The Junior School is also expanding notably lo two or three form entry Ihroughoul. There is now also a much-enhanced nursery provision, and numbers continue lo grow with further expansion planned during 2026. In summary, we look forward wth confidence to a strong and improving SLJStainable financial position which will enable further Investment the school the immedlale future for the beneTIt of our pupils and all the schools, stakeholders. The school's subsidiary Sl Margaret's Enterprises Limited made a profit of £74,871 for the year. From March 1, 2023, the main activities of Sl Margaret's Enterprises Limited have been absorbed back into the school. During 2025-26 the Governors plan lo wind up Sl Margaret's Enterprises. Ftxod a$$gts The movements in fixed assets are shown in Note 13 to the financial slalements. Reserves pollcy The school currently holds negave free reserves of £3.7m. The school alms to hold reserves for the following reasons.. To ensure sufficient support for those who have been offered assistance with fees To provide sufficient working capital To build up a fund for capllal Improvemgnt The negative fre6 reserves are being monitored by Governors through r8gular reviews of the School's cash position and debtors. The target sums assoclatad wtth theso three strands aro as follows: Fees assistance 6.5-7.5. of gross fees Working capital £2m {3 months of expenditure excluding deprecialionl Capllal Expenditure of al least £1.5m pa. on average per year The school has a long-lerm straleglc vlsion tled into our Master Plan for developlng the sile. This plan includes building our reserves Ihrough sustainable operating surpluses of around 1 Oyo of nel fee income which will support the implementslion of k&y strands of our Master Plan lo modernise and upgrade our facilities over the next 20 years. The GoveTnors recognise that the level of reserves will flucluale during periods of substantial investment in the facilities of the school. The reserves policy is reviewed on an annual basis. Based on cash flows generated from continuing operations and available banking facilities, the Governors are satisfied that th8 school has sufficient working capital lo meet ils foreseeablè financial obligaliot)s, including the ongoing commitment lo bursaries and scholarships. Pag812
St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2025 Ramuneration Policy The Finance and Risk Committee acts as the reTnuner8lion cotnmittee. The Commlttee is responsible for setting the remuneration of the senior leadership team, including the Head and the Director of Finance and Operations, ensuring Ihal they are fairly rewarded using external benchmarking wherevgr possible. Slatgmgnt of Govgrnors, Responslbllltles The Govemors Iwho are also directors of the charity for the purposes of cornpany lawl are responsible for preparing the Governors. Report and the financial slalements in a¢¢ordance with applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the Governors lo prepare finan¢ial statements for each financial period which glve a true and fair view of the stale of affairs of the charitable cornpany and the group and of the incoming resources and application of resources. including the income and expenditure, of the charitable company and the group for the period. In preparing these financial slalements, Ihe Governors are required to.. Select suitable accounting policies and then apply them consislenlly. Observe th8 rn8lhods and prfnclples In the ChariU8s SORP. Make judgements and eslimales Ihal are reasonable and prudent. Slate whalher applicable UK Accounllng standards have been followed, subject to any material departures disclosed and explained in the financial statements.. and Prepare the financial statements on the going concern basis unless (( is inappropriate lo presume that the charitable company will continue in business. The Governors are responsible for keeping proper accounting record5 that disclose with reasonable accuracy al any tirne the financial position of the charitable company and the group and enable them lo ensure that the financial statements comply with the Companies Act 2D06. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In 50 far as the Governors are aware: There is no relevant audit information of which the charitable company's auditor is unaware., and The Governors have taken all steps that they oughl to havo tsken lo make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. In approving this Governors. Report the Governors are also approving the Strategic Report in accordance with Cornpanies Act 2006 (Strategic Report and Directors. Report) Regulations 2013 in their capacity as company directors. Pagè 13
St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2025 Auditors Moore Kingston Smith LLP were appointed as auditor to the Compariy and in accordance with se¢lion 485 of the Companies Act 2006, a resolution proposing that they be reappointed will be pul al a General Meeting. Signed on behalf ol th oard on 18 December 2025 urence Miller Chair of Governors Page 14
St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2025 REFERENCE DETAILS FOR GOVERNORS AND ADVISORS The Governors are members Of thè Governing Body, Charity Trustees and Directors of the Company. The serving Governors during the period are indicated below.. Mr L Miller (Finance. Eslales & General Purposesl Ichair of Marketing & Admissions}'. Board Chair Mr B T Coulshed (Chair of Education) IFEGPI - resigned 31$1July 2025 Mrs R Hodgson (Chair ol Paslorall (Marketing & Admissionsl- resigned 31$1 July 2025 Mr M Spooner Ichair of FEGPI.. Vice Chair of the Board Mr T Calvey (Educalionl Dr K Jeyarajah IEducationl Mrs C J8ssop (Pastoral} {Education}- resigned 31st July 2025 Mr M Wooll Imarkeling & Adrnissionsl IFEGPI Mrs M Longlon IPaslor81) Miss K Bluck IPaslorall - appointed 1* September 2024 Mrs K L Kealing - appointed 1$1 September 2025 Mr H Keighley-Elslub . appointed 151 September 2025 Mrs R Thakrar- appointed 1$1 September 2025 Thè Head.. Ms L pachard Dlreclor of Finance and Operations.. Mr A Francombe Raglstered Office: Sl. Margaret's school, Merry Hill Road, Bushey. Herts, WD23 1 DT Soll¢ltor$: Harrison Clark Rickerbys, 62 Cornhill, London, EC3V 3NH Banker5: Barclays Bank PLC, 11 Bank Court, Hemel Hempstead, Hertfordshire, HP1 18X Audltors: Moore Kingston Smith LLP 6th Floor, 9 Appokl Street, EC2A 2AP Regist8red Charity No 1056228 Registered Company No 03201182 Page15
St. Margaret's School Bushey INDEPENDENT AUDITOR'S REPORT for the year ended 31 August 2025 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. MARGAREfs SCHOOL BUSHEY Opinion We have audited th¢ financial slalemenls of Sl. Margaret's School Bushey {'Ihe parent charitablè company'l for the year ended 31 August 2025 which comprise of the Group Slalemenl of Financial Aclivilies. the Group Summary Income and Expenditure Account, the Group and Parent Charitable Company Balan¢0 Sheets. the Group Cash Flow Statement and notes to the financial slalements, including significant accounting policies. The financial reFX)rting framewc>rk that has been applied in Ihtsir Preparation is applicable law and United Kingdom Accounting Standards, Including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland, Iuniled Kingdom Generally Acceplgd A¢¢ounling Praclicel. In our opinion the financial slatemenls.. give a true and fair view of the slate of the groups, and parent charitsbl& company's affairs as at 31 August 2025 and of ils incoming resour¢&s and application of resources. including ils income and expenditure, for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have boen prepared in accordance with the requirements of the Companies Act 2006. Basls f¢r oplnbn We conducted our audit in accordance with International Standards on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilities undor those standards are further described in the Auditor's Reswnsibililies for the audit of th¢ financial slalemenls 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 stateinenls in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in ac¢ordan¢e with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slatemenls, we have concluded that the Iruslees, use of the going concern basis of accounting in the prepar8tion of the financial slalemgnts is appropriate. Based on tho work we have performed, we have not identified any material UnrtaIntieS relating to events or condillons that, individually or collectively, may cast significant doubl on the parent charitable company's ability lo Continue as a going concarn for a ptsrlod of al least twèlve rnonths from when the finan¢i81 stslemenls are aulhorised for issue. Our responsibilities and the responsibililies of the trustees with respect lo going concern are described in the rglevanl sections of this report. Pag8 16
St. Margaret's School Bushey INDEPENDENT AUDITOR'S REPORT for the year ended 31 August 2025 Othgr Informatlon The other information comprises the inlorinalion included in the annual report, other than the financial statements and our auditor's report Ihereon. The trustees are responsible lor the other inforrnalion contained within the annual report. Our opinion on the financial slalemenls does nol cover the othgr nformallon 8nd, except lo the exlenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responslbilily Is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we idenlily such material Inconsistencies or apparent material misslalemenls, we are required lo determine whether there is a material mi5slalemenl in the financial statements themselves. If, based on the workwe have performed, we conclude that there is a rnaterial misslalement of this other information. we are required lo report that fact. We have nothing to report in this regard. Opinions on other rnattèrs pres¢ribed by the Companies Act 2006 In our opinion, basgd on the work und8rtakgn in the Cours8 of the audit.. the information given in the strategic report and the governors. annual report for the financial year for which the financial statements are prepaied is ¢onsislenl with the financial statements,. and the strategic report and the governors, annual report have been prepared in accordance with applicable legal requirements. Matters on which wè are roqulred to roport by exception In the lighl of the knowledge and understanding of the company and its environment obtained in Ihg course of the audit, w8 have not identrfied material misstalemenls in the strategic report or the governors, arinual report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if. in our opiniori= adequate accounting records have not been kept, or relums adequate for our audit have not been received from branches not visited by us., or the financlal stslemenls are not In agre8menl with the accounting records and retums,. or certain disclosures of Iruslees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the govemors, responsibilili&s slalemenl sel out on page 13, the governors Iwho are also the directors of the charitsble company for the purposes of company lawl a responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such inl$mal control as Ihe trustees d6termine is necessary lo enable the preparation of financial statements that are free from material misslalemenl, whether due to fraud or error. Pag817
St. Margaret's School Bushey INDEPENDENT AUDITOR'S REPORT for the year ended 31 August 2025 In preparing the financial slalemenls, the trustees are responsible for assessing the parent charitable company's ability to continue as a going concern. disclosing, as applicable, matters related lo going oncern and using the going Concern basis of a¢¢ounling unless the Iruslees either intend to liquidate the charitable company or lo cease operations, or havè no realistic allernalive but lo do so. Audltor's Respon$lbilltles for the audlt of the flnan¢lal statements Our objectives are to obtain reasonable assurance about whether the financial slalemenls as a whole are freg from material misstatement, whether dug to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul Is not a guarantee th81 an audit conducted in accordance with ISAS IUKI will always detect a material misstalemenl when it exists. Misstslemenls can arise from fraud or error and are considered material if, individually or in aggregate. they could reasonably be expected lo influenco the economic decisions of users taken on the basis of these financial ststemenls. As part Of an audit In accordance with ISAS IUKI we exercise professional judgement and rnainlaln professional sceplicism throughout the audit. We also.. Identify and assess the rfsks of material misslalemenl of the financlal stslemenls. whether due to fraud or error, design and perform audit procedures responsive lo those risks, and obtsin audit evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not detecting a materiol misstatèment rasulting from fraud is highèr than for one resulting from error, 85 fraud rllay involve collusion, forgery, intentional omissions. misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant lo the audit in order lo design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the parent charitable company's internal control. Evaluate the appropriateness of accounting policies used and the reasoriableness of accounting estimates and related disclosures made by the Iruslees. Conclude on the appropriateness of the Iruslees. use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainly exists related lo events or conditions that may cast significant doubl on the parent charitable company's ability to continue as a going concern. If we conclude that a material uncertainly exists. we are required to draw attention in our auditor's report lo the related disclosures in the financial statements or. If such disclosures are inadequate. lo modify our oplnlon. Our conclusions are based on the audit evidence obtained up to the dale of our auditor's Teport. However, future events or Conditions may cause the charitable company to cease to Continue as a going concern. Evaluat8 tho ovgrall presentation, slru¢lur& and conlenl of the financial statements, including the disclosures, and whether the financial statements representthe underlying transactions and events in a manner that a¢hievos fair presentation. We communicate with those charged with governance regarding, among other matters, the planned Scope and timing of the audit and slgnllicanl audit findlngs, Including any significant deficiencies In intemal control that we identify during our audit. Page 18
St. Margaret's School Bushey INDEPENDENT AUDITOR'S REPORT for the year ended 31 August 2025 Explanatlon a$ to what extent the audit was consldered capable of dfrtacting irrggularltl&s, Includlng fraud Irregularities, including fraud, are Instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl material misstalemenis in respect of irregularities, including fraud. Thg exlenl to which our procedures ar& ¢apabl8 of delecling irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are.. to identify and assfjss the risks of material misslalernent of the financial slalemenls due lo fraud.. lo oblain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due lo fraud, through designing and implementing appropriate responses lo those assessed risks,. and lo respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevenb'on and detection of fraud rests with both managemenl and those Charged with governance of the charitable company. Our approa¢h was as follows.. We obtained an understanding of the legal and regulatory requlremenls applicable lo the charitable company and Considered that the most significant are the Companies Act 2006, the Charitie5 Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misslalemenl of the financial slalemenls, including the risk ol material misstatem@nt due lo fraud and how il might 0Ur. by holding discussions with management and those charged with govemance. We inquired of management and those charged with governance as lo any known instsnces of non-complianco or suspecl8d non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroboratwe evidence as required. There are inherent limitations in the audit procedures described above. We are less likely lo become aware of instances of non-compliance with laws and regulations that are not closely related to events and transa¢tions reflected in the financial slalernents. Also, the risk of not detecting a material mlsstslemenl due lo fraud is higher than the risk of not detecting one resulting from error. as fraud rnay involve deliberate concealmènt by, for example. forgery or inlèntional misreprgsentations. or through collusion. Page 19
St. Margaret's School Bushey INDEPENDENT AUDITOR'S REPORT for the year ended 31 August 2025 Use ofour report This reporl is made $01oly lo the parent charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the cornpany's members those matters we are required lo stale to them in an audilor's report and for no other purpose. To the fullest extent permitl@d by law, we do not ac¢epl or assume responsibility lo any party other than the charitable Company and parent charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Trloort k[35}0 ktL LLF Shivani Kolhari (Senior Slalulory Auditor) 26 January 2026 for and on behalf of Moore Kingston Smith LLP. Slatulory Auditor g Appold Street London EC2A 2AP Pago 20
St. Margaret's School Bushey CONSOLIDATED STATEMENT OF FINANCIAL ACTIVSTIES (including the income and expenditure statement) for the ear ended 31 Au ust 2025 Total 2025 Total 2024 Notes INCOME FROM.. Charltable Actlvltles School fees Other educatnal Income Other Incom8 Olhei trading income Invèstments Investment Income Interest received Rental In& Voluntary sourc85 Grants and donations 14,507,049 1,060.814 13,357.382 776,005 439,656 371,436 11.547 13,547 53,532 39,462 9,183 Totsl income and endowments 16,072,598 14,567,049 EXPENDITURE ON.. Costs of ralslng funds Trading cos15 Other trading cos15 Inl6rast and other c0515 332.118 268,637 41,1T6 44,897 27,050 ChaTltable activities Education 16,309,109 14,459,153 Total expendlturo 16,668,277 14,811,863 Net Oporatlng Incornellèxpendllurel 1595.6791 1244.8141 N•t In¢C*ml4XpendItUr8l 1595,8791 1244.8141 Transfer beiween funL15 Net movement In funds 1595,8791 1244,8141 Fund balances brought forward 19,320,203 19.565.017 Fund balances carried forward 18,Xg 18,724.524 19.320.203 The slaternent of finart181 a¢bWès In¢ludes all g8ln$ 105se5 in the year and therefore a statement of total racognised gains 8nd lossgs has not been prepared. l of the above amounts relate lo continuing activities. The aCMpanI19 notes form partof these fiTranal statements. Page 21
St. Margaret's School Bushey CONSOLIDATED AND CHARITY BALANCE SHEET asa131Au Ust 2025 Group 2025 Group 2024 School 2025 School Notss 2024 FIXED ASSETS TongiblÈ ass&ts Inv8slm8nl8 13 14 22,486.005 22,968.286 22.486.005 22.935.590 22.486,005 22,968,286 22,486.006 22,935.591 CURRENT ASSETS Debtors Cash at bonk and in hand 670.055 11.266 474,581 809 604 669.18fj 558.988 792.941 681,321 1.284,185 669,186 1,351,929 CREDITORS.. Amount8 falling due thin on8 year 16 14,386.4021 14,025.7641 14365,6201 14,002,8681 NET CURRÈNT LIABILITIES 3,705,081 2,741,579 3,696,434 2.650.939 TOTAL ASSETS LESS CURRENT LIABILITIES 18.780,924 20,228,707 18.789.572 20,284,652 CREDITORS.. Arllounts falling due after mor8 than one year 156,4001 1906,5041 156.tWOI 1906,5041 NET ASSETS 18.724.524 19,320,203 18,733,172 19,378.148 FUNDS Unrestricted funds- 98neral 18 18.724.524 19,320,203 18,733.172 19,378,148 18,724,524 19,320.203 18,733,172 19,378,148 As permilled by the 5408 Companie5 Ad 2006. the School ha5 not presented its own inci)me stsletnenl and related notes. Th& School'8 daflcll forthe y88rwa8 £lf44,976131 Augu812024.. £1203,6351. dand horise ror I$su8 by th8 Board of Governors on and slgned on thelr b&half by.. ncg Mill Chair of Govemor8 DEl£". IB DMb8[205 torl The 8ccompanying noles form part of these financial statem8nts. Cotnpany Number." 03201182 Page 22
St. Margaret's School Bushey CONSOLIDATED CASHFLOW STATEMENT for the ear ended 31 Au ust 2025 CASH FLOW STATEMENT Notes 2025 2024 N81 cash inflow from operating aclivitias 23 1393,9291 1.190.037 Cash fbws from invasung acllvluas.. Bank interesl received Inleresl payabk Payments to acqui fixéd asséts 11.547 126,7921 1447.2931 13,581 144.8941 1547,9801 NÉI cash oufflow trom Invésti actitieS 462 53B 579 293 Flnanclng.. Loans r8paid 1300,0001 1300,0001 N81 cash oufflowfrom financing aclpiilies 30U 000 300 000 Irre8s81IdeUeas8l in cash If.156.4671 310,744 C85h and cash equivalents at th& beginnlng of thé reportlng pèrlod 809.604 498,8 C8sh and cash equival8nls al the end of the rertIng pariod 346,863 809.604 Analysls of Cash and ca$h equlvalents Cash in hand Overdraft 11,266 1358.1291 346 B63 809,604 809.604 Page 23
St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2025 1 ACCOUNTING POLICIES st. Margarel's SchoDI 8ushey is a cotnpany litniled by guarantee with registered number 03201182, Incorpor8t8d and domi18 in England and Wa18s. Ils regisl8r6d office 18 Sl Maruaret's S¢hwl. Merry Hill Road, Bushey. Herts. WD23 1DT. 1.1 BASIS OF PREPARATION The financi81 statements have been prep8rt in accordance Mlh the FinanGial Reporhng Standard applicable in the UK and Republi¢ of Ireland IFRS 1021. The Schod is a public banefil enlily for tha pur$0$ of FRS 10? and Iherefor8 th8 School 8180 pr8pared its financial statements in aGGordance vAlh the Statement of Recommended Pr3CtiC2 applicabl& to charities preparin9 Iheir accounts in accordance Mlh Ihe Flnancial Rèportlng Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORPI. the Companie5 Acl 2006 and Ihe ChariliÉs Act2011. The financial statements a prepared in 51erling, which 15 Ihe functional currency of Ih8 charity. Mon8tary amounts In Ih8s8 financial statements are rounded to lh8 nearest pound. These financial slalements are prepared on the going conc8m basis, under historical cost convention a$ modified by the rwalualion of Investments and In attordance wilh the Companies Act 2006 and applicable accounting standards in Ihe United Kingdom. The wncipal accounting policies, whish have been applied ¢onsisl8nt]yfhroughoul th& ar, are s81 out below. Basis of constrlid2tion the group comprises of Sl Margarets School. Bush8y and Sl Margaret's En18rpris8S Limited. The assets snd liabilitie5 and r8su115 of the wholly DM)8d subsidiary are wn501idaled into these financial Statements. Summarised details of IhÈ subsidiary company are set ¢yJt in note 13. 12 GOING CONCERN The finanGial stsleTnents are prepared on a going Goncern basi5 Nthich assum8S the charitabl8 group wll continue in operational existen for the 12 rnonlhs after signing of th8 Inanclal Sta[ents. The Govemors have assessed whèlhéf th& us& of th& going concern basis 18 appropte and have considered p0sble events or condibons Ihat rnighl cast significant doubt on the ability of the School lo ntinUe a8 8 golng con¢ern. The Governors have made Ihis asse55menl for a period of al least one yeaf from Ihe date of approval of the financial 8talÈmÈnts. The Governors hav& considoied the School's105s for the year, th8 net cUan1 liability positson plus forecasts and pr(yeclions. The GO¥errr5 have also assessed Iht parents ability to pay school fee5 a5 they arls?, 8sp6c1211y given thé new r8qulr&mènt to chargè VAT on fees. The Gov8rnor5 hav8 r8VI8W8d th8 cashnow forecasts and have increased the overdraft facility due to the need to account for and pay VAT. There tonlinuès lo b& capacity lo Incr8a88 lh& overdraft facllity Ir needéd, 2nd th& sthool can also increas8 115 cash resources by liquidating surplus a5set5 such as land if required. In addition the GOv8m0 have taken Into account the impact on th8 EnterpTIS68 company, which has al80 baen dalailed in Iht Gtsvornors Annual Report. Th8 Gov8mors 8cc8pt that whllsl Ih8re c8nnol be any certalnty in Ihese rnatters and having rnade the appropriate enquirie5 the Governors have concluded that Ihere 15 a reasoTTrable expectation Ihal the School has adequate resources to meet ils ongoing liabilities and lo continue In operalonal exi$lence for g period of gt least 12 months from Ihe date of approval of the finanaal staletnents. On this ba515 the Govemors hav8 contlnued to prepare the finanual slat8m8nts a going ncern basis. 1.3 COMPANY LIMITED BY GUARANTEE The School Is 8 company limited by garantee, the guaontors at the present lime being tha Governors, to the extontof £1 gach. 1A INCOME l incoma is ré¢ognised on¢¢ thè School has enlilletrTrent lo the income, il kB probable that th8 incoma will be received and the amount of income rece4vable can be m&asured reliabty. Fee In¢ome ¢omprises general s¢hool fees and disbursements and extras recharg8d are accounted for in lh8 period in leh th8 S8NC8 18 prowdad. Fees received in the year reLaling to tho following year hav8 bgen deferred. Pa98 24
St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2025 Donation5 received for Ihe general purpose of the School are cdi18 lo unreslricled fvnds. Donations subject lo specific wishes of th8 dornr8 are credited to reslrrcted funds. Gifts in kind are in¢luded in In¢ome and the COrSpOndIng asset in¢luded in fixed a55et addition5 Qr Charged aoainsl the statement of financial 8clivilies as appropriate. 1.5 INTEREST RECEIVABLE Inleresl on funds held on deposit Is inGluded when receivable and Ihe amount can be measured relrably by the School., this is normally upon nots"fication of the interest paid or payable by the Bank. 1.6 EXPENDITURE Expenditur8 is recognised ence th&r8 is 8 legal or constructive obligation to transfer 8conomlc benefit to a third party, it 15 probable that a transfer of economic benefits will bg fequirgd in 5ettleTnent and Ihe arnouTrl ol thè obligation can be measured reliably. Expenditure is classified by acb"wty. Th8 Costs of each activity ar8 made up of th2 lolal of dired costs and 8har8d costs, including support costs involved in undertakin9 £ach aGlivily. DireBI cosis amribulable lo a Single actiwly a allocated directly lo th81 activity. Shared costs thich conlribul8 to more than one activity and support cos18 which ar& nol 8llribulablè lo a single activity are apportioned beiweÈn Ihose attivilies on a basis consistent with the use of resou[s. Centrdl staff costs ar8 alloca18d on th8 bask8 of time sp8nl. and depreciation charges allocated on the porlon of the assÉl's use. Fundralslng ¢osts aro those In¢urred In seèklng voluntsry nbut10n$ and do not In¢lud¢ the ts)sts of disseminating information in support of the charitable aclivilies. Support costs are those costs incurred directty in 5UPPOrt of expendiluty on the objects of th& Sthool. GovBman¢e Msts Hre those in¢utred in ¢onne¢bon 1 administration ofthe School and compliance with constitutn&1 and stslut0ryrequiMent$. Gov8mance costs comprise th8 costs of running the School, including stra18gic planning for ils futur8 dovek>ptnenl. external audit. and all othert0s of compljriry wth con5tilulional Statutory requirements. 1.7 TEACHING Supplies of games aquipment, books, slalionery and sundry matarials are written off when tha axp8ndilure is In¢urrtd. 1.8 FIXED ASSETS AND DEPRECTION All fixed asse15 a used in dire¢l furthoran¢e of the school's oble¢iwes. Fixed ossets are Includod in these rinancial statements attheiroriginal cost less depreciation and accumulated impairment losses provkled to dale. All assets costing more Ihan £1.500 are ¢apltalisod. Dépreciallon is providad on all tangiblé fixed assa18. Other than fmhold land. at ratés calculated lo vrrile off the costs less eslimaled residual value of each a55el, by equal annua1 instalmenls, over their expected useful lives whith are tonsldered to be.. Freehold Property 8uilding $eM¢es Furnilure. Flxlure8 and Flttln9S IT Hardwa Vehicl&s Artificial Pitche5 . 2% on cost 2% on cost . 33% on cost . 330A on (xst 25% on wst 12.5% on cost Page 25
St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2025 1.9 PENSIONS Full-lime and part-lime leaching Staff employed under a thnlracl of serviTr are digible to contribute lo the Tèachttrs. Pénsion Scheme ITPSI. The TPS, a statutory. contributory, final salary scheme is adrninislered by Capita Teachers, Pensh)ns on behalf ofthe Department for Education and Skill5. Costs include normal and supplemÈnlary conlributions. Tha regular c0811s thè normal contribution. gxpr&ss8d a8 a percentage of salary of a teacher N8Y enlerfng serv1. lch would defray th& cost of benefi15 payable in respecl of that seNice. Variations frorn the regular pensn cost a mèt by a supplemgnlary conlribution. This occurs If, as a resum of the aGluarial inv8stig8lion, it 1$ found Ihat the accumulated Iiabililies for benèfit$ lo past and present teacher5 a not fully eovered by nortnal conlribulions lo be paid in the future and by the fund buill up from past conlrlbulons. The normal and Suppmentary ¢onlrlbulions are charged to th8 income and expendilu account in the year. The School also contributes lo an auto-enriAmenl Work Save Pension Schetne run by Royal London for all eligible non-leaching staff. This is a defined contribution sch&ma and the School's liability is re8tric18d lo the amount of contributions made. 1.1Q LEASES AND HIRE PURCHASE CONTrACTS Rentals under oper31irtg leases are charged lo the Staternenl of Finanaal Aclivlli8s IncortK)raling Incorne and Expenditure Account on a straight line basis over the lease lerni. 1.11 INVESTMEfhtrs FIx8d ass81 inveslmtrnls a a fotm of financial instrument and are inilially cOgnIsed al Ih&ir transaction cost arKI subsequently rne35ured al market value at the Balance Sheet date, unless market value Gannot be measured raliably in ¥thich case 1 is measured al cost less impairment. Invesltnenl gains and 10s58s, whelher r&ali88d or unre31ised. are COTnknned and shown in the heading 'Gainsllloss6sl on inv8slments' In the Ststetnenl of Find11 Aclivilias incorporating lh8 Incom ar Expendilure AccounL 1.12 CASH AND CASH EQUIVALENTS Cash arKI cash equivalents inGlude cash In hand. d8po$il$ held al call vAth bank8, other short-t8rm liquk1 inve51menls wllh original rnalurilies of Ihre& month5 or 5. 1.13 FINANCIAL INsfRUMENTS The School only has fin8ndal ass81s aryj finanoal liabiliti88 of 8 klnd that qualify a5 basic financial instruments. Basic financial instTumen15 are inib'ally r8COgnised al Iran5aclion valu8 and 8ubs8qu8nUy méasured al Ihèir 59tt1ement value wlh the exc8pb.on of bank loans which are subsequently measured al amorb5ed cost using the 8ffeclive inl&r&sl method. 1.14 TAXATION Th? School Is a r8glstored i)arity and is ex8mpl from taxation as offorded bysection 505 ICTA 1988. 1.15 EMPLOYEE BENEFITS The cos18 of short-larm employee benefits are reecwJnl$ed as a liability and an exp8n8e. Page 26
St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2025 2 KEY ESTIMATES & JUDGEMENrs In th& application of the School's accounllng policies, the Sthoo115 required to make iudg8m8n18, 8sllmalÉs and a$sutnplion5 about the cartwng atnounl of assets and liabilili* that 8rè not readily apparent from other 50urce5. The eslim8tes and associated assurnplions are based on historical experience and olh8r factors thal are ¢onsidered lo btr rèlévant. Actual rèsulis tnay differ from these estimates. The 881imate8 and underlying a8sumption8 are reeWed on an on-going ba&s. Rewsions to 8Ctounling eslimales are cOgnised in the period in which the estimate is r8vIs8d, If the ravision affects only that period, or in the p8riod of th8 r8v181on anrl futur8 p8rknds if the r8v181on affe015 both Cur1 and future P8ri0ds. In ihe opinion of the Goyemors, the e5Mat£S and as8umplion8 which have a significant risk of causing a matsrial adjustment lo the carrylng amount of assets and liabilrtie5 are OLrtlined below. crftIGal Usefvleconomic lives The annual depreciation charge f property, plant and èquipment is sensitiv8 to changes in the 8stlma18d useful ¢Gonomic Iwes and residual values of Ihe a55els. The us&ful economic lives and residual values are re-assessed annually. Th8y are amended when nec8SS8ry lo rÈfletl e51imales, based on t&thnologlcal 2dvancem?nl, future inve51men15. econoTnic ulilisation and the physical condition of the 85sel5. Recovei&ble valu& of fre déblfjrs The School makes an estimate of the recover8ble valu& of trade and olherdeblors. When assessing impairment of trade and other debtors. management considers factors including tha currenl cr8dil rating of thé d9blor, Ihe ageing profile of debtor5 and historical experience. Pay 27
St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear endttd 31 Au ust 2025 3 FEE INCOMÉ The School's activities are rArri&d out within the UK. The school'8 f88 intomè tyynprised.. 2025 2024 Gr0$5 fee5 Less.. bur5ari6s, grants and Èllowantè8 15.840,109 11,333,060> 14,531,424 11,174,042) 14.507.049 13,357,382 4 OTHER EDUCATIONAL INCOME 2025 2024 Extras and diybursem6nts Regislffjlion fee5 Relained pupil dep08its Other in¢ome 890.670 60.25Q 3,543 106.151 685.930 58,696 30,320 21.059 1,060,814 776,005 S OTHER TRADING INCOME 2025 2024 Trading 1cOme 439,656 371.436 439,656 371.436 6 INVESTMENT INCOME 2025 2024 Inv8Stm8nl inwm8 Inleresl recelvgd Rental irKome 11.547 13,547 53.532 39.462 65,079 53,043 7 DONATION5 AND GRANTS 2025 2024 Donations and gifts 9,183 9,183 Page 28
St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au usl 2025 B EXPENDITURE lal Costs of Ralslng Funds Staff costs Inote 91 Total 2025 other Depreciation Trading company costs Loan intere51 Tradlng acllvlty costs 27,050 27,050 332,118 332.118 Total Cost8 of Ralslng Funds 332116 359,168 Charltable axpondlture Staff costs Inole 91 Total 2025 Othèr DeprecialEon Teaching Welfare PMiseS and Estates Adrninislration Pupil r88al88 8nd extras Finance Costs Governance 7,734.$83 1.223,764 257.046 1.621.215 529.395 683,288 976,984 1,071,572 1.263.627 48,881 51,435 8,263,978 1,907,052 2,081,349 2,692,787 1,263,627 48,881 51.435 847.319 Total Charltable Expendlture 10,836,808 4,625,182 847.319 16,309.109 Tolal Expend¥d 11,168.726 4.852,232 847,319 16,668,277 Costs of Ralslng Funds Slamcosls (nole 9) Total 2024 othèr DepFeGiation rr3ding cornpany ¢ost$ Loan interest Tr8ding aclivitycosts 41,176 44,897 41.176 44.897 266,637 266,637 rot81 Costs of Ralslng Funds 352,710 Charltable expendlture Steff costs {not@ 9) Tolal 2024 Other Detion Te8ching 6,664,964 1.188,378 269,560 1.444.795 583.427 663,522 848.098 1.044.830 824,463 36.718 46.000 7,248,391 1,851,900 1,962,056 2,489,625 824,463 36,718 46,000 PrlS&S andEsta16S Admini&Èralion PupilEsales and exlras Fln&nc6 Gov&rn8ncÈ 844,398 Total Charitable Expenditure 9,567,897 4,047.058 844.398 14,459,153 Total Expendod 9,834.334 4,133,131 844,398 14,811,863 P898 29
St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2025 Ibl Oth8r Govornanca Costs Includ?: 2025 2024 Auditors, r8munerstion Audit Fees under provision frotn prevlous year - Aecounlancy F&8S OlherAuditor5 remuneration Professional fees Govarnorfs exp8nSeS 32.490 27,841 5.040 2,980 8,B76 2.049 4,7 5,3 7,820 304 9 STAFF COSTS 2025 2024 Wages and salaiies Redundancy and selllemenl costs Social 58cvrily costs Other pension costs other stsff costs 8,678,400 7,881,103 10,125 731.9 1,159,027 52.094 902,956 1,577,330 10,040 11 168726 9 834 334 The average tnonlhly number ofernployees during th8 year was as follows.. 2025 2024 Teaching OthÈr Trading 101 121 47 93 269 265 Page 30
St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2025 Th8 numb8r of employees whose emoluments amounied to over £60.000 in the yearwas as follows.. 2025 2024 £6D.000. £70,000 £70,001- t80,000 £80,001- £90,000 £90,001 . £100,000 £100.001- £110.000 £110.001- £120.000 £120,001 - £130,000 £130,001 - £t40,000 £140.001- £150.000 £150.001 - £160,000 £160,001- £170.000 15 13 1Q GOVERNORS REMUNERATION AND BENEFITS There We no Governors, remuneration or other b8n8flts for the year endéd 31 August 2025 nor for the y64r eed 31 August 2024. Travel and training expenses of £1,20712024.. £3041 for 2 gov&Tnors131 Augu512024.. 51 WEre paid by the charity during the year. During the year, the definition of Key m3nagemenl personnel was chang8d lo indude th& Govenors and all the s&nior management tgam. In the prior year5, key manag&m8nt P8rsonnèl InGluded thg Govemor5 and the Senior &xeculiv&s which were madé up of the Head and the Director of Finance and Op6ralions. The lolal pay and b8nefits roceived by key management per8onn81 w8r8 £1,206.68412024.' £254,922). Pa 31
St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2025 11 PENSIONS Th& School patpat$s In the Teach8r5' Pan8k)n Scheme Ilhe TPS'I for its 18aching 51aff. Thé p8nslon ¢harge for ttie year includes empFoyer conlribulions payable to the TPS of £1,297,941 12024.. £1.296.7081 and al the year 8Th £159,46112024..t132,9291 wa5 acGrued in respect of contrlbullons lo this scheme. TPS 15 an unfunded mulli*mployer defined benefits pension sch8m& govemed by The Teachers, Pensions Regulations 2010 las amended) and The T8acher8' Pension Scherlle Regulations 2014 las Èmended). Members contribute on a 'pay as you go. btsis Mryth conlribulion5 from members and the etnployer being cre(liled lo the Exch8qu8r. R&lirém&nt and other ponsion b8n8fitS are paid by public funds provided by Parliament. Th8 ScFthl has dGGOUnted for ils contributions to the schetne as if il were a defin8d conlrlbulion schemg. The Govemment Actuary, using normal actuarial prlnaple8. condvGls a formal actuarial r&vlaw of the TPS accordante with the Public Service P8n8ion$ Ivalvations and Employer Cost Capl Diredion5 2023 published by HM Treasury every 4 years. Thè aitn of the review 18 to specify the level of fulure conlribulions. Actuarial scher valuations are dependenl on assumptions about the value of future costs, d&sign of benefits and many other factors. The 18lest actuarial v81ualion of Ihe TPS was carnad out as al 31 Maich 2020 in accordance with The Public SeNlce PÈnsions (Valuations and Employer Cost Capl Oirections 2023 and IhÈ Employer Contribution Rale was as5e85ed using agreed assumption5 in line with the Diraclions and was aGGeptsd at Ihe original assassed rdle as Ih8r& was no ¢ost ¢ontrol tnechanism tad). The valuation report was published by the Department for EduGalion on 26 Ociobor 2023. Th8 key 8lemÈnts of I valualioD are.. Total scheme liabilities for serviGe Ilhe capital sum neaded 8131 MarGh 2020 to rneel the slrfram of futura cagh flows In respÈcl of benefits earned) of £262 bIlln Value of notional assets leslimatèd fvlure conlributions together Mlh the proGeEds frorn the nolional investments h&ld al the valuation datel of £222 billion Notional past seThqce defiat of £39.8 billion12016 £22 billi} Discounl ral8 is 1.7% In èxcess i)f CPI12016 2.4% in exc8ss of CPI) Ilhi5 chaw8 ha8 had th8 gr8at881 financlal siqnlfl¢an¢el A5 a resull of thB valuation. new empby&r ¢ontrfbution rates h8vfr been sel at 28.6% of pensionable pay from 1 April 2024 unlil 31 March 2027 (compared to 23.68% undèr the pr&vious VahJati including a 0.08% admlnlstraiion levyl. The non-leaching staff and somg l&a¢hers a members of the Sl Margarel's SGhool Group Personal Defined Conlributios) Schème. Dunng the period the school eontNbuted 7Yo ofthe employees. gross pay and the employees ¢ontribuled 5Vfi. Th8 contributions are Invost¢d in and benefits und8r the scheme are seGured by policies Royal London (previously Scottish Lifel. The School has no (%Jtntnilmenl to rnake gwd any actuarial defiat. Page 32
St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2025 12 NET INCOME FOR THE YEAR 2025 2024 Net income is Stated after chargiro.. Oeprecialion of18ngible fixed a88&ts Operating lease renta15- other 929.572 78,536 844,398 53,300 13 TANGIBLE FIXED ASSETS ORIXIP Plant Freehold Property Equlptnenl Total Cost.. Al 1 September 2024 Addilions Disposals 28,179,107 288,588 3.481.301 15B,705 31,660,408 447,293 At 31 August 2025 28.467,695 3,640.006 32,107,701 Depr8clatbn'. Al 1 September 2024 Charge for year DisFosals 5.544.811 536,370 3,147,311 393,204 8.692,122 929.574 At 31 August 2025 6.081,181 3.540.515 9,621,696 Nel book value.. Al 31 August 2025 22.386,514 99,491 22,486.005 Al 1 Septembèr 2024 22 634 296 22 966 286 SCHOOL Equlpménl Freehold Property Vehicle5 Total C05t'. Al 1 September 2024 Additn$ 27,967,276 288,588 3.217.471 158.705 31.184,747 447293 At 31 August 2025 28,255,864 3,376,17e 31.632.040 Depreciation.. At 1 SÈplember 2024 Charg8 for year 5,360,772 503.674 2,888.385 393,204 8,249,157 896,878 At 31 August 2025 5,864.446 3,281.589 9.146.035 Nel book value.. At 31 August 2025 22,391,418 94,587 22,486,005 Al 1 September 2024 22 806 504 329 088 22 935 590 Page 33
St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2C125 14 INVESTMENTS Investments consist of the wholly ownèd Sha capitsl of one Share of £1 in Sl. Margar&fs Ent8rpris8s Llmit8d, Company Number 05565055. The companls principal actiwty Is th8 management of Ihe extem81 activities of the Schtrd, such as Ihlrd party use of the Sports CentrÈ.11s $It5 for the year ended 31 August 2025 are a5 follows.. Profit qnd I5 accounts fortho year ended 31 August 2025 2025 2024 Turnover Expènditurè oth&r opèrating Income Inl&re81 payable ProfltllL0881 for the pertod 74.871 141.1761 N8t8SS8ts at 31 August 202S Fixed a55ets Debtors Cash Oue to parent undert4kings Other credllors 7.122 869 16.663 185,2431 22,929 83,518 869 11.286 Capital arTrd reserves 83,518 Follomng a review of recent historical performance of St Margaret'8 Enterprisès Limilad and futuré cashflow projpLlons, the board decided that eff&clive 1 Marth 2023 Ihal the a¢tivilie5 Vithin the company were incorporated b8ck into the school wilh the COTnpany retnaining In operation m8rely a8 the party lo fixed l@rm utility contrac18 for the sports cenlr&. Sl Margaret's Enlefprise$ Limited will befy)me dortnant a5 soon as the fixed lerffl utility contract expires. 15 DEBTORS Group Group School School 2025 2024 2025 2024 Trade debtors Fees and exlra5 Less provisirx) for doubtful debts Other debtor8 Prepayments and accrned income Arnounl due frorn group undertaking 494,111 1292,5831 3.267 465.260 273.377 12e1.3291 5,209 457.324 494,111 1292,5831 2,398 465.260 273.377 1261,3291 4,340 457.324 85.276 670 055 474 5B1 669186 55B 988 Amount due from group undertaking induded a loan to Sl Margarèt's Enterprls&s Limited of £73,092 from 1st DeCemr 2019 and 27 Septemb8r 2021 2021 repayable in 12 equal quarterty inytglrnenls with an interest rale of 0.25% over the Bank of England base rate. Included in Iha balance is £nil 12024.. £NIII Ihat Is dué after one year. Th8 dèbt has b8&n writtén off In the curr&nty8ar Pa98 34
St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2025 16 CREDITORS Group Group School School Amounts falllng due thin one year.. 2025 2024 2025 2024 Bank overdraft Loans Trade credilotS Taxation and social security ¢0$15 F£8 D8P0511s Fees in advancè Other creditor5 Accrual$ 358,129 250,000 777,653 681,615 767,330 I,Q38,893 399,224 113.558 358,129 250,000 777,653 681,615 767,330 t.038,893 382,4BO 109,520 300.0 791,762 182,239 175,555 2,039,024 484,724 52,4eo 300,000 789,615 182,239 175,555 2.039,024 468,013 48,422 386 02 4 025 764 4 365 620 4 002 868 Group Group School School Deferred inc8.. 2025 2024 2025 2024 Brought fowrds Released in year Received in year 2.039.024 1,796.586 2,039,024 12.039,0241 11,796,586) 12,039,024) 1,038.893 2,039.024 1.038.893 1.796.586 11,796.5861 2,039,024 arried forwards 1,038,B93 2,039.024 1.038,893 2,039,024 D&ferr&d income relates to scMols fees receive(l in advance for the lollowlng term. A debenlura was s8t up in November 2022 for Barclays Bank Secured on th8 schocA$ awts a98in5t any potential overdraft that may occur. 17 cREDORs DUE AFTER ONE YEAR Group Group School Stho 2025 2024 2025 2024 Amounts falling due after more than one year. Bank loan Fe? d8posIIs 250.000 656,504 250.000 656.504 56,4QO 56.40 906,504 2025 2024 fvbvernent on loans In one year or less Belween one and tw years Betwe8n two and five years 250,000 300,(KJO 250.CQO 250,000 550.000 The Schoofs ban balanc88 a8 8131 August 2025 ¢onsi¥l of the following.. A loan of £1,500,0 from Barclay8 PLC drawn in April 2020. of whith the r8maining balancé al the reporfing dale 15 £250,00012024." £550.0001. This loan is secured on a ch8rge over the school s freehold propety. Interest is charged on a floatiThJ ral8 b88is b888d on the Bank of England base rale. with an interest freÈ period for the first 12 rnonlh5. The amount is beiw repaid over 6 years stsrfing from July 2021. Page 35
St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2025 18 STATEMENTOF FUNDS GROUP A11 September 2024 Transfer B8twÉ8n Funds Gain 110888sI At 31 August 2025 IrKune Expandilu Unreslricted funds.. General reserve Capilal fund Tradlng Total funds 13,437,943 16,072,598 116,668,019) 5.940.207 57,947 12,842,522 5.940.207 58,205 258 19,320.203 16,072,598 116,688.2771 18,724,524 A11 September 2023 Transfer 88lween Fund8 Galnsl Ilos$e$l At 31 August 2024 Incoma Exp¢nditur8 Unr&stric18d funds.. General reserve Capilal fulld 13,641,578 14,567,049 114,770,684) 5.940,207 116,7681 13,437,943 5,940,207 157.9471 141,17&1 Total fund8 19,565,017 14,567,049 14,811,863 19,320,203 cHARy A11 September 2024 Transfèr Between Funds Galnsl 11055esl At 31 August 2025 Incom8 Exp8ndilur8 Unreslricled funds.. General wenfe Capital fund 13.437.942 16.072,599 116.T17,5761 5,940,207 12,792.965 5,$40,207 Totsl fvnds 19.378,149 16,072,599 116,717,576) 18,733,172 At1 September 2023 Transfer Between Funds Gainsl lknssesl At 31 August 2024 Inwmo Expendilurg unStrided fund5'. Gen&ral résèrvé apltal fund 13,641.576 14.567.049 114.770.e841 5.940.207 13.437.941 5,940,207 Total funds 19.581,783 14,567.049 114,770,6841 19,378,148 Thè designated fund is to SUprt bursaries assistance. The transfers are due to the money being sp8nl In th& year on bursaries frorn unrÈslricted funds. Th& capllal fund r8lat@8 to Ihe fix&d assets and during th8 year th8 revaluation fund ha5 been transferred into th8 capital fund. Page 36
St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au Us12025 19 ANALYSIS OF NET ASSETS BETWEEN FUNDS GROUP Unr8stttÈd funds Trading company 2025 Total Tanglble fixed assets Current assets 22.486.005 669,186 14,365,620) 156.4001 22,486,005 681,321 14386,4021 156,4001 12,135 120,7821 Long term li8bilities Toial nei a5$9 18733 171 18 724 524 Unr&stricled funds Trading company 2024 Total Tangible fix8d assets Current assels 22.935.590 1,266,653 13.917.592) 1906,5041 32,696 17.532 1108,1721 22.968,286 1.284.185 14.025.7641 1906,5041 Totsl net assets 19,378.147 57,944 19,320,203 CHARITY Unreslrirted fund$ 2025 Total Tanglblè fixed assets Inveslmenls Current ass818 22.486.005 22.486.005 669.186 14,365,620) 156.4001 869.186 14,365,620) 156AOOI Long term Ilabllil88 Totsl net assets 18 733 172 18733 172 Unreslricled rund8 2024 Totsl Tanglblè ffxed assets Investments CunEnt assets Current liabilities Long t8rm1obillties 22.935.590 22,935,590 1,351,929 14,002,868) I6.504) 1,351,929 14,002.8681 1906,5041 Tol81 net assets 19,378,148 19.378.148 Pa9p 37
St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2025 20 COMMITMENTS LINDER OPERATING LEASES Al 31 August 2025, the School had au151anding commilments for futu minimutn lease payments under non- 8nTrllable opeiating18ase5. which fall du8 8s follow$'. 2025 Plant & Equipment 2024 Plant & Equipment Due wilhin ono year Due between two and five yèars 88.912 266,735 78.011 206,363 355,647 284,374 21 RELATED PARTIES There re no related party tran5acb.ons in the y&ar. During the year the school paid hASP En&rgy Consumant £0 12024.. £650 I wh8r8 one govémor Is tho pather. 22 MEMBERS LIABILITY Each member of the Gharitable GOTnpary undert8kes to contribute to the a55ets of the company in the 8vent of11 being wound up whil8 helshe is a memb8r, or wllhin one year after helsh8 ceas8s lo bé a member. such aTn(yJnt 88 may be requlred, not exteeding £1 for the debts and liabilltie$ contraGled before helshe ceases lo be a mgmber. 23 NOTES TO THE CASHFLOW STATEMENT 2025 2024 Fleconcilialion of operallng result lo net ¢ash infk)wfrorn operaliry aclivilies Nel mov8m8nl In funds Depreciation Bank Interest ¢&1¥0d Interest payable Incr8asellD8crèasel In créditors Ilncrea5ellDecrea5e in debtors 1595,6791 929,574 111.5471 26,792 1547.5951 1195,4741 1244,8141 844,39& 113.5811 44,894 666.201 1107.0621 1 190 037 Page 38
St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS lor the ear ended 31 Au ust 2025 25 NOTES TO THE CASHFLOW STATEMENT Icontlnuedl An2ly818 of chang&s in nel debt At1 Soptembor 2024 Other non. Cash change8 At 31 August 2025 Cash ftows Cash and cash 8qulval8nts Cash erdraft5 Cash Equlvalanls 809,604 1798,3381 1358,1291 11.266 135B,1291 809,604 11,156,467) 1346,8631 Borrow5ngs Debt due wrylhin one year Debtduè afterone year 1300,0001 250,000 1550,0001 300.000 1250,0001 250.000 1250,0001 300,000 1250,0001 Total 856 467 596 863 At1 S8pt8mb8r 2023 Other non- cash chanyes At 31 August 2024 Cash flows Cash and cash 8qulvalents Cash Overdraft5 Cash Equivaknts 498,860 310,744 809.604 498,860 310.744 809.604 BorrowlThg$ Debt due wiihin one year D8bl due afi&r on& y8ar 1300,0001 550.OOCI 1850,0001 300,000 I3.000) 300.000 1300,0001 250,000 1550,0001 300.000 Total 1351,1401 610,744 2S9,604 Page 3