OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Bishopsgate School Limited

2022-08-31-accounts

Bishopsgate School Limited (A Company Limited by Guarantee) Incorporated in England and Wales No. 03303687 Registered Charity No. 1060511

GOVERNORS’ REPORT AND FINANCIAL STATEMENTS

For the year ended 31 August 2022

Bishopsgate School Limited CONTENTS for the year ended 31 August 2022

==> picture [244 x 243] intentionally omitted <==

----- Start of picture text -----
Page
Governors' Report 1-12
Auditors’ Report 13-16
Statement of Financial Activities 17
Balance Sheet 18
Cash Flow Statement 19
Notes to the Financial Statements 20 - 33
----- End of picture text -----

TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2022 i alten liable amine aie

GOVERNORS REPORT AND FINANCIAL STATEMENTS — YEAR ENDED 31 AUGUST 2022

The Governors, who are also directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 August 2022 in compliance with the Charities Act 2011 and the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS

Reference and administrative details are shown in the schedule of members of the Board and professional advisers on page 10 of the financial statements.

INTRODUCTION TO BISHOPSGATE SCHOOL

==> picture [217 x 10] intentionally omitted <==

----- Start of picture text -----
eS Os ee a
----- End of picture text -----

Bishopsgate School (Bishopsgate or the School) is a thriving independent co-educational preparatory day school for 390 children, aged from 3 to 13 years.

Bishopsgate is the successful outcome of a merger in 1996 between Scaitcliffe and Virginia Water Preparatory Schools. Combined, the two schools had over 160 years of involvement in preparatory school education.

Set in 20 acres of beautiful woodland close to Windsor Great Park, Bishopsgate School children are inspired to learn in a wonderfully safe and spacious environment. Bishopsgate sees school as an extension of family life and so the school works very closely with parents.

In order to thrive and develop effectively, children require an environment that provides them with numerous opportunities and allows them to follow their instinct to be curious. The space and opportunity at Bishopsgate, where our beautiful surroundings are accompanied by excellent facilities and a broad curriculum, provide children with the perfect opportunity to discover a love for learning and develop skills that should form the base of happy and successful adult lives.

Bishopsgate School feels that a desire to be successful and competitive is balanced with a need to be happy and feel secure. Confidence is equally matched against a need to be humble and consider the feelings of others. As well as developing a robust work ethic that gives the children the best academic base upon which they are continually encouraged to strengthen and improve, the children also enjoy participating in sport, music, drama, the arts and an exciting programme of extra-curricular activities.

es

-1-

TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2022 ss

Bishopsgate School is extremely proud of its pupils’ achievements, both in terms of academic results, but also as the well-rounded individuals they become during their time at Bishopsgate, ready for the challenge of life in the 21st century.

BISHOPSGATE SCHOOL’S ETHOS

Bishopsgate School exists to provide a first class education through a broad and balanced curriculum, preparing its children for life in the 21st century.

Bishopsgate asks its children to live by the school motto Nil Nisi Optimum, ‘Nothing but the Best’. By following this ethos, it isvery much hoped that they will be able to ‘Go anywhere, do anything’. Every child should have dreams of the person they wish to be. The School's role is to help them start the journey towards fulfilling these dreams. Striving to achieve nothing but the best, you can go anywhere, do anything! Equality, Diversity and Inclusion are embedded in every aspect of life at Bishopsgate.

BISHOPSGATE SCHOOL’S AIMS

To fulfil its mission the school aims:

REVIEW OF ACADEMIC YEAR 2021-2022

Bishopsgate continues to deliver an excellent educational provision from the age of three until they leave at thirteen. Bishopsgate School was inspected by the Independent School Inspectorate in March 2022 and deemed the quality of pupils’ academic achievement and personal development as excellent. The school continues to prepare children to enter a range of different schools at the end of Year 6 and Year 8. Selection to these highly competitive schools remains very strong with the vast majority of pupils getting into their first choice school. A significant number of children have been awarded scholarships at these schools.

Bishopsgate School remains one of the leading Preparatory School Baccalaureate schools in the country and acts as a centre of excellence for other schools to follow. The school is constantly looking to review how this provision is developed even further.

The school has revised and implemented its Personal, Social, Health and Economic Education (PSHEE) and Careers Programme in line with the 2020 Government advice to include education, career, health and wellbeing, relationships and living independently in the wider world within the Curriculum.

Bishopsgate has been able to reinstate a wider variety of educational visits over the past year including residential camps as well as day trips. The performing arts have been celebrated

ses

Diag

TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2022 Se through carol concerts, productions of Matilda for children in the Upper School, Madagascar in Years 3 and 4 and the whole school celebration of Arts in the annual Arts Festival.

SCHOOL IMPROVEMENT PLAN

In order to enhance the educational facilities at the School in the last decade there has been an ongoing improvement pian to the School facilities. Included in the programme has been: the development of a four-lane 25 metre swimming pool; an extension to the Dining Room; a refurbishment of the Science and IT Classrooms; the resurfacing of the all-weather courts; the refurbishment of the Performing Arts Studio; the construction of new cricket nets; a refurbishment of the School kitchen; an extension to the Music block; and new classrooms created as part of an extension to the Windsor Building.

==> picture [299 x 228] intentionally omitted <==

----- Start of picture text -----
| eal iw ea
| eee ke be bes
\ mee ie oe
ya
Four Lane Swimming Pool
ie
roo New ScienceClassroom
----- End of picture text -----

In the last two years the Schoo! has continued to improve its facilities and delivered a new sports facility including a four badminton court hall, a fitness suite, a dance studio, a climbing wall and modern changing facilities for pupils and staff (£4.5M); an Outdoor Learning facility (£30K); a new artificial surface pitch (£210K); and a new science classroom, new food technology classroom and a refurbished IT classroom (£200K total).

(——. Four Badminton Court Sports Hall

ee

ee

BISHOPSGATE SCHOOL LIMITED

==> picture [384 x 584] intentionally omitted <==

----- Start of picture text -----
TRUSTEES ANNUAL REPORT
YEAR ENDED 31 AUGUST 2022
ite tie ee ee ee
< —
—
A" Ze Artificial Pitch
a
a
Dance Studio
fe 7 s | — Wi ! =— 2
Se, if “Ss 5 aad wh
hese Fitness Suite
----- End of picture text -----

wile

TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2022

\? een. oe |, ar é i i e << ee Se (a Bees J eal Titois pe + + ‘iere jh ree s Climbing Wail These upgrades and improvements have assisted in the physical transformation of the school in the last ten years. Governors and the School's Senior Leadership Team continue to strive to ensure that the facilities available to children attending Bishopsgate School are of the highest possible quality. As such, the School Strategic Plan sets out the School's objectives, over the short term (up to 5 years), medium term (5-10 years) and long term (beyond 10 years), for further School improvement. New upgrades are currently being planned by Governors to continue to maintain the School at the leading edge of educational provision, the next project being planned in the strategic short term is a review of the dining facilities at the School. The educational needs of children constantly change. The older buildings and facilities continue to need regular refurbishment, and changes in curriculum and inspection regulations necessitate the constant monitoring, review and development of all aspects of the School's operation. The School's strategic medium focus is a project fo improve the Performing Arts facilities for children attending Bishopsgate School. Significant financial resources will also be assigned to ensure that the classrooms, educational facilities and IT resourcing and infrastructure are of the highest possible quality.

Governors consider that the fabric of Bishopsgate School should be seen as a market leader without an excess in approach and style that implies a frivolous use of fee income. The new dining facilities and the proposed Performing Arts development are seen as an opportunity to make the most efficient use of the whole site, whilst also setting a strong lead when compared to the local comparator schools.

On the matter of the cost of educating a child in Independent Education, there has been significant work undertaken by Baines Cutler which confirms that the numbers able to afford private education is significantly reducing year on year. Governors at Bishopsgate will ensure that the correct balance is found between affordability of educating a child against ensuring that the quality of facilities and education remains at the highest level.

The School is acutely aware of the need to remain at the forefront on matters of IT. All pupils in Years 5 to 8 are provided with a personal Chromebook. Pupils in Years 3 and 4 have access to sufficient Chromebooks for every member of a class whilst they learn how to use them. In

~5-

TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2022 _————aeee

addition, there are iPad trolleys providing access to this learning aid for every child from Lower School through to Year 8.

Whilst securing entry to a chosen senior school will always remain the priority for staff and Governors at Bishopsgate, the School will continue to strive for much more than simply preparing children for examinations. Focusing on cramming children with the necessary knowledge to pass tests neglects the development of the skills, capacities and creativity that children at Bishopsgate are going to need in later life.

CHARITABLE OBJECTS

The charitable objective of the School is the provision of education for children. The School provides quality educational services for day pupils, both boys and girls, from the age of three and up to the age of thirteen years.

The Governors, who are also Trustees, regularly monitor the School’s performance and consider if it meets its objectives.

The Governor's role is voluntary and no Governor receives any remuneration. The annual surplus is not distributable and is reinvested in the infrastructure of the School.

Objectives for the Year

The main objective has been to deliver a School that is outstanding in every aspect and facet of School life.

In furtherance of that main objective the following actions will be pursued in the financial year:

a

5

-6-

TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2022 SeiprninSl ai

Public Benefit

The Governors continue to monitor the development of best practice in this area. The Governors will continue to monitor the issue of public benefit and seek opportunities for the School to develop this aspect of its activities and use of resources.

The Governors have taken account of Charity Commission guidance on providing Public Benefit and are confident that the School provides high quality education in line with its Charitable Objectives.

The School continues to provide 5% (£245,201) of its income towards Bursary assistance to support those in financial need, and the Board are actively reviewing the support provided to eligible parents and guardians. 50 children were provided with a reduction in the cost of school fees this year as a result of the School bursary scheme.

The Headmaster has worked with North Runnymede partnership, a group of local maintained schools, looking at how Bishopsgate can support disadvantaged children to better access education. He is now looking at building a stronger and more meaningful relationship with a local Primary Schoo! for whom the School now provides a Governor.

Opportunity is also provided to clubs and organisations to use the facilities (classrooms, swimming pool, sports hall, Outdoor Learning areas and grounds) of the School free of charge for a range of educational and coaching purposes.

The School also continues to provide regular support to many charities, with significant funds being donated in the Financial Year to Big Blue Ocean Clean Up (£1055.56), Homeless Project (£1050.30) and the Household Cavalry Museum (£50.00).

FINANCIAL REVIEW

The School's financial position is very sound. Net fee income after bursaries of £5,109,843 was the primary source of revenue. This covered operating costs of £5,054,813 which were expended on teaching (£3,026,348); welfare (£279,663); premises (£1,046,371); administration costs (£673,777) and governance (£28,655).

The surplus for the year has contributed to the building of cash reserves, which is viewed as important in the current financial climate.

-7-

==> picture [383 x 214] intentionally omitted <==

----- Start of picture text -----
TRUSTEES ANNUAL REPORT
YEAR ENDED 31 AUGUST 2022
Seeeee
Operating Costs
>
» Teaching Welfare =#Premises Admin ® Governance
----- End of picture text -----

Reserves Policy

The Board considers that free reserves amounting to a term's income (approximately £1,500,000) would be practicable and achievable in order to cover the risks and uncertainties of operating as an independent educational establishment. This has been achieved.

The policy is continuing to build up cash out of annual operating surpluses to fund the necessary capital expenditure to continue equipping the Schoo! with the up-to-date facilities needed to maintain and, indeed, improve on the standard of educational provision.

Investment Policy

Governors use a suitably qualified Investment Manager when sufficient funds have been accrued in the School's bank accounts to warrant a long-term approach to investment. The objectives of the School's investment policy are to ensure the creation of sufficient income and capital growth to enable funds to be used for the education of children at Bishopsgate. Governors will invest prudently and conservatively in a diversified range of funds: a low risk will be adopted in the management of the Fund’s assets, with a portfolio mix agreed by Governors of the Finance Committee.

The School placed the Bishopsgate investments in medium to long term CCLA investments and CCLA cash funds to protect the value of its capital and obtain a better return. The funds performed soundly in the last year, and the Board are confident that the School can expect a positive return on the money invested over the anticipated lifetime of the investment. The valuation of these invested funds, including those in the cash investment, as at 31 August 2022 was £2,043,145.

Pension Scheme and Salaries

All teaching staff are auto-enrolled onto a Work Save Pension Scheme run by Aviva and all eligible staff have remained in the scheme. All eligible non-teaching staff are auto-enrolled onto a Work Save Pension Scheme run by Legal & General and all eligible staff have remained in the scheme with the exception of one staff member who actively opted out.

Governors review the pay and remuneration of all staff on an annual basis, taking into account any decisions on National Pay Awards, as well as many other factors. The arrangements for the setting of pay for the Head and Bursar is considered by Governors at the Main Board meeting in the Lent Term.

ise

siftie

TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2022 a

g

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity is a company limited by guarantee governed by its Memorandum and Articles of Association dated 17 January 1997. The Company number is 03303687 and it is registered as a charity with the Charity Commission, Charity Number 1060511.

Governors

The Governors who served the charity during the period to 31 August 2022 were as follows:

LS Buchanan B Breedon C Cairns JA Carroll V Cresswell TFX Eddis MD Fisher A Harrison DA Henderson-Williams C Marais C Marriott D Mills C Robertson J Symons SM Winson

Deputy Chair of Governors, resigned 31 August 2022

Resigned 31 August 2022 Chair of Governors

Deputy Chair of Governors

Board Sub Committees

Education Committee B Breedon JA Carroll (Chairman) TFX Eddis J Symons SM Winson

Finance Committee V Cresswell (Chairman) A Harrison C Marais C Marriott C Robertson

Property Committee C Cairns MD Fisher DA Henderson-Williams (Chairman) D Mills

In accordance with the company's articles of association B Breedon, T Eddis and D Mills retired by rotation and, being eligible, offered themselves for re-appointment at the Annual General Meeting.

As vacancies occur, following the retirement of trustees, suitable potential trustees are identified, proposed and elected by the full board of trustees.

-9-

TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2022 es Key management Personnel

Headmaster Mr R Williams Retired 31 August 2021 Bursar Mr C Carver Deputy Head Teaching and Learning MrJ Pym Deputy Head Pastoral Mr D Boorman

Registered Office Bishopsgate Road Englefield Green Egham Surrey TW20 OYJ

Auditors Moore Kingston Smith LLP Devonshire House 60 Goswell Road London EC1M 7AD

Bankers Barclays Bank 71 High Street Staines-Upon-Thames TW18 4PS

Organisational Structure

The organisation comprises a Board of Governors, listed on page 9, responsible for the overall management and future development of the School, which meets three times a year. Three Committees, (Education; Property; and Finance) give detailed consideration to matters under their control and report to the Board. Within their powers, as laid down by the Board, the Headmaster and Bursar manage the day to day running of the School. The Headmaster and the Bursar attend all Board and Committee meetings.

Recruitment and Training of Governors

New Governors are appointed by the Board on the basis of recommendations from other Governors and taking account of the experience and skills required. The objective is to ensure that the Board has the range of skills required to conduct its business in an effective and competent manner. All Governors are made aware from time to time of training opportunities, which in recent months has included Safeguarding Training and specific training to Governor school visits. New Governors are given the opportunity to spend time with the Headmaster and Bursar to ensure that they are well briefed on their duties and the issues faced by the School.

Governor Responsibilities

The Governors (who are also the directors of Bishopsgate School Limited for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Governors to prepare financial statements for each financial year. Under that law the Governors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Governors must not approve the ——— ne a

-10-

TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2022 Pee ae ee i

affairs of the charity and the income and expenditure of the charity for that period.

In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RISK MANAGEMENT

The Governing Board is responsible for the management of the risks faced by the School. They have given consideration to the major risks to which the charity is exposed and established systems and procedures to manage those risks.

A Risk Register is maintained by the School, and reviewed and updated on a regular basis. Amongst the many areas of risk considered by Governors are the loss of key staff and high staff turnover; loss of significant numbers of pupils; employment issues; issues relating to Health, Safety and the Environment; Disaster Planning; Information Technology; Cash flow and Financial risks, including the School's fee structure, borrowings and fraud; and external factors, including public perception and adverse publicity, relationships with parents, demographic considerations, Government Policy and economic considerations, and compliance with regulations.

Having a robust Risk Management procedure in place ensured that the School was in a strong position to react to the COVID-19 pandemic. The School Governors formed a COVID-19 focus group and held an increased number of Finance Committee Meetings to provide increased oversight during the period of school closures, and the Schoo! Risk Assessment pertaining to COVID-19 was regularly reviewed.

The key controls used to manage risk include:

re

-11-

TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2022 ————

e® Regular review and testing by an independent consultant of the main Health and Safety risks,

It is recognised that systems can only provide reasonable, but not absolute, assurance that major risks have been adequately managed. Governors understand the challenges facing the Independent Schools sector in a time of economic and political uncertainty. Factors affecting the sector are continuously reviewed and considered, but the overall aim is to ensure that the School remains at the forefront of preparatory schoo! education, whilst adopting a fee structure that is fair and competitive.

AUDITOR

Moore Kingston Smith LLP are deemed to be re-appointed under section 487(2) of the Companies Act 2006.

Each of the persons who is a trustee at the date of approval of this report confirms that:

Signed by order of the Governors

==> picture [66 x 10] intentionally omitted <==

----- Start of picture text -----
[Le /u ll IeH
----- End of picture text -----

CMB Carver Charity Secretary

a

-12-

TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2022 pA ag INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BISHOPSGATE SCHOOL LIMITED

Opinion

We have audited the financial statements of Bishopsgate School Limited (‘the company’) for the year ended 31 August 2022 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

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 trustees’ 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 trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual 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.

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

-13 -

TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2022 eee.SS — es in the course of 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 themselves. 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:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual 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 opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (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 trustees 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 trustees 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 trustees 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

-~14-

TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2022

a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting

irregularities, including fraud

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. The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

-15-

TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2022 sss

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 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 any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Moon Unason Sut LP

Shivani Kothari (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

9 Appold Street, London, EC2A 2AP

lum Wow bev 2222

I

STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure statement) for the year ended 31 August 2022

Unrestricted Total Total
Notes funds 2022 2021
£ £ £
INCOME FROM:
Charitable Activities
School fees 3 5,109,843 5,109,843 4,594,765
Other educational income 4 60,286 60,286 17,959
Other income
Othertrading income 5 132,019 132,019 79,641
Investments
Investment Income 6 3,310 3,310 178
Voluntarysources
Grants and donations		 7 80 80 400
Total income andendowments 5,305,538 5,305,538 4,692,943
EXPENDITURE ON:
Costs ofraising funds
Interest and othercosts		 8 44,652 44,652 32,216
Charitable activities 8
Education 5,054,813 5,054,813 4,724,583
Totalexpenditure 8 5,099,465 5,099,465 4,756,799
Netoperating income/(expenditure) 206,073 206,073 (63,856)
Net gains on investments 14 (26,982) (26,982) 229,144
Netincome/{expenditure) 179,091 179,091 165,288
Transfer between funds - - “
Netmovement in funds 179,091 179,091 165,288
Fund balances brought forward 9,723,802 9,723,802 9,558,514
Fundbalancescarriedforward 19,20 9,902,893 9,902,893 9,723,802

The statement of financial activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

The accompanying notes form part of these financial statements.

-17-

BALANCE SHEET as at 31 August 2022

Notes 2022 2021
£ £
FIXEDASSETS
Tangible assets 12 9,588,245 9,694,268
Intangible assets
Investments		 13
14		 12,711
1,290,092		 25,361
_ 1,317,074
CURRENT ASSETS 10,891,048 11,036,703
Debtors 15 266,302 159,028
Cash at bankand in hand 1,383,514 1,222,854
1,649,816 1,381,882
CREDITORS: Amounts falling duewithin one year 16 (929,948) (932,774)
NETCURRENTASSETS 719,868 449,108
TOTALASSETS LESS CURRENT LIABILITIES 11,610,916 11,485,811
CREDITORS: Amounts falling due after morethan one year 17 (1,708,023) (1,762,009)
NETASSETS 9,902,893 9,723,802
FUNDS
Unrestricted funds 19 9,902,893 9,723,802
9,902,893 9,723,802

Approved and authorised for issue by the Board of Governors on tH ul eae behalf by: er arco

er arco TFX Eddis V Cresswell Chairman of the Board of Governors Chairman of the Finance Committee

and signed on their

The accompanying notes form part of these financial statements. Company Number: 03303687

CASHFLOW STATEMENT for the year ended 31 August 2022

==> picture [454 x 350] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |CASH|FLOW STATEMENT|Notes|2022|2021| |£|£| |Net cash|inflow from|operating|activities|25|873,278|(78,637)| |Cash|flows|from|investing|activities:| |Bank|interest|received|3,310|178| |Interest|paid|(44,652)|(32,216)| |Proceeds|from|sale|of|investments|-|.| |Payments|to|acquire|fixed|assets|(414,086)|(146,638)| |Payments|to|acquire|investments|>|=| |Net cash|outflow from|investing|activities|(455,428)|(178,676)| |Financing:| |Loans|repaid|(257,190)|(268,504)| |Loans|received|=|=| |Net cash|outflow from|financing|activities|(257,190)|(268,504)| |Increase/(decrease)|in|cash|160,660|(525,817)| |Cash|and|cash|equivalents|at| |beginning|of the|reporting|period|1,222,854|1,748,671| |Cash|and|cash|equivalents|at| |end|of the|reporting|period|1,383,514|1,222,854|

----- End of picture text -----

-19-

ACCOUNTING POLICIES for the year ended 31 August 2022

1 ACCOUNTING POLICIES

Bishopsgate School Limited is a company limited by guarantee with registered number 03303687, incorporated and domiciled in England and Wales. Its registered office is Bishopsgate School Englefield Green, Egham, Surrey, TW20 OYJ .

1.1 BASIS OF PREPARATION

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charitable Company is a public benefit entity for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

These financial statements are prepared on the going concern basis, under the historical cost convention as modified by the revaluation of investments and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. The principal accounting policies, which have been applied consistently throughout the year, are set out below.

1.2 GOING CONCERN

The Governors have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The governors have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the governors have considered the forecasts and projections and have taken account of pressures on fee income, particularly in the light of the impact of the COVID-19 pandemic. After making enquiries the governors have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The accounts are therefore prepared on the going concern basis.

1.3 COMPANY LIMITED BY GUARANTEE

The company is limited by guarantee, the guarantors at the present time being the Governors, to the extent of £1 each.

1.4 FEES RECEIVABLE AND SIMILAR INCOME

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.

Income from government or other grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grant have been met, it is probable the income will be received and the amount can be reliably measured.

1.5 DONATIONS

Donations received for the general purposes of the school are included as unrestricted funds. Donations restricted by the wishes of the donor or the terms of an appeal are taken to restricted funds. Gifts in kind are included in income and the corresponding asset included in fixed asset additions or charged against the statement of financial activities as appropriate.

-20-

ACCOUNTING POLICIES for the year ended 31 August 2022

1.6 EXPENDITURE

Expenditure is allocated to expense headings, which aggregate all costs relating to the category either on a direct cost basis, or apportioned according to time spent. The irrecoverable element of VAT is included with the item of expense to which it relates.

All costs associated with the provision of education are allocated to Charitable Expenditure. Only the costs directly associated with, or incurred solely in, Raising Funds are allocated to this category. For example, the costs of kitchen and domestic staff who are employed on a short term basis during the school holidays are allocated to the Cost of Raising Funds whereas the costs of the permanent staff are allocated to Charitable Expenditure because they would have to be paid in any event. Likewise, only premises costs that are incurred because of, or to support, the letting activities are allocated to the Costs of Raising Funds.

Governance costs comprise the costs of running the Trust, including strategic planning for its future development, external audit, and all other costs of complying with constitutional and statutory requirements.

1.7 FUND ACCOUNTING

Designated funds are unrestricted funds earmarked by the governors for particular purposes.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor.

1.8 FIXED ASSETS AND DEPRECIATION/AMORTISATION

All fixed assets are used in direct furtherance of the school's objectives. Fixed assets are included in these financial statements at their original cost less depreciation and accumulated impairment losses provided to date. Assets that cost less than £1,000 are not capitalised and are written off in the year of purchase.

Depreciation and amortisation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the costs less estimated residual value of each asset, by equal annual instalments, over their expected useful lives which are considered to be: Leasehold property 20 - 99 years Leasehold classrooms 33 years Plant & equipment 4 years Software 5 years

1.9 PENSIONS

The School contributes to the Teacher's Pension Defined Benefit Scheme at rates set by the Scheme Actuary and advised to the School by the Scheme Administrator. The Scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the Scheme which are attributable to the Charity. In accordance with FRS102 the Scheme is accounted for as a defined contribution scheme and contributions are accounted for when advised as due by the Scheme Administrator.

The School also contributes to an auto-enrolment Work Save Pension Scheme run by Legal & General for all eligible non-teaching staff. This is a defined contribution scheme and the School's liability is restricted to the amount of contributions made.

1.10 LEASES

Rentals paid under operating leases are charged to the Statement of Financial Activities evenly over the period of the lease.

The benefit of any lease incentives are spread over the expected term of each lease.

-21-

ACCOUNTING POLICIES for the year ended 31 August 2022

1.11 INVESTMENTS

Investments are valued in the balance sheet at their mid-market value at the balance sheet date. Investment management costs are accounted for as incidental costs of the acquisition or disposal where transaction-based, while investment income management costs are charged as expenditure out of the relevant income funds. Gains and losses are shown in the statement of financial activities.

1.12 CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. There are 2 bank accounts in the name of the school.

1.13 FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a Jegally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 15, 16 and 17 for the debtor and creditor notes.

1.14 TAXATION

The company is a registered charity and is exempt from taxation as afforded by Section 505 ICTA 1988.

1.15 EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised asa liability and an expense. 2 KEY ESTIMATES & JUDGEMENTS

In the application of the company's accounting policies, the board is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 on-going 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 affects both current and future periods.

In the opinion of the board of governors, the estimates and assumptions which havea significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical judgements

Useful economic lives

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property, plant and equipment and note 1.08 for the useful economic lives for each class of asset.

Recoverable value of fee debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 15 for the net carrying amount of the debtors and associated impairment provision.

mye

Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022

3 FEE INCOME

FEE INCOME
The School's activities are carried out within the UK. 2022 2021
The school's fee income comprised: £ £
Gross fees 5,355,044 5,124,193
Less: Discounts, scholarships and bursaries (245,201) (294,417)
Less: Covid discounts . (235,011)
5,109,843 4,594,765

4 OTHER EDUCATIONAL INCOME

OTHER EDUCATIONAL INCOME
2022 2021
£ £
Extras and disbursements 45,594 3,798
Registration fees 10,300 11,601
Other income 4,392 2,560
60,286 17,959

5 OTHER TRADING INCOME

5 OTHER TRADING INCOME
2022 2021
£ £
Rentand lettings 72,101 50,352
Other income 59,918 29,289
132,019 79,641
6 INVESTMENT INCOME
2022 2021
£ £
Interest received 3,310 178
3,310 178
7 DONATIONSAND GRANTS
2022 2021
£ £
Donations and gifts 80 400
80 400

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022

8 EXPENDITURE

==> picture [478 x 531] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |{a)|Costs|of Raising|Funds|Staff costs|Total| |(note|9)|Other|Depreciation|2022| |£|£|£|£| |Loan|interest|-|44,652|-|44,652| |Total|Costs|of Raising|Funds|-|44,652|-|44,652| |Charitable expenditure|Staff costs|Total| |(note|8)|Other|Depreciation|2022| |£|£|£|£| |Teaching|2,796,927|229,421|-|3,026,348| |Welfare|-|279,663|-|279,663| |Premises|and|Estates|100,707|519,316|426|348|1,046,371| |Administration|341,928|225,435|106,413|673,776| |Governance|11,539|17,116|-|28,655| |Total|Charitable|Expenditure|3,251,101|1,270,951|532,761|5,054,813| |3,251,101|1,315,603||532,761|5,099,465| |Costs|of|Raising|Funds|Staff costs|Total| |(note|9)|Other|Depreciation|2021| |£|£|£|&| |Loan|interest|-|32,216|-|32,216| |Total|Costs|of Raising|Funds|-|32,216|-|32,216| |Charitable|expenditure|Staff costs|Total| |{note|9)|Other|Depreciation|2021| |Teaching|£|iS|£|£| |Welfare|2,751,784.|243,249156,340|--|2,908,124243,249| |Premises|and|Estates|89,048|480,224|397,009|966,281| |Administration|324,089|187,339|68,390|579,818| |Governance|11,921|15,190|-|27,111| |Total|Charitable|Expenditure|3,176,842|1,082,342|465,399|4,724,583| |3,176,842|1,114,558|465,399|4,756,799| |(b)|Other Governance|Costs|include:|2022|2021| |£|£| |Auditors’|remuneration| |- Audit Fees|13,576|11,794| |- Accountancy|Fees|3,540|3,396|

----- End of picture text -----

-~24-

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022

2022 2021
(c) Administration Costs £ £
Salaries
National Insurance		 282,761
30,300		 268,458
27,558
Pension Costs 28,351 26,853
Redundancy Costs = -
Other StaffCosts 516 1,220
StaffTraining - -
Subscriptions
Stafftravel		 11,847
15,946		 12,898
6,082
Operating Leases
IT support
Postage and stationery
Telephones
Marketing and advertising
Bad debts		 13,143
80,231
11,370
23,216
33,427
-		 7,505
67,207
11,641
26,323
23,647
10,307
Depreciation
Legal and Professional Fees
Other Administration Costs		 106,413
25,667
10,588		 68,390
14,364
7,365
673,776 579,818
9 STAFFCOSTS 2022 2021
£ £
Wages and salaries
Social securitycosts		 2,621,834
267,255		 2,437,364
243,132
Otherpension costs 342,586 483,451
Other staff costs 19,426 12,895
3,251,101 3,176,842
The average monthly number ofemployees during theyearwas as follows: 2022 2021
No. No.
Teaching
Premises		 73
5		 71
5
Support 8 8
86 84
The number ofemployeeswhose
£60,000 in the yearwas as follows: 2022
No.		 2021
No.
£60,000 -£70,000 2 2
£70,001 -£80,000 - 1
£80,001 -£90,000 1 -
£110,001 - £120,000 - 1
£120,001 -£130,000 1 -
—— —

Key management personnel include the Govenors and the senior executives which are made up of the heads and the bursar. The total pay and benefits received by key management personnel were £274,768 (2021: £249,778).

~ 25 -

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022

10 GOVERNORS REMUNERATION AND BENEFITS

There were no Governors’ remuneration for the year ended 31 August 2021 nor for the year ended 31 August 2022. Governors received benefits during the year costing £nil (2021: £464).

One (2021: nil) Governor was reimbursed expenditure during the year totalling £804 (2021: £nil).

11 NET INCOME FOR THE YEAR

NET INCOME FOR THE YEARTHE YEARYEAR
2022 2021
£ £
Netincome is stated after charging:
Depreciation oftangible fixed assets 520,111 452,628
Amortisation ofintangible fixed assets
Loan Interest
Operating lease rentals — other		 12,650
44,652
40,463		 12,771
32,216
32,805
Auditor’s remuneration
Auditservices forthe school- currentyear
Non-auditservices		 13,576
3,540		 11,794
6,857

12 TANGIBLE FIXED ASSETS

Plant
Assets under _Leasehold & Leasehold
Construction Property Equipment Classrooms Total
£ £ £ £ £
Cost:
At1September2021
Additions
Transfer		 -
203,758
-		 9,262,077
134,237
-		 1,284,652
76,091
-		 4,320,346
-
-		 14,867,075
414,086
-
At 31 August2022 203,758 9,396,314 1,360,743 4,320,346 15,281,161
Depreciation:
At 1 September2021 - 2,068,529 1,106,101 1,998,177 5,172,807
Charge foryear - 279,406 93,763 146,940 520,109
At31 August2022 - _2,347,935 1,199,864 2,145,117 §,692,916
Net book value:
At 31 August2022 203,758 _7,048,379 160,879 2,175,229 9,588,245
At1September2021 -__7,193,548 178,551 2,322,169 9,694,268

-26-

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022

13 INTANGIBLE FIXED ASSETS

Website &
Software Total
£ £
Cost:
At1September 2021 63,248 63,248
Additions . -
At31 August2022 63,248 63,248
Amortisation:
At1September2021 37,887 37,887
Charge foryear 12,650 12,650
At31 August2022 50,537 50,537
Net book value:
At 31 August2022 12,711 12,711
At1September2021 25,361 25,361

14 INVESTMENTS

INVESTMENTS
Listed
investments 2022 2021
£ £ £
Cost/valuation At 1 September2021 1,317,074 1,317,074 1,087,930
Disposals
Gains/(Losses) arising from movements in valuations		 -
(26,982)		 -
(26,982)		 -
229,144
Cost/valuation At 31 August2022 1,290,092 1,290,092 1,317,074
Material Investments
COIF Charities Investment 1,290,092 41,290,092 4,317,074
1,290,092 1,290,092 1,317,074
HistoricalCost 550,775 550,775 550,775

-97-

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022

15 DEBTORS

DEBTORS
2022 2021
£ £
Fees and extras 83,394 119,651
Less provision fordoubtful debts
Otherdebtors		 (25,000)
102,629		 (25,000)
10,936
Prepayments and accrued income 105,279 53,441
266.302 169,028
CREDITORS
Amounts falling duewithin one year: 2022 2021
£ £
Loans 259,848 257,197
Trade creditors 47,963 39,292
Taxation and social security costs 69,271 60,579
Fee Deposits 46,000 46,000
Fees in advance 329,263 312,754
Other creditors 12,136 57,747
Accruals 155,304 159,205
Lease incentive 10,163 .
929,948 932,774
Deferred income: 2022 2021
£ va
Broughtforwards 312,754 260,842
Released inyear
Received in year		 (312,754)
329,263		 (260,842)
312,754
Carriedforwards 329,263 312,754

16 CREDITORS

Deferred income relates to schools fees received in advance for the following term.

a

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022

17 CREDITORS DUE AFTER ONE YEAR

2022 2021
£ £
Amounts falling due aftermore than one year:
Bank loan 1,186,168 1,446,009
Schoolfeedeposits 328,750 316,000
Lease incentive 193,105 -
1,708,023 1,762,009
2022 2021
£ £
Movement on loans
In oneyear or less
Between oneandtwoyears
Between two and fiveyears
Afterfive years		 259,848
276,466
596,583
313,119		 257,197
259,848
768,463
417,698
1,446,016 41,703,206
2022 2021
£ £
Movement on deposits:
in oneyear orless
Greaterthanone year		 46,000
328,750		 46,000
316,000
374,750 362,000
2022 2021
£ £
Movement on lease incentive:
Inone yearor less
Greaterthan oneyear		 10,163
193,105		 -
-
203,268 -

The bank loans provided to the Charity by Barclays Bank Plc are secured by a fixed and floating charge over the assets of the Charity. Loan one is for £1,000,000 over a 5 year term with a fixed interest rate of 2.89%. Loan two is CBILS loan for £1,000,000 with a six year term with an interest rate of 2.91% which was not charged in the first year.

The lease incentive relates to Lodge refurbishment works undertaken in 2022 and will be released over the lease term of 20 years and netted off against the rental charge on an annual basis.

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022

18 FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS
Carrying amount offinancial assets 2022
£		 2021
£
Financial assets measured at fairvaluethrough
Debt instruments at amortised cost		 through profit and loss 1,290,092
161,023		 1,317,074
106,247
Carrying amount offinancial liabilities
Measured atamortised cost 1,988,206 2,282,158
STATEMENT OF FUNDS
At 1
September
2021		 Income Expenditure Gains
& (losses)		 ee)_
£ £ £ £ £
Unrestricted funds:
General reserve 9,723,802 5,305,538 (5,099,465) (26,982) 9,902,893
Totalfunds 9,723,802 5,305,538 (5,099,465) (26,982) 9,902,893
At 1
September
2020		 Income Expenditure Gains
& (losses)		 ALS)ar
£ £ £ £ £
Unrestricted funds:
General reserve 9,558,514 4,692,943 (4,756,799) 229,144 9,723,802
Totalfunds 9,558,514 4,692,943 (4,756,799) 229,144 9,723,802

19 STATEMENT OF FUNDS

Restricted funds

These relate to donations received from The Crown Estate for refurbishment to the School Lodges. 20 ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETSASSETS BETWEEN FUNDS
Unrestricted 2022
funds Total
£ £
Tangible fixed assets
Investments
Current assets
Current liabilities
Long term liabilities		 9,600,956
1,290,092
1,649,816
(929,948)
(1,708,023)		 9,600,956
1,290,092
1,649,816
(919,785)
(1,514,918)
Total netassets 9,902,893 10,106,161
Unrestricted 2021
funds Total
£ £
Tangible fixed assets
Investments
Current assets
Current liabilities
Long term liabilities		 9,719,629
1,317,074
1,381,882
(932,774)
(1,762,009)		 9,719,629
1,317,074
1,381,882
(932,774)
(1,762,009)
Totalnetassets 9,723,802 9,723,802

Total net assets

«36.-

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022

21 COMMITMENTS UNDER OPERATING LEASES

At 31 August 2022, the company had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

2022 2022 2021 2021
Land & Plant& Land & Office
Buildings Equipment Buildings equipment
Due within one year 51,100 17,356 25,300 22,371
Due between two and five years 204,400 64,363 23,500 69,422
Due after more than five years 261,783 9,722 6,883 23,054
517,283 91,441 55,683 114,847

22 RELATED PARTIES

Two (2021: two) governors received discounts on school fees totalling £2,761 (2021: £2,795) for two (2021: two) children attending the school. One (2021: two) member of the key management personnel received discounts on schools fees totalling £10,254 (2021: £20,371) for one (2021: two) child attending the school. During the year facility hire income of £14,500 (2021: £nil) was received from Royal Netball Club, a Club of which a governor is Chair.

23 MEMBERS LIABILITY

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

24 CAPITAL COMMITMENTS

The company had capital commitments contracted for but not provided for in these financial statements of £nil (2021: Enil).

25 NOTES TO THE CASHFLOW STATEMENT

NOTES TO THE CASHFLOW STATEMENT
2022 2021
Reconciliation ofoperating result to netcash inflowfrom £ £
operating activities
Net movement in funds 179,091 165,288
Gains on investments 26,982 (229,144)
Depreciation
Amortisation
Bank interest received		 520,111
12,650
(3,310)		 452,628
12,771
(178)
Interest payable 44,652 32,216
Increase/(Decrease) in creditors 200,376 (534,774)
(Increase)/Decrease in debtors (107,274) 22,556
873,278 (78,637)

AQT «

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022

25 NOTESTOTHECASHFLOWSTATEMENT (continued) NOTESTOTHECASHFLOWSTATEMENT (continued)
Analysis ofchanges in net debt
At 1 Other non-
September cash At 31 August
2021 Cash flows changes 2022
Cash and cash equivalents
Cash
Overdrafts		 1,222,854
-		 160,660
-		 -
-		 1,383,514
*
Cash Equivalents = st fe -
1,222,854 160,660 . 1,383,514
Borrowings
Debtduewithin one year
Debtdue afterone year		 (257,197)
(1,446,010)
(1,703,207)		 257,190
-
257,190		 (259,841)
259,841
-		 (259,848)
(1,186,169)
(1,446,017)
Total (480,353) 417,850 - (62,503)
At 1 Other non-
September cash At 31 August
2020 Cash flows changes 2021
Cash and cash equivalents
Cash
Overdrafts		 1,748,671
*		 (525,817)
-		 -
.		 1,222,854
a
Cash Equivalents = = e wi
1,748,671 (525,817) - 1,222,854
Borrowings
Debtduewithinoneyear
Debtdue afteroneyear		 (268,510)
(1,703,201)		 268,504
.		 (257,191)
257,191		 (257,197)
(1,446,010)
(1,971,711) 268,504 - (1,703,207)
Total (223,040) (257,313) - (480,353)

= BD

Bishopsgatea School Limiteda a NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022

26 PENSIONS

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £305,714 (2021: £449,111) and at the year-end £nil (2021: £49,964) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court's decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following a public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations. The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would be no changes to benefits or member contributions required. The results of the cost cap valuation are not used to set the employer contribution rate, and HM Treasury has confirmed that any changes to the employer contribution rate resulting from the 2020 valuations will take effect in April 2024.

Until the 2020 valuation is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly, no provision for any additional past benefit pension costs is included in these financial statements.