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← Bishopsgate School Limited

2023-08-31-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 2023

Bishopsgate School Limited

CONTENTS for the year ended 31 August 2023

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

BISHOPSGATE SCHOOL LIMITED

TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2023

GOVERNORS REPORT AND FINANCIAL STATEMENTS – YEAR ENDED 31 AUGUST 2023

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 2023 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

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.

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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 is very 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 2022-2023

Bishopsgate continues to deliver an excellent educational provision from the age of three until they leave at thirteen. At the last Independent School Inspectorate inspection, in March 2022, the quality of Bishopsgate pupils’ academic achievement and personal development was deemed 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 Government advice to include education, career, health and wellbeing, relationships and living independently in the wider world within the Curriculum under the banner ‘Learning for Life’. Charitable work and the student voice are emphasised. Outdoor education is encouraged, with at least an hour of outdoor learning each week, including making use of the nearby Windsor Great Park.

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TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2023

The school places a strong emphasis on the performing arts through the delivery of carol concerts, a production of Frozen for children in the Upper School; a production of Honk! For children in Years 3 and 4 and the whole school celebration of Arts in the annual Arts Festival. In addition many students learn to play musical instruments, and LAMDA lessons have produced excellent results.

Bishopsgate has been able to undertake a wide variety of educational visits over the past year including a French Trip and two ski trips as well as residential camps and day trips for every year group.

Sport is an important part of the school's profile with football, rugby and cricket the main sports for boys and netball, hockey and cricket the main sports for girls. In addition, Bishopsgate has achieved notable success in swimming, including participation in national swimming finals.

Overall, Bishopsgate School's commitment to providing a well-rounded education that includes academic excellence, personal development, outdoor education, performing arts, and sports continues to be evident.

SCHOOL IMPROVEMENT PLAN

In order to enhance the educational facilities at the School in the last decade there has been an ongoing improvement plan 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.

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Four Lane Swimming Pool New Science Classroom
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In the last two years the School 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).

BISHOPSGATE SCHOOL LIMITED

TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2023

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Four Badminton Court Sports Hall
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Artificial Pitch
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Dance Studio Climbing Wall
% '
Fitness Suite
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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

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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 to 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, leading experts in financial benchmarking and strategic advice for the independent school sector, 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 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:

BISHOPSGATE SCHOOL LIMITED TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2023

pupils to learn.

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% (£326,528) 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. 11 children were provided with a reduction in the cost of school fees this year as a result of the School bursary scheme, two of which were full 100% bursaries and eight of which were for a reduction greater than 50%.

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 School for whom the School now provides a Governor.

BISHOPSGATE SCHOOL LIMITED TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2023 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 educabonal and coaching purposes. The School also continues lo provide regular support to many charities, with significant funds being donated in the Financial Year lo British Allergy Foundation1£1.828.83}, Egham Church 1£9J8.651, Dattersea Dogs and Cats I lome 11.073.861. Dravet Syndrome UK11.272.311 and the Household Cavalry Museum1£50.00}- FINANCIAL REVIEW The School's financial position is very sound. Nel fee income after bursaries of £5,395,981 was the primary source of revenue. This covered operating costs of £5,426,312 which were expended on teaching {£3,196.3041'. welfare (£333.6731'. premises1£1.046.5301.' administration costs (£821,739) and governance1£28,1021. The surplus for the year has contributed to the building of cash reserves, which is viewed as important in the current financial climate. Operating Costs 13% 19% 62% TÈathing GIWelfare D PremisÉs EIAdmln DGovÈrnance Reserves Policy The Board considers that free reserves amounting to 2 term's income (approximately £1,500.0001 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 lo build up cash out ofannual operating surpluses lo fund the necessary capital expenditure to continue equipping the School with the up-to-dale facilities needed to maintain and, indeed, improve on th8 Standard of educational provision. Investment Policy Govemors use a suf(ably qualified Investment Manager when sufficient funds have been accrued in the School's bank accounts to warrant a long-tem) approach to investment. The obje¢lives of the School's investment policy are lo ensure the creation of sufficient income and capital growth lo enable funds lo be used for the education of children at Bishopsgate. Govemors will invest prudently and consetvalively 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.

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BISHOPSGATE SCHOOL LIMITED

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 2023 was £2,322,257.

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.

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 2023 were as follows:

S Banks Appointed 1 September 2022 B Breedon C Cairns Resigned 20 June 2023 V Cresswell TFX Eddis Resigned 22 August 2023 MD Fisher A Harrison A Harvey Appointed 14 November 2022 DA Henderson-Williams C Marias C Marriott Chair of Governors D Mills C Robertson J Symons SM Winson

Board Sub Committees

Education Committee

S Banks B Breedon TFX Eddis (Chair) A Harvey J Symons SM Winson

Finance Committee V Cresswell (Chair)

TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2023

BISHOPSGATE SCHOOL LIMITED

A Harrison C Marias C Marriott C Robertson

Property Committee

C Cairns MD Fisher DA Henderson-Williams (Chair) D Mills

In accordance with the company's articles of association V Cresswell, C Robertson and S Winson 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.

Key management Personnel

Headmaster Mr P Thacker Appointed 1 September 2022 Bursar Mr C Carver Deputy Head Teaching and Learning Mr J Pym Deputy Head Pastoral Mr D Boorman

Registered Office

Bishopsgate Road Englefield Green Egham Surrey TW20 0YJ

Auditors

Moore Kingston Smith LLP 9 Appold Street London EC2 2AP

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.

TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2023

BISHOPSGATE SCHOOL LIMITED

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 financial statements unless they are satisfied that they give a true and fair view of the state of 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

BISHOPSGATE SCHOOL LIMITED TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2023 position to react lo the COVID-19 pandemic. The SGhooE Governors formed a COVID-19 focus group and held an in¢reased number of Finance Committee Meetings lo provid6 incraased oversight during the period of school closures, and the School Risk Assessment pertaining to COVID-19 was regularly reviewed. The key controls used to manage risk include.. An annual ieview of the significant business risks facèd by th8 School. Terms OF Reference for each Commlltee (revised when appropriatel. Fotrnal agendas for all Committee and Board activity. Comprehensive budget and management accounting. An established organisalional structure and lines of reporting. Clear financial authorisaliDn and levels. Vetting and reportlng procedures as required by law for the protection of children. Regular review and lesling by an independent consultant of the main Health and Safety risks. 11 is recognis6d that syslams Can only provide reasonable, bul not absolute. assLJrance that major risks have been adequately manag&d. Governors understand Ihe challenges facing the Independent Schools sèctor in A lime (Jf g¢onomic and political uncertainly. Factors affecling the sector are continuously revièwed and considered, bul the ovèrall aim 18 lo ensure that the School remains al tha forefront of prèparatory s¢hool 8du¢allon, whilst adopting a fee structure Ihal is fair and compeliliv8. AUDITOR Moore Kin9slon Smith LLP are deemed to be re-appoln16d under section 48712) of the Companies Acl 2006. Each of the persons who is a trustee al the dale of approval of Ihls report confirms that.. so far as each trust6a is awar8, thara is no r818vanl 8udll Informatlon of which the ¢harily's audllor Is unawar8', and each trustee has taken all steps that they ought to have taken as a trust6è lo make themselves aware of any relevant audit information and to establish that the charity's auditor is awar8 of that infor¢Nlion. Signed by order of the Governors ChAB Carver Charty Se¢r8lary 20 Novernber 2023 11

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BISHOPSGATE SCHOOL LIMITED

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 2023 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

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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

BISHOPSGATE SCHOOL LIMITED TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2023

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.

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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.

7 December 2023

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

9 Appold Street London EC2A 2AP

Bishopsgate School Limited STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure statement) for the year ended 31 August 2023

Notes
INCOME FROM:
Charitable Activities
School fees
3
Other educational income
4
Other income
Other trading income
5
Investments
Investment Income
6
Voluntary sources
Grants and donations
7
Total income and endowments
EXPENDITURE ON:
Costs of raising funds
8
Interest and other costs
Charitable activities
8
Education
Total expenditure
8
Net operating income/(expenditure)
Net gains on investments
14
Net income/(expenditure)
Transfer between funds
Net movement in funds
Fund balances brought forward
Fund balances carried forward
19, 20		 Unrestricted
funds
£
5,395,981
211,602
160,105
31,682
114,540
5,913,910
36,999
5,426,312
5,463,311
450,599
28,911
479,510
-
479,510
9,902,893
10,382,403		 Total
2023
£
5,395,981
211,602
160,105
31,682
114,540
5,913,910
36,999
5,426,312
5,463,311
450,599
28,911
479,510
-
479,510
9,902,893
10,382,403		 Total
2022
£
5,109,843
60,286
132,019
3,310
80
5,305,538
44,652
5,054,813
5,099,465
206,073
(26,982)
179,091
-
179,091
9,723,802
9,902,893

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.

Bishopsgate School Limited BALANCE SHEET asat31Au ust 2023 Notes 2023 2022 FIXED ASSETS Tangible assets Intangible assets Investments 12 13 14 9.556.887 16.807 1,819.003 9,588.245 12,711 1,290 092 11,392,697 10.891,048 CURRENT ASSETS Debtors Cash al bank and In hand 15 163.003 1.135.063 256,302 1383,514 1,298.066 1.649.816 CREDITORS: Amounls falllng due wlhin one year 16 1852,466) 1929,9481 NET CURRENT ASSETS 445,600 719,868 TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amounts falling due after more than one year 11,838,297 11,610,916 11.455.894) 11,708.0231 17 NET ASSETS 10,382,403 9.￿2,893 FUNDS Unroslricled funds 19 10,382.403 9.902,893 10.382.403 9,902,893 Approved and aulhorised for issue by the Board of Govornors on beh81f by. and signed on their C Marriott Chairman of the Board of Govemors V Cresswell Chairman of the Finance Committ80 The aceompansfjng notes form part of thesg financlal ¥latsmenls. Company Number.. 03303687 17-

Bishopsgate School Limited

CASHFLOW STATEMENT

for the year ended 31 August 2023

CASH FLOW STATEMENT
Notes
Net cash inflow from operating activities
25
Cash flows from investing activities:
Bank interest received
Interest paid
Proceeds from sale of investments
Payments to acquire fixed assets
Payments to acquire investments
Net cash outflow from investing activities
Financing:
Loans repaid
Loans received
Net cash outflow from financing activities
Increase/(decrease) in cash
beginning of the reporting period
end of the reporting period
Cash and cash equivalents at
Cash and cash equivalents at		 2023
£
1,069,553
31,682
(36,999)
-
(552,839)
(500,000)
(1,058,156)
(259,848)
-
(259,848)
(248,451)
1,383,514
1,135,063		 2022
£
873,278
3,310
(44,652)
-
(414,086)
-
(455,428)
(257,190)
-
(257,190)
160,660
1,222,854
1,383,514

Bishopsgate School Limited ACCOUNTING POLICIES for the year ended 31 August 2023

1 ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION

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, and considered the impact of external factors. 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.

Bishopsgate School Limited ACCOUNTING POLICIES for the year ended 31 August 2023

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

All funds are unrestricted funds; which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

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 previously contributed to the Teacher's Pension Defined Benefit Scheme but they left the scheme in the prior year. The rates for the scheme 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.

Bishopsgate School Limited ACCOUNTING POLICIES for the year ended 31 August 2023

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 legally 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 as a liability and an expense.

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 have a 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 re-assessed 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.

Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2023

3 FEE INCOME
The School’s activities are carried out within the UK.
The school's fee income comprised:
Gross fees
Less: Discounts, scholarships and bursaries
4 OTHER EDUCATIONAL INCOME
Extras and disbursements
Registration fees
Other income
5 OTHER TRADING INCOME
Rent and lettings
Other income
6 INVESTMENT INCOME
Interest received
7 DONATIONS AND GRANTS
Donations and gifts		 2023
£
5,732,702
(336,721)
5,395,981
2023
£
116,328
15,000
80,274
211,602
2023
£
85,389
74,716
160,105
2023
£
31,682
31,682
2023
£
114,540
114,540		 2022
£
5,355,044
(245,201)
5,109,843
2022
£
45,594
10,300
4,392
60,286
2022
£
72,101
59,918
132,019
2022
£
3,310
3,310
2022
£
80
80

Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

8 EXPENDITURE

(a)
Costs of Raising Funds
Loan interest
Total Costs of Raising Funds
Charitable expenditure
Teaching
Welfare
Premises and Estates
Administration
Governance
Total Charitable Expenditure
Costs of Raising Funds
Loan interest
Total Costs of Raising Funds
Charitable expenditure
Teaching
Welfare
Premises and Estates
Administration
Governance
Total Charitable Expenditure
(b)
Other Governance Costs include:
Auditors' remuneration
- Audit Fees
- Accountancy Fees		 £
-
-
£
2,902,252
-
124,796
329,313
8,346
3,364,707
3,364,707
£
-
-
£
2,796,927
-
100,707
341,928
11,539
3,251,101
3,251,101
Staff costs
(note 9)
Staff costs
(note 9)
Staff costs
(note 9)
Staff costs
(note 8)		 Other
£
36,999
36,999
Other
£
294,052
333,637
482,747
359,983
19,756
1,490,175
1,527,174
Other
£
44,652
44,652
Other
£
229,421
279,663
519,316
225,435
17,116
1,270,951
1,315,603		 Depreciation
£
-
-
Depreciation
£
-
-
438,987
132,443
-
571,430
571,430
Depreciation
£
-
-
Depreciation
£
-
-
426,348
106,413
-
532,761
532,761
2023
£
16,135
3,540		 Total
2023
£
36,999
36,999
Total
2023
£
3,196,304
333,637
1,046,530
821,739
28,102
5,426,312
5,463,311
Total
2022
£
44,652
44,652
Total
2022
£
3,026,348
279,663
1,046,371
673,776
28,655
5,054,813
5,099,465
2022
£
13,576
3,540

Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2023

(c)
Administration Costs
Salaries
National Insurance
Pension Costs
Other Staff Costs
Subscriptions
Staff travel
Operating Leases
IT support
Postage and stationery
Telephones
Marketing and advertising
Bad debts
Depreciation
Legal and Professional Fees
Other Administration Costs
9 STAFF COSTS
Wages and salaries
Social security costs
Other pension costs
Other staff costs
The average monthly number of employees during the year was as follows:
Teaching
Premises
Support
£60,000 in the year was as follows:
£60,000 - £70,000
£80,001 - £90,000
£90,001 - £100,000
£120,001 - £130,000
The number of employees whose		 2023
£
273,461
28,230
27,622
-
14,413
25,274
10,904
149,579
12,886
9,383
32,695
53,702
132,443
33,090
18,057
821,739
2023
£
2,731,257
273,817
350,330
9,303
3,364,707
2023
No.
74
5
9
88
2023
No.
3
1
1
-
5		 2022
£
282,761
30,300
28,351
516
11,847
15,946
13,143
80,231
11,370
23,216
33,427
-
106,413
25,667
10,588
673,776
2022
£
2,621,834
267,255
342,586
19,426
3,251,101
2022
No.
73
5
8
86
2022
No.
2
1
-
1
4

Key management personnel include the Govenors and the senior executives which are made up of the head and the bursar. The total pay and benefits received by key management personnel were £224,298 (2022: £274,768).

Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

10 GOVERNORS REMUNERATION AND BENEFITS

There were no Governors' remuneration for the year ended 31 August 2022 nor for the year ended 31 August 2023. Governors received benefits during the year costing £nil (2022: £nil).

One (2022: One) Governor was reimbursed expenditure during the year totalling £199 (2022: £804).

11 NET INCOME FOR THE YEAR

NET INCOME FOR THE YEAR
2023 2022
£ £
Net income is stated after charging:
Depreciation of tangible fixed assets 571,430 520,111
Amortisation of intangible fixed assets 8,671 12,650
Loan Interest 36,999 44,652
Operating lease rentals – other 51,805 40,463
Auditor’s remuneration
Audit services for the school- current year 16,135 13,576
Non-audit services 3,540 3,540

12 TANGIBLE FIXED ASSETS

Cost:
At 1 September 2022
Additions
Transfer
At 31 August 2023
Depreciation:
At 1 September 2022
Charge for year
At 31 August 2023
Net book value:
At 31 August 2023
At 1 September 2022		 Assets under
Construction
£
203,758
-
(203,758)
-
-
-
-
-
203,758		 Leasehold
Property
£
9,396,314
401,197
203,758
10,001,269
2,347,935
292,047
2,639,982
7,361,287
7,048,379		 Plant
&
Equipment
£
1,360,743
138,875
-
1,499,618
1,199,864
132,443
1,332,307
167,311
160,879		 Leasehold
Classrooms
£
4,320,346
-
-
4,320,346
2,145,117
146,940
2,292,057
2,028,289
2,175,229		 Total
£
15,281,161
540,072
-
15,821,233
5,692,916
571,430
6,264,346
9,556,887
9,588,245

Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

13 INTANGIBLE FIXED ASSETS

Cost:
At 1 September 2022
Additions
At 31 August 2023
Amortisation:
At 1 September 2022
Charge for year
At 31 August 2023
Net book value:
At 31 August 2023
At 1 September 2022
INVESTMENTS
Cost/valuation At 1 September 2022
Additions
Disposals
Gains/(Losses) arising from movements in valuations
Cost/valuation At 31 August 2023
Material Investments
COIF Charities Investment
Historical Cost		 Listed
investments
£
1,290,092
500,000
-
28,911
1,819,003
1,819,003
1,819,003
550,775		 Website &
Software
£
63,248
12,767
76,015
50,537
8,671
59,208
16,807
12,711
2023
£
1,290,092
500,000
-
28,911
1,819,003
1,819,003
1,819,003
550,775		 Total
£
63,248
12,767
76,015
50,537
8,671
59,208
16,807
12,711
2022
£
1,317,074
-
-
(26,982)
1,290,092
1,290,092
1,290,092
550,775

14 INVESTMENTS

Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2023

15 DEBTORS
Fees and extras
Less provision for doubtful debts
Other debtors
Prepayments and accrued income
16 CREDITORS
Amounts falling due within one year:
Loans
Trade creditors
Taxation and social security costs
Fee Deposits
Fees in advance
Other creditors
Accruals
Lease incentive
Deferred income:
Brought forwards
Released in year
Received in year
Carried forwards		 2023
£
73,403
(25,000)
21,086
93,514
163,003
2023
£
276,466
116,127
66,240
55,000
280,220
3,583
44,667
10,163
852,466
2023
£
329,263
(329,263)
280,220
280,220		 2022
£
83,394
(25,000)
102,629
105,279
266,302
2022
£
259,848
47,963
69,271
46,000
329,263
12,136
155,304
10,163
929,948
2022
£
312,754
(312,754)
329,263
329,263

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

Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

17 CREDITORS DUE AFTER ONE YEAR

Amounts falling due after more than one year:
Bank loan
School fee deposits
Lease incentive
Movement on loans
In one year or less
Between one and two years
Between two and five years
After five years
Movement on deposits:
In one year or less
Greater than one year
Movement on lease incentive:
In one year or less
Greater than one year		 2023
£
909,702
363,250
182,942
1,455,894
2023
£
276,466
237,608
466,546
205,548
1,186,168
2023
£
55,000
363,250
418,250
2023
£
10,163
182,942
193,105		 2022
£
1,186,168
328,750
193,105
1,708,023
2022
£
259,848
276,466
596,583
313,119
1,446,016
2022
£
46,000
328,750
374,750
2022
£
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 2023 and will be released over the lease term of 20 years and netted off against the rental charge on an annual basis.

Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2023

18 FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS
2023 2022
Carrying amount of financial assets £ £
Financial assets measured at fair value through profit and loss 1,819,003 1,290,092
Debt instruments at amortised cost 69,489 161,023
Carrying amount of financial liabilities
Measured at amortised cost 1,652,844 1,988,206

19 STATEMENT OF FUNDS

Unrestricted funds:
General reserve
Total funds
Unrestricted funds:
General reserve
Total funds		 £
9,902,893
9,902,893
£
9,723,802
9,723,802
At 1
September
2021
At 1
September
2022		 Income
£
5,913,910
5,913,910
Income
£
5,305,538
5,305,538		 Expenditure
£
(5,463,311)
(5,463,311)
Expenditure
£
(5,099,465)
(5,099,465)		 Gains
& (losses)
£
28,911
28,911
Gains
& (losses)
£
(26,982)
(26,982)		 £
10,382,403
10,382,403
£
9,902,893
9,902,893
At 31 August
2022
At 31 August
2023

Restricted funds

These relate to donations received from The Crown Estate for refurbishment to the School Lodges.

20 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Investments
Current assets
Current liabilities
Long term liabilities
Total net assets
Tangible fixed assets
Investments
Current assets
Current liabilities
Long term liabilities
Total net assets		 Unrestricted
funds
£
9,573,694
1,819,003
1,298,066
(852,466)
(1,455,894)
10,382,403
Unrestricted
funds
£
9,600,956
1,290,092
1,649,816
(929,948)
(1,708,023)
9,902,893		 2023
Total
£
9,573,694
1,819,003
1,298,066
(852,466)
(1,455,894)
10,382,403
2022
Total
£
9,600,956
1,290,092
1,649,816
(929,948)
(1,708,023)
9,902,893

Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

21 COMMITMENTS UNDER OPERATING LEASES

At 31 August 2023, the company had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

Due within one year
Due between two and five years
Due after more than five years		 2023
Land &
Buildings
51,100
204,400
206,433
461,933		 2023
Plant &
Equipment
29,698
104,043
-
133,741		 2022
Land &
Buildings
51,100
204,400
261,783
517,283		 2022
Plant &
Equipment
17,356
64,363
9,722
91,441

22 RELATED PARTIES

One (2022: two) governors received discounts on school fees totalling 1,263 (2022: £2,761) for one (2022: two) child attending the school. One (2022: One) member of the key management personnel received discounts on schools fees totalling £10,563 (2022: £10,254) for one (2022: one) child attending the school. During the year facility hire income of £9,100 (2022: £14,500) 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 (2022: £nil).

25 NOTES TO THE CASHFLOW STATEMENT

Reconciliation of operating result to net cash inflow from
operating activities
Net movement in funds
Gains on investments
Depreciation
Amortisation
Bank interest received
Interest payable
Increase/(Decrease) in creditors
(Increase)/Decrease in debtors		 2023
£
479,510
(28,911)
571,430
8,671
(31,682)
36,999
(69,763)
103,299
1,069,553		 2022
£
179,091
26,982
520,111
12,650
(3,310)
44,652
200,376
(107,274)
873,278

Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

25 NOTES TO THE CASHFLOW STATEMENT (continued) Analysis of changes in net debt

Cash and cash equivalents
Cash
Borrowings
Debt due within one year
Debt due after one year
Total
Cash and cash equivalents
Cash
Borrowings
Debt due within one year
Debt due after one year
Total		 At 1
September
2022
1,383,514
1,383,514
(259,848)
(1,186,169)
(1,446,017)
(62,503)
At 1
September
2021
1,222,854
1,222,854
(257,197)
(1,446,010)
(1,703,207)
(480,353)		 Cash flows
(248,451)
(248,451)
259,848
-
259,848
11,397
Cash flows
160,660
160,660
257,190
-
257,190
417,850		 Other non-
cash
changes
-
-
(276,466)
276,466
-
-
Other non-
cash
changes
-
-
(259,841)
259,841
-
-		 At 31 August
2023
1,135,063
1,135,063
(276,466)
(909,703)
(1,186,169)
(51,106)
At 31 August
2022
1,383,514
1,383,514
(259,848)
(1,186,169)
(1,446,017)
(62,503)

Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

26 PENSIONS

The School no longer participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff but was still included for part of the previous year. The pension charge for the year includes contributions payable to the TPS of £nil (2022: £305,714) and at the year-end £nil (2022: £nil) 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’s 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.

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 following a public consultation in 2021 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.