Bishopsgate School Limitod IA Company Llmltod by Guarant80) Incorporat6d in England and Wales No. 03303687 Registered Charity No. 1060511 GOVERNORS, REPORT AND FINANCIAL STATEMENTS For Ihe year ended 31 August 2024 Bishopsgate School Limited CONTENTS for Ihe ear ended 31 Au ust 2024 Pag• Governor&. Report Auditors, Rffsport 12-15 Slalèment Etf FinanriAI Artivitio3 16 Balance Slieet 17 Cash Flow Sldts)rTienl 18 NntQ5 to the Finaiici81 Sloducational pr8paratory day school for 390 children, agod from 3 10 13 years. Bishop$gale Is the successful outcome of a merger In 1996 between Scai¢¢llffe and Vlrglnla Water Pwp8r81ory Schools. CombSned, the s¢hools had over leo ygars of involvgm&nl in praparatory school education. Set in 20 acre$ ol bo8uliful woodland c105e to Windsor Great Park, 8i5hop3gal• School childr8n ar8 inspirgd to learn in a wondorfully safe and spaBiDUS environment. B15hop$g8le 88os s¢h¢)ol as an extension of family lrfe and sa the school works very ¢lo$ely wllh parents. In ordèr lo thrlvg and d¥volop 8ffecllv8ly, chlldren requir¢ an envlronment that provldos thom wlth num8rous opportunlllos and allows them to follow Ihoir instinct lo be curiou3. The spa¢¥ and opportunlty at 8ishopsgale, where our beautiful surroundings are accompanièd by 8XCBllenl faciliti¢s and a broad curriculum. provide children with the pertecl opportunity io discover a love for leaming and develop skillg that should ltsrm bas8 of happy and $uccessful adult lives. Bbshopsgala School feels Ihat a detsire lo be successful and cornpetilive is balanced with need lo bg hoppy and f881 s8cur8 Confidgnce is aqually match9d against a n&$d lo be humbl8 and con51d8r the f8&lings of othors. As w911 as dHv8loplng a robu81 work elhlc thÉl gives the childran the be51 academic base upon which they are Lonllnually encouraged lo strengthen and improve. the children 9150 enjoy portlclpallng In sport, musiG, (Jr8ma, the arts and an exciting programme of exlra-curmcular acllvllles. Bishopsgate School Limited TRUSTEES, ANNUAL REPORT for th& year 8nded 31 August 2024 Bishopsydle School is oxtremoly proud of its pupils, a¢hievgment$, both in l¥mA ol ge¥demlr, ro5ults, bul also as the well-rounded indtviduAI8 111()y b8(.'vmo during their timo at Bl3hop8gale. roudy l(Jr Iliv cliHll¢yngc ol lil¢ in Ihc 2151 conlury. BISHOPSGATE SCHOOL'S ETHOS Bl$hopsgat8 School exlsts to provlde a flrst class gducallon through a bmod And b8lanco curriculum, pr4paring ils ¢liildTen for lilFJ in the 21st Benlury. Bl¥hop3gate asks ils chlldran to live by the school motlo Nil Nisi Optimum, 'Nothing but the Best,. By following Ihis fllhos. il is vory niuch hopod Ihol thoy will be able to 'Go anywhere. do anythlng,. Evory chil¢J should havo dreams of the parson they w18tt to be. Thè School's role Is to holp thom stsrt the journ&y towards fullilllng the88 dreams. Siilvin91o achievo nothing bul the bosli YOU Can go anywhere, do anythingl Equallly, DiveT3ty and Inclusion aro 8mboddad in ovfjry aspoct of Ilf8 al Bishopsgat8. BISHOP8GATE SCHOOL'S AIMS To fulfil its mls$ion the s¢ho(Jl alms.. To oncourag8 each child lo dlseover the thlngs they would love lo be good at while strenglhoning their will and skill ID pursuo Ih8m. To promote and dovelop childron'5 key aptilud8s' Indepgndgncg. Collaboration and L¥ader5hip, which are nurtured through a child's ability lo Think and Laam, Reflucl and Communicate. In dolng so. Bishopsgale embrace8 charEJclerislics such as Rèslliéncé. Curio$ily and Grealivily. Th¢J$o apliludos and skills are a fundafftental elomonl of boing a momber of the Prep8r8tory School Baccalaurea16 programme. roup ol lik8-mind8d schools which havè put these skllls and c.har#ol8ri$liG$ al Iha heart af school lifè and tho mann8r in which th8 curriculum Is d8llv8r8d. To prepJr8 ils pupil¥ for lifu boyond school, holping th8m to bulld Up ihe intellectual, motional. social and strategic rosourcas to gnjoy challAn9e 8nd Lopg With uncertalnty and complexty. REVIEW OF ACADEMIC YEAR 2023-2024 81shopsgal@ School conllnves to offer an outslandlng educallonol exp¥rlt)ncty for Lhildron from age thr68 tlirDugli to Iliiflèen. Tli¥ betrioul 6ULcossfully prgpamB pupils for entry Into a wide rangv af compolilivo secondary schools al the ond of Year 6 and Yèar 8, with tli? vast rnajorily sccuring place5 at their first-choice schools. Many sludenls xlsn earn %cholurships in acadcmic5, mu.%ic, and sporl. As studerils Advarict>, Ihp 5bhool's btandardised data shows conslslenl iniprovomonl, roflocling tho effo¢llvenesg of Its teachlng. B1￿hc)PUga1Q allracts students from a broad spectrum of Acadf)iiiitt al)ililios, Ihoiioh it hag Tocently introdLJC@d mor& so18¢liv8 ac8demi¢ srr¢oriing lor Ihoso onloring from Year 1. Due lo the school's growing pc)piJldrity, l?ilrtiLularly in Yoars 7 and 8, tha formèr boarding facilitios havv b¥on converted into two new classrooms for Modarn Foreign Languaggs IMFLI and Clas8ics. As one ol th6 country's leadSno Proparatory School E3accalaureate Inslllutlons, Bishopsgale sgrvfis as a model of 8xcellence for others. Thè school eonllnuolly r&vi?ws ils provision to gnhance gducalional ouleufnes furtligr. In line with yovernmenl guidance, 8ishopsqatc has updatod Ils Personal, Social, H8alln and Econornic Education IPSklEEI and Careers Programma, now branded d5 Lodrning for Life.. This initiative Luver% 8r8a¥ burh as educ81ir)n. coreers, health and wellbeing, relationships, anil indèpondenl living. Bishopsgate School Limited TRUSTEES, ANNUAL REPORT for th8 year ended 31 Augus12024 Th$ school gmphasises charitable involvement and the 8ludent voice, whllo also f051erlng outdoor education with 81 ltrasl one hour of outdoor learning oach wèék. often In Wlndsor Great Park. Bishopggale plans lo slronglhon 11$ tles w51M the park as il inlggralos ihe H8rmony Projccl inlo its currlculum. whlch alms to preparo students lo èngage wllh environmonlal challenges. P9rformlng 8rt6 play a prorningnt ro18 at the school, with ovgnls lik8 carol concerttyj, a productlon of Olivar for Uppor School stud6nls, and Bn annual Arts Festival showcasing U)e school's artistic lalgnt. Many studen15 Pdrli¢ipale in music le580n8 and LAMDA courses, wlth outstanding resu51s. Educational trip8 ar8 al80 a kay pèrt tsf th6 Blshopsgat6 expeTSence. wlth all chlldrgn from Year 3 taking part in 8 resldontlal trip within th6 UK. Sports arg oqually valu&d, with football, rugby, arid ¢rlek61 belng the main sports for boys and n¥lball. hockey and cricket for girls. Thts school has achigved notable succ855 in swlmming. including partiripalion in national omp•litions. Th8 school has relnlroduced rowing into ils CD.curricular program 8nd goll after its introduction Iwo years ago has achieved national 514CCBSS. Overall, Bishop5gatc School remÉln8 commllled to dellverSng a holi$llc educatSon that fosters acadernlc excellence, personal growth, outdoor16AmSng. arlisllc exprpsBion, and alh19tic achlevem8nl. SCHOOL IMPROVEMENT PLAN In ord8r lo 8nhance th8 educational facilities at th8 School In the last decade there has betn an ongoing improyemenl plan lu the School facilities. Includod in Ihe programme has been.. the development of a four-lalle 25 melrv ¥wimftilng pool.. an extenslon lo th8 Dlning Room., a refurbishment of the Sclence and IT Classrooms., th¥ resurfacing ot the all-woalher Lourts., the rèfurbSshmenl of the Perlormlng Arts SludS0.' thg conslructlon of new cricket net%', rofurbishmenl of the School kilchgn,. an 6xlension to the Music block., and new classrooms Greatod as parl of an extonsian ta the Windsor Building. I,'I' Four Lang Swimming Pool New Science Classroom In 2020 the school dellvered B new sports facillty Includlng a Ic)ur badmlnlon oourt hall, a filn8S5 sulle, a dance 8tudlo, a climblng wall and modarn changlng facllltl8$ for pupils and staff {£4.5MI,' an Outdoor L¥arnlng 18elllty {£30KI,' a new artifiGial surfac8 pitch II210KI', dnd a now scienco classroom, new food le¢hnology classroom and a rgfurbished IT classroom1£200K totall, Bishopsgate School Limited TRUSTEES, ANNUAL REPORT for the year end&d 31 Au u8t 20?.4 Four BJdniinl()11 Crjiirl Spurts Hdll Artificial Pitch Dic nce Studio Climbirig Wall Flinoss Sulle Theso upgrade8 and improvements have a¥si8lad in Ili* physical transformation of the school In the last leri yf3ttr8. Gov#rnorb and thv School'3 Sonior Leadership Team continue lo strive 10 8nsuro that the facilllles available to chlldren allendlng 8ishopsgAle S¥h()ol (4re al Ihts hiyhe)I POssiblB quality. As such. the School Slralegie. Plai) bpls vul tho School's objeclivcs, ovcr Ihc short terin lup lo 3 ycarsl and mcdium tcrm IS y8aTsj for furth8r Scl)ool Improven)enl. New upJc radgs are currantly being planned by Govèri)ors to c(Jntinue tu mxintain the School al tho leL4ding edgft ul (Jdue•jilinriHI pr()Vi8lon, IhA n￿xI projocts belng planned in the 51rategic short leTm are Ihg delivory of a Pnrforffling Arts Centre and a new art(liclal pitch. Bishopsgate School Limited TRUSTEES, ANNUAL REPORT for the year ended 31 August 2024 Tha educallonal needs of children consianlly change. Th8 older buildings and facilities conti'nuo lo nèed regular r8furbishm8nt, and changgb in curriculum and in5poclion regulations necessltat8 th8 constanl monitoring. review and developmcnl ol all aspects of tho School's opor¥Alion. In line with this approach th8 schnol refurbished all ol the pupll bAihroom laclllll88 during thi8 financial yeor. Govert)ors conslder that the fabrlc of Blshopsgale School should b8 Soon as a markel16ader wllhout an excess In &pprva¢h and styl8 that Impli8s a frlvolou¥ us¥ of foe incomg. Tho new P¥rformlng Arts dgveloprnenl ar8 50en ds an OPPDrtunily lo make the musl afficiant Use of the whole silo, whilsl also setling a strong lead when compured to the local compaialor schools. On the maller of the cost of educaling 8 chlld In Independent Educallon, Ihore has been gignifi¢anl work undertaken by B8ines Cutler. loading &xp8rts In IlnancSal bonchrnarking and slraleglc advSce for tho indepandent school sector, which confirms Ih8t the numbcrs able 10 afford prlvale educallon Is 5igniflcanlly r8ducing yoar on yaar. Governors At Bishopsgate will ensur9 that tho correct balance 1$ found bolween affordability of educating a chSld agalnsl on$uring that th9 quality of lacililitss and education remains at the hlyh¢st level. The School13 acutely aware of the need lo remaln al the ftsrelronl on mallers of IT. All pupils in Years 5 to 8 are provided with u personal Chromebook, Puplls in Years 3 and 4 have access to sufficienl Chromebooks for every member ol a c18ss whilst theyloarn how lo use them. In addlllon, thoro 4r$ Chromebook and ipad trolleys providing access to thi5 learning aid for every child from Nursery throu9h Its YeAr 2. Whilst securing ttnlry lo a chosen senior school wlll always remaln th8 prlorbty for &t8ff and Governors al Blshopsgale, the School w511 conllnue to slrSvo for much mDf8 than slrnply pi8paring ¢hlldrèn for examSnatlon5. Focusing on crammlng childron with the nece55ary knowle(tge lu pass lesls neglècts th8 dgvolopmenl ol Ihe skills. capacities and crealivily that chlldrgn at 815hopsgale aro going lo noed in later life. CHARITABLE OBJECTS The ¢harSlable oblecllve of the School is tha provislon of education f¢r children. The School providos Quality aducational S8Tvlces for day pupils, both boys and glrls. from the age of three and up to Ihg ago of Ihlrta8n yaars. Tho Governors, who are also Trustees. rf>gul&rly monkor the School's performanGe and consider il it ils oblecllveg. Tttg Governor's role Is voluntary and no Governor recglVg$ any rumun¢ration. The annu81 8UTplus Is not dislribulabla and is rginvostgd in the infr8slruclure of the School. ObJqcllv•$ for th• Y•ar The maln oblectlve has been lo dallver a School that Is oul$landlng in evgry aspect and fa¢el of School Ilfe. In furtheranc8 of that maln objecllve tho following actions will bo pursued In the financlal year.. Provldo an oulslanding 8ducation and ènvlronmenl whlch optimls88 the opportunbly lor pupils toloam. Dellver a 'Learning wllhoul Llmlls, glhoy throughout tha School. Communlcate even more $ffecllvely to parents wllh rggards lo pupil progress. Improv& communlcallon of all a¢ad8mlc matters and dpadllnes lo 1oach&rs. Bishopsgate School Limited TRUSTEES. ANNUAL REPORT for the year ended 31 August 2024 Croate an environfnent iri whlch pupi15 arè typlcally happy an(1 fulfilled, and arc parl tsl culluru ul opt>nriu&s with ro9drdb lo wollbeing, but which also foslers a realistlc approach towards a n681 to be reslllènl and ii)dèp&n(l*iil. BSshopsgole should %*eri by Intytsl IAPS ond mainlalnod schools a5 a eentre of excellgnce for Continuin9 Professional Developmant. Invest in lachnology that improvas thè aducdlion ol Ihv pupils. Invest in l¥chnoloyy Ih¥l faLilil8185 tho gonoral adrnlnlstration of Ihg school. especlally with regardg to comniunlcatlon. Devèlop a rounrted Human Rt)8ource$ function. supportinq not only reGrullment and induction, but also staff wellb8inq and stratagic workforc8 plannii)g. En5ur8 that th8 School is both compllanl willi Ho<h ?nd Siif¥ty L¥gi61¢ltion. and that ihe School is in cl $ITong poskion lo respond Sn a cris1S. Delivcr School evonts in a mannor that matches the School's ambllion lo be A leAding Preparatory Sehool. Provi(lu uutNt?nElii)g uduralional facilitigs which DPtimis8 the opportunity for pupils lo learn an(J whlch match the ambition of the leachSng slalf dnd Leadership Toam. Publle Bon•flt Tho Governnrb Lviillnue Iv Iriunilvr Ilitt devvlopmonl of bosl pracllce In this area. The Governors will continu8 trj monitor the Issug of publlc benefit and seuk opporlunili¥i> fvr th SrhnDI lo devèlop Iliis aspèct ol ils 8¢tivitiFJS And Ube ol r&sources. The Govtirnor5 have taken 8ccount of Charity Commission guidAIiLQ on providing Public Bènefil and are confldenl that the Sehool providtts hlgh quality oducali¢>n in line with its Chariiable Obl8cts"ves. The School CDntinu8s to provid8 59A1£287,,3431 of ils incom8 Iowrirdb Bursary asslslance lo support IhosH in finAnr.¢dl nood. and tho Board arB activoly reviewing th8 SUPPOrt provlded to ellgible par¥nls and quardians. 34 children were provided with a reducts'oii iii the eogl vl bGhvnl fèt)4 this year as a result of the School bursary sc.hf>in¥, Ihr*e vl which w8re full 1 OOOJO bursarigs nd soven ol whlLlI wer6 f(>r a r&iluLIi(In of 50Qh ur more. Th& He¥dma5t&r has worked with North Runnym•de p8rtn&rsliip, ¢1 gruL4P ol loGal malnlalnod srhools, looking èt how 8ishopsgJle trAn ¥upporl disddvantaood childron lo betlar accass educalinn. He is now looking at building a stronger and more meaningful ralAlionship willi a IOCAI Primary School for whom the School now provi(Jt>¥ a Gtsvvrrior. Opportunlty is also provSdod lo Clubs and organlsallons lo us& the facllStl8s Iclassrc)oms. wimining pool, sports hall, Outdoor Learnlng arei36 dilLI grL)uii(Jt•l vf tho Sohool froe of charge for a rdng¥ ol ailucdliundl dnd COaLhinu purpos¢S. The Stthool also continues to provide regular supporl lo many ¢:litirili¥5, with significant funds beino donated iri Ihe FiiitanciHI Yeor In Sl Ann's Heath Junior School I£SOI, Lymphoma Out Loud 1£11,0001, tho Wlndsor Homeless Project 1£1.6341, Egham Churth (£9501 and Iht) Hnijsohold Cavalry Museum1£50I. Bishopsgate School Limited TRUSTEES, ANNUAL REPORT for the year ended 31 August 2024 FINANCIAL REVIEW The SGhool's linanclal posillon Is very sound, N8t foo incom$ after bursari85 of £8,211.274 was the primary sourco of r8vBnuo Bomparftd to income ol £5,395.981 in 2023. This covered oporaling ¢0$15 of £6,159,871 which wore expended on teachlng 1£3.750.1Q61', w65far8 1£396,6731,' pr¢mi$8s 1£1,236,4241', administTalion costs 1£735.6131 an($ govvrnan¢8 1£41,0451. The surplus for the year has Ggnlribulad lo the buildlng ol GBsh r8serves, which 15 viewed a5 Smporlanl In current financial Glimate, 1345? 19 624fr Re8•rvo5 Pollcy The Board considpjrs that Iree reserve3 arnounllng lo A term'g Income (opproxlmalely £2,100,000) would be practicablo and Achlèvable In order to cover the risks and unGartainli85 ol operalli)g as an Independent educational 8slablishm8nt. Thi5 has bgon 4¢hiaved. Ttt8 pollcy Is contlnulng lo build up cash out of annual oporaling surpluses to fund the ne¢a888ry apilal expanditure to continug oquipping the School with th8 up-lo.dale facllllles needed lo maintain and. indeed, Improve on the standard of educatlonèl provl81on. Invejtment Pollcy Governors use a 5uilably qu8lilied Invgslmanl Manager whan sUff￿lent fund5 have been accruod in th8 School's bank accounts lo warrant a long-lerm 8pprua¢h lo Inve8linenl. The objoclivos ol the School's investment policy aro lo ensure the creation of sufficient Income and ¢apital growth to enable funds to be used for tho odu¢AlSon ol cfill¢Jren at Bishopsg8to. Governors will invest prudently and consarvallvely In a dlvorslfiAd r?ng8 of funds.. a low risk wlll be adopltsd In th8 manag8menl of the Fund'$ assets, with a portfolio mix agregd by Governors of the Flnance Commlttee, The School placecl thè 8i$hopsgale investments in rnedlum to long term CGLA Inv881ments and CCLA cash funds lo pruleil the value of Ils capllal and obtain 8 beller relum. The lunds performed soundly in the last year, and thè Board are Gonfidonl Ihal (t)e School can oxpect a positive rolurn on the money Invested ovcr th8 antlcipated lif81img of the investment. rh& valuallon of these Invosled ftAnd$, Including thDS8 in tho ¢8sh invastmant, as at 31 August 2024 was £2,576,610, compared to lh8 92,332,257 as al 31 Augusl 2023. Bishopsgate School Limited TRUSTEES. ANNUAL REPORT for the y&ar end8d 31 August 2024 P•nslon S¢hèm• and Salarl•s All loaching staff are aulo-enrolled onlo a Work Save Pen8inTI Schemo ruii by Avivd and 811 8llglble stall hAv¢ rorriuinod iri tho schemo. All eliglble nOn-te￿chin9 staff are auto-enrolled onlo a Vvork S¢ive Ponslon Scheme run by Legal & General and all ellglble staff have rema5ned In the sch8m8. Goveinurs review the pay and rèmuneration ol all staff on an annual basis, taking into 8CCOUlIt any decision¥ on Maliari41 Pay Awurdb, AS w¥ll d¥ rnany ulhor fciclors. Tho arrangomonts for the settlng of pay for the Hoad and Bursar is considered by Governors al the Main Board m8ttling in the Lent Term. STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity is a pompAny limilorl hy yuarAnl*i¥ govorn*rJ by ils Memorandum and Articl85 of A8soclalloii dalod 17 January 1997. The Company number is U3JU3687 and il Is registered as a cliiarily wth the Charlly Commlsslon. Charlly Number 1060511. Go¥ornors The Govemurs who sèrvod the (:hdrily ¢JiJring the period lo 31 August 2024 wore as follows.. S Banks B Breedon V Crasswell MD Fi%li()r A Harrison A Harvey DA Hend¥ryJon-Willl&mg Mariris C ma￿1011 D Mills C Robortson J Symons SM Wln8on R&signt>d ?.6 Jijly ?0?.4 Resigned 26 July 2024 Resigned 26 July 2U24 Cliair of Goverriors Board Sub Commltt•• Educatlon Commilt8 S Banks IClIAirl B Breedon A Harvey J Symons SM Winsun Flnanc• Commltte• V Cressw851 (Cliairl A Harrlgon C Marlas C Marrioll C Rol)8rtson Property Commltt•e MD Fi$hor DA Henderson-Wllliam$ Ichrtlrl D MSllf5 Bishopsgate School Limited TRUSTEES, ANNUAL REPORT for the year ended 31 August 2024 In accordance with the company's articles of a%sociation M Fisher rets'rod by rotatlon and, belng eligiblo, offorod himself for re￿APpOintMent at the Annual Gener81 Meellng. As v8rAnci&s occur, Iollowing thè retirement of tru&t86s, suliable potenlbal Irust8es are Identified, proposed and 816ctsd by the full board of trustegs. K•y manallfrmont P•r60nno1 HE)ddmaslgr Bursar Deputy Head Assislafil Hèad Iwellbeing) Mr P Thacker Mr C Carver MrJPym Mrs B Snowden-Brown R•gl$t¥rèd Offl¢a Bishop5gate Road Englafield Green Egham Surrey TW20 OYJ Auditors Moore Kingston Smith LLP 9 Appold Slrool London EC2A 2AP Bank•rs Barclays Bank 71 High Street Slaines-Upon-Thames TW18 4PS OrganlJatlon•l Stru¢tur• The organisallon compriyes 8 Board (Jl Gov8rnors,15gted on page 8, responslble for the ovgrall management and future dèvèlopment of tho School, whlch mg8ts thTg8 tlm8s a y8ar. Thr80 Commlttges, IEducatlon'. Propgrty.. and Flnancg) glv9 d¢laile¢ coi)sid&ration lo mallgrs under Ihelr control and report to the Bodr¢. Within Ihair powers, as laid down by the Bo4rd. the Headrnasler and Bursar manage thp day lo day running of the School. Th¢ Headmaster and the Bursar attend all BDard and Commitee meetings. R•crultmont •nd Tralnlng of Govtmorj New Gov8rnors are appoSnt9d by the Board on th? basis of r8¢ommendations from oth8r Govtyrnors and taking account of tho oxpBrienco and skills required. Thtr objecllve18 to engur8 that the Board has th* range of skills required to conduct Ils buslness in an effective and compelgnt manner. All Governor5 are mode aware from lime lo liine of IralnlnG opportunllie8, which in rec8nl months has Included Safeguarding Tralnlng and speGlflc Irolnlng to GoveTnor school visits. New Governors ar¥ glvan the opportunlly to $pencl Ilme with the Heddmasler and Bursar to 8nsure that they are woll brl8fed on their dutios and Iho i$suas faced by tho School, Gov•mor R•sponslbllltl•s The Govemor5 Iwho are also the directors of Blshop$gal8 School L5mited for th8 purposes of Campany lawl are responsible for preparlng the Trusleas Annual Report and the finan¢io1 8ia16m6nts In accordance wllh applicabl¢ law and regulatlon5, Bishopsgate School Limited TRUSTEES. ANNUAL REPORT for the yeai ended 31 Augu812024 Company law rttquir&% Iha Gov¥rnors lo proparo fSnancial statements for each fin8nc181 year. Under IhAI law the Gov8rnors have elected lo prèpare the flnanclal %tAlaint)nl$ In 8eenrrtsJne wilh Unilod Kingdom Gen8rally Ac¢epled Ac¢oiJiiliiig PrdcIic0 Iunilod Kingdom Acoounling Standards and ApplieahlB Idw). Under cornpany law th8 Gov8rnors must not approv8 th8 flnancial sla1cm￿ntS unless they are sa115fiod that they givo a true and fair view of tha slatg of fldlrs of the charlly and the Income aiid expfjndilure ol Ihtr chL4rlty for that poriod. In preparlng these flnancSal slatsrnenls, th& Governors ar6 requlred lo.. SgI¥Lt suilablo accounting pollclgs and then apply them conslslenlly., Observe the methods and prineipltts iri Ilie Churiliots SORP., Muke judgements and accounlng astlmatèg that Are réA$nnrtblti Aiid prurt*nl,' iirid Pr8par(> Ihv firidnLlal statgmenls on the golng concem basls unles8 11 Is Inappropr18t8 Ic) presume that thg charlty will continue in operatlon. The Governvrb tirv ie¥pun8iblo for keeping adequate accounting records that are sufficient lo sl)ow and oxplaln the charlty's Ir8nsactlons and disclose wSlh re49%0riable ￿￿QUraCY al 4ny lim¥ Iho financial poslllon ol 11)e charity And &ndhle Ihcm lo onsiiro that the flnanci81 $18lement$ comply with tho Coinpanlgs Ael 2006. Thoy aro also rcsponsible for safeguardlng the assets of Ilie charily and honcc for taking r8a50nablo st8ps for th8 pr8v8ntion and dèleclion of fraud and olhor irregularities. RISK MANAGEMENT The Governing Board is respoiibiblv lur Iho managomonl of the rSsks faced by the School. They have given considoratlon lo Ihg major r15ks to which thg charlty Is exposed and established sy%leiTIts 8s of pupil& Ih¢lt rosiills from it., loss of key staff and hlgh staff turnover", loss of significant numb8rs of pupils., employment Issues., Issues r&laling lo HeAllh, S8f6ly and the EnvironmBnt', Disaster Planning., Information T6chnology', Ca%h flnw riiid FindnLidl riskb, SncliidinEJ the Scliool's fee structure, borrowiii¢ J % dnd frdud.. and 8xlernal factors, including public percèpllon (tnd advor¥o publlcily. relalion8hips with parents, demographic considftrations, Gov8mmenl Pollcy and economlc con8ldèratlons. and c(Jmpllance will) reuulalitsns. Th8 kgy cor)Iroli¥ tr) manago risk Inclutte.. An annual ravi6w ol the signifitr￿[il bu¥liio¥s risks lacod by the School. Tarms of Reference for each Commlttee Irevl8ed when approprlatel- Formal agoi)das for all CommSllee and Board aclSvlty. Comprahènsive biidgel and managomonl accounllnll, An estoblighed organ1581ional structure and Ilnes of reporting. Clear finon¢ia5 aulhorisatlon and18vels. Vatting 8nd r&porting procedurus as roquirod by law for the protection of chlldren. Rogular revlew and testing of the main HeAllh And Safely risks. 10 Bishopsgate School Limited TRUSTEES. ANNUAL REPORT for the year ended 31 August 2024 Itlg iecognised th81 sysl6ms can only provlde rea50nabla, bul not ab501ulo, assuranc¢ that major rlsks have been adcqualely mana98d. Governor5 undorsiand Ihe challenge5 facing the Indop8ndenl Schools $8¢tor in a tim8 01 gconomi¢ and political uncertainty. Factors affecting th8 sector are conlinuoijsly revi¥wfid and considerod, but the E)verell airnls lo ensure tho1 the School ramains al the forefront of proparo10ry school education, whllsl adoplbng a fee slruclurg that is falr and compelilive. AUDITOR Moore Klngslon Smllh LLP ar9 doem8d ID bo rfrappoinled und?r 80clion 4117121 of the Companios Act 2006. Each of the persons who 1$ 8 Irustoe al lh¢ date of approval of this roporl conflms Ihat.. go far as eoch Iruslgo is aware. there Is no relevant audit information of which th cnarlty's audllor Is unaware.. and each Irusl80 has taken all steps that they ought to hav¥ token a9 8 trustee to make Ihomselves aware of any relevanl audit Informallon and to establish that the charlty's audilgr ￿S aware of that Information. Signèd by order of the Govornors C MarrS0tt Chairman of tha Board of Governors 25 November 2024 Bishopsgate School Limited INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BI8HOPSGATE SCHOOL LIMITED FOR THE YEAR ENDED 318T AUGUST 2024 Oplnlon Wt> have audlled the financial slalements ol BishDP8yiile Seliool Limiled I'lho company'l for the year ended 31 Augus12n24 which ¢omprisQ the St8loment of Financial Activlties. the Balance Sheet, the Cash Flow Slalomonl and notes lo the fi'nanclal s18lements, Includbng slgnlflcanl accounliriu yolleie8. Tlio financial r8porting frainework that ha8 beèn appli*d iri Iht)ir prcparolion is 8ppllcablo law and United Kingdom Accouriling Sldfidards, iricluding FRS 102 'Tho Financial Rèporting Standard Applicable In the UK .?nil Rcpiiblic of Ireland, (United Kingdom Generally AccapLèd Accaunliiiy Pra¢liLOI. In our oplnlon Ihty flnArtr.lal $talotYienls'. Ive a true and falr vlew of the Stale of the charllabla e()thpany's uffoirs us ¥t 31 August 2.024 and of It¥ Inrc)miiiu rA%oiirLQS and applicatlon of regour¢&s, Includlng 119 Sncome and oxp¢Jndituro, for the year then ended., l)dVO been properly prepared In accor(Janc8 wllh Unilo(l Kingdom Genorally AGcoplod Accounting Pra¢lie8' 411rt have boen proparod In accordance wlth the requlr8ment8 of tha Compan168 Act 2006. 8a$l8 for oplnlon We conducl6d our audlt Sn accordance wllh Intemallonal Standards on Audilliig IUKI IISAS IUKII and applicablo law. Our responslbllltles ui)dHr Iho%È sl<*ndArds aro further d05cribod In the Auditor's Responsibilities lor Ihv 4vdil of Ihc finanGial slalemenls secllon of our report. Wa are Ind6pènd8nl of the cliArilAI)IFJ ￿MpanY in accordanc8 with the 8thic31 roquirèmanls Ilial ar¥ r*Jl¥vant l(> oiir audit rjf the financial statements in the UK, including the FRC'8 Etliical Sldr1dard￿ li nd we havo fiJlli11gd our other olhical re8ponsibililie% iri a¢cordAnc¥ with Ih¢¥o rcquiremcn15, We believe that the audit evidence we hav8 obtalneé is sufficient and approprlalo lo provlde B bas13 for our oplnlon. Con¢luslons rèlatlng to golng concorn In L4udiling tho financial stalgments, wo havg concludéd Ilial Iliv tru￿te¢S. Usg of Ihg going concern ba515 of accounting In the prepar81ion of Iht) f¥nunrial slulejmonts aPPfopriat8. Baseé on tho work we have performed, we have not Idenllfled any materiAI Iiri¢prtAirilie$ rcl81ing lo vont5 or condI￿oI)S that, Indlvldually or (:olleelively, MAY ctitst slgnificant doubt on thè charllable company's abilily lo corilinuo ir S d goinq concorn for a pertod of al least ￿e1ve months from when tha fi'no11¢ial slalement5 are authoris8d for issue. Our respon51blllll¢35 and tho ro3pon$ibililies of the Iruslee8 with respect lo golng concern are doscribgd In Iht) r&levtinl sèctions of thi8 report. Othor Informatlon The olhor infomiation comprises the informalioii includvd in Ilie drinual roport, olhor than the financial statements and our 8udilDr's report Ihereon. The Iruslees are responsible for 11)e other iFili>rmAlion conliJin*id within the annual report. Our opinion on the finaneiHI $14loin¢rits ¢Joe3 nul cover tho other Informallon and, èxcapl Its Ili(t (>xt4nl olhorwlse explSchly stated In our report. we do not express any form D13SSLJrai)w cniiclusSDn Ihoroon. Our responsibility is to read tha othftr infDrmalion and, In d(Ang 50. consldor whalh8r the othgr Inlormalion is Fndlorially inconsislonl with Ihc financial statements or our knowledge obtairif4d in Iha coiirb¢ l)1 Ihc audit or otherwise appears lo be materially misslaled. 11 we identify such malorial Inconslslencies or aPPArtrnl In¥lerial misslalemenls. we aro roquired to determine whether there is a malerl81 mls.4lalemont In the financial slalemenls Ihem88lves. If, basèd on the work have porfnrmed, wk uo)nrludc that there is a Inal&rial misslal8inanl of this othar iriforrriAlion, wo are roqulred to roport that fact. 12 Bishopsgate School Limited INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BISHOPSGATE SCHOOL LIMITED FOR THE YEAR ENDED 31vf AUGUST 2024 We have nothing lo r8port in this regord. Oplnlons on othof mattèri pr•acrlbod by th• Companlos Act 2008 In our opinlon, ba$ed on the work undertakgn In tho coursg of the audll., the Snlormallon glven In th9 trust88s' annual report for tha financlal year for whlch the financ181 61818menls are prèpared is CDnsislent with the financial stalemenls., 8nd trust995' annual report have boan prepared in accordance with applicable legal requlrements. Mitt•rs on whlch w• are roqulr•d to report by •x¢•ptlon In the light ol the knowledge and understanding or (he company and Its gnvlrDnm¥nl obtained in th¥ course OT Ilie audit, we hav8 not Id&ntlfled materlal mi551918ments in ihg truslee5' annual report. We hav8 nothing to raport in respoct of tho following matters where the Companies Act 2006 requlrès U5 to roporl lo you if, in our opinion.. odequale accounting records hove not been kept, or rèlurng adequate for our audll have not been received from branche$ not vlsiled by us., or Ihc financial 51alomenL8 are not in 8gTeemenl wSlh thts accounting r6cords and rotumB', or certain disciosures ol Irusl¢es' remuneratlon specified by law are not mad8', or we hav& not received all the information and explanations we requiro for ()ur 8udll. ReJpon$lbllltlg8 of tru•tèoA As axplaln8d morg lully in tha iru5t895' r85ponsiblliti88 stalamonl sel out on page 11. the trustees (who ar8 also lh8 dirÈclors of th8 charitable company for the purpcise8 of company18wI art) r08ponslble for tha pieparation of the linanr.ial slalemenls and for belng s8li8figd Ihol thèy glve a true and fabr vlew, and for such internal control as the ITuslee$ delermbne Is n&ces8ary to enable the preparatlon of ftnaiiclal ytatements that are free from malèrlal rnlsgtalement, whelh8r du8 lo fraud or grror. In pr8parlng the flnancial 5talomgnls. the trustèas are responsible for assessin9 the charitable cornpany's abllity to continue as a going coneern, disclosing, as applicable, mallers related lo golng Concern and using the going concern basis of accounting unless the trustees ellher Intend lo liquidate the charitab￿e company or lo cea$e oporalions. or h8v& no reallslc allernallvg bul ILI do so. Audltorfj ReJponJlbllltlfj# for th• audlt of th• flnanG141 •t•t•m•nts Our objectives are lo oblaln r8asDnabl8 assurance about whether the financlal slal&ments as a whole arfj fro8 from material misstalemanl, whether due lo fraud or error. and lo lysue an auditor's report that includes our opinion. Reasonable assurance Is 8 hlgh level of assurttnc¥, bul Is not a guarantee that an audit Londucled in accordance with ISAS (UK) will 85ways delecl a rnalerlal mlsbtal¥m8nl wli8n it exists. M18stslemenl$ can arise from Ir8ud or èrror and are consbdorgd malallal il, individually ur in aggr&gatg, Ih&y could reasonably be expected lo Influence the 8conornic decisions ol users taken on the basis of these fin8nclal slalemonts. As part ol an audit in accordance with ISAS IUKI we exefcisa prr>lrt$$lonal ludgemenl and malnlaln prolos3ionNI scepllclsm throughout the audlt. W6 Élso: Identify and as8e53 thts risks ol InAterlal mlsstalemenl of tho llnsn¢lal stslemgnts, whother due lo fraud tsr èrror, daslgn and porform 8udS1 procedurgs T8sponslve lo thos8 risks, and obtain aud51 evldence tho1 Is sufflclenl and appropriate lo provide a basis foT our opinion, The risk of not delgGtlng a rnalerlal mi$sts19m9nl resulting frorn fraud Is higher than for one rgsult+ng from 13 Bishopsgate School Limited INOEPENDENT AUDITOR'S REPORT TO THE MEM8ERS OF BISHOPSGATE SCHOOL LIMITED FOR THE YEAR ENDED 318T AUGUST 2024 $rror, d5 fraud may Involvo collusion, forgory, Intontion￿l omlsglons. mlsrepresenlallons, or tho ovthrri(lo of intornal control. Obtain dn unilur51dndiiiy ol inlorni?I c()rilrol rclovanl lo the audit in ordcr to d8sun audit pri￿odur0s that are appropriate in the CiTCLimslances, bul not for the purposes cif expresslng an opinion on the effectiveness of the charitable company's inlernul r.rJnlrc)l. EvulLigile the appropriateness Of accountin9 policiey used and the reasonableness of acGDunllng 8sllmat88 and related dl8closure9 made by th6 trust8ts$. Conclude on the approprioloness of the tru8loes' u98 of the qolng concern bag19 of accounting and, based on the audlt evld8nca oblalngd, whether a mal8rlal unc8rtalnly exlslq relatèd lo vents or conditions that may cast significant doubt on tho trliaril¢ib14 Gonipany's ability la continuo a5 a golnq concorn. If wg conclude that a rnatorial uncortainty exists, wo aro r8quir8d to draw attention in our auditor's report lo the rèlated disclosures In the finaiiclal slAt¥m(Jiils tsr, If guch disrltssur¥s gr¥ ir141dequale, lo m()dify ()ur vpiriion. Our conclu5ion8 are basod on the audit evldonco oblainod up lo the dale of our audiloT'Y report. However, future events or rondilions may cause the Ghailtable company lo ceas8 lo conllnuè as a going concèrn. Evaluate Ilie ovpr*ll presentation. slruGliJre and ronlenl of th8 flnanclal slalomonts, Includlng Ihts disclosures, and whathor th8 financial slat@menis rgpresenltha undgrlying transactions and ovents in a manner that achievas lair presentation. W& enmmiinicatè with those charged with goveriiance regarding, among other matters, the planned scopo and Ilming of the audlt and slgnlflcant audll Ili)dlngs. It)cludlng any significaril dtr)ficifii)clfits In intgrnal contro1 that wo idviilily during vur 4udil. Explanatlon as to what •xl#nl the oudlt w41 ¢on$ld•r•d capable of detectlng Irr•gularit50S, Including frgud Irragularities, Inclu(Jing Iraiid, arg in4lancos nf nnll.cnmplianco wllh laws and rogulallons. We deslgn prDcedLJras iri lino wilh our rospon5ibilitlC5, oullinod above, to dotgct materlal m15Stataments In respoct of irrpgulxriliRs, including fraud. The 9xtsnt lo which our procedur9s arg capablè of d8lecting irregularitie5, including fraud 18 delail8d below. Tho obj0¢Iivos of our audll In respeel of fraud, ar8.. to IdenlW and AS.8&ss tho r19ks of mt)lerl&l mlsstalement of Ili¥ r￿n￿ncIal s1(Ilumt)nli> due lo Iruu(J', lo obl4in sufficlonl appropriate audlt evidence ragarding tl)8 ribk6 c)f mali)rial mi¥blflt¥monl duo lo fraud, through deslgnlng and implenivnling appropriato rgsponse5 to those a5s8ssed Tisks,. and to respond appropriatèly lo Insl,qn¢o8 of fraud or suspected fraud idenlitied duriTIg Ihe audil. However, Ilitt primary rc5pon5ibility for the prevention Fjrid dolccliDn of fraLid Tests with both managernenl and those charged with governance of Iho c.h4rlloble company. Our approacli w4¥ as follows.. W8 obtained an undt)rslaiidlng ol th8 legal and r¥giJl lo the company'5 members Ihoso mallars w& ara requlred 10 51alo lo Ih&m in an auditor's reporl and for no olhar purpose. To Ime fullest exlenl permllted by law, wg do not accept ¢r ossume responsibility to any party othvr than Ihe charitable company and ¢hdrilable company's Members as a body, for our audll work, for this report, or fcr Ilie opinions we have formed, tLroto l LLf Jonathan Aikens (Senior Slatulory Audilorl for and on behalf of Moore Kingston Smith LLP. Statutory Audllor 9 Appold Str881 London EC2A 2AP 3 December 2024 Bishopsgate School Limited STATEMENT OF FINANCIAL ACTIVITIES (Includlng tho Income and expendlture statemènl) for th ear ended 31 Au usl 2024 Unre¥lrieted IuTid8 Total 2024 Totol Nolgs INCOME FROM.. Chailtablts Aetlvltlol Scliwl leeb Otlio>r rsducatlnnal Incom8 othèr Ineomo Other trdding Sn¢ome InvBstmontB Inv8blrn¥TIL Incomo Voluntsry %ourc?¥J Grant5 and donations 6,211,274 193,535 6,211,274 193,S35 5,395,981 211,602 170,602 170,602 160,105 70,080 70,080 31,682 915 915 114,540 Total In¢om9 and •ndowmont$ 6 646,406 6 646,406 5,913,910 EXPENDITURE QN.. Cost$ ol ralslng funds Intere51 and ollier colts 30,633 30,033 36,999 Charltabl• actlvltl•4 Education 6,159,871 6,159,871 5,426.312 Totol •xp•ndlture 6,190.504 6,190.504 .?,46.2.311 Net op•ratlng Ineomolloxp•nditur•l 45fj,902 455.902 450,599 Not galrs on Invegtmanls 14 ?.04 199 204,199 N•t Incom•ll•xp•ndltur•l 6ll,1V1 660.101 479,510 Transfor belwe&n lurid N•t mov•rnont In funds 660,101 660.101 479,510 Fund balanc86 brought forward 10,382,403 1Q,3J2,403 9,90? 893 Fund bdl¥iiL115 Carried forward 19, 20 11,042,5U4 11,042 504 10,382,403 Thg stat8ménl ol firidnrlal acllvllles Incliide8 all galns and loss6s ift Ilie ypor And th¢)roforo 8 $ts1?TTTront of lo181 ruco9ni5od galng and losses hab nut b8en pr&pared. All funds In 2023 8nd 2024 wero (Inroslricted. Ail of the above amourils rolale lo contlnuing activities. The accompanying nolus form part ol thoBg linanclal statem8nts. 18 Bishopsgate School Limited BALANCE SHEET a8at31Au ust 2024 Notes 2024 2023 FIXED ASSETS Tan9ible assets Intanglble assets Investments 12 13 14 9,316,371 1S,780 2,023.202 9,556,887 16.807 1819.C103 11,355.353 11,392,697 CURRENT A88ET8 Dgblor5 Cash at b8nk and In hand 15 207.840 3,374.472 163.003 1 135063 3,582,312 1.298,oe8 CREDITORS.. Amounts falllng due within ort8 yèar 16 12.669,3131 1852.4661 NET CURRENT ASSETS 922 999 445,600 TOTAL ASSETS LESS CURRENT LIABILITIES 12,278,352 11,838,297 CREDITORS: Amounts lalllng duo after mor6 than one year 17 11,23S,8481 11,455,894) NET ASSETS 11042504 10,382 403 FUNDS Unfeslrfcl&d funds 19 11,042.504 10,382,403 11.042.604 10,382,403 Approved and auihorlBed for Sssue by thè Board of Govgrnors on . Ihelr behalf by.. and slgnfjd on C Marriott Chairman of the Board of Govornors The accompanying nolcs fvrrn part tsf these flnanclal statement8. Company Numbor.. 03303687 17 Bishopsgate School Limited CASHFLOW STATEMENT for thè ear ended 31 Au ust 2024 CASH FLOW STATEMENT Notos 2024 2023 Nel r.ash Inflow from oporaling ¢iGUvllies 23 2,816.061 1,069,563 Cash Ilow$ from inveslino aclivilies.. Bonk Interest re¢8lv6d Interest pald Paymonts to acquir*> flxod assots Payments to acquirtt inv051mpnls 70,080 130.6331 1353.616 31,682 136,9991 lfji2.8391 lJOQ.0001 12,13 14 Not cash outflow frorn Invgstlng actlvlllps 314 169 FlnanciTTrQ'. Loans rgpald 1262,4831 1259,8481 Nel ¢Ll8h outflow from linanclng acllvllle8 262 483 259 648 Increaselldetrrfta3el in cash 2,239,409 1248,4511 Cash and cash aquival¥rils 141 Ill beginning of the reporting p¥riud 1,135,063 1,383,51d Cash and cash oquivalènts at tho end of tho reporting poriod 3,374,472 1,135,062 Cash h•ld at year ènd Cash 3.374.472 1,135,063 3.374.472 1,iJr?,06.1 18 Bishopsgate School Limited ACCOUNTING POLICIES for the ear endad 31 Au ust 2024 1 ACCOUNTING POLICIES Bishopsgate School Lirnitod is R cornpBny lirnit•d by yuarantee with Tegistsred numbtsr 03303687, In¢orporal8d and dorniciled in EnglJnd und Wales. Ils reglglered office iy BiJhop$g8te SLhool Englefleld Gfeen, Egham, Surrey. TW20 OYJ 1.1 BASIS OF PREPARATION The flnttnci¥l statemen18 have beon prepgrod In gccordanLe wlltt th8 Flnan¢lal RopDrting Standard applicabl6 in the UK and Republlc ol Irelond IFRS 1021. The Charitable Company is a publiL ben6fit gntity for tha purposes of FRS 102 And Ih8reforé) Itrio Charlly also prgparod its flnancial tstat•monts in accordance with the Slalemenl ol Recommend6d Practlce appllcabl8 to charllles prBpafii)9 Ihoir account6 in accordance with tho Flnuricial R¥portlng Standard appllcable in the UK and Rèpublic of Irgland (The FRS 102 Charitles SORPI, the Cornpanles Act 2QQfj and the Charllies Acl 2011. The financial statements are prèparèd in sterling, which is the functional currèncy of tho ¢harity. Monolary amounts in thesB financial slalemenls are rounded to th# nearest pound. These ftnanclal slalen)en15 are pr9parg11 on the going ¢onc8rn basis, undor th• hi51orlLal cost convention as modlfl8d by tha r•valiJRllon of Inveslmonts and in accordanco with th8 Cornpanies Act 200R 8nd applicable a¢¢ounllng standards In thè Unitad Kingdom. Tho principal accounting policies, which have been applitsd ronsl8t8nlly throughout tho y8ar, are s•t OLIt below. 1.2 GOING CONCERN Tho Governors lTrav8 ass8SS8d whothor tho uso of the going concern basi3 is appropriate and hav6 considered posslbl8 8vent5 or conditinns that m5ght Last significant doubl on Ihp ability ol the chaflty lo contlnue os tr ooino concern. The govornors hav6 made Ihis assessinenl for a period ol at least one year from the dole of approval ol thES flnanclal ytatf>ments. In particular the govornnrs have ctsnsldered the loreca$ts and prola¢llon8 and have ken account of pre8suro3 nn fre income, T8x and con51derert tho Impact ol èxlèmaS laclors. After maklno enquiri98 the govornors have concluded that there Is a roa8onaL¥lt> èKpeclaiiDn tnat Ihg charity has ad¥qu8te r¢¥aurcBs to conllnue In operational oxi3lonce for the lor6se&able future. Tho occo¢Jnt¥ are Iherelorg prepare on the goSng concern bM%is. 1.3 COMPANY LIMITED BY GUARANTEE Tho cumpany is limited by guarantee, the ou8ranior8 al thè prèsent Ilmg being Ili¥ Govomor$, to th$ gxlont of £1 each. 1.4 FEES RECEIVABLE AND SIMILAR INCOME All Inconiv Is recognls8d onco the company has ¥nllll6m&nt lo the Incomo, It Is prob8blo that th8 income wlll bo recelved 8nd the amount ol Incom8 r8celvabl8 can be rneasured relitibly Intarest on funds held on deposit I Included when r8ceivable and the amount can be measured raliably by the company; this Is norrnally upon noilflcalion of the Interest pald or payable by tha Bank. Incomo from govemmenl or othèr grants 18 recognlsèd whan the Gharlty ha$ entlt19FTTr&nt tc* th8 funds, any ptrrftsrmance condlllonB 8tt8rhod to the Grant have been mel,11 Is pmbabl8 ihè Incom8 wlll be received and the amount can b? roliobly meo8urad. 1.S DONATIONS Donatlgns r8cgived lor tha g&n8ral purposes ol the school are included as unreslrlcted fundg. Donations reslriclèd by tha wlshos ol th8 donor Dr tha terms of an appeal arn taken lo restricted fvnd8. Glfls In klnd arts Includod In Incomo and Ihtr correspoiiding asset included In fixed a35et addllion$ or ehargad aaalnsl Ihè statemont of financial activiti&s as approprialo. 19 Bishopsgate School Limited ACCOUNTING POLICIES for the ear ended 31 Au ust 2U24 1.6 EXPENDITURE Ex)éiidiluw Is Allocated to eMpen8è headlnGs, which aygregale all co%ls relallng Iri thr ralegnry oilhcr on a dlrecl cost basis, tsr apportioned according to Ilme spent. The Irrecoveruble eleinenl ol VAT is ilicluded with tho Ilom ol expense to wh5rh it rollltos. All costs associated with tho provision of oducalion are allocated to Charitable Exp6nditurè. Orily Iliu Lus1 dirertly associalecj with, or incurrDd in, Railing FiJnd% are ullocaled lo this category. for example, the eosts of kltchon and dorrie81iL slttll wlio artt vinpluyed un M ¥hart torm b￿181s during the school holidays are allocated lo Iha C•081 of Rai51nu Funds whereas the costs ol Ilie perrnunenl St￿11 aru dlloL¥Jtud to C.hnrilablo Expendllure becaus0 thoy woijld havo t() br> pAid in any event, Likewse, oiily premises costs that are incurred bé)cau8e of. or to 8upporl, the lellinu aclivili68 aru alltsLttted tu the Cn¥ts of Rai3ing Funds, Govornance ¢0gts compri%c tho co8ts nf running the Tru31, Including strategic plaiinlng for its future d#valopment, oxleinal audll, &kiid oll ulher cu8ts of Lomplyiiig ￿ttt con?titulionDI and 31alulory requiremenly. 1.7 FUND ACCOUNTING l fvndb #ro ijnreslrlcled funds,. whleh are avallable for us8 &1 Ihe dilcrotion of Ihts tru.11￿05 in fvrtherance ol the oeneral oblècllv(Js of the c.h4rlty. 1.8 FIXF.I) ASSETS AND DEPRECIA-I'IONIAMORTISA I'ION All fixtsd ns8olg are uJed in dlrect furtherance of the .*rhool'.g obloclivEt3. Fixod a68gls are included in these fln8nclal &latomenl$ al their ortglnal cost le35 depreclauon arid aLcumulalttd impairmfint ID850s pr()vidod to dalo. As88t$ tl)al LusI1086 than £1,000 are not c8pllallsed and ale wrlllen off in the ￿llr of purr.hA80. Doprftrialion and arnorlisation Is provided on all tringibla fixod assgts, other than fro8hr)Id land, al ratos calculated lo writ8 off the costs loss 6slimal6d residual valua uf ¥aLh as&el, by @qulr l Einnual inst4lmont5, over their expected useful live5 which are cnnsidgr8d lo be.. Loasèhold prtsp*>rty 20 . 99 ya8rs Leasshold classruorn$ 33 y¥4rs Plant & equipmant 4 yts¥rs ioftW8re 5 yeyrs 1.9 PENSIONS Th8 Schnol contrlbulos lu ari duio-ttnrtslmanl Wurk SAVQ PfJn&lrJn chorne riin by Avlva lor 811 eliolble lea¢nlnq staff. This IS a deflnod GontrSbutlon gGh9me atyl th8 S¢hool'$ Ilablllty16 f¥blrleied to the amounl ol conlrlbuUnn8 mAdo. Tho School also eontribulos to an auto-onrolrnont Work Save Penslon Sclieme run by Legal & Geriernl lur all eligiblft non-tBaching 51alf. Thi& 18 a defined conlrlbullon Nchomo and thg School'$11gblllly Is reslrfcled lo the ainounl ol conlr1hiJtions mado. 1.10 LEASES R•ntals P8ld under oparoting leasoB ar8 chorgad tt) the Statement ol Flnmnclal Acllvllles ev8iily over the p6rlod of Ih818ase. The benefit uf uny le888 incentives are ypread over the expected lerrTi ol &ach l&ase. 20 Bishopsgate School Limited ACCOUNTING POLICIES for tho ear ended 31 ALJ ust 2024 1.11 INVESTMkNTS Investments aro valued in the balanc& shevl al Ihelr mid-markel value at the balancè sh6&1 dale. Investiiiénl manjgernent Lustg are accounted for as incidental c0813 of tho 8CqUls11ion or dbsposal whore transacllon- based, while inve8lmenl income m8rTr8gomgllt co$ts are charged as èxpèndiiure out of tha rel¥vant Incorre funds, Gains and Io¥BOS are $hown in tha st¥temènt ol nnanclal acllvltlo8. 1.11 CASH AND CASH EQUIVALENTS Cash and rash equivalents include cash In hand, depos115 hold at call Wilh banks. other short-term Ilquld inve5tmenls with orlginal malurilic3 of 1UO day8 or Ipss. 1.13 FINANCIAL INSTRUMENTS The company ha5 elgcted lo apply tho provisions tsf Seelloll 11 'Baslc Flnanclal In8lruin8nis' and $8cllon 12 'OlheT Finanriol Instrumenls Issues, of FRS 102 to 811 of ils fln8n¢lal Inslrumenls. Flnanclal Inslrumont$ ara r#cognised in the company's balance sheet when Ihg rr>mpHny b6coin66 party to Ihg contractual provislons ol Ihe instrument. Fin8n¢lal 8.%s018 and Illlbllltles are olfsel, wllh the nat amovnts pro$8nt¥d in tha financlal slalemenls, when thor(* Is a logally enlorceabla rlghl lo s81 off the rocognSsod amounls and there is an intanlion 10 Sottla on o nel basls or to reallse the asset and settle Ih815obllity sirnultsnèously. With Ihft gXCBplions ol prepaymènts and deferred incom8 all Dlher deblor and creditor balan¢&$ wre con$Sdered lo be basic financial inslrLiment5 under FRS 102, See nole5 15, 16 and 17 for the debtar and crèdiior no￿$. 1.14 TAXATION Tha company 15 a registerod chFJrity and15 exempl Irom tax8tlon as afforded by Section 505 ICTA 1988. 1,15 EMPLOYEE BENEFITS Th6 costs of short-18rrn employee benefits are recognlsed ag a Ilablllty and an axpensè. 2 KEY ESTIMATES & JUDGEMEN'rs In the applleallon of the company's aG¢ountlng policles, tha board Is raouirod to mako judgèments, estimates and assumplSons about the c8rrylrig dmount of assats and IlabllitSoS that are not raadily apparent frorn other $oiJrcos. Tho esllm818s and associatad a55umptlons are based un historical experience and Dlher lactDrs that r8 con$lder8d fo b8 relevant, Actual rosulls MAY dlllèr from these eslimale5. The eslimales and undedying 988umplion$ are revièwed on an on-oolng ba$ls. Rvvisions to accounting e51imal83 8re rvcogn15ed in thtt perlod In whlch the estlmale Is rovl88d. 11 th¢> rov161on affects only that perlod, or in the p￿rIOd èf thè revlslon and future porfods If the r8vision affeLls both current and future p¥riods. In thg opinion of thg board Df gDvgTnors, tht Bslirnales and assumption8 which havts a si9nlflcanl rlJk ol causing a matorial adjustrnent ttr the curryimy amount ol asset8 and liabilities bre outlined below. Crltlcal ludg•m•nts Usoful ftconomiG lives The 8nnual d&prBciatlon chargo for prapprty, plant and equipment is sensitive to clianges in the esllmttted usalul economic liv85 and rEt5idual values ol the assets. The usefvl economic Ilve8 and re3ldu81 volue8 are T a5s•ssed annuully. Th6y are amended when ner.eJspry to rBflecl current e81Sffl&t98, based on techiiologl¢al advaiie8ment. futur8 investmen15, ocDnornic ullisatlon and the physical conditlon of the ass&ls. See note 12 Itsr the carrying amount ol the property, plant and equipment and note 1.08 for the u8eful e¢onoml¢ IIvè8 for each class ol asset. ReGoverablo valuo ol loo d8btor$ Thè company makos an e511mat? of th& racoverable valug of trade and othor debtor5. When assessing Impairmonl of trado and othgr dabtOnD, manag8rn8nl considgrs factors iiicluding the curronl Credit ratiny of the dgblor, th¥ ag¥iiig profilè of d8btors and historlcal axperlanc¥. Saa note 15 for the not carrying amouril of th debtvrs and assoclatod Impairment pruvlsion. 21 Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au u.gt 2024 J FEE INCOME The School's acts'vitios aTe cardcd out wilhln tho UK. Tho school'g fee Income eomi)rised'. 2024 202.3 Gros6 tO*g Less.. Discount4, scholarship5 and bursarl&$ 6.498,617 1287,3431 4, 132,102 1336,7211 6,211.274 5,395.981 4 OTHER EDUCATIONAL INCOME 2024 2023 Extras antl disbursrtmenls Registration fees Otlier incom 129,223 13.600 50,712 116,328 15,000 80,274 193.S35 211.bU2 5 OTHER TRAOING INCOME 2024 2023 Ronl and lettlngs Othor income 92.024 78,578 AS.389 74,716 170,602 160,1U5 6 INVESTMENT INCOME 2024 Intèrest r8relvod 70,080 31.682 70,080 31,B82 7 DONATIONS AND GRANTS 2024 Donatlon5 and giftg 915 114,540 915 114.540 22 Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for th8 ear ended 31 Au ust 2024 EXPENOITURE lal Coxti ol Ralilng Fund• Slafl costs Inole 91 Depreciationl Other Amorti.5otion Total 2024 Lttan inl•rnst 30,633 30,633 Total Costg of Ral•lng Funda Charltabl• •xpondltur• 30 633 Staff costs Inole 91 Totol 2024 Other Depreciation TBaching Wallare Promises and Estoles Administration Govérnancè 3,242,902 507,204 396,673 608,659 300,673 18,406 3.750,106 396,673 1,236,434 735,613 41,045 131,675 335,881 22,639 496,100 99,059 Totsl Charltabl• Expendlture 3.733,097 1,831,615 595,159 6 159 871 3,733,097 1,662,246 595 159 6 190 504 Co•t• of Rjlslng Fundi si811 costs Inotg 91 Doproclatlonl Oihar Amort18allon Ttstal 2023 Loan Intsrost Totsl Costs of Ral8lng Fund8 ChJritabl• •xpendStur• Staff costs Inota 91 Total 2023 Other D9preclallon Te0ching Welfare Promi69s ond Estal88 Administrallon Govemancg 2,902,2S2 294,052 333,637 482,747 J59,983 19,756 3,196,304 313,637 1,046,530 821,739 26.102 124,796 329,313 6,346 438,987 132,443 To141 Charltablo Expendlture 3.364,707 1,490,17 571,430 5 426,312 3,364,707 1,527,174 571430 5,463,311 Ibl Olhor Govomanco Costs Includ•'. 2024 2023 Audllors, r8mun8ratlon Audlt Fges Accountancy Fees 14.516 3,890 18,135 3,540 23 Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2024 2024 2023 Icl Admlnlstratlon Costs S818rie Nallonnl Insur4nce Paiisiun Cr)$ts Sul)scription5 Staff travel Oporallng Leases IT siipport Postriga and slatloiiery Tolophones Marketing and adv¥rtiJing Bad debts Doprgclatlon l.egal and Profè&slnno1 Other Admiiiislration Gosis 281,066 28.047 26.768 22.620 29,210 16,741 128,887 15,052 10.588 11,922 11.1001 99,059 55.573 17,584 273,4fj1 28.230 27,622 14,413 2.fj,274 10,904 149,519 32,69.f S3,7U2 132,44.? 33,090 18,057 735,e13 821,739 9 STAFF COSTS 2024 2023 Wagc5 an(1 gal8rle8 Redundanry and sellleiiiEnt cosls Soclal security Lo819 Other pnngion costs other staff eusls 2,966.739 92,414 298,775 371,245 3,924 2,1.81,2Jl 273,817 350,330 9,303 3 733 097 3 364 707 Thts OVQfFJge monthly nurriber ol ernplr>yees dLJring Iho yoar was as follows.. 2024 2023 T8dchlng Premlses Siipport 76 74 90 88 The numher of employoes whosè 8mlumgnts arnounted lo ovor £60.000 in the year was as lollows. 2024 No. 2023 No. £60,000- £70,000 £70,001- £80,000 £80,001- £90,OOU £90.001 £100,rJu £100,001- £.110,00 £110,001- S_120,000 Kay managornent Por8onnel IncluLl8 thè GovÈnors Ihv sttnlor ftxecullvr$ which 8ro rN8de up of the heads, tho bursar and Ilie dopuly hoad. 'lTro lolal pay and beneflls recelvèd by ko>y manAg*ment i)ar3nnnol wero £321,Q9J l?U2J.' P224,2981. 24 Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for th8 ear onded 31 Au ust 2024 10 GOVERNORS REMUNERATION AND BENEFITS There were no Governors. remuneiotion for Ihe ytar endett 31 Augu612023, nor for the ygar gnd8d 31 August 2024. GovornoryJ recaived ben¥flls durlng tha year of Lnll12U23.' £nill. One12023.' One) Governor was rglmbur58d oxpendliurg dur1ng thè yaar loialling £4312023.. £1991. 11 NET INCOME FOR THEYEAR 2024 2023 Not Incorno 1% slitBd after charging.. De>preclalion Of tangible fixed asse18 Amortisalion ol intangible fixed as5tsts Loan Inlorost Operating leose rentals- other 587,748 7.411 3Q.633 57,678 571,430 8,671 36,999 51,805 Audltor's remungr8llon Audll $orvlces for the school Ntsn-audll seNIc&s 14,516 3,890 16,135 3,540 12 TANGIBLE FIXED ASSETS Plant Leasehold Proporty L8a86hold Equipment Cl88groomB Totol Co¥l.. Al 1 Seplemtrjer 2023 Additions 10.001,269 315,119 1.499,618 32,113 4,320,346 15,621,233 347,232 At 31 Augu512024 10,316,388 1 531,731 4.820,346 16,188,485 Depreriotion.. Al 1 Septembèr 2023 Ch9rgo for yaar 2,639,982 349,021 1,332,307 91,649 2,292,057 147,078 6,264,346 587,748 Al 31 August 2024 2,989,aO3 1423,956 2,439,135 6.852,094 Net book valuo: Al 31 Augu512024 7,327,385 107,775 1.881.211 9,316,371 Al 1 Seplembor 2023 7 381 287 167311 2.02S 289 9 556 887 25 Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS ftjr the 8ar ended 31 Au ust 2024 13 INTANGIBLE FIXEDASSETS Wobsito Stsftwaro Total Cvsl.. At 1 SepleFnber 2023 Addlllony 76,015 6,384 6,384 Al J1 August 2024 82,399 Am?￿satIon.. At 1 S6ptembèr 2028 Charge for year 59.20B 7,411 59,208 7,411 Al 31 Auqust 2024 15fi.619 68,619 Net book value,. At 31 Aullust 2024 15,780 15,780 Al 1 Seplembtsr 2023 14 FIXED ASSET INVESTMENTS Listod Inve5trnent5 2024 2U23 CLry%tlvHluotion Al 1 Saptambèr 2023 Additions Dispo8a58 Gainslll.osse$l aflslng Itom mov¥m¥nlb in v81usatiLins 1,819,003 1,819,003 1.29Q.092 500,000 204,199 204,199 28,911 Crfy&Uvaluallon At 31 August 2024 Matorlal Investmonts COIF Charrties Inveslmont 2,023,202 2.023,202 1,819,003 2,02.8,202 2.023 202 I,Y19,L)U.I HlstodGal cost 55Q,775 550,775 550,775 26 Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the ear 6nded 31 Au ust 2024 15 DEBTORS 2024 2023 Fa$s and extr8S Le55 provision for doubtful debts Olhgr dubturs Prepaymgnts And a¢cru8(J income 93,743 125,0001 23,839 115,256 73.403 12S,0001 21.086 93.514 16 CREDITORS Amounts Iolllng dut wllhln one year.. 2024 2023 Loan8 Trade credllors Taxollon and soclal sa¢urily Costs Fee D•po$its F88s in advancg Other ¢radilor8 Accruals Lèase IncentSvg 265,388 277,479 89,808 55,500 1,892,782 4,745 63,450 10,163 276,468 116,127 66,240 55,000 2YO,220 3,583 44,667 10,163 2 659 313 e52 466 DefgfT8d Income.. 2024 2023 Brought forward R*JloJsod in ygar Re¢elved in year 260.220 1280,2201 1,892,782 329.263 132H.2b31 280.220 C8rrled forward 1,892,782 280 220 Oef8rr8d incomo relalo$ lo ¥chools leB8 received in advance for the lollowbng term. 27 Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the earended 31 Au ust 2024 17 CREDITORS DUE AFTER ONE YEAR 2024 2023 Amounls Iqilling due allèr nior8 Iliaii ulia y¥ar'. Elank loan School leè d8posII$ L8ase inL*IIiv 858.319 404.750 172.779 909,702 ,363,?.%rJ 1tll..942 1 235 848 1455 894 2024 2023 Movement uii lu¥n$ In ono year or les Bulweuri one nnd two years Belweeii Iwu ond live years ANt)r five years 265.386 240,499 212,1 S7 205,863 276,486 217,608 466,546 205.548 123.70S 1,186.168 2024 kU23 Movement on doF>USit5.' In one year ur less Gr8atftr than one yèdr 55,500 55,000 36J,25U 480,250 418,250 2024 2023 Movement 0111oA80 Inc8ntlve'. In ofte yonr or lo$s Gr6ater Ihan un8 year 10,163 172,779 10,1f)3 182,942 182,942 193,105 The bank I0￿￿n8 providad to th8 Charlly by BarLldys Bdiik PIC are socurod by a flxod and floatlng Gharge over the assets of Ilif> Charity. Loan one is for £1,000,000 ovar a S yaar 16rr71 willi d nx8d Int8re5t rate of 2.tJy°ts. Li)an two 15 CBILS ltsan for £1,000,000 with li 51x yoar torm wlth an Int8r8sl ratg of 2.91 % which was not charged in the first year. Th¥ ledse Inrontive relates lo Lodge refurbishnieril W￿rk￿ undertakon in ?02J und will be released over the lea88 term of 20 yeEif8 ¢ind nelled off again8t the rental cliarge on an aiiiiual basis. 28 Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2024 18 FINANGIAL INSTRUMENTS 2024 2023 Cirrylng amount of Iln•n¢lal a8s0ts Flnancial as8e15 rne8sured ot f8ir value Ihrouoh profll and loss Débt Instruments al amortlsgd Cost Cllrrylng amount of flnanclal IlJèlllll•• Measured al amortl8od rg¥l 2,023.202 161,023 1.819.003 69,489 1.988.206 1,682.844 19 STATEMENT OF FUNDS A11 Sèpl8mber 2023 Galni> & IIos3951 At 31 Augu•t 7024 Income Exp8ndllur8 Unr8strlctod funds.. G8neral resorvo 10,382,403 6,846,4n6 (8,190,504) 204,199 11,042,504 Total lunds IU,382,403 6,646,406 16,190.5041 204,199 11.042,504 At1 S6ptember ZD22 Galns &1105sasI At 31 Augu•t 2023 Income Expendituro Unrostrict8d funds.. General r9serve 9,902,893 5.913.910 15,463,311) 28.911 10,362,403 Total funds 9,902,893 5,913.970 15,463,311) 28,911 10,382,403 Rostridgd furpds Thes8 relat8 to dOna￿an8 r?colv8d from The Crown Eslato for rafurbishmenl lo the School Lodg8s. 29 Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2024 20 COMMITMENTS UNDER OPERATING LEASES Al 31 August 2024. the company had oulslanding cornmllments lor lulure minimum lease payments under non- Ganc&llabl& oporaling IoA%Q¥, which fAII duo as lollow8-. 2024 2024 Land & Plant & Bulldlngg Equlpment 2023 Land & BuSldlngs 2023 otric8 &quSpmenl Duo withln ong ygar Dua balwuÉ>n ￿40 and Ilvo ygars Dua after mor• Ihkln Iivfj years 51,100 204,400 155,33J 29,69 74,345 51,100 204,400 208,433 29,698 104,043 410 833 104 043 461 933 133741 21 RELATED PARTIES Ono oov8rnor rèc¥ivod dixcuunlii styhuul fur 2023 01 £1,283 12()24.' nDnol lor a chlld attond5ng the Lhorjl. Ihroe l).D23.' onal membèrs of thè key manag8m8nt pèrsoriiièl rèc8ivad dis¢ourils ori seliools fèès tolalling £47,03412.O2.3'. £1V,J8Jl for four l202J.' ong) ¢hildrGn atl8nding the school. Durfng tho year facility hiro income of £18,350120?.3.. £9,100) was ￿L￿1Vol1 from Royal Notball e.lub, a Club ol which a govornoT is Chair. 22 MEMBERS LIABILITY EHch momher of Ilie charitable company undertakes lo contribute lo Ihts assuls of Ihe LumpaT)y in Ihe evenl L)1 il bèing wound up while hel.8hg is a meTnber. or within ono yoar after helshe ceases lo be a mernber, Such amount as may be requirttd. Iiut exLeetJinu £1 lur Ihe dtTrblb und liobilib'ey conlrar.tod b(Jforo hol%he ceus&s to bv a mornbor. 23 NOTES TO THE CASHFLOW STATEMENT 2024 2Q23 Raeuncililltion of oporatlng r?sull lo net ¢a6h Inflow from opgrating activili¥s Not movement In lun¢Js Galns on Snv8stsnttnl8 Doproclollon ATnortlsaUnn rjank inl8r#sl ¥¥cèlvod Interest payable Ir)LrodsellDecr01r SBI in croditors IlncreaseyDeereas0 in dnhtor% 66D.101 1204,1791 687,748 7.411 170,0801 3Q.633 1,849,264 144,8371 479,510 1?.8.9111 571.430 8.671 36,999 189,7631 103,?.99 2 816061 1 069 553 30 Bishopsgate School Limited NQTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au usl 2024 24 NOTES TO THE CASHFLOW STATEMENT Icontlnufrdl Analysis nf chrsnge5 in nel debl At1 S•ptgmb•r 2023 Other Fbon. cash eh•ng•• At 31 Augu•t 2024 Cash tIowA Cagh and ea•h •qulvalanl# Cash 1,135,083 1,135,063 2,239.409 2,239,409 3 374,472 3,374,472 Borrowlngs D8bl duo wlthln on8 yèar D&bt duè altèr on8 y&ar 1276,466 909 Ill3 11,188,169} 282.483 1251.4031 251,403 1265.3861 658,300 1923,6861 262,483 Total 2 501892 2 450 786 At1 S•ptomber 2022 othér non- cash At 31 Augu•t 2023 C••h fl+)W• Ca•h and caah •qulval•nts Cash 1,383,514 1,383.514 248.451 1248,4511 1 135,Dfj3 1,135,063 Borrowlngs Debt duè wllhln one year Debt due aftor ono year 1259,8481 1 186 169 11,44fj,0171 259,848 1276,4881 276 466 1276,4861 909 703 11,186,169) 2S9,848 Totsl 25 CHANGE IN ACCOUNTING POLICY The cash ar,countlng polley has bèen changod frorn 'cash and eash equiv8len15 to include cash In h#nd, dgposlls hold 81 call with banks, other short-lerm Ilquld investments with orlginal matudlles of 3 month$ or less, lo 'rash and cash oquivalant5 to Include cash in liand, deposits held at rall with banks, other Short-lom liquld invèstments with original malurlties of 100 days or less,. Had the PL)licy not have changed. £500k currently shown in the accounls as eash would be shown 83 current assel Inveslrnen15 In bcjth 2023 and 2024. 31