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← Bishopsgate School Limited

2025-08-31-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 2025

Bishopsgate School Limited CONTENTS for the year ended 31 August 2025

Page
Governors’ Report 1-13
Auditors’ Raport 14-17
Statement of Financial Activities 18
Balance Sheet 19
Cash Flow Statement 20
NolestotheFinancialStatements 21-33

Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2025

GOVERNORS REPORT AND FINANCIAL STATEMENTS - YEAR ENDED 31 AUGUST 2025

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 2025 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

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Bishopsgate School (Bishopsgate or the School) is a thriving independent co-educational preparatory day school for 450 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 allaws 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 Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

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 VISION

A pioneering school that equips our pupils to excel in a dynamic and evolving world, with a profound commitment to environmental stewardship and holistic development.

BISHOPSGATE SCHOOL’S PURPOSE

To deliver an exceptional standard of education that combines academic excellence with a rich, dynamic learning environment. We aim to empower each child to realise their full potential, preparing them to navigate and shape the future with a profound understanding of their interconnectedness with nature.

BISHOPSGATE SCHOOL’S STRATEGY

Excellence in Teaching and Learning - To provide innovative and engaging teaching methods that inspire lifelong learners and prepare pupils for a future of ecological and social responsibility. By implementing cutting-edge pedagogical practices that foster critical and creative thinking. Structuring the curriculum to ensure that learning extends beyond academic knowledge to include a deep understanding of our relationship witn the natural world.

Communication at Our Core - To strengthen connections and collaboration through clear, open, and effective communication. Embedding transparent communication channels across all levels - between staff, pupils, parents, and the wider community. Facilitating regular updates, feedback loops, and collaborative initiatives that support the principles of interconnectedness and community.

Attracting and Retaining Top Talent - To cultivate a high-calibre team of educators and staff committed to excellence and sustainability. A focus on recruiting, developing, and retaining exceptional talent. Support staff with ongoing professional development and training that emphasises innovative teaching practices and environmental stewardship.

Wellbeing and Character Development - To nurture holistic growth through a focus on pupil wellbeing and character development. Establishing the school as a centre of excellence in wellbeing by offering unique experiences and adventures that build character and motivation. Creating a supportive environment that prioritises emotional, social, and environmental health, encouraging a sense of oneness with nature.

innovative Learning Spaces - To evolve campus facilities to support outstanding educational experiences and reflect sustainability. By continuously enhancing our learning environments to mirror the latest in educational design, sustainability, and biodiversity. Ensuring that every space fosters a stimulating and supportive atmosphere for learning,

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Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

aligned with the principles of Harmony by integrating natural elements and eco-friendly practices.

Community and Legacy - To build lasting relationships and instil social and environmental responsibility in our pupils. Forging strong connections with local and global communities, encouraging pupils to embrace their role in a larger ecological and social context. Aiming to leave a meaningful legacy that extends beyond Bishopsgate and impacts the wider world.

Sustainable Growth and Expansion - To achieve targeted growth while maintaining optimal class sizes and educational quality. Through maintaining an enrolment of no more than 450 pupils.

REVIEW OF ACADEMIC YEAR 2024-2025

Bishopsgate School continues to offer an outstanding educational experience for children from age three through to thirteen. The school successfully prepares pupils for entry into a wide range of competitive secondary schools at the end of Year 6 and Year 8, with the vast majority securing places at their first-choice schools. Many students also earn scholarships in academics, music, and sport. As students advance, the school's standardised data shows consistent improvement, reflecting the effectiveness of its teaching.

Bishopsgate attracts students from a broad spectrum of academic abilities, though it has recently introduced more selective academic screening for those entering from Year 1. Due to the school's growing popularity, particularly in Years 7 and 8, the former boarding facilities have been converted into two new classrooms for Modern Foreign Languages (MFL) and Classics.

As one of the country's leading Preparatory School Baccalaureate institutions, Bishopsgate serves as a model of excellence for others. The school continually reviews its provision to enhance educational outcomes even further.

In line with government guidance, Bishopsgate has updated its Personal, Social, Health and Economic Education (PSHEE) and Careers Programme, now branded as "Learning for Life." This initiative covers areas such as education, careers, health and wellbeing, relationships, and independent living. The school emphasises charitable involvement and the student voice, while also fostering outdoor education with at least one hour of outdoor learning each week, often in Windsor Great Park. Bishopsgate plans to strengthen its ties with the park as it integrates the Harmony Project into its curriculum, which aims to prepare students to engage with environmental challenges.

Performing arts play a prominent role at the school, with events like carol concerts, a production of Shrek for Upper and Middle Prep students, a production of the Wizard of Oz for Lower Prep pupils and an annual Arts Festival showcasing the school's artistic talent. Many students participate in music lessons and LAMDA courses, with outstanding results.

Educational trips are also a key part of the Bishopsgate experience, with all children fram Year 3 to Year 6 taking part in a residential trip within the UK, Year 7 conducting a French Trip and Year 8 conducting a challenging trip to Transylvania. Sports are equally valued, with football, rugby, and cricket being the main sports for boys and netball, hockey and cricket for girls. The school has achieved notable success in swimming, including participation in national competitions. The school has reintroduced rowing into its co-curricular program and golf after its introduction two years ago has achieved national success.

Overall, Bishopsgate School remains committed to delivering a holistic education that fosters academic excellence, personal growth, outdoor learning, artistic expression, and athletic achievement.

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Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

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; 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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In 2020 the school 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 Ouldoor Learning facility (E30K); a new artificial surface pitch (E210K); and a new science classroom, new food technology classroom and a refurbished IT classroom (£200K total).

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Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

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In 2025 the school delivered a new larger artificial surface pitch (£126K) by converting a hard court and a new Pre-Prep playground (£120K) and began the conversion of the old sports hall into a Performing Arts Theatre (£1.4M).

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Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

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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 Schoal’s Senior Leadership Team continue to strive lo 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 shart term (up to 3 years) and medium term (5 years) for further School improvement. New upgrades are currently being planned by Governors to continue to maintain the School at the leading edge of educational provision, the next projects being planned in the strategic short term are the delivery of the Perfarming Arts Centre and a new Nursery Playground.

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. In line with this approach the school refurbished all of the pupil bathroom facililies during this financial year, The next project will be a review of the school boiler systems and the provision of solar power.

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 developments are seen as an opportunily to make the most efficient use of the whale 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 schoo! sector, which confirms that the numbers able fo 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,

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Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

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 haw ta use them. In addition, there are touchscreen Chromebooks and ipads for every child from Nursery through to Year 2.

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 Schoal's performance and consider if it meets ifs 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:

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Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

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 Schaal 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 approximately 5% (£345,159) 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. 8 children were provided with a reduction in the cost of school fees this year as a result of the School bursary scheme, three of which were full 100% bursaries and seven of which were for a reduction of 50% or more,

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

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

The School also continues to provide regular support to many charities, with significant funds being donated in the Financial Year to Lymphoma Out Loud (£3,500); Baltersea Dogs and Cats (£181.85): Bowel Cancer UK (£425.60); Windsor Christian Action (£933.40), Shelter (£1,665); Sri Guru singh Sabha Hounslow (£200) and the Household Cavalry Museum (£50.00).

FINANCIAL REVIEW

The School's financial position is very sound. Net fee income after bursaries of £6,664,282 was the primary source of revenue. This covered operating costs of £6,356,347 which were expended on teaching (£3,811,271); welfare (£426,620); premises (£1,287,087), administration costs (£780,018) and governance (£23,985).

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

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Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

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Reserves Policy

The Board considers that free reserves amounting to a term's income including investments (approximately £4,930,319) would be practicable and achievable in order to cover the risks and uncertainties of operating as an independent educational establishment. This has been achieved.

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

Investment Policy

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

The School placed the Bishopsgate investments in medium to long term CCLA investments and CCLA cash funds to protect the value of its capital and obtain a better return. The funds performed soundly in the last year, and the Board are confident that the Schaol 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 2025 was £2,580,320,

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.

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.

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Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

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 2025 were as follows:

S Banks MD Fisher A Harrison A Harvey J Jordan Appointed Navember 2024 S Key Appointed November 2024 C Marias C Marriott Chair of Governors D Mills C Robertson Deputy Chair J Symons SM Winson Resigned September 2024

Board Sub Committees

Education Committee S Banks (Chair) A Harvey J Symons

Finance Committee C Marriott (Chair) A Harrison J Jordan € Marias € Robertson

Property Committee D Mills (Chair) MD Fisher 5S Key

In accordance with the company's articles of association C Marriott and A Harrison retired by rotation and, being eligible, offered thernselves for ré-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 Bursar Mr C Carver Deputy Head Mr J Pym Assistant Head (Wellbeing) Mrs B Snowden-Brown Head of Pre Prep Mrs L Griffiths

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Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

Registered Office Bishopsgate Road Englefield Green Egham Surrey TW20 OYJ

Auditors Moore Kingston Smith LLP 9 Appald Street London EC2A 2AP

Bankers Barclays Bank 71 High Street Staines-Upon-Thames TW18 4P5

Organisational Structure

The organisation comprises a Board of Governors, listed on page 10, responsible for the overall management and future development of the School, which meets three times a year. Three Committees, (Education; Property; and Finance) give detailed consideration to matters under their control and report to the Board. Within their powers, as laid down by the Board, the Headmaster and Bursar manage the day to day running of the School. The Headmaster and the Bursar attend all Board and Committee meetings.

Recruitment and Training of Governors

New Governors are appointed by the Board on the basis of recommendations from ather 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 [rom lime 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 {o 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:

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Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

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 flaw 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.

The key controls used to manage risk include:

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

AUDITOR

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

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

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8 December 2025

8 December 2025

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BISHOPSGATE SCHOOL LIMITED

FOR THE YEAR ENDED 3157 AUGUST 2025

Opinion

We have audited the financial statements of Bishopsgate School Limited (‘the company’) for the year ended 31 August 2025 which comprise the Statement of Financial Activities, 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 ta 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.

Qur 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 [hereon. The trustees are responsible for the olher 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 aur knowledge obtained 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.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BISHOPSGATE SCHOOL LIMITED

FOR THE YEAR ENDED 315’ AUGUST 2025

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 set out on page 11, 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 offinancial 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 ta do so.

Auditor’s Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion, Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstalement when it exists. Misstatements can arise fram 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:

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BISHOPSGATE SCHOOL LIMITED

FOR THE YEAR ENDED 315" AUGUST 2025

error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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, lo detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irragularities, 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 misstaternent due to fraud, through designing and implementing apprapriate 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. Our approach was as follows: ® We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.

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21 January 2026

STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure statement) for the year ended 31 August 2025

Unrestricted Total Total
Notes funds 2025 2024
£ £ £
INCOME FROM:
Charitable Activities
School fees 3 6,664,282 6,664,282 6,211,274
Other educational income 4 141,533 141,533 193,535
Other income
Other trading income 5 170,032 170,032 170,602
Investments
Investment Income 6 89,406 89,406 70,080
Voluntary sources
Grants and donations 7 4,812 4,812 915
Total income and endowments 7,070,065 7,070,065 6,646,406
EXPENDITURE ON:
Costs of raising funds 8
Interest and other costs 27,366 27,366 30,633
Charitable activities 8
Education 6,328,981 6,328,981 6,159,871
Total expenditure 8 6,356,347 6,356,347 6,190,504
Net operating income/(expenditure) 713,718 713,718 455,902
Net gains/(losses) on investments 14 (16,334) (16,334) 204,199
Net income/(expenditure) 697,384 697,384 660,101
Transfer between funds z : es
Netmovement in funds 697 384 697,384 660,101
Fund balances brought forward 11,042,504 11,042,504 10,382,403
Fundbalancescarriedforward 18 11,739,888 11,739,888 11,042,504

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 funds in 2024 and 2025 were unrestricted.

All of the above amounts relate to continuing activities.

The accompanying notes form part of these financial statements,

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BALANCE SHEET as at 31 August 2025

Notes 2025 2024
£ £
FIXED ASSETS
Tangible assets 12 9,199,128 9,316,371
Intangible assets 13 25,695 15,780
Investments 14 2,006,868 2,023,202
11,231,691 11,355,353
CURRENT ASSETS
Debtors
Cash at bank and		 in hand 15 607,990
2,210,126		 207,840
3,374,472
2,818,116 3,582,312
CREDITORS: Amounts falling due within one year 16 (1,253,132) (2,659,313)
NET CURRENTASSETS 1,564,984 922,999
TOTAL ASSETS LESS CURRENT LIABILITIES 12,796,675 12,278,352
CREDITORS: Amounts falling due after more than one year 17 (1,056,787) (1,235,848)
NETASSETS 11,739,888 11,042,504
FUNDS
Unrestricted funds 18 11,739,888 11,042,504
11,739,888 11,042,504
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;
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Approved and authorised for issue by the Board of Governors On Mifui
behalfby:
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signed on their

Chair of the Board of Governors

The accompanying notes farm part of these financial statements, Company Number: 03303687

19

CASHFLOW STATEMENT for the year ended 31 August 2025

CASHFLOW STATEMENT
the year endedended 31 August 2025
CASH FLOW STATEMENT Notes 2025 2024
£ £
Net cash inflow from operating activities 22 (497,660) 2,816,061
Cash flaws from investing activities:
Bank interest received 89,406 70,080
Interest paid (27,366) (30,633)
Payments to acquire fixed assets 12,13 (496,068) (353,616)
Payments to acquire investments 14 - *
Net cash outflowfrom investing activities (434,028) (314,169)
Financing:
Loans repaid
Loans received		 (792,658)
560,000		 (262,483)
.
Netcash outflow from financing activities (232,658) (262,483)
Increase/(decrease) in cash (1,164,346) 2,239 409
Gash and cash equivalents at the
beginning of the reporting period 3,374,472 1,135,063
Cash and cash equivalents at the
end ofthe reporting period 2,210,126 3,374,472
_
Cash held at year end
Cash 2,210,126 3,374,472
2,210,126 3,374,472,

20

Bishopsgate School Limited ACCOUNTING POLICIES for the year ended 31 August 2025

4 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 gaing concern basis, under the historical cost convention as medified by the revaluation of investments and in accordance with the Companies Act 2006 and applicable accounting standards in the Uniled 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 School 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 and challenged the School's forecasts and projections, including cash flows, pupil projections and the likely impact of pressures on fee income. Whilst the economic outlook remains uncertain which could have an impact on future pupil numbers, after making enquiries the detailed review undertaken by the governors and the ongoing measures they have put in place have led them to conclude thal there is a reasonable expectation that the School has adequate resources to conlinue in operational existence and meet ils ongoing liabilities for the 12 months after the financial statements have been signed.

The School therefore continues to adopt the going concern basis in preparing its financial statements.

1.3 COMPANY LIMITED BY GUARANTEE

1.4 FEES RECEIVABLE AND SIMILAR INCOME

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, itis probable the income will be received and the amount can be reliably measured.

1.5 DONATIONS

21

ACCOUNTING POLICIES for the year ended 31 August 2025

1.6 EXPENDITURE

Expenditure is allocated to expense headings, which aggregate all costs relating to the category eilher 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 direclly 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 tern basis during the school holidays are allocated to the Cost of Raising Funds whereas the costs of the permanent staff are allocated ta 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 Casts 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

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 ta 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 fixed assets, other than freehold land, at rates calculated to write off the costs less estimated residual value of each assel, by equal annual instalments, over their expected useful lives which are considered to be:

Leasehold property 20 - 99 years Leasehold classrooms 33 years Plant & equipment 4 years Software 5 years

1.9 PENSIONS

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

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 Activilies evenly over the period of the lease.

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

22

ACCOUNTING POLICIES for the year ended 31 August 2025

1.141 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 expendilure 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 100 days or less.

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.

1.44 TAXATION

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

1.45 EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as a

2 KEY ESTIMATES & JUDGEMENTS

In the application of the company's accounting policies, the board is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In the opinion of the board of governors, the estimates and assumptions which 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 of property plant and equipment

The annual depreciation charge for property, plant and equipment is sensitive fo 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. Recaverable 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.

23

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |3|FEE|INCOME| |The|School's|activities|are|carried|out|within|the|UK.|2025|2024| |The|schoal's|fee|income|comprised:|£|E| |Gross|fees|7,009,441|6,498,617| |Less:|Discounts,|scholarships|and|bursaries|(345,159)|(287,343)| |6,664,282|6,211,274|

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

4 OTHER EDUCATIONAL INCOME

----- Start of picture text -----
|||||| |---|---|---|---|---| |2025|2024| |£|£| |Extras|and|disbursements|85,121|129,223| |Registration|fees|11,363|13,600| |Other|income|45,049|50,712| |141,533|193,535| |5|OTHER TRADING|INCOME| |2025|2024| |£|E| |Rent|and|lettings|89,367|92,024| |Other|income|80,665|78,578| |170,032|=—_-170,602| |6|INVESTMENT|INCOME| |2025|2024| |£|E| |Interest|received|89,406|70,080| |69,406|70,080| |7|DONATIONS|AND|GRANTS| |2025|2024| |E|£| |Donations|and|gifts|4,812|915| |4812 9S|

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

24

Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

§ EXPENDITURE

(a) Costs ofRaising Funds Staff costs Depreciation/ Total
(nate 9) Other Amortisation 2025
£ E £ £
Loan interest - 27,366 - 27,366
Total Costs of Raising Funds - 27,366 - 27,366
Charitable expenditure Staff costs Total
(note 9) Other Depreciation 2025
£ £ £ E
Teaching 3,342,097 469,174 = 3,811,271
Welfare - 426,620 - 426,620
Premises and Estates 170,077 591,999 525,011 1,287,087
Administration 377,798 323,835 78,385 780,018
Governance - 23,985 - 23,985
Total Charitable Expenditure 3,889,972 1,835,613 603,396 6,328,981
3,889,972 1,862,979603.396 603.396 __6,356,347
Costs ofRaising Funds Staff costs Depreciation/ Total
(note 9) Other Amortisation 2024
FE £ £ £
Laan interest - 30,633 - 30,633
Total Costs of Raising Funds - 30,633 - 30,633
Charitable expenditure Staff costs Total
(note 9) Other Depreciation 2024
£ £ £ £
Teaching
Welfare		 3,242,902
=		 507,204
396,673		 -
-		 3,750,106
396,673
Premises and Estates 131,675 608,659 496,100 1,236,434
Administration 335,881 300,673 99,059 735,613
Governance 22,639 18,406 - 41,045
Total Charitable Expenditure 3,733,097 1,831,615 595,159 6,159,871
3,733,097 4,862,248 595,159 6,190,504
(b) OtherGovernance Costs include: 2025 2024
E £
Auditors’ remuneration
- Audit Fees 15,140 14,516
-AccountancyFees 3,560 3,890

25

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |(c)|Administration|Costs|£|E| |Wages|and|Salaries|377,798|335,881| |Operating|costs|136,084|124,144| |IT|and|stationery|136,586|154,527| |Marketing|and|advertising|25,126|11,922| |Bad|debts|6,367|(1,100)| |Depreciation|78,385|99,059| |Other|Administration|Costs|19,672|17,564| |780,018|735,613| |9|STAFF|COSTS|2025|2024| |£|E| |Wages|and|salaries|3,139,879|2,966,739| |Redundancy|and|settlement|costs|58|92,414| |social|security|costs|333,455|298,775| |Other|pension|costs|405,760|371,245| |Other|staff|costs|10,820|3,924| |3,889,972|__3,733,097,| |The|average|manthly|number|of employees|during|the|year|was|as|follows:| |2025|2024| |No.|No,| |Teaching|80|76| |Premises|6|5| |Support|10|)| |96|90| |The|number|of|employees|whose|emoluments|amounted|to|over| |£60,000|in|the|year|was|as|follows:|2025|2024| |No.|No,| |£60,000|-|£70,000|2|ws| |£70,001|-|£80,000|1||| |£80,001|-|£90,000|=|1| |£90,001|-|£100,000|1|-| |£100,001|-|£110,00|-|1| |£110,001|-|£120,000|1|1| |a ef|

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

Key management personnel include the Govenors and the senior executives which are made up of the heads, the bursar and the deputy head. The total pay and benefits received by key management personnel were £526,712 (2024: £327,095).

26

Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

10 GOVERNORS REMUNERATION AND BENEFITS

There were no Governors’ remuneration for the year ended 31 August 2024, nor for the year ended 31 August 2025, Governors received benefits during the year of Enil (2024: £nil).

One (2024: One) Governor was reimbursed expenditure during the year totalling £173 (2024: £43).

11 NET INCOME FOR THE YEAR

NET INCOME FOR THE YEAR
2025 2024
£ E
Net income is stated after charging:
Depreciation of tangible fixed assets 595,554 587,748
Amortisation ofintangible fixed assets 7,842 7,414
Loan Interest 27,366 30,633
Operating lease rentals — other 73,038 57,678
Auditor's remuneration
Audit services for the school 15,140 14,516
Non-auditservices 3,560 3,890

12 TANGIBLE FIXED ASSETS

Assets Plant
Under Leasehold & Leasehold
Construction Property Equipment Classrooms Total
£ E £ £ £
Cost:
At 1 September 2024 - 10,316,388 1,631,731 4,320,346 16,168,465
Additions 144,142 156,809 46,580 130,780 478,311
At 31 August 2025 144,142 10,473,197 1,578,311 4,451,126 16,646,776
Depreciation:
At 1 September 2024 - 2,989,003 1,423,956 2,439,135 6,852,094
Charge foryear - 375,529 70,543 149,482 695,554
At 31 August 2025 - 3,364,532 1,494,499 2,588,617 7,447 648
Net book value:
At 31 August 2025 144,142 7,108,665 83,812 1,862,509 9,199,128
At1September2024 - _7,327,383 107,775 1,881,211 9,316,371

27

Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

13. INTANGIBLE FIXED ASSETS

Website &
Software Total
£ £
Cost:
At 1 September 2024 82,399 62,399
Additions 17,757 17,757
At 31 August 2025 100,156 100,156
Amiortisation:
At 1 September 2024 66,619 66,619
Chargefor year 7,842 7,842
AL 31 August 2025 74,461 74,461
Net book value:
At 31 August 2025 25,695 25,695
At 1 September2024 15,780 _ 15,780

14 FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Listed
investments 2025 2024
£ £ £
Cost/valuation At 1 September 2024 2,023,202 2,023,202 1,819,003
Additions - - -
Disposals « - "
Gains/(Losses) arising from movements in valuations (16,334) (16,334) 204,199
Cost/valuation At 31 August 2025 2,006,868 2,006,568 2,023,202
Material Investments
COIF Charities Investment 2,006,868 2,006,868 2,023,202
2,006 868 2,006,868 2,023,202
HistoricalCost 550,775 550,775 «550,775

26

Bishopsgate School Limited

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

15 DEBTORS

15 DEBTORS
2025 2024
£ £
Fees and extras 529,757 93,743
Less provision for doubtful debts (25,000) (25,000)
Other debtors 23,497 23,839
Prepayments and accrued income 79,736 115,258
—_607,990 ___—207,840
16 CREDITORS
Amounts falling due within one year: 2025 2024
£ £
- Loans 238,126 265,386
Trade creditors 58,461 277,479
Taxation and social security costs 363,382 89,808
Fee Deposits 42,500 65,500
Fees in advance 477,692 1,892,782
Other creditors 4,705 4,745
Accruals 58,103 63,450
Lease incentive 10,163 10,163
1,253,132 2,659,313
Deferred income: 2025 2024
£ £
Brought forward 1,892,782 280,220
Released in year (1,892,782) (280,220)
Received in year 477,692 1,892,782
Carriedforward 477,692 1,892,782

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

29

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

17 CREDITORS DUE AFTER ONE YEAR

2025 2024
£ £
Amounts falling due after more than one year:
Bank loan 452,921 658,319
School fee depasits 441,250 404,750
Lease incentive 162,616 172,779
1,056,787 1,235,848
2025 2024
£ £
Loan analysis:
In one year or less 238,126 265,386
Between one and two years 217,664 240,499
Between two and five years 235,257 212,157
After five years - 205,663
691,047 923,705
2025 2074
£ E
Deposit analysis:
In one year or loss 42,500 99,500
Greater than one year 441,250 404,750
483,750 460,250
2025 2024
£ £
Lease incentive analysis:
In one year or less 10,163 10,163
Greater than one year 162,616 _ 172,779
172,779 182,942

Tha 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% This has now been repaid and replaced with a new Barclays bank loan of £560,000 over 5 years. Loan two is CBILS loan for £1,000,000 with a six year term with an interest rate of 2.91% which was nol 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.

30

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

18 STATEMENT OF FUNDS

At 1
September
2024		 Income Expenditure Gains
& (losses)		 At31A
t
gi
E E E £ E
Unrestricted funds:
General reserve 11,042,504 7,070,065 (8,356,347) (16,334) 11,739,888
Total funds 11,042,504 7,070,065 (6,356,347) (16,334) 11,739,888
At
September
2023		 Income Expenditure Gains
& (losses)		 At31A
t
ss
E £ £ £ £
Unrestricted funds:
General reserve 10,382,403 6,646,406 (6,190,504) 204,199 11,042,504
Tatalfunds 10,382,403 6,646,406 (6,190,504) 204,199 11,042,504

Restricted funds

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

3

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

19 COMMITMENTS UNDER OPERATING LEASES

At 31 August 2025, the company had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

2025 2025 2024 2024
Land & Office Land & Office
Buildings equipment Buildings equipment
Due within one year §1,100 52,876 51,100 29,698
Due between two and five years 204,400 143,387 204,400 74,345
Due after more than five years 104,233 - 155,333 -
359,733 196,263 410,833 104,043

20 RELATED PARTIES

No governors received discounts on school fees for 2025 (2024: Enil) for a child attending the school. Four (2024: three) members of the key management personnel received discounts on schools fees totalling £64,489(2024: £47,034) for six (2024: four) children attending the school. During the year facility hire income of £16,430 (2024: £18,350) was received from Royal Netball Club, a Club of which a governor is Chair. The wife of a member of the key management personnel works at the school and received pay of £9,262 (2024: £8,411),

21 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.

22 NOTES TO THE CASHFLOW STATEMENT

NOTES TO THE CASHFLOW STATEMENT
2025 2024
Reconciliation ofoperating result to net cash inflow from E e
operating activilies
Net movement in funds 697,384 660,101
Gains/ (losses) on investments 16,334 (204,179)
Depreciation 695,554 587,748
Amortisation 7,842 7,411
Bank interest received (89,406) (70,080)
Interest payable 27,366 30,633
Increase/(Decrease) in creditors (1,352,584) 1,849,264
(Increase)/Decrease in debtors (400,150) (44,837)
(497,660) 2,816,061

a2

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

23 NOTES TO THECASHFLOWSTATEMENT (continued)
Analysis ofchanges in net debt At 1 Other non-
September cash At 31 August
2024 Gash flows changes 2025
Cash and cash equivalents
Gash 3,374,472 (1,164,346) - 2,210,126
3,374,472 (1,164,346) - 2,210,126
Borrowings
Debt due within one year (265,386) 792,658 (765,398) (238,126)
Debt due after one year (658,300) - 765,398 107,098
(923,686) 792,658 - (131,028)
Total 2,450,786 (371,688) - 2,079,098
At 1 Other non-
Septembar cash At 31 August
2023 Cash flows changes 2024
Cash and cash equivalents
Cash 1,135,063 2,239,409 : 3,374,472
1,135,063 2,239,409 “ 3,374,472
Borrowings
Debt due within one year (276,466) 262,483 (251,403) (265,386)
Debt due after one year (909,703) - 251,403 (658,300)
(1,186,169) 262,483 - (923,686)
Total (51,106) 2,901,892 - 2,450,786

33