Docvslgn Envelope ID.. C6562M7-A924.40F3-AEAC-7F6588482DEO
DocusbJn Envelope ID.. 4191sE2￿D044BO0-BS8¢.8DE10D3CE8fj7
ST. CATHERINE'S BRITISH SCHOOL
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31"AUGUST 2024
Charity number: 313909
Company number: 00860288
•AE2YRYAR*
2010512025
COMPANIES HOUSE
AQ3.
#113

Oocusi9n Envelope ID: 06562A47.A92440F&AEAC-7F6588482DED
DO￿910￿ Envdope 10.. 4191SE28.B0014BDO.BSBC-8DE10D3CE887
ST. CATHERINE'S BRITISH SCHOOL
IA company limited by 8uarantee}
DIRECTORS, REPORT
FOR THE YEAR ENDED 31" AUGUST 2024
The Governors ale pleased lo present their annual Oirectors. Report together with the financial staternent5 of
the charlty for the year ended 31" August 2024, whlch are also prepared to meet the requirements for a
Directors, Report and Accounts for Companies Acl purposes.
The financial statements comply wlth the Companles Act 2006. the Memorandurn and Artlcles ofA$50ciation,
and Accounting and Reportin8 by Charlties: Statement of Recommended Practice appllcable to charitles
preparlng thelraceounts in accordano with the Financlal Reporting Standard applicable inthe UK and Republic
of Ireland IFRS 1021.
Statu5 and Admini5tratlon
St. Catherine's Brlt15h School 1.the Schoov, or Ihe "Company) was founded In 1956. The school Is a non-proflt
company Ilmited by guarantee, re8iStered number 00860288 and Is also a registered charity. nurnber 313909.
Isslon Statem
St. Catherine's 8ritish khool endeavour5 to foster a love of learnln8 through a well tau8tr+t. appropriately
challengin8 and clearly defined, broad and balanced curriculum. Our aim is to develop fully puplls, intellectual,
social, physlcal. and creative potentlal, In anticlpallon that they wlll develop into 5ensillve, informed, declslve
and capable 8lobal cltliens of the future.
Ob
ecllves
To provide for and promote the moral, cultural, Intellectual social, physlcal, and aesthetic development and
the teachlng and in5truclion of pup115 accordln8 to the National Currlculum for England and Wales. IGCSE and
Intemational Baccalaureate, with the overall oblectlve of preparing puplls for the opportunities,
re5pon5ibilities, and experlences of adult life in national and international soclety.
In setting our objectlves and plannln8 our acllvitles our Governors have considered the Chaiity Commission's
Beneral guidance on public benef il and In particulaw to its supplementary publlc benefit 8uldance on advancinB
education and on fee-charging.
Polic
The School Is a day school based In Athens, Greece which follows the Natlonal Curriculum for England and
Wales. the International General Cèrtificate of Secondary Educatlon (Years 10 and 111 and the Internatlonal
Baccalaureale Diploma Course for Years 12 and 13. Cla$5es are conducted in the English lan8uage, although
Greek language, history and culturè le550ns a150 feature prominently in the sthool's pro8ramme,
Our School welcomes puplls from all backgrounds. To admit a prospective pupil, we need to be satisfied that
our School will be able to educate and develop a prospective pupil to the best of their potential and in line
with the general standards achieved by their peers. Entrance Intervlews and a55essrnents are undertaken to
satisfy ourselve5 and parents that potential pupils can cope with the pace of learning and beneflt from the

Do¢u$ign En￿lope ID: 06562PA'7"A9g4.40FUEAC-7F6588482DED
Oocu5ignEn¥¢lope Jty. 4.1915E2wo￿Bti(>BSBe￿DEl0DsCE867
educalion we provide. An indiy.iduafs gender, èthniclty: race, rèli8ion. or dlsabllity do not fdrm part of our.
assÈtsment pro.ce5ses.
We are an eq￿31 opportunity organisatlon 8nd.are committed to a working environment that is freefrom any
form of discrim'ination on the grounds o.f colo'ur, race, et'hnicily. religlon,"sex, sexual oriènfalion, or. disabilty."
we.wlll makè re•sovable adjustments to meef the needs of staff Or puplls who are or become d15Jbled'.
Ivltle
This yèar rnarked another chaptér of growth and suc£ess acr055 the school communlty as we continued to
celebrate the many achlevemènts. for. our. students and staff. The theatre once again served.as a vlbrant hub
for creatlvlty., hosting remhrkable performances such as'the Adams famllf and the"City of Angels" aloTrg51de
our eyèr.POPLtlar music"concerts and dramaticproductions, We.welcomed 'once mo're 19 schools from aci05S
the Ditiort and more than 350 partlcipants'that dèbited Dn global issues surrounding thè a8enda of.post war.
.soclètle5.
Our debalers continued to excèl In local and natlonal competition5 while furthermore our Inaugural Alumni
sOclJl event at Chrlstmas was a 8ie3t success with fomer students retvr.nlng to enjoy. meetln& old friends'and
teachers and vowlng to.retum next yea'r.
The year Saw the succeksful launch of rtew InlliatlQeswhi¢h brolight together students, stsff and fimilles for
ct￿ltIeS Promotlng Mental and phy51cal well-beln&
A hi8hllÉht of the year was the landmark f115t yeai at our Chelsea Fqotball camp durlng the Easter Break.
Chelsea foundation jolned us >ll tbe way from the UK and maty Studènts across the year 8roups.enjoyed'thls
great experlence.
In term5 of facllltles. we made slgnir￿ant stride5 completlng the constwctiDn of three new outdoor sPacES as
part of our "Green Sp.aces" campaign IncludinB'a new football"4nd basketball covrts,.a free play area, Carpo
8arden5 and Thallo Park offerln8 ihe opportynlty for our studehts to enjoy but also learn outdoors.
As we.contlnue. to. embra¢e the future our comrnltment to o.ur. ¥alue5 ensures that our Ichool cortlnues. to
thrlve.
The sohool's prlncipal. fundln8 source contlnued to be applicatlon, reÈist*4tion, development fund, nursery,
nd malnschool fees..
Theschool'Sthlrd1S1 In5pectlon wa5 In the autumn of 2016.as part of the BS018rbtish Schools Overseas)Ihree..
¥Rai inspÉction cycle, The findlngs (>f thls.151 inspertion were.rated '.Excellent" in all elght cate8oriÈ5. It shoyld
be noted that, although the school was due for a new In5pectlon ID 2019, th15 was defetred duE tp. the
dislocatlon caused not only by the openlng of the new Upper School bullding in Septefftber 2020 but a150 the
ongoing COVIQ pandemlc. Indeed, the dlsruptlon of Inspection rycles due to the pandemic was a woild.wide
phenomenon. It should be nol¢d that the DfE In the UK nevertheless conflrmed 5t Catherlne's Brlt15h School
BSO statu5 until the rnost recent151 inspectlon'whlch took Pla￿ In March 2023. Although under 8 dlfferent
frarneworl the school wBs Judged as fully compllant and met all the standards for Brilish Schools Oversèas
whllit both the quolity cf the pupils, learnlng and achlevement and Ihe quallty. of the pupili, personal
development received the highest ratln8- Excellént.
Ihe school is also a member of HMC (Headteathers, and headmistre5ses' Conlerence}, AGBIS IA550(iatlon
of Goveming Bodies ol Independent Schools), ISBA Ilndependent Schoo15' Bursars Association) and AoB50.
(Assoclatlon of Brlli5h Schools Oiier5easl. The schoo5 now has slx leadin8 Ul< regulatory l￿dIeS to advisè and
a5slst wlth its'operation. The school ha5 continued, Ils partnership wlth the 8rltish CouncH who deliver Engllsh
LanEuage courses to over 260 local Greek.children wbthin the schoc)I pretDlsés and they have partitularlv.
rellshed Ilve learning.in the new upper School bulldlng..
We continue to invest a grèat de31. of resource. into high quallty staff. CPD Icontinuing, Profe￿lOnal
Dèvelopment). Some o*the CPD hlghlights included: Whole SclK•oI Behavlour Mana8Èmenttrain5ngwlth Jenny
M051ey' EYFStonsultanty Inspectlon vjsit;BSO In5pettlon TraininB forthe 5LTi the IBO Global Conference; two
members of.the PE Department undertaking.Masterfs Degree progiamme5; the NPQLT (National Professional
Qualificatlon foT Leadlng Teaching) for two members of staff longoin$)- Teathlng Sex Educatlon and Pubertv

Doc(Lsign Envelope ID':"06562A47,A92440F3.AE4¢7F65884gÈDED
D0¢￿1￿￿.Er1¥è1Ope 10: 41915É2&6O044BDD-B5p￿OÉfQDJcE867
to Prlmary.School. Con5entènd Touch:.YoUng leamer5-'Coutse for Recepiion teach'er5: Foregt5chool Ttaining.
proBramthe longoing), a .'varlety of 18 subject cour5es.for Upper School staff longoingl: Cambridge
Internatlonal Guldarice Counsellor Confefence'.Fire Saf'ety and FirstAid Trainin8; Design &TethnolD￿.HQaItb
& safety Accre4itation Trdinjng,. E*4olVe Educatlon Vlsils Co.-ordinator Training; HMC Ann￿al Conference. and
many MO￿ Flnallyi.the school contlnue5 as a Mlcrosoft "Incubatorf, School - we remain On.'co￿rse towards.
the final stè8eof achlevihB Microsoft Showcase School status.
CharltableA£tlvlties
l) Bursarles to pdplls
'2?.The Scbool supported and contributed lo'the follow.lng overseas and k)cal charttles:
Smlle Of'The Chlld
Ma21 Gia To Paidi
NGO tshosi Oivers
Red Cross
K￿H15
Home Prolect
Associatlon of'Frlend5 of Plraeus'Pensloners Retirement honle
ELIZ4 SDtlety ag4in5tChlld Abusè
MANA organlsatlon for Breast Cancer
Breast Cancer Assoclation,
Ooctors wlthout borders
Proleps15 In5titule
No FlTrlsh Llfte Chatity
Breathe Hellas
Make-A-Wish
E5TIA NGO
FLOGA

IIoGii51gn"EnveloF¢ ID'.'06562A47-A92440F3.AEAC'7F656B482DED
Oocu5ign En'iiel0pe1￿. 4101SE28400448004SBt'4L)EIOD3cÉ867
Directors
The Dlrectors of the School, who aré also the charity trustees and membqrs ofnhe 8oaFd Df .Governors who
served slhce 1st September 2023 thtouEh to.the.date of ihis feport, were:
Name
Chalrman, Vice Ch4ir &
Honorary Treasurer
ointments
First
Appgintmont
ChanFes
Kantart2ls.Oraper. Kattrin
Ap.pointed.
19108122
Appointed
10110122
Aopointed
?0110122
Appointed
20110122
Appolnted
14106123
Appointed
141.06123
Appointed
14/06123
Appolnted
14106123
Appointed
14106/23
Appolnted
14106123
Appolnted
14106/23.
Appolnte
14106n3
. App.ointed
14106123
Appoint¢d
141D6123
Appointed
14106123
Drymlolls, GeOTge
Chalrman'14111122
Reapp.olnted 1210612024
Gavrielide5, Andrea5
Reappointed'1210612024
Yakovee. Danlel
Terrn flnlsh@d 301612024
Antlregdls, Elen
Jonath4n, Belbln
Cobuz. Marcel
Eh￿t, Mlthael
Kynourgiopoulou. Waslllkl
Reslgned 3VOSIZI124
Lambpry, MlchBel
ReslBned 1110912024
Papapolltls, Nlchol
Phoca'Cosmet4tou, Nellle
Pilncè-Wri8ht, Howard
Honorary Treaiurer
Sp￿0p￿￿10S, Nikolaos
styllaDOU, Elen4
Pfig¥ 4

Do¢usi9n.Envelope10, 06562A47.AY2440Fii.AEAC-7F658848ZDED
Dwggn Envélope10: 41915E284004.4BW'..858G8DE1003CW7.
l & Adviso
Headteacher.
J8me5 Stuart Siiiith. BA IHonsl Oxon lappointed Head 011091131,
CompanySe¢retary.
Company S@cTelqry: Mr5 Debotah Elefth'eriou .lappolnted 201.IV12 to
I.V06124) and Mrs Despina F. Ch4tildaki (appolnted 12106124)
Bu5iness"DirÈctor:
Mr Konstandinos S. Theodoslou (appointed IV04111)
Senlor Accountant:
Mr AnastasFOS Koutsoukos {appolnted 27106111)
Schotsl's address:
Leoforos Ven12elou 77
Lycovri5si GR14123
Athens
Greece
Webslte:
iYwwJtcatherines:gr
Re8lstered Officv.
66 Lincoln's Inn Fiélds
LONt)ON WC2A 3LH
ENGLAND
Bankers:
Alpha Bank
Eth'nikl Odos I￿ kThi Athlnon Larnlas
Kilissla GR145 64
Greece
Pancrets Bank
Mesogeion 109-111 Avenue,
Athens GR115.2'6
Greece
Natlonal Bank of Gieece
Potamou 25 & Galin15Avenue,
N. Kiflssia GR145 64
Greece
Eurobank
P. Maxjmov 2& Deligionnl,
Kefalari GR145 62
Greece.
'Sollcltors (J:K.I:
FarlEr & Co LlP
66 Lincoln's Inn Flelds
LONDON W.C2A 3IH
ENGLAND
5.oll¢ltor5 IGreece):
C:, & 5. Dlrnltrlou & Agsoa'ates
28 Dldotou Street
ATHÈNS 106 80
GREECE
Audltors:
Hilller Hopkins LLP
h3rtÈre4 Accquntants and Statutory Audito[$
Radjus House
51 aarendon Road
Wpfford, Herts WD17 IHP
And
185 IHella$l Certlfled Audltors Accountants SA
60 Kifisslas Av.
15125, Maioussi, Greeoe.
PA8e 5

DouJs(gn Etwdbp'è.10: 06862A47.A92￿Q￿&mEA&7F658ts4820ED'
Doa$¥gn'EnveW10:.419..1SE28*0044BIXI458C￿￿lElQD3cEeGY.
overnanc
ThÈ Director5'ratify specific school policios: somè, such as Safeguarding and frlealth & Safety are revlevied and
.approved on an annual ba515, Others are reviewed periodically. The.day-tolay management of the..5chool'i5
delegated to the Headteacher,
In tho prevlous.year theschool operated three standlng commlttee5:
Finance/Res'ource5 Committee
Curriculu-ml5tandards Committee
Health gndSafÈty Commlttee
All the above committee5 Ire chèlred by a Director and Inclu¢e other Directgrs and staff ¥5 approprlate. The
mlnutes olthe rneetin8s are dlstrlbuted to the 8oard.tor ratlficatlon. Each committee hasTerms ot Reference,
and.thelr role Is to rnonltor, revlew and evqluate'all appropriate matters and bring ffe'commendations to the
Board. The school a150 has a 8ursary Commlttee Ihat15 chaired by the C.halrmaD of the Board which meets to
iSCU55 and decide on the grantln8 of me3ns"te5ted bur5ariei.'
rector0 Indu
tloTr and Tr
Inln
Governo￿ follow. an Induction protramme, i4ilth Ihe HÈa(tteacher, Executlve Leadershlp Team, Company
Secretaryi and Ibè Chairman's Committee. Upon appoSntment, a Dirertor recetves a detalled, fllÈ .wiih thè
School's constltutlon, Its corpotate doctsrnÈntation. and Its by-law5.
T.he,Boatd of Governors In consultatiot¢ wlth its advisors are constantly lookln8 torw4yS to broaden the skills
and expefience'ofthe'School'¥ GovernlnB Body. Accordlngtoth? ISllnspeL*ion veport pub155hed.ln Marth2023
the leadershlp and the management of the .school, Ind￿dIng governots, demonstrate good skllls and.
knowled8p, and lulfil theli iegpon51bllltles SO that the stahdards for Brltlsh Schoo15 Overseas are rnet
consistentlw, and the well bein8'of the student5 Is promoted.
The'8overnors receive no remuneratlon Dr fi.nanclal asslstance. governors. expense'g as Ihey. rÈla'ie in thÈlr
4pacily to cirry out their dutles and re5ponslbllltles may be fecovèred from the School. The affjoiint of
Dlrectors'expenses In the finonclal yearended 31"August 2024 amountedto£15:773 cornpared to (5382 in
'the financlal year'ended 31st August 2023, b¢lng relmburseinent ol alrfar.es, taxl fares and hotel tosts to
enable those 0SrèctOfS, ivho are based lry the UK. to attend meetings. The DlrectD*s 4re indemnlfled by the.
school In accordAnce with its Memorandum and Artldts of Association.
Pri
ks and Uncertain'ti
The principal finandal rlsks of the Schrjol ￿late lo a potential feduction in student iiuniber5,.to high Inflatlon
nd a"slgnrfic.ant worsenlng of the economic conditions in Greece which may affect enrolment.
The fu￿re financlal obliEations'and covenants associatéd with loa'n funding ob'talnéd from.our banke'rs forthe
bulldih8 of.Phase l of the new sch'ool gave rise.lo additlonal A5k.factor5 and posslble constralnts forthe School
'Buslness plan that wa5 approved by the Board on 5 June 2018, A redualon In revenues, incTease in overheads
or reduttion in the value5 of the. SchoDYs flxed 'propertles May re5u.lt in the school's" failure .to meet its
obliEation5 whlch may result In a default underlhe terms and conditions of such loan a8reements. Increases
in interest rates.rnay also adversely affettthe School:5 abilityto meet its obligations. These defaults may restslt
In the bankruptcy or Insolvency ot the School. In addition, the loan covenants May 'restrlct the SchoDI's
busine55 ènd. flnanclng actiiiities. The School therefore tarefull¥ evaluates its fundlng and endeavours to
ensofe that its'.buslness plans are pivdenl and'ensure ade.quate liquidity to'cover for potential.unrertaintie¥.
Pqse 6

0(￿Ul19￿ EnvBlcpe 10,, 0656gA47'A92HiJF3-AEAC.7F658g482DEO
DOC￿1￿ ErivelDp• ID.. 419..15E2W044KJO.B5BC:8DE10D3CEWI
The prlncipal risks to which the Sthool is exposed: as Idehtllied by the'DirectOfS, are reviewéd systemalicallv
'frorn tlme to time In order to thItI￿te.those rlsks.
'Strat
vlew
vei. the last lew decades the'S¢hool has Impltrnent'ed a pkn to malmain QCLwpanry ?t between 1.050 and 1.200
yntil its development. pl4n for. the .thacsolèr prtsperni was completod. .Occupanry. data slnte 200812009 15
.summ•Tised as foFJgvis:'
ro
.no.
2008/2009
2009/2010
201012011
.201V201Z
201212013
201312014
201412015
201512016
890
1,030
1,190
1,067
1,071
1,116
1,15S
11
201612017
201712018
201812019
201912020
202012021
2021120ZI
202V2023
202312024
202412025 {estlmated)
1,144
1,205
1,228
1,276
1,349
1,350
'The Schools butsary scheme In 2023/24 supported 96 pupils (prior year 1051 in varlous.percentaees of whlth
75 (prior.year 791 were 5tafls' chlldroD la150 In varlou5 percentage51.
Flnanclal
The flnanclal perfo.thiance for the year 2023114, excludin8 donatlons received1$ derailed below.:
Totsl IncpmlnB Resource5 for th'e year 2023124 weie (19,583,076 compared to C17,796,6S.6 for 2022123
representing an increase Df Cl.7.86,420 or 10.04% compared to the yeai 202V23. Pupil nombers docreased
bv 0.15% in 2023124 compared to 2022123. The key Orivers of the Increase are donations amounting to
97,631 In 2023124, cornpared to £67,367 In 2022123 and addiuonal otber illcomp maln1¥ from extra-
curricular clubs, bus fee5 antl other educational fees of 11,944,021 in 2023124 compared to El,653.936 in
2022173.
Total Rèsource5 Used for. th¢ year 2023124 amounted to (18,781,589 cor11pa￿d to £.17,387,199'for 2022123
representlng an Increase of (1,394,390 or 8.02% compared to the year 2023124.
Net Incomin8 Resources fDr the year 2023124 amounted to aOL487 comp,8red to fA09,457 for 1022123.
representing In iricreaSe of (392,030 or 95.74%.
Npt Movernent In FuDd5 amounted to É780,665 for the.year Z023124. The balance Larried foThvèrd Increased
10 É29,131,365.
Page 7

C)ocu8lgn Enve!ope"ILi.. 06S62A47-A9244oFJ.AEA￿7F6S8￿4B2DED
.DorJ)*n En¥dopB ID:. 419"ISE28.6DD44&DO.BSec.aDE10Dxe867
elves
The School's restrictéd reservè5 relate to. funds h¢ld for spèclfle purpose5. At 31" August 2024 there ate
.É531,683 h'eld undér the Land Revalts3tion ReseN¢ and É146.742 held under thE SchDoI ReseNe. totallin8
678,425.
The 5chool's.unrÈstrlcted funds are re-invested back into the School'throuah addition5 and improvement5 to
Its fac115ties and expÈnditvre In.relatlon ¢0 new technDIo8y as well as new furnlture and fittln8s. At 31." August
2024 there'w¢re U8,451940 In unrestricted reseNes.
The dlrectors cornslder that the ideal level of feserves would be between I to 2 yÈaTS' expendlture. The
dirertors believe thaf the current unrestrkni ed reservès represent a sufflcient level to ensu￿ that the 80in8
oneern è5sumptioD ts appropriate.
The reserves PolSry15 reylewed on an annyal basis.
The Sthool'5 assets are sufhclÈnt.to meet Its obligatloTrs.
The restslis are Set out In Ihe gltached Itatement of Plnanclal Actlvltles, Balance Sbeet arbd 5tsterrient ol Gash
Flows.
The School's Bu51ness Director'produce5 manag'ement reports to8ether¥iith his team that'.measure"the.actual
performance of the School tampared to the budgel as well as interim ,financlal statements. The Financlal
51alements and mana8ement reports.are revlew¢d by the Board and ihe'HeJdteacher4
After makln8 due enquiries, the Bobérd of Dlrettors confirm It5 expectstlon that the khool has adequate
resourre5 to continue In operational exlstence forthe foreseeabte future. ThereforÈ: In preparin8the flnandal
statement5 the Board continues to adopt the 8oin8 concern basis:
Oov
In Augu*t 2017 the Srhool acq(rlred th¢ Wella property- adjacent to the Mac301ar property, Th15 Plopérty wll!
form part Df Phase 2 ol the r¢deVelopment, and It ha5 beèn declded that It wlll be reconftgured to create a
multl-sport5 comple)[ for use by all the students of thÈ school. In July 2019, the'school Signed an aEreement
',with Vratsanos & Kotsla Archltects: Structural Engiryeefs and MEP. EnBlneers"to produce designs ahd plans for
the te-de518n of Wella. Following numerous revisiDn5 to the plan5 to èccomrnodate BuildinB Authorlty
requirements, the bullding permlt w)sfinally granted on thé 14 January 2023. The arc.hllects and en8lneers
,are In thè process oFflnali5in8 the.detalled deson4. Once completed, and the lundln8 Is in place, the sFhool
'wlll Inltiate the tenijering proce55.
Bullding improvernents'were made to the Lykovrisl site (Lower SthoOII to. facllitate Ihe use of the buildinB5
freed up by the move of the Upper School to the new campu5. During August 2024. the YI area5 was fully
renovated. The reno*ot'lon was tomplel'ed at the be8lnnlng of September..2024'.
.In July 2022, following a year of delay due.to' Covld, the BulldlneAuthority approved the démolltlon of the WB
Block and CO'E Block (both previously accominodatlhg.the upper gchooll. Due'to the delay in approval.the
school wa5 only able to complete the derriolition of'the A/8 Block In AuEU5t 2022. In AuBU5t 2023 the school
cornpleted.the demolltlon of the C/D/E Block as well, Prlor to the demolition, the school had workingtogethér
ith the. teachers, 5tudeTrts,.and parent body to detemiine how best to utili5ethe new space made available
followln8 both demDlitions. It wa5 allp. decided to creale a g¥een play area next to Ihe 5wimmin8 pool. BDth
of the above green areaslplaygfounds were completed withln. the current financ"lal"year." Furthermore. the
school. entered into a n'ew lease agre'ement" on th'è land.acr055 current lowerschool site where an addiflohal

ODCUBigri Envelope ID:: o6562A4?￿Ag244tf3.AEAC..7Fs58B482oED
()w8lgn En%*lDpE ID: 4191SE7BffjDDMBDO".B5BC-80E1QD*E867
football pltth and basketboll Pitch wore developed along with a new rècreation area: The annual rent is at.
96.000 whlle the duratlon of the lease i¥ untll 2026 with'the option to extend for two additional years.
During 2022n3 the S'chool obtained perm1551on frorn the MunlclPalltle5 Involved, to build a brlfj8e crossing
the main avenue between the UpperScl)ool arld the Lower school, The brldge will provlde a 5￿fe i¢)ute linking
the Upper and lower School sités..The brid8e.wlll be donated to thp Municlpalitie5 involved..'It is antlclp.ated
that the bridge wlll bé In place durln8 the uptomlng school y2ar 2024125,
Work51improvements donR during.2023124 Included:
Crealion of two new playground areas In lower amountSn8 to C249,4'7.3
New electric substation In lower amounllng.to É18,228
Inst&llation of.nEW flooiing In'Lower ainountin8 to C13,7.32
Refurbishlng of lower school canteen amountln8 to (139,769
Placing of awning above bridge and roof In upper arnountinE to aO,038
Floor refurblshmènt for black box amounlln8.to CIO,575
Reconfiguratlon of prlnt room In upper amounllng to C7,4140
CoDstructlon mlnl football pitch and basketball court amouritlnK to (149,211
Recgnstructbn Df Wella buildlns Inlo three c1355r1￿m$ amounting to £634,518
Furntture & Equlprnpnt. Hardware and Software additions 4mOunted to (234,532.
Key Ihformatlon Te¢hnolo8y upyades and fitting5 Included the followlng:
Additional WewbDards (touchscrèens) 75" Interactlve displays'purcha5ed for Lower & Upper School,
Contlnued te¢hnDIo8y tspgrades'ln classrooms and science labs egulpment,
Cantlnued replacement of old desktops'and laplops.
Purchaslng of laptops'lor KSI,
Réplacement of Dld thalts and cla55room furDlture.
closure of I
matlon to the.audltor$.
So far as each person who was J dlreclor Jt the date of appr¢)vlng thls iepprt h aware, therels no relev•nt
udit Informatian, being fftform8lbn neede.d:by auditor In connectlon wlth prepaTlng11s report.. of whlch the
audltor15 unaware. Havlt78 made enqulries offellow dire'ctors an'd theEroUP'S auditor, èach direct'or has laken
all the 51eps that he/5he Is obllged to.lake a5 a dirÈctofiD order to make hlmselflhp.rfjelf aware olany relevant
gudlt Infomiation and to establish that the auditor.ts avlare of that Information..
ment f audltors
In accordance with s485 of the Cornpanie5 Act 2006, a re501ution is to be proposed at the Buar(E Meeting for
reappointment of Hlllrer Hopkin5 LLP as statutory auditors.
Pfise 9

o¢usiin Envelope 1D;.08562A47-A924-40F>A￿C-'7FSS8B482DRD
Docustgn Envtltspe ID., 419lsE2￿0OI4BOO.B58ckBDE1Oo3C£86F
roval ol the Dir
tors,
è ort d Ftnancial Statemen
A re501ullon approvin8. thi5 DSrectors Aeport and the School's Financial Statemenrs f.or the year e'nded 31,
August 2Q23 will be put fO￿ard at the goard meeting to be held on 181h March 2025: In si8nlng this. re'pDrr
the Oirertors confirm that they hove approvedthe 5trategK Rep.ort ITr their capacily a& Company Dirèctors of
St. CBtherSne'5 Brltlsh School.
Approved by Iho Board of Directors at- it5 meetlng on 181h March 2025 and 5igned.un Its behalf by.
'OJ1￿41y.
CdlSCA•J5757rAA•.
Geor8e Drimiotis
Chairman
Howard Prince.wrfÈht
Honorjry Tr.easurer'

00￿910n Enwlope ID.. 06562A47-A924'.40F3AEAC.?F65884BZDEP
Ov¥wi4n Envelopp ID,. d191>E￿oDO￿BD0.BS￿&￿DE{0O3CEd6y.
The Governors (who are also the Dlrectors of the Company for the purpDses of .company law} are
responslble'for preparlng the Directors, Report (including tNe.Strategtc Report) ond th¢ acrounts in
accordance with appllcable law andftÈulations.
Cornpany. law r.equlres the Dltectors lo pfepare accounts for each fina'ncial year. Under t'hat law Éhe
Olrectors h?veeletted to préparethe accounts In accordance wilh.United KlnEdom Generally Accepfed
Accountin8 Practlce (United Kingdom 'Accounting Standard5 and applicable lawl, includlng FR5 102
he Financlal Rep.ortlng Standard Jppllcable in the UK and REpubllc of Ireland,. Under compzny law
the Directors rnust not. appratre the aGcounts unless they are satisfied.that they glve a true and falr
vlew ol the state of aftal(s of the School and of the profit or-loss of the School for that perlod. In
prÉparin&those accounts tlie Directovs are requlred to.
Select sultatyle accountin8 pollcie5 and then apply them con5tstentlv.
Ob5eNe the method5 and prlnclples Df the Charlties SORP IFRS, 1021.
'Make judBements and estimatestha"t.are reasonable and.prudenl.
I State whether appllcable UK Accountlng Sfandards have be¢n followed, subAect to aDy materlal
depirtures disc105eO and explained in the accounts.and
Prepare. the account5 on the going concern basls urile55 It Is In•pproprlJte to assumè that'jhe
5thooI wlll tohtlnue In bu5ines5:
Tbe Direclors are re5ponslb.le for keèplhg proper accouritlftg records thst a￿ sufflclent ta shoiy and
¢xpl?In the School's transartlons and dlsc105e wlth feasonable accur4cy al any tlme the finartciil
P051tIOri.of .the School and en&blè them to ensure tbat the accounts camply wlth the Companie5 Act
2fA)6. They arè alsc respon51ble for safeguardin8 ihe assets of the school and hence for takln8
r¢bsonaW¢ step5 for.the preyentlon anrf detecllon ol fraud or other lffe8ularitles.
The GoVe(narn arÈ re5PDnslble.foi the rnalntenance and Integrlty of the corporate and financial
Infclrmatlon Induded on the charllable company's website. Le8lslatlon In the United Klngdom
go¥ernln8 the PfepBration and dlssemlnation of flnanclal stètemEnts may dlffer from leB151atlDn in
other jurlsdiclions.
Page 11

00gJs¥grkEnvelope ID., 13C5t9E1-78F.14z¥c-AA4>C42DB7E90653
INDEPENDENT AUOITOR'S REPORTTO T.HE MEMBERS OF St. CATHERINE'S BRITISA SCHOOL
Opinlon
We have audite& the financial .statements of St. Catherine's Britlsh Schonl (the 'Companv'l for the
year end¢d 31 August 2024, which comprise the Sta¥ement pf Financial Activities, the Balance Sheet,.
the Statert)Èn't' of.cash Flows an'd th'e related. notes, includlng a surnmary of signif icant.accounti'n8.
policies. The, financial reportinB framework that has been app.lled in. their preparation l& applicak)le
law Ind Unlted Kingdom AGcountlng Standards, including 'Flnancial Reportin¥ standard. 102 'The
Financlal Repottlng Standard applicable in,the UK and Republic of Ireland, {Unlted klngdom Generally
Accepted.Accounting PraGtiee> and. the Cha'rities SORP 2019.
In our opinlon the financial statempnts*
gjve.a'true and fair N*ieW of the state of the Compan.v's affairs as. at 31 August 2Q24 and of ils
incomin8 resources and 3pplicatloh of resour[es, IncludlnE Its Income and expendlture for.
the year then ended,.
ha.ve been ptoperly. prepared in accordance with Unjted Kingdom Generally Accepted
Accountln8 Prgctlce; an4
have been preparèd ih accordanc.e with the requlréments of.the Companies Act.2006 and the.
Charf(i¢s SORP 2019.
B3515 for.oplnion
We conducted our ludit in accordante with Internatlonal Standards on Aydlting IUKI {.IS85 (UKII and
applicable law. Our responsibilitles under those stsndards are further descflbed in the Audltor.'s,
responslbilities for the.audlt of the finarlcial statémènts gectlon of our report. Weare independent of
the Company in accordahce with the ethlcal requirements that are relevant lo our audit of the
finaDclal statpment5 in th,e Unite¢ Kin8dom, includlng the Financlal Reporting Councll's .Ethlcèl
Standard,
and we have fulfilled our other ethical rÈsponslbilitle.s In acco.rdance wlth thes¢
rèquirements,, We belleve that the audit evldence.we, hav¢ Dbtained li.sufficient and approprSate'lQ
provldq a basls for our opinlon.
Conclu51ons relatlng.to.going roncern
In auditing the flhancial statements, we have concluded that the Directors use of the going ¢.oncern
basls Df accountlng in the preparatlon of the fin3ncial statements is appropriate.
Based.on the work wo have performed, we hav¢ not Identified pny matèrial uricenainties relatlng to
events or.conditfons. that, individually.or.collectivèly. may cast 'siEnifltant doubt. on the CompanV5
ability to contlnue as a going concern for.? period of at least,twelve month5 from when the financial
statements are authori5ed for lslue.
Our re5pon5ibilities and .the respon51bllltles Df the Director5 With respect to g'oirig concern are
described itl the telev?nt sections of this report.
Dther Information
The pther inforrnation .covnprisRS the intormation included in the Annual "Report other tliah the
fihantial statemeht5 arLd our Aud'itor'5 report thereon. Thè Directors ar.e ￿ 5ponSible for th'e other
Infotmatioh cuntalned w5thin the AnThyal' Report. Our opinion on the flnancial statem¢nt5'does nol
cover theother information and, eicept to the extent otherwise explicitlystated'.in our report, we do
not express any fo.rm .of assiJra"nce" conclusion thereon. Ou'r responsibility 15 to. read the other
info'rmètion and, in.dolng 50* consider whether the oth.er informatjon is'materiallv inconslstent with
Pq¥r.12

Dccuslyri Enviilw ID.. 13C5C9EI-7BF1477C.AA4S£42D87E90553.
the financial statements or our knowledge obtajned in the course of the audit or ot.her:wise appears
to be materlally misstated. If WR identify such material Inconsistenties or apparènt matèr.ial
misstatement5, we are requir.ed to determine whether there is a inaterlal misstatement in tho
flnanèlal statements tlyemselves. If, based on the work we h'ave performed, we CDnclyde that there
Is a material mi5Statement of thi5 Other informatian, we.are required to report tha't fact.
Wé have nothingto report in thls regard,
Oplnityn on other matters prescribed by the Companles Att 2006.
'In oufopinjon, based on thè.)￿Ork li'ndertaken In th'e: course of thè audit.
the information E.iven In the Directors, Report, includlng the Strategic Report. for the financjal
year for which the Ilnancial 5tatemehts are prepared Is consistent wlth the Tinanclal
statements: and
the Direqtor5' Report and 5troteglc Reporthave been prepaied in7tcordance with appllcable
le£al requireménts.
Matters on which w.e are required to rapprt by ¢xceptl9n
In the light ofthe knowledge and und&rstanding ofthe Company and its envi¥onmpnt abtained in the
ourse of the 3udit, we have not i.dentified Material mlsltatements in the Directors, report, includin8
'the Strategic.Report.
We have nothlng to report in réspect of tFte followlng matters.in relatlon'to which the tomp2nies.Act
2006 r,eguires u5 to rèport to you If, in pur oplnlpn..
ade9u.ate accountiA'8 rècordg have not:beÈr) kept, Dr returns adEquate for pur 2ydit h4ve not
been received from branches. not. Vislted by u5. Or
thè financial statemènts are not In agreement with the actountint reqords and re,turns'. or
certairl disdosures of dirertors, remtsneration speclfied by law are not made,. or
we have not reteived all the informatjon and explanations we reouire for our audlt.
Responslbilities of dlrectors
As explained MorÈ fully in the Dlrectors, respon%ibilitles. statement on p38e 11, the dSrectors are
responsible for the preparation of the financlal siatements and.for belng satlsfied that they give a
true ahd fair vlpw, and for such Internal.control a5 the directors deterrnlne IS necessary'to enable the
preparation of flnancial statementi thot are free from materlal misstatement, whether due to fraud
pr ¢rror.
In preparlng the financial statements, ,the dlrecrors are rèsponsible for as5e'sslng the Company's.
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
usln8 the going 'conc.ern basi5 of accounting unle55 the directors. either intend to liquidate the
CL¥mpany or.to cease operations, or have no realistic.altematlve but to do so.
Auditors.':responslbilltles lor the audlt of the tlnantlal.Statenlehts
Our ob"jectives.a"re to obtain reasonable assurance about:whether'.the financial stat'em'ents a5'a.whole
3re.free from material misstatement, whethet due tofraud or error, ahd to i5Suèan Auditor's report
that ihcludes uur opinioh. Reasonable o55urance is a high level of assurinr4 bu't is not a guarantee
that an audit conducted in accordance with ISA5 (UK) will alwèV& d¢tect ¥ Material mi55tatémenl
when It ȥists. Mi55tatements can arise from fr.aud ol error arid are considered material if: indiQldua!ly
Pfjse 13

Do¢usigTr Envelope ID.. 13CSC9Elw7BF.147JC-AA45 ¢42DB7E90553.
or'in.the aggregate, they could ieas1iNably be expéGted to ihfluonce the economic.declsions of usors
taken on the bas15 of these flnanclal st.4tements.
Irregularrties,'iricluding fraud, are instancek of non-compliance with laws and regulations, We design
procedures in lino with our resp.onslbllltles, outlined above, to detect materlal. mlsstatemènts in
respect.of Irregularities, including fraud. The extentto'which our.procedures are capable of dete,ctin&
irre8ularities, InclLJding fraud 15 detailed below..
the nature of the industry and sector, the control environment and performance of the
Company, includ'ing the remunpration Incentlves and pressures of key management,
the primary reiponsibllity for thé preverttion and d¢tection of fraud rests with both those
charged wlth EovernaDce of the Companv and management. We consider the results about
their.own identification and aslessmertt of the risks of irreg'ularities-
.any rnatters we identined having obtained and roviewed.the ¢omp3ny.s documentation of
their'policie5 and procedures relating to,.
identifylngi evaluating, and complylng with law5 an4 regulatlons and whether they
were aware of'any instan￿5 of non-compllarice;
detecting and responding to the risks of fraud and whethèr they have knowle¢ge of
any actuaL suspected or alleged fraud,,
¢he Internal rontrDls established to nlitigate risks.of fraud or non-.compliance with
laws and regulatiorls,.
the malters discussed among the Audli enÈaBéihent team, reEardlng how and where'fraud
might occur in the f inaricial statements aryd any potential Indicators of fraud.
A5 a result of these procedures, weconsidered the i)pportunltles and incehtlves that may exist within
the organisatlon for fraud and identifled the greatest potential for Iraud. In ¢ommrtn with, Ill audlts
under ISAS IUKI, we are. £lso required to perform 5peclfic procedtsres to res#ond to the risk of
m3naseinent Override, Infjluding testln&Joutnals and.evaluating.whetber there was evidence. ol bias
by the dlrectori that reprefented a rlsk o.f materlal mlsstatement due to fraud.
We also obtalne'd an understanding of the legal and regulatory frameworks :that the Company
pperates in, focusing on provislons pf .those laws ond. regulations that had a direct effect ofi the
ijetermination of material amount5.arwd dlsc105ures In the firianclal statemqnts. We focused on law5
aDd tegulations that could give rise to a ￿aterIal mi55tatement in, the financial statemenls, ilicluding,
but not. Ilmlted.to, the Companle5 Act 2006, thè Charltles SORP 2019 and relevant tak leElslation.
Because of th, e inherent1Srriitations of an audit, there Is ? risk that we will hot detect all irregularities,
including thosè leading to .a' materlal misstaternent in th"É. f inancial stat'ements or non.compliance
with re8ulation. This risk increases thp more that compllancewith a law ar regulation is removed from
the events'and transattlons reflected In the flnancial statement5, a5 we wlll bè.. less Ilkely to become
aware of ihstahces or non-com pliance. The risk 15 a150 greator regarding irregularitles occur,ring due
to Iraud rather than'Frror., as.frdud involves intentional conc.ealment, 'forgery,.collusion. omission or
isfepresentation.
A lurthei des¢riptlon of our rosponslbllltles.for the audit of the.financial statements Is locafed on the
Fihancial RÈPOrting Counc.il'5 website at,. .Www.fr.c.org:uklauditorsr.e5ponsibilltles. This description
forms part of our, Auditor'5'rpport.
Use of our'report
This report Is made solely'to the Cornpany's member¥: as a body, in accordance with Chapter 3 otPart
16 of the Companies.Act 2006. Our audit work has been under.taken so that we rnight statÈ to.thÈ
Company's tnembèrs those-matters we'are required io state to them In 3tt Auditor's.report.and for
Poge'l!

t)ocu5wJn Envelope10:"13'C5cJE1-7BF1477CJA45-C42D'B7E90553
no other ptsrpose. To thèfullest extent permitted by law: we do not accept or assume responsib'ility
'to anvone other than the Company and the Company's members, as a body, for our audit work, for
this report. or.forthe op.inions we.have formed.
09¢¥84fjDd by..
2EF•Wx8EO44￿.
Gaty.Wong BFP FCA(Senior statu.toryauditorl
for•'nd on beh'alf of
HILLIER HOPKINS LLP
,Chartered Actountants & StatutotyALidltor
Radlus'House
51 Clarendon Road
Watford
Hertfordshire
WD17 IHP
tsate: 241h March 2025
P,.!gL I.

DO￿99n Envelope ID.. 06562A47-A92440F&AEAC-7F658B482DED
Oacuslgn Envelw ID: 41915E2&8DO44BDO.8SBC4DE1003CE887
ST. CATHERINE'S BRITISH SCHOOL
STATEMENT OF FINAI4CIAL ACTIVITIES
FOR THE YEAR ENDEO 31" AUGU5f2024
IAII amounts in table5 and notes are presented in É unle$s othep4vise stated
31-Aug-24
31.Aug.23
otes
Incoming Resources
Income fiom charitable a¢tivitltes:
Fees Aeceivable
Otherlncome
8ank Interest
16.725,590
2,841,653
15,833
16.075.351
1,72L303
Tolal In￿rnIng Resour¢es
19 583 076
17.796 656
Resources Used
Oirert Charitable Éxpenditure:
Stafl Costs
Educational Consumables
Maintenance & Utilities
Real Estate, VAT and other Sundry Outies
Governance Costs
General Adrninistration Expenses
12,443,176
620,961
1.250,653
812,030
3L523
1,623,Kll
16,782,143
11,36L545
610,745
1,242,539
386.352
39,632
1,786.850
15,427,663
Other Expenditure..
Interest
Forei8n Exchan8e gain51105ses
Depreclation
Bad Debts
Normal faxation
687,161
&oio
1.263,716
22,955
17,fi
1.999,446
724,867
6,778
1,228.611
17,631
1.959,536
Total Resources U5od
18 781,589
17.387 199
Net Incomlng Resources
Before Other Reco8nised Gains & Losses
unrestricted Funds
801,487
4109.457
Actuarial Ilossllgain on Staff Retirement
Indemnitie5- unrestricted funds
io
Net Movernent In Funds
Balance BrouAht Fonvard at I September
Balance Carried FoThvard at 31"August
780.665
28.350.7
29.131,365
325.394
28,025.306
28,350,700
Tlie iiotes on page5 19-31 are on integral part OE these Anancial statemeftts

Oocu8lgn Eft￿lOpe ID.. 06562A47.Ag24.40F3-AEAC.7F65884820EO
Oocysign Envelope 10.. 4l915E2B4D￿48Do-e$Bc.aDElc￿jJcE8fi7
ST. CATHERINE'S BRITISH SCHOOL
BALANCE SHEET AS AT 315t AUGUST 2024
(All amounts in tables and notes are presented in É unless otherwise stated)
31-Aug-24
31-AuE-23
Notes
rixed Assets
Tangible FIMÈd Assets
School's Land. 8uildln8s and Equipment
37,182,354
36.964,329
Current Assets
Debtors
872,380
,$01,946
9,374.326
627,082
10.749,320
IL376,402
Cash and Banks
Current Llabllltles
Creditor5 Due Within l Year
Short Tenn portion of Lon8 term loan
{10,983,57Jl
<2,45B.I)X)I
{13.441,5711
17,9J9,5161
11,5C¥).CO)I
19,4J9,5161
Net CuryentAssets
(4,067,245)
1,956,886
Total Assets Less Current Llabilitles
33,115,109
38.921,215
long Temi Uabllltles
Bank Loans
Retirement 8enefits
Other Long Term Liabllltles
12,417,CQOI
{I.J,75.CKJ9)
139J,735J
13,983.7441
19.51KI,IXfjI
IL063,26S)
17,2501
110,S70,5151
io
Total Net Assets
29, 131,365
28,350,7
Reslflcted Funds
li
671425
28,452,940
67&425
27.672,275
Unrestrlcted Funds
li
Totsl Funds
29, 131.365
28,350,700
The Financial Statements of St. Catherine's British School Icompany number 008602881 were
approved at the Board of Directors meeting held on 181* March 1025 and 518ned on its behalf
Slgn•dty.'
CA A635757C4Ag...
George OrimiotiS
Chairman
Howard Prince-wrighl
Honorary Treasurer
Tlie notes on pages 1931 are on integral part of iliese Anancial statements

Oocusign Envelope 10.. 06562A47-A92440F3.AEAC-7F658B482DEQ
Do¢u$lgn Énvelope ID, 41915E2B-6tl014B￿.8SeC4DE1l￿I3cEBfj7
ST. CATHERINE'S BRITISH SCHOOL.
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31" AUGUST 2024
IAII amounts in tables and notes are presented in É unless otherwise siatedl
31-A148-24
3l.Autr23
Netcash Inftow From Operalln8 Artl¥ltles
IW.489
Taxatlon
117,fAJ4)
117,6311
Cashflow Ifom Investlng Artlvltles
Capltal Expenditure A Trd Flnantial Investment
Interest Received
1.465.9)81
11,48J,74.11
15,833
(611,6421
161J,6441
Cashflow Irom Fhnancln8 Activltle$
Repaymeni ofloan
Interes1 Paid
16.811161)
16.125,CiyJI
1687,1611
Il224,8671
l J,5th,¢JKJl
1724,8671
Increase l {Decrease) In Cash
IL247,3741
1173,6511
Cash and cash equivalents atthe be8innlnB ol the year
10,749,320
10,922,971
,Cash and cash equlvalents atlhe efid of the perfod
8,501,946
10.749,320
Reconelllatlon of net Incomln8 resour￿$ to net tash Inf low
from operatln8 artlvltles
.Net incomin8 re50urce5
Interest
Taxatlon paid
Depreciaiion
Bad debt Pfovision
(Profltllloss on dlsposal of a55els
IncieasellDecreasel In provlsion for retlrement indeffinltles
Increase in debtors
Increase in creditors - excluding loan
Increase in other lone terrn Ilabllities
Net Cash Inflow From Oper*in8 Actlvltles
801,487
671,328
409,4S7
724,865
17,631
1,228,611
118,3SJI
427.773
78,(K)9
166,76Q)
(12Q,746)
1,263,716
22.955
90,922
1268,2531
3,064,055
384,485
048,299
2.680.489
Pp.J,' Id
The notes oil pases 19-31 are on integral part of these financial stateménts

Docuslgri Etliielw101 (i65'è2A47..A92440F&A'EAC.7F65884020EO.
D￿￿$￿3￿ Envelopq ID: 4191562B￿4B0o•5Bc￿EiQO2C£d8?
ST. CATHERINK'S BRITISH SCHOOL
Notes.. tD the A¢¢ount5 aS.at.31st.Au811St 202.4
(All arnount5 in tobles and note5 are presented in E unle55.othe￿ISe Stated)
ACCOUNTrNG POLICIES
a) Staternent of compliance and Basig of Prepaption.
T.he flnaiKlal statements have been prepared Dn 3 Bolng.concem basls, and In accordance wlth
Accounting and Reporting by Charitles: 5taternent of Recommènded Practice appllcable: to
charities preparing thelr accounts ID. actordan¢è wlth the Flnancial Reportln8 Standaid
applicable in the UK and Republic'of Iweland IFRS 102}- Charltles SORP {FRS 1021. the Financlal
Reporting Stindard applicable in Ihe UK and Republlc of Ireland IFRS 1021 and the Compènle
Ad 2DO6.
The tlnancial statements are p￿Sented in Euros whlch Is the funrtional currenry of the School.
b). Tarig'lble Flxed Assets
Land Is stated'at d.eemed historical cost IpreviDu51y revaluèd c051} following change to Fris 101
whlle the remalnderof thetanglble flxed assets are Staled at cost less accumulated depreclatlon.
Depreclatlon Is provlded on all langlble fixed.assets in use, other thon freehold lond that Is not
depreciated, at rates and bases calculaled to wrlte.off the cost of the assets overthelr expeded
Useful Ilve5 by the stralght-line rnethod. Tbe depreclatlon rates are 4% to.5% for buildlnBs and
8eneral improvement5, 10% for furnItW￿ ènd equipment Iterns and 20%. lor compulets, and
sO￿ar¢..Leaseho1d improvements are dpprecljted over the lease tgrm.
c) Fee5
Income Is recognlsed when the Schpol has entitlement'lo the fvnds, ahy performan¢e conOitlons
ttached to the. Item{sl of Income have beÈn met, it Is probablelhat Ihe income will be recoSvewl,.
and the amount can be measured rellably.
The School's revenue cpmpr15e5 non-refundibie appllcation feES and maln schoo5 and nursery
fees, net of.bur5atle5 and other'di5counts. Fee Income Is reco8nised over the period.to.whlch It
relates. Re8iStratlon fees and development fund5 aro t￿ated as Income in the year they are
receSved.
dl Exp.endituré
Expendltuie is generally Inclusive of Irrecoverable V.A.T. and Is reflerted In th¢ accompanylnB
acrount5 by nature. However, with effect frorn I. January'201'4, all VAT Is Separately Ilisc105ed
in .Real Estate, VAT and Other sundry D￿ties. Purchases made in Europei wh'ich give% rise to
Greek VAT obligtytlon: are also reflected separately In Real Estate,.VAT.and Other Sundry Dutle5
'under diieci rharltable expenditure.
e). Pension schème
The Sthool operaie5 4 defined beneflt scheme in Gree￿ whieh proliides a saylngslpension
sthème for employee5 that choose to participate. The Srhool matche5 UP to 5% Of the
CDntributions to the scheme. The School contlnued.to operatea defined contrlbutlori scheme in
the UK, whlch provides lrfe and retlrethent beneflts to certain of its employees. The scheme
managed by a Ilfe assuran• compahy and its a55etS are held sep.arately for each individual
mtmbet. All staff are atso members of the Greek 5tgte 50clal secuflty and Pénsion arrahgements..

Docu8￿n EnveloF¢ tO'.09562A47-A9244PF3".AEAC-7F6566483DEO.
'Dourfign Envelope10.' 41916E2UDoHBD￿BS8C..aDEloDJCEB67
ST. tATHERINK:S BRITISH SCHOOL
Notes to the A¢counts a5 ai 31st Ay8ust 2024
IAII amounts in tables an4 notes are prèsented in É unless otherwisestatedl
fl BeseNe for Staff Retirenlent Indo¥rtnitie5
The School'.s staff ietirement obr￿atIonS under the fjreek. State Social Security and penslon
aTran8ements are calculated accordante with ihe provisions of FRS 102, at the discounted
value of'the fut'ure retlrement beneflts.gccrued. Retirerrient. obllgatlons are. c3'lculated.on the
basis of financial and actuarlal assumptlon5 and are determlned u5inBlhe p'roje¢ed unit credit
actuarlal valuatltsn method {ProJect Unlt Cfedit Methgd). The pension exppnse for the perlod Is
"Included in siaff cost5 arHI consi5t5 of "the present value of behefits earned tlle.year, Interest
C05t on ihe benefit obllgation and any pèst seNice cost, Acluaiial galns and10$5es'are recognlsed
In full In other reco8n15ed Income arid expense In the perlod ln whlch they ottur.
81 Forel8n curreDcles
The account5 Jre expressed In Eurds. The exchange rdte at'.31" August. 2024 was £1 I (1.190
131" August 2023: £11 Cl.166). .Assets and Ilabllltle5 deMominkteO In foreign currencie5. are
translated at the rate of exchan8e rullng at t'he balance sheet date. Transactlons ITr forei8n
currencles are recorded at the rate rullTrg at the date ol the transgrtioh. Dlfferences on
translatlons'are relle¢ed in the statenlent of financial actlvltles.
h) Ta%atlOh'
T.he School is a not-for"proflt or8ah15atlon and Is therefore èxempt from Income tax lexcept for
?ctsvitles'not reljled to educatlon.). lffespectlve of thE Schools exempt Income tax status, 11 15
svblect to Real E5tate.Property Tax.
11 Leases:
Rentals payable untjer operatlng leases are charged In Ihe statement of flnan¢iJlartli*lties pn a.
.5tralght-line bksis overlhe lease lerm.
j) Funds
T'he School's reslrirted funds'afe held forspeclflc purpose5. They consist of£531.683 held under
the Land Revaluation ReseNe an'd a46,742 held under the School Reseryes. The School'5
nrestilcted fvnds are re-Inve5ted back Into the School throuBh addltions and Improvèments'to
Its tacilit￿ andexpend5tyre in r¢lation to.new technology a5 well as new furniture.and fittlnfjs.
k) Cash and cash Èquivalenls.
Cash and cash equNalents Inclyde cash at bank and In haAd Iniludlng any shortterm hlBhty liqiild
InvestmentS.With a short maturity. of three month5 Qr less from the date of acqulsltion or
operilng of the deposit or.simllBr account.
11 Re50vrce5.expended
Diiert Charltsble. Expendlture reprèsents the full .cost of teachln& welfare,. premise5, and
support Co'sts associated'with rurliiing the Sthool.. Governance costs repre5ent.lhe.".ne￿5sily.0f
compllaoce wlth ststutory and coftstltutional rEqulrementS.
Pa8e 20

Docusign'Envèlvpe ID.. 08S62A47-A924-40F8-AEAC'7F658ed82DED
DO￿519n En¥dope IP.. 419l5E2￿Do446D￿.B5￿.'lDE1.0O3cEOaI
ST, CATHERINEPS BRITISH SCAO.OL
Notes ta the Aeegunts as at31st August 2024
(All amounts ikl t&bles and notes are presented in £ unle55 Otherwlse statedl
m) Liabilltiés and Provisions
Liabilities are. reco8n12ed when there1$8n obligation atthe reporting.date because of a. past
event, it 15 probable that'a'trarisfer of èconomic benefit will be required. In settlelnent, arid
the omount of the 5ettle.mènt can be .e5tlmated reliably. LlabilitlE5 7ro recogniied at the
amount that the School anticlpales it w511 pav to settle the debt or the2mount11 ha5 recelved
as advanced payments for the. goods or seThice5 it must provide, ProvisloDs are me05ured at
the best estimats.of.the amounts exptcted to outflow to settle present oblSEatlons.
n) Coing Concern
The School'5 Dirpdors 4ssess whether the use of golng Concern Is approprlatè I,e. whether
there Is any Inaterial uncertalntie5 related lo events or condltltsns that may cast Significant.
doubt on the ability of the SCE￿01 to contlnue as a goln8 concem, The Dlrectors make this
asseurnent In respect of'a perlod of at leasl one year from the date of authoritation for155ue
of the Inanclal statements and have con¢luded that the School has adèqyate resources 10
contlnue In operallonal exlstence for the forèseeable futur.e and there are rio materlal
uncertaintles about the School'5 abllityto contlnue asa 8oin8,'concern,..thu5 Ihey.c.orilinue' to
odopt the golng concern basls of accountin8 In preparin8 the flhanoal statements.
o) Accountln8 EstimatE5
The preparatloh of the financlal .stafenlents' requires monagement to make judgerrients,.
e5tlmJles and assumptlons that affect the amount5 reported for assets and Ilabilltles as at the
rèpgrtin& date and the amounts reported for revenues and ep(p¢nses during the perlod,
However, Ihe nalur.e of es*imatlDn means that actual oytcomes could dlffpr frorn those
estlmates.
The'followlng'Jud8ements and estlmates have'hadlhe mosl 51gnlflc8nt effect ob the amounts
rÈco8nlzed'ln the financial st3tement5',
Dep.rec'lot'ion and residual values -.The D'lrectors hève revlewed the asset liijÈs and assoclated
residual values of all fix¢d. asset £14sses and havé concluded that a55et lives and residual value5
are appropriate.
Provision staff leavlng Indeiiillitle5: In calculatin8 the PtÈsent value of defined benefit
Dbligailon, the Direcfors obtalned an actuarlal Valuatlon, and revlewed the key a55umptlons a$
Discount rate, AvErage prke Infl)tIDn Rate o*. salary Increases.
p) Debtors
Short-lemi debtors are measured at transaction pri￿. less. Iny impalrment. loans recelvables
are measured Inltlally at falr value. net of tran5actlon costs, and ￿￿ measurèd subsequently at
).mortlsed cost usin8 the effectlve Interest method, less Iny Impalrmen¢
q) Financlal Insttumenfs
The.School has elerted tozpply the provlslons of Section Il'Basir Fln8Thcl*l Instrnments" of FRS
102 to all its f inaDclal instrurnents.
Financial instruments are recognised In the School B31anGe￿heet when becijmes party to the
ontractual provisions of the Instrument.
Flnanclal assets .and Ilabilitle5 a￿ offseL wllh the net amounts prosinted in ihe.flnanclal
statements. when there Is a legally enfOr￿3ble.righttO5Qt9tt the Tetognised amounls and thete
Pa.ge 21

DorJJ$lgn Envelope ID.. 06592A47.A92440F>AEAC-7F6S88482DED
Dtirwign Envelope It).. 4..1915E2&6CW8DO.B5B&8DE10D3¢E867
ST. CATHERINE'S BRITISH SCHQOb.
Notes to the Accounts as at 31st AuEust 2024
IAII amounts in table5 and.note5.are presented in É"unl¢ss otherw15é slaledl
is an Intention. to Settle on a net'basls or lo reallse the wet and setlle the lijblllty
simultaneously.
rl Basic Flnancial A¥*ets
Basic financlal.assets, which Include trado and oth'èr'rereivobles, cash and bank balances. are
inltially meè5ured at thelr tiansactlon pilce Inrludlne tran5actlon costs and are subsequently
carried 'at their'amortised cost uslng .the effeCtI￿le interest method, le55 any provision for
Impolm)ent, unless the arran8ement.¢onstltutès a flnancin8 transactlon, Whe￿ the transadign
is measured at the present value of the future recelPt5 dlscounted at a h)arket rate of Inlere5t,
D'iscounting is omitted wh¢rp the effect."of discountlng is"immoterial,
The School cash and cash equhlaleTrt5, trade and rnost other recelvable5 duE wlth.th¢ operatin8
cycle fall Into this cate80ry Of linanclg11nstrumenls.
sl gther Flrpanc141 Assets
Otherfinancial assets, which Includes inve'stments In equity Instruments.whlch'are not"classlfted
s subsidlarle5, associates or'lolnt ventures, ar¢.Inltlally measured at falr value, which is normall¥
the recognlsed transactlon prlce. SuFh asse¢S are subsequently measured at.falr value.with the
change5 In falr value being reco8nlsed In the proflt or1055. Where'other'flnancial assets. are not
publlcly traded, hence thelr fall Value cannot bE me45ured rellably, they are measured Bt cgst
'le55 Impalmienl.
tl Impalnnent of Flnanclll Alsels
Fln?ncial a55et5 are'asse55Ed for Indicators of impalrment at each reportlng date,
Flnanclal assets are. Impiired when event5, after ihelr Inltlal TecognitioD.. indicate the estlffiated
ture cash flow5 derived from the financial a55etlsl have been adtrersely Imparted. The
Impalrmènt loss wlll the d)fference between the current catryln8 amount and the present
value of the future c8sh flows at the a55Èt(sl ort8lnal effectlve Interest rale.
If there15. a favourable change In relatlon to the events surrounding tho Impalrment Ios5, theD
the Impalrment can be reylewed for pa551ble reversal. The r￿erSal wlll not tause the current.
carrylng amDun't lo e¥ceed th? ortglnal c•try.Ing amount. had the irnpairment not beeh
recognised. The impairrnentTever5al 15 reco8nlsed in the proflt or1055.
u) Flnancial Liabilitles
Flnandal Ilabllities and equlty instruments, afè classlfSèd accordlnB 'lo the substance 14f the
contractual arrdngements entered. An equlty Instrurnent Is any ￿ntract that evldences
resldual interest in the assets of.the Company after the dedvctlDn of pil its liabllities.
8asSc flnancial Ilablllties, whlch include trnde and other payables, bank loans and other loans are
inll'lally measured at.-Ihelf transattion .prlce'after trangattion costs. When this constitutes a
flhancltt8 ttsnsactlDn, whereby the debt instrijment.ls hleasured at the present value of. the
futuré recelpts. discounted at 8 market.rate of Interest.. Debt in5tiuments are Subsequently.
ca￿led.at their arnortised.cost using the effertive interest.r3te..method.
Trade.poyables awe obliBation5 to pay for EocNls and services that have been acquired in Ihe
ordSnary course of business frorn'suppliers. Trade payables'are classified as current Iiabjlltles If.
the payment Is. due within one" year if not.; they represent ryon-current liabilities. Tra4e payab'les
are inltially recognised al thelr..transartion price and"svb5eq"uently i're mEasuwed ai amorti5ed
.cost uslng the effettive Interèst method.

Do￿J819n envelopi ID". Ob562A47.A924-40F3.AEA'e-7F658B482DEO.
Oocu5ign En¥¢lope.ID.'4191"SE2PA00448CJJ..8SBC-8DÉ10D3CE86Z
ST. ￿THERINE:s BRITISHSCHOOL
Notes to the Atcounts a5 at 31st Augu512D24
{All amounts in table5 and note5 aie'presented In É unless. Otberwise state41
Iv) Dere¢o8rt15edAssetslLiabllllle5
Derecognition of.6nancial a5s,els:.Flnancial'a5sets.'are derecognsed wlien.thEir contractual rlght
to future cash flow éxpire5, or .are settled, or when the School transfers the as¥et and
5ub5tantialty all the.Ytsks ahd reivards. of ownershlp to anotljer party. If.slgnifKant iisks and
rewards of. ownershlp are 'rotained after the.transfer to another p.bity, then the School wln
contlnue to recognlse the value of the portion ot thè r15k5.and reward's Tetalned
Derecognltlon of flnanclal Ilabllities: Flnanclal. IlabllltFes are derecognised when the School's
contractual (iblSBations explre or are dl$ch8r8ed or cancelled.

Docusi9n Envelope ID: o6￿2A47..Ag24JoF3-.AEAG7F65BB482DEO
Docitslgn Envelope ID.. 4191SE￿*Po44BQQ-B5￿-BDElOulCE6s7
ST. CATHERINE'S BRITISH SCHOOL
Notes to the Accounts a%Èt Jlst August 20.24
{All amount5 in'tables and notes are presented In É tsnless oiherwi5e stated)
OTHER INCOME
Other Income arno￿nts to Q.841,653 for 2023124 {CI,721.303 in 2D22n31. The Increise is
inainly due to DonatlDns Tecelved amounting. lo ￿97,631 in 2023124 {C67,367 for 20221231 to
PE Clubs revenuepmounting to ￿81,7?1 in 2023124 {Q48.073 f(>r 202.21231, to Extra Curricular
lubs gmounting to'QOG.324 In 2023124 (C130,755 for 20221231, to Bus Revenues amounting
to (306,192 In 20231241£289,969 for 20221231, as welfa5 Other Educatlonal Fees amountingto
74,1421¢)r 2023A4 {É222,494 for 20221231.
STAFF COSTS
2023-2024
2022-2023
WaÈes & salèrles
Soclal secyrlty COSt5
Pen510'n tonlributlons
Other cost5
9,342,632
2,065,424
314,491
7,20,629
12,443,176
8,511,n4
1,885,441
288,608
675,722
11,361,545
The Board Dlrertors recelved no remuneratlon duilng the year 2023124, eiqept for amounts
dlrectly related to expenses for attendlng the governor5, meetings suclj as taxls, alrfares. meals
ahd hotel costs. Included In Governance .costs in. the. ar.comp"anylng, sL1teme'nt Df financial
ctlsiltles amountlnB to 2023124. É15,773 ¢1022123.. (5.3821.
È average munthly nunlber of employees IbDth f￿lI.tIme •nd part-llmel during the year15
shown below.
2023-.2024
2022-2023
Full.tlme teachlng staff
Part-time teaching staff
Teathing A5515tallts
Administratirsn stafF
site Maintenlnce & Cleanln8
Management
PE Co3che5
Supply Teathers & AsSiSt4rit5
IOG
16
15
46
46
3.1
42
29
14
14
277
266
Full tlme equlvalent numbers were 247.14 fo.r20231241238.55 for 2022123).
Employee n￿rnbe￿ h4ve increased by eleven ye8r-ori.yeai. The teachln&staff had the biEge¥t
irtcrease by 5 Siaff. There'were also Increase in admlnistration to accommodate th.e increased
heeds for both sile5,
The key management personnel of.the SchoolcompilsEthe.Board of Olrector4. the Headteacher,
the.Deputy Head/Head of Upper School, the Head of Lower 5choDI. the Bu5ine55 Director and
the Operatlon5 Dlrtctor (j'oined the school in Augy5t 20231. The total ernployee benefirs of key
management personnel of.tho school were £573,8S9 for. 20231241É509,819 for2022123).
Pase 24

Dbcusl9nEfflvèlOP8 10.. 06562A47.A924.:40F3.AEAG7F65884.82tsEO
Dc6¥￿￿ EnVelope.ID...41915E2￿El¢m4BwB5Bc.8DÉ1oD3c£8&7
ST. CATHERINE'SBRITISH SCHOOL
Notes to thé Acthunts ￿ at,3lst August 2024
(All amDUllts In tables and.notes are presented In C unless otherwi5d stated)
REAL ESTATE PROPERIY TAX, VAT & DTHER SUNDRY DUTIES
In the current fiscal yeaf, the School paid varlous dulles and taxes omountffjg. to É812,03
{¢386,352 'for 2022123). This comprised mainly fmm Tax & Municip31 Fes5 amounting to
.ts88,3111É13,129 fol 2022123) and VAT payable on lo￿1 goods and 5eNlces to the Greek tax
authorities amounted to (389,349(￿50,451 in 2022123). VAT payable on purchase5 made
withln the European Unlon amouDted,to Cl7.3871É13,004 In 20221231.
N£T INCOMING RESOURCES- Before Qther Rewgni5ed Gains & Losses
Included In Net Incomlng Resources are the followln8.dlsclosable Items:
(al Audlt remuneratlon for 2023124 amounted to £15,75012022123. É15,750},
(bl Operatlng leases - Land & 8ulldln8S for 2023124 ?mOtsnted to £296,201 IC207,517 for
2022123)
(cl Opera¢ln8 Leases- cirs for 2023n4 arnounled to Cl,52512021123 - U,458)
TANGIBLE FIXED A5SErs
Freehold &
Leased Land
& Buildlny
Furnlture &
Equipment
Imprwments
Total
Cost orDeeme
At tst September 2023
Addltlons
Devaluations/Di$posal¥
At 31 Au8USt 2024
reclat'on.:
At 1st September 2023
Charge for the year
Oi5P05als
At 31 AuEU5t.2024
Net bookval
At 31 Ats8llSt 2024
At 3tst August 2023
42,798,143
997,736
4,732,054
234,532
1,031,821
249,473
48,562,018
1,481,741
43,795,879
4.966,586
1,281,294
5.D,043,759
6,975,971
969,260
3,599,720
290,668
1,021,998
3,7.88
11,597,689
1,263,716
7,94S,231
3,890,388
1.025,786
12.861,405
35,850,648
35,822,172
1,076,198
1,132,334
255,508
9,823
37,182,354
36.964.329
In applying the atcountill8 palScie5 r.equired by FR5 102 and the Charltles SORP FRS 102, Ihe.
5ohool haselected that the revalued value of the land be deemed c05t a5 from the Balance Iheet
dale, Accordingly, the Revaluation reservÈ(if has be'en frozen at £531,683.
In Au8USt 2017 tbe School.acquiTed the ￿ella property adjacent to the Macsolar slte a5 Part of
its strate8ic'rampus developmept, The intention is to u¢ilise the e*istlng building footprinl to
build a new Sports Cpniplex with a swlmmlng pool, Basketball, Dance. Gyn) and PE classroom
teaching facilitie5. A5 mentio￿ed in the Diredors Report above, a Building Perrnit was obtained
On t"he.141h.of Jan￿ary 2023.
Pase 25.

Docusign Envdope ID: Q6582A474924'4QF3..AEAC-7F658e482D.EC)
'Docu￿9n Envelt•po.iQ.' 410IsE784D04-4BD(￿BSbc.eDEIfj03c£tté7
ST. CATHERINE'S BRITISH SCHOOL
Notes.to the AccDuDts a5 at.31st AuBusi 2024
(All amounts in tables arid notes are'presented in C.unl¢ss otherwjse stated)
Notwith5tandingthe delays catssÈd bythe Miriisty of Culture 15 a resuft of Archaeology flndin'gs,
518nifiont progress had been made ￿11th re5P¢Ct to the Macsolar Building DeveloprnÈDt in 2019
and 2020. On ioth of Augbst 2020 the school accepted th¢ prellmlnary handover o'f .the hew
building from the co.nstructlon company Red¢x. Admln staff were relocatèd durlng Avgust 2020
'to the n'ew preffjise5 and ihe schtiol opened Its doors to thé upper5chool students In 5epteffjber
2020. Durins 2023124 the iinprovemehts in Macsolar Buildlng amgunted to a49.211.
Durin8 202ai24 buildlng improverneTrls forlhe Well3 ComplÈx.athounted to É624,877. BuiltSin8
Improvements on the. LykovrisinDSitsè srtes amounted (175.972, Improvements ifft the newly
leased land amounted to £149,211..Furnftuèe & Eqvlprnent, Hardware and SofNvare'additions
amounted to É484JM)5.
PEBTORI
2023-1024
202Z-Z023
Fee5 (Net of Bad Oebll
6￿arantee5
Other debiors {')
rppaid expenses'('I'
295,76.4
316,4fj5
46,111
101,307
163,199
627.082
300,129
223,807
872 380
(ty) The amount of other detstor5 and prepald expenses Includes advance$ to SuP￿[erS
relatlng to constiuctlon acilvlty of vaTIou5 projects, ès well a5 purchas6$ of book5 and
educatlonal material, whlth will be used ln the followlD8.school year.
Pa8e 26

Docusigft Envelopp ID". Q6662A4.7-Ag2￿0F>AEAc-7F￿5￿84B2DEO'
DO￿￿19￿ Envelope ID: 41915E2Bffj0044801kBfjBUOE1003CE887
ST. CATHERtNE'S BRITISH SCHOOL
Notes tothe Actounts as.al 315t Augtsst 2024
IAII ainoiints In table5 and notes are presented in < unle55 Otherwise ststedl
CREDITOAS: Due within ono year.
202>2024
2022-2023
Trade creditors
Reservatlon deposlls {")
Sundry credrtor5
Ta)(es &..social security
Accruals
277,572
9,iaB,092
644,951.
363,751
559.205
10,983,571
292,218
3,939.128
858,301
305,098
524.771
7,919,516
( } During 2023/24 the School received £9.138.092 rep.re5entlng part.of the innual fèes
In advance for the 2024/25 schoDI year.
BANK LOANS
Followlng approval by the éoafd of Governors by ordlnary wrltten resolution dated 18.th
becembei 20.17: the School sSgned an EIB loan agreement ivith Alph'a Bartk 5A amountirl8 tg
7.sm dated 22 December 2Q17 repre5eiitln8 50% of thè fundlng f.equirèd lot the
redevelopment olthè TrÈw upper school on the. Mècsolar site..
On.21M June 2018, the School.signed an EIB loan agreement wlth Natlonal Bank of Greece SA
INBGI for a loan of È7.5m. Thls NBG loan tO8etherwith the loan above totsl to an initial loan
finance of CISM.
In September 201.8, the Schocil was notlfled by NBG that the loan of U.5m could not exceed
f5m 4ue to the rule5 of the EIB. NBG dld however inform the school that It would fund the
required a.sm through 3 normal cDn5trucllon bank loan, The required replacemEnt loan
agre¢ment5 were appwoved by the Board and finally signed by. Ihe Sth(>ol .on .the 19th of
pcember2019.
2023-2024
2022-ioia
Due wlttrlin one year (shortlerm portlon)
Due aft¢r one yeaT Ilon8 term porti¢)n)
.2,458,t)00
2,4.17.000.
1,500,000
9,500,OQO
4,875,000
ii.000,oixi
T.hE loan5 are secured by a flrst prefer￿d Jnorteage on the Sthoofs immovable property. In
additlon, the Insurance pollGles on the School'5 ifflmovabl¢ property have been as518nÈd as
collateral forthls loan facility, On August 2?, 2024, the School prepald £5 milllon in loan.prihcipal,
allocatinB Q.5 millionto Alpha Bank and E2.5 millioh to the NatTronal Bank of Greecv,
P.agé27

OccyB.19n EnvelDp.E tD::06562A47-A924.40F.34EA&7F05gb482DED
D(*cusbJn Envelope IQ.. 41q15E2&.6DOHSD￿B59¢.8oE7.OD3CEB67
ST. tATHERINE'S BRITISH SCHOOL
Notes to the Accounts as.at 31st Ausust.2024
fAII amounts in tables and DotE5 are presented In'EMnle55 Otherwise Stated)
10. PROVISIQN FOR REfiREMENT INDEMNif.IE5
Urldef Gréek labour law, einpbyees are entitled to terminatlon payments .In the event of
dlsmlssal Df retirement, wlth the amount of payment varylng In relatlon to Ihe employee's
compensation, length of servlce and. manner Idismis5ed or.re¢iredl of'.termlnation,.w.hlch If due
to rÈtlrement is 4)f the airiount payable uptsn.di5missal. Employees who. reslgn or are
dlsmlssed with cause are rtol entitledloterminatioh pa*ments. The numberofemplqyeeswho
wlll eventually be.dlsm155ed or retire. in s(tbsequent years is'nol known..
An actuarlal valuation of the r£tlrement Indemnities Ilablllty was perforrned durlng the year by
Independent actua[l¢s. The movement" and cbmponents. of ihe retirèm'ent Indemnitie5.1Sability
for the year ended 31" August 2024 is as follows:
Net1SJblllty reco8nSseO in the.Balancé Sheet
2023-2024 2022-2023
Present value of defined benef51 obllgatloTr
Net Ilabilitv
1,175,009
1,175,009
1,063.265
1,063,265
Actuarlal assumptions
2023-2024 2022-2023
Rate of salary Increase
Discount rate
Avera8e pr1[¢ Inflatlon
6,00%
3.24%
2.00%
6.00%
3.80%
2.10%
Net expense reco5nlsed In the ..StaleMent .01 Flnand41 2023-2024 2022-.2023
Actl¥lties
Sepgice cost.componenl
Past Servlcé C05t due to amendments
lTrteie5t. cosi component
TerrninatlDn benefits
Less,. Beneflt$ pald
140,010
23,20S
40,404
110,801
7.936
>6,135
42.110
1112,6981 1108,9731
7B,009

Docuslgn Envelope ID.. 06502A4.7' A91440F3AEAG.7F$588482DED
00cu￿￿￿ Envelope ID.. 4191SE?WD04.4BtXl.B53C.aCE1003CE867
ST. CATHERINF,,
S BRITISH SCFtOOL
Notes lo the Account5 as at 31st August 2024
IAII 3mouDts in lables and rsoles are presented in C unles5 Otherwlse stated)
io.
PRO'VISION FOR RETIRE￿ENT INt)EMNITIES Icon¢inuedl
oth.er recognised'galns and10ss.es Yècognised in the.
statement of Financlal Actlvltles
2023-2024 2022-2023
..￿tUa￿al Igains)Ilosses
84.063
84,063
2Q,822
Change In the present value of the deffned benefit.obli8ation 2023-20Z4 2022-Z02a
Presenl value of déf ined benefit Obllfjallon as atl:., 5epternber
Serylce cost componenl
Past SeNlce Costdueto'amendrnents
Inter*'st.cost cornponent
Termln?tlon benefit5
LÈSS: 8eneflls Paid
Actuarlal:losses/l8ainsl
Present value of deflne4 beneflt obllgation 85 It 31, Au8USt
1,063,26S
140,010
23,205
40,404
901,ig3
110,801
7.936
26,135
41110
1112,6981 1108.973)
84,063
1,175,009 1,063,265
IJ. RESTRICTED AND UNRESTRICTED FUNDS
Re5trlrted Funds
2023-2024
2022.2023
L*nd Revoluation ReseNe
531,683
533,683
School FIpserve5
146,742
678,425
146,742
678,425
The Land Valuatlon Reserve reflerts the retsaluafbn gf the gchool's.'Freehold land. The
rev31uatlott re5e{ve has been frozen due to the decision of the School to record the land at
deemed ¢0st followlns the adoptlon of FRS 102.
Unreslfirted Funds
The School's funds arè héld to finance the freehold property an¢ to cover normal t1uttuat￿ns In
workln&capital. As at'31'.'.Au8U5t 2024 unrestricted rese¢ves amounted t'9 É28,452,940 {2023'
7.672,2751..
I?. RELATED. PARTY TftANSAcfioNS
Thère were no.related party. transaction5 in the year.
Page 29

Docusign Envelope 10: 06562A47-A924.40F3.AEAC.7F658B4820EO
Oowsign Envelope 10.. 41915E2B-600H8DO.8sec.8DEIOD3CE867
ST. CATHERINE'S BRITISH SCHOOL
Notes td the Ac¢ounts as at 31st August 2024
IAII amounts In tables and notes are presented in £ unless otherwlse stated)
13. CONTIIACYS AND COMMITMENTS
At 31" August 2024 the School had cornmitments under non•cancellable operatina leases as set
out below:
2023-Z014
2012-2023
Operating leases:
Less than one year
In 2 to 5 years
Greaterthan 5 years
324,036
665,864
200,157
631,567
98.794
930,518
989,900
Additlonally, at 31. August 2024 the School had commltments related to the redevelopment of
the Lower School slte as set out below..
2023-2024
2022-2023
Less than one year
In 2 to 5 years
316,598
93,238
409,836
144,620
93,358
237,978
14. ANALYSIS OF CHANGES IN NEf OEBT
AtISep
202>
oihtr
DOn￿b
¢h•npi
C•sh Iltyws
At31Au
2024
Cash and eash equlvalents
C•5h
10.749,320 1?,247.3741
10,749.320 12.147.374)
8,501,946
8,501,946
Borrowln
Debt dLte wlthln one year
Debt due alter one year
iJ.xb).rKK)I
19.S(Y).crf)01
li,fyx).￿KjI
6.125,000
17.083.IX)01
7,083.000
I2.458.¢￿10)
12.4.17.CQOI
14.87S.0001
6.125.000
1250.6801
3 877.626
3,626,946
IS. CONTINGENT LIA8iiinES
During May 2000. the School's tax status was clarified with the tax authorltles and the School
was granted a Greek tax Tegi5tration number. Accoidlng to Greek tax le8lslation, tax relurns are
filed annually but the profits or losse5 declared for tax purposes remain provisional until such
tlme a5 the tax authorities examine the returns and the records of the tax payer and 3 final
a55essment IS 155ued. As the School has never been audited by the lax authorities since
InceptloA. its liability for taxes. fine5, dutles and any other dues or actions that may be levled or
laken a8alnst It by the sald authorities is not considered flnalised.
Given the clarification of the School's income tax statu5 descrlbed above, the School's principal
activities are not Subject to income tsxe5- a5 a result, the Director5 believe thal the possibility of
reali5allon of such contingent tax liabilities is remote.
Pase 30

Docu5￿n Envelope.D.' 06562A47-A924.40F3-AEAC-7F658B482DEO
.DoEuslgn En￿e10￿.30.. 41915E?&6D0$4&Dt￿8S9c-6DE.10D3CE887
ST. CATHERINE?S BRItISH SCHOOL
Notes to the Accounts as at 31st 2024
IAII amounts in"tables and note&.'are.presented in É unless citherwlse.statedl
Greek tax law. 384V201O imposed, amon8 Others a speclal taK of IS% to.various tate8ories
(¢nt'ities or Ind"ividu¥151. of real estate owners In Greece,.'51multaneously providin8 for.¢ertain
exceptionL The'school, a'5'.a not for pr(bfit oiganTzatlon, 15 exempteé fr(￿ Ihe.above mentioned
tax., The law specified that a fomial procedure of submittingarf exceptjon appllcallon and a zero
tax reiurn to the tax authorities had to be followed. Ihe School dld. not flle an extrptlon
appliration with the tax authorities, for the calendar year 2010.but It'tlirectly submitted a zero
tax..return. Management bèlièves that, because th'e.Sthool ts exempted ofthe a'bove mentioned
tax non strsct iinplenient3tion. (sf the above formalrtie5 will not result In any additional tax
burdeh.
I& POST BALAN££ SHEEf EVENTS
There were no other thateftal events after thè balance Sheet date whlch have a b&arln8 on the
under5tandlng af the flnandal slatements.
Page 31