ST. CATHERINE'S BRITISH SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st AUGUST 2025 Charity number: 313909 Company number: 00860288 *AFZIZFOR* 1410512026 COMPANIES HOUSE A12 *58 ST. CATHERINE'S BRMSH SCHOOL IA company limr(ed by gu3rantee) DIRECTORS, REPORT FOR THE YEAR ENDED 31" AUGUST 2025 The Governors are pleased to present their annual Direttors. Report together with the financial statements of the charity for the year ended 31° Au8USt 2025 which I￿ also prepared to meet the requirements for a Dirertors. Report and Accounts for Companies Act purposes. The financial statements comply with the Companie5 Att 2006. the Mernorandum and Artide5 of Association, and Accounting and Reportin8 by Charities= Statement of Recommended Practice applicable to charrties Preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021. Status and Administration St. Catherine's British School 1.the School" or the"Companyl wa5founded in 1956. The School is a non-profit company Ilmlted by guarantee. registered number 00860288 and rs also a registered charity. number 313909. Pur and tem At. St. Catherine's British School, our purpose is to empower students to understand, care, and CTeate a better future as capable global citizen5* guided by the values of ca￿, dedication. curiosity. and integrity. Our mission is to foster learnlng with a rith currlculum that develop5 intellectual. social, physical. and creative skills, preparing students for lobal citizenship. ob To provide for and promote the rnoral, cultural, intellertual social, physical, and èesthetic development and the teaching and instruction of students according to the National Curriculum for England, IGCSE and International 8accal3ureate. with the overall objective of preparing students for the opportunities. responsibilities, and experiences of adult life in national and international so(iety. In settlng our objettives and plznning our artivitie5 our Governors have considered the Charity Commission's general guldance on ptjblic benefit and iri particular to its suppleff*ntary public benefit guidance on adv3rKing education and on fee-charging. Poli The School is a day school based in Athens, Greece which follows the National Curriculum for England. the International General Certificate of Secondary Education (Years 10 and 111 and the International Baccalaufeate Diploma Course for Years 12 and 13. Classes are conducted in the English language. although Greek language, history and culture lessons also feature prominently in the school's programme. Our School welcomes students frorn all background5. To admit a pr05pectr4e studerrt, we need to be satisfied that our School will be able to educate and develop a prospertive student to the best of their Potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to sat15fy ourselves and parents that potential students can cope with the pace of learning and benefit from the education we provide. An individual's gender. ethnicity. race. religion. or disability do not form part of our asse55rnent prOCe￿e5. We are an equal opportunity organisation al￿ are committed to a working environment that is free from any form of diKrimination on the grounds of colour, ra￿. ethnicity. religion, sex. sexual orientation. or disability. We will make reasonable adjustments to meet the needs of staff or students who are or become disabled. Pfige I ivities The 2024-25 academic year marked aThother chapter of growth and 5ucces5 acr055 the school community a5 we continued to celebrate the many achievementsfor our studRnts and stsff. The St. Catherine's Brit15h School Theatre On￿ again served as a vibrant hub for creativity, hosting remarkable performances. including Pride & the Prejudice, City of Angels and She Loves Me, alongside our ever-popular muslc concerts and dramatic produrtions. We were crowned overall winners of the COBIS Senior Game5 2025- our second title in recent years, and Year 9-10 athletes triumphed at the World School Games. A highlight of the year was the Second year at our Chelsea Football camp during the Easter Break. The Chelsea Foundation joined us all the wayfrom the UK and many Siudents enjnyed ihis great experience. Leadership. anO innovation thrived through our Hackathon 1220 participants), the St. Catherine's Model United Nations Conference1350 delegates from 19 schools from across Greecel, Debate Tournament. TED-Ed Conference. and the introduction of our stvdent-led Science Fair ènd The Owl Student Newspaper. Additionally. our new St. Cats Chats podcast kicked off enabling us to reacll out to students, parents, Staff pnd alumni. Cornmunity engagement deepened as students raised more than QO,WO for charities supportlng'orphanages, food banl(s, fife departments, and children's causes, including" through IB CAS projects and volunteering at the Athen5 Marathon. St. Catherine's expanded alumni enEaEement with the introduction of 3 monthly alumni newsletter, as well as two Inaugural events - the Alumni Holiday Party and the London spring event - both of which brought together former students together reigniting connection5 W4th old friends and teachers alike. In term5 of facilit'ie5. we made significant Strides completlng the construction of three new outdoor 5pace5 a5 part of our "Building Bridges to Tomorrow" campaign including a new football and b&sketball courts. a free play area, Carpo gardens and Thallo Park offering the opportunity for our students to enjoy but a150 learn outdoors through our innovative Forest School program. As we continue to embrace the future our commitment to our values ensures that our school continue5 to thrive. During the period, the School initiated a unified Master Plan designed to upgrade facilities in support of our mission. We laid the groundwork and completed the preparatory actNities required to commence construction of the bridge. WR renovated the Year 2 area and classrooms With a modem design, creating environments conducive to learnin& creativity and play forouryounger students. We also designed and constructed a dedicated art room for Lower School students, Enhancing the deliveFV of art education and cultural engaBement. Furthermore, The additional spaces required for the Hub were finalised, enabfing school to secure the necessary permits and utili5e our classrooms to host student examinations. The acquisition of the Dynamotors building, was completed strenEtheninE the Master Plan and adVan￿S School's One Campus vision. A new collaboration with Gefsinus, our catering provider, was established offering students an expanded range of high-quality food and snack options from a reputable brand. The bus service was upgraded by reducing route times and introducing door-trFdDor service: We have laid a robust foun(Sation for further development5 in the corning year, ensuring the community benefits from an enhanced school e'xperience. The school'5 principal funding source continued to be application. registration, development'fund. riur5eryi and main school fees. Th'e.school'5 third 151 inspection was in the autumn of 2016 as part of the BSO IBritish Schools Ovèrseas) three-year inspection cytle. The findings of this ISI inspection We￿ rated °Excellenf in all eight categories. It should be noted that, although the school wa5 due for a new inspection in 2019. this was deferred due to the dislocation caused not onl¥ by the opening of the new Upper School building in September"2020 but also the ongoing COVID pandemic, Indeed, the disnjption of inspection cycles due to the pandemic was a world-wide phenomenon. It should be noted that the DfE in the UK nevertheles5 confirmed St Catherin"e's British School BSO status until the most recent ISI inspection which took place March 2023. Although uniier a diffe￿nt framework. the sthool was.judged as fullv ornpliant and met all the sta.ndards for British Schools Overseas whilst both the quality of the students, learning and achievement and th-e quality of the students. personal development received the highest ratin8- Excellent. The next IS'I inspettlon Is planned for November 2026. Pftge 2 The school 15 also a member of HMC (HeadteaCher￿ and Headmistresses, Conference), AGBIS IAs50ciation of Governing Bodies of Independent Schools), ISBA (Independent SclK4ols' Bursars Associatlonl andAoBSO IA5sociatioh of British Schoo15 Overseas). During 2025 the quality and effettivenes5 of governance at School was reviewed by AGBIS after School's request. The School has continued it5 partnership with the British Council who deliver English Language courses to over 259 local Greek children withiTh the school premises and they have particularly relished Irve leorning in the new UppeT School building. The School continues to invest a great deal of resource into high quality Staff CPD (Continuing Professional Development). Some of the CPD highli8hts included= Student Progress and Wellbeing & Data Analysis with Matthew Savage.- 8ehaviDur Training by Dragonfly- Ment31 Health Workshop.. Middle Leaders Prtsgramme,- the 180 Global Conference.. COHIS Anftu3￿ Conference- the NPQLT INational Professional Qualification for Leading Teaching) for two members of staff longoinBI,' Oesignated Safeguarding Leads Advanced Training- Recently Qualified Teacher Training,.),. a variety of IB subject courses for Upper School staff longoingl- Fire Sofety and First Aid Training- Evolve Education Visits Co-ordinator Training,. HMCAnnual Conference and many morè. Charitable Activities 11 Bursaries to students 21 The School supported and contnbuted to the following ovèrseas and local charities- EMEIS .shoes and Clothes for Orphanages Idonatioti in kindl Make a Wish AXION HELLAS Home Projert Elpida GLtesthouse DonatlDn to SEGAS for ELIZA RUN Nine Lives (Stray Cats 'Charityl Donation to Public Schools (donation in kindl Food for Orphanages (donation in kindl Lara Guide Dogs Food for Orphanage5 Idohation in kindl EMEIS Hellenic Society for Aut15m ELIZA Charity Home Project Christodouleio Idryma Anima Center Alma Zois ELEPAP Agkalia A550ciation for Blind People Pnge 3 Diréctors The Directors of the School. who arE also the charity twstees and members of the Board of Governors, who served sin¢e 1st Septen)ber 2024 through to the date of this report. were: Governor Chairman. VSce Chalr & Honorary Trea5vrer Apptiintments First Changes AppoFntment Eleni And￿ad[S 1416123 Jgnathan Belbin 1416123 Mar￿1 Cobuz 1416123 George Drimiotis Chalm)an 14111122 Inteiim Honorary Treasuw Ini25 10110122 Reappointed 12106124 Andreas Gavrrelrdes 20110122 Reappointed 12105124 Roberto GreGo 1110125 Kateriia Kantartz￿- 1918122 Draper Alexia Katsaounls 1110125 Nicholas Papapolitis 1416123 Nèllie Phoca-cosmetstou 1416123 Nick SpViopL)uIos 1416123 Sabine von Stieglitz vi125 Elena styliantsu 1416123 Molanie WarAes VU25 Ehert Michael PrÉnce-Wright Howard Lambert, Michael 1416123 1416123 1416123 Re&1 ed 3016125 Resigned 3016125 Resi ed 1119124 HonoraryTieasurer Pnge 4 Ke Pèrsonnel & Advisors Principal: Jonathan Edward Perfiss (appointed OV091141 Company Secretary: Mrs Despina F. Chatzidaki (appointed 1107124) Chief Operalln8 Officer: Mrs Paraskevi Choriarbopoulou (appointed 071031251 Head of Finance: Mr Michall Marinis13ppointed 041031251 School's addres5: Leoforos Venizelou 77 Lycovrissi GR14123 Athen5 Greece Web51te: www.stcatherines.gr Registered Office: 66 Lincoln's Inn Fields LONDON WC2A 3LH ENGLAND Bankers:. Alpha Bank Ethniki Odos 17th km Athinon Lamias Klfissia GR145 64 Greece P3ncreta Bank Mesogeion lo￿111 Avenue, Athens GR115 26 Greece National Bank of Greffe Potamou 25 & GalinisAvenue, N. Kifisya GR145 64 Greece Eurobank P. Maximou 2 & Deligianni. Kefalari GR145 62 Greece Solicitors {U.K.I'. Farrer & Co LLP 66 Lintoln's Inn Fields LONDON WC2A 3LH ENGLAND Sollcwtors IGree¢e): C. & S. Dimitriou & Associates 28 Didotou Street ATHENS 106 80 GREECE Audltors: Hillier Hopkins LLP Chartered Accountants and Ststutory Auditor5 Radius Housè 51 cla￿ndon Road Watford. Hert5 WD17 IHP And tgs (Hellas) Certtfied AuditorsAccountants SA 60 Kifissias Av. -15124. Maroussi, Greece Pnge 5 Governance The Directors ratify specific school policies; some. such as Safeguarding and Health & Safety are reviewed and approved on an'annual basis. others are reviewed periodical￿. The day-to-day management of theschool isdelegated to the Headteacher. In the previous year the school operated three standing committee5.' Finance Committee Operations Committee Curriculum and Standards Committee Fundraising Committee Governance. Nomin?tions3nd Resources Committee All the above commlttees ère chalred by a Director and irKlude other D1￿CtorS and staff as appropriate. The minutes of the meetin'gs are distributed to the Board for ratth"cation. Each committee has Terms of ReferEnce. and their role is to monitor, review and evalL4ate all appropriate rnatter5 and bring recommendations to.the Board. The school also has a Bursary CommittÉe that is thaired by the Chaimian of the Board which meets to disCU55 and décide on the granting of means-tested bursarie5. Director< Indurtion and Trainin Governors follow an induction programme with the Headteacher. Executive Leadership Team, Company Secretary, and thÈ Chairman's Committee. Upon appointment. 8 Dirertor receives a detailed file with the School's constitution, its COTporate documentation, and its by-laws. The Board of Governors in eDnsultation with tts advisors are constantly looking for ways to broaden the 5kiI15 and experience of the School's Governing Body. Following the Board of Governors full day's INSEf session with Stuart Westleyfrom AGBIS and the advent of the Key5tagelCurriculum-linking initiative during the academicyear2015-2016, the ISI inspection team in November 2016 rated the °quality of governance as excellenv - the top POS5ible grade. In their report the inspectors commented: -Governortr3ining has a high priority. Each Febiuary there is a joint governor and Senior Le3deiship workshop which has increased governors, insight into the working of the School. Furthermore. governors are lrtvited to attend staff training se55rons as appropriate". The governors receive no remuneration or financial assistance. Govemors, expenses as they relate In their capacity to carry out their duties and responsibilities may be recovered from the School. The amount of Directors. expenses In the financial year ended 31 August 2025 amounted to ￿.221 compared to É15.773 in the financial year ende(131st August 2024. being reimbursement of airfares, taxi fare5 and hutel costs to enable those Directors, who are based in the UK, to attend meetings. The Dirertors are indemnified by the School in accordance with its Memorandum and Articles of As50Ciation. Princi l Risks and un￿rtaIn The School's main financial risks arise from a potential reduction in student numbers. sustained inflat'ionary pressure5, and any significant deterioration in economic conditions in Greece. which could adversety affect enrolment levels and income. Further risksarise from the financial commitments and covenants associated with the bank loan obtained io finance Phase l of the new school development. These commitment5 may place constraints on the School'5 fin3ncial flexiljility and ivs approved by the Board business plaTY on 5. of June 2018. A reduction in revenues. increase in overheads or reduction in the values of the School's fixed properties may result in the School's failure to meet its obligations which may result in a default under the terms.and conditions of such loan agreements. Increases in interest otes may also adversely affert the School's abilityto meet its obligations. These defaults MBY result in the bankruptcy or insolvency of the School. In addition, the loan covenants may restrict the School's business ènd financing acttvities. The School Pnge 6 therefore carefully evaluates its funding and endeavours to ensure that its business"plans are prudent and ensure adequate liquidity to cover for potential ijncertainties. The p.rincip31 risks to which theschool Isexposed. a5 identified by the Director5..are reviewed syStemati£ally from time to time in order to mitigate those risks. Strate i¢Re ort Review Over the decade 200￿2019 the Sthool ha5 implemented a plan to maintaln occupancy at between 1,050 and 1,200 until its d¢velopment plan for the Upper School propertywas completed. Ocafpancy data is summarised as follow Academic Year 200812009 200912010 201012011 201112012 201212013 201312014 201412015 201512016 201612017 2017121J18 201812019 201912020 202012021 202112022 202212023 202312024 20241Z025 202512026 lestimatedl rox. no. of students 890 938 1.030 1.1 1,071 1,116 1.155 1,144 1.176 1,205 1,276 1,326 1,349 1.347 1.346 1,373 The School's bursary scheme In supported students 94 (prior year 961 in" various percentages of which 82. Iprior year 751 were staff child￿n (also in various percentages). Flnancial Results The financial performance for the year 2024125. excluding donations received. was"above the budget approved by the Board. Total Incoming Resources for the year 2024125 were(19,9￿,985 compared to É19.583,076 for 2023124 representir an iffcrease of U17.910 lor 1.62 %) compared to the year 2023124. Student numbers slightly decreased by 0.07% in 2024125 compared to 2023124. The key driver5 of the increase relate to income from fees £17,658,030 compared to 16.725,590 for 2023124. This increase was partially compensated by a decline in donations amounted £164,032 for the year 2024125 compared to É 897,631 for the year 2023124 Total Resource5 Used for the year 2024125 amounted to a9,545.121 compared to (18,781,589 for 2023124 representing an increase of Q63,532 or 4.07%. Net Incoming Resources for the year 2024125 amounted to £355.864 compared to £801.487 for 2023124 representing a decrease of É445,623 or 55.6%. Net Movement in Funds amounted to É427,164 for the year 2024125. The balance carried forward increased to 29,558.529. Pnge 7 Re5erveg The School's restricted reserves relate to fuDds held for specific purposes.. On 31° ALtgust"2025 there are £531,683 held under the Lond Revaluation Reserve and E146,742 held uhder theschool ReseNe totalling É678'.425. The School's unrestricted funds Ire5erve51 are re-invested back into the Sthool through addition5 and inlprovements to its facilitie5 and expenditure in relation to newtechnology aswell as new furniture and fittin8& On 31 August 2025 there were £28,880.104 in unrestricted reserves. The directors consider that the ideal level of reseNes would be be￿een I to 2 years. expenditure. The directors believe that the current unrestrirted reserve5 represent a 5tsffident level to ensure that the goin8 concer'n assumptlDn is appropiiate. Resources The"School's assets are suffiGient to meet its obligation& The Fesults are set OLrt in the èttached Statement of Financial Activities, Balance Sheet and Statement of Cash Flows.. The School's Business Director produces management reports together with his team that measure the actual performance of the School compared to the budget as well a5 interim financial statements. Thè Financqal-statements and rhanagement reports are review¢d bythe Board and the Headteacher. The Board of Director5 confirm its expertation that the School has adequate resources to continue in operational existence for the foreseeable fut.ure. Therefore. in preparing the financial ststements the Board continues trA adopt the going concern basis. Develo merit Plans During the financial year 2024125, the School continued to execute its long-terrn campll5 development strategy through targeted capital investments across estate expansion, refurbishmeni Of learning spaces, and infrastructure upgrades. All capital expenditure amounts disc105ed above a￿ presented inclusive of VAT. as the School cannot recover input VAT due to the nature of its actwities. Accordingly, non-recoverable VAT is captii lised as part of the cost of the related fixed assets. Strategic Property Acquisition: In 2024125 the School completvd the acquisition of a building through public auction processes to use in the fLtture fo.r operational need5. The total capitalised cost includes the purchase price. acquisition taxes, consultancy support, and registration-related costs. This acquisition strengthen5 the School's long-term estate planning options and provides additional capacity and strate8ic flexibility for future development. Lower School: Significant improvements were undertaken at the Lower School stte, primarily driven by the reconstruction and refurbishment of Year I teachinB areas. Works included reconfiguration and upgrade of classroom spa￿$ to improve functionality. learning condition5. and IonE-term utilisation of the Lower School area. Additional smaller works included specialist flooring and safety+related upgrades within the stte. Educational purpose Hub building". Capital expenditure related to development of addttional classrooms to be vsed for educational purposes. During the year, the School incurred costs related to a￿hitertUral studies, electro-mechanical supeTvision, Ind certified construrtion progress. These works reflett continued advancement of the project from design and 5u*rvision into delivery-stage execution, in preparation for the future operational use of the facility- Site-wide Improvements and Green Spaces: The School invested in the development of outdoor and green-space areas. including major landscaping works, supporting structural installations, and associated project management and dessgn over5iEht. These enhancement5 Pft.oe 8 improve .student wellbeing. circulation. and the qualty and usabilrty of outdoor ￿CreatiOnal and learning environments. IT Infrnstru¢ture and Di8itsl Leaming E_nhancements: Investment in IT and learning technology continued through 3 5trLJctU￿d refresh of devices and classroom infrastructure. Additions included laptops and desktops for teaching and operational .needs. classroom in.teractive displays, an'd specialist equipment to support ICTU / FabLab activity. including machinery and related infrastrutture. These upgrades SUPPOrt curriculum delNery. digital literacy. and operat￿n81 resi14ence. Furniture and Learning Environment Fit-out: Furniture additions during the year were focused on improving teaching and communal spaces, includinE classroom furniture and storage solutions. A significant component of this spend related to the refurbishment and re-equippinB of the Lower School canteen with new chairs. tables, benches. and related fittings, enhancing both capacity and the quality of the student dining environment. Other Equ5pment and Facilities Support: Other capital additions included operational e.quipment SUpF￿rtlng the Schooys facilit￿%and specialist areas. such as major cleaning nachinery, pool-related equipment. and workshoplFabLab tools. These additior15 Strengthen d3y-tO- day operational capability and support the rna1ntenan￿ and safe operatK)n of the School's infrastructure. Lower School Building: Targeted capital works were completed to mè"intain and improve the condition of facilities, includin8 repairs to paved areas and installation of weather-protertion elements, supportlnE safe continued use of the relevant spaces. Software Development: The School capitalised the development and constructKJn of the new institutional wEbsite Istcatherines.grl, strengthening communications capability and digital engagement with parents, rtudents, and the wider community. Property Acquisition- Dynamotors (U65364) Purchase of Dynamotors building through e-auction1101061251 ￿10.000 Consultancy services for participation l aCqU￿lti0n support É22.010 Purchase tax related to acquisition É2.1.939 Other acquisition & reBistration costs I￿g4stratIOn fee & additional acquisition fees) £11,415 Freehold Buildings & Estate- Lower School Improvements (f330.183) Reconstruction l Tefurbishment of Year I classes É320,279 Othpr minor Lower School building works (non-slip pool floorinE & Brt room PVC flooring works) E9,904 Site opposite the UpperSchool- Work in Progre551É135,1821 3rd tertifitation of work Iconstniction Progress Èertlficationl É123.960 Other design & supervision cost% lafrr.Trfitertural studies + electro-mechanical supeNisionl É11,222 Buildings- General Irryprovements & Green Space5 {É134,708) Landscaping- green spaces ILower School shaped areal É60,903 Project management-green spaces IThallo Park & Carpo Gardens) £21.673 Landscaping- additional green space works (19.477 Metal frame installations for sitting area l outdoor use £15.500 Other green space & minor &te improvements larchitertural consulting, awningslcanopy, doorslwindows, lighting) É17.154 Computer Equlpment & IT Infrastructure (É101.599) Cla55room/Staff device refresh.. Lenovo desktops125 units) QO.615 Pt7ge 9 Student device procurement.. Lenovo Yoga notebooks {.20 units) £19.700 ICTU / FabLab laser cutter system £18,724 Other IT equipment {interactive view . boards, addttional laptops, monitors, docks, peripherals, filtration1ac￿S5ories, headsets, smaller devices) É42,560 Furni￿re & Learning Environment Flt-out I￿,373) Canteen flt out- chalrs/tables/benches and related fumiture set £28.673 Other furniture for classrooms arid offices IEYFSldassroom furniture. storage, shelvin& seatin&teaching-area fil-outsl ￿9,700 Oth¢r Equlpment1É52,906) Road cleaner INilfisk Wiper ROSI3￿) É11.966 other Èquipment (pool chlorination machinery, kTchen equiprnentloverL Signage. workshop tools, A/V accessorie5 and general operational equipment) É40.940 Lower Schotsl Administration Building IQS,780) Repair stone paddock & pavin8 IEYFS courtyard) É18.898 Other minor'works {awnlng with PVC fabric / gutter installation) É6,882 Cothputer Softw¥re {É11.8051 Constwction of new website1stcatherines.grl £11.805 Other capital additions {£19.380) During tbe year, capital additions included safeguarding upgrades through the'installation of a sgcure glass door1É2.728), temporary site inf￿strUttUre to support the sports complex projett via ISO container units 1£6,9801, and the acquisitlDn of performing arts instruments and equipment to support curriculum delivery and student participatK)n1É9.6721. Post year end acquisition {£1,727,741) After the reportin8 date, the School completed the acquisition of the plot commonly referred to as the "Cardboard Factorf for future strètegic use and potential development. The total consideration for the acquisition amounted to lÉ1.727.7411. Disclosur.e of Informatlon to the auditors So far as each person who wa5 a director at the date of approving this report is aware, "there is no relevant audit information, being infomation needed by audttor in CLfnnection with preparing it5 report. of which the auditor is unaware. Havin&made enquirtes of fellow director5 and the group's auditor. each director hastaken all the step5 that helshe is obliged to take as a director to make himsetflher5elf awdre of any relevant audit information and to establish that the auditor is aware of that irrformation. Re-A intment of auditors In accordance. with s485 of the Companies Att 2CQ6. a resolution is to be proposed at the Board Meeting for reappointment of Hillier Hopkin5 LLP as statutory auditors. roval of the Director£ Re rt and Financial Ststemen Pfige 10 A resolution approving this Direciors. Report and the School's Financial Statements for the year ended 31 August 2025 will be put forward at the Board meeting to be held on 28th March 2026. In signing this report the Directors confirni that they have approved the Strategic Report in their capacity as Company Dirertors of St. Catherine's British School. Approved by the Board of Directors at its meeting on 28 March 2026 and signed on its behalf by-. George Drimiotls Choimian Pngell The Govemors Iwho are a150 the Director5 of the Company for the purposes of company lawl are responsible for preparing the Directors. Report (including the Strategic Report) and the accounts in accordance with applicable law and regulations. Company law requires the Directors to Prepa.￿ accounts for.each financial year. Under that law the Directors have elected to prepare the accounts in accordance with United Kingdom GenerallyAccepted Accounting Practice (United Kingdom AccountinB Standards and applicable law), including FRS 102 'The Financial Reporting Standard applicable in the UX and Repuljlic of ITeland'. Under company law the Directors must not approve the accoLÉnts unless they are satisfied that they give a true and fair vie.w of the stste of affairs of the School and of the profit or10ss of the School for that period. In preparing those accounts the Directors are required to- Select suitable accounting policies and then apply them consistentlv. Observe the metws and principles of the Charities SORP IFRS 1021. Make judgement5 and estimates.that are reasonable and prudent. State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts and Prepare the accounts on the goin8 concern basi5 unless it is inappropriate to assume that the School will continue in business. The Directors are responsible for keeping proper accounting records that are sufficient to show and explain the School's transartions and disclose WFth ￿asonable accuracy at any time the financial position of the School and enable them to ensure that the accounts comply with the Companies Ati. 2006. They are also responsible for safeguarding the assets of the School and hence for taking reasonable steps for the prevention and detection of fraud or other irregularitie5. T'he Governors are ￿sponSible for the maintenance and integrity of the corporate and financial information inclutjed on the charitable company's webslte. Legislation in the United Kingdom Eoverning. the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. .Prtge 12 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. CATHERINE'S BRITISH SCHOOL Opinion We have audited the finan￿al staternents ofst. Catherine's Brit15h School (the'Company'} forthe year ended 31 August 2025, which comprise the Statement of Financial Activities. the Balance sheei, the .Statement of Cash Flow5 and the related notes, including a summary of Significant accounting policie5. The financial reporting framework that has been applied in their prepardtion is applicable law and United Kingdom Acrountln8 Stsn¢Jard5. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, IUnf(ed Kingdom Generally Accepted Accounting Pratticel and the Charities SORP 2019. In our opinion the financial statements: give a true and fair view of the state of the Company's affairs as at 31 August 2025 and of its profit for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordan￿ wrf(h the requirements of the Companies Act 2C#J6 and the Charities SORP 2019. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISA& (UKII and applicable law. Our responsibilities under those standard5 are further described in the A'uditor's responsibilities for the audit of the financial statements section of our report. We are independent t)f the Compafiy in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the FinaTicial Rewrting Council's Ethical Standard, and we have fulfilled our other ethical resyonsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a bas15 for our opinion. Condusions relatinB to going ¢oncem In auditing the financial statements. we have concluded that the Diretiors, use of the 80ing concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfom)ed, we have not identified any material uncertaintie5 relatinE to events or conditions that. individually or collertively, may cast signrfic3nt. doubt on the Companvs ab51ity to continue as a going concern for a period of at least twelve munths from when the financial statemehts are aLrthorised for issue. Our responsibilities and the re5ponsibilitie5 uf the Direttors with respert to going" concern .are described in the relevant sertions of this report. Other information The other inforrnation comprises the information included in the Annual Rgport other than the financial statements and our Auditorfs report thereon. The Directors are responsible for.the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicttly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to reBd the other infoFmation and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or oijr knowledge obtained in the fOUT5e of the audit, or otherwise appears Pfige 13 to. be materiall¥ misstated. If we identtfy such material inconsistencie5 or apparent material misst3temenls, we are requiredlo determine whether there is a material misstatement in the financial statemènts themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothlng to report in this regard". Opinion on other matters prescribed bythe Companies Act 2006 In our opinion.. based on the work undertaken in the course of the autlit: the information given in the Dirertor< Report. including the Strategic Report. for the financial year for which the financial Statements are prepared is ￿nsiStent with the financial statements,. and the Directors, Report and Strategic Report have been prepared in accordance with applicable legal Fequirements. Matter5 on which we are required to report by exception In the light of the knowledge and understanding of the tompany and its environment obi"ained in the course of the audit. we have not.identified material misstatements IR the DirEctors' report, including the Strategic Report: We have nuthing to report in ￿SpeCt of the following matters in relation to which the Companies Act 2006 requires US to report to you if, in our opinion". dequate actounting records have not been kept. or retum5 adequate for our audit have not ' been reteived from branches not visited by.u5; or the financial statements are not in agreement with the accounting ￿CordS and returns- or certain disc105ures of director￿ Temunerdtion Specified by law are not made- or we have not received all the information and explanation5 we require for our audit: or Responsibilities of directors As explained more fvlly in the Directorg rEsponsibilities ststement on page 12. the directors are responsi￿e forthe preparation of the financial staternents and for being Satisfied that they grve a true and fair view, and for such internal control as the directors detemiine is ne￿5&ary to enable. the preparation of financial statements that are freefrom material misststement, whether due to fraud or error. In preparing the financial statements. the dTrrectors are responsible for assessing the Company's ability to continue as a going concern, disclosin& as applicable, matters related to Éoing concern and using the going con￿rn basis of accounting unless the directors either intend to liquidate the Company or to cease operntions, or have no realistic alternatNe but to do so. Auditors. responsibilities for the audit of the financial statemerts Our objectives are to obtain reasonable a55urance about whether the financial ststements as a vthole are free from material misststernent. whether due to fraud or error, and to issue an Auditor'5 report that includes.our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordan￿ with ISAS IUKI will always detert a material misstatsment when it exlsts. Misstatements can arise from fraud orerror and are considered material if. individually or in the aggregate. they could reasonatsly be expected to influence the economic decisions of users taken on the basis of these financial statements. Pllge 14 Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detert material misstatements in re5pert of irregularities, includin8 fraud. The extent to which our procedures are capable of detecting irregularitie5, including fraud is detailed below- the control environment and performance of the Company. including the remuneration incentives and pressures of key management- the primary responsibility for the prevention and detertion of fraud rests with both those charged with Bovemance of the Company and management. We consider the results about their own identification and assessment of the risks of irregularities; any matters we identified having obtained and reviewed the Companvs documentation of their policies and prO￿dureS relating to- identifyinE. evaluating and tomplying with laws and regulations and whether they were a.ware of any Instsn￿5 of non Total Net Assets 29,558.529 29.131,365 Restrlcted Funds li 678.425 678,425 Unrestricted Funds li 28,880,104 28.452,940 Totsl Funds 29,558,529 29.131,365 Prtge 18 The notes on pages 22.33 are on integral part of these financial statements ST. CATHEIUNE'S BRITISH SCHOOL BALANCE SHEET AS AT 31" AUfjU5T 2025 IAII amounts in tables and note5 are presented In É unless otherwise stated) The Financial Statements of St. Catherine's British School (Company number 00860288) were approved at the Board of Directors meeting held on 28th March 2026 and signed on its behalf by.. George Drimiotis Chairman Pnge 19 The notes on pages 22.￿ are on integral part of these fin￿￿ statenwits ST. CATHERINE'S BRrrisH SCHOOL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31" AUGusf 2025 IAII amounts in tables and notes are presented in É unless Otherw￿ stated) 31 Aug 2025 31 Aug 2024 Net Cash Inflow From Operating Acti¥ilies 2529.117 6,(￿8,298 Taxation 124.391} 117.6041 Cashfflow from Investlng Activities Capital Expenditure And Financial Investment Interest Received (1.599.987) 11.667.563) 67.576 11,465,9071 11.481,7401 15.833 Cashfiow from Financing Activities Repayment of loan Inte￿5t Paid 11.597,1041 {1.416.5(K)I 1180.6041 16,812,161) 6,125,000) 1687.1611 IDecreasel In Cash 1692,365 12,247,374) Cash and cash equlvalents at the be8inninB of the year ,501.946 10,749,320 Cash and cash equlvalents at the end of the perlod 7,809,581 8.501,946 Reconciliation of net Incomlng resources to net cash inflow from operattng artlvltles Net incoming resources Interest Taxation paid Depreciation Bad debt prov15ion (Decrease) I Inuease in provision for retirement indemnitie5 Increase I (Decrease) in debtors Increase in creditors- extluding loan (Decrease) I Increase in other long term liabilities 355,864 113,( 24,391 1.356,288 801,487 671,328 17,604 1,263,716 22,955 90,922 1268.2531 3.064,054 384,485 161,9421 244,703 649,338 1152,5891 Net Cash Inflow From Operating Arti¥ilies 2.529,117 6,048.298 Pfigi, 20 The notes on pages 22-33 are on integral part of these financ￿ statetnents ST. CATHERINE'S BRrrIsH SCHOOL Notes to the Accounts as at 31st August 2025 IAII amounts in tables and notes are presented in £ unless otherwise stated) ACCOUNTING pouaES al Statement of compliance and Basis of Preparation The financièl statÈments have been prepared on a going concern basis, and in accordance with Accounting and Reporting by Charities= Statement of Recommended Practlce applicable to chaFlties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effertive l January20221- Charities SORP IFRS 1021 and the Companies Act 20￿. The financial statements a￿ presented in Euros which is the functional currery of the School. bl Tangible Fixed Assets land is stated at deemed historical cost (previously revalued costl following change to FRS 102. while the remainderof the tanBible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided on all tangible fixed assets in use. other than freehold land that is not depreciated, at rates and bases calculated to wnte-off the cost of the assets overtheir expected seful lives by the straight-line method. The depreciation rates are 4% to 5% for buildings and general improvements. IO% for furniture anil equipment items, and 20% for ¢omOuters £nd software. Leasehald improvements are depreciated over the lease term. Assels under construction represent property, plant and equipment that are in the process of construction or installation and are not yet ready for their intended use. Such assets are carried at C05t, which includes all èxpenditures directly attributable to the con5tfUrtion or acquisition of the asset. Assets under construction are not depreciated until they are broughtto their indented use. Upon tompletion and when the asset is ready for its intended use, the accumulated costs are transferred to the appropriate category of property". plant and equipment and start to be dep￿Ciated. cl Fees Income is recognised when the 5th001 hasentitlement to the funds. any performance conditions attathed to the itemlsl of income have been met. it is probable that the income will be receive¢J, and the amount con b.e rneasured reliablv. The Schoofs revenue compriseg non-￿fuftd8ble application fees and main 5cIKsoI and nursery fees, net of bursaries and otherdiscounts. Fee income is recognised over the period to whicb it relates. Registration fee5 and (levelowient fun(Is are treated as income in the year they are received. dl Expenditu Expenditure 15 generally inclu5tve of irrecoverable V.A.T. and is reflected in the accompJnying accounts by nature. However, with @ffert from I" January 2014. all VAT is separately disclosed in Real Estate, VAT and Other SundTy Dutie5. Purchases fflade in Europe, whith give rise to a Greek VAT obligation, are also reflected separately in Real Estate, VAT and Othersundry Duties under direct charitable expenditure. 'el Pension scheme Pftge 21 ST. CATHERINE'S BIUTISH SCHOOL Notes to the Accounts as at 31st August 2025 IAII amounts in tables and notes are presented in É unless otherwise stated) The School operates a defined beneftt scheme in Greece which provides a savinEslpen5i0n scheme for employees that choose to participate. The School matche5 UP to 5% of the corltributions to the scheme. The School continued to operate a defined contribution stheme in tbe UK, which provides life and Tetirement benefits to certain of its employees. The scheme 15 managed by a life assurance company and its assets are held separately for each individual member. All stsff are also members of the Greek State social securityand Pension arr?nEement5. fl Reserve for Staff Retirement Indernnities" The School's staff retirement obligation5 under the Greek State Social Seturrty and pension arrangements are calculated in accordance with the provisions of FRS 102, at the discounted value of the future retirement benefits accrued. Retirement obligation5 are calculated on tlye basi5 of financial and actuarial assumptions and are detemiined using the projected unit credit actuarial valuation method (Project Unit Credit MEthodl. The pension expense for the period t5 included in staff costs and consists of the present value of benefits earned in the year, interest cost on the benefit obligation and any past setvice cost. Actuarial Eain5 and105ses are retognised in full in other recognised income and expense in the period in which they occur. gl Foreign currencies The accounts are expressed in Euros. The exchange rate at 31" August 2025 was El / É1.154 131 August 2024-. El I É1.1901. Assets and liabilitie5 denorninated in foreign currencie5 are translated at the rate of exchange ruling at the balance sheet date. Transactions in foreign urrencie5 are recorded at the rate ruling at the date of the transaction. Differences on translations are ￿flected in the statement of finaNcial activities" h) Taxation The School is a not-for-profft organisation and is therefore exempt from income tax (except for activities not related to education). Irrespective of the School's exempt irtcome lax Status St i& subject to Real Estate Property Tax. il Leases Rentsls payable under operating lease5 are charged in the statement of financial activities on a straight-line basis over the lease tenn. j) Fund5 The sc￿or5 rest'ricled funds are held forspecific purposes. They consistnf É531.683 held under the Land Revaluatiofi Reserye and £146.742 held under the SCI￿0[ ReseNes. Thè School's unrestricted funds are re-invested back into the Sthool through 8dditionsand improvements to its facilities and expenditure in relation to new techni)10￿ as well as new furniture and fittings. kl Cash and cash equivalents Cash and cash equivalents include cash at ballk and in hand including any short term highly liquid investments with a short maturity of three month5 or less from the date of acquisition or operling of the deposit. or similar acwunt. 11 Resources expende Pooe 22 ST. CATHERINE'S BRlflSHSCHOOL Notes to the Accounts as at 31st August 2025 IAII amounts in tables and notes are presented in £ unless otherwise stated) Dired Charitabl¢ Expenditure represents the tull tosr of teachin& weEfare. pretnises, and 5UPPOrt costs associated wtth running the School. Governancecosts represent the necessity of ompliance with statutory and constitutional requirements. ml Liabilities and Provisions Liabilities'are recognized when there is an obligation at the balance sheet date because of a 'past event, it is probable that a transfer of economic benefit will be required in Settlement, and the amount of the settlernent can be estimatsd ￿llabty. Liabilities are recognized at the amovnt that the Sthool anticipates it will pay to settle the debt or the amount it has re￿iVed Is advanced payments for the goods or seNices it must provide. Provisions are measured at the best estimate of the amounts n) Goingconcern The Trustees assess whether the use of going concern is appropriate i.e. whether there is any material uncertainties related to events or condition5 that may cast signrfjcant doubt on the ability of the school to continue as a going concern. TheGovernors rnake this asse55rnent in respect of a period of at lea5tone year from the date of authorization for issue of the financial statements and have concluded that the School has adequate resources to continue in Operational existence for the foreseeable future and there are no material uncertainties about the School's ability to Continue as a going concern, thus they continue to adopt the goin8 concern basis of accounting in preparing the finarKial stat.ements. ol Accounting Estimates Judgments in applying accounting policies and key source5 of estimation uncertainty The prèparation of the financial statements requi￿$ management to make judgements, estimates and assumptions that affect the amounts reporte(I for assets and liabilities as al th'e reporting date ènd the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements & estimates have had the most significant effect on the amounts recognized in the finantial statements= Depreciation 8nd residual values -" The Directors have reviewed the asset lives and assoclated residual values of all fixe0 asset classes and have concluded that asset lives and residual values re appropriate. pl Debtors Short-term debtors are measured at transaction price. less any impairment. Loans receivables are measured initially at fair value. net of transaction costs. ?nd are r￿easUre￿ 5ub5equently at amortised cost Using the effective Inte￿St method, less any impairment. ql Financial Instnjments The school has elected to apply the recognitKtrri and measurement p.rovisions of FRS 102 Financial Instruments las adopted by the UK Endorsement Board) with the disc105ure requirements of Settions 11 and 12 and the other presentation requiremènts of FRS 102. Page 23 ST. CATHERDIE'S BRrrisH SCHOOL Notes to the Accounts 35 at 3tstAuBu5t 2025 IAII amounts in table5 and notes are presented in É unless otherwise stated) 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 staternents, when there is a legally enforceable right to set off th.e recogni5ed amounts and there is an intertion to settle on a net basis or to realise the asset and settle the liability simultaneously. rl Basic Financial Assets Basic financial assets. which include trade arid other receNable5, Cash and bank balBnce5, are initially measured at their transattion price including transaction costs and are subsequently carrietl at. their amortised cost using the effective interest method, less any provision for impairnlent. unless the arrangement constitutes a financing transaction. where the transaction is measured at the present value of the future receipts discounted at a market'rate of interest. Discounting 15 omitted where the effect of discounting 15 immaterial. The Company's cash and cash equivalents. trade and most other receivables due with the operating cycle fall into this category of tinantièl instruments". sl Other Financial Assets Dther finanaal assets, which inclutles invest.ments in equity instruments which are notclassified as subsidiaries, associatesorjointventures. are initially meaSU￿(latfalrVOlUe. which is normallv the ￿CogniSed transaction price. Such assets are subsequently measured at fair value with the hanges in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded. hence their fair value cannot be measured reliabty, they are measured al cost less impairrnent. tl Impaimient Of Financial Assets Financial assets are assessed for indicators of impaimient at each reporting date. Financial assets are impaired whèn events, after'their initial recognition, indicate the est'imated future cash flows derived from the financial assetls) have been adversely impacted. The impairment loss will be the differeTr￿ between the current carrying amount and the present value of the future cash flows at the assetlsl original effettwe interest rate. If there is a favourable change in relation to the events surrounding the impaimient loss. then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to excèed the original carrying èTnount had the irnpairment not been recognised. The irnpairment reversal is recognised in the profit or Ios5. vl Financial Liabilities Financial liabilities and equity instruments are rlèssified according to the substsnce of the contractual arrangements entered. An equity instruments is any contract that evidence5 a residual interest in the a￿ets of the Company after the deduction of all its liabilities. Basic financial liabilities. which include trade and other payables. bank loans and other loans are initially measured at their transartion price after transaction costs. When thi5 constitutes a financing tr6n5aCtion. whereby the debt instrument is me35ured at the present value of the future receipts discounted at a market rate o* interest. Discounting is omitted where the effert of discounting is immaterial. Pfi.oe 24 SY. CATFIERKNE'S BRITISH SCHOOL Note5 to the Accounts as at 31st August 2025 IAII amounts in tables and notes are presented in É unless otherwise Stated) Debt instruments are subsequently tarried at their amortised cost using the effective interest rate metho¢. Trade payables are obligations to pay for goods and se￿i￿S that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one yÈar if not, they represent non-current liabilities. Trade payables are initially ￿(oB￿lsed at their transaction price and subsequently are measured at amortised C05t using the effectwe interest method. Di5countin8 is omitted where the effect of discounting is immaterial. vl Derecognised AssetslLiabilities Derecognition of financial assets- Financial assets are derecognlsed when their contractual right to future cash flow expires, or are settled, or when the Company transfers the a55et and substantially all the risks and rewards of ownership to another party. If 518nificant risks and reward5 of ownership are retained after the trnnsfer to another party, then the Company will ontinue to recognise thevalue of the portion of the risk5 and rewards retained Derecognition of firtancial liabilities.. Financial liabilities are derecognised when the School's contractual (￿liE3t10n5 expire or are discharged or cancelled. Poge 25 ST. CATHERITrf£YS BIUTISH SCHOOL Notes to the Accounts as at 31st August 2025 IAII amounts in tables and notes are presented in É unless otherwise statedl OTHER 5NCOME Other income amounts to É2.175,379 for 2024125 IE2.841,653 in 20231241. The decrease is mainly due to donations amountingto £164.032 in 2024125 IC897.6"31 for 2023/24y-"Some other categories that demonstrated increase were Application fee5 amounting to £57.3QK) in 2024/25 1£36.390 for 20231241. as well as Other Educational Fees amounting to ￿03,996 for 2024125 la74.142for 20231241. STAFF COSTS 31 Au8 202 31 Aug 2024 Wages & Salaries Social security costs Pension contributions 10.299,056 2.234,875 330,460 647.238 13.511.629 9,342.632 2.065,379 314,491 720,674 12.443,176 Qther costs The Board Directors receNed no remuneration or reimbursement of expenses during the year except for amounts directly related to"attendinB the govemors, meetinES such as taxis. airfrdres, meals and hotel costs included in Governan￿ costs in the accornpanying Statement of financial actNlties amounting to E7.2212024125= {2023124 £15.773), The average monthly number of employees ItK)th full-time and part-timel during the year is shown below.. 2024-2025 2023-2024 Teaching staff Teaching Assistants Management Site Maintenance & Cleaning PE Coache5 & Supply Cover Administration 124 49 19 120 47 16 29 38 49 37 43 312 292 Full time equivalent nurnbers were 267.48 for 20241251248.25 for 20231241. Employee numbers.have increased by nineteen year-on-year lon a full time eqLFivalentl rnainly iflcrease in Teaching staff and in the number of administration staff. The increase in teaching and teaching assistsnt staff is in line with the enhancement of academic services provided and the increase of Administration and Managemeril reLHtes to supporting the increased needs for all site5. The key management personnel of the School comprise the Board of Directors, the Principal,"the Deputy HeadlHead of Upper School. the Head of Lower School, the Chief Operating OfFicer and Pttge 26 ST. CATHERINE'S BRITISH SCHOOL Notes to the Accounts as at 31st August 2025 IAII amounts in table5 and notes are presented in £ unless otherwise stated) the Oirector of Communications (joined the school in January 20251. The total ernployee benefits of key management personnel of the school were ￿10.745 for 2024125 (£659,267 for 20231241. REAL ESTATE PROPERTY TAX, VAT & OTHER SUNDRY DUTIES In the current r￿Cal yÈar. the School paid varioLES sundry duties and taxes omounting to 526,0271É812,030 for 20231241. Thi5 comprised mainly from VAT payable on local goods and services to the Greek tax authorities amounted to £450,219 I￿89,349 in 20231241, Sundry Duties amounted to É40,9611É8,752 In 20231241 and VAT payable on purchases made within the European Uninn amounted to É16,6951£17,387 in 20231241. NET INCOMING RESOURCE5- Befo¥e Other Rec¢)gnised Gains& Losses Included in"Net Incomlng Resources are the following disc105able items= lal Audit remuneration ft)r 2024125 amounted to £17,32512023124- É15,7501 .Ib} Operating leases - Land & Buildings for 2024125 amounted to É316,9691É296,201 for .20231241 Icl Operating Leases-.Car>for 2024125 amounted to E9.776 {2023124- a.5251 {dl Operating leases- machinery 2024125 amounted to É8,760 TANGIBLE FIXED ASSETS Freehold & Leased Land & Buildings Furniture & Equipment Imprové- ments Under Construcfion Total Cost or Deemed Cost-. At 1st September 2024 Additions DevaluationslDisposals At 31 August 2025 De reciation.. At 1st September 2024 Char6e for the year Disposals At 31 August 2025 Net bo k value= At 31 August 2025 At 31st August 2024 42,995,064 365.671 4,966,586 266,639 (2,284} 5.230.941 1,281.292 134.708 80D.815 50,043,757 9CKJ,545 1,667,563 12,2841 1,701,360 51,709,036 43,360,735 1.416.C 7.945,230 1.030,261 3,890.388 310,493 12,2481 4.198.632 1,025.185 15,534 12,861,403 1,356,288 12,2481 14,215.443 8.975.491 1.041.320 34,385,244 35,049,834 1,032.309 1,076,198 374,680 255.507 1.701,360 37,493,593 800,815 37.182.354 In applying the accounting policies required by FRS 102 and the Charitie5 SORP FR5 102, the school has eletted that the revalued value of the land be deemed cost as from the Balance Sheet date. Accordingly, th'e Revaluation reserve of has beÈn frozen at £531.683. PIEge_?7 ST. CATKERJFIE'S BRITISH SCHOOL Note5 to the Accounts as at 31st August" 2025 IAII amounts iri tables and notes are presented in É unless otherwise stated) In August 2017 the School acquired the property adjacent to the Upper SchDoI site as part of its Strategic campusdevelopment The intention is to utIl￿e the existing building footprint to build a new Sports Complexwith a swimming pool. 8asketball, Dance, Gym and PE classroom teachin8 facilities. As. mentioned in the Directors Report above. a Building Permit was obtained on the 14th of January 2023. Notwithstanding the delays caused by the Ministry of Culture because of Archaeology finding5, significant progress had been made with respect to the Upper School Building Development in 2019 and 2020. On 10th of August 2020 the srhool accepted the preliminary handover of the new building from the construction company Redex. Admin staff were relocated during AuEUSt 2020 to the new premises and the school opened its doors to the upper school studentl in September 2020. During 2024125. the School completed the acqui5itiDn of the Dynamotors property £765,364. significantly enhancing it5 long-term estste and strategic optionality- Substantial investment was Also made in freehold buildin85 at the Lower School É330.183 to improve capacity, functionality. and con(lition. In parallel, expenditureof £135,182 was incurred on the site opposite the Upper School. which ha5 been capitalised as WOTk in progress in anticipation of future development. 8roader improvements acro55 the e5tste, includÈng general buildinE works and enhancements to green spaces, amounted to É134,708, supporting both campus quality and 5usiainability- Investment in computer equipment and IT infrastructure 1"01,599 strengthened digital capability and system ￿SI11enCe. while É88,373 wa5 spent on furniture and learning environment fit-outs to enhance the quality. flexibility, and usability of teaching and learning spaces. DEBTORS 31 Aug 2025 31 Aug 2024 Fees (Net of Bad Debt) Guarantees Other Debtors Prepaid expenses 177.715 54,666 295,764 52,680 3CIJ.129 223,807 872,380 223,336 627.677 {al The amount of other (Jebtors and p￿Paid expenses inc[￿leS advances to suppliers relating to construction activity of various projects, as well as purchases of books and educatlonal material, which will be u*d in the following school year. Pftge 28 ST. CATHKRINfi 'S BRrrIsH SCHOOL Notes to the A¢counts as at 31st August 2025 IAII amounts in tables and notes are presented in £ unless otherwise stated) CREDITORS: Due within oneyear 31 Aug 2025 31 Aug Z024 Trade credttors Reservation Dep05rt Sundry creditors Taxes & social security Accruals 310.832 9,608,713 386.891 372,279 954,194 11.632,909 277,572 9,138,092 644.951 363.751 559,205 10,983,571 lal During 2024125 the School received f9.608.713 representing part of the annual fees in advance for the scknol year. BANK LOANS Following approval by the Board of Governors by ordinary" wrTtten Fesolution dated 18 December 2017. the School signed an EIB loan agreement with Alpha Bank SA amounting to É7,5m dated 22 December 2017 representing SO% of the funding required for the redevelopmentof the new upper school on the Upper School site. On 21° June 2018. the Scbool signed an EIB loan" agreement with National Bank of Greece INBGI for a loan of ￿,5m. This NBG loan together with the loan above amounts to loan funding of 15m. In September 2018, the School was nottfied by NBG that the lo.an of n,5m could not exceed sm due to the rules of the E18. NBG did however infonn the School that it would fund the required £2,5m through a normal construction loan. The required replacement loan agreements ivere approved by the Board and finally Signed by the School on the 19th of December 2019. 31 Aug 2025 31 AUE 2024 Due after more than a year Due within one year 1.333,51Jl 2.125,OC(I 3.458,5C 2,417.000 2,458,OLKI 4.875,OLhJ The loans are secured by a first preferred mortgage on the School's immovable property. In addition, the insvraThce policies on the Schoofs immovable property have been assigned as collateral for this loan facility Pnge 29 ST. CATHERINE'S BRITISH SCHOOL Notes"to the Accounts as at 31st August 2025 IAII amounts in tables and notes are presented in £ unless Otherwise stated) 10. PROVISION FOR RETIREMENT INDEMNITIES Under Greek labour law, employee5 are entitled to termination payment5 in the everit of dismissal or retirement with the Bmount of payment varying in relatlDn to the employee's compensation, length of service and manner (dismissed or retired) of termination, which if due to ietirement is 40% of the amount payable upon dismissal. Employees who resign or are .dismissed with cause are not entitled to termination payments. The numl)er of employee5.who will eventually be dismissed or retire in subsequent years is not known. An actuarial valuation of the rètirèment indemnities liability was performed during the year by independent actuaries. The movement and component5 of the retirement indemnities liability for the year ended 31° August 2025 is as follow5: Net Ilability re¢ogni5ed in the Balance Sheet 2024-2025 Z023-2024 Present value of defined benefit obliEation Net liability 1,041,767 1.041.767 1,175,009 1.175.009 Artuarlal assumptiorjs ZOZ4-2025 2023-2024 Rate of salary Increase5 Discount rate 6.00% 6.00% 3.46% 3.24% AyeraEe price infiation 2.10% Net expÈnsÈ recogni5ed in the Statement of FinaDtial Activities 202￿2015 2023-2024 5ervice.cost component Past Service Cost due to amendments 147,907 1153,9151 38,070 31,635 1125,6391 161,9421 140,010 23,205 40,404 Interest cost component Temination benefits Less: Benefits paid 1112,6981 90,921 Pnge30 ST. CATHERtNEJS BiirfJsH SCHOOL Notes to the Accounts a5 at 31st August 2025 IAII amounts in tables znd notes are presented in Éunle55 Otherwise.5tatedl io. PROV1510N FOR RETIREMENT INDEMNMES (continued) Other recogni5ed gains and losses recognised in the ststement of Financial Artivtties 2024-2025 2023-2024 Actuarial Igain5lllcssses 171,3(J)I 171,31YJl 20,822 20,822 Change in the present value of the defined benefit obligation 2024-2025 2023-2024 Present value of defined benefit obligation as at 1° September Service cost component Past Service Cost due to amendments Interest cost component Termination benefits Less= Benefits paid Actuarial lossesllgainsl Present value of defined benetit obligation ès at 31 August 1.175,IXJ9 I47.￿7 1153,9151 38.070 31,635 1125,6391 171.3(Ktrl 1.041,767 1,063.266 140,010 23.205 40,404 1112,6981 20,822 1,175,009 11. REsTricfED AND UNREsfRicfED FUNDS 202ty2025 2023-2024 Land Revaluation Reserve School Reserve5 531683 146.742 678.425 531,683 146,742 678,425 Restritted Funds The Land Valuation Reserve reflects the revaluation of the School's freehold land. The revaluation reserve has been frozen due to the deciston of the School to record the land at deemed cost following the adoption of FRS 102. Unrestrtcted Funds The School's fund5 are held to finance the"freehold property and to cover norlnal flvctvations in working capital. As at 31s1 August 2025 unrestricted reserves amounted to É28,880,10412024.. 28,452,940). 12. RELATED PARTYTrANSAcnoNS There We￿ norelated party transactions in tlie year. PLtre 31 ST. CATHERINE'S BRITISH SCHOOL Notes to the Accounts as at 31st August 2025 (All amount5 In tables and notes are presented in £. unless otherwise stated) 13. CONTRA￿5 AND COMMITMEprrs At 31" August 2025 the School had commFtments under non-cancellable operating leases as set outbelow.. 202*2025 2023-2024 Operdting lease5-' Less than one year In 2 to 5 years Greater than 5 years 405,173 788,414 324,036 665,864 1,193,587 989.900 Addit40nally, at 31 August 2025 the school had eommltments ￿lated to the redevelopment of the Lower School site as set out below: 2024-2025 202>2024 Less than one year In 2to5"years 75,567 316.598 93,238 409,836 75,567 14. ANALYSIS OF CHANGES IN NET DEBT other noncash thaE￿e5 Cash and cash equivalents At 15ep 2024 C•sh flows AtalAug 2025 C'ash 8.501.946 8.501.946 1692.365 {692.3651 7.809.581 7.809.S81 Borrowlngs Oebt due vAthin one year Debt due after one year 12.458.crfxII {2.417.¢XQI L416.Sth) I1.083.5￿) 1.083.5fKJ .125.0001 11.333.500) 14.875.000) 1.416.500 13.45"8.5001 3.626.946 724135 4.351.081. 15. CONTINGENT LIABIUTIES During May 2￿0, the School's tax status was clarified with the tax authorf(ies and the School was granted 3 Greek tax registration number. According to Greek tax legislation, tax returns ar.e filed annually but the profits or1055es decla￿￿ for tax purposes remain provisional until such tirne as the tax authorities examine the returns and the records of the tax payer and a final a55e55ment is issued. As the School has never been audited by the tax authorities since inception, it5 liability fortaxe5, fines, duties.and any other dues or actions that may be levied or taken against it by the saifl authorities is Trjt considered finalised. Poge 32. ST. CATHER￿￿E's BRTfisH SCHOOL Notes to the Accounts as at 31stAu8ust 2025 IAII amounts in tables and notes are presented in £ unless otherwise stated} Given the clarTficaiion of the School's income tax5tatus described atrx)ve, the School's'principal activitie5 are not subject to income taxes- as a result, the Directors believe that the possibility of realisation of such contingent tax liabilities is remote. Greek tax law 384212010 imp05ed.. among other5 a Special tax of 15% to various categories lentities or individuals) of real estate owners in Greece. SiMu￿aneoUSlY providing for certain ex￿ptiOns. The School. as a not-for-profft organiiation, is exempted frorn the above-mentioned tax.The law specified that a formal procedure of submitting an exception ap.plication and a zeTO- tax returrt to the tax authorities had to be followed. The School did not file an ex￿ptIOn application with the tax authorities, for the calendar year"2010 but it di￿(t]Y submitted a zero- tax r.eturn. Management believesthat, becèuse the School is exempted of the above-mentioned tax non strict implementation of the above formalities will not result iri "any additional tax burden. 16. POST BALANCE SHE￿ EVENTS After the reporting date, the sc.hool completed thè acquisltion of the plot commonly referred to as the -cardboard Factorf for future strategic use and potential development. The total consideration for the acquisition amounted to É1,727.741 linclvsive of any non-recoverable VAT, where applicable). As the transaction occurred after the year-end, it has been treated a5 3 non-adjusting post balante sheet event and accordingly no amounts have been recognised in these financial statements in respect of thi5 acquisition. There were no other material events after the balance sheet date which have a bearing on the understanding nf the financial statements. Poge 33