# **King’s School, Bruton Governors’ Report and Financial Statements for the year ended 30 June 2025** 

**Registered Company Number: 03304693 Registered Charity Number: 1071997** 



**King’s School, Bruton (Company Limited by Guarantee)** 

## **Contents** 

||**Page**|
|---|---|
|Reference and administrative information|2 - 3|
|Report of the Governors|4 - 19|
|Independent auditor's report|20 - 22|
|Consolidated statement of financial activities|23|
|Balance sheet|24|
|Consolidated cash flow statement|25|
|Notes to the financial statements|26 - 50|



1 



## **KING’S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) REFERENCE AND ADMINISTRATIVE INFORMATION** 

## **Charity Information** 

Charity registration number: Company registration number: 

1071997 

03304693 

Company secretary: Registered office: 

L S Tuson MBE 

King's School, The Plox, Bruton, Somerset BA10 0ED 

Headmaster, King's School: I S Wilmshurst MA (Resigned 31 August 2025) M R J Radley MA(Oxon) MEd (Cantab) (Appointed 1 September 2025) Headmaster, Hazlegrove School: E A Benbow BA MEd PGCE 

Bursar: L S Tuson MBE 

## **Directors And Trustees** 

The Directors of the School are its trustees for the purpose of charity law and throughout this report are collectively referred to as Governors. The Governors serving during the year and since the year end, and the committees on which they served are set out below: 

R F Badham-Thornhill, BA, PGCE (E) (Resigned 28 June 2025) C R S Birrell, MA (G, SR, ST) N B Buckland OBE (Appointed 27 March 2025) A Clutterbuck, ACIOB (EM) P N Cole (Appointed 13 February 2025 and resigned 10 June 2025) G J Evans BSc (Econ), PGCE (E) S R R Edlmann, MA (Senior Warden) (F, G, SR) (Resigned 31 August 2024) D M C Fisher (F) E G Hobhouse, BSC Eng, MBA (Chairman of Estates Management Committee, F, ST) L F Hodges, BA (RM, e-Safety) J B Hopkins, BA Hons (EM) J D Mant, LLB (Chairman of Risk Management Committee, G) (Resigned 28 June 2025) S L Matthews G W Pretor-Pinney, BSc, Econ (Chairman of Finance Committee F, ST) D J Sage (Appointed 13 February 2025) H M Stanley (Appointed 13 February 2025) J R Walker, BEd Hons (Safeguarding, E, RM) 

## **Committee membership abbreviations:** 

- F -   Finance 

- E -   Education 

- RM -   Risk Management 

- EM -   Estates Management 

- G -   Governance 

- SR -   Senior Remuneration 

- BSG -   Bruton School for Girls 

- ST -   Strategy 

2 



## **KING’S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) REFERENCE AND ADMINISTRATIVE INFORMATION** 

## **Professional Advisors** 

Auditor: 

RSM UK Audit LLP Davidson House The Forbury Reading RG1 3EU 

Bankers: 

HSBC Bank Plc 1 Middle Street Yeovil Somerset BA20 1LR 

Solicitors: 

Veale Wasbrough Vizards Narrow Quay House Narrow Quay Bristol BS1 4QA 

RWK Goodman LLP Midland Bridge House Midland Bridge Road Bath BA2 3FP 

Mogers Drewett LLP Spring House East Mill Lane Sherborne Dorset DT9 3DP 

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## **KING’S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) GOVERNORS' REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 30 JUNE 2025** 

The Governors present their report and the audited financial statements for the year ended 30 June 2025. The report also serves as a Directors' Report and the Strategic Report as required by Section 415 of the Companies Act 2006. 

King’s School, Bruton, the charity, is referred to throughout the financial statements as the School. 

The reference and administrative information set out on pages 2 and 3 form part of this report. 

The Financial Statements comply with the requirement of the Charities Act 2011 and the Charities SORP (FRS102). 

## **PUBLIC BENEFIT** 

The Governors confirm that they have complied with their duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. 

The School delivers public benefit across a broad spectrum of activity by offering bursaries, through the contribution of senior staff to the governance of local schools, through contributions to local communities, and the loan of facilities and equipment to the public and state schools.  Both schools also raise significant sums of money for good causes locally and around the world. 

A significant number of organisations in the local communities, including schools, community groups and charities have all benefited from the use of the schools’ facilities, from pupils' fundraising initiatives and from pupils' active involvement in events such as concerts, community work and community events such as fetes and fairs over the past year. 

The Foundation offers the potential for a continuous educational experience from nursery through to the 6th Form and within this structure the schools use their resources to fund bursaries, on the basis that good education should be available to pupils regardless of means.  The Foundation views bursary awards as enabling children from families who would otherwise not be able to afford the fees to access the high quality education of King’s Bruton and Hazlegrove.  Bursary awards are available to those who meet the entry requirements and are made on the basis of parental means or to relieve hardship where a pupil’s education might otherwise be at risk. 

This year overall 130 pupils across the schools benefitted from bursaries. 

The School does not have a permanent endowment or retained reserves for funding bursaries.  Governors ensure that there are policies in place so that the appropriate level of support is provided from income. 

Other assistance is available to help families maintain continuity in the education of their children, such as for siblings in larger families and for children of parents serving in HM Forces whose education might otherwise be disrupted. 

Examples of support given this year: 

## **PUBLIC BENEFIT** 

## **Local Public Benefit – Junior and Senior Schools** 

## **Academic** 

**Art.** King’s have run a series of print making workshops for KS1 Bruton Primary school children. 

**Design and Technology.** The DT department attended the Somerscience Festival to exhibit their Greenpower car and deliver a talk about the programme. 

Bruton Primary Schools attended 5 workshops at King’s. 

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## **KING’S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) GOVERNORS' REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 30 JUNE 2025** 

## **PUBLIC BENEFIT (continued)** 

**Sport.** Hazlegrove has supported the Somerset Schools Athletics Association (SSAA) which supports all Somerset School children involved in cross country and athletics.  The School and staff contributed to: 

- Hosted committee meetings at Hazlegrove. 

- Member of staff managed the team at the South West Championships and English Schools Championships. 

- Officiated at numerous events. 

- Member of the Executive committee. 

- Treasurer of the association. 

- Photocopied programmes for SSAA Cross Country, Athletics, Combined Events. 

- Officiating/ Helping at local, regional and national Pentathlon GB events. 

- Officiating/ Helping at local, regional and national NSEA (National Schools Equestrian association) events. 

- Officiating/ Helping with the South West Prep Schools Athletics and National Prep Schools Committee. 

The Astro pitches have been used for hockey training at County Level as well as the local Bruton hockey and Gillingham hockey organisations. Staff volunteer to run and organise this. 

A member of staff ran netball academies, organised tournaments and School facilities were used. 

## **Other Public Benefit at Local Level** 

At King’s, the Deputy Head Pastoral is a Governor of the East Somerset Federation which comprises Bruton Primary School, Upton Noble, Ditcheat Primary School, Community Kids Pre-School and Treehouse Pre-School. She is the partnership Governor so seeks to enhance links between the Federation and the King’s Bruton Foundation.  She also oversees curriculum on the Governing board. 

A Member of support staff has been a Trustee for Marchant-Holliday School, near Wincanton and attends meetings during term time.  HR support has also been provided to the School. 

University and careers fairs were held at King’s School and local state school pupils were invited to attend. 

Library books have been donated to the local primary school. 

The staff at Hazlegrove play cricket against local teams using the facilities for free. 

## **National Public Benefit** 

King’s School acts as an American College Testing (ACT) Testing Centre, supporting the work of the Sutton Trust in USA, admissions testing for state school pupils. 

The Head of History is a member of the Editorial Team for The Historical Association’s national journal, Primary History’ and attends editorial meetings throughout the year as well as writing articles for publication. The focus of the journal is to lead teaching and learning for EYFS, KS1 and KS2 History. 

The Music department performed choral evensong at Salisbury, Winchester and Portsmouth Cathedrals. 

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## **KING’S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) GOVERNORS' REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 30 JUNE 2025** 

## **PUBLIC BENEFIT (continued)** 

## **Community Service** 

Year 5 pupils at Hazlegrove packed and donated shoeboxes for the Samaritans shoebox appeal and Year 6 pupils took part in a sponsored walk for four different charities of their choice. 

The School supported the town with their Remembrance Sunday activities in Bruton. 

The School choir attended Glen Care Home in Evercreech and performed for residents. A Community Concert was held at King’s for local residents.  Afternoon tea was provided with entertainment from the Music department. 

A Christmas fair was organised with a raffle to raise funds for charity. 

Community concerts were also held locally. 

As part of the Community Service programme this year, pupils attended St Margaret’s Hospice Charity Shop, SunnyHill Nursery, Highfield House Care Home, All Hallows Prep School, Mendip School, Mill on the Brue, Community Kidz, Bruton Primary School, Sexey’s Hospital and St Mary’s Church. Pupils also took part in home visits, befriending residents to help out with chores like shopping and gardening. 

## **Facilities** 

King’s School allows the local Benefice to use two rooms as offices throughout the year free of charge. They also have access to printing facilities which reduces their need to buy or rent a printer. 

The School has allowed local businesses and the Church to use the staff car park for parking for events and funerals/weddings because parking is limited in the local town. 

The Chaplain used a School minibus on a local camp for under-privileged children enabling them to visit local tourist areas. 

School minibuses have been loaned to local Primary Schools to support school trips and local clubs. Staff at the School have also driven the pupils and staff. 

Bruton Choral Society use the School Music facilities for weekly rehearsals and concerts. 

King’s minibuses are loaned out to a local business to transport visitors to and from his site. 

Hazlegrove Minibuses are used to transport elderly residents in Queen Camel to meet up for tea monthly. 

Kilmington and Stourton Cricket Club and Castle Cary Cricket Club had use of the Hazlegrove Sports Hall for their cricket nets training over the winter. 

The local Young Farmers use the site for netball and football use. 

## **Charity Work** 

The local DOVE organization, which produces a local Bruton magazine, used the facilities to host their Christmas thank you for approximately 60 guests. 

A Macmillan coffee morning was held at Hazlegrove to add to the fundraising activities. 

Old resource books have been sent to a school in Zimbabwe. 

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**KING’S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) GOVERNORS' REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 30 JUNE 2025** 

## **PUBLIC BENEFIT (continued)** 

## **Fundraising Activities** 

Examples of recipients of funds as a result of fundraising activities by the schools this year are as follows: 

- Bag2School 

- Barnardo’s 

- BEAT 

- Blue Bells, Kenya 

- British Heart Foundation 

- British Lions Glasses appeal 

- Cancer Research 

- Catalyst Foundation 

- Children in Need 

- Dorset and Somerset Air Ambulance 

- DOCS Foundation, Nepal 

- Friends of King’s Bruton 

- Justice & Care 

- MacMillan 

- MIND 

- Queen Camel Church 

- RAMA 

- Royal British Legion 

- Safari Simbaz 

- Samaritans Purse 

- Save The Children 

- Sherborne Churches Together 

- South West Hospice 

- SOS Kit Aid 

- St Margarets Hospice 

- The Leftovers 

- The Lords’ Larder (Yeovil Foodbank) Harvest Festival Donations 

- World Animal Protection 

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## **KING’S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) GOVERNORS' REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 30 JUNE 2025** 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Constitution** 

The School is a charitable company limited by guarantee, incorporated on 20 January 1997 and registered as a charity on 16 October 1998.  The guarantors are the members to the extent of £1 each. 

The governing documents for the year in question were the Memorandum and Articles of Association dated 20 January 1997.  A new set of Articles of Association, dated 2 September 2012, were adopted for immediate use by the Governors. 

## **Uniting Direction** 

A uniting direction dated 18 June 2008 was made under s96 (5) of the Charities Act 1993. The financial statements for King’s School, Bruton (Charity No 1071997) also include the assets held by both King’s School, Bruton Trust (Charity No 1071997 - 1) (‘the Trust’) and the Martin Barber Trust (Charity No 1071997 – 2). 

## **Governors and Management** 

The governing body, who constitute the Members of the School, consists of a maximum of 17 and a minimum of 11 Governors, one can be nominated by the Visitors of the Hospital of Hugh Sexey Esquire in Bruton, all new appointments being confirmed by resolution of the School. 

Governors of the School are appointed following an assessment of the skills required to manage the School at board level. An assessment is made of the potential contribution any new governor might make, based on their professional background and relevant experience.  Once a new governor has been appointed by the board, an induction programme follows. The officers (Senior Warden, Junior Warden and Chairman of the Finance Committee) review and discuss any training that Governors might require and appropriate courses are organised. One day a year is set aside by the officers for a study day for all Governors to attend. The subject of this setaside day enables any training needs to be undertaken as well as a review of strategic issues. 

Governors arrange for the appraisal of both Heads on a rolling basis and provide mentoring and support for newly appointed Heads. 

Responsibility for all aspects of both schools is vested in the Governors.   The sub-committees of the Governors are: 

These 5 committees meet each term: 

F Finance E Education RM Risk Management (Twice yearly) EM Estates Management BSG Bruton School for Girls 

This committee meet at least twice each year and more frequently if required: 

G Governance 

This Committee meets at least once each year and more frequently if required. 

SR Senior Remuneration 

No governor has any interest in contracts with the School either directly or indirectly other than as a parent of a child at the School paying fees at the normal rate, or as disclosed in note 25. 

The Senior School was led during the year by the Headmaster, Mr I S Wilmshurst,  MA.  He stepped down at the end of the academic year, and was replaced by Mr M R J Radley, MA (Oxon), MEd(Cantab).  The Preparatory School, Hazlegrove is led by the Headmaster, Mr E Benbow, BA MEd PGCE.  Each Headmaster has his own Senior Management Team, and regular meetings occur between both Headmasters and the Bursar to ensure that the overall policy and direction of the Senior and Preparatory Schools follow the strategic and operational plans set out by the Governors. 

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## **KING’S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) GOVERNORS' REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 30 JUNE 2025** 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)** 

In 2018 the Martin Barber Trust (Registered Charity Number 1178069) was set up as a Charitable Incorporated Organisation (CIO) following the receipt of a legacy left to the School. The Trustees of the Martin Barber Trust are the same as the School. 

## **Key Management Personnel** 

The Governors consider that they, together with the Headmasters and the Bursar and the following staff are Key Management Personnel (see note 9 to the accounts): 

## **King’s School** 

## **Hazlegrove School** 

Deputy Head – Academic Deputy Head Deputy Head – Teaching and Learning Head of Upper School Deputy Head – Pastoral Head of Middle School Deputy Head – Sixth Form Head of Lower School Head of Admissions and Marketing Head of Academics Head of Boarding 

The Senior Warden is remunerated, but other Governors give of their time freely and the pay and remuneration of the Heads and Bursar is set by the Senior Remuneration Committee and reviewed annually.  A number of criteria are used in setting pay: 

- Nature of the role and responsibilities. 

- Competitor salaries in the region. 

- The sector average salary for comparable positions. 

- Trends in pay. 

The Governors have given delegated authority to the Heads to pay higher salaries for exceptional candidates where this is in the interest of the School. 

## **Trading Subsidiary** 

In September 2007 the Governors established Crown and Dolphin Enterprises Limited as a trading subsidiary for the future development of commercial activities by the School. The Directors of Crown and Dolphin Enterprises Limited are: 

C R S Birrell MA (Chairman) L S Tuson MBE 

The secretary of Crown and Dolphin Enterprises Limited is Mr L S Tuson. 

## **Bruton School for Girls** 

On 1 March 2022 King’s School, Bruton took control of Bruton School for Girls (BSG) which has the Registered Charity Number 1085577.  It was announced that BSG would close at the end of the academic year in May 2022. The Nursery has continued to function in a discrete area of the site but Trustees have determined it should close in July 2025. The Trustees of BSG are: 

E G Hobhouse, BSC Eng, MBA (Chairman) L A Anderson, CFPTM Chartered FCSI FPFS J B Hopkins S L Donald, BA I S Wilmshurst L S Tuson MBE A Gent 

The financial results of Crown and Dolphin Enterprises Limited are shown in note 7 and have been consolidated with those of the School. The reporting period for BSG was adjusted to align with King’s School, Bruton. The financial results of BSG have been consolidated into those of the Group. 

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## **KING’S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) GOVERNORS' REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 30 JUNE 2025** 

## **REVIEW OF THE DEVELOPMENT, ACTIVITIES AND ACHIEVEMENTS OF THE SCHOOL** 

## **KING’S SCHOOL** 

## **Exam Results** 

Exams returned to normal in 2025 with pupils sitting external exams for all subjects. The achievements were as follows: 

|<br>ollows:|||
|---|---|---|
|A Level|A* - B|62.1%|
||A* - C|79%|
|GCSE|9 - 7|31.7%|
||9 - 4|87.5%|
|BTEC|100% pass grades D* to P||



## **Pupil Numbers** 

The 2024 - 2025 school roll started on 350 and ended on 343. 

## **Pupil Events** 

The annual Art trip went ahead to St Ives which was hugely successful along with expeditions to Snowdonia for the Gold Duke of Edinburgh Award.  A CCF activity camp was scheduled for the last week of term.  An all school, day trip to Thorpe Park and the Dorset Adventure Park was also scheduled at the end of term. History had an informative trip to Berlin and the 3rd Form did their annual Battlefields Tour. The Geography Department visited the Azores. 

A mixed hockey squad toured Singapore and Malaysia and the Senior Boys Cricket Team did a trip to Holland. 

## **Art** 

A strong Art Department at the school attracts many pupils.  As well as lessons teaching various media there are a lot of extra curricular clubs to encourage creative talent.  These include Astrophotography, Knitting, Textiles Club, Life Class, 3D printing, Ceramics, Art Workshop, Photography Club and Crochet.  The department visited galleries in London, Bristol, St Ives and Bruton. 

## **Music** 

A range of musical instrument lessons are offered at King’s alongside over 20 ensembles.  These include Music Theory, Chapel Choir, Flute Ensemble, Big Band, Cello Ensemble, Percussion Ensemble, Chamber Choir, Trombone Ensemble, Orchestra, Guitar Ensemble, Military Band, Groove Band, Clarinet Ensemble, Saxophone Ensemble, String Ensemble, Girls’ Chamber Choir and the School Choir.  There have been over 30 performances throughout the year. 

## **Performing Arts** 

The School musical, Chicago was a huge success with outstanding performances.  The Trinity Speech and Drama, also successful with an incredible set of results achieved.  There were various visits to plays and shows including Romeo and Juliet at the Old Vic in Bristol. 

## **BTEC Hospitality** 

Guests were treated to outstanding food and service by the BTEC pupils who hosted a showcase culinary event. Guests were treated to a spectacular range of Asian foods. 

**REVIEW OF THE DEVELOPMENT, ACTIVITIES AND ACHIEVEMENTS OF THE SCHOOL (continued)** 

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## **KING’S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) GOVERNORS' REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 30 JUNE 2025** 

## **Sport** 

Over 95% of pupils played for King’s over the last year.  Sport continued with strong teams in rugby, hockey, cricket, cross country, netball, tennis and athletics.  All indoor hockey squads qualified for the regional finals and the boys 1st XI won the Independent Schools Cup. 

Cricket continued in strength with over 60 boys and girls taking part in one-to-one or small group sessions throughout the season. 

Swimming, gym strength and conditioning, run club, dance, rifle shooting, ten tors, and football are all offered as extra activities in school. 

## **HAZLEGROVE SCHOOL** 

## **Exam Results** 

In Year 8 scholarships to senior schools were achieved by 34 pupils across a range of disciplines across 7 different senior schools, a strong performance considering a relatively small year 8 cohort. 

## **Pupil Numbers** 

The 2024-2025 school roll increased in the year by 8 and ended on 360 with 32% of leaving pupils moving on to King’s Bruton.  The success of Art and DT combined saw 10 awards achieved. 

## **Pupil Events** 

A residential trip to the River Dart on Dartmoor went ahead as planned and a Year 8 leavers’ trip to Cornwall also took place.  Year 5 went on a trip to Naturesbase in mid Wales.  Pupils also enjoyed a ski trip to the French Alps. 

## **Music** 

At Hazlegrove, an average of 200 Music lessons were delivered per week by 17 staff specialising in a wide variety of instruments.  During the year, over 85 ABRSM, Trinity and Rock School music exams were taken (results from “pass” to “distinction”), with both recorded and “in-person” options available for pupils. Levels ranged from Prep and the new Initial grade to Grade 6. 

Instrumental initiatives designed to encourage instrumental take up, as well as provide opportunities to those children who are unable to benefit from one to one tuition continued last year.  All children from Years 2-5 were able to learn the violin, recorder, brass instruments (trombone and trumpet) and percussion as part of the curriculum.  In addition, a term of free lessons again enabled 3 children per term to learn a minority instrument, such as the trombone, in a one to one setting.  Four music awards were achieved (including 3 full music scholarships) and specialist music tuition has been sought for one exceptional beginner to aid his learning on the trombone. 

Hazlegrove offers a range of music ensembles including: Pre-Prep Choir, Chimes and “Fiddly Fingers” violins, timetabled curriculum choirs in Years 3-6 and now also in Year 8, an Upper School Hazlegrove Voices and auditioned Chapel Choir (for Years 5-8), Senior Strings, Flute Ensemble, Guitar Ensemble, 2 percussion ensembles (including Samba Band), beginner cello and classical guitar groups, Brass Ensemble, 6 rock and pop bands, DJ Club and Wind Band.  Music Theory, Advanced Aural and Advanced Musicianship classes are offered to children who are working towards Grade 5 and above or music awards in Year 8.  A wide range of concerts, from Carols with the Orchestra and informal Friday concerts to the big Spring Concert and Joint Hazlegrove/King’s Bruton Concert have taken place throughout the year.  Services at Wells Cathedral and Sherborne Abbey continue to be a staple of the music calendar. 

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## **KING’S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) GOVERNORS' REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 30 JUNE 2025** 

## **REVIEW OF THE DEVELOPMENT, ACTIVITIES AND ACHIEVEMENTS OF THE SCHOOL (continued)** 

## **Sport** 

A full programme of sport for the pupils at Hazlegrove has been in place throughout the year. 

All boys and girls from Year 3 – 8 have represented the school in fixtures throughout the year in the major sports of hockey, rugby, netball and cricket. 

The hockey teams had much success with the Under 13 girls and the Under 12 boys and girls team reaching the National IAPS Finals. 24 Hazlegrove children are currently attending the Somerset Player Pathway sessions and have county trials in a few weeks time. 

In the Autumn Term both our Under 11 and Under 13 boys’ rugby teams played in the IAPS Festivals. 

Netball is very popular with the Under 12 team reaching the IAPS National Finals and both the Under 13 and Under 11 teams playing well at their respective Regional IAPS Finals. 

Three Upper School (Year 7 and 8) children competed for Somerset in the County Cross team at the South West Championships in Newquay. 

Football is a popular addition to our Games program and both the Under 13 and Under 11 boys entered the Regional IAPS Tournaments and all pupils had access to our internal football festivals. 

Cricket continues to go from strength to strength with 10 girls and 4 boys on the Somerset County Player Pathway. Extra cricket coaching was offered to Years 5 – 8; some 80 children enjoyed this. 

A total of 22 pupils qualified for the National Schools Biathlon Finals at Bath University and 43 children competed for Hazlegrove in the National School Biathle Finals.  One pupil has recently been selected as part of the GB Biathle team and will travel to South Africa in November to compete in the World Championships. 

The School hosted an IAPS Reginal qualifier at Hazlegrove and this resulted in 3 relay teams and one individual qualifying for the National IAPS finals at the Olympic Park in London.  All children from the Nursery through to Year 8 have a swimming lesson every week.  We also host regular galas against local schools throughout the year. 

Two pupils have qualified to compete for Great Britain at the European and World Laser Run Championships. Laser shooting continues to be a popular extracurricular activity at school. 

Our school riding team has had a successful year with one pupil reaching the prestigious NSEA National Show Jumping Finals. 

Over 120 pupils have extra tennis coaching every week and this ranges from individual, paired or group sessions - pupils from Reception to Year 8 enjoy this opportunity. 

In the Summer Term, after a successful South West Prep Schools Athletics Championships, 5 pupils qualified to compete in the National Finals at the Aleander Stadium in Birmingham. 

Extra curricular clubs on offer include basket ball, croquet, golf, tennis, laser shooting, judo, squash and ballet. 

## **CONNECTED BODIES** 

The School is connected to Crown and Dolphin Enterprises Limited (CDE) and The Martin Barber Trust as explained below. 

The Friends of King’s Bruton and the Friends of Hazlegrove are independent committees of interested and supportive parents, which aim to support King’s and Hazlegrove respectively. 

The core activities of CDE are to generate income from letting out the schools’ facilities, initiating commercial activities, and conducting retail activities.  The schools both had lettings in the summer of 2024.  There was increased interest for 2024 – 2025 where income is expected to exceed previous years. 

12 



## **KING’S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) GOVERNORS' REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 30 JUNE 2025** 

## **CONNECTED BODIES (continued)** 

## **The Martin Barber Trust** 

The Martin Barber Trust is established as a CIO.  The objects of the CIO are the promotion of education through the creation of scholarships or bursaries to be awarded to a child living within the boundaries of the parish of Bruton, Somerset or a child of a former pupil of King's School, Bruton to enable them to be educated at King's School Bruton, Somerset or any successors in such ways as the charity trustees may from time to time think fit. This Trust has been registered with the Charity Commission with trustees appointed. 

## **FUTURE OUTLOOK** 

The longer term aim of the School is to: 

- Maintain a high level of teaching, both academic and non-academic, so that all pupils develop to their maximum potential. 

- Continue to develop the estate to provide the appropriate facilities to fulfil the schools’ aims and objectives. 

- Continue to improve the ICT provision at both schools in line with emerging technologies. 

- Encourage self-development in a School with a Christian ethos. 

- To maintain the fabric of the many properties owned by the schools with a high level of on-going maintenance. 

- Strive to extend its reach in extending public benefit to the wider community. 

- Ensure that the schools continues to meet its legal objectives. 

In order to achieve these broad aims, it is necessary to develop the facilities and fabric of the premises, including the continued refurbishment and upgrading of facilities at both King’s Bruton and Hazlegrove. 

It remains necessary to continue the present high level of maintenance of existing premises in view of their age. These plans are subject to adequate funds becoming available from surpluses generated.  There has also been continued investment in ICT at both schools. 

## **FINANCIAL REVIEW** 

The Trustees recognise that the report and financial statements show a significant change to the position from previous years.  The change to the structure of the Group, closure of Bruton School for Girls in 2022 and closure of the nursery in 2025 has resulted in Financial Performance that cannot be easily compared with performance in previous years due to the costs of closure and the additional assets in the Group.  Total group income for the year was £17,664,809 (2024: £18,400,396) which includes a loss for the year by Bruton School for Girls of £840,757 (2024: £662,526) (see note 7).  In order to allow comparison with previous years, the income for King’s School, Bruton without the transfer from BSG taken into account was £17,422,121 (2024: £18,420,396)  and expenditure of £16,687,746 (2024: £17,595,106) resulting in a net movement of funds before investment gains and losses of £734,375 deficit (2024: £687,703 surplus). 

## **Key Performance Indicators** 

Governors monitor a number of Key Performance Indicators (KPI) in order to gauge the ongoing performance of the School against predicted outcomes and against the wider sector.  These include fee levels, pupil numbers, pupil performance in exams, income, remissions, capital expenditure, debt levels and surplus generated.  KPIs are measured against budget predictions for the given year and against predicted performance in the given year as shown on the 5 Year Plan. The principle KPI is the Cash Operating Surplus as a percentage of Net Fee Income. 

13 



## **KING’S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) GOVERNORS' REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 30 JUNE 2025** 

## **FINANCIAL REVIEW (continued)** 

## **Reserves Level and Policy** 

The School’s policy is to continue to invest in premises and equipment to support the business and educational requirements of the schools, whilst ensuring adequate financing of the School’s day to day operational needs and the maintenance of adequate reserves to meet any contingencies as they arise.  Therefore, retained surpluses are not held as free reserves but are normally utilised for improvements to the School’s facilities. This policy is supported by external financing as and when necessary, allocated to specific capital projects. 

Borrowings to finance capital investments will not exceed a level at which the Governors are confident they can be serviced, based on conservative projections of income and expenditure and cash flows therefrom. 

## **EMPLOYMENT ISSUES** 

## **Employees** 

Arrangements exist to keep all employees informed on matters that might concern them and information on the School’s performance and prospects are disseminated widely.  All employees benefit from an appraisal process to monitor performance and identify training and development requirements. Governors have engaged with employees and had regard to employee interests in principal decision making during the year. 

## **Employment of people with disabilities** 

It is the School’s policy that people with disabilities should have full and fair consideration with respect to recruitment, retention, training and personal development.  Depending on their skills and abilities, they enjoy the same opportunities for career development and promotion as other employees and the same scope for realising potential. 

## **PENSION LIABILITY** 

The Governors recognise the liability existing in the TPT Retirement Solutions scheme for non-teaching staff – see note 24 of the accounts. The Governors are satisfied that existing cash flows are sufficient to meet any anticipated increases in costs. The pension liability has been reported within the accounts in accordance with accounting standard FRS 102. 

Having left the Teachers Pension Scheme in 2021 and introduced a Defined Contribution (DC) scheme Governors have mitigated the risk of the impact increasing employer contributions. 

14 



## **KING’S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) GOVERNORS' REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 30 JUNE 2025** 

## **HOW THE BOARD COMPLIES WITH ITS SECTION 172 DUTY** 

The Governors are aware of their duty under s.172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the charity for the benefit of its members, and in doing so have regard (amongst other matters) to: 

- The likely consequences of any decision in the long term. 

- The interest of the charitable company’s employees. 

- The need to foster the charitable company’s business relationship with suppliers, customers and others. 

- The impact of the charitable company’s operations on the community and the environment. 

- The desirability of the charitable company maintaining a reputation for high standards of business conduct. 

- The need to act fairly as between members of the charitable company. 

The Governors welcome the reporting requirement as an opportunity to explain how dialogue with stakeholders has informed and helped to shape its decisions in promoting the success of the School to achieve its charitable purposes. 

As set out on page 5 the schools have developed links with a wide range of organisations to ensure the widest possible access to our facilities and education.  Through membership of ISC, HMC, IAPS, AGBIS, ISBA and BSA and through networking with peer groups we ensure that we are able to attain the highest standards of quality and performance.  At a local level staff are engaged with business and government in order to ensure the charity meets its objectives.  Specifically this includes Bruton Town Council and Pitcombe Parish Council as well as the planning department at Somerset Council. 

The schools conduct regular surveys of their parental bodies in order to take account of the views of the charity’s key stakeholders and ensure the charity continues to deliver for them.  In addition benchmarking reports are commissioned from sector specialists to ensure that governors have a clear understanding of the broader operational context in which the charity functions, so that the impact of long term factors can be properly assessed. 

Arrangements exist to keep all employees informed on matters of concern to them and information on the School’s performance and prospects is disseminated widely.  Senior Management are actively involved in the engagement of colleagues through weekly staff briefings. Employees are briefed annually on wider issues concerning the schools and the financial performance of the charity and the outlook for the forthcoming years.  Staff have the opportunity for direct communication with the Board through a staff liaison governor at each school. 

Governors operate a Risk Committee which considers risks faced by the charity as well as specific Health and Safety risks faced by staff, pupils and visitors to the sites.  Scrutiny of the Health and Safety processes within School, reinforced by site visits and meetings with Health and Safety managers, ensure that Governors maintain appropriate oversight of the Health and Safety of all members of the community. 

The Governors are responsible for strategic planning and policymaking for the School and, accordingly, all key decisions, the current performance and future long term plans of the charity and stakeholders are referred to and taken by the Board.  The School is governed by the governing body which delegates work to a number of committees.  Membership of each committee is outlined on page 10.  Further work continues to analyse potential changes as a consequence of the proposal of the current Government to remove Business Rates Relief for charities and charge VAT on fees. 

Further information can be found in the Strategic Report and the detailed review of achievements and performance for the year. 

15 



## **KING’S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) GOVERNORS' REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 30 JUNE 2025** 

## **STREAMLINED ENERGY AND CARBON REPORTING** 

|**STREAMLINED ENERGY AND CARBON REPORTING**|||
|---|---|---|
||Previous<br>Reporting<br>Year<br>2024<br>tCO2e|Current<br>Reporting<br>Year<br>2025<br>tCO2e|
|Emissions from the combustion of Natural Gas|381.78|364.11|
|Emissions form the combustion of Liquefied Petroleum Gas (LPG)|136.80|145.19|
|Emissions from the combustion of Heating Oil|72.10|74.10|
|Emissions from fuel in school vehicles|72.40|61.32|
|**Total of Scope 1**|**663.08**|**644.72**|
|Emissions from purchased electricity|235.68|202.64|
|**Total of Scope 2**|**235.68**|**202.64**|
|**Total gross tCO2e based on the above**|**898.76**|**847.36**|
||||
|Total energy consumption (Mwh)|4,670|4,550|
||||
|Intensity ratio:|||
|Tonnes CO2e gross based on total above per metre square of Gross<br>Internal Area: (Tonne CO2em2), being 28,995m2|0.03|0.03|
||||
|Tonnes CO2e gross based on mandatory fields above per pupil|710 Pupils|710 Pupils|
||1.27|1.19|



## **Methodology** 

The GHG Reporting Protocol – Corporate Standard has been used together with the 2022, 2023, 2024 and 2025 UK Government’s Conversion Factors for Company Reporting.  The figures above are in line with the 2020 UK Government environmental reporting guidance, Energy Saving Opportunity Scheme (ESOS) and have been converted into carbon emissions using the 2020 UK Government Conversion Factors published by DEFRA. Carbon intensity is published annually in August/September each year, so the energy used in a calendar year and carbon generated is at the rate at the time of consumption in line with the protocol. 

Although this year’s figures show a decrease in carbon produced and energy consumed it is the opinion of the Governors that it would be wrong to interpret a trend from this data due to the impact of Covid on previous years and the variable winters.  Although carbon reduction measures continue to be implemented, the limited number of reporting years, some of which have been heavily disrupted, do not yet provide a reliable trend. 

Energy data: 

Energy metering, invoices, supply summaries/statements, repayment claims for business mileage, fuel cards and correspondence with suppliers. 

Previous audit data: 

ESOS Phase I and Phase II. 

16 



## **KING’S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) GOVERNORS' REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 30 JUNE 2025** 

## _**STREAMLINED ENERGY AND CARBON REPORTING (continued)**_ 

## **Energy Efficiency Action** 

The School continues a process of decarbonisation of the estate as follows: 

- King’s School, Bruton now procures all of its electricity from renewable sources. 

- The schools have a rolling maintenance programme in place to renew all boilers and heating systems to ensure they are as efficient as possible within the constraints of available funding and the real estate. The new pavilion for example is fitted with both PV panels and a heat pump. 

- 

   - Hazlegrove has installed a biomass boiler to heat the swimming pool in place of LNG. 

- A planning application is being prepared for a solar farm on an unused area of land to produce much of the Hazlegrove’s electricity, but the proposal is coming up against severe environmental challenges. 

- The schools continue to install LED lighting associated with PIR sensors across both estates as refurbishment takes place in order to reduce electricity consumption. 

- Old windows continue to be replaced where possible with double glazed thermally efficient units. Improvements of this nature in Grade 2 listed buildings are severely curtailed by local planning and conservation constraints.  In particular the introduction of conservation double glazing has not been permitted hampering the schools’ ability to improve energy efficiency. 

- King’s and Hazlegrove have formed Eco-Groups which have successfully secured Green Flag recognition. 

## **CORPORATE GOVERNANCE AND RISK MANAGEMENT** 

King’s School, Bruton and its Board of Governors are committed to high standards of corporate governance. 

The Governors meet at least 3 times a year and more frequently if required.  The Board has a schedule of matters reserved for its decision, and the results of such deliberations are communicated through the management teams at both senior and preparatory schools, or by the Senior Warden on the Board’s behalf, to all relevant parties. 

The Governors are responsible for the management of the risks faced by the schools.  Detailed considerations of risk are delegated to the appropriate sub-committee with the Risk Management Committee, assisted by the Headmasters and Bursar taking a holistic view of the risk register and presenting resultant risks to the full Board for consideration.  Risks are identified, assessed and controls established throughout the year.  A formal review of the charity's risk management processes is undertaken on an annual basis. 

The key controls used by the charity include: 

- Formal agendas and detailed minutes for all committee and board activity. 

- Specific sub-committee for the review and management of risk. 

- Specific sub-committee for governance matters including succession planning. 

- Detailed terms of reference for all committees. 

- Comprehensive strategic planning, budgeting and management accounting. 

- Established organisational structure and lines of reporting. 

- Formal written policies. 

- Vetting procedures as required by law for the protection of children. 

17 



## **KING’S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) GOVERNORS' REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 30 JUNE 2025** 

## **CORPORATE GOVERNANCE AND RISK MANAGEMENT (continued)** 

Through the risk management processes established for the School, the Governors have concluded that the major risks continue to be changes to the tax treatment of the sector in the light of the change of Government and a possible downturn in the demand for independent education due to economic anxieties.  The impact of the Change of Control with Bruton School for Girls has presented a risk to cash levels as a result of the costs of the closure of BSG.  This risk has been managed in the short term through the use of reserves.  The Governors are satisfied that the major risks identified have been adequately mitigated where necessary.  It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. 

## **GOING CONCERN** 

Governors have demonstrated strict cost control again this year and a positive outcome has been achieved.  An outstanding teaching offer and engagement with the wider King’s Bruton and Hazlegrove communities has enhanced the reputation of the schools which has contributed to buoyant recruiting at both schools with consequent confidence for future income generation.  The relationship with the charity’s bankers remains excellent and informal discussions indicate further facilities would be available if required.  Analysis of the financial plan for the next 5 years has assured governors that the School remains financially robust.  The School left the Teachers Pension Scheme (TPS) on 1 September 2021 thereby removing any future financial risk in this area. VAT has been applied to school fees by HM Government.  The increased employer NI contributions and removal of Business Rates Relief for charities has also added financial pressures.  Through cost reductions at both schools, principally staff, the running costs have been reduced thereby ensuring that a surplus continues to be generated by the Group.  Governors have concluded that it is appropriate to prepare the accounts on a going concern basis. 

## **STATEMENT OF GOVERNORS’ RESPONSIBILITIES** 

The Governors are responsible for preparing the Annual Report and the incorporated Strategic Report and the financial statements in accordance with applicable law and regulations. 

Company law requires the Governors to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. 

Under company law the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of its net incoming resources for that period.  In preparing these financial statements, the Governors are required to: 

- Select suitable accounting policies and then apply them consistently. 

- Observe the methods and principles in the charities SORP. 

- Make judgements and accounting 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 financial statements. 

- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate. 

The Governors are responsible for keeping proper accounting records that are sufficient to show and explain the charitable company’s and the group’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006.  They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

Insofar as each of the Governors of the charity at the date of approval of this report is aware there is no relevant audit information of which the company’s auditor is unaware.  Each Governor has taken all of the steps that he/she should have taken as a governor in order to make himself/herself aware of any relevant audit information and to establish that the company’s auditor is aware of that information. 

18 



KING'S SCHOOL, BRUTON
(COMPANY LIMITED BY GUARANTEE)
GOVERNORS. REPORT (INCORPORATING THE STRATEGIC REPORT)
FOR THE YEAR ENDED 30 JUNE 2025
AUDITOR
RSM UK Audrt LLP have expressed their willingness lo conljnue in off￿e as audrtor and a re501ution proposing
their reappointment will be Submitt￿ to the forthcoming Annual General Meeting.
The Governors. report, Incorwraling the strateg￿ Report. was approved sKJned by the Board of Govemors
on.. 28.11.25
. and signed on its behajf".
N B Buckland OBE
G W Pretor-Pinney Bsc, Econ
' These sections of The GovertKJrs' Report meet the requirement of the incorporated Strategic RetKrt.
19

## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF KING’S SCHOOL, BRUTON** 

## **Opinion** 

We have audited the financial statements of King’s School, Bruton (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 30 June 2025 which comprise the Consolidated Statement of Financial Activities, the Group and Company Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 30 June 2025 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the Governors’ Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Governors’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the Governors’ Report, which includes the Directors’ Report and the Strategic Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Directors’ Report and the Strategic Report included within the Governors’ Report have been prepared in accordance with applicable legal requirements. 

20 



## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF KING’S SCHOOL, BRUTON** 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report or the Strategic Report included within the Governors’ Report. 

We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion: 

- adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or 

- the parent charitable company financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees’ remuneration specified by law are not made; or 

- • we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the Statement of Trustees’ responsibilities set out on page 18, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

## **The extent to which the audit was considered capable of detecting irregularities, including fraud** 

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. 

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. 

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. 

21 



## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF KING’S SCHOOL, BRUTON** 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team: 

- obtained an understanding of the nature of the sector, including the legal and regulatory framework that the group and parent charitable company operate in and how the group and parent charitable company are complying with the legal and regulatory framework; 

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; 

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. 

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the parent charitable company’s governing document, tax legislation and Charities (Protection and Social Investment) Act 2016. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, inspecting correspondence with local tax authorities and evaluating advice received from internal/external advisors. 

The most significant laws and regulations that have an indirect impact on the financial statements are The Education (Independent School Standards) Regulations 2014, Keeping Children Safe in Education under section 175 of the Education Act 2002, and the UK General Data Protection Regulation (UK GDPR). We performed audit procedures to inquire of management and those charged with governance whether the charitable company is in compliance with these law and regulations and inspected correspondence with regulatory authorities. 

The audit engagement team identified the risk of management override of controls and income recognition as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates and performing substantive test of details over a sample of other income. 

A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

## **Use of our report** 

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 

KERRY GALLAGHER (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants Davidson House The Forbury Reading RG1 3EU 

> Date 2 February 2026 

22 



## **KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2025** 

|**Unrestricted**<br>**Funds**<br>**Notes**<br>**£**<br>**Income and endowments from:**<br>Charitable activities:<br>School fees<br>3<br>16,950,618<br>Ancillary trading income<br>4<br>205,582<br>Donations, grants and legacies:<br>Donations<br>5<br>9,043<br>Grant income<br>5<br>-<br>Other trading activites:<br>Crown and Dolphin Enterprises<br>Limited<br>7a<br>394,866<br>Investment income<br>6<br>71,987<br>**Total income**<br>17,632,096<br>**Expenditure on:**<br>Other trading activities<br>10<br>104,649<br>Raising funds:<br>Financing costs under advance fees<br>10<br>161,420<br>Pension finance costs<br>10<br>349<br>Charitable activities:<br>Education<br>10<br>17,225,242<br>**Total expenditure**<br>10<br>17,491,660<br>**Net income before transfers and**<br>**investments gains**<br>140,436<br>**Net (losses)/gains on investments**<br>12<br>(244,000)<br>**Transfers**<br>19<br>268,878<br>**Net income/(expenditure)**<br>165,314<br>**Net movement in funds**<br>165,314<br>Fund balances brought forward<br>25,642,930<br>**Fund balances carried forward**<br>25,808,244|**Restricted**<br>**Funds**<br>**£**<br>-<br>4,034<br>1,500<br>-<br>-<br>27,179<br>32,713<br>-<br>-<br>-<br>35,531<br>35,531<br>(2,818)<br>(20,114)<br>(268,878)<br>(291,810)<br>(291,810)<br>656,201<br>364,391|**Endowed**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(12,712)<br>-<br>(12,712)<br>(12,712)<br>638,341<br>625,629|**Total**<br>**Total**<br>**Funds**<br>**Funds**<br>**2025**<br>**2024**<br>**£**<br>**£**<br>16,950,618 17,221,499<br>209,616<br>197,787<br>10,543<br>75,174<br>-<br>233,773<br>394,866<br>522,554<br>99,166<br>149,609<br>17,664,809 18,400,396<br>104,649<br>104,969<br>161,420<br>332,862<br>349<br>-<br>17,260,773 17,275,262<br>17,527,191 17,713,093<br>137,618<br>687,303<br>(276,826)<br>433,973<br>-<br>-<br>(139,208) 1,121,276<br>(139,208) 1,121,276<br>26,937,472 25,816,196<br>26,798,264 26,937,472|
|---|---|---|---|



The notes on pages 26 to 50 form part of these financial statements 

23 



KING'S SCHOOL, BRUTON
{COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT 30 JUNE 2025
R•glsternd Numb•r. 03304693
Gft￿p
2025
School
2025
Group
2024
School
2024
Fixed assets
Tangible assets
Investments
27.628.480 22,340,310 27,861,961 22,573.791
2.944.293 2.853.295
3221.119
2,3*.677
12
).572.773 25,193.e4)5 31.083,080 24.970,468
Current aS￿ts
Slocks
Debtors
Cash at bank and in hand
13
14
39.673
1.1(6.289
4,7￿,946
26.WJ2
4.279.054
4.482.082
40,260
870,954
4,131,157
3,722.884
3,761.259
S.942.￿ 8.788.0&8
5.042.371
7.513.147
Creditors." am(xJnts fallirwJ due within one year
15
{4.541.289) 14.235.W) 13.670.892} 13,810.8691
Nfrt ¢urr•nt assèis
1.401,619
4,552,670
1.371,479
3,902,278
Total assèts loss current Ilab51ities
31.974.392 29,746.275 32.454,559 28,872,746
Creditors. amounts lallbr4J due after one year
16
{5.111.1941 15.111.194> 15.497.711} 15.497.711)
Pension pm¥isw)n
24
{64.9341
145.SOn
119,3761
113,6861
N•t assets
26.798.264 24.589.574 26,937.472 23,361,349
Funds:
Unreslri¢ted lunds
Restricted fi1r￿S
Permarenl end(pwrnent lund
18
19
25.808.244 23,394.285 25.642.930 22,399.864
364.391
571.flM)
6￿.201
805.066
625.629
623.689
63B.341
156.419
Total fvnd$
26,798.264 24.589.574 26.937.472 23.361.349
An unconsolidated Statement of Financjal Ac1iv¢bes lor the SC￿ has been p¥c*Yuced as the schcd has taken
advantage of the exemption ￿￿ler section 408 01 the Compan*s Aca 2(
The school's net income was £1.228.22512024.. £1.742.6421.
The financial ststements were approved and authonsed ts tssue by the board of Govemors ol lQng s School. Bruton on
28.11.25
. arKI sgned on their behalf by"
N 8 Buckk8nd OBE
G W Pretor-Pmney Bsc. Ecc
The noies on note
r￿leS 26 to ￿ form part of thèsè finanry81 slatements
24

## **KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 30 JUNE 2025** 

|**Notes**<br>**Cash flow from operating activities:**<br>Cash provided by operations<br>23<br>**Net cash provided by operating activities:**<br>**Cash flows from investing activities:**<br>Interest received<br>Purchase of tangible fixed assets<br>Proceeds on disposal of investment property<br>**Net cash used in investing activities**<br>**Cash flows from financing activities:**<br>Repayment of bank loan<br>Interest paid<br>**Net cash used in financing activities**<br>Movement in cash<br>**Cash and equivalents at the beginning of**<br>**the reporting period**<br>**Cash and equivalents at the end of the**<br>**reporting period**<br>**Analysis of cash and cash equivalents**<br>Cash at bank and in hand<br>**Total cash and cash equivalents**|**2025**<br>**£**<br>99,166<br>(269,855)<br>-<br>(233,270)<br>(211,438)|**2025**<br>**£**<br>1,281,186<br>1,281,186<br>(170,689)<br>(444,708)<br>665,789<br>4,131,157<br>4,796,946<br>4,796,946<br>4,796,946|**2024**<br>**£**<br>149,609<br>(823,096)<br>520,000<br>(243,712)<br>(299,427)|**2024**<br>**£**<br>3,076,010<br>3,076,010<br>(153,487)<br>(543,139)<br>2,379,384<br>1,751,773<br>4,131,157<br>4,131,157<br>4,131,157|
|---|---|---|---|---|



The notes on pages 26 to 50 form part of these financial statements 

25 



**KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **1: Accounting policies** 

## **a) Charity information** 

King's School, Bruton is a registered charity and private company limited by guarantee in England and Wales. The registered office is King's School, Bruton, Somerset, BA10 0ED. 

King's School, Bruton meets the definition of a public benefit entity under section 34 of FRS 102. The principal objectives of the school are detailed in the Governors' report found on page 4 of these financial statements. 

The financial statements are prepared in sterling, which is the functional currency of the school. Monetary amounts in these financial statements are rounded to the nearest £1. 

## **b) Basis of preparation** 

The financial statements have been prepared in accordance with the Charities: Statement of Recommended Practice (applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)) (issued in October 2019) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. The accounting policies as disclosed have been applied consistently throughout the current and preceding year. 

## **c) Reduced disclosures** 

The school is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including the school, which are intended to give a true and fair view of the assets, liabilities', financial position and profit or loss of the group. The school has therefore taken advantage of exemptions from the following disclosure requirements: 

- Section 7 - "Statement of Cash Flows" - Presentation of an entity only Statement of Cash Flow and related notes and disclosures. 

- Section 11 - "Basic Financial Instruments' & Section 12 'Other Financial Instrument Issues' - interest income/expenses and net gains/losses for each category of financial instrument. 

The financial statements of the school are consolidated in these financial statements. 

## **d) Group financial statements** 

These financial statements consolidate the results of the school and its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits) on a line by line basis. All financial statements are made up to 30 June 2025. 

The assets and liabilities of the subsidiaries are consolidated in the balance sheet. The gross income and expenditure of the subsidiaries, Crown and Dolphin Enterprises Limited and Bruton School for Girls Limited are included in the consolidated Statement of Financial Activities. 

Under a Charity Commission Direction dated 4 July 2018, the financial statements also include the assets, liabilities and results of The Martin Barber Trust, a registered charity which holds permanently endowed assets for the purpose of income generation for the support of scholarships or bursaries, along with restricted and unrestricted reserves also connected to the support of scholarships or bursaries. 

All intra-group transactions, balances and unrealised gains on transactions between group entities are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. 

26 



**KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **1: Accounting policies (continued)** 

## **e) Going concern** 

Governors have demonstrated strict cost control again this year and a positive outcome has been achieved.  An outstanding teaching offer and engagement with the wider King’s Bruton and Hazlegrove communities has enhanced the reputation of the schools which has contributed to buoyant recruiting at both schools with consequent confidence for future income generation.  The relationship with the charity’s bankers remains excellent and informal discussions indicate further facilities would be available if required.  Analysis of the financial plan for the next 5 years has assured governors that the School remains financially robust.  The School left the Teachers Pension Scheme (TPS) on 1 September 2021 thereby removing any future financial risk in this area.  VAT has been applied to school fees by HM Government.  The increased employer NI contributions and removal of Business Rates Relief for charities has also added financial pressures.  Through cost reductions at both schools, principally staff, the running costs have been reduced thereby ensuring that a surplus continues to be generated by the Group.  Governors have concluded that it is appropriate to prepare the accounts on a going concern basis. 

## **f) Employee benefits** 

The costs of short-term employee benefits are recognised as a liability and an expense. 

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. 

Termination benefits are recognised immediately as an expense when the school is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 

## **g) Income** 

Income is recognised in the year in which the school is entitled to receipt, it is probable it will be received and the amount can be measured reliably. 

Fees receivable and charges for services and use of premises are accounted for in the year in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the school from its unrestricted fund but include contributions received from restricted funds for scholarships. 

Donations for the general purposes of the school are recognised when receivable and are credited to unrestricted funds. Donations subject to specific wishes of the donors are carried to relevant restricted funds. Donations where only the income can be spent are held as part of the endowment funds. 

Legacies are included when it is probable that a payment will be made or property transferred that the school is entitled to and the amount of value can be reliably measured. 

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the school; this is normally upon notification of the interest paid or payable by the bank. 

## **h) Expenditure** 

Expenditure is accounted for in the period in which it is incurred. The irrecoverable element of VAT is included within the item of expense to which it relates. 

Where an item of expenditure falls directly within one cost category it is attributed to that category only. Where expenditure involves more than one category it is apportioned on a reasonable and justifiable basis. Expenditure is classified under the following activity headings: 

- Cost of raising funds comprise the costs of financing under advance fees; 

- Expenditure on charitable activities includes costs for the running of the school; 

- Other expenditure represents those items not falling into any other heading. 

27 



**KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **1: Accounting policies (continued)** 

## **i) Tangible fixed assets** 

Building improvements and all other fixed asset purchases in excess of £5,000 are capitalised at cost and subsequently measured at cost less accumulated depreciation and impairment. 

## **j) Depreciation** 

The school does not depreciate its new-build and certain parts of its historic buildings as, in the opinion of the Governors, any depreciation charge would be immaterial due to the very long useful economic lives of such assets. Each year the school invests such significant sums as are necessary in order to maintain the long useful life of these buildings. Land and assets under construction are not depreciated. 

An assessment is made at each reporting date of whether there are indications that a fixed asset may be impaired or that an impairment loss previously recognised has fully or partially reversed. If such indications exist, the Charity estimates the recoverable amount of the asset. Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses. Impairments of revalued assets are treated as revaluation losses. All other impairment losses are recognised in the Statement of Financial Activities. 

Other fixed assets are depreciated to residual value over their estimated useful economic life in equal annual instalments at the following rates: 

|<br>l instalments at the following rates:||
|---|---|
|Freehold property with less than 50 year life|2% - 20%|
|Furniture, fixtures, fittings and equipment|6% - 20%|
|Computers|33%|
|Motor vehicles|25%|



## **k) Investments** 

Investment property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Investment property gifted to the group is measured at fair value on receipt. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the Statement of Financial Activities. 

Trade investments are classified as financial instruments and accounted for in accordance with the accounting policy at fair value through profit or loss. 

Interest in subsidiaries are initially measured at cost and subsequently measured at cost less accumulated impairment losses. 

Interests in subsidiaries are assessed for impairment at each reporting date. Any impairment losses or reversals of impairment losses are recognised immediately in the Statement of Financial Activities. 

## **l) Stocks** 

Stocks are stated at the lower of cost and net realisable value. They exclude purchases of supplies allocated to the subsequent academic year. Stock is accounted for on a First in first out (FIFO) basis. 

## **m) Leased assets** 

Rentals applicable to operating leases where substantially all of the risks and rewards of ownership remain with the lessor are charged to the Statement of Financial Activities on the straight line basis over the term of the lease. 

## **n) Taxation** 

The school is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. 

Accordingly, the school is potentially exempt from taxation in respect of income or capital gains received within categories covered by part 11, chapter 3 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 

28 



**KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **1: Accounting policies (continued)** 

## **o) Pensions** 

Retirement benefits to employees of King's School, Bruton are provided by The TPT Retirement Solutions. 

The TPT Retirement Solutions is a multi-employer funded scheme whose contributions are recognised in the Statement of Financial Activities in the period to which they relate, as there is insufficient information available to use defined benefit accounting; a liability is recognised for contributions arising from an agreement with the multi-employer plan that determines how the school will fund a deficit. Contributions are discounted when they are not expected to be settled wholly within 12  months of the period end. 

All other pension arrangements are defined contribution schemes where the assets of the schemes are all held separately from those of the school in an independently administered fund. 

In all cases the pension cost charge represents contributions by the school to the fund. 

Contributions payable to the school's defined contribution scheme are charged to the Statement of Financial Activities so as to spread the cost of pensions over the service lives of employees in the schemes. They are treated as unrestricted expenditure of the school. 

## **p) Advance fee scheme** 

The school has previously offered parents the opportunity to pay boarding and tuition fees in advance in accordance with a written contract. Quotations are given based on an annual increase in fees each year. This is treated as deferred income until the pupil joins the school whereupon the fees for each school term are charged against the remaining balance and taken to income. All amounts are included in creditors split between amounts falling due within one year and amounts falling due after more than one year. 

## **q) Acceptance deposits** 

Acceptance deposits are paid to the school to secure a place for the child at the school. Deposits held form part of the general funds of the school until the child leaves the school at which point they are credited without interest to the final payment of  the fees or other sums due to the school. 

Deposits are held as creditors on the balance sheet and are classified as owing within one year and over one year based on when they are expected to be credited against income. 

## **r) Recognition of liabilities** 

Liabilities are recognised once there is a legal or constructive obligation that commits the school to the obligation. 

## **s) Restricted funds** 

Income comprises gifts, legacies and grants where there is no capital retention obligation or power but only trust law restriction to some specific purpose intended by the donor. 

## **t) Permanent endowment funds** 

The capital of the fund must remain intact and only the income distributed for the purpose of the fund. 

## **u) Unrestricted funds** 

These are funds which can be used in accordance with the charitable objects at the discretion of the Governors. 

29 



**KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **1: Accounting policies (continued)** 

## **v) Financial instruments** 

The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. 

Financial instruments are recognised when the school becomes party to the contractual provisions of the instrument. 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and  settle the liability simultaneously. 

## _Basic financial assets_ 

Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 

## _Classification of financial liabilities and equity instruments_ 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the school after deducting all of its liabilities. 

## _Basic financial liabilities_ 

Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 

## **w) Cash and cash equivalents** 

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## **2: Critical accounting judgements and estimates** 

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

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

Critical accounting estimates: 

## _Non-depreciation of historical buildings_ 

In the opinion of the Governors, the residual value of historical buildings and new builds is such that the resulting depreciation charge would be immaterial due to the very long useful economic lives of such assets. Each year the school invests such significant sums as are necessary in order to maintain the long useful life of these buildings. An annual impairment review is carried out on these assets as detailed in the Fixed assets accounting policy. 

## _Fair value of freehold and investment property_ 

Investment property included within the financial statements is carried at fair value. The Trustees arrange valuations of the investment property by professional valuers in order to attain a representative fair value at the year end. The Trustees consider this to be an appropriate basis of valuation given the skills and expertise of the professional valuers. This is inherently judgemental. 

30 



**KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **3: School fees income** 

|Gross fees<br> <br>Less: total scholarship, bursaries and other fee assistance<br>Total school fees<br>|**2025**<br>**£**<br>**2024**<br>**£**<br>19,671,747 19,631,395<br>(2,721,129) (2,409,896)<br>16,950,618 17,221,499|
|---|---|



All income from fees iss unrestricted in the current and prior year. 

## **4: Trading income** 

|Sundry receipts<br>School transportation receipts<br>Insurance commission<br>Lettings income|**2025**<br>**£**<br>51,155<br>51,313<br>101<br>107,047<br>209,616|**2024**<br>**£**<br>50,341<br>51,134<br>98<br>96,214<br>197,787|
|---|---|---|



Ancillary trading income of £205,582 (2024: £197,787) is unrestricted and £4,034 (2024: £nil) is restricted. 

## **5: Donations and grant income** 

|Donations:<br>Donations for Sports pavilion<br>Donations for 2019 commemoration Fund<br>Sundry donations<br>Donations for COVID impact fund<br>Grant income:<br>Turing Scheme|**2025**<br>**£**<br>1,500<br>-<br>9,043<br>-<br>-<br>10,543|**2024**<br>**£**<br>2,535<br>2,059<br>64,593<br>5,987<br>233,773<br>308,947|
|---|---|---|



Donation income of £9,043 (2024: £64,593) is unrestricted and £1,500 (2024: £10,581) is restricted. Grant income of £nil (2024: £nil) is unrestricted and £nil (2024: £233,773) is restricted. 

Grant income in 2024 related to the final phase of the Turing Scheme operated by Bruton School for Girls. 

## **6: Investment income and gains** 

|**2025**<br>**£**<br>Bank and other interest received<br>99,166<br>£71,987 (2024: £85,203) of investment income is unrestricted and £27,179 (2024: £64,406) is|**2024**<br>**£**<br>149,609<br>restricted.|
|---|---|



31 



**KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **7: Subsidiary undertakings’ financial results** 

## **a) Crown and Dolphin Enterprises Limited** 

Crown and Dolphin Enterprises Limited was set up to undertake the commercial activities of the school. It was incorporated in the UK on 25 September 2006 (Company Number 05945177 and with a registered office of King's School, Bruton, Somerset, BA10 0ED). King’s School, Bruton holds 100% of the issued share capital of Crown and Dolphin Enterprises Limited. The results of Crown and Dolphin Enterprises Limited have been consolidated with the Group. 

A summary of the results of Crown and Dolphin Enterprises Limited are shown below: 

|Turnover<br>Cost of sales<br>Gross profit<br>Administrative expenses<br>Profit before interest<br>Interest payable<br>Profit before taxation|**2025**<br>**£**<br>394,866<br>(53,316)<br>341,550<br>(71,603)<br>269,947<br>-<br>269,947|**2024**<br>**£**<br>522,554<br>(55,585)<br>466,969<br>(69,654)<br>397,315<br>-<br>397,315|
|---|---|---|



Crown and Dolphin Enterprises Limited paid a distribution via gift aid of £269,947 (2024: £397,315) to the school. 

The assets/(liabilities) of the subsidiary were: 

|Current assets<br>Creditors: amounts falling due within one year<br>Net current assets<br>Net assets<br>Capital and reserves:<br>Called up equity share capital<br>Profit and loss account|**2025**<br>**£**<br>301,415<br>(301,414)<br>1<br>1<br>1<br>-<br>1|**2024**<br>**£**<br>466,502<br>(466,501)<br>1<br>1<br>1<br>-<br>1|
|---|---|---|



32 



**KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **7: Subsidiary undertakings’ financial results (continued)** 

## **b) Bruton School for Girls** 

Bruton School for Girls (charitable company limited by guarantee) (Company Number 04094352) (Charity Number 1085577) was acquired by way of control agreement on 28 February 2022. The registered office is Bruton School for Girls, Sunny Hill, Bruton, Somerset, BA10 0NT. 

A summary of the results of Bruton School for Girls are shown below: 

|Income<br>Charitable activities<br>Investment income<br>Total income<br>Expenditure<br>Raising funds<br>School operating costs<br>Total expenditure<br>Net expenditure and movement in funds<br>Net losses on investments<br>Net movement in funds<br>Fund balances b/fwd<br>Fund balances c/fwd<br>The assets of the subsidiary were:<br>Fixed assets<br>Current assets<br>Current liabilities<br>Long term creditors<br>Total net assets||**2025**<br>**£**<br>242,688<br>-<br>242,688<br>228<br>839,217<br>839,445<br>(596,757)<br>(244,000)<br>(840,757)<br>1,417,628<br>576,871<br>**2025**<br>**£**<br>3,747,350<br>80,230<br>(3,231,282)<br>(19,427)<br>576,871||**2024**<br>**£**<br>473,838<br>5<br>473,843<br>491<br>1,120,876<br>1,121,367<br>(647,524)<br>(15,002)<br>(662,526)<br>2,080,154<br>1,417,628<br>**2024**<br>**£**<br>3,991,350<br>21,243<br>(2,589,275)<br>(5,690)<br>1,417,628|
|---|---|---|---|---|
||||||



33 



## **KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **8: Net income** 

The net income for the year is stated after charging: 

|The net income for the year is stated after charging:|||
|---|---|---|
||**2025**|**2024**|
||**£**|**£**|
|Depreciation of assets|||
|- owned assets|503,336|504,661|
|Loss/(profit) on disposal of fixed assets|-|17,431|
|Interest payable on bank loans|211,438|299,427|
|Pension finance costs|349|-|
|Pension provision movement|45,209|40,252|
|Operating lease charges – other|85,301|158,021|
|Auditors remuneration:|||
|Fees payable to the Group's auditors for the audit of King's School, Bruton|24,400|23,250|
|Fees payable to the Group's auditors in respect of:|||
|- The auditing of the financial statements of the subsidiaries|12,100|11,550|
|- All other services|23,585|22,470|



No Governors or persons connected with them received any remuneration in the year (2024: nil). 

No Governor received reimbursement for travel and other expenses during the year totalling £nil (2024: nil). 

## **9: Staff costs** 

|**2025**<br>**£**<br>Wages and salaries<br>9,215,169<br>Social security costs<br>894,982<br>Pension contributions<br>1,221,056<br>Termination and redundancy payments<br>114,780<br>11,445,987|**2024**<br>**£**<br>9,135,365<br>762,271<br>775,713<br>84,176|
|---|---|
||10,757,525|



During the year, termination and redundancy costs of £114,780 (2024: £84,176) were incurred in respect of 19 members of staff in order to achieve appropriate staffing for the schools, including the closure of the Bruton School for Girls nursery. Staff costs includes the cost of peripatetic staff of £290,350 (2024: £182,746). These staff are excluded from the employee numbers below. 

The number of employees in the year, including part time staff and excluding Governors, is broken down into the following categories:- 

|Trading company<br>Teaching<br>Welfare<br>Premises<br>Support|**Average Number of**<br>**Employees**<br>**2025**<br>**Number**<br>**2024**<br>**Number**<br>2<br>2<br>151<br>150<br>96<br>97<br>29<br>28<br>25<br>56<br>303<br>333|
|---|---|



34 



**KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **9: Staff costs (continued)** 

The number of employees whose total annual emoluments (excluding pension contributions) fell within the following bands were:- 

|<br>following bands were:-|||
|---|---|---|
||**2025**|**2024**|
||**Number**|**Number**|
|£60,000 - £70,000|7|5|
|£70,001 - £80,000|3|3|
|£80,001 - £90,000|1|-|
|£90,001 - £100,000|-|1|
|£100,001 - £110,000|1|-|
|£140,001 - £150,000||1|
|£150,001 - £160,000|1|1|
|£160,001 - £170,000|1|-|



The key management personnel of the school and Group are detailed in the Governors' Report. The total remuneration for these personnel in the year was £899,439 (2024: £821,015). 

## **10: Analysis of expenditure** 

|**Staff costs**<br>**£**<br>**Other costs**<br>**£**<br>**Depreciation**<br>**£**<br>Raising funds:<br>Financing costs under advance<br>fees<br>-<br>161,420<br>-<br>Pension scheme finance costs<br>-<br>349<br>-<br>Trading subsidiaries<br>44,984<br>59,665<br>-<br> <br> <br> <br>44,984<br>221,434<br>-<br>Charitable activities:<br>Teaching<br>7,447,587<br>500,833<br>146,554<br>Welfare<br>1,261,127<br>1,415,575<br>17,421<br>Premises<br>1,324,256<br>1,920,332<br>339,361<br>Support<br>1,368,033<br>1,519,694<br>-<br> <br> <br> <br>11,401,003<br>5,356,434<br>503,336<br> <br> <br> <br>Total for the Group<br>11,445,987<br>5,577,868<br>503,336<br> <br> <br>|**Total**<br>**2025**<br>**£**<br>161,420<br>349<br>104,649<br>266,418<br>8,094,974<br>2,694,123<br>3,583,949<br>2,887,727<br>17,260,773<br>17,527,191|**Total**<br>**2024**<br>**£**<br>332,862<br>-<br>104,969<br>437,831<br>7,768,460<br>3,896,771<br>2,404,047<br>3,205,984<br>17,275,262<br>17,713,093|
|---|---|---|



Expenditure of £35,531 (2024: £252,965) relates to restricted expenditure with the remainder being unrestricted. 

35 



## **KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **10: Analysis of expenditure (continued)** 

Analysis of support costs: 

|**Educational**<br>**£**<br>**Marketing**<br>**£**<br>**Governance**<br>**£**<br>Staff costs<br>1,265,332<br>102,701<br>-<br>Finance and administration<br>1,122,517<br>9,657<br>-<br>ICT infrastructure<br>117,084<br>-<br>-<br>Travel costs<br>171,781<br>29,855<br>-<br>Restricted expenditure<br>-<br>-<br>-<br>Governor costs<br>-<br>-<br>20,237<br>Audit and accountancy<br>-<br>-<br>48,563<br> <br> <br> <br>2,676,714<br>142,213<br>68,800<br> <br> <br>|**Total**<br>**2025**<br>**£**<br>1,368,033<br>1,132,174<br>117,084<br>201,636<br>-<br>20,237<br>48,563<br>2,887,727|**Total**<br>**2024**<br>**£**<br>1,483,887<br>1,338,140<br>126,475<br>189,576<br>675<br>11,330<br>55,901<br>3,205,984|
|---|---|---|



|**11:**<br>**Tangible fixed assets**<br>**Group**<br>Costs:<br>At 1 July 2024<br>Additions<br>At 30 June 2025<br>Depreciation:<br>At 1 July 2024<br>Charged in the year<br>At 30 June 2024<br>Net Book Value:<br>At 30 June 2025<br>At 30 June 2024|**Freehold**<br>**Land and**<br>**Buildings**<br>**£**<br>32,514,533<br>70,159<br>32,584,692<br> <br>5,077,524<br>271,301<br>5,348,825<br>27,235,867<br>27,437,009|**Furniture,**<br>**fittings,**<br>**computers**<br>**&**<br>**equipment**<br>**£**<br>4,974,181<br>199,696<br>5,173,877<br>4,550,747<br>231,277<br>4,782,024<br> <br>391,853<br>423,434|**Motor**<br>**Vehicles**<br>**£**<br>198,567<br>-<br> <br>198,567<br> <br>197,049<br>758<br> <br>197,807<br>760<br>1,518|**Total**<br>**£**<br>37,687,281<br>269,855<br> <br>37,957,136<br>9,825,320<br>503,336<br>10,328,656<br>27,628,480<br>27,861,961|
|---|---|---|---|---|
||||||
||||||
||||||
||||||



All tangible fixed assets are used in the direct furtherance of the school’s objectives. 

The legal title of freehold land and buildings with a net book value of £801,790 (2024: £801,790) are held in the name of the incorporated School, King’s School, Bruton (Charity No. 1071997). The legal title to the remainder of the freehold land and buildings is held by the unincorporated charity, King’s School, Bruton Trust (Charity No. 1071997 - 1). 

36 



## **KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **11: Tangible fixed assets (continued) School** 

|**School**<br>Costs:<br>At 1 July 2024<br>Additions<br>At 30 June 2025<br>Depreciation:<br>At 1 July 2024<br>Charged in the year<br>At 30 June 2025<br>Net Book Value:<br>At 30 June 2025<br>At 30 June 2024<br>**Fixed asset investments**<br>Listed investments<br>Shares in subsidiary companies<br>Investment properties|**Furniture,**<br>**fittings,**<br>**Freehold**<br>**computers**<br>**Land and**<br>**&**<br>**Buildings equipment**<br>**£**<br>**£**<br>27,195,174<br>4,974,181<br>70,159<br>199,697<br>27,265,333<br>5,173,878<br> <br>5,046,335<br>4,550,747<br>271,301<br>231,277<br>5,317,636<br>4,782,024<br> <br> <br>21,947,696<br>391,854<br> <br> <br>22,148,839<br>423,434<br> <br> <br>**Group**<br>**2025**<br>**£**<br>**School**<br>**2025**<br>**£**<br>733,293<br>733,293<br>-<br>2<br>2,211,000<br>2,120,000<br>2,944,293<br>2,853,295|**Furniture,**<br>**fittings,**<br>**Freehold**<br>**computers**<br>**Land and**<br>**&**<br>**Buildings equipment**<br>**£**<br>**£**<br>27,195,174<br>4,974,181<br>70,159<br>199,697<br>27,265,333<br>5,173,878<br> <br>5,046,335<br>4,550,747<br>271,301<br>231,277<br>5,317,636<br>4,782,024<br> <br> <br>21,947,696<br>391,854<br> <br> <br>22,148,839<br>423,434<br> <br> <br>**Group**<br>**2025**<br>**£**<br>**School**<br>**2025**<br>**£**<br>733,293<br>733,293<br>-<br>2<br>2,211,000<br>2,120,000<br>2,944,293<br>2,853,295|**Furniture,**<br>**fittings,**<br>**Freehold**<br>**computers**<br>**Land and**<br>**&**<br>**Buildings equipment**<br>**£**<br>**£**<br>27,195,174<br>4,974,181<br>70,159<br>199,697<br>27,265,333<br>5,173,878<br> <br>5,046,335<br>4,550,747<br>271,301<br>231,277<br>5,317,636<br>4,782,024<br> <br> <br>21,947,696<br>391,854<br> <br> <br>22,148,839<br>423,434<br> <br> <br>**Group**<br>**2025**<br>**£**<br>**School**<br>**2025**<br>**£**<br>733,293<br>733,293<br>-<br>2<br>2,211,000<br>2,120,000<br>2,944,293<br>2,853,295||**Motor**<br>**Vehicles**<br>**£**<br>204,417<br>-<br>204,417<br>202,899<br>758<br>203,657<br>760<br>1,518<br>**Group**<br>**2024**<br>**£**<br>766,119<br>-<br>2,455,000<br> <br>3,221,119|**Total**<br>**£**<br>32,373,772<br>269,856<br>32,643,628<br>9,799,981<br>503,336<br>10,303,317<br>22,340,310<br>22,573,791<br>**School**<br>**2024**<br>**£**<br>446,675<br>2<br>1,950,000<br>2,396,677|
|---|---|---|---|---|---|---|
||||||||
||||||||
|||||<br> <br> <br>|||
||||2,853,295||||



## **12: Fixed asset investments** 

37 



**KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **12: Fixed asset investments (continued)** 

## a) Listed investments 

|Market value brought forward<br>Net (losses)/gains<br>Transfer<br>Market value carried forward<br>Book cost carried forward|**Group**<br>**2025**<br>**£**<br>766,119<br>(32,826)<br>-<br> <br>733,293<br> <br>714,371|**School**<br>**2025**<br>**£**<br>446,675<br>(32,826)<br>319,444<br> <br>733,293<br> <br>714,371|**Group**<br>**2024**<br>**£**<br>708,185<br>57,934<br>-<br>766,119<br>714,371|**School**<br>**2024**<br>**£**<br>412,985<br>33,690<br>-<br>446,675<br>399,005|
|---|---|---|---|---|



All investments held are listed in the UK. 

The transfer relates to investments held by the Martin Barber Trust now being reflected in the School. 

Investment losses of £20,114 (2024: £33,690 gains) are restricted and losses of £12,712 are relating to endowed funds (2024: £24,244 gains). 

- b) Shares in subsidiary company 

||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|Shares in Crown and Dolphin Enterprises Limited|1|1|
|Shares in King’s School Bruton International Limited|1|1|



The registered office of both subsidiaries above is King's School, Bruton, Somerset, BA10 0ED. King's School Bruton International Limited is dormant. 

- c) Investment properties 

**Group** 

|Fair value:<br>At 1 July 2024<br>Revaluation<br>At 30 June 2025<br> <br> <br>Net Book Value:<br>At 30 June 2025<br>At 30 June 2024|**Total**<br>**£**<br>2,455,000<br>(244,000)<br>2,211,000<br> <br>2,211,000<br>2,455,000|
|---|---|



Investment lossess of £244,000 (2024: gain of £376,039) are unrestricted. 

38 



**KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **12: Fixed asset investments (continued)** 

c) Investment properties (continued) 

## **School** 

|**School**||
|---|---|
|Fair value:<br>At 1 July 2024<br>Transfer<br>At 30 June 2025<br>Net Book Value:<br>At 30 June 2025<br>At 30 June 2024|**Total**<br>**£**<br>1,950,000<br>170,000<br>2,120,000|
||2,120,000<br>1,950,000|



The transfer relates to investment property held by the Martin Barber Trust now being reflected in the School. 

The fair value of the investment property in Bruton School for Girls has been based on market valuation provided to the Governors from Savills and Lodestone, both of which are not connected to the group. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The Governors consider this valuation to be representation of the market value of the properties at the year end. 

The Governors reviewed the fair value of the investment property within School and The Martin Barber Trust with reference to the open market basis, and have concluded that the value is reflective of the fair value. The valuation was arrived at by reference to market evidence of a transaction process for similar properties. 

## **13: Stocks** 

|**Group**<br>**2025**<br>**£**<br>**School**<br>**2025**<br>**£**<br>Finished goods and goods for sale<br>39,673<br>26,902<br> <br> <br> <br>**Debtors: falling due within one year**<br>**Group**<br>**2025**<br>**£**<br>**School**<br>**2025**<br>**£**<br>Fees<br>403,817<br>398,213<br>Other debtors<br>152,318<br>122,462<br>Prepayments and accrued income<br>550,154<br>531,604<br>Other amounts due from group undertakings<br>-<br>3,226,775<br> <br> <br> <br>1,106,289<br>4,279,054<br> <br> <br>|**Group**<br>**2024**<br>**£**<br>40,260<br>**Group**<br>**2024**<br>**£**<br>241,106<br>31,517<br>598,331<br>-<br>870,954|**School**<br>**2024**<br>**£**<br>29,004<br>**School**<br>**2024**<br>**£**<br>214,424<br>30,811<br>518,784<br>2,958,865<br>3,722,884|
|---|---|---|



## **14: Debtors: falling due within one year** 

All amounts declared as owed to group undertakings are payable on demand and interest free. 

39 



## **KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **15: Creditors: amounts falling due within one year** 

|Bank loans and overdrafts<br>Trade creditors<br>Taxation and social security<br>Amounts due to pension schemes<br>Other creditors<br>Accruals and deferred income<br>Other amounts due to group undertakings|**Group**<br>**2025**<br>**£**<br>232,619<br>909,430<br>945,465<br>39,542<br>225,789<br>2,188,444<br>-<br>4,541,289|**School**<br>**2025**<br>**£**<br>232,619<br>696,025<br>936,875<br>39,542<br>205,852<br>2,114,993<br>-<br> <br>4,225,906|**Group**<br>**2024**<br>**£**<br>195,428<br>649,680<br>222,710<br>146,639<br>187,335<br>2,269,100<br>-<br> <br>3,670,892|**School**<br>**2024**<br>**£**<br>195,428<br>628,387<br>219,091<br>144,905<br>162,179<br>2,223,634<br>37,245<br>3,610,869|
|---|---|---|---|---|



Included within the group's accruals and deferred income is £711,813 (2024: £953,545) in relation to school fees paid in advance and £338,220 (2024: £3,200) in relation to deposits for future events. 

All amounts declared as owed to group undertakings are payable on demand and interest free. 

## **16: Creditors: amounts falling due after more than one year** 

|**Group**<br>**2025**<br>**£**<br>**School**<br>**2025**<br>**£**<br>**Group**<br>**2024**<br>**£**<br>Bank loans<br>3,769,770<br>3,769,770<br>4,040,231<br>Parents’ deposits<br>431,142<br>431,142<br>469,384<br>Other creditors<br>910,282<br>910,282<br>988,096<br> <br> <br> <br>5,111,194<br>5,111,194<br>5,497,711<br> <br> <br>|**School**<br>**2024**<br>**£**<br>4,040,231<br>469,384<br>988,096<br>5,497,711|
|---|---|



A secured bank loan was taken out in February 2018 to part finance The Rectory/Glebe. It is repayable in equal termly instalments over 25 years from draw down. 

A secured bank loan was taken out in February 2018 to part finance The Music School. It is repayable in equal termly instalments over 20 years from draw down. Interest on the loan is payable at 2.5%. 

A secured loan was taken out in December 2020 to purchase 1 Wellesley Green for living accommodation for the House Mistress. It is repayable in instalments over 25 years from draw down. Interest on the loan is payable at 1.66%. 

A secured loan was taken out in April 2022 to purchase Walford House, which is currently rented to staff members. The loan is repayable in equal instalments for 25 years from drawdown. Interest on the loan is payable at 1.90% over base rate. 

A secured loan was taken out in July 2022 to fund the Pavillion project. It is repayable in monthly installments of £11,562 over 5 years from drawn down with a balancing payment of the outstanding balance being due at the end of this term. Interest on the loan is payable at bank base rate plus 1.7%. 

All loans are secured by way of a debenture comprising a fixed and floating charge over the school's assets and undertakings. 

40 



**KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **17: Borrowings (Group and School)** 

|Bank loans<br>Payable within one year<br>Payable after one year<br>Greater than five years payable by instalments|**2025**<br>**£**<br>4,002,389<br>232,619<br>3,769,770<br>4,002,389<br>2,758,120|**2024**<br>**£**<br>4,235,659<br>195,428<br>4,040,231<br>4,235,659<br>3,188,720|
|---|---|---|



See note 16 for details of bank loans. 

41 



**KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **18. Unrestricted funds: movement in the year 2025** 

|**Group**<br>**Balance at**<br>**30 June**<br>**2024**<br>**£**<br>**Income**<br>**£**<br>**Expenditure**<br>**£**<br>General fund<br>25,642,930<br>17,632,096<br>(17,491,660)<br> <br> <br>**School**<br>**Balance at**<br>**30 June**<br>**2024**<br>**£**<br>**Income**<br>**£**<br>**Expenditure**<br>**£**<br>General fund<br>22,399,864<br>17,284,759<br>(16,547,222)<br>  <br>**2024**<br>**Group**<br>**Balance at**<br>**30 June**<br>**2023**<br>**£**<br>**Income**<br>**£**<br>**Expenditure**<br>**£**<br>General fund<br>24,635,383<br>19,166,687<br>(18,535,177)<br> <br> <br>**School**<br>**Balance at**<br>**30 June**<br>**2023**<br>**£**<br>**Income**<br>**£**<br>**Expenditure**<br>**£**<br>General fund<br>20,729,741<br>17,746,597<br>(16,467,513)<br>|**Gains/**<br>**(losses)**<br>**Transfers**<br>**£**<br> <br>24,878<br>**Gains/**<br>**(losses)**<br>**Transfers**<br>**£**<br> <br>256,884<br>**Gains/**<br>**(losses)**<br>**Transfers**<br>**£**<br> <br>376,037<br>**Gains/**<br>**(losses)**<br>**Transfers**<br>**£**<br> <br>391,039|**Balance at**<br>**30 June**<br>**2025**<br>**£**<br>25,808,244<br>**Balance at**<br>**30 June**<br>**2025**<br>**£**<br>23,394,285<br>**Balance at**<br>**30 June**<br>**2024**<br>**£**<br>25,642,930<br>**Balance at**<br>**30 June**<br>**2024**<br>**£**<br>22,399,864|
|---|---|---|



42 



**KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **19: Restricted funds: movement in the year** 

## **Group and School** 

**2025** 

|**Balance**<br>**at 30 June**<br>**2024**<br>**£**<br>The Scholarship and Prize Fund<br>152,926<br>Courtyard works – Fitzjames<br>16,000<br>Fitzjames Theatre<br>5,238<br>2019 Commemoration Fund<br>34,084<br>Arnold Hayward Stevenson Bursary<br>350,073<br>John Davie Room Refurbishment<br>9,439<br>Art Gallery<br>14,508<br>Sports Pavilion<br>219,792<br>The 2021 Covid Impact Fund<br>1,818<br>Other smaller funds<br>1,188<br>Martin Barber Trust<br>-<br> <br> <br>School<br>805,066<br>Martin Barber Trust<br>58,344<br> <br> <br>863,410<br>Eliminated on consolidation<br>(207,209)<br> <br> <br>Group<br>656,201<br> <br>|**Income**<br>**£**<br>**Expenditure**<br>**£**<br>**Investment**<br>**gains/**<br>**(losses)**<br>**& transfers**<br>**£**<br>12,381<br>(35,531)<br>15,425<br>-<br>-<br>(16,000)<br>-<br>-<br>(5,238)<br>-<br>-<br>(34,084)<br>-<br>-<br>-<br>-<br>-<br>(9,439)<br>-<br>-<br>(14,508)<br>1,500<br>-<br>(221,292)<br>850<br>-<br>(2,668)<br>-<br>-<br>(1,188)<br>17,982<br>-<br>58,344<br> <br>32,713<br>(35,531)<br>(230,648)<br>-<br>-<br>(58,344)<br> <br>32,713<br>(35,531)<br>(288,992)<br>-<br>-<br>-<br> <br>32,713<br>(35,531)<br>(288,992)<br>|**Balance**<br>**at 30 June**<br>**2025**<br>**£**<br>145,201<br>-<br>-<br>-<br>350,073<br>-<br>-<br>-<br>-<br>-<br>76,326<br>571,600<br>-<br>571,600<br>(207,209)<br>364,391|
|---|---|---|



43 



## **KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **19: Restricted funds: movement in the year (continued) 2024** 

|**Balance**<br>**at 30 June**<br>**2023**<br>**£**<br>The Scholarship and Prize Fund<br>82,886<br>Courtyard works – Fitzjames<br>16,000<br>Fitzjames Theatre<br>5,238<br>2019 Commemoration Fund<br>32,025<br>Arnold Hayward Stevenson Bursary<br>350,073<br>John Davie Room Refurbishment<br>9,439<br>Old Brutonian Golf Society<br>697<br>Art Gallery<br>14,508<br>Sports Pavilion<br>217,262<br>The 2021 Covid Impact Fund<br>(4,168)<br>Other smaller funds<br>8,587<br> <br> <br>School<br>732,547<br>Martin Barber Trust<br>41,378<br>Bruton School for Girls Turing<br>-<br> <br> <br>773,925<br>Eliminated on consolidation<br>(207,209)<br> <br> <br>Group<br>566,716<br> <br>|**Income**<br>**£**<br>**Expenditure**<br>**£**<br>46,771<br>(10,421)<br>-<br>-<br>-<br>-<br>2,059<br>-<br>-<br>-<br>-<br>-<br>-<br>(697)<br>-<br>-<br>2,530<br>-<br>5,986<br>-<br>-<br>(7,399)<br> <br>57,346<br>(18,517)<br>17,641<br>(675)<br>233,773<br>(233,773)<br> <br>308,760<br>(252,965)<br>-<br>-<br> <br>308,760<br>(252,965)<br>|**Investment**<br>**gains/**<br>**(losses)**<br>**& transfers**<br>**£**<br>33,690<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>33,690<br>-<br>-<br>33,690<br>-<br>33,690|**Balance**<br>**at 30 June**<br>**2024**<br>**£**<br>152,926<br>16,000<br>5,238<br>34,084<br>350,073<br>9,439<br>-<br>14,508<br>219,792<br>1,818<br>1,188<br>805,066<br>58,344<br>-<br>863,410<br>(207,209)<br>656,201|
|---|---|---|---|



The Scholarship and Prize Fund was set up from donations received to provide income for pupil scholarships and prizes. 

The Fitzjames Theatre Fund comprises gifts restricted by donors to the Foundation for making improvements to the stage and auditorium of the theatre at King’s School, Bruton. 

The 2019 Commemoration Fund was established for fund raising for the school's Five Hundredth Anniversary celebrations. 

The Arnold Hayward Stevenson Bursary Fund was set up from donations received to enable a gifted pupil with potential to further education in art or architecture or the history of art or architecture, to attend the school as an Art or Art History Scholar, who might otherwise not be able to afford to do so. 

The John Davie Room Refurbishment Fund was established to raise monies towards the costs of refurbishment of the John Davie Room, the next stage in the Memorial Hall Refurbishment Project. 

The Old Brutonian Golf Society Fund is set up to contribute to the cost of golf tuition for King's School pupils. 

The Art Gallery fund comprises gifts to the Foundation restricted by donors to build a gallery in the school Design Centre (King’s Bruton) for exhibitions of students’ art and the work of artists in the local community. 

The 2021 Covid Impact Fund was set up through donations from Old Brutonians in order to support families specifically affected by the pandemic who otherwise would not have been able to continue to afford to send their children to the school. 

The Hazlegrove Science Block fund is a donation specifically for the refurbishment and purchase of equipment for the Science facilities at Hazlegrove. A transfer has been made from this fund to unrestricted funds as this project is now complete. 

44 



**KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **19: Restricted funds: movement in the year (continued)** 

The Fitzjames Extension fund comprises gifts to the Foundation restricted by donors to provide a purposebuilt fitness suite and gymnasium and separate these activities from the school theatre (King’s Bruton) which is housed in the same building. 

The Martin Barber Trust was set up to fund scholarships or bursaries for children living within the boundaries of the parish of Bruton, Somerset, or a child of a former pupil of King's School, Bruton, to enable them to be educated at King's School, Bruton. 

The Turing Scheme was established by the Department for Education in 2021 as a student exchange scheme, and to provide funding for international opportunities. This scheme came to an end during the prior year. 

Remaining funds from the Sports Paviliion fund have been transferred to unrestricted school funds as the restriction on these funds was discharged on completion of the project. 

## **20: Endowment funds: movement in the year (Group and School) 2025** 

|**Balance**<br>**at 30 June**<br>**2024**<br>**£**<br>Permanent endowment – endowment<br>properties<br>156,419<br>Martin Barber Trust<br>481,922<br> <br> <br>638,341<br> <br> <br>**2024**<br>**Balance**<br>**at 30 June**<br>**2023**<br>**£**<br>Permanent endowment – endowment<br>properties<br>156,419<br>Martin Barber Trust<br>457,678<br> <br> <br>614,097<br> <br>|**Income**<br>**£**<br>**Expenditure**<br>**£**<br>-<br>(1,940)<br>-<br>-<br> <br>-<br>(1,940)<br> <br>**Income**<br>**£**<br>**Expenditure**<br>**£**<br>-<br>-<br>-<br>-<br> <br>-<br>-<br>|**Investment**<br>**losses**<br>**£**<br>469,210<br>(479,982)<br>(10,772)<br>**Investment**<br>**losses**<br>**£**<br>-<br>24,244<br>24,244|**Balance**<br>**at 30 June**<br>**2025**<br>**£**<br>623,689<br>1,940<br>625,629<br>**Balance**<br>**at 30 June**<br>**2024**<br>**£**<br>156,419<br>481,922<br>638,341|
|---|---|---|---|



Certain School properties have been identified as permanent endowment assets and are shown separately as a permanent endowment fund. 

During the year, the decision was made to show the net assets of the Martin Barber Trust within the School. 

45 



## **KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **21: Analysis of net assets between funds** 

**Group** 

|**2025**<br>**Unrestricted**<br>**Funds**<br>**£**<br>**Restricted**<br>**funds**<br>**£**<br>**Endowment**<br>**funds**<br>**£**<br>Tangible fixed assets<br>27,472,061<br>-<br>156,419<br>Investments<br>2,039,058<br>426,563<br>478,672<br>Current assets<br>5,942,908<br>-<br>-<br>Liabilities<br>(9,645,783)<br>(62,172)<br>(9,462)<br> <br> <br>25,808,244<br>364,391<br>625,629<br> <br> <br>**2024**<br>**Unrestricted**<br>**funds**<br>**£**<br>**Restricted**<br>**funds**<br>**£**<br>**Endowment**<br>**funds**<br>**£**<br>Tangible fixed assets<br>27,715,004<br>-<br>146,957<br>Investments<br>2,285,000<br>444,735<br>491,384<br>Current assets<br>4,830,905<br>211,466<br>-<br>Liabilities<br>(9,187,979)<br>-<br>-<br> <br>25,642,930<br>656,201<br>638,341|**Total**<br>**funds**<br>**£**<br>27,628,480<br>2,944,293<br>5,942,908<br>(9,717,417)<br>26,798,264<br>**Total**<br>**funds**<br>**£**<br>27,861,961<br>3,221,119<br>5,042,371<br>(9,187,979)<br>26,937,472|
|---|---|



## **School** 

|**2025**<br>**Unrestricted**<br>**Funds**<br>**£**<br>**Restricted**<br>**funds**<br>**£**<br>**Endowment**<br>**funds**<br>**£**<br>Tangible fixed assets<br>22,183,891<br>-<br>156,419<br>Investments<br>1,950,000<br>426,563<br>476,732<br>Current assets<br>8,643,001<br>145,037<br>-<br>Liabilities<br>(9,382,607)<br>-<br>(9,462)<br> <br> <br>23,394,285<br>571,600<br>623,689<br> <br> <br>**2024**<br>**Unrestricted**<br>**funds**<br>**£**<br>**Restricted**<br>**funds**<br>**£**<br>**Endowment**<br>**funds**<br>**£**<br>Tangible fixed assets<br>22,417,372<br>-<br>156,419<br>Investments<br>1,950,000<br>446,677<br>-<br>Current assets<br>7,154,758<br>358,389<br>-<br>Liabilities<br>(9,122,266)<br>-<br>-<br> <br>22,399,864<br>805,066<br>156,419|**Total**<br>**funds**<br>**£**<br>22,340,310<br>2,853,295<br>8,788,038<br>(9,392,069)<br>24,589,574<br>**Total**<br>**funds**<br>**£**<br>22,573,791<br>2,396,677<br>7,513,147<br>(9,122,266)<br>23,361,349|
|---|---|



46 



**KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **22: Operating lease commitments** 

At 30 June 2025 the total of the group's future minimum lease payments under non-cancellable operating leases was: 

|<br>eases was:|||
|---|---|---|
||**2025**|**2024**|
||**£**|**£**|
|Amounts due in one year|54,222|51,939|
|Amounts due between one and five years|196,232|119,308|



## **23:** 

## **Reconciliation of net income to net cash inflow from operating activities** 

|Net (expenditure)/income<br>Non-operating cashflows eliminated:<br>Interest received<br>Interest payable<br>Loss/(gain) on revaluation of investments<br>Depreciation<br>Loss on disposal of tangible fixed assets<br>Loss/(gain) on revaluation of investment property<br>Loss on disposal of investment property<br>Finance cost pension provision<br>Pension provision movement<br>Decrease/(increase) in stocks<br>(Increase)/decrease in debtors<br>Increase in creditors<br>**Analysis of changes in Net Debt**<br>**1 July**<br>**2024**<br>Cash at bank and in hand<br>4,131,157<br>Borrowings excluding overdrafts<br>(4,235,659)<br>(104,502)|**2025**<br>**£**<br>(139,208)<br>(99,166)<br>211,438<br>32,826<br>503,336<br>-<br>244,000<br>-<br>(349)<br>45,907<br>587<br>(235,335)<br>717,150<br>1,281,186<br>**Cashflows**<br>665,789<br>233,270<br>899,059|**2024**<br>**£**<br>1,121,276<br>(149,607)<br>299,427<br>(57,934)<br>504,661<br>17,431<br>(391,039)<br>15,000<br>(1,483)<br>(33,079)<br>(8,263)<br>76,381<br>1,683,239<br>3,076,010<br>**30 June**<br>**2025**<br>4,796,946<br>(4,002,389)<br>794,557|
|---|---|---|



47 



**KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **24: Pension schemes** 

The school operates a defined contribution scheme operated by Legal and General. 

## **The TPT Retirement Solutions** 

Non-academic staff are entitled to contribute to a pension scheme known as The TPT Retirement Solutions. This is a multi-employer pension plan and in most respects is a money purchase arrangement, although it has in the past included certain guarantee elements as described below. The same scheme has been used for Auto Enrolment (staging date February 2014) although at lower contribution levels (as below). 

Contributions paid into the Plan up to and including September 2001 were converted to defined amounts of pension payable from Normal Retirement Date. From October 2001 contributions were invested in personal funds which have a capital guarantee and which are converted to pension on retirement, either within the Plan or by the purchase of an annuity. 

The rules of the Plan allow for the declaration of bonuses and/or investment credits if this is within the financial capacity of the Plan assessed on a prudent basis. Bonuses/investment credits are not guaranteed and are declared at the discretion of the Plan’s Trustee. 

The Trustee commissions an actuarial valuation of the Plan every three years. The purpose of the actuarial valuation is to determine the funding position of the Plan by comparing the assets with the past service liabilities as at the valuation date. Asset values are calculated by reference to market levels. Accrued past service liabilities are valued by discounting expected future benefit payments using a discount rate calculated by reference to the expected future investment returns. 

The rules of the Plan give the Trustee the power to require employers to pay additional contributions in order to ensure that the statutory funding objective under the Pensions Act 2004 is met. The statutory funding objective is that a pension scheme should have sufficient assets to meet its past service liabilities, known as Technical Provisions. 

If the actuarial valuation reveals a deficit, the Trustee will agree a recovery plan to eliminate the deficit over a specified period of time either by way of additional contributions from employers, investment returns or a combination of these. 

The rules of the Plan state that the proportion of obligatory contributions to be borne by the member and the member’s employer shall be determined by agreement between them. Such agreement shall require the employer to pay part of such contributions and may provide that the employer shall pay the whole of them. 

The school paid contributions at a rate of 8.75% (3% for Auto Enrolment) of member salaries during the year. The cost for the year was £864,629 (2024: £492,149) and the outstanding contributions at the balance sheet date were £39,542 (2024: £146,639). 

As at the balance sheet date there were 161 (2024: 159) active members of the Plan employed by the school. The school continues to offer membership of the Plan to its employees. 

It is not possible in the normal course of events to identify on a reasonable and consistent basis the share of underlying assets and liabilities belonging to individual participating employers. The Plan is a multiemployer scheme, where the assets are co-mingled for investment purposes, and benefits are paid out of the Plan’s total assets. In accordance with FRS 102 the plan is accounted for as defined contribution scheme. 

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme. 

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities. 

48 



**KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **24: Pension schemes (continued)** 

## **The TPT Retirement Solutions (continued)** 

Where the scheme is in deficit and where the school has agreed to a deficit funding arrangement the school recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed below. The unwinding of the discount rate is recognised as a finance cost and any periodic re-estimation of the deficit funding is recognised directly in income and expenditure: 

|<br>expenditure:|||||
|---|---|---|---|---|
||**Group**|**School**|**Group**|**School**|
||**2025**|**2025**|**2024**|**2024**|
||**£**|**£**|**£**|**£**|
|Pension provision|64,934|45,507|19,376|13,686|



## Reconciliation of pension provision 

|Provision at the start of the period<br>Unwinding of discount factor<br>Deficit contributions paid<br>Remeasurements- impact of any change<br>in assumptions<br>Remeasurements- impact of any<br>amendments to the contribution schedule<br>Provision at the end of the period|**Group**<br>**2025**<br>**£**<br>19,376<br>349<br>(25,874)<br>706<br>70,377<br> <br>64,934|**School**<br>**2025**<br>**£**<br>13,686<br>247<br>(18,241)<br>495<br>49,320<br>45,507|**Group**<br>**2024**<br>**£**<br>53,938<br>2,100<br>(33,644)<br>(3,018)<br>-<br>19,376|**School**<br>**2024**<br>**£**<br>39,000<br>1,483<br>(23,764)<br>(3,033)<br>-<br>13,686|
|---|---|---|---|---|



The Pensions Regulator has the power under Part 3 of the Pensions Act 2004 to issue scheme funding directions where it believes that the actuarial valuation assumptions and/or recovery plan are inappropriate. For example, the Regulator could require that the Trustee strengthens the actuarial assumptions (which would increase the Plan liabilities and hence impact on the recovery plan) or impose a schedule of contributions on the Plan (which would effectively amend the terms of the recovery plan). A copy of the recovery plan in respect of the September 2011 valuation was forwarded to The Pensions Regulator on 2 October 2012, as is required by legislation. 

The scheme is classified as a 'last-man standing arrangement'. Therefore the school is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. The participating employers are therefore, jointly and severally liable for the deficit in respect of TPT Retirement Solutions. 

49 



**KING'S SCHOOL, BRUTON (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **25: Related party transactions** 

## Transactions with group undertakings (School) 

During the year the school did not receive any donations from the KSB Foundation (2024: £nil). At the year end there were no outstanding balances (2024: £nil). During the prior year KSB Foundation ceased all activities and was dissolved on 8 August 2023. 

During the year the school recharged £20,270 to its subsidiary Crown & Dolphin Enterprises Limited for premises hire and management charges (2024: £20,270 for premises hire and management charges). At the year end the school was due £270,026 (2024: £448,654). 

During the year the school paid costs of £42,339 (2024: £155,042) on behalf of Bruton School for Girls Limited. During 2023 the school made a loan of £1,314,922 to Bruton School for Girls Limited. During the year £400,000 (2024: £300,000) was advanced and £nil (2024: £444,592) was repaid. This loan is interest free and repayable on demand. At the year end the school was owed £2,952,553 (2024: £2,510,214) in respect of these balances. 

## **26: Post Balance Sheet Events** 

Property known as Highcroft which formed part of the Bruton School for Girls site and was held within Tangible Fixed Assets was sold subsequent to the balance sheet date for proceeds of £1.1m. 

50