BRIGHTON COLLEGE SCHOLARSHIP, BURSARY AND PRIZE ENDOWMENTS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 202S
BRIGHTOIY COLLEGE SCHOLARSHIP. BUKSARY AND PRIZE ENDOWMENTS FOR THE YEAR ENDED 31 JULY 2025 TRUSTEE'S REPORT REGISTERED CHAIUTY L¥UMBER 1078589 TRUSTEE- Brigljton College REGISTERED OFFICE BTighton College Eastern Road Bri8h(on BN2 OAL CLERK TO THE TRUSTEE Clare Welby Brighton Coll4e Easiem Road Brighton BN2 OAL AUDITOR Haysmac LLP Chartered Accountants 10 Queen5 Street Plac¢ London EC4R IAG BANKERS CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Mallin8 Kent ME19 4JQ
BRIGHTON COLLEGE SCHOLARSHIP, BURSARY AND PRIZE ENDOWMENTS FOR THE YEAR ENDED 31 JULY 2(12S TRUSTEE'S REPORT Th¢ Trust¢¢ presents ils rcwjrt and financial stsiements for the year 31 July 2025. The financial statements ha been prepared in accordancc with the Chan"ties Ac( 2011. the Financial Reponing Siandard applicable in ihe UK and R¢public of Irelat]d (FRS 102). Ihe Stsiemeni of Recommended Praciice applicable io chariiies preparing thcir accounts in a¢cordanc¢ wilh FRS 102 (Second Edition. effttiive l January 2019) and in accordance with th¢ D¢¢d of Trust dated 27 July 1999 (as amended) aThJ the Order of ihe Chariiy C(nmission daied 16 Cktobcr 2014. INTRODUCTION Brighton College Scholarship, Bursary and Prize Endowrnts resulted fmm the awroyal of the Clwity Commission for England and Wales the adminisiration one clwiry of the following charitics.. The Brighton College Scho]arship and Prize Fcxmdalion The Stewart Scholarship Fund The Old Brighionians AssClation Benevolent Scholarship Fund The Franc Bcaumont Cookc and Mary Olive Cix)ke Scholarship Fund Subsequent 10 the above, the Charity Commission further agreed that the trusttt of The Cooper Rawson Foundaiion be th21 organisalion thai was for the time bcing Irustee of Brighton College Scholarship, Bursary and Prize EThJowments and iheir resul(s are in¢l4¢d within thcse of aCCnts. STRUCTUR& GOVERNANCE AND MANAGEMENT MANAGEMENT AND ADMINISTRATION 2.1 A scheme dated 27 July 1999 {as artwnded) ad)riSed the adminisiraiK)n of the aExTrve thnd5 as a 5in8le charity ("the TNsi"l and by an order of the Charity Commission dated 16 Ociober 2014. Brighton College (regisled charity number 307061 and company number 7663) was atqK)inted the sok tet of the TTusi effective from that date. 2.2. The Board of Brighton College has ¢onsSifvted an InvesthThi Commitlee compnsiDg a mixture of Eovernors ofthe Colle¥e and other Committe¢ members with knowledge of invcstmenl markets io detemhine the strateEy for and exercise oversighi of the assets of the fimd5 Wlthin the Tru aThd io rqK)rt back to the Board iemily. The Investmeni Committee meet5 at least termly in order to discharge its IAJligaiiorts. Day day oversighi of ihe assets within the Twst is delegatcd to the Bursar and Hehd of Firtatice. 2.3. Because it is the sole trnstee, these accounts ate required to be consolidad within Brighton College's accounts. The prot*rty assets within the Tntst are vilued by an accyediied valuer VKdically. The third party valuation. using three independent professional surveyors. was carried oui on 31 July 2024 with a morkel ass¢s5m¢nt update and review by the Tnjmee for the Curreni valuaiion on 31 July 2025 tha¢ conclth the had been no maierial change in value sitjce the fornjal Valu10. 2.5 The management of the chariry sits with ihe Group CW. Bursar aThl Finance le of Brighton College for day to day oversighi of ihe assets given Brighion College is sole Uce, with key decision making (such as inve5tm¢nl decisions or disbursanents) managed by the Inveslmeni Committee described above. 3. INVESTMENT POWERS The power to make inve5tmcnts during the year is cleariydefthed in thescheme documeni and vested in the Investhient Committee of Brighion College. Any monies availlble be invested may k invested in the pU1)aSe or upon the security olsuch inYesunenTS or other property movable immovable of whatsoever nawre and wherever siNaied and whether PTodu¢ing inwme or not (including the purchase of land for any trNure) &8 the Tnjstee ihinks fil io the inien¢ thai it shall hav¢ th¢ same fvll and unrestricted powers of ithVeing and transpwng investtnents in all ttspecis as if li were ab501utely enlitld th¢r¢¢o beneficially.
BRIGHTOIY COLLEGE SCHOLARSHIP, BUARy AND PRIZE ENDOWMENTS FOR THE YEAR ENDED 31 JULY 2025 TRUSTEE'S REPORT (continutd) Th¢ Trustec may allow inve51mellts to be held in the names of cortxyate IM)dies &$ thc Trusttt's nominees and pay reasonable rernunerati¢Jn for the setvice pvided. No swh nominaiions are cxthnt. All markct &nvcstrnents are registered in the name of the Tntst. The Funds are overseen by the InveMei Committee and invemed in a range of Lssets in line with long tem Sirategic allocalion ranges and shon ienn wiical allation ranges with an aim of generaiing a rern in the mediurn terni in exce of CPI. 4. GOVERNANCE At¥D IIYTERNAL coNfROLS 4.1 The TnLsiee has esthblished appropnaie lern of wefer¢n¢e for the Inv¢stment Committee: detcrmirled an ppr(yriate membership of the Ivemen1 Commiiiee ¢omprising individuals with both an understanding of the Trnsi {and ihe requirements olw)tenIi ¥¢¢ual beneficiari&s of the Tn) alld invtrimetLlS' and has had appropriaie legal and x¢ouniing briefings io clarify the thiti¢s arml responsibilities of the commi(iee tncmber5. The Investrrteni Commitiee meets ai leasi three times a year. The Inve51ment C0MIttee selecls invc5tmcn( managers which in*graie ESG (EnviTonm¢nthl. &Kial and Governance) ColderatIOnS inio their inveshnent pmce& 4.2 Day ¢0 day oversight of the Trust lies with the Bursary of Brighion College. The inrnal control Elme is aligned wilh the r¢gime in place for the College which ensutes amongst other things separation separable moniloring of th¢ &vls of the Trust (rom those of the College. The controls at ihe College are rhe.qubjecl of an exiemal annual audil. ApprqThte maDdatr5 in plxc regaiding the operation of the Tnt'S andcollege's bank accounts. 5. RISK MANACEME14T The principal risk and utaIn1&S for the T and the miiiwion sirategy in pla¢e is as follows: Imvestmettt Rlsk - The Investment Commiltee. which ovetsees the TNSI for Brighton College, comprises individuals who understand the requirements of the benefKiaries by virnie of including commiiitt members who are governors of the College. Commiiiee members a also appoinied because they u]erStand investments and hnvestmertt risk: Ihey meei regularly. with a set agenda and have procedures in place to mitigate to a tolerable level any risks, irtcluding ts)ly tskin8 investsneni-ttlaied decisions when SulblY quorate. PUBLIC BENEFIT The TNsieere¢ognises itsobligalions in resp1 of the requiremeni forthe useof charitable funds for thepublic benefit. Donaiions to Brighion College by the Tn1 were rn¢ for the provision of scholars"pS and bursaries forsome pupils. who wiiknui ihe support of those would h•ve been unable to afford to take advantage of ihe benefits of the excellent educaiion provision offered by the College. Details of the application of the funds by the College for the benefii of beneficiaries is provided io the TnLStee ai Ix)th the Finance Committee of the Board atml Board meeting& The Trustee ¢onf1rn thai it ha5 complied with the duty in section 17 of the Ctwiiies Aci 2011 to have ¢he regard 10 the public benefit guidancepublished by thc Charity Commi&sion in detemlining the activities undenaken by ihe Tru. 7. OBJECTS OF THE CHARITY 7.1 The object of the Charity is to fvnher the educalion of pupils aii¢nding Brighion College (or wkn have attended the College for noi le&8 than nvo years) by the awwd of s¢holarships, buT54ries and prize5. or otherwise a5 the Tnlee in discretion thinks fit. 7.2 All scholarships, bursaries a1 PTizes are awaTded by the Head Ma51er in consultstTOIL With Ihe Trustcc. 7.3 In awarding oIrShips, bursaries and prizcs the Trure will have regard the exisling trusts of any of the original charities now amal8amated.
BRIGHTON COLLEGE SCHOLARSHIP, BURSARY AND PRIZE ENDOWMEJYTS FOR THE YEAR ENDED 31 JULY 202S TRUSTEE'S REPORT {eontinued) 7.4 The objecl of'The Cooper Rawson Foundatim- is ¢0 PIC01¢ the ethication of pupi15 at Brighton College wl are ¢hildren of clergy of ihe Chur¢h ofEmgland who are in need of fmancial assistance. "The PeOn Bequesi" is a pern]an¢ni en(k>vmi¢nl. the incorne from which 15 to be applied for the benefit ofone ormore pupils at the sole discretion of the Head Master [of Bnghton Collegel priontybeing given 10 individuals bearing th¢ Unhenated Surname of "Pwon" and who have not a4Uirtd it by adopiion or name change by them or their antrfedents since I9. Howevcr. in the event thal no catmlidate prtsenls themselves who qualify under the tern of the endowinent bequest, the Head Master rllay, at his personal discretion, award all or any of the income from th¢ endowment to a deserving CalIddle who doe5 not comply with the [her restriclive ¢onditions of the twuest. INCOME GENERATION ITOMe to the Trust 15 typically derived principally fmm thtee sowce$.' rental income from proi*rties owned by the Tn1 aT¥J leased uth nornial commercial iernis to Brighion College. dividends. pr{d% from the sak orruwicial Inv&Men(s. donatiOfLS. The Tru5tce must apply fiTSt the Trust's income. and then If the Twmee thinks fil Ihe eXp]dable endowment in rn¢elin8 the proper costs of administenng the Tmsi and of managing its property {including ihe repair and iU[anCe of it5 buildings). 8.3 The Chariiy does Th)t fundraise from members of the public- no fundraising ¢omplaints have been received for Ihe current yearor prior years. 9. ACHIEVEMENTS AND PERFORMANCE The Trnst made 8laT thnaiion5 10 Brighton Coll¢g¢ which w¢re used by th¢ Coll¢g¢ to facilitate ati¢ndan¢e ai ihe College of young persons whose parents or gwrdians are assisted with the fees following a College monitored neeth analysis of their requirements {bursy TlXlPl¢llts) OT young persoThs whtsex¢¢l in one or mo particular aspects of College life (scholars). 9.2 The Inve$¢m¢nt Committee r¢viewed the inveSthnI portfolio ihree times during the yeaT havin8 regard f$1 to how the portfolio of Jsgets sh¢)uld b¢ all(Kated in the long ierin (strategic all(Kation) atwj alkal¢d given current market conditions {ti1 #lltiOn). 9.3 The long term objective o(theTruslee i5 to ensure the portfolio of assets remains balanced beiween assei classes and that high lon8 tenn reDJTThS can be achievd The Investh)eniCommiiiee alsohas oveTSi8ht of the invesimeni of tht 'Public Benefit Fund. of BriBhton College as well as those assets within the Twsi, and has delern)ined that therc is Significant advanta8c in Yling ihe iwo iogether in dewmining the portfolio allocation (as it reduces the cost of athnini5tralion and invemments may benefit from scale in oiher ways). The Public Benefit Fund and the assets within the Tn1 are xcounied for in such a way as io ensure they aTe separable and clearly IdeniifbLC. During the surnmer of 2025, the Investmeni Cornmiitee selectd a new external Investment MaDAg¢r to a1$¢ wilh inveslmeni straiegy decisions and th¢ goal of 8b¢r I8 lerni.r¢lurns. Prior to publicalion of thes¢ accounts: in NovembeT 2025. the Public Benefit Fund was renamed Ihe 'Bri8hton Coll¢ge Fowidatii)n Fund. to better refl¢oi its PUtp>se and KOUrage donations for those who may noi bE solely int¢r¢sted in public benefit. Investtnent income for the for the yeaT of £70k {2024.. £86k), income of £233k12024: £225kl. donations of £25k (2024.. &Jil), no movefftcnt prcyerty value (2024: £565k lossl and a gain on qed Invements of £143k (2024: £267k) resulted in a iRvesunenl remrn of +5.6%12024.. +0.20/•).
BRIGHTON COLLEGE SCHOLARSHIP, BURSARY AND PRIZE ENDOWMENTS FOR THE YEAR ENDED 31 JULY 2025 TRUSTEE'S REPORT l¢oAtinued) 10. RESERVLS POLICY The Scholarship FuTrJs should be invested wtly Io 8ene¥ate incorne in supwt of cunent scholarships and bursaries and partly for growth with ihe long tenn airn of generdting irKome swfficienl to covet all scholarships and bursaries at the College. The general policy for rescrvcs 15 to treai Tenthl income from owned properties &$ short tem) income io be deployed in supporting currcnt bursary rccipients and scholars to Iililize other investment income io defray 3J)y costs of the Trust. Any excess income or gains on sale of assets #re reinvested in hjnds for benefit of bursary recipients and scholars. In order to ckarly identify the reserves rtcessary to meet their obligaiions. the Trnsiee designaie$ part of thc T£rYt53s"Capltal" for investrnent purw>ses and part'lncome", save for the specific minor sub funds designai¢d under the CO0 Rawson Foundation. an athonymous donation and ihe Peyion Bequest which are held againM th¢ir identifid ¢riteria lor awarding irt appropriate cases. The Trtet does th)1 sttk io reill reserves in excess of need¢d to meet their obligations arml fimds 8eneraied are to be used for supponing bursaries and scholarships. Ar 31 July 2025, th¢ aggr¢84te r¢s¢rv¢s were £8.4 million {2024= £8.1 million) of which £208k (2024: £196k) was r¢slri¢ied. £419k (2024: £398k) was endowed atsj £7.7 million (2024: £7.5 million) was designated. 11. GOING CONCERN Taking into account the income generation Irom its underlyin8 property portfolio gether with the lisied invesimenLs and fijnds that it holds, the Trustee considers that the Tnjsi can operaie &$ a going concern for ai leasi 12 months (rom the date of signathre of these fllvdncial ststements. The TNsitt and Govemor oversight of the financial inveslments held by the Tn1 15 considered be iobust, with re8ular reviews consider volaiile markd condilioL 12. FUTURE PLANS The Trustee's focusa8 durnjg the financial year were io cre the (Oing provision of suptM)rt for bursaries #nd holarships and to seek to ellre the underlying a&8ets were appropriatr given existing market conditions. 13. TRUSTEE RESPONSIBILITIES Charity law r¢quires a trnstee to prepare fllmncial statements for each fiTwKial year which give a true and fair view of th¢ state of affairs of the charily and of lis financial aciivilies for thai year. In preparing those financial statements the TNst¢¢ 1$ r¢quired io: sekct suitsble accounting lICIeS and then apply them ¢SistenI1y. make judgements and emimates thai are reasonable and pneThI. sthie whether the policies adopted are ID accordance with the statement of recommended pracilce "Accouniing atKI Reporiing by Charities" aDd with applicable accourttitig standards. subjeci to any material deparntt disclosed and cxplained in the financial statements: prepare the financial statemcnls on the"80ing concern" basis unless il is inappropriate to presume that the charity will contlDUC aclivitie5. The Trustee is responsible Cor keepllw prcyer accounting reco that disclose wilh reasonable accuTa¢y ai any lime the fRnancial position of the charity and enables li io ensure thai the financial sthiements comply with the Charities A¢t 20I l and the provisions of the tntst deed. The trtLtt is also responsible for safeguarding the assets of the clwity and h¢n¢¢ for takin8 msonable steps for the pmeniion and dettciion of fTaud and other irregularities.
BRIGHTON COLLEGE SCHOLARSHIP, BURSARY AND PRIZE ENDOWMENTS FOR THE YEAR EIYDED JI JULY 2025 TRUSTEE'S REPORT (ntinUed} So far as the Trust¢e is aware at the time the rek¥)rt 15 aNJroved: there As no relevant audit u)f0mtiOn of which the chlty.$ Judiior is unaware; and the governors have k¢Th all sleps thai they oughi io hve tsken to make thernselv awarc of any Tckvanl audit infonnition and to C5tablish thai the audilor 15 aware of thai infom110n. Sign¢d on b¢holf of the TNS on 6th March 2026 by: Lyl, s LI AW8g Governor ofB RJS Weir MA FCA Governor of Brighton College ton College
BRIGHTON COLLEGE SCHOLARSHIP, BURSARY AND PIUZE ENDOWMENTS FOR THE YEAR ENDED 31 JULY 2125 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF BRIGHTON COLLEGE SCHOLARSHIP, BuIARy AND PRIZE ENDOWMENTS Oplnlon W¢ hav¢ audi¢¢d the finatKial statements of Bri8bion Colkge Scho]arship, Bvrsary and Prize Endowments for the year ended 31 July 2025 which comprisc Stat¢ll1 of Financial Aciiviiies, Balance SheeL Cash Flow Statement and notes to ¢he financial s¢al¢ments, irKludin8 a summary of significant accouniing pilicies. The financial reporting framewo that I8 b¢¢n applied in their preparation is applicable law and United Klngdom Accounting Standards. including Financial Reporting Standard 102 TheFinancialReFOrtingSiathrd oppltcoblein IAe UKondRepubli¢ oflrelund (Unit¢d Kingdom Generally Accepted Accounting Praciice). In our opinion, the financial ateMents.. giY¢ a true and fair view of the state of the clwity's affairs as 8131 July 2025 and of the charity's nel movement in foi the year then e[ed. have been properly prepared in accorda¢ with Unid Kmgdom Generally Accepd Accounling PrdCliCW. and have been prepared in accordance with the rcquiremcnts of the Chan"ties Act 2011. Bsls for oplmlon Wc have been appoinied as audiior under sec 144 of the Charities Aei 2011 artd re in accordance with the Aci and relevant regulaiiorL8 or having effect thereundcr. We conducted our audit in accordaJ)ce wilh Inrnational SiandaJ¥ls on Audiiing (UK) IISAS (UKI) and applicable law. (hr resr$1b11l1leS under those siaThJard8 are rther described in ihe Auditor's responsibiliti for the audit of the fmancial statemenls seeiion of our report. We are independent of Ihe chariiy in accordance with the ethical requirements that are relevani to our audit of the fuwKial in the UK, including the FRC'S Ethical Slard, and w¢ have fulfilled our other ethical Tp07b]ll(ltS in accordance wilh ihese requirements. We believe that th¢ audit ¢vKkn¢e we hav¢ olKained is ffiCIen( ad appropne to PTovide a basis for our opinion. Con¢lusloDs rel¥tlng to going ¢ox¢ern In auditing th¢ finjncial statements. we have concluded tha( Ihe In(.$ use of the going ncern basis of accounting in the preparJtion of the financial statements is appropriate. Bas¢d on the work we have we have noi ideolified any rnafrrial wKertainties rclating to events or cimdiliorts that, individually or collerlivcly. cast Significani iknbi on the charity's ability to continue #s a going concern for a p¢riod of at least twelve ll¥JThths from when the fmancial mtements are authorised for i4sue. Ourresponsibililies and therespoThbiliiies of the trustee with re4KCi to going cotttrn aredeSCri inthe relevant sections of this report. Other InformAtion The Irusttt is resp)nsible for the other infonDatIo The other infomiatioti compris&% the inforniation included in the Trustee's Repon. Our opinion on the financial statements dS not cover the other lfOrnIa1)n and. ex¢w io the exn( otherwise expliciily stsied in OUT re[, we (k wt ¢w¢ts any fomi of a&wrance ¢thlS1On thereon. In conncction with our audit of the financial statemthts. our wnsil)iliiy is to Tead the other infom)ation and, in doing w, consider whether the other information is rnaterially 1]KclSItn¢ with the ftswicial staments or our knowkdge obtained in the audit orotherwise ippears be materially missiated If we identify swh maierial in¢on$isten¢ies orapparent m8terial MisSteMents. w¢ a required io determine whether there is a maierial misstarement in the financial statements or material mi$8tatement of the other infomiation. If. b&ed on the WO we have perfOrnd. we concludc that there is mat¢rial missthtement of this otherinfonnauon. we are required to rewjn that fact. Wc havernthing io rew)rt in this regard. M•tters on wbleh we #re requlred lo report by ex¢eptio We have nothinK to repon in respect of the following maller5 in relation to which the Chariti&s (Accounts and Reports) Re8ulations 2008 require us to rewTrrt to you if, in our (yinion: adequa arcouniing records have not been kepi by the clwity. or suffKienl accounting re¢ords have been kepi" or th¢ charity fmancial 5tatetnents are not agreemeni with ihe a¢cwnting Teconls and retll or we have not received all the infonnalion aj explanations we requirc forour audil.
BIUGHTON COLLEGE SCHOLARSHIP, BURSARY AND PRIZE ENDOWMENTS FOR THE YEAR ENDED 31 JULY 2025 Responsibilities of the ¢TUSlee for the rID•N¢l st•¢¢wents As explained mor¢ fully in th¢ truste¢ respOlbilitieS stalcmcnt Set wt on page 5 the trustee is responsible for the preparation of the fmanciyl stat¢m¢nts and for being sati%fied that they yjve a true and lair view. and for such internal control as the misiee deteTmiDes is ne¢es5ary lo enable the Fycpafdtion of financial statements that are free from material mi&5thtenieni, whether due to fraud or error. In preparing the fanCial Slat£ents. the trute is responsibk for a&wsing the charity's ability io Continue as a going ¢oncenL disclosin& as applicable, matters related to 8oinE concern and using the going concem basis of accounting unle&8 the tnjstee eith¢r intend5 to liquidate the chaTity or to cease 11)erations, or have no realistic aliernative bui io do so. Audi¢or'$ rtsponsibililiei for the a¥dlt of tbe tSxttell %ttemeDts Our objeclives are lo obtahn reasonablc assurnnce altht wlther the fmancial stsiemen as a whole are free from material isstalement, whether due to fraudoterror. and to issue anaudiior's report that includesouropinion. Reasonable assuTanc¢ is a high level of assurance, but is not a guaianttt thai an audii conducied in accordance with ISAS (UK) will always detect a material misstatement when it exists. MAteMents can arise from fra1 or error and are consi(l¢red material if, individually or in the aggregate, they Could re&sonably be eXd InflUee the econ(nic decisions of users taken on the basis of these statements. Irregularittes, ineluding frau are tMaeS of l-coMplIan¢c wilh laws and regulaiions. We (ksign predureS in line with our r¢s)nSibIlitIes. outlined above. io thteci maieTial Milements in respeci of iguIar11ie$. in¢luding fraud. The extent io which our pmcedures are Capable of deieciing iThegu]arities. including fraud is dthiled below.. Based on our uThJerstsnding of the charity awj the environmeni In whKh li operates. we idenlified thai the prin¢ip81 risks of Mn-compliance with laws and regulaiions related to Charilies Act 2011, and we consiikred the extent to which non- compliance might have a material efteci on the fJnan¢ial ststemell We also considered those law5 at]d regulations that have a direci impaci on the preParn of the financial statement% including the Charitics Act 2011 and the Charities SORP. We evaluated management's inceniivesand oFp)rnmilies for frdudulent rnanipu]aiion of the financial staiernents (including Ihe risk ofover(ide of ¢ontroLs), and detennined that the principal risks were relad to tevertue recognition. in particular in relation volunlary incomeand management overrideof controls. Audit pedureS perfom)ed by the ertgagemeI team included: Inspeciing correspondence with regulatrffs and tax autlM)riiics" Di5cu&sions wilh managemeni includiog considuaiion of kmwn or suspected inslarKes of non-compliance with laws and regulation and fraud. Evaluating mana8emClIt's controls designed io preveni and deteci irregulariti Ideniifying and ¢e51ing journals in pgrticulariournal entries posted with unusual &count combinaiions, Poslings by unusual usews or with unusual d¢5criptions' and Challenging assumpiions and judg¢m¢nts made by maThag¢ment in their critical accounting cstirnatcs Because of the inherent limithiions of an audiE there is a risk thai w¢ will not d¢t¢ct all irregularitie& including those leading to a malerial misslaiement in the fuwrKial statements OT JK>n-coJnpliance with regulation. This risk increases the more thai complia¢ with a law or regulation is removed frorll the evcnts and transactions reflected in the financial Sialemts. as we will be 1¢55 likely io become awaTe of inslances of -COMplianCe. The risk is also greater regarding irregularities OC¢UTTing due to fraud rother than etTor. a5 fraud involves iutelliional Cl¢ealmenE forgery, Collusion, omission or misr¢presentali A further description of our respoTh8ibilities for the iudit ol the finthcial sthtements is locad on ihe Financial Reporting Council's website al.. www.frc. . This dtscripiion forn part of our audiioT'S report.
BRIGHTON COLLEGE SCHOLARSHIP, BURSARY AND PIUZE ENDOWMENTS FOR THE YEAR ENDED 31 JULY 2025 Use of OUT repor¢ This report is made solely to the charity's trllstee, as 2 dy. iti aceordartee with seetion 144 of the Chariiies Act 2011 and regulaiions made under sfftion 154 olthat ACL Our audit work ha5 been un(lertak¢n $0 that we Jnight 51ate io the ¢haritys trnSe those matters we are required to sle io them in an Audiiofs Tep)n and for no other pur[x. To the fullest extent pemiitt¢d by law. we do noi accepi or a&8ume resEibIlity io anyone other than the Charity's trusltt as a body for our audit work, for ihis repon, or for the cs)inions we have Forn1. Haysmac LLP Statutory Auditors Dale= 11 March 2026 10 (cen Stred Place EC4R IAG Haysmac LLP is eljgible to act an audilor in tcrms of scction 1212 of thc Compknies Aet 21K)6
BRIGHTON COLLEGE SCHOLARSHIP. BURSARY AND PRtZE ENDOWMENTS FOR THE YEAR Ef4DED 31 JULY 2025 STATEMENT OF FINANCIAL A1VITIEs Designated fu•d$ 2025 2024 Restrieted Endowment F¥nd$ Fumds £000 Cipltil Fund £0 Inrorne Fund £000 Totsl Fllnds Tot41 Funds Note £0 £000 & ENDOWMENTS FROM: Chjritable *ttivides Gross rents receivable 233 233 225 Voluntary Income I)onatiotL 25 25 Investmethts IDvestrneni income 62 70 86 TOTAL INCOME 320 328 EXPKNDITURE ON Ckarl¢able activities Donaiions (including support ¢osts) 250 250 240 TOTAL EXPENDITURE 250 250 240 NET INCOME BEFORE OTHER RECOGNISED GAINSILOSSES 70 78 71 OTHER RECOGNISED GAINSILOSSES Gains on invernents LOS on irtvesimeni pryrty 16 143 267 1565) NET INCOME 12 21 70 221 (227) Trartsfers between ndS 62 162) NET MOVEMENT IN FUNDS 12 21 180 221 (227) FUND BALANCES BROUGHT FORWARD 196 398 7.517 26 8.137 8.364 FUND BALANCES CARRIED FORWARD 208 419 7.697 34 8,358 8.137 The Staiemeni of Financial Aciiviiies incldeS all gains and losses recognised in the year. All Incon and expendithre derive from Continuing activilies. Full companiives on a fill-bY-fits basis aTe included in note I l. The notss on pages 13 w 21 forni part of these f¢la1 ststement 10
BRIGHTON COLLEGE SCHOLARSHIP. BURSARY AND PRIZE ENDOWMENTS FOR THE YEAR ENDED 31 JULY 202S BALANCE SHEET De5ignxled fuDd$ Cipital Income Fund Futtd £000 2025 Total Futhd5 £000 2024 Total Fuud5 £ODO RlrICted Endoryyment Fund Fwid5 Notr INVEsfMENT A&SETS Investment properties Listed investtnents and fiux 3,400 4,900 3.400 4.669 202 409 202 409 7.689 8.300 8,069 CURRENT Assrrs Debtor5'. accrued income Cath at bank 10 35 22 S9 58 TOTAL CURRENT A&SETS 10 45 69 81 LFSS: Current Ilbillties cdItorS and accNed (131 NET CURRENT ASSETS 10 58 68 TOTAL ASSETS LLSS CURRENT LIABILITIES 208 419 7.697 34 8,358 8,137 R¢prewitiDg UNRESTRICTED FUNDS Designated capital funds Designated income funds 7.697 7,697 34 7.517 26 34 RLSTRICTED FUNDS 208 196 ENDOWED FUNDS 419 419 398 TOTAL FUNDS 208 419 7.697 34 8.358 8.137 These financial stsments were aKOVed athd authori8ed for issue on 6 Marcb 2026 and signed on thalf of the Tnts¢e¢ by.. A Wagenbttg GovemoT of Brighton IUS Weir MA FCA Governorof Bri8hion College ollege The notc5 on pages 13 to 21 fomi part of these fmancial Stsmen Full cotnpaTatives on a fund-by-fund b&sis are included in note 12.
BRIGHTON COLLEGE SCHOLARSHIP, BURSARY AND PRIZE ENDOIVMENTS FOR THE YEAR ENDED 31 JULY 2025 CASH FLOW STATEMENT 2025 £000 2024 £000 Nole Net cash flow from operating ¢dviti 17 Cash now from Inv¢5tlng Activlties Invesuneni income re¢eived Investsnent purchases Investsnent disposals 70 (88) 86 {401) 30D Net cash Ilow frorn invesling Activities (18) Increase in csh imd ¢th ¢4•V1]M 113) Cath and cash equivalenls ai the beginning of periLKI 59 72 Cish and cash eqUInIs Ai ih¢ ¢Dd of rIod 58 59 The tM)ies on pages IJ 10 21 forni part of these financial statements. 12
BRIGHTON COLLEGE SCHOLARSHIP, BURSARY AND PRIZE ENDOWMEN73 FOR THE YEAR ENDED 31 JULY 2025 NOTES TO THE FINANCIAL STATEMENrs ACCOUNTING POLICIES Basls of prep8rntioD The finan¢ial statement5 have bccn wepared in acc4)rdan¢e with ihe Chariii&s Aci 2011, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Prdctice applicable to charilies preparing their accounts in ac¢ordatKe wilh FRS 102 (Second Ediiion, effective l January 2019) aj in accordance with the Deed of ded 27 July 1999 (as amend> and the Order of the ChaTity Commi&sion dated 16 October 2014. The funclional currency is Cotish be sterling (£). Having reviewed the position and outlook for the Twst. the Twstee has a r¢asonabl¢ expectation tha( the TN$t has adcquate resourcu io continue its acnviti&8 for the fcyeseeable fvture. The Trust¢e also ¢ortsiders ther¢ to be no material urtcertainties ai the dale of signing the xcounts in relaiion to the Tnl'S ability to conlinu¢ as a going concem. Accordingly. it coniinues io ad(y thegoing nCern basis inpreparing the financial stat¢ments. Th¢ Tnts¢ is a Public Benefit Entity regisiered as a ¢haTity in England atml Walu with ¢harity number 1078589. General Infonnatio The charity's regisiered office is Brighton Colkge, E¥st¢rn Road. Brighton, BN2 OAL. Cri¢if41 ¥J¢countiDg Judg¢meut5 In the appli¢J¢ion of th¢ a¢couThting polictes, the Trustee 15 fEquired to make jud8emcn15. e5timaies, and assumpiions aboui th¢ c18 value of and liabilities that are not readily aNMrent from other sources. The esiimates and underlying assumptions Jr¢ bad on historical experience arwjother faclor5 that arc considered to be relevanL Aciual results may diff¢r from these estimales. The estinl&S undeTlyin8 a&supIlOn$ are reviewed on an ongoing basis. Revisions ¢0 ¥¢ounting estimates are recogn the period in which the esiima is revised if the revision aff¢¢¢& only that period. or in the periLwJ of the rtvision and fibture pukn)ds if the revision affected Current and future p¢riod5. The only critical judgetThent made by the Trusttt is in the valuaiion of the investment propcnics, details of whi¢h are c(mtained in notc 3. In ihe view of the Tntsttt no assuMl0S concerning the fure or estimatc affecting assets or liabilitie5 at the balance sheei da are likely result in a MerIal adjuslmerli to thehr ¢anying amounts in the next finaTLcial year. The principal xcouniing policies adopied ¢SIStenIty aT¢ as follows: Fulld aeeoulltlng The accounts primarily comprise unrestricted fim¢Ls which th¢ Twst¢¢ ha8 designated part as to Capitsl and the balance as to In¢ome. The "Restricted Funds" wffjpnse an anonymous donation ond the funds of "The Coop¢r Rawson Foundaiion" Th¢"Enth)wm¢nt F. ¢ontsiN the Peyton Bequest. InvestmeDI* Inv¢slm¢nt ass¢t$, apart from thos¢ applicable io Restriaed Futhds and the Endowment Fund, forni pan of the designated Capitsl Fund. All iOrne arising from these investrnents is credited io the designated Income Fund as incoming resour. Investment a&sets are valued io llnark value ai the balance shttt dai< with revalua¢ion surpluses or deficits being eredited or charged a5 urealISed gains or losses io the designated Capitsl Fund or appropriare Restricted Fund or the Endowrneni Fund. Invesimeni propleS are valued following Consultations with a professional valuer to whom the relevant propcrty nthet iswell kTh)wnand listed inveslnxnts and fillxls are valued at market Vah at the balartcc 5heei datE. Gains or loues on disposals of investment &4sets are calculated as aris]g from the latesi balance sheei valuaiion, and are credited or charged to the designated Capithl Fund or appropriate Restricted Fund or Endowmeni Fund &8 Tealised gains or losscs.
BRIGHTON COLLEGE SCHOLAKSHIP, BURSARY AND PRIZE ENDOWMENTS FOR THE YEAR ENDED 31 JULY 21125 NOTES TO THE FINANCIAL STATEMENTS {tolltinued) ACCOUNTIIYG POLICIES (eomtlnued lllve51mellt iAeome Income derived fro invcstmcnts in thc fortD ofdividcD& creditcd to thc Statement of Financial Activiti&8 when receivable by the Trnsi. Gross r&)tal income is included on an accrnals b&8is. VOluntY Intome Voluntary income is acCoUnd for as and when entitlement aris4 the atThiuni Can be reliably quantifd And the econotnic benefit is considered probabl Allocatlon ofoverhead and support cosls Overhead and support costs have been alknaied bdween chan"tsble aciivilies and govemance. The allocation of overhead and support Co$ for ihe year ended JI July 2025 is analysed in Ne 2. Charltble ietlvlties Costs of charithble aciiviiies include &)naiions made and an apportiment of support costs as slK)wn in Noie 2. GoverDaDce ¢05ts Governance cosis comwise all Costs involving the wblic acc{xlabllIiY ol the Tn1 Jnd compliance wilh regulaiion aThJ Ecrtyj praciice. These cOS include costs reled io the audii of the Trust's OUnts iogeiher with overhead and support wsis. Flnancial Instruments Basic financi31 instwments are initially recognised at transaclion value and subsequently amortised with the excepiion of investments whi¢h are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, ¢ogether with trade and other debt0 A specifK provision 15 made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all c&sh heid in instanl access bank accounts and used as working capital. Financial liabilities held at alThort cost Con)pn all creditors excq)t social secuiiiy and other taxes aThl provisions. ALLOCATION OF SUPPORT COSTS AND OVERHEADS The breakdown of supw>rt ¢S and how these are allocad ween Governance aThJ Charitable Aciiviiies is shown in the iable below= 2025 Ckirit*ble Aetivitits 2024 ChArit•ble Activities Tot Allocated Total Allo¢a¢ed Governance GoverDIIDee £ooD £o•o Donation 10 Brighton College Accountancy and professional fees 233 233 225 225 15 10 250 244 240 235 The basis of app)rtiomneni is dewled in Note l. The Tr[¢ Iw no employees. 2025 £000 2024 £000 Ac¢ouDtsn¢y professional fees inelllde: Auditor's remuneration and cxpcnscs 14
BRIGHTON COLLEGE SCHOLARSHIP, BURSARY AND PRIZE ENDOWMENTS FOR THE YEAR ENDED 31 JULY 2025 NOTES TO THE FINANCIAL STATEMENTS {¢ontinu¢d) IliVESTMENT ASSETS De51gnated Capil•l FuDd ind Restri¢i¢d •nd Fundi Restrleted and EdowmeDt funds 2025 2024 £000 £000 Cpital Fwid 2025 2024 Total 2112S £ooo 2024 £000 Investment properties Listed inveslments and fun& 3,41KI 4.289 3.4(K) 4,1195 3,400 4,900 3,400 4,669 574 7,689 7,495 574 8,300 8,069 i) lllveslment propertks Restricted •nd EowMent fuw15 2025 2024 £000 £0 Ciplthl Fund 2025 Tot1 2025 £000 2•24 2024 £000 Market Value at l August 3,4 3,965 3,400 3,965 Nei Invurmeni losses (565) 1565) fvIarket value ai 31 July 3,400 3,400 The Trustees, having given due regard to the priw Trwkel consider that there has been no Slgnificanl change in tl valuaiions of the pri)p¢rti¢s as at 31 July 2025. At 31 July 2024. investment Pro1]eS were revalued by GrdV¢S So & Pilcher LLP, a member of Ihe National Assla110 of Estate Agfflts and Crickmay Chartered Surveyor5. The m05t recenl valuation Jt 31 July 2024 w&sbased0nin tnarket valueu7g Vaca possession and resulted inaproperty valualion decrease of £565k. Ll$ted investmellls nd f¥Ads Restrleted Dd EDdowment funds Cpltal FuAd Tot41 2025 21124 2025 2024 £0( 2025 2024 £ooD Market value at l Augusl Additions Disp)sals Net investmenl gains 4,095 76 3.787 357 (2671 218 574 12 514 4,669 88 4,301 401 {3(KJ) 267 (33) 49 118 25 143 Markd value at 31 July 4289 4.095 611 574 4,900 4,669 15
BRIGHTON COLLEGE SCHOLARSHIP. BURSARY AND PRIZE ENDOWMENTS FOR THE YEAR ENDED 31 JULY 2025 NOTES TO THE FINknYClAL STATEMENTS (Co11ed) CREDITORS". arnoullts falmllg dye olleyear 2025 £000 2024 £000 Acenjals 13 ij FUNDS l) Des5gted hlldi BlAet blforwrd OIIW2024 Movtmtnt Ill Balance tlforw#rd 3110712025 £000 Net g#lx$ & traD$fers £0 Eipenditu £000 Capiial Fund - lrtcome Fut)d 7.517 26 7.697 34 320 (250) (62) 7,543 320 (250) 118 7,731 DesigD#ted funds 2024 MovemeNt In FuDds Balallce tlforwrd blforward Glty (IDssesl & transfers OiA)W2023 Expenditv 3110712024 £0 Capital Fund - Inme Fund 7.753 26 (236) 162) 7.517 26 302 (240) 7.779 302 (2401 {298) 7.543 In order lo clearly identify the reserves neeessw to meet their obliytion& the Trus¢ee design¢$ pan of the resttves as "Capital" for invcstmcnt PUWW)5cs and part'lncomc" In Jdition. Ihere are fvnds resiricted under ¢h¢ Cooper Rawson Foundatton. an arhonyrnous donation, or cndowcd urKlcrthc Pcy¢on Bquest which are held against iheir identified criteria for awaTdin8 in approprL8te a¥es. Net gains and transfers in the year ¢omptise of investmeni gajns of £143k (2024: loss of£267k) aTrJ investment prtyuty gains of £nil (2024: losses of £565k). 16
BRIGHTON COLLEGE SCHOLARSHIP, BURSARY AND PIUZE ENDOWMEP4TS FOR THE YEAR ENDED 31 JULY 2025 NOTES TO THE FINANCIAL STATEMENTS FUNDS {¢olltinwed) Restritted fwnds l•n¢e blforwird Olm1024 Movement ID F•xds BalaDce elforward 311071202S £ODO L•5ses & traDsfers £ODO llleome Expenditsr¢ £0 Cooper Rawson - Capital Fund Foundation - In¢orne Fund 37 16 15 Anonymws Donation Capital Fund - Income Fund 123 32 30 196 208 Restricted fund$ 2024 BAID¢¢ Wforwrd 01108r2022 Movement in Fu•d5 Bxl4nre elf•nvard 3110712023 £ODD Losses & trare15 £0 Income Expenditure Coopu Raws)n - Capital Fund Foundaiion . Inwme Fund 33 15 15 Anonymou5 rknnallon - Capital Fund - Incomc Fund 29 30 193 196 The R£Ti¢l Futlds are aydilablc for the following pury05C5: Coopcr Rawson - lo wornote ihe education of wpils ai Brighton College who are Childret) of clergy of the ChuKh of En8land and who arc in nced of fInancl as5islancc. Anonyrnous Donati(¥L for the benefii of thildm of Old Brighionians ai Bright(ffl College who ¢an show nttd for rinancial a5Si51ancc with fee EDd•wmettt fvnd Mov¢meDt ID blfonvArd OimW2024 Losses & transfers clforward 3110712025 £000 Expenditsre Pwon Beque . Pemlaneni Endowment . lrttome FLmd 315 83 16 331 88 398 16 419 17
BIUGHTON COLLEGE SCHOLARSHIP, BURSARY AND PRIZE ENDOWMENTS FOR THE YEAR ENDED 31 JULY 2025 NOTES TO THE FINANCIAL STATEMENTS {conlinwed) EDdownllt fund 2024 B•luce Mov¢Ju¢•t in B#l•pee elforward 3110712024 £ooD LosS¢5 & tr#nsf¢rs £000 31rn712023 E4KtyJlthre Peyton Bequest - Pcrjnancnt Enthwmcnt - Incorne Fund 315 315 83 392 398 The EndowtTnt Fund is available for ihe following PUFFW)Stt: Peylon Bequest . the incom¢ is to be applirjj forthcbcnefitof thildrcn sclcctcd 3nnually at the 501e di$¢rclion of the Head Master lof Bri8hion Collegel priority to be given to individuals bearing the unhyphenated surname of "Peyton" and who have not acquired it by adq)tion by chansc of name by Ihcm or Iheir ancemors since 19(M). Income unexpe]7ded bs an accrelion to the Endowment Fund. ANALYSIS OF NET ASSETS BETWEEN FUNDS Restrieted lunds £10 ENdowcd fllnds £000 De5igna¢ed funds Total £000 Fund balances at 31 July 2025 arE represenied by.. Invesimeni propenies Li5tcd invcstsnents and funds Net current as5e15 3,41)0 4.91)0 58 202 4289 42 10 208 419 7,731 8,358 ANALYSIS OF NET A&SETS BETWEEN FUNDS Restrieied funds Endowed funds Designiteil funds Total £000 Fund balances ai 31 July 2024 ale represented by: Investment properties Listed investments and fijnts Net eurrent assds 188 386 12 4,095 48 4,669 196 398 7543 8,137 18
BRIGHTON COLLEGE SCHOLARSHIP. BiJRSARY AND PRIZE ENDOWMENIS FOR THE YEAR ENDED 31 JULY 21J25 NOTES TO THE FINANCIAL STATEMENTS (contiThued) CASH FLOWS 2025 £000 21124 £000 RecoD¢ili8lioa of opertin¥ prolRt to net esb Ilow from optrathig Actlvltles Net income Net dividends and interesi received 221 (70) (227) (86) Decre in debtors {tkor¢ase)..Increa5e in credi101S Inve5trnent (8ain5)..'losses 12) (143) 298 Nel cash flow from Oping aciiviiies 17 TRUSTEE EXPEIYSES The Trus*e received no remuneration or reimtwwsement for Y expense during the year (2024.. £Nil). RELATED CHARITY The sole tyusiee. Brighton College, is a company limiied by granIe¢ (number 7663) and a registered charity and is the recipieni of bursaries and other grants from the Tn. The registered charity number or Brighton College is 307061 and ihe administration address is Easrern Road. Brighton, E35t Sussex. BN2 OAL. During the year ended 31 July 2025 grants WKI burwies t(knilllJg £233k (2024.. £225k) were made to Bri8hton College. The Tn1 leases ¢erfain prO1rtIeS to Brighton College normal rental temis. Leases in place a¢ 31 July 2025 prthluced gross rentsls of £233k in the year (2024: £225k}. The smallest and jargest group in which the rcsults of theTrusi &rtd the results of Bnghion College are consolidated is that headed by Brighton College. The stawiory xc(wJrtts of Brigh College are available fTom Compankes Htbuse. 10. RELATED PARTY TRANsAloNs Ther¢ w¢re no trnnsa¢tions with the Tntstees and Go¥em(Ks during the year{2024.. £nill. 19
BRIGHTON COLLEGE SCHOLARSHIP. BURSARY AND PRIZE ENtIOWMENTS FOR THE YEAR ENDED 31 JULY 2025 NOTES TO THE FINANCIAL STATEMENTS (rotied) STATEMENT OF FINANCIAL ACTIVITIES- PIUOR YEAR COMPARITIVES UArestrleted fuds 2024 2D23 Restrlcted Endoyrnent Fthnds Fllllds Capit81 Fund Income FuAd £000 Total Funds Tol81 Funds £000 Note INCOME & ENDOWMENTS FROM: Charitable e(Ivltles Gross renls receivabk 225 225 22S Investments Inve5trnent income 77 86 134 TOTAL INCOME 302 311 359 EXPENDITURE ON Charltgble Actlvlties Donations (including support costs) 240 240 234 TOTAL EXPENDITURE 240 240 234 r4ET If4COME BEFORE OTHER RECOGiYISLD LOSSESIGAI]YS 62 71 125 OTHER RECOGNISED LObSESIGAINS (Loss¢sfvGains on investrnents Gains on investment property 267 (565) 267 (565) {35) 465 NET INCOME (298) 62 (227) 555 Tr¥n8f¢ts between fijnds 62 (62) NET MOVEMENT IN FUNDS (236) (227) 555 FUND BALAIYCES BROUGHT FORWARD 19J 392 7,753 26 8.364 7.809 FUND BALANCES CARIUED FORWARD 398 7,517 20 8.137 8,364 The Siaiemeni of Financial Aciiyiiies in¢lth all gains and losses Tecognised in ihe year. All income expenditure d¢rive from c¢)nlinuing aclivities. 20
BRIGHTON COLLEGE SCHOLARSHIP, BURSARY AND PRIZE ENTM)WMENTS FOR THE YEAR ENDED 31 JULY 2025 NOTES TO THE FINANCIAL STATEMENTS (toD¢illwed) 12. BALANCE SHEET- PIUOR YEAR COMPARATIVES BALANCE SHEET Unrestrkted funds Caplt*l Income FuAd Fund 2024 Tot•1 Fund5 £0 2023 Total Funds £Doo Restrleted Funds EndowmeDt Fu•ds Note INVESTMENT ASSM Investment properties Listed investments and fun(Ls 3.4(M) 4.669 3.965 4.301 188 386 4,095 188 386 7,495 8.069 8,266 CURRENT ASSETS Debwrs.. accNed income Cash at bank 19 20 22 59 30 72 10 22 TOTAL CURREI¥T ASSETS 12 22 39 81 102 LESS; Current liabllities Creditor5 and accrued expenses {13} 113) {41 NET CURRENT ASSETS 12 22 26 68 98 TOTAL ASSETS LESS CURRENT LIABILITIES 398 7.517 26 8,137 8,364 Representlng UNRESTRICTED FUNDS Designated capithl fijn Designated income fibnds 7.517 7.517 26 7.753 26 26 RFSTRICTED FUNDS 196 196 193 ENDOWED FUNDS 398 398 392 TOTAL FUNDS 196 398 7,517 26 8,137 8,364 21