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← Blundell's School

2024-08-31-accounts

Registered number: 04016403 Charity number: 1081249

BLUNDELL'S SCHOOL

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

9 Bishop Fleming

BLUNDELL'S SCHOOL

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CONTENTS

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Page
Trustees’ Report 1
Trustees’ Responsibilities Statement 17
Independent Auditors’ Reporton the FinancialStatements 18-21
Consolidated Statementof Financial Activities 22
Consolidated Income and ExpenditureAccount 23
Consolidated Balance Sheet 24
School BalanceSheet 25
Consolidated Statement ofCash Flows 26
NotestotheFinancialStatements 27-§0

BLUNDELL’'S SCHOOL

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! Annuat Report and Financial Statements
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BLUNDELL’'SSCHOOL LTD
Reference and Administrative Details
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Chairman MrNP Hall (Chair) (1, 2, 4 and 5}
Trustees&Directors Dr$BAnsell (2and 4)
Mr.J Beckly (appointed 14June 2024) (1, 4and 5)
MsACrosse (2, 3 and 4)
Mr S. Crew(appointed 18 March 2024) (1 and 3}
MrN Cryer (1)
MrG L Howe (1, 4and 5}
MrM Huntingford (1, 3 and 5)
MrMJ Lovett (2,
3 and 4)
f { f Accom MrsJMAMannix (1, 2 and 5)
Re-Revid-
Ait:PMeKinnel (Vice Chair)(1,2and 3)
Mr L Menheneott (appointed 14June2024) (2 and 3)
at FA Mr
MrRWThane{resigned 14 June 2024) (1, 2.and 4}
Dr M £&Wood (2 and 3)
|
l 1,
, 2, Education Committee
} 3. GovernanceCommittee
' I 4.
5.		 Preparatory Schoal Committee
investmentCommittee
Head | | MrBWielenge,BCom,Natal&Johannesburg,Bed
Companysecretary ‘ MrJ M Sheldon,ACMA(Resigned8April2024)
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RegisteredOffice 4 Blundell'sSchool
Tiverton
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Oevon
EX164DN
Company Registration Number 04016403
CharityNumber 1081249
Auditor Bishop FlemingLLP
CharteredAccountants
2nd FloorStratusHouse
EmperorWay
Exeter Business Park
Exeter, EX1 305
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BLUNDELL'S SCHOOL

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BLUNDELL’S SCHOOL LTD

———eeTrustees’ Report (incorporating the directors’ r e port) 1. Strategic Report for the Year Ended 31" August 2024

The Trustees, who are also directors of the company for the purpose of the Companies Act 2006, present their annual report and the audited consolidated financial statements for the year ended 31 August 2024. The Trustees, all of whom served throughout the year to 31 August 2024 and up to the date of signing the financial statements, except where otherwise disclosed, are listed on page 3.

Blundeli’s Schoo! {“the School”) is a charitable company limited by guarantee, governed by its Memorandum and Articles of Association (company registered number 4016403) and a charity registered with the Charity Commission {charity registered number 1081249), It has a wholly owned subsidiary, Horsdon Enterprises Limited (company registered number 2758360), Twdirectors of Horsdon Enterprises-Limited hatdone share each in trust far the School. if TheThe information with respedt 'to Trustees, directors, officers and advisers, set aut on page 3, forms part of this report. financial statements camply with current statutory requirements, the Memorandum and Articles of Association, applicable Accounting Standards In the United Kingdom and the Statement of Recommended Practice (SORP) “Accounting and Reporting iby Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard apolicable in the UK and Republic of Ireland (FRS 102)" 2005 (effective 1 January 2029}, the Charities Act 1993 (as amended by the Charities Act 2011) and the Companies Act 2006. {

2. Executive Summary

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Our Report gives an overview of the yéar’s activities at Blundell's Schoal (including Blundell's Preparatory School) — both academic and co-curricular our financial strength and our Governance, Our primary objective, to provide a first-class Independent education'fer all our pupils as they move through the School, has not changed and we highlight in our Report the ways in'which progress has continued, It is our aim to achieve the best possible environment for academic learning‘and teaching and the all-round development of the sporting, artistic and social skills of our pupils. § The bi = year ended 31 August 2024 was a busy and successful year on numerous fronts. We were especially pleased that, for the second year running, A Level fesults saw 80% of all grades belng A* to B. Accordingly, pupils were successful in securing places at the university.of their choice. GCSE grades were also strong. Our co-curricular activities remained as varied and exciting as ever with success on the sports field matched by great participation in Outdoor pursuits, Drama and Music

Numbers have remained strong at the Senior and Prep School. International Boarding has held steady as we have seen healthy growth in demand from the European market, especially Germany and France. Demand for day places continues to grow across the school. Enquiries and registrations have held up well despite the cost-of-living crisis and the now confirmed imposition of VAT on school fees.

In May 2024, the pupil who attacked two fellow pupils and the Housemaster In Petergate House last year, was found guilty of three counts of attempted murder and he has since been sentenced to life imprisonment, drawing a close ta this unhappy incident. Governors have commissioned two independent reviews of the safeguarding arrangements at the school and whilst some recommendations for change have been made, the findings from these reviews indicated overwhelmingly that our procedures were approoriate,

We have continued to be a positive contributor to our jocal community in a variety of ways detailed later in this report. Both our schaols have contributed to the West Country Teaching School Alliance and we have extended our partnerships with local schools, holding events through which we can share the facilities we have available and

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enhance the relationships that develop. Blundell's takes its responsibility as an employer and significant role player in the local community seriously and we enjoy a positive standing with local residents.

Financially the schoai remains on a good footing with Governors balancing out the need for investment with prudent management of the school’s cash position. During the year we completed a consultation process with teaching staff, resulting in agreement for a phased withdrawal from the Teachers’ Pension Scheme. Investment has continued to focus on cost saving through reducing the energy bill by improving the insulation of buildings and through the installation of solar panels. Investment has also been directed at improving the facilities for pupils and improving the offering we can make to residential lets during the summer vacation,

Following the change of Government In the Summer of 2024, the anticipated introduction of VAT on independent school fees has been confirmed with effect from 1 January 2025 alongside the loss of business rates relief and the imposition of higher rates of employer national insurance contributions in April 2025. These challenges collectively are considerable, but we have committed to strive tomitigatethe impact on.qurfees as far as possible whilst protecting as much as we can all fhat makes Blundell’s such a special school. P | Ai 3. Welcome to Blundell's it i When you choose Blundell's as the school for your son or daughter you open up a world of opportunities for them. For some their journey begins at our Pre-Prep, for others it is in our Sixth Form, but wherever a pupil starts we are confident that the thread of the Blundell’s Experience 1s consistently woven throughout their daily lives. At Blundell's we see education& as being so much more than exam results. We see education as being about developing young women and men who are ready to make 4 meaningful difference to their communities. While our pupils are with us we hope that their schooling will bean extraordinarily fulfilling and uplifting experience for them. itis our intention to give themithe best possible start in life by giving them an education that will equip them to enjoy well-lived lives; lives of meaning, fulfilment and consequence.

At Blundell’s we focus on teaching? pupils how to have good relationships, both with each other and with the adults in their lives, We ensure that each'pupil will have a sense of achievernent, to experience the satisfaction of having done something well, by being suctessful. We help pupils to nd meaning and purpose in their endeavours and we fuel them with the optimism they need to believe that they can make a difference. Overall, we want their lives at school to be deeply engaging. We warit pupils to love being at school and to throw themselves into the oppartunities this wonderful place has to offer. ‘ Happiness, we believe, is a consequence of'doing these things well, rather than an end unto Itself. | warmly invite you to come and observe our pupils in their efvironment and tell me if they do appear happy to you. If they do — and | believe they will — then we must be doing something right!

At Blundell’s we educate young men and women of consequence; young people who have the skills and the confidence to make a meaningful contribution to society. It is our privilege to welcome pupils to our school and then to walk beside them as they negotiate their journey into adulthood.

We are immensely fortunate to be situated in an idyllic location. Here on our 100-acre campus in the Devon hilts, our pupils are supported and inspired by teachers dedicated to their success and well-being.

Blundell’s has been around for over 400 years. While we are tremendously proud of our history, we are also excited about Innovation as we engage with what it means to be relevant in a world that is undergoing such upheaval and change.

|j Thisthoughtful,is a placecourageous, where children and compassionatethrive, and whereleaders. they becomeThis is a readyplace where to contribute they willtolearna world about desperately themselves,in needwhere of they have the opportunity to practise and rehearse the skills that they will need ta live fulfilling lives, both now and in the future.

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4. Alms, objectives and activities

The objects of the school is to advance education through the provision of an age 2 % to age 18 co-educational day and boarding school.

A Blundell's education is broad and far-reaching, providing a co-curricular, day and boarding education for children from the age of 2 % to age 18. The foundation of success in the classroom or on the sports field lies ina combination of hard work and excellent teaching and coaching. Culturally, hard work is admired, and pupils recognise the dividends paid by diligence and effort. We are blessed with a passionate and innovative staff body and teaching, according to independent inspections, has been recognised as being excellent.

We believe in nurturing curiosity and courage to embrace whatever opportunities and challenges come our way. At Blundell's we instil in pupils a sense of anticipation and a readiness to say yes when possibilities present themselves. The ri — ee eeeet srvmmeees skills that are most likely to Ye in greatest demand in the workplace in the coming years are those associated with resourcefulness, adaptabiffty, and courage. At Blundell's we create opportunities for pupils to test themselves and to hone those skills that.will prepare them for a life beyond school. The pigneering:and adventurous spirit is one of which we are proud, wh ether it is undertaking independent research for an Extended Project Qualification (EPQ), representing the school on the sports field, composing a piece of music, or yomping acrass Dartmoor.

i One of the most Important tasks of growing up Is coming to terms with who we are. Blundell's is a safe environment for pupils to explore different facets of themselves, to work out their strengths and weaknesses, to grow famillar with their personality and to.develop their character. Not only do we want pupils to leave Blundell's with a healthy sense of themselves but alsoto be young adults who are comfortable in their own skin. ' A Blundell’s education prepares pupils for a life in which they have the ability and the:confidence to make a meaningful contribution to society. Instilling in pupils a-strong social conscience and an appreciation of the opportunities they have at schod! matters a great deal to us. Woven into our day-to-day life is the chance to contribute, in school or in the wider community. This includes encouraging all pupils to learn about leadership and service, and what these entail, \ Within this object, the School's aim te provide first class Independent education, both through strong academic tuition, and through developing widefisporting, musical, artistic and social skills in all its pupils. The School’s main objective for the year is for pupils to achieve good examination results at both A and GCSE levels, The School's strategy for achieving these results is by Seeking continually to improve academic standards throughout the School; providing the best possible environment forteaching and providing excellent pastoral care and a varied co-curricular programme.

Our core School aims centre around the theme of providing “Roots and Wings” for our pupils. These are defined as follows:

Roots; . To develop depth and breadth of character, which will encourage resilience, optimism, self-contral and generosity within the rich Christian values that we have. * To develop a sense of social responsibility and to be mindful of our role in our community towards each other, our role in society at large and in the global environment, which will encourage consideration, mindfulness and respect.

Wings:

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. To develop confidence and a sense of adventure which will foster courage, curiosity and enterprise and originality.

in. setting our objectives and planning our activities, the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit and in particularto its supplementary public benefit guidance on advancing education and on fee charging.

5. ACHIEVEMENTS AND PERFORMANCE

Academic

The school achieved another set of outstanding A-level results, marking the second consecutive year they have exceeded the significant threshold of 80% A-B grades since the return to normal grading post-COVID. Notably, 49% of all grades achieved were either A or A. Amongour cohort of 98 pupils, four achieved three or more A grades, and 21 pupils earned all A and Algrades. Our value-added performance remains strong across all ability levels. i {tis also warth noting that out top 50 pupils, who could have attended selective schools.if they chose, achieved an impressive 76% A°/A and 99% A-B, 90% of our pupils secured places at their first-choice universities, most of which are Russell Group institutions in the UK. Additionally, 3 growing gumber of pupits are exploring opportunities in Europe, America, and Australia, broadening their horizons globally, { Our Year 11 pupils have achieved the school’s highest ever GCSE results under standard examination conditions. A remarkable 21% of all grades Awarded were at the top level of 9, with 41% at 9-8, and an impressive 57% at 7, 8, or 9. Twenty-two pupils averaged agrade& or higher, demonstrating exceptional academic performance across the entire year group, which also aghieved outstanding value-added results across all abilities. t Many pupils continue to enter a variety of academic competitions with some of the highlights including: Translation Prize (Oxford University) UK German Level 3: Arkwright Engineering scholarship; Southwest Regional French Level 1: Winner; Maths Olympiad for Girls: Best in School Distinctlan: in the tap 100 globally; Senior Maths Challenge (SMC), 9 Gold, 16 Silver, 30 Bronze, Team Maths Olympiad competition: 2nd place globally out of 87 teams: Hamilton Maths Olympiad: Distinction and Gold, Ist in South West and within tap 20 students globally: Maciaurin Maths Olympiad: Bronze, in top 100 globally. t Other Olympiad Successes includes; British Biology Olympiad: 3x Gold, 2 x Silver; Chernistry Cambridge Challenge 2 x Gold, 5 x Silver; UK Chemistry Olympiad: S Gold, 3 Silver; Computer Science, Bebras Computational Thinking Challenge: 17 Gold; UKMT Senior Maths Challenge: 9 Gold, 16 Silver; Intermediate Maths Challenge: 11 Gold, 22 Silver, 39 Bronze; British Physics Olympiad: 2 x Gold.

At the Preparatory School, twelve pupils from Year 6 gained Academic Colours by achieving a scholarship award to the Senior School at the Academic Scholarship Exams in January. Online End of Year assessments in May recorded 88% of Prep School children achieving in tine with or above national age-related expectations in English, Maths and Science, and a plethora of prestigious prizes were awarded on Speech Day to recognise the very highest scoring scholars. Throughout the year children have enjoyed success across a range of academic competitions, including making it to the semi-finals of the national Quiz Club Championship, as well ag attaining highly in national mathematical challenges and the BEBRAS Computational Thinking Challenge.

Music and Drama

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A significant highlight for the Music Department this year was the Ch amber Choir’s prestigious Evensong performance at Westminster Abbey, a remarkable achievement for our students and a testament to the choir's excellence, This was complemented by further high-profile services at Bath Abbey and Exeter Cathedral.

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Key concerts included the hugely ambitious Spring Concert production Around the World in 80 Minutes and Vivald|’s Gloria paired with Tippett’s Five Spirituals. Our choral groups also recorded a Christmas album at St Andrew’s Church, Tiverton. The Choir’s tour to Venice, Verona, and Padua gave students invaluable international performance experience, while competition success saw G. Dobson win the Vocal title at Two Moors Young Musician of the Year. Provisional Oxbridge Choral Scholarships were awarded to F. Batsford and J. Ramsay.

In total, the department delivered 32 concerts, participated in 18 services, and organized 8 major trips, demonstrating the breadth of musical activity and the dedication of our students.

At the Preparatory Schoo!, the Summer Play for Year 6 was ‘Charlie and the Chocolate Factory’, in which all 41 children within the cohort played a part, performing across two nights toa packed theatre. The Year 5 Christmas production was ‘Snow White’ and there were five separate Nativity plays from Nursery to Year 3. Students of Speech and Drama excelled yet again, with over 90% achieving Distinctions in their exams. Three Year 6 pupils were given Music Awards to the Senior School and Prep charisters had the opportunity to perform alongside members of the Exeter University Choir during Choral Evensong. Prep School Choristers were also invited to sing alongside their Senior School peers at the Christmas Carol Service, held within the beautiful setting of Exeter Cathedral,

Many other Prep School pupils enjoyed the opportunity to join Senior School musicians at the wonderful Spring Concert ‘Around the World in 80 Minutes’ and others competed in the National Pro-Corda Competition, winning a place in the semi-finals. In addition, musicians of all ages had the chance to perform for parents at half termly TeaTime Concerts, encouraging a rich and diverse musical interest within the schoal community, Sport 1i 2023/24 was another year ofconsiderable success on the sports elds. h The Blundell's Bulls basketball team had a particularly suecessful campaign ultimately losing out in the final of the South West league. Basketball has seen considerable growth In popularity and the success is iargely driven by a group of boys from China and Hang Kong. However, as the teams’ success has grown, more and more boys have been attracted to the sport and it is now one of the most popular sports in the Autumn Term. Another less prominent sport which enjoyed success was the swimming team, Three of our senior girls swam in the National Championships with two of them winning County titles and winning numerous regional events,

In the more traditional sports, the 1st XV had another very successful cup run, losing to Harrow in the semi finals of the National Cup competition. tt is the second time in two years that Blundell’s have made it to the final four and it may be some time before we challenge at that,jevel again, The 1st XV competed at the prestigious St Joseph's Festival over the October Half Term for the first time and were placed a very credible 6th in a field of the strongest rugby playing schools in the country.

Our girls’ netball team were not expected to be as good as they proved to be as they were a relatively young team, Netball has grown significantly in popularity and on any given Saturday we were able to put out six or seven U18 teams. Given the youthful nature of the 1st Vil, next year could be a very successful one if all goes to plan.

Bath girls’ and boys’ hockey remain very popular. The girls enjoyed a pre-season tour to the Netherlands in August and that allowed ther to hit the ground running once term started, We picked up some very good wins along the way and had a decent cup run in the senior girls’ competition as well as with the U15’s. On the boys front it was another very successful season with the U13 boys again making it to the National Cug finals day where they were placed as Runners Up following an exceptional campaign.

The growth in girls’ cricket was a strong feature of the 2024 season. A full set of block fixtures for girls has posed a challenge for the grounds staff as we regularly are hosting more fixtures than would normally be the case. The U15 girls were unlucky to lose in the final of the County Cup but the U14 boys went one better, winning their fina! with

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relative ease. A senior 1st XI cricketer has signed a junior contract with Somerset CC and has performed for the men’s county 2nd Xt. He madea terrific 210* in the 1st XI’s win over Sherborne in the last game of the season.

The sports hall had some Investment to improve the indoor cricket facilities. LED lighting and new indoor nettings have allowed for a comprehensive off-season coaching programme and the facility is also intensively used by County Age Groups cricketers.

The big change in sport was most notably the appointment of four specialists leads in the major team sports. A Head of Netball joins Directors of Cricket, Hockey and Rugby in a major overhaul of the schools‘ coaching structures.

Outdoor Pursuits Record number of pupils continue to participate in the Duke of Edinburgh Awards. Pupils work towards the Bronze Award In Year 9 and progress to Silver In Year 10. A growing number of pupils then aim to complete their Gold Award in the Lower Sixth year. ‘i " —_ a — ! The new Marines section of the! CCF continuef to recruit healthy numbers and have given another dimension to what the school is able to offer pupils. A number of cadets in both the Army and Marines section have undertaken leadership qualifications through the ILM and the CCF camp In the Summer Term was very well supported by pupils.

The Year 7 and 8 pupils enjoyed a very positive outdoor experience on Dartmoor in the Summer and the Year 9's started their year with a team building weekend éalled the Williams Cup which takes place on Dartmoor too.

At the end of 2024 two groups of senior pupils departed for a three-week expedition to Southern Africa in a journey that included Eswatini, Southt Africa and Mozambique. |

The Ten Tors was again successfully undertaken, this year by 2 45-mile teams and 2 35-mile teams. It remains one of the most highly regarded events on the schools’ outdoor pursuits calendar.

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develop well. We have collaborated with local primary schools and Tiverton high School in musical performances in recent years. Year 5 pupils from Wilcombe Primary joined us at the Prep School for a day of performing arts, which included Music, Drama and Art.

Gardening, a popular activity within the School, now also includes weekly volunteer work by pupils in a local Hospice vegetable bed and herb garden, as well as involvement with Tiverton in Bloom. Last October, our garden successfully participated in the RHS Campaign for Schao! Gardening Big Soup Open Garden Event. It is our intention to participate in the 2023 National Gardens Scheme, raising funds for nursing and health charities.

We are members of the West Country Teaching Schools Alliance and the Culm Valley Small Schools Assaciation. The Teaching Schools Alliance has proved especially valuable in areas of teacher training and a number of our ECT and (TT teachers do their placements at Uffculme School,

At the Preparatory School, a number of charities have beenSupported thraughout.the year - local, national and international charities have been,Fesearched by the pupils and thousands of pounds have been raised for them along the way, often through child-Iniglated activities such as cake sales and sponsored events. There were also numerous examples of children giving théir time for causes close to their hearts, whether volunteering or selling their awn produce for a charity of thefr choice.

7. FINANCIAL REVIEW

The Group statement of financial activities for the year [s set out on page 24 of the financial statements.

The Schoo!’s Income increased from £18,593,000 ta £20,387,000. In this year almost all income was derived from normal Charitable activities. There was a noticeable improvement in financial performance of the Horsdon Enterprises subsidiary with a full summer lettings programme.

Fund-raising 4 This was another standout year fr fundraising despite the financial landscape and obvious caution our community are adopting, the Development Office generated a total for the year of £119,000 through regular giving, donations and events such as the Charity Galey,| The decision was made to establish a Bursary fund 4 years ago having not had one previously, which now stands at a total of £867,000 with an expected income of £21,000 per annum. Horsdon Enterprises Limited ‘ The School's wholly-owned trading subsidiary carries out nen-charitable trading activities for the School. it's income is largely derived from the letting of School facilities to local sports teams, and to host children’s activity clubs and courses for adult groups. This year, the subsidiary achieved a full summer lettings programme which generated income of £422,212 (2023: £361,119}, expenditure of £249,197 (2023: £211,243) and recorded a profit of £173,015 (2023: £149,876),

Asset cover for funds

Note 22 to the financial statements sets out an analysis of the assets attributable to the various funds and, in note 21, a description of the funds. These assets are sufficient to meet the Schoal’s obligations in respect of each individual fund.

Plans for future periods

In February 2020 we launched our Blundell’s 2025 Strategic Development Plan. It sets out our educational stall and clarifies our objectives for the next five years. It deliberately focuses on educationa! outcomes rather than operational ones, although work is being done on the strategic development of the business model too. Having made great strides in improving our school community through this programme we have already started working on the next phase, moving our vision towards 2030.

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8. FUTURE GOALS AND OBJECTIVES

Academic Targets

The A Level results for the 2023-24 academic year were especially pleasing with 80% of all grades being A*-B with a value added of 0.85 per pupil per subject in comparison to other independent schools. This level of value-added puts Blundell's in the elite bracket amongst independent schaols in the United Kingdom.

Our targets for the 2024/25 academic year Include: 1. Bring Your Own Device — a lot of work has gone into preparing for the formal launch of the BYOD programme. This has Included staff training, IT intranet work, and physical infrastructure to support the storage of devices. 2. Teaching Facilities - over the summer before the start of the 2024/25 academic year, the Learning Support department will have a complete refurbishment. The Maths department will also be compieted with work done in the downstair classrooms and in the stairwell. Both facilities should|[make][a][considerable][difference][both][to][ the] experience of the pupils and tea¢hers but will also create additional capacity in terms of usable space. 3. School House (Year 7 & 8) Redlew—this 3-year process is now at the implementation stage and in September 2024 a number of new initiatives ywill be introduced as a consequence of the review process, This includes the use of the school day and when diffecent aspects of teaching occur. 4. Mobile Phone Policy — stricter mobile phone rules will be Implemented alongside the new BYOD programme. Pupils in Year 7 = 11 will now not be allowed to keep phones with them during the normal school day.

in the Preparatory School, the focus for 2024/25 is on expanding our Professional Development Review (PDR) programme to include training for middle leaders, peer reviews and coaching for teachers. There continues to be a strong focus on staff training within SEND, particularly in the area of ADHD. A newly created ALT (Academic Leadership Tear) is tasked with reviewing curriculum content with a view to making structural changes to the timetable in readiness for September 2025.

The way in with spellings are taught and tested has changed this year and all English and Maths teachers are now sharing resources across OneNat, ensuring a greater consistency of curriculum coverage across classes. Further work has been done to support parents, with seminars planned for the year ahead. 4 In the Autumn Term, parents will be Ipvited to learn more about how they can support their children at home, and this will be delivered by the Deputy Héad (Academic) and members of the ALT. We will also welcome Richard Shorter (known as ‘The Non-Perfect Dag’ to speak to our parents about supparting their children in their sporting endeavours. Further seminars are planned for the Spring and Summer, with content determined by parental feedback. 7 :

Pastoral Targets A Pastoral Review (akin to the School House Review) was launched during the 2023-24 academic year and will enter its second year (of 3) in 2024-25,

  1. New School Uniform — a new school uniform will be launched In September 2024 across both the Senior and Prep Schools. This will bring the Prep School uniform into line with the Senior School. It also means that we go to a new blazer which boys and girls will wear all year round. The boys’ and girls’ blazers are identical except for the cut which is a major difference from the previous uniform in which the boys and girls had very different blazers. In the past there was also a distinction between the summer blazer and the winter blazer, Now there is.a single blazer worn all year round, 2. A specialist trained member of staff has been appointed to lead on STEER and coaching at Blundell's. He has made good progress already and we look forward to seeing how his interventions will further support the pastoral support we are able to give to pupils.

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Staff Targets 1, Middle Leaders Programme - a middle leaders programme was launched in April 2024 and will continue to run for a further 18 months. The focus is on developing a stronger layer of middle leaders (Heads of Departments, Heads of 11

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Year, and Housemasters and Housemistresses), This has been well received and has also been offered to middie leaders in the Support Department.

  1. Conference Programme — we will continue to grow the Conference Programme in 2024/25 following the successful launch of various conferences in 2023/24.

  2. Recruitment of key teadership positions. The Second Master will take an a Headship in September 2025 and recruitment for his successor will take place in the Autumn Term 2024, The Head will be leaving Blundell’s in July 2026 and his successor will be appointed during the Spring and Summer of 2025. 4. Four members of staff are currently undertaking specialist counselling training.

Co-Curricular Targets

  1. A new Deputy Head (Co-Curricular) has been appointed and her first role is to unify and coordinate the functions of the new Directors of the major sports. 2, The new Deputy Head (Co-Curricular) will initiate a Review (like the Pastoral and School House Reviews) in January 3.2025, It will be a 3-year process lookingat all aspectsof theCo-Curricular provision at Blundell's. By the summer term of 2025 we intend to have designed and launched a new sports uniform for the Prep and SeniorSenior Schools, in Jine with the,work already done on the new schoo! uniform. The intention is again to align the and Prep schools in amore coherent manner. 4. Sports Scholars Programme, With specialists lead of the major team sports, we are now able to offer a more comprehensive sports scholars programme. Although this will also fail in the remit of the Review, this Is the year where a strong sports scholars programme will be launched.

At the Preparatory School, we intend to launch an updated set of Expectations for canduct within our school community,launched,appropriatewith adaptationsAftera series consultation ofwill assembliesbe with made staff toandcommunications andthe way children,in whicha newthese to set parents of Expectationsexpectations plannedwill for will thebe communicated, be Autumn created, Term. reviewed Age-with andvisual then posters being created by our youngest pupils. Weekly ‘assessrnents’ of implementation will be conducted by all staff through MS Forms. A key strand is the introduction of Reflection Sheetsias part of the 4 stages within our Sanctions pathway. These provide children with an opportunity to reflect on their‘actions and set goals for improvement. This information is shared with all staff so that staff can be made aware of issyes during the day and support the children accordingly. t 6 Prep teachers will continue ta developLi their roles within the various committees that span bath Prep and Senior Schools, Further strengthening academr and pastoral links through relationship building and tangible action is an aim for the year ahead. %

S.STRATEGIC AIMS FOR GOVERNANCE, LEADERSHIP AND MANAGEMENT

The Board of Governors were very pleased to appaint a specialist Clerk to the Governors at the start of the academic year and have recently announced that she will assume the role of Bursar from Easter 2025. The Bursary Team was disrupted by the unexpected departure of the Chief Finance Officer at the end of the Spring Term, but an interim Bursar has been appointed to support the Head and the Board as we face the prospect of the imposition of VAT in school fees.

The Governing Body has been strengthened with several new appointments following a recruitment drive, New Governors bring skills and experience in fundraising, property develapment, finance and education.

The Senior Executive team consisting of the Head, the Secand Master, The Deputy Head (Academic) and the Prep School Headmaster, has remained unchanged for the sixth consecutive year. This stability has been most valuable in steering the school through a number of challenging years.

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BLUNDELL'S SCHOOL

We have undertaken to restructure the leadership team one layer below the Senior Executive Team. This has included the Deputy Head becoming the Senior Deputy Head (Innovation) allowing him to focus on project work and on grappling with the threats and opportunities posed by Al.

This has allowed us ta appoint a new Deputy Head (Academic) to sit alongside three other Deputy Heads with jurisdictions including Pastoral, Operations and Co-Curricular. The new team will begin in earnest in September 2024 when the team will all be In piace. The Prep Schoo! leadership team has remained unchanged although the Pre-Prep Head has been away from school on maternity leave.

Risk management

The Board of Trustees is responsible for assessing, monitoring and mitigating the potential risks faced by the School. The Schoo! regularly conducts a camprehensive reviewof the major strategic, business and operational risks to which the School could be exposed, This review has resulted in the production of a Risk Register which reflects systems established ta mitigate those risks and procedures are continually being implemented to minimise any potential impact on theScho should any of those risks materialise. The Board of Trustees, through the Governance Committee, reviews the Register each term and considers the likely Impact of the risks that have been identified and the effectiveness of the systems put In place to minimise those risks, i Principal risks and uncertainties The School's financial performance may be affected by factors outside the control af the School which impact on UK and global economic canditiens, The school remains in a strong position to counter the immediate risk posed by the imposition of VAT on school fees in January 2025, the loss of Business rates reilef in Aprit 2025 and the uncertainty around Employers’ National iqsurance contributions on pension costs. Financial risk management |, Price risk 1 salaries,Fees are subjectPrices of to materials annual review,purchased1) Salary costsare subjectare communicatedto contracts withtosuppliers, staff duringbased the formal on current annualmarket review prices, of High value contracts are subject formal tender process and Trustee approval. tq Credit risk 4 Credit risk on amounts owed to the School by its customers is low, due to the nature of the income being received and the close attention given to any overdue debts. Liquidity risk 4 The School has long term borrowings to finance capital projects. The School will make use of its credit facility with its bankers when required.

interest rate cash flow risk The School is able to place surplus funds on short term deposit with its bankers. The School has loans, split between fixed and variable rate interest. Bursaries, Foundation Awards, Scholarships and other Concessions Bursaries - Applications for bursaries and concessions are considered by the School and awards made based on the financial information forwarded by the applicant. There were 81 pupils who recelved Means Tested Bursaries in the year at an average of 41% of the fees.

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Scholarships - These are awarded by means of a competitive process and have a maximum of 30% of the school fee, Often, they are awarded alongside means-tested bursaries. At different polnts of entry different awards are made: i+ Academic and Music only 13+ Academic, Art, Design and Technology, Orama, Music and Sport 16+ Academic, Art, Drama, Music, Sport and STEM

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BLUNDELL'S SCHOOL

In addition to the suppert shown above, the School received direct contributions from four educational charities in means-tested assistance towards fees for a total of 27 pupils. The total of this support was £131,181 for the year (2022: £111,745) and is dependent upon the continued financial! support of these pupils by Blundell’s School,

Services discount — The School recognises the importance of continuity of education for children of service personnel and offers financial assistance to enable those receiving the Ministry of Defence Continuity of Education Allowance to send their children to Blundetl’s School.

Sibling discount — To underline the value we place on continuity for families, we offer discounts where parents have more than one child at the School. Staff fee remission — As part of our emphasis on attracting and retaining high calibre staff, we offer a discount to some members of staff who chodss to educate their children at theSchool.__Investment powers, policy andperfarmance

investment powers are goverfied by the Memorandum of Association, which permits the funds to be invested in the manner shown in note 15 to the financial statements. The Trustees intend that the real value af the School’s investments be maintained and enhanced over the long term by investment ina portfolio comprising equities, fixed incame stacks and cash, The Trustees have delegated the investment management function to CCLA and Rath bones, who each haid a partion of the Investment with a view that this will be approximately S0% of total investment value. The share of investments administered by CCLA is held within the COIF Charities Investment Fund, which the Governing Body /s satisfied meets the School's investment objectives. Rathbones have invested the Blundell's funds in a mixed portfolio which is made up of equities, fixed interest stacks and other asset classes. During the year the income return on investments was 6% (2022: 2.7%), inline with the general performance of world markets. i Reserves h4 The School’s poticy on restricted funds is to separately record donations, grants and other sources of fundraising where restrictions are imposed that aré narrower than the School's overall objectives. L) At ‘ 31st August 2024, total reserves‘held amounted to £17,922,000 of which £13,853,000 is unrestricted, £4,069,000 constituted restricted funds af which £3,992,000 is held in investment funds. The three major funds are: the School's eachScholarships and Prizes Fund, the income* of which contributes to the cost of scholarships and Speech Day prizes year; the Holstius Scholarship Fund, which uses Its Income to support ane or more scholars each year: and the Blundell’s Bursary Fund for the award of tneans tested Bursaries. The School's unrestricted reserves are fully répresented by tangible fixed assets, investments, long terrn liabilities and net current liabilities, There are no unrestritted funds beyond the extent of these assets and commitments. The Trustees believe that there is no requirement to increase levels of unrestricted reserves as the annual budget is set to ensure that income will cover operating costs on an-angaing basis.

a

The level of reserves is reviewed annually at the same time as the income and expenditure budget for the following year is approved. The Trustees believe that the current level of unrestricted reserves is satisfactory at £13,853,000,

10. GOVERNANCE OF THE SCHOOL

During the year under review, the Trustees met termly. A panel comprising existing Trustees selects new members of the Governing Body having regard to the individual’s experience and qualifications and the needs of the School. Trustees serve for a 5-year period and may be re-elected for two further 5-year periods. New Trustees are given a suitable induction based on their past experience and areas of responsibility within the Governing Body, Ongoing training needs are assessed by the Governance Committee. The Governing Body meets three times a year; meetings include reviewing the strategy and performance and setting operating plans and budgets with an additional meeting periodically to facus on future strategy. The Trustees, all of whom served throughout the year to 31 August 2024 and

14

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BLUNDELL'S SCHOOL

up te the date of signing the financial statements, except where otherwise disclosed, are listed on page 1. Pay and

remuneration of the Charity’s key management staff is set by Trustees.

COMMITTEES

The Trustees have established committees for specific areas of the School’s operations. These are: a Governance Committee; a Finance and General Purposes Committee, an Education Committee; an Investment Committee and a Blundell's Preparatory School Committee. Each committee has its own Terms of Reference and its decisions are ratified by the full Board. In addition, some Trustees focus on specific aspects of School life, such as Child Protection, Health and Safety and Boarding.

STATEMENT OF GOING CONCERN

In our consideration of the presumption of golng concern as the basis for the preparation of the report and financial statements, the Trustees have concluded that no material uncertainties have been identified that may cast significant doubt about the ability,of the School tocontinue as a.going concern. The Trustees therefore have a reasonable expectation that theSchool has adequate resources to continue in operational existence for the foreseeable future. For this reabon, we continue to adopt the going concern basis in preparing the financial statements. ,[af]

STATEMENT OF TRUSTEES’ RESPONSIBILITIES The Trustees (who are also directors of Blundell’s School for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulation.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of ireland”, and applicable law (United Kingdom Generally Accepted Accounting Practice). Under company law the Trustees must not approve the financial statements unless:they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to: 4

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’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 charitable company and the group and hence for taking reasonable steps far the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charitable company’s website. Legisiation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In accordance with Section 418, Trustees in office at the date the Trustees’ report is approved, state that:

(a) so far as the Trustee is aware, there is no relevant audit information of which the company’s auditors are unaware; and

18

Page Es)

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25/11/2024
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BLUNDELL'S SCHOOL

STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024

oneee The Trustees (who are also the directors of the School for the purposes of company law) are responsible for preparing the Trustees’ Report including the Strategic Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice),

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees 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 Group and the Schoo! and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible far keeping adequate accounting records that are sufficient to show and explain the Group and the School's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the School 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 Group and the School and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on 25 November 2024 and signed on its behalf by: MrNPi Za (Trustee) (Trustee)

4

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BLUNDELL'S SCHOOL

_

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF BLUNDELL’'S SCHOOL

SESS OPINION

We have audited the financial statements of Blundell's School (the ‘parent charitable company’) and its subsidiaries (the ‘group') for the year ended 31 August 2024 which comprise the Consolidated Statement of Financial Activities, the Summary Income and Expenditure Account, the Consolidated Balance Sheet, the Schoo! Statement of Financial Position, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 the 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 Annual Report other than the financial Statements and our Auditors’ Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise 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 materia! 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 misstaternent of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 18

BLUNDELL’S SCHGOL

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF BLUNDELL'S SCHOOL (CONTINUED)

nnn). OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit. we have not identified material misstatements in the Trustees’ Report including the Strategic Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if. in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees’ Responsibilities Statement, 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 the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concer basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 19

BLUNDELL'S SCHOOL

—_

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF BLUNDELL'S SCHOOL (CONTINUED) ee AUDITORS’ 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 Auditors’ 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 fo influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which cur procedures are capable of detecting irregularities, including fraud is detailed below.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to incorrect income recognition. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102, Charities SORP and Charities Act _ In addition, we considered the provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with may be fundamental for the Group's ability to operate or avoid a material penalty. These included safeguarding regulations, health and safety regulations. education and inspections legislation, employment legislation and data protection laws.

Our procedures to respond to risks identified included the following:

We also communicated identified laws and regulations and potential fraud risks to ail members of the engagement team and remained alert to possible indicators of fraud or non-compliance with jaws and

Page 20

06 December 2024

—

BLUNDELL’S SCHOOL

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024

eee eee eee eee eee eee eee
Endowment
funds		 Restricted
funds		 Unrestricted
funds		 Total
funds		 Total
funds
Note 2024
£000		 2024
£000		 2024
£000		 2024
£000		 2023
£000
INCOME AND
ENDOWMENTS
FROM:
Donations and legacies 4 - 33 97 130 130
Charitable activities 8 - “ 19,516 19,510 17,715
Othertrading activities
Investments		 6
7		 -
4		 -
79		 643
21		 643
104		 644
104
TOTALINCOMEAND
ENDOWMENTS		 ee
8		 —OOo
ee
112		 20,271 20,387 18,593
EXPENDITURE ON: ES
Raising funds 8 - - §83 583 455
Charitable activities: 9
Charitableactivities - 25 19,522 19,547 17,772
TOTAL eee
EXPENDITURE - 25 20,105 20,130 18,227
NET INCOME
BEFORE NET
GAINS/(LOSSES)
ONINVESTMENTS 4 87 166 257 366
Net gains/(losses) on
investments 10 228 66 304 {80)
NET MOVEMENT IN $$ —eeeeSesS—Sese
FUNDS 14 315 232 561 286
=== ———EEE=_==== —==== ———<<—@oO
@28u		 ——_—<—
RECONCILIATION OF
FUNDS:
Tota! funds brought
forward		 140 3,600 13,620 17,360 17,074
Net movement in funds 14 315 232 561 286
TOTAL FUNDS
CARRIED SS —S—sS—S—esSSsSsssseeeee
FORWARD 154 3,915 13,852 17,921 17,360

The Consolidated Statement of Financial Activities includes all gains and losses facognised in the year.

The Notes on pages 27 to 50 form part of these financial statements

Page 22

BLUNDELL'S SCHOOL

SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024

i

a

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|||||||| |---|---|---|---|---|---|---| |Total|funds|Total|funds| |2024|2023| |Note|£000|£000| |Income|20,384|18,589| |Gains/(losses)|on|investments|294|{78)| |GROSS|INCOME|IN THE|REPORTING|PERIOD|20,678|18,511| |Less:|Total|expenditure|{20,130)|(18,227)| |NET INCOME/EXPENDITURE)|FOR THE|REPORTING|PERIOD|548|284|

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The notes on pages 27 to 50 form part of these financial statements.

Page 23

BLUNDELL’S SCHOOL REGISTERED NUMBER:04016403

_

CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2024

SSeS

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|||||||| |---|---|---|---|---|---|---| |2024|2023| |Note|£000|£000| |FIXED|ASSETS| |Tangible assets|14|18,674|18,196| |Investments|16|3,992|3,688| |22,566|21,884| |CURRENT|ASSETS| |Stocks|16|84|200| |Debtors|17|1,447|720| |Cash|at bank|and|in|hand|3,741|2,324| |5,272|3,244| |Creditors:|amounts|falling|due|within|one| |year|18|{6,286)|(5,707)| |NET CURRENT|LIABILITIES|(1,074)|(2,463)| |TOTAL ASSETSLIABILITIES|LESS CURRENT|—____|———=| |21,652|19,424| |Creditors:|amounts|falling|due|after more| |than|one year|19|{3,730}|(2,081)| |TOTAL NET ASSETS|17,922|17,360| |CHARITY|FUNDS| |Endowment funds|21|154|140| |Restricted|funds|21|3,915|3,600| |Unrestricted|funds|21|13,853|13,620| |TOTAL FUNDS|17,922|17,360|

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The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on 25 November 2024 and Ati their behalf by: MrN P Hall MrGx (Trustee) (Trustee)

The notes on pages 27 to 50 farm part of these financial statements.

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BLUNDELL'S SCHOOL

REGISTERED NUMBER:04016403

SCHOOL STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 AUGUST 2024

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||||||| |---|---|---|---|---|---| |NN$<| |2024|2023| |Note|£000|£000| |FIXED|ASSETS| |Tangible|assets|14|18,674|18.196| |Investments|15|3,992|3,688| |22,666|21,884| |CURRENT|ASSETS| |Stocks|16|84|200| |Debtors|17|1,302|602| |Cash|at bank and|in|hand|3,689|2,272| |5,075|3,074| |Creditors:|amounts|falling|due|within|one| |year|18|(6,266)|(5,691)| |NET CURRENT LIABILITIES|(1,191)|(2,817)| |TOTAL ASSETS|LESS CURRENT|—|———|—$—|—.| |LIABILITIES|21,475|19.267| |Creditors:|amounts|falling|due|after|more| |than one|year|19|(3,730}|(2,061}| |NET ASSETS|EXCLUDING|PENSION|————|——| |ASSET|17,745|17,206| |TOTAL NET ASSETS|17,745|17,206| |oS|——————| |CHARITY|FUNDS| |Endowment funds|21|154|140| |Restricted|funds|21|3,915|3,600| |Unrestricted funds|21|13,676|13,466| |TOTAL FUNDS|17,745|17,206|

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The School's net movement in funds for the year was £559 (2023 - £164).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements

The financial statements were approved and authorised for issue by the Trustees on 25 November 2024 and signed on their behaif by:

Mr N P Hall Mr G E Howe {Trustee} {Trustee}

The notes on pages 27 to 50 form part of these financial statements

Page 25

BLUNDELL'S SCHOOL

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024

ee

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2024|2023| |Note|£000|£000| |CASH|FLOWS|FROM|OPERATING|ACTIVITIES| |Net cash|provided|by operating|activities|23|3,089|1,676| |CASH|FLOWS|FROM|INVESTING|ACTIVITIES| |Dividends|and|interest received|from|investments|104|100| |Purchase|of tangible fixed|assets|(1,401)|(1,207)| |Purchase|of investments|-|(331)| |Interest paid on|bank|loans and|overdraft|(89}|(50)| |NET CASH USED !N INVESTING ACTIVITIES|(1,386)|{1,488)| |CASH|FLOWS|FROM|FINANCING|ACTIVITIES| |Cash|inflows|from|new borrowing|207|250| |Repayments|of borrowing|(494)|(444)| |NET CASH USED|IN|FINANCING ACTIVITIES|(287)|(194)| |CHANGE|IN CASH AND CASH EQUIVALENTS|IN THE YEAR|1,416|(6)| |Cash|and|cash|equivalents|at the beginning|of the year|2,325|2,331| |CASH AND CASH|EQUIVALENTS AT THE END OF THE|YEAR|24|3,741|2,325| |;——_—__..____}|a9| |The|notes|on|pages|27|to|50|form|part|of these|financial|statements|

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Page 26

BLUNDELL'S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

nm

  1. GENERAL INFORMATION

Blundell's School is a company limited by guarantee, incorporated in England and Wales. The registered office is Blundell's School, Blundelis Road, Tiverton, Devon, EX16 4DT. The principal activity of the entity is disclosed within the Trustees report.

2. ACCOUNTING POLICIES 2.4 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Blundell's School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the School and its subsidiary undertaking, The results of the subsidiary are consolidated on a line by line basis.

The School has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

2.2 GOING CONCERN

in our consideration of the presumption of going concern as the basis for the preparation of the report and financial statements, the Governors have concluded that no material uncertainties have been identified that may cast significant doubt about the ability of the School to continue as a going concern. The Governors therefore have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future. For this reason, we continue to adopt the going concem basis in preparing the financial statements.

2.3 INCOME All income is recognised once the School has entitlement to the income, it Is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the School has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the School, can be reliably measured.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 27

BLUNDELL'S SCHOOL

—

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

eee

2. ACCOUNTING POLICIES (continued)

2.4 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocatad on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing £2,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Assets in the course of construction are included at costs incurred to date. Depreciation an these assets is not charged until they are brought into use.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
Plantand equipment
Motor vehicles		 -
:
-		 1% or 10% for improvements
10% of25% forComputerEquipment
25%
Otherfixedassets - 7%

2.6 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

Investments held as fixed assets are shown at cost less provision for impairment.

Page 28

BLUNDELL'S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

NN

2. ACCOUNTING POLICIES (continued)

2.7 STOCKS

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.8 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 CASH AT BANK AND IN HAND

Cash at bank and 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.

2.10 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Schoo! anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

2.11 FINANCIAL INSTRUMENTS

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.42 PENSIONS

The Group operates three defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the funds in respect of the year.

The Group is a member of the Teachers’ Supperannuation Scheme. It is not possible for the Group to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme, it accounts for the scheme as a defined contribution scheme.

Page 29

BLUNDELL'S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

—

eee,

  1. ACCOUNTING POLICIES (continued)

2.13 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the Notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

  1. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances

Critical accounting estimates and assumptions:

The School makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant nsk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgement:

The annual depreciation charges for tangible fixed assets are sensitive to changes in the estimated useful economic life of the assets. The useful lives are amended when necessary to reflect current estimates.

The School makes an estimate of the recoverable value of trade and other debtors. Factors such as the ageing profile of the debtors and historical experience are considered

Bad debts are considered on a case by case basis, taking into account the likelinaod of recovery. Debts are written off in line with approval limits if deemed appropriate.

Page 30

BLUNDELL’S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

i }

NN

4. INCOME FROM DONATIONS AND LEGACIES

Restricted Unrestricted Total Total
funds funds funds funds
2024 2024 2024 2023
£000 £000 £000 £000
Donations
Legacies		 33
~		 97
-		 130
-		 (18)
145
TOTAL2024 33 97 130 130
TOTAL 2023 430 - 430
SS —SS___ ;_—$__—______}
  1. INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
funds		 Total
funds		 Total
funds
2024 2024 2023
£000 £000 £000
Gross Fees 23,492 23,492 21,400
Less: Total scholarships, bursaries, grants and allowances (3,982) (3,982) (3,685)
TOTAL2024 19.510 19,510 47,715
————————————eee —S—S—SSS__—_— $$$}
TOTAL2023 17,715 47,715

Page 31

BLUNDELL'S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

eeeC—*=8

—

6. INCOME FROM OTHER TRADING ACTIVITIES

Income from fundraising events

Unrestricted Total Total
funds funds funds
2024 2024 2023
£000 £000 £000
Fundraising 96 96 117
TOTAL 2023 117 117
ee _SSSS==a="

Income from non charitable trading activities

Unrestricted Total Total
funds funds funds
2024 2024 2023
£000 £000 £000
Trading subsidiary 422 422 361
Ancillary trading turnover 125 125 166
TOTAL2024 547 587 527
—_ = ———— SS —————
TOTAL 2023 527 527
= ——====—==

7. INVESTMENT INCOME

Endowment
funds		 Restricted
funds		 Unrestricted
funds		 Total
funds		 Tota!
funds
2024 2024 2024 2024 2023
£000 £000 £000 £000 £000
Incomefrom from listed investments 4 79 21 104 104
TOTAL 2023 4 100 ~ 104
——$——————————— —_———— —————= ==a=_

Page 32

BLUNDELL'S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

a

8. EXPENDITURE ON RAISING FUNDS

FUNDRAISING TRADING EXPENSES

Unrestricted
funds		 Total
funds		 Total
funds
2024 2024 2023
£000 £000 £000
Fundraising costs 129 129 114
_—__—} -_—____} ————E=E=
TOTAL2023 114 414
OTHERTRADING EXPENSES
Unrestricted
funds		 Total
funds		 Total
funds
2024 2024 2023
£000 £000 £000
Trading costs 168 163 91
Trading staffcosts 63 63 59
Cost ofsales 128 128 98
Administration expenses 40 40 50
Cost ofsales staffcosts 55 55 43
TOTAL2024 454 454 341
TOTAL2023 341 344

Page 33

BLUNDELL'S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

sami

eee

9, ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Summary by fund type

Restricted Unrestricted
funds
2024		 funds
2624		 Total
2024		 Total
2023
£000 £000 £000 £000
Teaching 25 171,150 11,175 10,263
Welfare : 2,586 2,586 2,347
Premises - 4,032 4,032 3,602
Grants, awards and prizes - - - 2
Marketing - 473 473 294
Officeand administration costs - 947 947 1,033
Minibus . 115 415 114
Finance costs - 219 219 117
TOTAL2024 25 49,522 19,547 17,772
—————— —_= ——— rd ——==S=_==x:
TOTAL2023 19 17,753 17.772
  1. ANALYSIS OF EXPENDITURE BY ACTIVITIES
Activities
undertaken
directly		 Support
costs		 Total
funds		 Total
funds
2024 2024 2024 2023
£000 £000 £000 £000
Teaching 410,982 193 11,175 10,264
Welfare 2.586 - 2,586 2,347
Premises 3,108 924 4,032 3,602
Grants, awards and prizes : - - 2
Marketing “ 473 473 294
Officeand administration costs - 947 947 1,033
Minibus - 115 115 413
Finance costs “ 219 219 117
TOTAL2024 16.676 2,871 19,547 V7772
eee ——$—— read —<————————————7
TOTAL2023 15,358 2,414 17,772

Page 34

BLUNDELL’S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

NN——

141. AUDITORS' REMUNERATION

The auditors’ remuneration amounts to an auditor fee of £25,280 (2023 - £24,280), and tax services of £4,250 (2023 - £1,200).

  1. STAFF COSTS
Group
2024		 Group
2023		 School
2024		 School
2023
£000 £000 £000 £000
Wagesand salaries 10,805 10,151 10,750 40,107
Social securitycosts 1,029 971 1,029 971
Contribution to defined contribution pension
schemes		 1,995 1,702 1,915 1,702
13,749 12,824 13,694 42,780
—_—; _—$—$—_——__—— ;$—__—__-

The average number of persons employed by the School during the year was as follows:

Group Group
2024
No.		 2023
No.
Education
Services
Support
Fundraising
Catering and shop		 222
115
14
3
35		 225
415
{2
8
35
Lettings - 3
389 393
Eea—e——— ———————————___1

==> picture [3 x 6] intentionally omitted <==

----- Start of picture text -----
i)
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Page 35

BLUNDELL'S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

mr

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12. STAFF COSTS (CONTINUED)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

==> picture [444 x 208] intentionally omitted <==

----- Start of picture text -----
|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Group|Group| |2024|2023| |No.|No| |In the|band|£60,001|- £70,000|13|6| |In|the|band|£70,001|- £80,000|-|1| |In the|band £80,001|- £90,000|1|2| |In|the|band £90,001|-|£100,000|1|-| |In|the|band|£100.001|- £110,000|1|-| |In|the band £130,001|- £140,000|.|1| |In|the band|£140,001|- £150,000|-|1| |In|the band|£160,001|- £170,600|4|-| |For|those|staff|whose|emoluments|exceed|£60,000,|twelve|of|the|above|staff|members|(2023:|eight)| |have|benefits|accruing|under a|defined|benefit|pension|scheme and|five|(2023:|one)|has|benefits|under a| |defined|contribution|pension|scheme.|The|School|made|employer's|contributions|of|£278,971|(2023:| |£149,695)|to|the|relevant|pension schemes|in|relation|to these employees.|

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

Key management personnel received remuneration for the year of £620,226 (2023: £699,411), including the cost of employer's pension and National Insurance contributions.

There was one termination payment in the prior year totalling £20,000.

  1. TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2023 - ENIL).

During the year ended 31 August 2024, expenses totalling £1,666 were reimbursed or paid directly to 6 Trustees (2023 - £2,889 to 5 Trustees).

Page 36

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SLUNDELL'S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

—

eee

15. FIXED ASSET INVESTMENTS

Other fixed
Listed asset
GROUPANDSCHOOL investments
£000		 investments
£000		 Total
£000
COST OR VALUATION
At 1 September2023 1,454 2,234 3,688
Revaluations 120 184 304
AT 31 AUGUST2024 1,574 2,418 3,992
NET BOOKVALUE
AT 31 AUGUST2024 1,574 2,418 3,992
AT 31 AUGUST2023 1,454 2,234 3,688
16. STOCKS
Group
2024		 Group
2023		 School
2024		 School
2023
£000 £000 £000 £000
Finished goods and goods for resale 84 200 Bd 200
ae SS SS el
17. DEBTORS
Group
2024		 Group
2023		 School
2024		 School
2023
£060 £000 £000 £000
DUE WITHIN ONE YEAR
Trade debtors 1,185 359 928 234
Amountsowed by group undertakings - : 412 28
Otherdebtors 31 7 KE) 7
Prepayments and accrued income 231 354 231 333
1,447 720 1,302 602

Page 38

BLUNDELL'S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 34 AUGUST 2024

==> picture [477 x 203] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |a| |418.|CREDITORS:|AMOUNTS|FALLING|DUE WITHIN ONE|YEAR| |Group|Group|School|School| |2024|2023|2024|2023| |£000|£000|£000|£000| |Bank|loans|527|494|527|494| |Trade creditors|362|434|361|4314| |Refundable|deposits|56|54|56|54| |Taxation|and|social|security|258|194|244|188| |Other creditors|358|758|358|758| |Accruals,|deferred|income|and|fees|in| |advance|4,725|3,778|4,720|3,766| |6,286|5,707|6,266|5,691|

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

The banking facilities are provided by HSBC UK and includes six loan facilities and the overdraft. The facilities are secured over the land and buildings of the School. Details of the loans are as follows: Equipment Finance Loan for 10 years to February 2030, interest at 1.4% above the base rate. Consolidated Loan for 5 years to October 2025, interest at 1.4% above the base rate. Astro Turf Lights Loan for 5 years to January 2026, interest at 1 67% above the base rate. Music School Loan for 10 years to June 2032, interest at 1.8% above the base rate. Petergate Loan for 5 years to August 2028, interest at 1.8% above the base rate. Solar Loan for 5 years to April 2029, paid in fixed installments comprising of capital and a fixed rate of interest.

Deferred Income

==> picture [447 x 120] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Group|Group|School|School| |2024|2023|2024|2023| |£000|£000|£000|£000| |Group|and|School| |Deferred|incame|at|1|September 2023|2,137|2,118|2,737|2.115| |Resources|deferred|during|the year|3,604|2,737|3,604|2,737| |Amounts|released|from|previous|periods|(2,737)|(2,115)|(2,737)|(2,115)| |3,604|2.737|3,604|2,737|

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

Deferred income relates to the payment of school fees paid in advance of the start of the Autumn Term

'

Page 39

BLUNDELL'S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

_

eee

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2024		 Group
2023		 School
2024		 School
2023
£000 £000 £000 £000
Bank loans 852 1,172 852 1,172
Refundabledeposits 504 380 504 380
Fees inadvance 2,374 509 2,374 509
3,730 2,061 3,730 2,061

Parents may enter into a contract to pay fees to the School to cover future periods. The money may be returned subject to specific conditions.

  1. FINANCIAL INSTRUMENTS
Group
2024		 Group
2023		 School
2024		 School
2023
£000 £000 £000 £000
FINANCIALASSETS
Financial assets measured at fair value
throughincomeandexpenditure 3,742 2,325 3,689 2,272

Financial assets measured at fair value through income and expenditure comprise market listed investments.

Page 40

BLUNDELL'S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

NN

21. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

Balance at 1
September
2023
£000		 Balance at 1
September
2023
£000		 Income
£000		 Expenditure
£000		 Expenditure
£000		 Transfers
infout
£000		 Gains/
(Losses}
£000		 Balance at
31 August
2024
£000
UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
Foundationappeal 552 98 (123) - - 522
Blundell's Bursary
Fund		 B06 21 (21) - 61 867
1,358 119 (149} - 61 1,389
GENERAL FUNDS
General Funds- all
funds		 12,108 19,731 (19,707) 150 5 12,287
Non-charitable
trading reserves		 154 422 (249) (150) * 177
12,262 20,153 (19,956) - 5 12,464
TOTAL
UNRESTRICTED
FUNDS		 13,620 20,272 (20,105) “ 66 13,853
ENDOWMENT
FUNDS
Endowment
Funds- ail
funds		 140 4 - - 10 154
RESTRICTED
FUNDS
Scholarships and
prizes		 262 8 (11) - 25 284
Sir Christopher
Ondaatje
Bonation		 125 B - - - 133
James Bullock
Memorial
Scholarship
Fund		 32 1 - - 4 37
Colin Beale 227 - (3) = - 224
Page41

BLUNDELL’S SCHOOL

—_

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

See

21. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - CURRENT YEAR (continued)

Balance at 1
September
2023
£000		 Income
£000		 Expenditure
£000		 Transfers
infout
£000		 Gains/
(Losses)
£000		 Batance at
31 August
2024
£000
Hay Library Fund 47 1 (1) - 3 §0
War Memorial
Fund 259 7 : - 19 285
Prep School
MUGA Fund - 15 - - - 15
CCF 57 10 (7) - - 60
Chapel Funds 160 - (3) - - 157
Preparatory
School Drama
Fund 12 - - . . 12
Halford Bequest 165 3 - - 10 178
Fiona Baddeley
Drama Fund 22 1 - - 1 24
Agricultural
BursaryFund 191 5 - - 14 210
Halstius
Scholarship
Fund 1,424 37 - - 108 1,569
The John Victor
Reynolds and
Bery! Reynolds
Music
Scholarship
Fund 594 15 - - 42 651
Partnerships 23 1 - - 2 26
3,600 112 (25) : 228 3,915
TOTAL OF
FUNDS 17,360 20,388 (20,130) - 304 17,922

Page 42

BLUNDELL'S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

NN 21. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR

Balance at
1 September
2022
£000		 Income
£000		 Expenditure
£000		 Transfers
in/out
£000		 Gains/
(Losses)
£000		 Balance at
31 August
2023
£6000
UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
Foundation appeal 784 247 {107} (372) - 552
Blundell's Bursary
Fund		 451 15 (14) 372 (18) 806
1,235 262 (121) - (18) 1,358
GENERAL FUNDS
General Funds- all
funds		 42,221 17,736 (17,876) 28 (1) 12,168
Non-charitable
trading reserves		 9 361 (211) (5) . 154
12,230 18.097 (18,087) 23 (1) 12,262
TOTAL
UNRESTRICTED
FUNDS		 13,465 18,359 (18,208) 23 (19) 13,620
ENDOWMENT
FUNDS
Peter Hurford
Organ Scholar		 138 4 - - (2) 4140
RESTRICTED
FUNDS
Scholarships and
prizes		 273 9 (133 . (7) 262
Sir Christopher
Ondaatje
Donation		 - 125 - - : 125
James Bullock
Memcrial
Scholarship Fund		 32 4 - - (4) 32
Colin Beale 227 - - - - 227
Hay Library Fund 50 5 (3) - (1) 47
Page43

BLUNDELL'S SCHOOL

_

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2024

es

  1. STATEMENT OF FUNDS (CONTINUED}

STATEMENT OF FUNDS - PRIOR YEAR (CONTINUED)

Balance at Balance at Balance at
1 September
2022
£000		 Income
£000		 Expenditure
£000		 Transfers
infout
£000		 Gains/
{Losses}
£000		 31 August
2023
£000
WarMemorial Fund 256 6 - - (3) 259
CCF 57 - - - - 57
Chapel Funds 163 - (3) - - 160
Preparatory School
Drama Fund 12 - - - - 412
Halford Bequest 164 4 = - (3) 165
Fiona Baddeley
DramaFund 22 1 - - (1) 22
Agricultural Bursary
Fund 189 5 - - (3) 191
Holstius
Scholarship Fund 1,414 39 “ - (29) 1,424
The John Victor
Reynolds and
Beryl Reynolds
Music Scholarship
Fund 589 15 - - (10) 594
ReserveAccount 23 4 - (23) (1) -
Partnerships - 23 - - - 23
3,471 230 (19) (23) (59) 3,600
TOTAL OF
FUNDS 17,074 18,593 (18,227) - (80) 17,360
——+~— ss —E—c<———a_>>>>= ———SS —__—— ——

Page 44

BLUNDELL'S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

NN The designated funds comprise:

Foundation Appeal - Ongoing appeal to provide funds for projects, scholarships and bursaries.

Blundell's Bursary Fund - The Governors have transferred part of the Foundation appeal manies given for the purpose of bursaries into this separate fund. They intend to preserve the capital and use the income for the award of means tested bursaries.

During the year a review was undertaken of the monies remaining in the Foundation Appeal and the Blundell’s Bursary Fund. {t was established that all remaining funds are from unrestricted sources. Accordingly, these accounts are showing both funds classified as designated, rather than restricted. Comparative figures have been restated accordingly.

The main restricted funds comprise:

Scholarships and Prizes - Donations and legacies for the purposes of providing scholarships and prizes.

Sir Christopher Ondaatje Donation- Donation for the specific purpose of the refurbishment of the Ondaatje Centre. James Bullock Memorial Scholarship Fund - Donations for the purpose of providing awards to leaving pupils to spend on materials required for university.

Colin Beale - Donation from the Old Blundetlian Club towards a building.

Hay Library Fund - Donations and legacy for the purpose of providing books for the library.

War Memorial Fund - To maintain and keep in good repair the Memorial Cross and Tablets and to award bursaries to the sons of Old Blundellians who, in the opinion of the Trustees, are in need of financial assistance.

Prep School MUGA Fund - Te fund the development of a muiti use games area for the Prep School.

CCF - Pupil subscriptions to the Combined Cadet Force used to fund the running of the unit.

Chapel Funds - Pupil subscriptions used for ecumenical purposes.

Preparatory Schoo! Drama Fund - Donation towards the cost of building a Drama Studio at Preparatory Schoo!

Halford Bequest - Donation to the History Department

Fiona Baddeley Drama Fund - Legacy to be used fund those pupils audition fee to enter Drama Schoo! who ordinarily cannot afford the fee.

Agricultural Bursary Fund - Donation to be used to provide bursaries for the children of agricultural workers who otherwise would be unable to attend the School.

Holstius Scholarship Fund - Legacy to provide scholarships.

The John Victor Reynolds and Beryl Reynoids Music Scholarship Fund - A Legacy Fund to be applied to the benefit of one or more music scholars of promising talent of the School's choosing. : Reserve Account - Remains of a bequest to be used at the absolute discretion of the School Governors. This Fund has been transferred to unrestricted Funds in this year, given the terms of the bequest.

Partnerships - Donation from the Friends of Blundell's towards the cost of the Garden Cabin and Prep Cabin.

Page 45

BLUNDELL'S SCHOOL

—

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

eee

  1. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD

Endowment Restricted Unrestricted Total
funds funds funds funds
2024 2024 2024 2024
£000 £000 £000 £000
Tangiblefixed assets - 302 18,372 18,674
Fixed asset investments 136 2,740 41,116 3,992
Current assets 18 956 4,299 §,273
Creditors duewithin oneyear - {83} (6,203) (6,286)
Creditorsdue in morethan oneyear - - (3,730) (3,730)
TOTAL 154 3,915 13,854 17,923

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD

Endowment Restricted Unrestricted Total
funds funds funds funds
2023 2023 2023 2023
£000 £000 £000 £000
Tangible fixedassets - 302 17,894 18,196
Fixed asset investments 126 2,740 822 3,688
Current assets 14 639 2,591 3,244
Creditorsdue within one year - (81) (5,626) (5,707)
Creditorsdue in more than oneyear - - {2,061} (2.061)
TOTAL 140 3.600 13,620 17,360

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BLUNDELL’S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

|

RECONCILIATION OFNETMOVEMENT IN FUNDS TO NETCASH FLOW FROM FROM OPERATING OPERATING
23. ACTIVITIES
Group Group
2024 2023
£000 £000
Net income forthe period (as per Statement of Financial Activities) 561 286
ADJUSTMENTS FOR:
Depreciation charges 923 763
Interest payable 89 50
Loss/(Gains)on investments (304) 80
Income from investments (104) {100)
(Increase}/Decrease in stocks 116 (65)
(Increase}/Decrease in debtors (768) (1,129)
Increase/{(Decrease) in creditors 2,576 1,795
NETCASH PROVIDED BYOPERATING ACTIVITIES 3,089 1,680
—_ OO ———SSSS
24. ANALYSIS OF CASHANDCASH EQUIVALENTS
Group Group
2024 2023
£000 £000
Cash in hand 3,741 2,325
TOTALCASHANDCASH EQUIVALENTS 3,741 2,325
25. ANALYSIS OF CHANGES IN NET DEBT
At
September At31
2023 Cash flows August 2024
£000 £000 0
£00
Cash atbank and in hand 2,325 1,417 3,742
Debt due within 1 year (548) (34) (582)
Debtdue after 1 year (1,172) 320 (852)
605 1,703 2,308

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BLUNDELL'S SCHOOL

™

  1. PENSION COMMITMENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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26. CAPITAL COMMITMENTS
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||||||||| |---|---|---|---|---|---|---|---| |Group|Group|School|Schaol| |2024|2023|2024|2023| |£000|£000|£000|£000| |CONTRACTED|FOR|BUT|NOT|PROVIDED| |IN|THESE|FINANCIAL STATEMENTS| |Acquisition|of tangible|fixed|assets|112|433|-|433|

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The School participates in the Teachers’ Pension Scheme (“the TPS’) for teachers who were employed prior to 1st April 2024. The pension charge for the year includes contributions payable to the TPS of £1,556,877 (2023: £1,376,199) and at the year-end £127,357 (2023: £147, 589) was accrued in respect of contributions to this scheme.

The Teachers’ Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. All teachers have the option to opt-out of the TPS following enrolment.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Valuation of the Teachers' Pension Scheme

The Government Actuary, using norma! actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contributions.

Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT, applying for a notional investment return based on 1.7% above the rate of CPI. The key elements of the valuation outcome are:

  • Employer contribution rates set at 28.68% of pensionable pay (including a 0.08% administration levy). This is an increase of 5% in employer contributions and the cost control result is such that no change in members benefits is needed.

  • e Total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £262,000 million and notional assets (estimated future contributions tagether with the notional investments held at the valuation date) of £222,200 million, giving a notional past service deficit of £39,800 million.

The result of this valuation was implemented from 1 April 2024. The next valuation result is due to be implemented from 1 April 2027.

A copy of the valuation report and supporting documentation is on the Teachers’ Pensions website (https://Awww.teacherspensions.co.uk/news/employers/201 9/04/teachers-pensions-valuation-report.aspx)

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The School is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the School has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined contribution scheme. The School has set out above, the information available on the scheme.

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BLUNDELL’S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

es

27. PENSION COMMITMENTS (CONTINUED)

Defined Contribution Pension Scheme

The Schoo! offers a defined contribution pension scheme to other employees, comprising those teachers who were employed on or after the 1st April 2024, other teachers who have opted out of the Teachers’ Pension Scheme, and to operational staff. For the year ended 31 August 2024, the defined contribution pension scheme was a group personal pension scheme provided by Royal London. Contributions to the scheme were £358,434 (2023; £325,619) and at the year-end £75,214 (2023: £35,165) was accrued in respect of contributions to this scheme.

28. OPERATING LEASE COMMITMENTS

At 31 August 2024 the Group and the School had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Group
2024		 Group
2023		 School
2024		 School
2023
£000 £000 £000 £000
Not laterthan 1 year 94 56 94 56
Laterthan 1 yearand not laterthan 5years 378 - 378 -
472 56 472 56

25. PRINCIPAL SUBSIDIARIES

The following was a subsidiary undertaking of the School:

Name Company Registered office or Principal activity Holding
number principal place of
business
Horsdon Enterprises Limited 027658380 Blundell's School,
Blundell's Road,		 Lettings services and
sub contract work		 100%
Tiverton,EX164DT fortheschool

Included in consolidation

Yes

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BLUNDELL'S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

—!

SSeS

30. MEMBERS' LIABILITY

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year aftar he/she ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before he/she ceases to be a member.

31. RELATED PARTY TRANSACTIONS

The School has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the School at 34 August 2024.

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