2024-06-30-accounts

Bruton School for Girls Annual report and financial statements for the year ended 30 June 2024

Registered Company Number: 4094352 Registered Charity Number: 1085577

BRUTON SCHOOL FOR GIRLS YEAR ENDED 30 JUNE 2024

Contents

	Page
Governors, Directors, Officers and Advisers	3
The Annual Report of the Governors for the year ended 30 June 2024	4 - 8
Independent Auditor’s Report to the Members of Bruton School for Girls	9 - 11
Statement of Financial Activities for the year ended 30 June 2024	12
Balance Sheet as at 30 June 2024	13
Cashflow Statement for the year ended 30 June 2024	14
Notes to the financial statements for the year ended 30 June 2024	15 - 30

2

BRUTON SCHOOL FOR GIRLS YEAR ENDED 30 JUNE 2024

Governors, Directors, Officers and Advisers

Governors and Directors

Mr E Hobhouse Mrs L A Anderson CPPtm MCSI FPFS * Mr S L Donald Mr I Wilmshurst Mr L S Tuson MBE Mr J B Hopkins (Appointed on 30 August 2023) Mrs A Gent (Appointed 26 June 2024)

Company Secretary

Mr L S Tuson MBE

Registered Office

Bruton School for Girls Sunny Hill Bruton Somerset BA10 0NT

Independent Auditors

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

Bankers

HSBC Bank Plc 1 Middle Street Yeovil Somerset BA20 1LR

Solicitors

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

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BRUTON SCHOOL FOR GIRLS THE ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 30 JUNE 2024

The Governors, who are also Directors of the Company for the purpose of the Companies Act 2006, present their annual and strategic report and the audited financial statements for the year ended 30[th] June 2024.

As set out in last year’s report the School closed at the end of the Summer Term in the previous reporting period on 2 July 2022, with the exception of the Nursery. The Trustees’ report includes the actions of the Trustees since together with the financial statements.

The information, with respect to Patrons, Governors, Directors, Officers and Advisors, set out on page 3, forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association, applicable Accounting Standards in the United Kingdom, and the Statement of Recommended Practice (SORP (FRS102) “Accounting and Reporting by Charities” , the Charities Act 2011 and the Companies Act 2006 .

REFERENCE AND ADMINISTRATIVE DETAILS

Status

The School is a charitable Company limited by guarantee, incorporated on 23rd October 2000 (Company Registered No: 4094352) and a Charity registered with the Charity Commission (Charity Registered No: 1085577) for the advancement of education. Following an internal review of governance, the Memorandum and Articles of Association of the Company were last amended on 28th February 2022.

Organisation

The Company commenced operations on 1st September 2001, when it assumed responsibility for the objects, assets and liabilities of the Charity, Bruton School for Girls Trust (Charity Registration No 310271). The property (excluding the permanent endowment of the Charity) of Bruton School for Girls Trust together with the property belonging to the Sunny Hill Trust, (which was created by a declaration of trust dated 7th May 1970), was transferred to the Company by a Scheme approved by the Charity Commission dated 21st March 2002.

The endowed property of the former Charity remains the property of the Charity (Registered No 310271) under the name of Bruton School for Girls Trust of which Bruton School for Girls (the Company) is the sole trustee.

A uniting direction was issued by the Charity Commission on 10th June 2003 allowing the Bruton School for Girls Trust to be treated as forming a part of the Charity, Bruton School for Girls. No separate report is made for Bruton School for Girls Trust, it being incorporated in this report.

On 1 March 2022 King’s School, Bruton (KSB) with Charity Registration Number 1071997 took control of Bruton School for Girls (BSG). The financial year of BSG was re-aligned to match that of KSB terminating on 30 June. It was announced that BSG would close at the end of the academic year in May 2022 with the exception of the Nursery. The financial results of BSG for the period 1 July 2023 to the year end 30 June 2024 have been consolidated into those of KSB.

STRUCTURE GOVERNANCE AND MANAGEMENT

Governors

The Governors all of whom served throughout the year to 30th June 2024, and since the year-end, except where otherwise disclosed, are listed on page 3.

Group Structure and related Charities

The Company is the sole Trustee of the Bruton School for Girls Trust (Charity No 310271) that under the Scheme authorised by the Charities Commission on 21st March 2002 holds the endowed lands and properties thereon. These were passed on from the previous Charity of the same registered number. These lands and properties were acquired in two parts in 1912 and 1918 and as the financial statements of the former Charity dated 31st August 1992 indicate, all properties acquired before 1st April 1966 were written off in the year of acquisition. Accordingly, no value is attributed to the present holdings of the Bruton School for Girls Trust, which has neither traded nor acquired or realised any assets during the year.

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BRUTON SCHOOL FOR GIRLS THE ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

Governance of the School

During the year under review, the Governing Body met, either in person or on-line, at least termly.

Recruitment and Training of Governors

Governors were elected to the Governing Body and nominated based on eligibility, personal competence, specialist experience, skills, and availability.

Organisational Management of the School

The day to day running of the charity since the closure of the School has been undertaken directly by the Trustees and the Company Secretary with 2 staff remaining employed on the site in addition to those operating the nursery. A further redundancy program made another employee redundant on 31 March 2024 leaving one employee on site plus the nursery. The nursery remains in operation with the Head of Nursery responsible for day to day activities. Management oversight is provided by the Head of Hazlegrove Prep School.

Employment Policy and Volunteers

The School is an equal opportunities employer. Full and fair consideration is given to job applications from disabled persons and due consideration was given to their training and employment needs. Consultation and communication with employees, or their representatives, continues at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. These principles have continued to be applied through the redundancy processes that followed the closure.

The School remains grateful to a small number of volunteers who have helped at the School, in particular in ensuring the history of the School was appropriately secured in the Somerset historic archive.

Investments powers, policy, and performance

The Governing Body delegates investment powers to the Finance Committee of King’s School, Bruton. The net book value of the fixed asset investments on 30 June 2024 was £nil (2023: £2).

Trading Company

The School owned 100% of the Bruton Girls’ School Company Limited (Company No: 3107892), which received income from the letting of School properties and other trading activities. In May 2024 the Trading Company was dissolved.

Directors’ indemnities

As permitted by the Articles of Association, the Governors have the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and remains so in the current year. The Company also purchased and maintained throughout the financial year, Governors’ and Officers’ liability insurance in respect of itself and its Governors.

OBJECTIVES, AIMS AND ACTIVITES

Charitable Objects

The primary objects of the School, as stated in its Memorandum of Association, were to:

• Carry on, manage, and maintain a school for the education of girls and/or boys (being boys who have not attained the age of 8 years):

• To provide pupils with scholarships, bursaries, prizes, and general or specialised instruction of the highest class.

• To provide for the board, residence, and accommodation of all or any of the pupils, teachers and other staff attached to the school for the time being maintained and managed by the Charity: and

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BRUTON SCHOOL FOR GIRLS THE ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

• In addition, by other associated activities for the benefit of the community.

With the guidance of the Charities Commission, the Trustees are in the process of ensuring adjusted objects of the charity are developed that can be met in the future.

Public Benefit

Although due to its closure the School has had limited ability to provide direct benefit to the local community, it has made its facilities available to several worthy and notable organisations throughout the year, and has allowed the use of sporting facilities where it is safe to do so.

In addition, the School has made donations of books and equipment to local schools and a number of charities in the local area.

The Nursery delivers Pubic Benefit by allowing the use of its facilities and resources by local groups.

ACHIEVEMENTS AND PERFORMANCE IN THE SCHOOL YEAR

General Comments

The year has been marked by the work of Governors to ensure that the School is effectively wound up and that the charity is able to maximise its residual assets in order to best deliver its objects in the future. The principal areas of activity have been as follows:

• Continued investment in the successful nursery on site to provide a service to the local community.

• Management of the redundancy process for staff.

• Settlement of claims made against the School by ex-parents.

• Transfer of School history to Somerset archive.

• Continued use of site by local organisations where appropriate and safe to do so.

• Donations to charities and schools.

• Disposal of materiel and equipment where appropriate.

• Minimising the ongoing expenditure by the charity.

• Communication to the local community to deal with concerns over the future use of the site.

• Engagement with professionals in order to realise the residual assets of the charity to deliver its objects in the future.

• Engagement with the Charities Commission.

The nursery continued to inspire its pupils, providing a wide range of opportunities in and out of the classroom, encouraging them to be ambitious and to gain as wide and varied an experience as possible. From this they gained increased self-awareness, an appreciation of their strengths and what they enjoy, with an understanding for others, and are consequently better able to make good decisions for themselves as their lives unfold.

FINANCIAL REVIEW

Overall Financial Performance and Results for the Year

The deficit for the year was £663k (2023: £1,141k) and total reserves reduced from £2,080k to £1,417k due to the costs associated with the closure of the School, ongoing running costs and reduced income.

Key performance Indicators

The Governors considered the school key performance indicators to be the value of the assets held by the charity and the debt accrued. These are identified in the report.

Reserves

The School’s reserves comprise the value of the property it owns. These reserves will be used to service debt and continue to deliver the charitable objects.

Notes 18 and 19 to the financial statements shows the assets and liabilities attributable to each fund and shows

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BRUTON SCHOOL FOR GIRLS THE ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

the movement between each asset.

At the year end the School’s unrestricted funds stood at £1,417k (2023: £2,080k). Restricted funds at the yearend were £nil (2023: £nil).

Risk Management and Principal Risks and Uncertainties

The key risks identified by the Trustee are associated with the sale of the property to meet the liabilities of the Charity. There is risk that the Nursery may have to relocate, depending on the optimum outcome of the property sale for the Charity.

FUTURE PLANS

Business Plan

Following the decision to close the School the Governors’ focus is on orderly closure of the main school while the nursery is retained and developed as a going concern. The remainder of the School site will be used to ensure all liabilities of the charity are met and any residual assets will be used to continue to meet revised objects of the charity once agreed by the Charities Commission.

Going Concern

In May 2022, the Charity Trustees decided that the school (Bruton School for Girls) was not viable from September 2022 as a result of falling pupil numbers and gross tuition fee income with the forecast operating losses for the next 5 years. The charity, Bruton School for Girls remains a going concern, with the support of King’s School Bruton as the sole member of BSG to enable a positive cash position to be maintained, while the school creditors are cleared. The charity assets (as valued in 2022) are significant (£4,526k) and are able to cover all current debts of the School.

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BRUTON SCHOOL FOR GIRLS THE ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 30 JUNE 2024 continued ACCOUNTING AND REPORTING RESPONSIBILITIES Statement of Governors, Responsibilities The Governors (who are also Directors of Bruton School for Girls for the purposes of company law) are responsible for preparing the Annual and Strategic Report of the Governors and the financial staternenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company and charity law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Governors are required to: select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP, make judgments and estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial slatemenls., and prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charitable company will continue in business. The Governors are responsible for keeping adequate accounting records that are sufficient to show 8nd explain the charitable company's transactions, disclose with reasonable accuracy at any lime the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity's conslilulion. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities, Relevant Audit Information The Directors, as members of the Governing Body are satisfied that al the date of approval of this report, there is no relevant aud il information linformalion needed by the Company's aLidilor in connection with preparing the audit report} of which the Company's auditor is unaware. Each member of the Governing Body has taken all the steps that he or she should have taken as a member of the Governing Body in order lo make himself or herself 8ware of the relevant audit information, and to establish that the Company's auditor is aware of that information. Auditors A resolution to reappoint RSM UK Audit LLP as external auditors for the ensuing year will be proposed at the forthcoming annual general meeting. This report has been prepared in accordance with the provisions applicable lo companies entitled lo the small companies exemption. Approved by the Governing Body of Brulon School for Girls on 29.11.2024 including, in their capacity as Company Directors, approving the Directors, and Strategic Reports contained therein, and signed on ils behalf On beha oard of governors E Hobhouse Date: 19 11 1

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BRUTON SCHOOL FOR GIRLS

Opinion

We have audited the financial statements of Bruton School for Girls (the ‘charitable company’) for the year ended 30 June 2024 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charitable company’s affairs as at 30 June 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

We have nothing to report in this regard.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BRUTON SCHOOL FOR GIRLS (continued)

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

In the light of the 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 Directors’ Report or the Strategic Report included within the Governors’ Report.

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

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

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

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

Responsibilities of trustees

As explained more fully in the Statement of Governors’ responsibilities set out on page 8, the Governors (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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

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

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

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

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

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BRUTON SCHOOL FOR GIRLS (continued)

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

• obtained an understanding of the nature of the sector, including the legal and regulatory framework that the charitable company operates in and how the charitable company is complying with the legal and regulatory framework;

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

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

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

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

The audit engagement team identified the risk of management override of controls and income recognition as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates. Additionally the audit team tested the completeness of donations by reviewing minutes and post year end bank receipts and substantively tested the income recorded around the year end.

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

Use of our report

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

Kerry Gallagher

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

Date 17/01/25

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BRUTON SCHOOL FOR GIRLS STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024

Discontinued Operations Unrestricted Restricted Notes Funds Funds Income from: £ £ Charitable activities Fees 3 200,971 - Ancillary trading income 6 39,094 - Other Grants 4 - 233,773 Donations, gifts & legacies 2 - - Investment income 7 5 - Total income 240,070 233,773 Expenditure on: Raising funds 8 491 - Charitable activities: School operating costs 8 887,103 233,773 Total expenditure 8 887,594 233,773 Net expenditure before transfers and investment losses 9 (647,524) - Net (losses)/gains on investments 13,14 (15,002) - Net expenditure (662,526) - Transfers between funds - - Net movement in funds (662,526) - Funds balances brought forward 2,080,154 - Funds balances carried forward 22 1,417,628 -	Total 2024 £ 200,971 39,094 233,773 - 5 473,843 491 1,120,876 1,121,367 (647,524) (15,002) (662,526) - (662,526) 2,080,154 1,417,628	Total 2023 £ 127,888 35,579 186,608 116 63
		350,254
		(65,394) 1,568,813
		1,503,419
		(1,153,165) 12,545
		(1,140,620)
		-
		(1,140,620) 3,220,774
		2,080,154

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BRUTON SCHOOL FOR GIRLS BALANCE SHEET AS AT 30 JUNE 2024 Company Registration Number: 4094352 Asat 30 June 2024 Asat 30 June 2023 Notes Fixed assets Tangible assets Investment property Investments 12 13 14 3,541,350 450,000 3,541,350 985,000 3,991,350 4,526,352 Current assets Stocks Debtors Cash at bank and in hand 1,621 12,780 6,842 1,072 122,304 94,537 16 Total current assets 21,243 217,913 Creditors. amounts falling due within one year Net cu rrent liabilities 17 12,589,275) {2,649,1731 12,568,032) (2,431,260) 1,423,318 2,095,092 Total assets less cu rrent liabilities Provisions Pension provision Net assets 20 (5,6901 1,417,628 (14,9381 2,080,154 Funds: Unreslricled funds Fair value reserve Total charity funds 18 18 967,628 450,000 1,417,628 1,082,491 997,663 2,080,154 This report has been prepared in accordance with the provisions applicable lo companies enlilled to the small companies exemption, The financial statements on pages 15 to 30 were approved by the Governors and signed on its behalf by. Mr E Hobhouse Governor Dale.. Iq . 11 'llr

BRUTON SCHOOL FOR GIRLS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024

Notes Net cash used in operating activities 21 Cash flows from investing activities Interest received 7 Investment income received 3 Sale of tangible fixed assets Sale of fixed asset investments Sale of investment property Net cash used in investing activities Financing Proceeds of loan from parent company Repayment of loan from parent company Net cash used in financing activities Decrease in cash in the year Cash balances at start of year Cash balances at end of year Relating to: Bank balances and short-term deposits included in “cash at bank and in hand”	2024 £ (463,108) 5 - - - 520,000 520,005 300,000 (444,592) (144,592) (87,695) 94,537 6,842 6,842	2023 £ (2,892,783) 63 553 4,800 52,069 305,000
		362,485
		2,499,389 -
		2,499,389
		(30,909)
		125,446
		94,537
		94,537

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BRUTON SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

1: Principal accounting policies

General information and basis of accounting

Bruton School for Girls is a private company limited by guarantee, incorporated in England and Wales. Full details of the school constitution, place of business, and activities are given in the Annual Report of the Governors presented with these accounts.

The financial statements have been prepared on the going concern basis under the historical cost convention, modified to include investment properties and certain financial instruments at fair value, and in accordance with the Companies Act 2006, Charities Act 2011, Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)) (issued in October 2019) – (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

In May 2022, the Charity Trustees decided that the school (Bruton School for Girls) was not viable from September 2022 as a result of falling pupil numbers and gross tuition fee income with the forecast operating losses for the next 5 years. The charity, Bruton School for Girls remains a going concern, with the support of King’s School Bruton as the sole member of BSG to enable a positive cash position to be maintained, while the school creditors are cleared. The charity assets (as valued in 2024) are significant (£3,991k) and are able to cover all current debts of the School.

Discontinued operations

As described in the Trustees report, the Governors and Senior leadership team conducted a thorough review of the whole school, developing a costed 5-year recovery and development plan. The key objectives were to stop the outflow of pupils, to appeal to a wider market base, to operate the school in a cost effective manner, to grow commercial operations, to reduce the estate and invest in those areas that would encourage growth. Unfortunately, this work was not able to stem the departure of pupils and when reviewed in May 2022, forecast losses had made it unaffordable. The Governors took the decision in May 2022 that there was no choice but to implement an orderly wind down then the cessation of core educational operations at 30 June 2023. All educational operations, with the exception of the Nursery, were closed. The Nursery will be retained and developed as a going concern. Income and expenditure in the year ended 30 June 2024 relates to residual amounts in relation to the Turing Scheme operated by the school for third party students. The remainder of the School site will be used to ensure all liabilities of the charity are met and any residual assets will be used to continue to meet the objects of the charity.

Donations, legacies, and gifts in kind

Donations and legacies are credited to revenue on a receivable basis. Legacies are accounted for on receipt of correspondence from the personal representative indicating that payment of the legacy will be made. Gifts in kind are valued at a reasonable estimate of their value to the school. Gifts donated for resale are included as income when they are sold. No amounts are included in the financial statements for services donated by volunteers.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. The balance of income received for specific purposes but not expended during the year is shown in the relevant funds on the balance sheet. Where income is received in advance of meeting any performance-related conditions there is not unconditional entitlement to the income and its recognition is deferred and included in creditors as deferred income until the performance-related conditions are met. Where entitlement occurs before income is received, the income is accrued.

Fees and similar income

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

The school offers parents the opportunity to pay tuition fees in advance in accordance with a written contract. This is treated as deferred income until the pupil joins the school whereupon the fees for each School term are charged against the remaining balance and taken to income.

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BRUTON SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

1: Principal accounting policies (continued)

Trading income

This income comprises the trading activities of the school and is credited per the statement of financial activities on a receivable basis.

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 allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. The irrecoverable element of VAT is included with the item of expense to which it relates.

Fund accounting

Unrestricted income funds represent those resources which may be used towards meeting any of the charitable objects of the School at the discretion of the trustees.

Restricted general funds comprise restricted funds received with restrictions imposed by the funder/donor and include government grants received in the year.

Endowed funds are funds for which capital must be maintained in accordance with the specific restrictions imposed by the donors. Investment income and gains are allocated to the appropriate fund.

Pension costs

Retirement benefits to employees of Bruton School for Girls were previously provided by the Teachers’ Pension Scheme (‘TPS’) and The Pension Trust Growth Plan. These are defined benefit schemes and are contracted out of the State Earnings-Related Pension Scheme (‘SERPS’), and the assets are held separately from those of the school.

The TPS is an unfunded scheme and contributions are calculated to spread the cost of pensions over employees’ working lives with the school in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll.

The contributions are determined by the Government Actuary based on quinquennial valuations using a prospective benefit method. As stated in Note 20, the TPS is a multi-employer scheme, and the school is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. The TPS is therefore treated as a defined contribution scheme and the pension costs recognised as they are paid each year.

The Pension Trust Growth Plan is a multi-employer funded scheme whose contributions are recognised in the Statement of Financial Activities in the year to which they relate, as there is insufficient information available to used defined benefit accounting. A liability is recognised for contributions arising from an agreement with the multi-employer plan that determines that the school will fund a deficit.

Contributions are discounted when they are not expected to be settled wholly within 12 months of the year end.

All other pension arrangements are defined contribution schemes where the assets of the schemes are all held separately from those of the school in an independently administered fund. In all cases the pension cost charge represents contributions by the school to the fund. Contributions payable to the school defined contribution scheme are charged to the Statement of Financial Activities to spread the cost of pensions over the service lives of employees in the schemes.

Operating leases

Rentals applicable to operating leases are charged to the statement of financial activities on a straight-line basis over the lease terms.

16

BRUTON SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

1: Principal accounting policies (continued)

Tangible fixed assets

Tangible fixed assets are stated at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Expenditure, over £1,000, on tangible fixed assets is capitalised. Repair, renovation, and replacement expenditure is written off in the Statement of Financial Activities.

Depreciation

Depreciation of assets is calculated to write off the cost of tangible fixed assets on a straight-line basis, less their estimated residual values, over the expected useful economic lives of the assets concerned. Assets during construction are not depreciated until they are brought into use. A full year’s depreciation is charged in the year of the acquisition and not in the year of disposal.

The principal annual rates used for this purpose, which were reviewed in 2020 are:

	%
Freehold Property:
Land and buildings*	2
Sports facilities and car parks	5
Furniture & equipment	10
Computers, software & telephone	33.3
Motor vehicles	25

Gains on disposal of tangible fixed assets are shown in the Statement of Financial Activities.

*No depreciation was charged on buildings as the Governors have assessed that their residual value is far greater than their cost in the year ended 30 June 2024.

Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as at the reporting end date. The surplus or deficit on revaluation is recognised in the Statement of Financial Activities.

Investments

Listed investments are initially measured at cost and subsequently measured at fair value at the reporting date.

The school’s shareholding in the wholly owned subsidiary, The Bruton Girls’ School Company Limited, was initially measured at cost and was subsequently measured at cost less any impairment. An assessment for impairment was made at each reporting date. During the year the subsidiary was dissolved.

Stocks

Stocks of stationery and consumables are stated at the lower of cost, on a first-in, first-out basis, and net realisable value.

Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand.

17

BRUTON SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

1: Principal accounting policies (continued)

Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include fees and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered.

Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, because of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings amounts are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Liabilities are recognised within the financial statements in respect of all expenditure for which the entity has a measurable obligation, be it constructive or legal, at the balance sheet date. Any expenditure which is committed to, but not measurable at this time, is disclosed within the notes to the financial statements as a contingent liability.

18

BRUTON SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

1: Principal accounting policies (continued)

Basic financial liabilities (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

Critical accounting estimates and areas of judgement

In the application of the school accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are relevant.

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

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Critical areas of judgement

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Tangible fixed assets – estimation of useful life

Tangible fixed assets represent a significant proportion of the school total assets. Therefore, the estimates and assumptions made to determine their carrying value and related depreciation are critical to the school financial position and performance.

The charge in respect of periodic depreciation is derived after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. Increasing an asset’s expected life or its residual value would result in a reduced depreciation charge in the Statement of Financial Activities.

Fair value of investment properties

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

19

BRUTON SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

2: Donations, gifts and legacies

	2024	2023
	Total	Total
	£	£
Donations from individuals	-	116

3: Fee income

Gross Fees Less: Total bursaries, grants, and allowances Add back: Scholarships, Grants etc paid by Endowment Fund income 4: Government Grants Discontinued operations Turing Scheme	Total 2024 £ 201,431 (460) 200,971 - 200,971 2024 £ 233,773	Total 2023 £ 127,862 (527)
		127,335
		553
		127,888
		2023 £ 186,608

5: Trading Income

Previously other trading was conducted through The Bruton Girls’ School Company Limited (Registered number 03107892) which received income from the letting of School properties. During both 2024 and 2023 the Company did not trade. On the 18 March 2024 an application was submitted to strike off the company and the company was dissolved on the 11 June 2024.

6: Ancillary trading Income

Sundry receipts Trading sales Profit on disposal of tangible fixed assets Lettings income	2024 £ 3,057 - 14,113 21,924 39,094	2023 £ 913 7,418 4,800 22,448
		35,579

20

BRUTON SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

7: Investment income

	2024	2023
	£	£
Interest from short term deposits	5	63

8: Total expenditure

Cost of raising funds: Marketing & publicity Trading expenditure Charitable activities: Costs of providing education Teaching Welfare Premises Support costs Governance costs Total cost of providing education Total expenditure on charitable activities Total expenditure Analysis of support costs include: Staff costs Finance and administration ICT infrastructure Restricted expenditure	Other Staff costs costs £ £ - 491 - - - 491 189,984 62,494 - 238,625 49,385 149,013 48,277 214,931 - 168,167 287,646 833,230 287,646 833,230 287,646 833,721 Educational £ 48,277 182,563 32,368 - 263,208	2024 £ 491 - 491 252,478 238,625 198,398 263,208 168,167 1,120,876 1,120,876 1,121,367 2024 £ 48,277 182,563 32,368 - 263,208	2023 £ - (65,394)
			(65,394)
			68,371 226,330 303,591 737,196 233,325
			1,568,813
			1,568,813
			1,503,419
			2023 £ 252,667 413,434 31,095 40,000
			737,196

Included within charitable activities are other costs of £233,773 (2023: £186,608) relating to discontinued operations.

21

BRUTON SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

9: Net expenditure

	2024	2023
	£	£
Net income/(expenditure) is stated after charging:
Depreciation on owned assets	-	9,869
Operating lease rentals – equipment	-	33,561
Auditor’s remuneration for external audit services	7,950	7,500
(Loss)/gain on disposal of fixed assets	(15,000)	9,800
Redundancy costs	15,825	8,158

Redundancy costs totalling £15,825 (2023: £8,158) relate to the closure of the school.

10: Employee information

The average number of persons (full time equivalent) employed by the school during the year was: Teaching (including laboratory technicians) Premises Support Marketing and publicity	2024 Number 8 1 1 - 10	2023 Number 8 1 2 -
		11

Staff costs (for the above persons) Wages and salaries Social security costs Pension costs Termination and redundancy payments	2024 £ 203,389 17,910 34,458 15,825 271,582	2023 £ 322,626 123,559 46,362 8,158
		500,705

There were no employees receiving total emoluments in excess of £60,000 (2023: none)

As a result of the closure of the school, redundancy payments were made to 1 member of staff (2023: 1 member of the staff).

No Governor received any remuneration from the school during the year (2023: £nil). £nil (2023: £nil) was paid to Governors for reimbursement for authorised expenses.

11: Taxation

The school is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes. The school is not registered for VAT and accordingly, all its expenditure is recorded inclusive of any VAT incurred.

22

BRUTON SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

12: Tangible fixed assets

12: Tangible fixed assets
Cost At 1 June 2023 Additions At 30 June 2024 Accumulated depreciation At 1 June 2023 Charge in year At 30 June 2024 Net book value At 30 June 2024 At 31 August 2023	Freehold property Furniture & equipment Computers, software & telephone £ £ £ 6,212,461 532,903 255,573 - - -	Motor vehicles Total £ £ 78,430 7,079,367 - -
	6,212,461 532,903 255,573	78,430 7,079,367
	2,671,111 532,903 255,573 - - -	78,430 3,538,017 - -
	2,671,111 532,903 255,573	78,430 3,538,017
	3,541,350 - -	- 3,541,350
	3,541,350 - -	- 3,541,350

In addition to the above assets, the School owns certain land and buildings which it received for no value from the Bruton School for Girls Trust and the Sunnyhill Trust.

13: Investment property

Fair value At 1 July 2023 Disposals At 30 June 2024	2024 £ 985,000 (535,000)
	450,000

During the year two of the properties were sold for a consideration of £520,000.

The fair value has been based on market information provided to the governors by Lodestone a firm of Estate Agents, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The governors consider this valuation to be representative of the market value of the properties at the year end.

Since 30 June 2022, the investment properties have been placed on the open market at a value that is not significantly different to the value per the accounts.

23

BRUTON SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

14: Fixed asset investments

Cost or valuation At 1 July 2023 Disposals At 30 June 2024 Fair value At 30 June 2024 Fair value At 30 June 2023	Shares in subsidiary company £ 2 (2) - - -	Total £ - -
		-
		-
		-

The shares in the subsidiary company relate to a 100% holding in the £1 ordinary shares of The Bruton Girls' School Company Limited (registered number 03107892), a company registered in England & Wales, which received income from letting school properties. The company was dissolved on 11 June 2024.

15: Stocks

Stationery and consumables 16: Debtors Amounts falling due within one year: Fees Other debtors Prepayments & accrued income	2024 £ 1,621 2024 £ 393 384 12,003 12,780	2023 £ 1,072
		2023 £ 10,858 17,420 94,026
		122,304

16: Debtors

Fees invoiced in advance are shown within creditors and amounts not received by the balance sheet date are shown above as fee debtors.

24

BRUTON SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

17: Creditors: amounts falling due within one year

Trade creditors Taxation and social security costs Other creditors Amounts due to group undertakings Refundable deposits Accruals Contractual obligation	2024 £ 21,293 3,619 25,156 2,509,854 3,200 24,419 1,734 2,589,275	2023 £ 113,187 - (18,105) 2,499,389 3,000 46,760 4,942
		2,649,173

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

18: Funds

Current year Restricted funds Turing scheme Unrestricted funds General fund Fair value reserve Total unrestricted funds Total funds	Balance at 1 July 2023 Income Expenditure Investment gains/(loss) Transfers Balance at 30 June 2024 £ £ £ £ £ £ - 233,773 (233,773) - - - 1,082,491 240,070 (887,594) (2) 532,663 967,628 997,663 - - (15,000) (532,663) 450,000
	2,080,154 240,070 (887,594) (15,002) - 1,417,628
	2,080,154 473,843 (1,121,367) (15,002) - 1,417,628

The fair value reserve represents movements in the fair value of listed investments and investment properties compared to their original book value.

The transfer represents the proceeds of sale of the investment property disposed of during the year, refer to note 13 for detail.

The Turing Scheme was established by the Department for Education in 2021 as a student exchange scheme and to provide funding for international opportunities.

25

BRUTON SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

18: Funds (continued)

Prior year Restricted funds Turing Scheme Total restricted funds Unrestricted funds General fund Fair value reserve Designated fund Total unrestricted funds Total funds	Balance at 1 July 2022 Income Expenditure £ £ £ - 186,608 (186,608)	Investment gains Transfers Balance at 30 June 2023 £ £ £ - -
	- 186,608 (186,608) - -
	1,703,109 163,646 (1,316,811) 12,545 520,002 1,082,491 1,297,663 - - - (300,000) 997,663 220,002 - - - (220,002) -
	3,220,774 163,646 (1,316,811) 12,545 - 2,080,154
	3,220,774 350,254 (1,503,419) 12,545 - 2,080,154

Given the closure of the school, the Governors took the decision in the prior year to direct the designated funds back for the general objects for the charity.

The Turing Scheme was established by the Department for Education in 2021 as a student exchange scheme and to provide funding for international opportunities.

19: Analysis of the net assets between funds

The net assets are held for the various funds as follows:

Current year				Net
	Tangible			current	Long
	fixed	Investment		assets/	term	Pension
	Assets	properties	Investments	(liabilities)	liabilities	provision	Total
	£	£	£	£	£		£
Unrestricted funds	3,541,350	-	-	(2,568,032)	-	(5,690)	967,628
Fair value reserve	-	450,000	-	-	-	-	450,000
Restricted funds	-	-	-	-	-	-	-
Total	3,541,350	450,000	-	(2,568,032)	-	-	1,417,628
Prior year	Tangible			Net	Long
	fixed	Investment		current	term	Pension
	Assets	properties	Investments	assets	liabilities	provision	Total
	£	£	£	£	£		£
Unrestricted funds	3,541,350	-	2	(2,443,923)	-	(14,938)	1,082,491
Fair value reserve	-	985,000	-	12,663	-	-	997,663
Restricted funds	-	-	-	-	-	-	-
Total	3,541,350	985,000	2	(2,431,260)	-	(14,938)	2,080,154

26

BRUTON SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

20: Pensions

Previously, the school participated in the Teachers' Pension Scheme ("the TPS") for its teaching staff. On 30 April 2023 the school left the scheme. The pension charge for the year includes contributions payable to the TPS of £nil (2023: £42,727) and at the year-end £nil (2023: £nil) was accrued in respect of contributions to this scheme.

Teachers’ Pension Scheme

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pensions Scheme Regulations 2014. Membership is automatic for teachers and teachers have the option to opt-out of the TPS following enrolment. The TPS is an unfunded scheme and members contribute on a ‘pay as you go’ basis – these contributions along with those made by employers are credited to the Exchequer. The school has accounted for its contributions to the scheme as if it were a defined contribution scheme. The school is no longer a member of the TPS.

The Pensions Trust Growth Plan

The company participates in the scheme, a multi-employer scheme which provides benefits to some 638 nonassociated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

	30	June 2024	30 June 2023	31 August 2022
		£	£	£
Present value of provision		5,690	14,938	24,472

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

Deficit contributions

From 1 April 2022 to 31 January 2025: £3,312,000 per annum (payable monthly)

Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies.

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows:

27

BRUTON SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

20: Pensions (continued)

Deficit contributions

From 1 April 2019 to 30 September 2025:

£11,243,000 per annum (payable monthly and increasing by 3% each on 1st April)

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

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

PRESENT VALUES OF PROVISION - RECONCILIATION OF OPENING AND CLOSING PROVISIONS

Provision at start of year Unwinding of the discount factor (interest expense) Deficit contribution paid Remeasurements - impact of any change in assumptions Remeasurements - amendments to the contribution schedule Provision at end of year INCOME AND EXPENDITURE IMPACT Interest expense Remeasurements – impact of any change in assumptions Remeasurements – amendments to the contribution schedule ASSUMPTIONS Rate of discount 30 June 2024 5.28	Year ended 30 June 2024 £ 14,938 617 (9,880) 15 - 5,690 Year ended 30 June 2024 £ 617 15 - 30 June 2023 6.40	Year ended 30 June 2023 £ 24,472 660 (9,880) (314) -
		14,938
		Year ended 30 June 2023 £ 660 (314) -
		31 August 2022 3.45

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

The company must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the year in which it arises.

It is these contributions that have been used to derive the company's balance sheet liability.

28

BRUTON SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

21: Reconciliation of net expenditure to net cash flow from operating activities

		2024	2023
		£	£
Net expenditure for the year		(662,526)	(1,140,620)
Depreciation and impairment of tangible fixed assets		-	9,869
Profit on disposal of fixed assets		-	(4,800)
Impairment of fixed asset investment		-	-
Interest receivable		-	-
Investment income		(5)	(616)
Decrease in pension provision		(9,248)	(18,296)
Losses/(Gains) on investments and investment properties		15,002	(12,545)
(Increase)/decrease in stocks		(549)	583
Decrease/(Increase) in debtors		109,524	(15,960)
(Decrease)/increase in creditors		84,694	(1,710,398)
Net cash flow from operating activities		(463,108)	(2,892,783)
	At		At
	1 July		30 June
	2023	Cash flow	2024
	£	£	£
Cash at bank and in hand	94,537	(87,695)	6,842
Net Debt	94,537	(87,695)	6,842

22: Capital

The school is a charitable company limited by guarantee. Each member has undertaken to contribute a sum not exceeding £10 to the assets of the company to meet its liabilities if called on to do so. The total amount guaranteed by members on 30 June 2024 is £50 (2023: £50).

23: Related party transactions

During the year the school incurred costs of £152,681 (2023: £1,184,842) which were paid by the parent company King’s School Bruton. At the year-end £1,339,524 (2023: £1,814,842) was outstanding and is included within amounts owed to group undertakings.

During 2023 the school received a loan of £1,314,922 from the parent company, King's School Bruton. During the year £300,000 were advanced and £444,592 were repaid. As at 30 June 2024 £1,170,330 (2023: £1,314,922) was outstanding and is included within amounts owed to group undertakings.

24: Ultimate parent undertaking

King’s School, Bruton, a company registered in England and Wales, is the ultimate parent undertaking and controlling party. The group financial statements, which include this entity, are available from King’s School, Bruton, Somerset, BA10 0ED.

29

BRUTON SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

25: Comparative Statement of Financial Activities for the year ended 30 June 2023

Unrestricted Funds Income from: £ Charitable activities Fees 127,888 Ancillary trading income 35,579 Other Grants - Donations, gifts & legacies 116 Other trading activities Distribution from subsidiary - Other income - Investment income 63 Total income 163,646 Expenditure on: Raising funds (65,394) Charitable activities: School operating costs 1,382,205 Total expenditure 1,316,811 Net expenditure before transfers and investment losses (1,153,165) Net gains/(losses) on investments 12,545 Net expenditure (1,140,620) Transfers between funds - Net movement in funds (1,140,620) Funds balances brought forward 3,220,774 Funds balances carried forward 2,080,154	Discontinued Operations Unrestricted Restricted Funds Funds £ £ - 127,888 - 35,579 186,608 186,608 - 116 - - - - - 63 186,608 350,254 - (65,394) 186,608 1,568,813 186,608 1,503,419 - (1,153,165) - 12,545 - (1,140,620) - - - (1,140,620) - 3,220,774 - 2,080,154	Total 2022 £ 2,713,297 4,947 97,381 4,274 45,183 1,003,426 17
		3,868,525
		229,272 5,482,780
		5,712,052
		(1,843,527) (188,060)
		(2,031,587)
		-
		(2,031,587) 5,252,361
		3,220,774

30