BIRKENHEAD SCHOOL AL REPORT AND LIDATED FINANCIAL TATEMENTS YEAR ENDED 31 AUGUST 2024 BIRKENHEAD SCHOOL Company reglstratlon number: 4492250 Charity registratlon number: 1093419 BIRKENHEAD SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Contents Notice of the Annual General Meeting Trustees, officers and advisors 4-18 Trustees. report 19-22 Auditors, report 23-24 Consolidated statement of financial activities 25 Balance sheets 26 Consolidated statement of cash lknvs 27-47 Notes to the financial statem8nts BIRKENHEAD SCHOO NOTICE OF MEETING Notice is her8by given that the Annual General Meeting of Birkenhead School will be held at the Meeting Room Birkenhead School on Monday 24th March 2025, at 5:30 p.m. for the following purposes: To recelve and adopt the report of th8 directors and the flnancial statements for the year ended 31 August 2024,. To 818Ct directors, one third of whom r8tire in accordance with th8 Articles of Associatlon and being ellgible. may offer themselves for re-election; To transact any other business appropriate to be dealt with at an Annual General Meeting. By ord8r of the Board D. J. Byme Secretary Date.. BIRKENHEAD SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 GOVERNORS Mr M. R. Cashin MA (Chaimianl Mr P.J. Adams (appointed 16 September 2024) Mr A.J. Cross LLB (Hons) (resigned 31 December 2024) Mr M.S.Furniss Mrs J.L. Greensmith CBE. DL (resigned 20 January 2025) Mrs S.J. Higginson OBE (appointed 18 September 2023) Mrs C.A.A. Howard (appointed 21 August 2024) Mr D.l.Pottinger Mr E.N. Rice FRICS Mr W.D.C. Rushworth BA Dr N.J. Thorp (appointed 18 September 2023) HEADMASTER Mr P.R. Vicars MA SECRETARYIBURSAR Mr D.J. Byrne (from 8th August 2024) Mr M.J. Tumer (to 2nd S8pt&mber 2024) REGISTERED OFFICE The Lodge 58 Beresford Road Oxton Wirral CH43 2JD BANKERS National Westminster Bank PIC 6 Grange Road West Charing Cross Birkenhead CH414DF AUDITORS Xeinadin Audit Limited 46 Hamilton Square Birkenhead CH41 SAR SOLicrroRS Jolliffe & Co LLP 6 St John Street Chesler CH1 1DA Bemians LLP Lancaster House Tithebarn Street Mercury Court Liverpool L2 2QP INVESTMENT MANAGERS Rathbone Investment Management Port of Liverpool Building Pier Head Liverpool L3 1NW BIRKENHEAD SCHOOL TRUSTEES. ANNUAL REPORT YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The 'School' comprises 8irk8nhead School, a company limited by guarantee (company no. 4492250) and a registered charity (charity no. 1093419); a wholly4)wned trading subsidiary, Novitas Services Limited (company no. 4501547), which transferred its activities to Birkenhead School at the end of August 2009 and is now dormant,. and Birkenhead School Foundation Trust (charity no. 1068650). The Birkenhead School Foundation Trust (Foundation Trust) produces its own independent audited accounts. Novitas SeNic8s Ltd is a wh01ty￿n8d donnant subsidiary of Blrkenhead School and its directors are all Governors of the School. Th8 Foundation Trust is a s8parat8 charity. effectivety under the control of the School. Its trustees ara appointed by the School and include Govemors. senior officers of the School and other appointees. Govornanc• and managom•nt The School's Govemors. who are the dlrectors and trust8es of the charlty, are listed on Page 3. Th8y ar8 also the members of the company and are potentialty liable for £1 each in the event of the winding up of the company. The Board of Govemors nomally meets once each term and it has a Finance and General Purpose's sub-committee and an Education sub-committee. In this report Govemors are also refe￿ed to as Trustees. The Board delegates the day to day running of the School to the Headmaster, who is the Chief ExecutNe of the business, and the senior officers of the School who. together, comprise, 'the Executive,. In addition to the Headmaster. members include the Bursar. Head of Prep. and three Deputy H8ads. Paul Vicars joined the School as Headmaster on 1 ￿ September 2016, having previousty served at Shrewsbury School. Mark Tumer (Bursar) left the School at the end of the 2023124 after 12 years, seNice. The board of dlrectors would like io thank Mark for his dedication and contribution to the school during these years. Arrangement for settlng pay and r•mun•ratlon of key manag•m•nt p•rsonn•l A subset of the govemors form the Remuneration Committee. vtho annualty revi8W th8 salaries and bonuses for roles appointed by the Govemors (Headmaster, Bursar. Head of Prep) and advise on remuneration for the other executive roles. Governor selectlon and tralnlng The Board of Governors is conscious of the need to keep within its number a wide range of skills and experience. New Governors join the Board by invitation and care is taken to maintain th8 range of skilL£ and experience. New Gov8mors are offe￿d training on appointment and training for all Governors is arranged from time to time. Rlsk as8•ssm•nl The major risks to which the School is exwsaj (as identffied by the Govemors) have been reviewed and systems established to avoid and to mitigate these risks. OBJECTIVES AND ACTNrriES The School's ststed objects are: 'To further the education (academic. social, moral and physical) of pupils attending Birkenhead School (including Birkenhead Preparatory School) in accordance with Christian principles,. (The above is extracted from the Memorandum of Association of Birkenhead School). BIRKENHEAD SCHOOL TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2024 The School's published aims are to: provide an open and happy community in which endeavour and achievement flourish,. offer a well-proven route to academic success, s88king to onable students to realis8 th8ir pot8ntial and prepare th8m for later lrfe., create a caring and structured envlronment In which students grow in s8ff-confid8n¢e and enjoy many opportunitl8s for teamwork and personal development,. set high slandards for itself and for its students, not just academic but also personal standards of Integrlty, self4isciplin8, Compassion and respect for others. In the furtherance of th&s8 aims, the School's Governors, as the charity trustees, have compli8d with their duty in s4 of the Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sub-section guidance concerning the op&ration of the Public B8n8fit requirement under that Act. ACHIEVEMENTS AND PERFORMANCE Birkenhead School looks to make a difference to the lives of stud8nts by inspiring a lrfelong lov8 of leaming and supporting students to excel academically, emotionally and socially wlthln the educatlonal settlng. The School's Independence allows it to be responsive lo change and innovate to ensure that a first-class education is provided for all students, with academic results regularfy placing the School as one of the leading independent schools within the North W8st and UK. Of course, the curriculumm offered at Birkenhead School looks to educate beyond the statutory r8quirements and this extends from the Early Years, Foundation Stsge in the Nursery to A Levels in the Sixth Form. A wide range of co-curmicular opportunities are availablè, including programmes such as 'Enrich and Explore,, 'Futur8 Skills,, 'Beyond the Curriculum, and the 'Nicholls L8Cture Seri8s'. Those offer educational opportunltles for students distinct from those offered to their peers elsewhere. During th8 year 8nd8d 31st August 2024, thé School 8ducat8d approx. 316 {2023.' 320) pupils aged 5-11 in Prep and approx. 52412023.. 510) students in Seniors, including approx. 100 Sixth Form students. Following thé move to CO-edu¢ation across all years in 2008, girls Continue to thrive in the School, constituting approx. 45 % of the students across the School (of school age). Around 140 children (2023.. 130) were cared for within the Early Years provision. Holiday activity weeks were provided by third parties who undertook a mixture of Birk8nhead School Activity Weeks and Kings Camps weeks. Kings Camps are part of th8 Kings Active Foundation, a UK registered charity. School fe8s from September 2023 were as follows.. Nursery Ifull-tlme, Includlng caterlng}- £4,875 per tem., Pre- Prep (full-time) £3,810 per term; Reception £3,235 per term; Prep (Years 1-6) £3,695 per term. Seniors (Year 7- 8)- £4.520 per term., Seniors (Year 9 to Year 11) - £4.895 per term,. Sixth Fonn - £4,955. School Exam Results Highlights of the Summer 2024 A Levgl and GCSE r8suIts include: A Levels.. 26°/0 of all grades were awarded A. 62 % of all grades were awarded A".A 83% of all grades were awarded A'.B BIRKENHEAD SCHOOL TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2024 GCSES: 21% of all grad8S W8r6 awarded grade 9 590A of all grades were awarded grades 9-7 Th8 majority of students progress on to university, including some of the m05t competitive courses at Oxbridge and other Russ&ll Group univèrsities. Increasingly, some students are seeking degree apprenticeships. both with local and national employers, wlth recent positions galn8d in organisations including Dyson, Airbus, the BBC, Amazon. Redrow and Microsoft. PREP (Includlng EARLY YEARS) Prep and Early Years children had another vibrant and Inspiring year. enjoying all the many opportunities afforded to th8m, thanks to th8 dedication, enthusiasm and creativity of the stsff. The curriculum went from strength to strength, stsrting in Early Years where a unlque blend of stsff-planned and child-lnltlated actlvllies saw the children develop their leaming through play. imagination and physical activity. Nursery children were often seen out and about during their daily walks around the campus, and they thoroughly enjoyed regular visits to th8 pond in Seniors. the joy of discov8ry as they followed the lrfe cycl8 of frogs was a particular highlight. The daily singing. dancing and learning actions at story time was enjoyed by all. and for the Rising 3s, growlng variety of fruit and vegetables in the Nursery garden was a tnjly rewarding learning experience. In Pre-Prep, the 'people who help us, topi¢ was very popular. Through role-play, the use of resources and props, and through meeting a variety of professionals (eg. a policeman, a paramedic and a dentist), this topic really came alive. Our Early Years children were highly engaged with thelr curriculum and the independence and interpersonal skllls developed over the year will no doubt be excellent preparation for an exciting leaming journey through Prep. There were some hlghly effectlve developments to the Prep currlculum over the year, not least the Introductlon of the 'Short Write,. providing more opportunities for writing and greater coverage of different written genres and topics. Pupils were also given greater exposure to different styles of mathèmatical problems, expanding their minds and encouraging greater flexibility of thought. A feature of the academic year was an on-going drive to increase cross-curricular ICT opportunities, Wlth a new bank of iPads purchased accordingly. Prep students now enjoy access to three banks of iPads (one for each building) and a superb ICT suite, and each year Digital Leaders are appointed from Years 5 and 6 pupils to assist and enthuse younger pupils with their ICT skills and to test out new tachl The great outdoors has never been more important for children's development a superb antidote to screen time, which, rf not managed appropriately. can have a tendency to dominate some children's lives. The positive impact of learning through nature trails, outdoor investigations and forest school activltles cannot be underestimated. From R8C8Ption through to Year 4. pupils now take part in our bespoke Nature Explorers programrne. participating in outdoor activities that build valuable skills and foster an appreciation for the natural world. The children now work towards various achievement levels over the five years of the course: Acorn, Young Sapling, Mighty Oak, Park Warden, and Park Keeper Awards. The children's engagement with the programme was a joy to see and through expressing their awe and wonder. y￿rkIng as a team and writing up their findings. we saw many positlV8 impacts on thelr broader learning skills. Little School (Reception to Year 2) enjoyed their first full academic year in the House System. House captains were appointed in September and then a drawing competition léd to the introduction of House mascots. House spirit was in abundance for a number of different events.. a football competition, a 'Children in Need, Bake Sale, an Easter Egg colouring Competition and of course the hugely successful Little School Sports Day. The Play Leaders Programme and the Little School Student Council continued to encourage the early development of leadership skills and our first ever Year 2 Residential Trip saw pupils astounding their teachers V•llth their sense of adventure and growing independence. BIRKENHEAD SCHOOL TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2024 The number of children participating in our Civic Award Scheme grew this year after a very successful launch in 2022. The Scheme is a personal development programme made up of five strands for the children to complete: local awaraness, sèlf-r&lianc8, service to others, personal achievement in physical activities and wide use of leisure time. In May, there was a special ceremony where the children received awards from the Mayor of Wirral, Councillor Chery Povall, JP. As the children complete each level of this scheme. they advance to the next level, and as new children join at thè lower levels, so the scheme grows. It tnjly is a wonderful programme which complements the ethos and values of our School so well. Every year group from Year 2 to 6 enjoyed a resldentlal adventure trlp and, In addltlon to thls. there was a skl trip for Years 5 and 6. 59 children and 8 staff headed to Alpe d'Huez at Easter for a supert) week of skiing, with lessons cat6ring for all abilities from beginners to advanced, and numerous après ski activities. Our group was comm8nded by ski instructors, hotel stsff and airline crew for thelr superb behaviour and manners. and staff leading the trip said the children were a d81ight to look after. Within the Junior Prep years, a broad range of House comp8titions took plac8 OV8r th8 year. Football, Cross Country, Rounders, Cricket, Boccia. Ch8ss and th8 House Quiz were all keenly contested and hugely popular. Th8s8 friendly competitions brought the children together from different year groups, building teamwork and House spirit and of course the biggest House competition of them all was Sports Day. It had to bè reschèduléd due to rain, but when it finally oc¢urr8d tt was a truly memorable event, with over 200 children involved and a wonderful atmosphere on School Field wlth parents and grandparents In support, a barb8CU8 and even a Pimms tentl Added to the many House points won from all these competitions, were the points awarded throughout the y6ar for good work, kindness and good manners. Each week, House points were collated with individual winners ¢8labrat8d in assembly and the winning House announced. The accumulation of all those points ultimatety led to the announcement of the wlnning House at the end of th6 summer term. Thls year's House Championship winners were Bidston and they enjoyed a sp8cial celebration on an inflatsble obstacle course on McAllester Field in the final week of terml The after-school programmè saw th8 introduction of some very popular new Clubs run by our teach8rs, such as Photography Club and MIMIC (Music, Imaginative Movement. Individuality and Creativity). An additional externally run Chess club was also launched; this was in response to the increasing interest amongst Junior pupils to play Chess and their desire to be coached by an expertl All in all, over 50 clubs were offered each term and It was clear that our co-curricular offering over the course of the year gr8atly enriched the children's experience of School. Another action-packed year of sport saw all pupils from Years 3 to 6 given opportunltles to comp8t8 in a variety of sports throughout th8 year. Our inclusive approach allowed everyon8 to develop their skills, build confidence. and experience the thrill of team sports. With fixtures in netball, lacrosse, cross country, gymnastics, football, rugby, cricket, rounders and athletics, there were opportunities for everyone. Dedication, team spirit and d8t8rmination were seen in abundance, with particular success enjoyed in cross Gountry and athlètics. At the AJIS Cross Country Championships at Rossall School. w8 won the Year 5 Girls. race and the Year 6 Boys, race. The AJIS Indoor Athletics Championships in late January was another highlight; we won three gold medals, 8 silver medal, and two bronze medals. And we ware also the overall winners of the Wirral Schools Indoor Athletics meeting, which was an outstanding team achievement. Music and Drama featured strongly throughout the year, with pupils performing in Musical Serenades, School Concerts, Christmas Shows, Carol Setvices, Form Assemblies and our Year 6 Musical Production, 'Th8 Jungle Book,. As enthusiastic as ever, Year 6 gave th8ir all and produced tsvo truly memorable performances of this much-loved show - a very fine way to round off their time in Prep. BIRKENHEAD SCHOOL TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2024 SENIORS (Yoar 7 to Upper Slxth) Sclenco Providing inspiring opportunities Continued to be the mindset of the Science department, and all staff across Birkenhead School, with the culmination being another year of outstanding GCSE and A Level results. Outslde of the regular currlculum, where a partlcular feature remalns the learning derlved from undertaking experiments. the department providèd a number of r6gular clubs, trips, competitions, outreach and leadership opportunities. Regular clubs, typically weekly. included Junlor Science, Astronomy. Dissection Club, a Science Research Group, and Advanced Tutorial Groups (ATGS) for Sixth Fomi Medics, Dentists, Vets and Engineers. Durfng Easter 2024. approximately 30 stud8nts and 3 staff enjoyed a space exploratlon Insplred trlp to Texas. This included the opportunity to view the eclipse. During the year, the Sixth Form chemists visited Liverpool University to experience working in a university lab: their tasks inVo￿ed both preparing and analysing organic compounds. Lower Sixth students also att8nd8d a Royal Sociéty lecture on Artificial Intelligence in York. As part of the School's Futures Programme, the Engineering group visited Airbus, AMF Engin88ring Ltd and NSG Environmental Ltd during the course of the academic year, whlle the Sixth Forni Biologists and Psychologists enjoyed a 'Brain Day, on site. inspired by external speakers. The Sclence department view external competitions as important opportunities to stretch learnlng. During the year, students participated in Biology and Physics Olympiads, the Cambridge Chemistry Challenge. the RSC Top of the Bench Chemistry Competilion at Liverpool University. a STEM competition at The Grange School, and UK ROC - a rocket building competition. A further feature of the department is the partnership work with local schools and cubs and brownie groups. This work included the long-running and ever popular two Science evenings in October where the School's Science Leaders {approx. 30 Year 7 to Uppér Slxth with a passion for sclence) helped inspire over 150 local primary school ag8 children wilh experiments and demonstrations on the School sit8. The d8partment also contributeg fully to the 'Be Inspired, programme on a numbèr of Saturdays during the Summer Term. English The English Department offered a diverse array of activities to nurture the students, literary and creative talents. Th8 many highlights included a visit by talented actor, director, producer, and filmmaker. Celyn Jones, who conducted engaging workshops with Year 9 students, focusing on the art of filmmaking and its connections to their study of'small Island. These sessions provided students with a unique opportunity to explore the world of storytellin9 through film. In 'Form Time Philosophy,, students in Years 9, 10, and 12 had th8 chance to explore various critical schools and thinkers, includin9 Plato, Kant, Hegel, Marx. and Nietzsche. The annual Ghost story event, now in its fourth year, has seen the publication of two volumes of ghost stories featuring introductions and unpublished works by the renowned author, Ramsey Campbell. This event has bé8n a platform for students from Years 7 to 13 to display their wrilin9 talents. Th8 d8partm8nt's dedication to nurturing creative wrltlng talents was further highlighted when trwo students emerged as finalists in the prèstigious Athenaeum writing competition for students aged 16-19 across Merseyside. In March, the School hosted the Merseyside and Greater Manchester heat of the National Reading Champions Quiz, with twenty-five teams participating from fourteen local schools. BIRKENHEAD SCHOOL TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2024 SENIORS (Yoar 7 to Uppor Slxth) Engllsh The year was a busy and exciting one for the students in English. wlth numerous events showcasing their talents, creativity, and teamwork. One of the standout successes was the Ghost Story for Christmas event, which proved to be a hit once again. Students from Y6ar 7 through to Upper Sixth read oul th8ir contributions to our published anthology of ghost stories, captivating the audience wlth their spooky tales. This year, we were honoured to have acclaimed horror wrlter Ramsey Campbell serve as a judge for the ev8nt. Another 6XCiting event was the Natlonal R8ading Champions competition, whlch we host8d this year. Teams from over ten schools In the region competed in a fun and engaglng event, which was enjoyed by all involved. Our students P8rformed excellently and showed great enthusiasm and dedication to the art of reading. Poetry by H8art returned this year, with Year 7 students perfomiing their poems In our Intèrnal Beyond The Currlculum competition. Whlle we W8r8 not successful In reaching the flnal at th8 Globe Theatre In London. It wa5 a fantastic experlence for all Involved and demonstrat8d the talent and commltment of our students to the spok8n word. In a major achievem8nt for th8 school, the Rotary Debating Comp8tilion Youth Speaks saw our t8am progress to th8 national finals for the first tlme ev8r. This was a remarkable accomplishm8nt, with one of the School's students aw8rded Best Opposition Speaker for his lively, fluent, and engaging delivery. Th8 year was also fl118d with exciting theatre trlps, offerlng sludents the chance to experlence a varl8ty of productions. Among the highlights were Macbeth, Life of Pi. Charlie and the Chocolate Factory, and Six, all of which left our students with plenty lo reflect on and discuss. Languag08 Academic perfomiance has remained strong in Modem Languages, culminating in impressNe grades in the external examinations In summer 2024, where French was the subject attaining the top value-added score in the School at GCSE. In February half tem, a group of foty A-Levél and GCSE students participated in a 3-day trip to Madrid, providing them with opportunities to learn more about the Spanish language, history and culture. Six students from Year 11 and the Sixth form gained a bronze award in the UK Linguistic Olympiad competition. The younger childr8n from Years 3 to 6 wer8 able to extend their knowledge of French culture and language during their weekly French Club sessions. BIRKENHEAD SCHOOL TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2024 Art Art is a popular subject at both GCSE and A Level, with our largest A Lev81 group yet embarking on the course this academic year. Positive Value-Added scores indicate the strength of the subject, inGluding a score of 0.58 for those GCSE students with a SEND profile. 500A of A Level students achieved A.. Alongside the academic demands of the subject. art teaches the value of creativity as a means for personal development, critical thinking and self-reflection, with the aim of helping students sucGessfully navigate an ever changing and challenging workl. Exam groups have access to the department and staff 3 times a week in aflerschool academic clubs to assist and extend coursework. A weekly lunchtime Creative Club for Year 7 9 students allowed for fun projects outsidé of lessons. A d8dicat8d lunchtime club for Year 9 provided extensions tasks while afterschool SMART sessions in the summer temi offered the opportunity to experiment with new techniques including batik. In early October, Sixth Form students travelled to London. firstky visiting Tate Modern to view the extensive permanent collection. then the 'Capturing the Momenf exhibition of contemporary painting and photography; viewing art on a phone is no substitute for seeing work 'in the flesh,. A tube ride across London to the Victoria & Albert Museum to the sold out 'Chanel' exhibition: this infamous show was a dream comè true for the fashionistas in the group. Two outstanding hands-on workshops contributed to the School's 'Arts Festival, across October and November this year alongside the Music, Drama and English departments. The first focused on graphic style illustration with artist 'Emelbi', who impressed Year 9 students with his quirky graffiti portraits created using pen, pencil and highlighter. Students from Years 11 and the Upper Sixth participated in an 'Everyday Objécts Workshop, with intemationally respected artist Lisa Milroy RA-, it was fascinating to hear about her ideas and working practice. A busy Bushell Hall exhibition, celebrating GCSE & A Level art, combined with an Evening of Art and Music. made for a wonderful showcasè of student talent. The three-week festival induded num8rous lunchtime events including a fun cuiy Pudsey Bear activity18d by Lower Sixth students. Over the February half-term. students and staff travelled to Madrid for a Spanish and Art Cultural visit. The busy itinerary included a walking tour of historical sites and visits to the Atlético Madrid Football Stadium and Las Ventas Bullring. In the Reina Sofia Art Gallery, stud8nts saw 'Guemica', the iconic anti-war painting by Pablo Picasso, whereas in El Museo Nacional del Prado, they saw works by masters of European art including Goya and Velasque,. the value of this experience was evident in subsequent A Level studies. On the last aftemoon. students and staff attended a cookery course, taught in Spanish, whefe they prepared classic dishas including paella and tortilla. In June, pupils from local primary schools attended 3 Saturday art sessions, run by the department as part of the School's 'Be Inspired, programme. During the year, the department also assisted with sets and props for the Scuttl8rs and Oliv8r productions. An intense Summer Tenn of extemal exams led to impressive work, much of which was on display during Birkonian Week and at the Arts Awards Evening. Once again. Year 7 to 9 students received Amazing Artist awards alongside prizes for the older years. student work is regularly c8lebrat8d and événts communicated through #birkenheadschoolart Instagram. It currently has 1,195 followers including parents, schools, art colleges, galléries and other artists. io BIRKENHEAD SCHOOL TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2024 Ci%CURRICULAR ACTIVITIES It is cl6ar, both from on-site observations and feedback from parents. both prosp8ctlV8 and current. that all stakeholders place significant value on co-curricular actlvltles. Th8 School takes great pride in the diverslty and extensive provision of co-curricular activilies, and we continue to invest in coaching and resources. with increased investmenl in both areas this year. In our most r8c8nt student voice survey. over 80°/o of respondents participate In School con of investments which are includad at market value. GROUP ACCOUNTS These financial statements consolidate the results of the charity, its wholtywown8d subsidiary Novitas Services Limited and The Birkenhead School Foundation Trust (which is under ￿rnrnn controll on a line by line basis. A $8parate statement of financial activities for the charity itself is not presented because the charity has taken advantage of the exernptions afforded by paragraph 397 of the SORP and of th8 Companiès Act 2006. INCOMING RESOURCES All incoming resources are included in the Statement of Financial ActivttTres (SOFA) when the charty is legalty entitled to Ihe Incom8 and the amount can be quantified with reasonable accuracy. FEES AND SIMILAR INCOME Fees recelvable and Charges for setvices and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated inclusive of Contributions from assistance funds and befo￿ deduction of allowances and other remissions allowed by the school. VOLUNTARY INCOME Donations are recognised in the statement of financial activities as incoming resources when receivable 8XC8Pt in so far as they are incapable of financial measurement. RESOURCES EXPENDED All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs r81ating to the category. Where costs cannot be directty attributed to particuSar headings, they have been alloc2ted to activtiies on a basis consistent Wtih use of the resources. Support costs are those costs incurred directty in support of expenditure on the objects of the charity. GRANTS PAYABLE The School awards Scholarships and Bursari8S to some pupils, which hav8 th8 effect of reducing th8 fees payable by the parents of those puplls. Scholarships a￿ awarded for academic merit and Bursaries are awarded in response to parental hardship. Awards are made using money from several sources, including that provided by The Birkenhead School Foundation Trust, the Old Birkonian Soaety and the School's ov4n funds. 28 BIRKENHEAD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 contlnued ACCOUNTING POLICIES (contlnued) TANGIBLE FIXED ASSErs Tangible fixed assets costing more than £1.000 are Gapttalised and included at cost including any incidental expenses of acquisition. The substantial replacement of a capital asset as part of a project will also be capitalised. Further IT infrastructure and data-hobjing devices will be capitalised. as will durable music instruments costing more than £250. Depreciation is provided al annual rates in order to write off the Gost of each asset over tts estimated useful lrfe as follows: Land Buiklings Fumiture and equipment Motor vehides Straight line basis over 10 to 50 years Straight line basis over 2 to 10 years Straight line basis over 5 years OPERATING LEASES Payments under operating leases are charged to the SOFA as incurred. 1.10 INVESTMENTS Quoted investments are included in the financial ststements at their market value at the balance sheet date. The investment properties are induded at valuation. Gains and losses arising on the disposal and revaluatton of investments are cakulated by reference to their book value and credited or charged to the SOFA. Dividends and interest thereon are included in the SOFA on a receivable basis. The Trust's investment property was professionally revalued during the 2012-13 financial year. 1.11 PENSION SCHEMES Retirement benefits to employees of the School are provided by the Teachers. Pension Scheme (TPS). the Merseyside Pension Fund (MPF) and a further workplace pension scheme (The People's Pension (TPP) with B&CE Insurance Limited). The TPS and MPF are defined benefit schemes v4hich are externalty managed and contracted out of the State Eamings Related Pension Scheme. Contributions to the schemes are charged to the income and expenditure account so as to spread the Gost of pensions over employees. working INes with the Schcol in such a way that the pension cost is a substsntially level percentage of Gu￿ent and futurè pensionable payroll. Th8 MPF contributions ar8 detemiined by independent, qualrfied actuaries on the basis of triennial valuations using the projected unit method. The TPS contributions are set as a matter of national govemment pay policy folbwing regular reviews. The pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equÉval8nt to the curr8nt rate of rètum on a high quality corporate bond of equivalent currency and temi to the scheme liabilities. The resulting defined benefft asset or liability ts presented separatety after other net assets on the face of the balance sheet. The TPP was entered as a workplace scheme as a replacement to thé Prudential stakeholder pension on 1st April, 2014 in order to reduce employees, pension management costs and to facilitate compliance with the auto-enrolment regulations. Both are defined contribution schemes for employees. The annual contributions payable a￿ Gharged to the statement of financial activities. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. 29 BIRKENHEAD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 contlnued ACCOUNTING POLICIES Icontlnued) FUND ACCOUNTING Unrestrictèd funds, which have not been designated for other purposes. are available for use at the discretion of the trustees in the furtherance of the general objectives of the charity. R8strict8d funds are funds which are lo be used in accordance wrth specific restrictions imposed by donors or which hav8 b88n rais8d by th8 charity for particular purposes. Endowment funds are retained on trust for the benefit of the charity as a capital fund. Donatlons r8c8ived for the g8n8ral purposès of the School are credlted to unrestrlcted lunds. Donations subject to specific wishes of the donors are carried to relevant restricted funds or to endowment funds, where the amount is requlred to be held as permanent capital. 1.13 GOVERNANCE COSTS These comprlse costs for the running of the charity itself as an organisation. 1.14 FINANCIAL INSTRUMENTS The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments ar8 initially r8cognis8d at transaction value and subs8qU8ntly measured at their settlement value wlth the exception of bank loans whlch are subsequently measured at amortised costs using the effective interest method. VOLUNTARY INCOME Unrostrlcted funds Rastrlcl•d funds Total 2024 Total 2023 Donatlons General donations Legacies 2,141 70.567 72,708 272.366 14,000 2.141 70.567 72,708 286,366 Included in donations of £272,366 for 2023 is an amount of £46.756 which is restricted. SCHOOL FEES 2024 2023 The school's fee income comprised: Gross fees Less bursaries, scholarships and discounts 12,418.118 11.357,471 (1.188.167) (1,070,274> 11,229,951 10.287.197 30 BIRKENHEAD SCHOOL NOTES TO THE FINANCIAL TATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 contlnue OTHER TRADING ACTNITIES Unrestricted Restricted funds funds Total 2024 Total 2023 School shop commission Hire of facilities Fundraising events 15,300 84,554 15.300 84.554 12.844 12.582 64,708 15,539 12,844 99,854 12.844 112,698 92,829 Included In fundralslng events of £15,539 for 2023 is an amount of £15,539 whlch Is r8strlcted. INVESTMENT INCOME Unrestrlcted R•strlctod Endowmant funds funds funds 2024 202 Dividends Bank Interest Common Investments Fund shares Rental income {including recharges) 129,441 148,024 3,110 132,551 148,024 901 114,982 177,513 43.786 894 68.892 901 114,982 392.447 3,110 901 396,458 291,085 For tho yoar ended 31 August 2023 Divid8nds Bank interest Common Investments Fund shares Rental income (including r8charg8s) 173,722 43,786 3,791 177,513 43,786 894 68,892 894 88,892 286,400 3,791 894 291,085 EXPENDrruRE ON RAISING FUNDS 2024 2023 Publicity and marketing Staff costs Fundraising Investment management costs 53,737 163,771 39,676 38,373 80,209 136,798 41,717 39,789 295,557 298,513 31 BIRKENHEAD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 continued EXPENDrruRE ON CHARrrABLE ACTNMES Staff costs Other osts Support osts Total 2024 Total 2023 re¢latlon Charltablo oxpondlture Grants awards and prizes Teachlng costs Welfare Premises Activity courses School trips 3.410 3,410 5.323 464,809 1,220,081 9,292,867 8,468,657 878,515 140.036 1,066.568 927,607 764.687 245.699 1.875.222 1,889,492 5,310 5,310 8,439 512.855 512.855 374.919 7.346.394 43.407 673.539 261,583 4.610 191.297 Totsl 8.063,340 457.490 2.629.586 1,605.816 12,756.232 11,674.437 For the year ended 31 August 2023 Grants awards and prizes Teaching costs Welfare Premises Activty ¢ourses School trips 5.323 737.414 584,111 806.204 66,000 945.305 134.085 8,439 374.919 5.323 8,468.657 927.607 1,889.492 8,439 374.919 6.899,975 45,269 620.456 247,157 10,134 189,646 Total 7.565,700 446,937 2.877.604 784,196 11,674,437 ALLOCATION OF SUPPORT COSTS Th8 Charity apportK>ns its support costs as shown in the tabl8 below. Support costs are allocated on a basls conslstent wlth th8 use of the r8sourc88. Actlvlty Welfare Premlses course• Total 2024 Total 2023 achln Staff costs Depreciation Office costs Recruitment, hospitslty and presentations 23.107 Subscriptions and affiliations 10,851 Bank charges 4,702 Gov8mance costs 277,837 377.238 43.298 75,968 496,504 484,363 3,940 187,958 526.346 60,412 105.996 692.754 2.652 1.245 540 31,889 4,653 2,185 947 55.950 30.412 14.281 6,189 365.676 25.776 17,658 5.542 58,959 1,220,081 140,036 245,699 1.605.816 784.196 32 BIRKENHEAD SCHOOL NOTES T THE FINANCIAL TATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 continued ALLOCATION OF SUPPORT COSTS (contlnued) For tho year ended 31 August 2023 Toachln Aclivity courses Totsl 2023 Welfarn Promlsos Stsff costs Depreciation Office costs Recruitment, hospltallty and presentations 19,200 Subscriptions and affiliations 13.153 Bank charges 4,128 Govemance costs 43.916 360.780 40.765 3.940 12.212 82.818 484,363 3,940 187,958 142,934 32.812 2.169 1.486 466 4.962 4.407 3.019 948 10,081 25.776 17,658 5,542 58,959 584.111 66.000 148.013 784.196 STAFF COSTS 2024 202 Wages and salarles Social security costs Penslon contrlbutlon Apprenticeship lewy 6,829,003 671,214 1,205,353 18,045 6,503.218 648,287 1,018,658 16,698 8,723,615 8,186,861 The directors have recerrfed no remuneration during the year or the previous year. The average number of full time equivalent employees in the period, excluding directors, was: 2024 2023 No. Teaching Teaching supwrt TechniGal support Estates support Administration and Marketing Early years Welfare 78 14 81 21 15 30 22 15 33 166 170 33 BIRKENHEAD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 contlnued STAFF COSTS {¢ontlnu8d) 2024 2023 No. The number of higher paid employees was: £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001 - £100,000 £100.001- £110,000 £130.000 - £140,000 10 The k6y management personnel of the charity comprise the Headmaster, the Head of Pr8p, Bursar and three Deputy Heads (2 Senlors, 1 Prep) and th8ir 8mploy8e benefits total £762.528 (2023 . £716,749). 34 BIRKENHEAD SCHOOL NOTE THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 contlnued 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES Unrestrlcted Restrlctad Endowment Total funds funds funds 2023 Noto INCOME AND ENDOWMENTS FROM Donations and Legacies Fe8s receivable Catering income Sports courses School trips Other income 239.610 10,287,197 709,588 7,558 374.919 286.116 46.756 286,366 10.287,197 709,588 7,558 374.919 286,116 Other trading activities Investment income Other income 77.290 286,400 148.352 15,539 3,791 92,829 291,085 148,352 894 Total 12.417,030 66,086 894 12,484,010 EXPENDrruRE ON Ralslng funds 298,513 298,513 Charltablo actlvltles Grants awards and prizes Teaching costs Catering and welfare Premises Sports cours8S School trips 4,429 8,403,886 927.607 1.889,492 8,439 374,919 894 5,323 8,468.657 927,607 1,889,492 8,439 374,919 64,771 Total 11,907,285 64.771 894 11,972,950 Net income before gainsl(losses) Net gains on investments 509.745 (171,746) 1,315 511.060 (615) (172,361) Net Income 337,999 1,315 (6151 338,699 35 BIRKENHEAD SCHOOL TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 contlnuod 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (¢ontlnued) Unrestrlctod funds Restrlctod Endowment Total funds funds 2023 Net Income brought lo￿ard Transfer be￿een funds 337,999 1.315 (6151 338,699 337,999 1,315 (6151 338,699 Other rocognlsed galn• Actuarial gains on defined benefit pension sch8m8 550,000 550,000 Not movomont In fund8 887,999 1,315 (6151 888,699 RECONCILIATION OF FUNDS Total funds brought forward 19,702,650 137,691 31,584 19,871,925 TOTAL FUNDS CARRIED FORWARD 20,590,649 139,006 30,969 20,760,624 NEf INCOME(EXPENDITURE) 024 2023 Resources exp•nd•d Includ• Operating lease payments Auditors remuneration.. for audit services for accountancy services Directors, liability insuranc8 Depreclatlon of owned fixed assets 4,954 12,000 5,000 5,487 11,000 3,970 9,323 457,482 446.937 36 BIRKENHEAD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 continued 12. TANGIBLE FIXED ASSETS Fumlture and Motor ui ment vehicles Land and Assets under Bulldln s Construction Total Group At 1 September 2023 Additions Transférs Disposals 12,090,719 189,440 3,376,294 246,144 15,713,157 191,570 101.540 482,550 At 31 August 2024 12,280,159 3,567,864 347,684 16,195,707 Depreclatlon At 1 September 2023 Charge for perlod Disposals 166,705 171,036 2,563,441 262,245 190,189 2,920,335 24,201 457,482 At 31 August 2024 337,741 2,825,686 214,390 3,377,817 Net book value At 31 August 2024 11,942,418 742,178 133.294 12,817,890 At 31 August 2023 Company At 1 September 2023 Additions Transfers Disposals 11,924,014 812.853 55,955 12,792,822 11,893,719 189,440 3,339,027 248.144 15,478,890 191,570 101.540 482,550 At 31 August 2024 Depraclatlon At 1 September 2023 Charge for period Disposals 12,083.159 3,530,597 347,684 15.961,440 162,765 167,096 2,526,174 190,189 2,879,128 262,245 24,201 453,542 At 31 August 2024 329,861 2,788,419 214,390 3,332,670 Net book value At 31 August 2024 11.753,298 742.178 133,294 12,628,770 At 31 August 2023 11,730,954 812.853 55,955 12,599.762 At 31 August 2024 land and buildings included £12,075,000 at valuations made in August 2022. whlch were professionally valued by CBRE on a fair value basis, in accordance wtth guidelines issued by the Royal Institution of Chartered Surveyors. Land and buildings includes land amounting to £3,886,940 which is not depreciated. This asset is used for direct charltable purposes. 37 BIRKENHEAD SCHOOL NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED GUST 2024 contlnu 13. FIXED ASSET INVESTMENTS 2024 2023 Group Market value at 1 September 2023 Additions at cost Disposals at openlng market value Revaluation changes (Decrease) in deposits 7,094,310 5,808,533 1,291,163 2,427,205 (1,548,892) (1,172,276) 564,039 (173,635) (204,003) 204,483 Market value at 31 August 2024 7,196,617 7,094,310 Historical cost at 31 August 2024 6,272.848 6,670,813 The investments comprise: 2024 202 UK Govemment stocks UK equities and funds Overseas 8quitl8s and fund8 Common Investment Funds Cash awaiting investment Investment property in Nanlwich Solar panels 682.032 2,236,953 4.108.031 33.460 93.229 442,250 2,448.176 3,366.902 30,968 297,232 462,842 45,940 42,912 7,196,617 7,094,310 2024 2023 Company Market value at 1 Septemb8r 2023 R8valuatlon Changes 30,988 2,492 31,585 (615) Market value at 31 August 2024 33,460 30,968 Historical cost at 31 August 2024 12,365 12,365 The Investments o)mprise'. 2024 2023 Common Investment Fund shares Investment in subsidiary company - see note 20(a) 30.958 30,966 30,960 30,968 Shares in the Common Investment Fund hav8 been valued by reference to prices quot8d by th8 Fund Managers. 38 BIRKENHEAD SCHOOL NOTES TO THE FINANCIAL TATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 continued 14. DEBTORS 2024 Com 2023 Grou Grou Com an Fees receivable other debtors Prepayments and accrued income Amounts due from subsidiary undertakings Tax recoverable 712,539 116,722 155,997 712,539 104,232 155,997 448,280 234,288 484,488 219.296 234,288 470,488 219,296 398,326 7,831 11,478 993,089 1,421,048 949,550 1,322,398 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 rou Grou Com an Fe8 payments in advance Trade creditors other taxation and soclal securlty Other creditors Accruals and deferred In￿rne 1,744,046 517.979 166.121 1,597,058 207,506 1,744,046 517,979 166,121 1,597,058 198,078 1,827,625 437.627 164,015 789,149 102,629 1,827.625 437.627 164.015 789,149 84.551 4,232,710 4,223,282 3,321,045 3,302,967 16. ANALYSIS OF MOVEMENT IN FUNDS Balance at 1 Soptembar 2023 Galns Losses and transfers Balance at 31 August 24 Income Ex ndltur Unra8trlcted funds Genera5 funds Penslon deficit 19,724,649 13,552,138 13,070,074 866,000 (24,000) 884,729 42,000 21,091,442 932,000 20,590,649 13.552,138 13,046.074 926,729 22.023,442 Restrlcted funds Bursary funding Restricted fundraising 131,531 7,475 73,677 12,844 (73,114) 132,094 15,505 4,814 Pomianent endowment Prize and Scholarship Funds 30,969 901 901 2,492 33.461 Total funds 20,760,624 13,639.560 13,051,789 856,107 22,204.502 Funds are transferred from restricted funds to unrestricted funds within the Group (School and Trust) when they are applled for the intended purposes (8.g. bursary funding, prizes or other grants). 39 BIRKENHEAD CHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 contlnuad 16. ANALYSIS OF MOVEMENT IN FUNDS (Contlnued) Comparatlves for the prevlous year Balance at 1 Septemb•r 2022 Galns Losses and transforn Balance at 31 Augu¥t 2023 Income Ex ndltur• Unre8trlct•d funds General funds Pension surplus (deficit) 19,375,650 12.417,030 11.896,285 327.000 11.000 (171,746) 550,000 19,724.649 866,000 19,702,650 12.417,030 11,907.285 378,254 20,590,649 Rastrlctad funds Bursary funding Restricted fundraising 129,097 8,594 50,547 15,539 48.113 16.658 131,531 7,475 Pemianent endowment Prlze and Scholarship Funds 31,584 894 894 (615) 30,969 Total funds 19,871,925 12.484,010 11,972,950 377.639 20,760,624 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS Group Unrestrlcled funds Restrlcted Endowment funds funds Tangible flxed assets Investments Cash and bank Net current assets (liabilities) Defined benefit pension asset 12.817,890 7.031.062 4.482,111 (3,239.621) 932,000 12,817,890 7,196,617 4,497,616 (3,239,621 932,000 132.095 15.504 33,460 22.023,442 147.599 33.461 22,204,502 Company Unrestrlcted funds Restrlctod Endowment funds funds Total Tangible fixed ass8ts Inveslments Cash and bank 12,628,770 12,628,770 33,460 3,278.788 33.460 3.278.787 Net Current 8ssets (liabilities) Defined benefit pension asset (2,802,234) 932.000 (2,802,234) 932,000 14.037.323 33.461 14,070,784 IRKENHEAD CHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 contlnuod 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS Compafatlv•8 for the prevlous year Group Unrnstrlctod Restrlcted Endowment funds Total Tangibl8 fixed assets Investments Cash and bank Net current assets (liabilities) Defined benefit pension asset 12.792,822 6.931.811 2.371,512 (2,371,495) 866,000 12.792.822 7,094,310 2,378.967 {2,371,495) 866.000 131.531 7.475 30.968 20.590,650 139,006 30,968 20,760,624 Company Unrestrlcted Restrlctod Endowrnent funds Total Tangible fixed assets Investments Cash and bank 12.599,762 12,599,762 30,968 2,168,164 30,968 2.168,164 Nel current assets (Ilabilities) Defined benefit pension asset (1,980.569> 866,000 (1.980,569) 866.000 13.653,357 30,968 13,684,325 18. PENSION COMMITMENTS The School do85 not operate a pension for ts employees but all empk>yees have the opportunity to bè part of either defined benefit schemes provided by approved bodies in the UK or the defined contribution workplace pension scheme - The People's Pension (operated by B&CE Insurance Limited). (8) Marseyslde Penslon Fund (MPF) Birkenhead School is an adrnitted body of the Merseyside Pension FurKI. the local govemment pension scheme. Members contribute varying rates between 5.8% and 6.8°kn of pensionable salary and the School contributes at set rates agreed between the scheme's truslees and actuaries. This scheme is being accounted for under FRS102, as the projected untt actuarial cost method. Total employèr contributions amounted to £28,777 (2023: £26,022>. Mombershlp numbers at 31 August 2024 Active Deferred Pensioners Wldow 2024 2023 15 19 41 BIRKENHEAD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 continued 18. PENSION COMMITMENTS (continued) The actuarial assumptions underlying the assets and liabilities as at 31 August 2024 were:_ Assumptlons 2024 Rate of CPI inflation 2023 2.6% 2.8% Rate of salary increases Rate of pension increas8S Discount rate 4.10 4.30/0 2.9¥ 5.6° 4.90 The assets in the Fund and expect8d rate of r8tum were: 2024 £OOO'$ 2023 £OOO's Equities Govemment l)onds Other bonds Property Cashlliquidity other 1,551 660 226 328 207 799 1.666 483 150 385 99 879 Totsl market value of assets 3.771 3.662 Actuarial value of (liabilities) (2,839) (2,796) Fund surplus 932 866 42 BIRKENHEAD SCHOOL NOTES TO THE FINANCIAL TATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 contlnued 18. PENSION COMMITMENTS (contlnued) The amounts r8¢ognised in statement of financial activities are as follows'.- 31 August 31 August 2024 2023 £OOO's £OOO's Current service cost Net interest cost Admlnistration expenses 25 (48) 28 {16) (1) Totsl included in employee expenses (22) Changes in the present value of th8 defined ben8fit obligations are as follows.. Openlng defined ben8fit obligatlon Currenupast service Cost Interest on pension liabilitTres Members contributions Actuarial {gains)losses on liabilitl8s Benefitsltransfers pald 2,796 25 150 3,334 28 139 107 (2471 (558) (155) Benefit obligations at end of year 2,839 2.796 Changes In the falr value of plan assets are as follows:_ 2024 £OOO's 2023 £OOO's Opening fair value of plan assets Interest on pension plan assets R8m8asur8m8nts Employer contributlons Members contributions Benefit￿transferS paid Administratlon expenses 3,662 198 149 3.671 155 (18) (247) {1) (155) (1) Fair value of plan assets at 31 August 2024 3,771 3.662 Statement of recognlsad galn8 and108SOS Actuarlal galnsl(losses) recognlsed In the STRGL (42) 539 43 BIRKENHEAD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 contlnuod 18. PENSION COMMITMENTS (contlnued) (b) T•achors' Penslon Sch•m• The School participates in th8 Teachers, Pension Scheme (England and Wales), (TPS) for its tea¢hing staff. This is a multi-employer defined benefits p8nsion sch8m8 and it is not possible or appropriate to identify the assets and liabilities of the Scheme which are attributable to the School. Accordingly, the School accounts for its contributions as if the TPS were a defined contribution scheme. The charge for the year to 31 August 2024 was £1,042,070 (2023 £915,043). Th8 latest actuarial valuation of the Scheme by the Government Actuary was issued on 5 March 2019 relating to the period to 31 March 2016 The key elements of the valuation and subsequent consuliation are.. employer contribution rates set at 23.68Vo of pensionable pay including a 0.08% employer administration charge. total scheme liabilities (penslons currently In payment and the estlmated cost of future beneflts) for sen4i¢e to the effective data £218,100 million, and notional assets (estimated future contributions together with the notional investments held at the valuatlon date) of £196,100 million giving notional past service deficit of £22,000 million th8 SCAPE rate, set by HMT. is used to detemilne the notlonal Investment retum. The current SCAPE rate is 2.4DA above the rate of CPI. Th8 assumed real rate of return is 2.4¥0 in excess of prices and 20/0 in excess of earnings. The rate of real earnings growth is assumed to be 2.2Q/o. The assumed nominal rate of return including earnings growth is 4.450/0. {c) Stakeholder penslon schomo The School started to operate a defined contributions penslon scheme for employees in 2002 when The M8rseyside Pension Fund was closed to new employees. Initially this provision was vi8 the Pwdential stakeholder pension scheme. On 111 Aprll 2014, contrlbutions w8r8 transf8rr8d to Th8 P80pI8'8 Penslon, operated by B & CE Insurance Limited. This has a lower management fee and is compliant with auto*nrolmenl pension regulations. The employers, contribution rate has remained at a maximum of 5Q/o With an exception for the Bursar at 12.5°A. The penslon charge for the year to 31 August 2024 was £190,280 (2023.. £89,850) BIRKENHEAD SCHOOL OTES T THE FINANCIAL TATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 continued 19. OTHER FINANCIAL COMMITMENTS At 31 August 2024 the charty had outstanding Cornmitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows 2024 23 Within one y8ar Between Iwo and five years 4.954 13,622 4.954 18.576 18,576 23,530 The School has a (revlewable) commitment to partly fund the fees of a certain number of students who have been granted bursarfes and scholarshlps durlng thelr school carears. The Birkenhead School Foundatlon Trust has agreed to provide 8SSiStance to the School in respect of these fees both in this financial period and in future years. 20. CAprrAL COMMITMENTS At 31 August 2024 the School had capital commitments amounting to £Nil {2023 £Nil) 21. SUBSIDIARY AND RELATED ENTITIES (a) Novltas Servlces Llmlted The Charity owns the whole of the issued share capital of Novitas Services Limited. a company registered in England and Wales. At 1 September 2009 the subsidiary ceased trading and ils activities Wer8 absorb8d by Birkenhead School. A summary of the results of th8 subsidiary is shown on the folhjwing page, these expenses have been consolidaled on a line by line basis in the SOFA. 45 BIRKENHEAD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1AU ST 2024 contlnu 21. SUBSIDIARY AND RELATED ENTITIES Icontlnued) (a) Novltas Servlces Llmltsd 2024 2023 Tumover Cost of sales Gross profit other income Administrative expenses Surplus of revaluation (3,940) (3,940) ProfitJ{L088) (3,940) (3,940) Tho aggrogate of tho assets, Ilabllltlos and funds wa•: 2024 2023 Assets Liabilit18S 189,120 (351,867) 193.060 (351.867) (162,747) (158,807) Share capltsl Profit and loss account (162,749) (158.809) (162,747) {158,507) (b) Blrk•nh•ad School Foundallon Trust - conn•cted charlty The Birkenhead School Foundation Trust 15 a connectèd. but separately registered charitable trust (registration no. 1068650) 8Stablished in 1998 with the object of applying its trust fund and income to assist the School further its charltsble objects. It Is und8r common control of the School. A summary of the results for the Trust is shown below.. 2024 2023 Incoming resources Resources expended Losses (gains) on investments 369,678 1119,933) 811,615 1.901,021 (306,615) (171,746) Net movement in funds 1,061,360 1,422,660 46 BIRKENHEAD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 continued 21. SUBSIDIARY AND RELATED ENTITIES {contlnued) Blrkenhead School Foundatlon Trust- connected charlty Tha aggr•gats of tha assets. Ilablllties and funds was: (b) 2024 2023 Assets Liabilities 8,402,308 <105.842) 7,299,646 (64,540) 8,296,466 7,234.106 Unrestricted funds Restrictèd funds 8.148,868 147,598 7,096.100 139,006 8,298,466 7,235,106 (c) Blrkenhead School The surplus dealt with In the Ststement of Financial Activities of the parent company was £386.458 (2023.. Deficit £530,021). CONTINGENT LIABILrrY On 5Tr1 July 2018, Blrkenhead School entered Into a contract wlth Compass Contract S8rvlc8s (UK) Llmited as the provider of catering and related services. The contract is for 10 years and may be terminated by either paty on the first, third, fifth. or seventh anniversary of the Services Commencement date, being 111 August 2018. As part of the contract Compass Contract Services (UK) Llmlted provlded capltal investment into the catering facilitl8S to th8 value of £350,000. If the agreement is temiinated by either party eartier than 31 July 2028 for whatever reeson, Birkenhead School must pay the following, together with the value of any VAT chargeable th8r80n: Year Liabilty 164.286 127.143 90,000 47