BROMSGROVE SCH(X)L (* eompany limited by guannttt) (IDeorpor#ting Brornsgrove Sch￿1 Scholarship and Prry¢ FuDd, D*vNI Walters Memori*l and The So¢lety of Fritnds or Bromsgrove Sch4)ol Endowment Trust) CONSOLIDATED FINANCIAL STATEMErws FOR THE YEAR ENDED 31 AUGusf2021 Company Number 4808121 Charity Number 1098740 Haysmacintyre LLP Chartered Accountsnts Registered Auditor5 BROMSGROVE SCHOOL REPORT OF THE GOVERNORS THE GOVERNORS AND GOVERNING BODY Mr P West (SC; GC: FPC. RC) ChairnwL & ChaiTmaD of Safeguarding & Welf#re Committee Li Col M S Ballard (HC- SC) chairm￿ of Health & Safety Commiltee Dr C Barnett (EC, GC) ChaiTman of Education CoTnmittee Mr C D E Cameron (FPC. IC. SC) Mrs A E Cleary (EC) Dr D Cunningham {EC) ApN>inted 5 March 2021 Dr C Lidbury (EC. SC) Mrs J Lojnion (BC) Mr M Lucknwi (EC; RQ Chairman of Risk & strate￿ Committee & Governance Committee Mr W Roden (IC. FPC) Chainjan of Inveslments Committee Mr I Stringer (BC) Chainnan of Building Commiuee Mr G Strong (GC: HC,. BC) Resigned 13 Augu￿ 2021 Mr D R Wal¢¢rs (FPC,. RC: GC) Chainnan of Finance & Prom Committee Mrs D Waliier (HC) FPC- Member of Finance & Property Committee EC = Member of Educaiion Committee BC - Member of Building Committee IC- Member of Invesmeni Committtt GC = Member of Governance Cornrnittec HC - MembeT of Health & Safety Committee RC = Member of Risk ond Strategy Committee SC- Mernber of Safeguarding and Welfare Commiiiee CLERK TO THE GOVERNORS AND COMPANY SECRETARY Mr J Somrnerville {Thom&s Horton & Son5) HEADMASTER Mr P Clague. Mr P Clague resI￿d at the end of the *c￿emIC year. The Gov¢n)os have apw)inted Mr Michael Puni as ihe new Headmasier from Septeml*r 2022. Web51te= ¥Thw.bromstsrove-school.co.uk PRESIDENT Mr S Towe CBE DL BROMSGROVE SCHOOL REPORT OF THE GOVERNORS {¢ontiD¥ed) ADVISERS Banker5.' Lloyds TSB Bank Pl¢ 112 Hrgh Street BronLS8Tove W0￿S B618EZ Solicitors: V¢￿t W#sbrou8h 0￿hard Court Orchard IAn¢ Bristol BSI 5WS Harriu)n Cjark Rickerby5 Ellenknlough How¢ Welling￿￿ Street Cheltenham GL50 IYD AuditOTS.' Haysmacinwe LLP 10 Qwn Street Place LonLknn EC4R IAG Investment Advi5ers'. R￿hbo￿e5 Temple Point l Temple liow Birniingham B2 5LG Insuranc¢ BrokeTS.' M8r5h Ltd 4 Mihon Road Haymards He￿ we￿ Sussex RH16 IAH rATUS AND ADMINISTRATION Bromsgrove SclM)ol 15 3 compery limited by gwan￿. having a shaTe wital and is governed by 115 memorandum attd arti¢l¢s of association. Company Registration numb¢r. R¢8i5ter¢d Charity number.. 4108121 1098740 Rc8i5tered offire: Worvster Road Brtsrnsgrove Wor¢eMeTshire B617DU BROMSGROVE SCHOOL REPORT OF THE GOVERNO￿ (CoDtln¥ed) CHAIRIMAN'S sfATEMENT Thc pand¢mi¢ has continued to have a 518nifKant irnpxt on the scknol during this academic ye￿. l am ple&%ed to say The sch)ol h85 success￿IlY navigated through tF*se difficult tirncs th¢ excellent $upport we have received from the School's wider Cornmunity. Ai the core of ihc community 3r¢ our pupils who have continL*d ￿ be ¢x¢¢ptional in adapiing to the challcnges they faced during the year. Th¢ GovenK>rs are particularly gratefvl to our teachers and non4¢ademic Staff who have all delivered excelleni education in a safe enviTonment in diffi¢yh circums1w￿¢s, exp¢rtly led by the H¢admasier, the Exe¢utive and thc Senior Mana8emeDt Teatns. None of thL5 would have been wJ55ible without th¢ continued support aTwJ u￿lets1andln8 of parents. Thanks io the wider COMM￿lty the sck)ol 15 fknurishing. WhcTh we w¢nt ITh to the second lo¢kdowTr. we had a s￿0th transition back ty) out digitsl learning platforms. Whilst we tdll re¢o¥nise the huge benefiis of pupi15 being thught face to facc in c]èssrom. we kN)w the education that we provided our pupil$ througknut thi5 lockdowh wiod was of the higl*st starrfiard. Academic results were excelleni aThJ were in line with previous yeaTS. Dryiie the difficulties with the Teacher As5e55ed Grades, our teacher5 aThJ pupils woknd tiTelessly ￿ ertsw¢ that our kth¥e￿ wrre able to secure the university plhces ihey deserved. Iniern*ioTwi Boarders ked parti¢ularty difficuli ¢hall¢nges with iw)rders at tinK5 ck>sed and Internation￿ travel and qU8Tantine restriciions. Al time5 during the a¢ademic year a signific￿1 number of pupils were unable lo go home. We were able to look after all these pupils throush our Gugrdi￿ Angel TewtL opening up Imwding houses during holidays. Th¢ feedback we have had from pupils and parents is that. whilst Tr)t the same as re￿rnIng h)m¢. Lt was nevenheSess a great su¢¢ess. We are very pro￿1 of the strong PLrforal care and $upw>rt wt continue w pn)vide our families. Unce a88in. The trM)k early thcisive a¢tion to ￿ntrol costs. Thi$ resulicd in ¢ost savin85 of £1.7m and wos achieved ihrough careful c05t management. Whi151 the GovernmeM fuAough scheme wa5 U5cd agaiD in the second ltsckdown, no Itaching staff were furloughed. The fibll costs savings %*re passed on to parents through a reduuion in fees. The school ended the year in a strong ruw￿181 position. The Heathnaster after eight SUCCC55ful years at the 5cknI has decided to seek * r￿Sh challenge c105er ￿ New Zealand. We will of Course at the end of the academic year properly ihank him for his excelleni leadeTthhp of the Sc￿0]. ITb the meantimc we have completed a 5wcessfvl re¢ruitment process and l am delighted ￿ anr)ounce that I I ha5 becn appointrd to Succeed Mr Clague. l a sentence ab)ut the new headl We have all r¢turned to SCI￿1 in S¢pt¢mber 2021 li was to see the excitcrneni 8nK>ng5t pupils. A busy a¢tiv¢ campus has lifted ¢v¢rytrtyty and bodes ￿11 for the ncw acad¢mic yeaT. BROMSGROVE SCHOOL REPORT OF THE GOVERNORS (ContiTrwl) The Directw& art the Governor5 of th¢ S¢lwl. present their rrport for the year end￿ 31 Augum 2021 under th¢ Companies Act 2006, ￿gether wtth the audited fmancial Statements for the ytsr and confirnj that the finan¢iai statements cornpty with the requirements of the ACL the ¢harity'S 8oYerning document 8ppli¢able law and the Stalement of Recommended Practice.. Accounting and KeFK)rting by Chariiies appliuble kn ¢haTitie5 PTeparing their accounts in Ordance with the Financial Reporting gpplicabk in th¢ UK and Republic of Ireland IFRS 102) {SKond edition. effective l January 20191. REFERENCE AND ADMINISTRATIVE INFORMATION The SclK)ol wa5 founded ID 1553 and re-founded on the current site in 1693 by TIKJmas Cookes. Brom5gTove School was one of the original fourteen mem￿r5 of th¢ Headmas*￿. Confrrence IHMCI when it was founded in 1869. Thc P preparatory and PreparAtory Schools we twentieth century fouDdations. The School was incorporated wmpany limited by guaran￿ on I Septenther 2003 under charity number 1098740 and Te8ister¢d wmpany number 4808121. OBJECTS. AIMS AND ETHOS Ch8ritabl¢ Objeets The obj¢d5 for whi¢h the Charity is estsblished are lo advancc edUc￿lon and traintng by the provision and conduct in or near Worcestershire of any day and boarding scknl or schools for boys and 8trls. Th¢ Charity provides ¢d￿ation on thrte sitrs in W(Trrcester5hire to IK*y5 and girls fvom the ages of 2-18.The Charity also ptt)vide5 nursery car¢ at the Wtnterfold 51* for babies aged 6 wrek% to 2 yesTS. It is the policy of the School to provide a first class educaiion. which identtfie5 and d¢v¢lops the ￿*Alla] of individual pupils in a variety of ￿t&s, provides them with the best achievable qualifications #Thj prepare5 them forth¢ir firtwe life. The Charity cOnsth￿ty aims tts provide a first Cl￿ education to Ixiys awj girls frorn the a8e5 of 2-18. Within the objects. the S¢hwl aims to prodwe happy. Cre￿1¥¢. ￿rnI citizErks ￿ live mtivated. fvlfillcd liyes whitt enriching the lives of other5. The Scknl seeks to a¢hi¢ve this through an enlightCl￿d. disciplined and broad education that responds to g]obal ch￿t while ￿l4]nIng core values. The Core values ihat the S¢h(M)I seeks to foster in its pupils Humility and CoDfidenc¢ Respect and Curiosity Compassion and Ambition Toleran¢e and Vision Ethos Bromsgrove 5¢hool is committed to safeguarding and pronmiting the welfare and Mtllbeing of all pupi15. The khool is proud of the Strong p&8toral care provided by the House Structure in the Senior S¢k)ol and by ihe form ￿torS within the Preparaiory and Pre-preparatory Scknols. The Scknl Iw a caring tth)s. which is reflecfrd in all of the Sckjol's policies and pro¢¢duTes. The School maintsins regular conlact with parents through newsleTreN social media. infornial m¢¢ting5 and regular reports. The Governors are committed ￿ the long sthywjing prin¢iple that charities mwt exist for the be￿fil of the public and hav¢ a long tradition of providing public benefit. bDth through eduuting pupils at the SCIM￿1 and through associaied activities for the benefii of the wider wmrnunity. The Govenx)r5 are cornmitted to wide*ing a¢¢cs5 to the School to ensure that children WEY) could not otherwis¢ attend the School Can bthefft from thc ethIc￿lOn it provides. Th¢ Sclwl's ethos is to wtlcon* ixwils from knkwuN15. Entr8n¢e assessmet￿ are undertttken kn satisfy both the School and the parent5 that prost￿live pupils can cope with ihe p&e of learning and benefit from the breadth of the ¢du¢ation that the School provides. An individual's economic styus gender, ethnicity. sexual ori¢ntats'offj race, religion or disability do not fo￿ part of the assessment pro¢ess. BROMSGROVE SCHOOL REPORT OF THE GOVERNORS (Coth¢tnued) OBJECTS, AIMS AND ETHOS (CoJbtinu¢d) The S¢hcK)l i5 part of a wider community #nd has a long history of off¢Ting a range of educational activities for the benefit of local children. The School offers Xtiviti￿ aTrJ acce$5 to the Scly)01'5 kiliti¢S to provide opportunitie5 for children other than pupils at the Sctw)ol to b¢nEfit from the ¢harity. SpecifKaity. after ihe lockdown this year. the Broms8rov¢ School Swim A¢ademy retum¢d to prDvhdin8 swimrning lessons to I.￿0 ¢hildYtn from the local community. The summer School ihat usually run5 fi)r cight weeks in the summer IKJlidays aThd the Tennis academy are also open to Jo¢al children. LO¢￿ prinwry $¢trwl$ use th¢ swimming p￿] for wrckty lessons charBe. The ScJM)ol will continue to provide a¢cess to its facilitie5 tt> children from other ￿￿￿01$. Burs*rles •nd S¢holgrshlp5 The School is cornmitted to ensuring thai thcre 15 suffi¢ieni opportunity for children wh05c pareits ¢aiiiKIt afford the fees. including tkn5e in poverty. kn benefjt from its educational services and fr&ilities. The Governors and the School managemenl regularly revicw the SCI￿1.5 Public Benefit Policy as part of the ongoing developmeni of the S¢hool' Strategy to wideh &￿t$s. The Governors are cornminEd to rnnrting a means-tssied bursary scheme to allow dired access io th¢ ¢dwational s¢rvices provided. The scheme is deSI￿d to assist prospective parents a￿1 exisiing parents on low income5 who for financial reasons might otherwise be unable to SeTwJ or continue io send their ¢hild to the SclK)ol. The bursary scheme includes Adrnis5lOIJ5 bursaries for the parents of new pupils and Hardship bursari¢5 for P￿t￿lS wIK>s¢ financial rx)sition worscn5 unexpe¢t¢dly. Admi￿]0n9 bursartes include both lifc changing bursarie5 175V. 100%) a￿1 lowcr awards for families needing fee asSiStance. Burrdrie5 are entirely tC5ted and are awarded on an at)nual b&5iS to parents WIK> Saiisfy ihe financial criteria set by the School in rel*iott io their income and tk value of theiT Capital assets. The School h&s 8 Bursary Policy. which is availabbe to Imyth prospective and exisiin¥ par¢nts. The ￿lIcY conlain5 an oveTriew of the bursary scheme and detai15 the procedure for applicaiions and awards of buTSaries. The valu¢ of buTsari¢s will be up to IOOYO of full fec5 and addilional assistsnce is available to parents lo a5SlSt wth the a55ociatsd costs of thhr child's education. The S¢lml alk￿￿ a proportion of it5 totsl income in each financial year io fund the bursary s¢hem¢. The S¢knl's current airn is to allocate rwjt k$$ than 5Y• of its kntsl inwme in exh financial year to fvnd means tcstcd bur5arics. The School's scholarthip award5 reco8nise high xademi¢ potential or the ability to excel in ¢04urri¢ular a¢riviri¢5. Scholarships &re awarded wth a fix¢d remi$$ion of be￿een 2.5•D aThJ 5Wts. Wkre fiJnh¢r assistance is required. a mean5 tested bursary may Supplement 5cIK)18r5hip aWaTd$. BROMSGROVE SCHOOL REPORT OF THE GOVERNORS {CoDthiued) STRATEGIC REPORT CURRENT YEAR PERFORMANCE REVIEW cov1￿19 COV11%19 pandmic has wntitsued to knve 8 5i8nificant ]rn￿t on the S¢h)ol this x*Jemi¢ year. Th¢ Hethaster and thc Critical Incident Matyment Team Mal￿ged ihe SCI￿1.5 response to the se¢ond lo¢kdoMm extremely effxtiyety and whilst there were significath operational and finan¢ial implication5 for thE ￿le School community, all key 5tsk¢hold¢r5 remained engaged and ￿$l￿ve about the actions tsken by the School. At an operational level the S¢lK)ol nK>ved VEry qui¢kty to ensure thai ￿1 pupils could gain acces5 kn the School's online teaching platfonn. All pupils were able ￿ access their lessons onlin¢ througb)ut the second lockdown using the Zoom platfomi for oldeT pupils and Seesaw systern for younger pupils. The online offerings were extremely well rteeived by pupils and their pafents And our thanks KO to all teach¢r5 and stsff involved. Many of our international iKJarders could not r¢turn to the¢r families this academic ye4r due to travel restrictions. A small t¢am of ¢arin& supportive Tncmber5 of staff. OUT"GuaTdiaD Angeb" remained within our i¥)aTding houses throughout the lockdown Per￿ and the S¢lwl holiday periods to look after these Ix)ard¢TS. (hjr parents and educational agents hav¢ all cxprc55cd their gratitude to the School for the care aTNJ support that we have provided in such exceptioThal tirne5. The School supported kcyworker farnilies through)ut the lockdown wiod by ILN)king after their ¢hildren ui School providing both access io the online ¢d￿allOn and Wrapar￿ wt. Key4ther familie5 have a]so ¢XPTessed their gratit￿le forth¢ 5UPPQrt that the S¢hool has provided. Due to the exceptional circumstsnces including theJJhysi¢al closure of the S¢￿0]. the Govcrnors agreed to support ail ScJx)ol families by reducing the fees in the Lertt terni pro rata for the 5ev¢n *reks of lockdtsw￿. Day fcc5 were reduced by 15Vo, boarding fee5 for students at h)me by 25% and tw)arding pupils residing in S¢knl by Iwo. In #ddttion. fec remissions were also &warded to nursery and younger pupils using see￿W. The School t(x)k Promp¢ adion to ￿dUce costs oveT this period including carKelling dis¢retioDary ex￿ndIti￿e and furloughing some ￿)n4t0¢hing staff. The Governors were very Df the ewrK)mi¢ wKertwnty * the stsrt of t]* second lockdowm and Tecognised that some f our families ￿￿]d in¢ur finartial hardship. An additional COVIt>19 Burwy F￿)d w&$ put in pl￿e to 5￿p[KIrt these farnilic5 and the finance tearn offered more flexibility around payment timings. All bwsary awards havE been ¢ot)fidentially awarded by the Bursar's office on a means tested basis. Despite the COVID-19 Testrictions. th¢ pupil roll has remti1￿ Str￿ thTOU8IMy￿ the year arxl it was pleasing that only very small number of families Icft the SchcKJl. En the summet iem. the roll stood at 1.956 pupils (2020- 1,9451. The Senior School educated 985 pupils (2020= 960) of whom 476 12020.. 4751 boarding pupils: thc Preparatory School edurated 521 pupils (2020.. 535) of whom 80 {2020- 85) were lyoardin8 pupils. Winterfold HoLLse educated 271 pupi15 (2020.. 267} and the Pte-Prep8Atory SclK)Dl ¢d￿j1¢d 179 day pupib (2020: 183). PriDcip*I Actlwlii¢J gf the Yur In the rarlier part of the ￿adeMiC year and thrOUgh￿tt the lockdown period. the Schwl's k¢y objective was to keep our children safr and to ensure tht the khool provided tI￿rn with the best w)s$ible education. Ow tvdchets d¢liv¢r¢d the full curriculum and ensured that teaching ¢ontinued at tirnr5 throughout thB year. Hybrid lessons We￿ taught io ertsure that pupils preseni in School and th05c pupi15 absent due to isolation or travel Testriction5 ail achieved the same education. Our Senior School t¢￿her$ WDTked diligently and prDfcs5ionalty in preparing our pupils through continual &￿e&Sment to achieve the be￿ PDssible outcomes in the pybli¢ examinations using Centre A55e5sed Grades {CAGsl. Despite restrictions due to year group bubbles. the Scknl ajso d¢liv¢red a wide ￿LfillIng extrxurricular al￿ sports progratnrne. At the end of th¢ year, we said farewell to Mrs Deval-Reed: the Headmistress of ow Preparntory and Pre-Preparatory S¢knols. Mrs tkvdl-Reed ha5 provided 25 years of s¢ryi¢e lo Bromsgrove School and 12 year5 of out5randing leadership a5 Headmistress. AS a much loved and respccled Headmistress. the School ¢onununity arranÈed sorne very Special end of year evcnt5 for hcr to express our gratitude aTrJ to wish her wrll in her retirem￿rt. BROMSCROVE SCHOOL REPORT OF THE COVERNORS {Ctstttitiued) CURRENT YEAR PERFORMANCE REVIEW (ContiDDed) This year. there has be¢n a vJntiDued focu5 on widening •c¢ess. The Val￿ of means tested burwies including th¢ pandemic hardship bursaries arnunied 10 5.4% of in¢ome (2020.. 4.80/0). The charity has pmvided fee assistance in the fomi of scholarships and arnKd foTtt$ dixounts. The value of s￿h addiiional assistance when added to rneang tested bursaries represented 8.7Yo of the chan"ty'$ iotal fe¢ incorne. Of the 1.956 pupi15 ￿￿ated ai lh¢ school. 530 pupils127•AI received some degr¢¢ of fIr￿￿la1 assist￿ce in the forni of burwies. s¢lJolarship5. hfrntd forces discounts and staff discount5. D¢spite COVID-19 presswe$ on the budget for the fortlwming year. the GtsverM>rs have cOntin￿d tr¥ supp)rt burwie5 and have agreed an annual bursary budget for 202112022 amunting ￿ s.￿￿ of totsl f¢e i￿orne. Despiie the uncertainty T¢8￿ding th¢ national public exams. the was prowl to publish thi5 year'5 xademic rewlts for over 400 of our pupils. Al GCSE thtre were 193 candidates and 2fA of all eniries ￿rre awarded the top grade of a 9. Haifof all GCSE grnth$ w¢re an 8 or aknve and 7(PA of all entries Mrrc awarded at least a 7. In tht Upper Sixth. there were 225 carrflidates takin8 a mix¢urc of IB. A kvels aml BTEC qualifications. At A Icvel. 8W/o of all enthes w¢r¢ graded A* to B. with 62°.4 at A*IA and 26•h of all entries at A* In BTEC. 42•A of all entries wrre awarded a Distinction star which 1$ equivalet)t to an A* at A level. In The IB dipknm& 69 5tud¢nts 5¢cur&J average of 40.2. A of 43 pupils 5wr¢d 40 or more ￿1Th1$ wth 4 student5 achieving the coveted 45 txjint rn&ximum 8ThJ 3 ￿hleVIng 44. (hw Sixth Fonn l¢av¢rs now head off to a wide range of universitie5 in the Untted Kin8dDnJ arwj around the world. S¢venteen studeTts are going oyetseas to ￿1ve￿Ill¢S 5u¢h as Toronto. Bocconi. New York and i£i&n. In a year th￿ IMS been di5ruNcd by kyond their ¢ontrol with a Thation￿ k)ckdow7L local quar¥ntines the need to work onlinc. all subjeci texhers and pupils deserve 8rtat credit. At the start of ihe pathlemic. the Govenb)rs and Executive decided that the S¢knol would not iniliate any major capital expcndilure projects until there wa5 IIK>re certainty T¢￿￿ding the imp3Ct of the pandemic on the School's finan¢es. Early in the summer terrn. a review was undertsken and it was agreed ihat the refurbi51Mneni of ihe Wendron Gordon Frf)ardhng house should ¢ommen¢¢ in the Summer holiday5. This de¢isiot> reco8nis¢d th¢ imwTrrtance of recomrnenring the boarding r¢fvrbishment programme atKI ensuring all of our boarding IK)uses are maintsined ai the high¢si stsndard. Phase one of the project was ¢ompleied ow¢r th¢ summer break which involvcd a major refvrbishrnent of 25 bedroom5 Including new heating 5yStem5 a￿1 thc installation of ensui* bathrcAims. Despite concerns about the impact of the pandemic on the boarding market. IM)arding numbers ai Bromsgrove remain Very Strong. Due io in¢Y¢ased demand for our Prep Boarding house. Ihe Governors and Executive a150 decided to convert a residential property in to an addititsmj boarding h)use ￿ be operated alongside Page House. Th¢s¢ wnver5ion works were completed suc¢¢ssfiJlty over the sumDxr break providing ¢x¢elleni ithing ￿0m[￿)dation for 20 of our senior Prep boarder5. Further Works will be ¢ornpl¢ied in SpriTh8 2021 to extend the hous¢ io providt fijrther improvement5 to the communal spacw. BROMSGROVE SCHOOL REPORT OF THE GOVERNORS (CoDtiDlled) CI)IUiENT YEAR PERFORMANCE REVIEW {Con¢iThued) The Governors and the Exccutive are committed to improving the SCI￿1.5 carbon footyrint The thbles below show th¢ key m¢tri¢5 that are being Teported for Stre&nlincd Enu8y and CartKJn Re￿rtIng in the financial y¢ar ending 31. Augusi 2021. D#ts for FY i¥1 Styt¢Thb¢r 20 to 31" Autwt 21 Valme Total Energy Use 12.196.147 kwh Total GrEctthou5e G&% Emissions (mandatory & volurttw) I.757.2￿2 Total S￿dents 1.956 Intensity Ratio 0.￿ tC02 P¢T stydent Art* of Me*Jurem¢•t FY l* 19 ¢031° FY I" SEPt 20 to 3111 21 V*rianc¢ Energy Use 10.927.3 Mwh 12.196.1 Mwh 11.6"h iDeru Greenhous¢ Gas Emissions 2.157.73 1.757.2 ￿02 18.6•h redtsrtion Intensity 0.90 tCOB per student 19.(l% reduetlon It is clear thai there ha5 been a signifi¢ant redu¢tion in emissions in the year. rnainly due to renewable tncrgy contracts in place across electricity supplies for the fu]1 year. Totsj energy L￿e has irKre&%ed this 15 largely due to the impact of the f￿51 pand¢mi¢ lo¢kdowm which resulied in significant eneryj savings in the prior year. Over the last year ihe S¢hool ha5 invested Rn nuTreTQUS proj¢ct& a1ft￿d at Émproving efficiency reducing energy C0115umption. These hav¢ included LED lighting up￿•￿e5 to Sports Halls and ￿ Oakley. In additio￿ o new air source heat pump was installed within th¢ Elmshutsi Boarding Ho￿e to allow independent heating of a specifK 7A)ne in holiday periods. Tr School is 8150 introducin8 the IQ Trend Business Management System IBMS) kn allow renK)ie control of r￿rn Itmpcratur¢s. The aforementioned projects are projected to save ¢irca 240.000 kwh per annum, r¢preseMing some 2V• of total encrgy consumption. A number of firthcr inttiative5 art planned for thc next yeaT including further ￿1[ out of LED lightittg. air grouTwJ heat P￿P5 and the insi8llation tsf PV panel5. The Governors aTe committed to widening access through the S¢]￿].$ ex*Mive btsTS￿ programme also by developing links with the I￿al community by b￿h ensuring that our tacilities are available for use aywj also by enga8in8 in outr¢a¢h programnKs to sI￿port local S¢lMKJls. kvi ¢hildren and local clwities. The Governors arxl Executive were really pleased io be abk to retspen the SclKKTrl's fa¢ilities to the loca] cotnrnunity in the summer terni. The Bromsgroye School Swim atbj Tenni5 Awl¢mi¢s have ￿¢0mMenCed and are 5u¢¢essMIy providing swimmin8 and tennis lessons to I,OIKI young children in the local cornmunity. In ihe ll¢￿ year. we also hope ts) develop our Academy proviston and intrTrJuct a Dance Academy forthe loca] community to attend. In addition, the sport5 f￿11]tieS * both the Senior khool and Winterfold si*$ have bttn used by local football. hockey, tenni5. netball and badminton teams. UnfomJnatety. we were unable to h)st either the Worce5(er5hire School Game5 or the Clickei Festtvals due io the pandemic but we will hope￿IlY Continue ty IK)St them in the Over the Summer. we were kn￿¥tr very pleased ￿ ho￿ the Birningham knkets basketb￿1 Tesideniial grow) building new links and sharing our facililiE5 Wlth children from acro￿ Birn)in8ham. BROMSGROVE SCHOOL REPORT OF THE GOVERNORS (CO￿1￿￿¢d) CURRENT YEAR PERFORMANCE REVIEW (Ctititiamed) The Governo15 arc a]50 very pleased that the local cornmunity arc benefilts.ng fmm the use of the Arts facilities. An iKreascd t)umb¢r of local choirs. orchc5tra5 aTwJ dance groups h•1 stsrt¢d to use the fxililies prior w the I￿kdOwn but unfotfynately. maThy of thEir planned ¢on¢trfs and p¢rforn)ance5 had ts be cancelled. The kknl Wds however able h05t the prestigious Brom5grove International Music Compeiiiion in May which wa5 enjoyed by maThy members of the lo¢al community. i¥)th in person and through live streaming. ThE S￿￿1 is also delighted to have developed a v¢ry strong Telarionship with the English SymplM)nic Orchestra who will be using the School for many junioT and intennediate restdential orchestra wurses in the fvtur¢. A link b&$ also been dev¢lop¢d this year *ith a local theatre group, All athd Sundry PTodu¢iions wlk) will be perforning plt4yS and i Christmas pantomimc for thc I￿11 ¢ommunity in the Scknol iheatT¢. Wiih regard to Comm￿lty oytrexh. w pupils as of BTom58Tove Service usually engage in a large ntsmber of community proJ¢¢is. In the last year. sadly swh events as amnging te8 pwtKs for the local COTnmunity could not happen. We were also prevented from inviting lo¢￿ children from the BromsgTove North and Souih Senior Schoo15 to participate in aclivities including the CCF. However. we were able to host a number of internal fundraising eveb)ts ￿ support ch8ri1ies such as B&sernentB61. Cancer Resehrch and Ma¢Millan. Olf pupils also fo¢used in this on a number of worldwide issues such ts susiainabiliry and sUp[￿ed local conservation projttts including reTh)vating the gardens ai Hartlebury C85tle. In the year. the khool has a150 provided suP￿rt to various PfDje¢ts outsKle of the Scknl in thc loca] cornmunity. Thes¢ in¢lude contributing to thE BrDm5gfDV¢ town heat net*￿Tk projcct and the maintenwK¢ of the external facilities at the Ryland Centre. The School takes pride in ensuring that supportive relation5hTPS are maintsined with 811 of the Sch(K>l's syppliefg ond contrathrs. All supplier payments are made promptly and the Schwl has a g(x)d reputatiot) lo¢ally. Throug￿)Ut the pand¢mic. the SclK)ol endeavo￿Ted ￿ ensure thai all payments continued k) be made on lime despite the restri¢tLons. Unlortunately the extra-curricular life of ihe S¢hwl was impxted by the ¢onstyaints of keepin8 pupils in Ye￿ gTOUP bubbles and the nailon￿ lo¢kdowm. In the Christrnas leTm. the School organised Vario￿ inter IK>use spoils, music and drama events and compelilions. Throughout the se¢ond lo¢kdown. many activilie5 I￿Ved online again includFn8 CCF and D of E and musi¢ was ever pr¢s¢nt with online concerts tsking plxe *rekly for pupils across all four Schools. For thos¢ boarders rcrnèined ott earnpus throughout the kKkdowTr they enjoyed full w of the Scknol's f&ilities. The sports and recrtational staff cnsured thai ihey enjoyed a full 8¢1iviiies prograrnme. Sports fi*(ure$ againsi other S¢hoo15 were very limited in ihe year. However. after the U17 crickei ieom were ¢n)wn¢d N&tional Champions at the end of 2019. IK)th the Prep Scknl atKI Senior S¢hool We￿ raThked in the Top 100 for crick¢t. Tennis also enjoyed Succe￿ and ￿ wEre delighied to be gramed the LTA IOU Perfo￿aTtt Pro￿arnMe status as part of the LTA'$ Play¢r Pathway. BROMSGROVE SCHOOL REPORT OF THE GOVERNORS {CoDtinll¢d) FINANCIAL REVIEW AND RESULTS FOR THE YEAR FIDaDtl*l Perfonbantt The Scknl achieved net inco￿￿ bEfore inve51m￿l gains of £3.468k *thi¢h As £2248k higher than the prior year. This perfornwice 15 in line with the S¢knl's budget for the ycaT. In the year. nrf fees increased from £32.007k to £34.772K an of £2.765k. Whilst pupil numbers have remained brottdly con5iSt¢nt a¢ross ail four Scknl& fte income has 1TKre&￿d due to the fee remiss￿n$ awarded in rc5pon5e trj the second lockdown bein8 lothtr than in the first kthowm. The fee in¢omc earncd wa5 however £1,637k lower than the S¢hool'5 budget due to the fee remissioths ttwarded in the period. The S¢]￿11.$ trading and other incorne iD¢rw¢d by £301k in year. Al￿￿￿¥h the Internatio￿7 Summer School. o r¢vision ¢ourses and the Cricket Festival all ¢ancElled to th¢ Pl￿1¢MI0 all of our letiing faeilitits and a¢ademies were able to open in the Summer l¢rm. The School responded very quickly ￿ the anMuncell￿ of the s¢¢ond lockdown. Controlling all aspects of S¢hool expenditure and immediately seeking ¢ost efficie￿1¢$. All di5cretiorwy and r￿*s$¢nI1￿1 expenditure was either cancelled or defeffed. Thc SCI￿1 a]so furlou8hed m¢mb¢rs of the Support Staff who ￿[¢ uTrabl¢ to due io the S¢hool ¢losw¢ through the Government'$ Job Retcntion Scheme. This provided the School with grant incom¢ of £239k. The S¢hool was able to 5¢¢ure CO￿ savings grant incomc tr) offset the fee remissions iwarded to parents and th¢ ioss of trading income to achi¢v¢ a n¢t inwme FKJsitiM which is in line with thc original budget. Our trading subsidiary receives the fraKhise fee frorn Bromsgriwe International School Thailand and Mission Hills, Shenzhen. These fr¢$ w¢re rK¢iv¢d in the year and the company abl¢ to ¢ontribute £267k ￿ khool funds. 12020.. £29k). Bromswve Scknol Fowthion net irKome befoTe investment 8alli$ of £486k. during the year ended 31 August 2021 12020.. £165kl. This fftmproved perfOrnw￿ was io a dtsnatitsn of £402k frorn th¢ Bromsgrovian Club in the forni of a transfer of inveslments following the ckTr5ure of the Club. The Found*ion 8150 received two legocy donations in the year. The fvnds raised will contrib￿¢ ty bursary awdrds to pupi15 of Bwom$gro￿ S¢knl in the firture. The School's invesknents incrca5cd in value over the as stock markets a￿￿T￿l the wNld rallied onc¢ the va¢¢ine was rolled out. Tht School's investments rose ih the peTiod by £1.044L an 18•A improvement (excluding the Bromsgrovian Club donation). In order that the Governors Could protect the School's wtsrkin8 capital p)5ition following the decision to reduce fees in the prior year. the Governors Secured fuThding from Lloyds B8nk via the CBIL scheme. Due to th¢ projected reduction in the n¢t ¢ash inflow in the prior year. a 5ccured loan of £S.thn was wrang¢d. Whilst at the time under their base-￿$¢ forecasL the Governor5 anli¢ipal¢d £3.Om being adeqU￿t cover for the projected Teduction in iT*tsrne in the prior emic year. a further £2.0rn was Ix)rrowed as additional contingency for the ￿￿diuM t¢rn) and to cover additional pre$sur¢$ on working ￿p1￿1 thai might arise from the more 5¢v¢r¢ thwlside nK>delling that the Governors had ¢onsideT¢d. As the SclM)ol's financial p¢rforniarKe improved in the year and the klwl's modelling itidicated the additional £2.Om was th) lonser rcquired: thi5 wa5 repaid to th¢ bank in Augu￿ 2021. The net ¢ash inflow fmm operntion$ during thc year amounted to £5,￿17k ¢ompaTcd to £1 J54k in the prior year. This increase in the year is due mainly io the impact of irtre￿ in nct income in the year1£2.248kl and an increase in parents paying fres in advance for the 2021 Mi¢haehn8S terni (£1.677k). A5 thi5 second impact is a timing difference betsveen the months of August aThJ SepternbEr. such that this iThcr¢ase in fees in advance for thc year ended 3 1 August 2021 was matched by a corresponding redu¢tion in receipts in September 2021. the S¢hwl's ¢ashfbw has perfomed in lin¢ with the S¢hool's pmj¢¢tion. 10 BROMSGROVE SCHOOL REPORT OF THE GOVERNORS FINANCIAL REVIEW AND RFSULTS FOR THE YEAR (Co•tinuedl In the year. the GoV¢n￿rS decided w withthaw from the Teachets Pension Schern¢ ITPSI on a phased b￿1$. Ao ahem&iive Defined Contyibution Workplxe PensN)n kheme has been Intr￿j￿Ced for all texhcrs joining the Scknl from I S¢ptember 2021. Texhers crnployrd ￿ 31° August 2021 have bcen offered the ¢]KJi¢e of remwniftg in the TPS or Iran5ferring io th¢ School's new scheme. With thc risk of f￿￿re irKreased employer contributions lo the TPS. the GOVer￿[S havc tsken thi$ action to p￿¢¢1 the long tenn financial viability of the School. Inwestmettl P•lky *ttd Perf0rD￿De¢ The Governors are pern)itted to hold a wJrtfoliD of invesnnents. Tr guidance given to the Investmeni Adviser5 Wlth regard io equity investment 15 to ba]an¢e growth and income with a medtum level of risk. These objectLVC5 arc to br hieved by In￿¢•n8 pwd¢Dtly in a broad ran8e of fixed interest se¢wities and equitie5 which are qwted on a re¢ognised Invesiment Exchan8e and LEThit tru5t5 and OEIC'S (open ended inbrstment compaiiies} ￿1¢h are athoTiSed under the Financial Servicc5 aThl Markets Act 2(KJO. The Charity'5 investment portftslio is managed by Rathbon¢$ on a discreiioml mandate with the aim of oDIperfo￿lng the MSCI PIMFA Balan¢ed Index benchmark over a rrJllin8 three-year peNd. The Totsl Return {capital change. plus In￿Me g¢n¢rat¢dl generated by thc Bromsgroye S¢Fml inve5tshent wjrtfolio durin8 the ycBr to 31.8.2021 w85 + 18.29O/a (Thet of ftC5). Thi5 return was ahead of th¢ bencljmark return of 17.9WA. ThE ￿rtFolIO produced greater equity And fixed interest returns than th¢ ben¢lJm3rL although the ￿ternatIVeS investrnent perf0mla￿t was b¢low that of the benchmark. The FTSE All Share Index produced a iotsl return of 26.95% duringthe sam¢ p¢riDd. Reserves Poli The GoverTK>f5 reco8ni5e free reserves ave kn ww¢5tridgJ r¢serves which are spttifi¢ally thsi8Thated for any purpose. The Sch)ol's unrestri¢t¢d reserves are invested primarily in fixed asse￿ which are recorded in the financi %taienienis at book value. The Gov¢rnor5 have invested signifi¢anily over the last few years in capjtal projects enhancin8 the School buildings aml f¥iliii¢s for the benefit of the children being ¢du¢a*d. Due to this significant inve5tmeM by the S¢hwl. Ihe fre¢ Teserv¢s are negattve at the ¢urr¢nt tirnc. Total Furwjs 66.?51.016 Less.. R¢stri¢ted Fund$ 110.2511 Less: End0￿￿ent Fur*45 (508.8111 Unr¢stri¢ied Funds 65.731.954 Less: Property Funding {68.863.3421 Free reserves L3.131.3881 Prioi Year 17.423.933) The Governors keep the level of free reserves unth review. Despite thi5 negative posiliorh: they are ¢onfJdent that the Sch(x>l's ca5hflow forecasis and extemal fina￿¢ facilitie5 are sufficient to me¢t the op¢ratkond nced5 of the School. As predi¢ied. Ihe free Teserves have improved in the year and predicted to continue to improve in the nen year.The Govemor5' policy LS to focus the level of liqiiid assets that support the vnr¢sincted reserves. To mitigate thgainst fi￿1¢ risks, Ihe Governors b¢lieve thai the School slM)uld ￿]d Sufficieni liqutd a￿15 to coyer three to six moDths' worth of expenditure. The aim is io be able to sUp￿rt the WO￿1￿8 wital needs of the School Wil￿Ul needing to dispose of the School's land OT buildings in the medium 1erni. BROMSGROVE SCHOOL REPORT OF THE GOVERNORS (C•ntltt*td) FINANCIAL REVIEW AND RFSULTS FOR THE YEAR (Cootititstd) The School's investhle1￿ are held to pnwid¢ I￿￿)me •T￿ ¢api¢al gYop*th atyj as they are N)t deS1￿￿j for a specific purFKJS¢. they are viewed to be liquid assets. Based on the current market price of the investments and current baJatKe5 at 31° Au8USt 2021, the Sclwl's liqyid assets an￿￿1)led to £15m cornpared with £112m at 31 August 2020. The Governors monitor the School's liquid a$5ets. the ca5hfiow forec&sts and lev¢b of external financing on a ternily ba5]5 at the Financc Committee. The CUTrent strategy is to repay the exi5ttng cxternal financin8 and to fither increase the liquid assets over the medium trmi due to thc uncertainty detailed in the Risk Manwment section of this report. Asset tovtr for Noie 12 of the fn)aY￿1aI Ststrments Sets out an a*i5 of the S¢Trw)ol's wets alltibutsble tts tt* variou5 fimds. These ets are sufficient to meei the S¢hool's Oblig￿10￿5 on a furMI by fund basis. F*#drnisin% Po]iey The School doe5 not uTrJertake fundraising for the fuwKing of witsl investment. A]1 projects wthin the School are fimded from School resources with externaj bank fJtWiCin8 as and when necessary. The Foundatitsn's objeeiive is to raise funds uhim*ety to enable the Scknl provide places to all deserving pupi]s on a needs blind basis. This is a ltsrtg tenn ambition which has a focus on friend raising rather than targeted fundraisin8. It 15 intended that g¢ntle appe￿5 are made ￿ a]1 ihose with a connection to Bromsgrove School ie.. aiymni and parcnt5 through a fundrai51118 pfo8Tamrne of ¢n￿v￿ging major gifts, rtgular giving ayld legacies. Thi5 15 supported by a prograrnme of non-fundraising events de5igrKd to encourage inter¢st and involvement with the SclK)ol. External fundraising ￿MPanieS aT¢ not used ￿ the Foundation thes not activety fimdrai5e through targ¢trd ap[￿5 or telep1￿ne Cttmpaigns. The School has received N) eomplaints T¢l¥ted to fimdraising in the year. IUSK MANAGEMENr The Gov¢rning Body conducts a fomjal rcview cxh of the SckKTrl's Risk Register. Thr Sch¢Jol's Executive identifies the major risks to which the S¢knl and its related organisation5 arc cxwd. The Sclwl Exe¢utiYe aThJ the Sub Committee Ch&iTmen review these risks on 8 rolling b&5is. Miiig21ion and ¢Ontrol procedurc5 are piit in Pl￿ as nx¢55ary. This procedure aThl the Risk Register is rewewEd by the Risk and Strategy Committee cach tenn and recommendations are made to the Board regarding confirniats)n systems are In place to provide reasonable assurance that major risks are being rnanaged. The most $ignifi¢ant risks for the Sel￿] are d¢tsiled below.- The impact ofthe p*nd¢mi¢ on the he*lth of the Sthotsl coknmuthity. The School 1$ stri¢tly adhering to all Governmcnt guidancc and ￿lIcIes. prwedures and risk assessments in place to keep the SchLK)I comrnunity safe. These have been wiewed by the GovcnK)T5 and ihe School keeps the Governing body informed of all developments. Thc SclM>ol is wtll prepared for the CrfJVeM￿Yrf.S ie5ting re8LmC. for I￿al outbreaks and for caTin8 for children and staff needing to be absent frorn Scknol due to illnes5 or self-isolaiion. The nursing and pa5tordl support of the School h&% been stren#he￿d and the academic sthff art ￿lty prtpartd to be able to provide hi&h quality online leaching if li becomes necessary. 12 BROMSGROVE SCHOOL REPORT OF THE COVERNORS ICoDlinu¢dl IUSK MANAGEMENT (¢ontin•ed) A detliD¢ in intern*ti•Aal bo•rdith A key risk to the School is a red￿tion in the number of bo¥dets resuhing in a redudion in the SclK)ol's ke incorne and consequeniiaj pressures on ¢8sh tlows. Whi15t the pupil roll at the 51art of th¢ 2021,2022 a¢pAemi¢ yeaT i$ excellent. the S¢hcol 15 concerned about the k)nger term irnpaci of the pand¢mi¢ the in*rnational boarding cornmunity as travel restrictions and health concerns could have a negative impact. We have a number of mitigatjon 51Tateg&es in place irKluding wntinually assessing new market Op￿)rnIn]11es and suptKJrtin8 existin8 agent rclationship5 through online educallon￿ iniemaiional events. We are also keepin8 our iK)ardin8 hou5e5 open in the holiday periods and continuing to pTrvid¢ first clas5 pasloral care to our ￿ardIng rornmunity. Politie*l Ris The GovenM>r5 continue lo c105ely nK)nifr)r the poliiic&] laThlscape with r¢wd5 to challenges to thc c)￿11￿]e of Independent khools. The ongoing risks Telated to the w)ssible Ios5 of business rnte reli¢f. th¢ inm)du¢tion of VAT and ihe t8X Status of trading cornptnies art coniinually being assessed and modelkd. FUTURE PLANS The Governors together with th¢ Sch￿] Executive arc committed k• ensurihg that the SclKx)I continues lo provide a first cla55 education to all of its pupils. All strat¢gi¢ developments are comrnittcd to maintsining the S¢hool'$ p051tion in the competitive market that it operate5. The achicvement of high staNJards of a¢•d¢mi¢ results and the developrnent of ihe S¢hool's facilities are impEntive to School's contirA*d sw¢ess in th¢ lo￿ ternh. The ￿en￿>T% 8NJ the Exec￿1Ve have recendy revThrd the klwl's Strategic Plan and confimied new objectives for the nexi year.- Digital Str*teEY Advances made in ihe use of digitsl whnokjgy *then responding to thr PaTwJemic k￿d0*￿S have informed a rcvised digital strategy. Within the Senior SchcM)l. all pupils will be required to bring their devices in 10 School and all teacher$ will b¢ provided with new dtgital devict5. Pupil Icarning will be enhanced as iea¢hing resources can be shared t)￿re etTiciently and feedback will be morc cffective as it will be pupil sp¢¢ific and prompl. A firther objeclive is to assisr the pupils In developing good IT skills and irnpmvin8 theiT OTgani￿i0T￿l skills. Linked kn ihis strategy. pffjposals will be develoF*d in year to convert the existing Library and Resour¢e Centre in to a md¢mised Enterprise Centre embracing a digital approach to r¢sear¢h alongside tradiiional Frfjoks. The C¢ntr¢ will b¢ developed io allow pupils io collaEKTrMively as WEII as private st￿{Y. Additional new classrwms will also b¢ accommdat¢d within th¢ buildiDg. Bo#rdint The GovtnKJrs have a strategic airn to rebalance the size of the boarding I￿llseS within the Senior Scknol. Whilst W15hing w ib)creas¢ the overall nwnb¢r of F¥Jarders wthin the School. the aim is io have broadly equally sized house5 to enhanee inter house compet¥tions and to ensure the highesi level of pa5knrdl care. Planning applications will be progressed in the year to iKr¢3se the siz¢ of the Mary Windsor Webber i*)arding houses. In a¢¢ordan¢e with the commimiern ￿ the continued refirbishment of the boarding IK¥yses, the second phase of ihc WeDdron Gordon refi)rbishTnenl will be ￿nple*d. In¢lllsioD and Wellbeing An inclusion review will be undertaken in the year which will I￿]ude gaining an understanding of wh¢th¢T pupils of different gend¢r, race and seXU￿1ty feel included within all &spec15 of the Schwl. A nurnber of safeguarding. menial hea]ih and physi¢81 h¢￿th servi¢es within th¢ SclMMyI will be bought together￿ enh8n¢¢ th¢ ¢ar¢ and wellbeing of our 13 BROMSGROVE SCHOOL REPORT OF THE GOVERNORS (CDntiDued) FirruRE PLANS {¢optlnued) pupils. A new Dir¢ctor of Wellbeing will be &p￿]n￿￿ to ctrordinate s¢ryi¢es a￿1 to inte8Ta* them with the Relationships and Sex Education (RSEI provi5iO SustAin*bllAty A number of new initiatives are a]ready planned for the 2021122 academi¢ year. As part of th¢ W¢ndron Gorthn refurbishment project. we will be instslling solar therniai part15 on the rear of ihc building to service hot Wdler for the bedroom shower5. installing tjew high p¢rfornwi¢e thcnnal wiD(kJws arml fully insulating the ropf aTe& As part of our rolling LED replacement lighiing progr8mme. we will be instslling new lighting units in to the Hurnanities building. We will also be instslling air sourte heat pumps ￿ the buildings on the Poliee S￿10￿ site. Thc ftasibility of further plans will also be Considcrcd in the year I￿]Uding convening the laundry in to a caTlJon neutro] building and converting the heat loss from the swit))ming PK)ol to electricity for the SUTrouNting are•s. The Buysar will al￿ continu¢ ￿ sit on the Board of the Town Fkat Network pwject to consider a longer lenn $u5tsinable solution for tIK town. The Preparatory Stlkool Yur 7&8 offtr A r¢vi¢w of ahernative x8deTnic progrwnmes will be completcd. A nunber of alkrnattye existing proyamme5 will be reviewed including the Prep Baccalaureate but consideration will at50 be given to developing a bespoke Brom5￿ve offer. The extra ¢urTi¢ulum ￿1viti¢5 programe will a150 be Teviewed to consider intc8rntion with the academi rRucfuRE, GOVERNANCE AND MANAGEME] Gov¢rnlnE The Charity is governed by its Memor8Nhm and Article$ of Association arising frorn iDCOryK)ration in 2(M)3. a5 wnended on 4 October 2015. G•vernoTS and prof￿$10￿] idvtstrs A list of &)vtrnors and professional advi5¢rs appeats on pys l a￿1 2 ofthis T¢wJrL Recruitment TnitiiDg of GovenwTS The Charity'5 Governors are app)inted at a Meeting of the Bothl of Governors following a sel¢llion p￿C¢s5 and recommendation from th¢ Governance Comminee. The Governing body rcquires breatth ènd depth of experience to cary out it5 duiies effectively. When recruiting rRw ￿Ver￿￿TI th¢ Govemance Cornmittee lake5 into consideration eligibility. pcr50nal wmpeien¢e. specialist skills and availability. New Governor5 are indu¢tcd into the wwking5 of the ￿1￿1. in¢1￿1]ng th¢ provisioh of key infonnation eovering Board policy. School ethos. strategy and financial inf0m￿lOn. All Governors are en￿waged to attend training courses and work5knp5 organised by 5pe¢ialist school organi5ations. All Governors give of their time freely atxl no r¢mun¢￿10n was paid in the year. No GovenK>r or person ¢onn¢cted with a Governor received any benefit from either means terted buNries or 5cholaTships awardcd to our pupils. 14 BROMSGROVE SCHOOL REPORT OF THE GOVERNORS (Contith¥*d) srRucruRE GOVERNANCE AND MANAGEME1￿ (e•*iitiwed) Ory*niMtlonAI M•n•ge**t The Board of GoVerr￿[S. as the trus*es of th¢ Charity. 15 re¥M)nsible for thc overall management and control of the School athl m¢¢ts at least three limes a year. The prin¢ipai responsibilities of the Board are ￿. Enswe the Scknol 1$ nth in accordance with its charitable objectives and that all the fiJn¢iioD$ of the S¢hool are authorised by the tM)wcrs Provided by its siatute& regulalioThs and by cornpwry and ¢harity law To appoint the Headmaster To 5eL in consultation with the HeathNS￿ the Exte￿1ve of the SclK)ol. the slr4tegy and policies by which thc Sthool will be nm Approve the ikveh)pm¢nt Plan Ensure that the School meets th¢ objectives that ihe Board sets from time io time Control finance by 3pprovin8 bud8ets and kJn8er4enn plan5 and by approving systems th•t optimi5e the ¢h8nces that they ¥*ill be achieved EnsuT¢ that comwi prOfe￿lOn8] a¢fvirc 1$ thn when necesw. The WOTk in checkin8 the strate8y ￿licit$ ¥e being correctly ¢arri¢d out 1$ WfOrn￿ by th¢ variou$ ¢ommitt¢es of Governor5 as 5Ct out below: Finance and Property Committee - which dea15 with finwial w)IKy and review of budgets and financial 5tstements prior to approval by The Board Educalion Cornmittee- which dea15 with edU￿lOna1 and related opeTational issues aThI bring5 recommendations and ¢on¢erns wth regard ￿ $wh maners to the Board Buildin85 Committee- which consider5 and nKJniwrs major build and r¢furbishment PToje¢ts within the S¢lKJoI Investment Committee - which re¢eives t¢rn)ly upjaks on investmenl and perfonnance from the Inve5trnent Advisers reports the5¢ matters to the Board together with any propwls regarding ¢haDg¢$ in the inve5tm¢nt tK)licy sd by lh¢ Board Governan¢e Comrnittee- which ¢onsider5 ￿$sible Capability gap5 with regard to the ¢omposiiion of the Board and makc5 Tcwmmendations regarding weniial Board members Health & Safety Committee- this ¢nsures that there are adequate policies and procedures in place to ensur¢ the heahh and Safety of all pupi15 and stsff aTwJ to ensure that the S¢hool ¢ornplies with all legislative changes. '5k and Strale8y Committce - which &$5esges the matwgernent of all risks wKountered by the School and maintains an oversight of th¢ implementatiOD of the weed strat¢8ic aims on the behalf of the full Board. Safeguarding and Welfare Committee- whKh &%sesses the maro8ernent of all safeguarding and pastoral controls within the Sch(MTrl. Each committee tK)rnMlly meets before the rt￿in B0￿d meetings. The nKmbeTship of the committees is supplement¢d by senior staff ai the S¢knol and by COwop*d extemai appDintsnents. The day404ay TiJiIDin8 of the klwl is dekgated to the S¢1￿1 EXec￿1ve. The School Executive {k¢y managernentl Comprises of the Headrnattr {P Clasue). Bursar (L Brwkesl. As$istht)i Head (R S¢ann¢lll. the Headmasier of the Preparatory apd Pre-Preparatory &h(K)15 (M Marie) and the Hesdmistres5 of Wini¢Tfold House S¢hool ID Toms). The members of the GoYem•n¢e Committee have Teswjnsibility for revi￿7￿¥ the remuneration for th¢ rnembery Df the Executive on an annual basis. The &)vernor5 aim to ensur¢ that pay levels consistent with the markrt within the iDd¢p¢ndent sclM)ol sector use benchmarking dats from professional association5 such as AGBIS to guide them. The School ExEc￿ly¢ ¢onsult5 with all employtt5 on a re8vlar basis so that thcir views ar¢ taken in to ¥count in makin8 decisions. whi¢h are likely to affe¢1 ih¢ir intere5t5. Inforn￿ll0n is 5harcd with the teaching staff and the support staff on a]1 key School developmeThts and changes i￿ludIng thc fiM]Kial and economic faciors affecting ihe perforynance of the School. The Governors regularly meet wilh scnior stsff ihrouth the Sub Comrnittee5 and I￿ni￿T communications wiihin the School. 15 BROMSGROVE SCHOOL REPORT OF THE GOVERNORS {CoDtlnued) STRUCTUR& GOVERNANCE AND MANACEMENf {¢ontinDed) Gr9￿P Sirvture •nd Rthtiombips Thc Charity a wh0lly-o￿￿d n0￿Charitable wbsidiary. Bromsgtove SdLooI Enterprises Limitrd whose activities and tr￿ing performance are discu$5ed below. The Charity a]so hold5 under trust ￿rt8]ft eTh4owThl thnds urwjer Ch&rity Commi5SLon 5chem¢5'. th¢ So¢iety of Friends Fund and the David w￿terS Fund. The tenns of the ￿1￿M¢S are such that the ijKome is applied for the benefii of pupils and fonn¢r pupils of the s¢1￿1. The Scknol is the sole member of Broms8rove SchrKJl Foynda¢w a ¢hartthble company limited by guwt¢e. The objects of the company 4r¢ to pronKiie aNI advancc any charitsble purpose ￿n￿ted with Bromsgrove S¢hool and ¢1) promote othcr ed￿atIonal purFKJses for th¢ ￿rit of the local ¢omTnunity. The S¢hool h*5 ¢stsblished Intern￿10￿&1 link$ undcT liccTKc ayceiiKnts with Bromsgrove InternatioMI School Thailand and with Bromsyove School Mission Hills. shen1j￿. The Headmaster is a member of the Head MLsrers' and Mistre5S¢5' Conference which provides an opportunity to sh ¢xpertis¢ and kmwl¢dge across the independeni schoDI sector. The Conferen¢e a150 pern)its appropriate representstion to Government and regulators of th¢ vi¢ws of the se¢wr. The Scknol also benefits from ¢105e IiDk5 with the Alumni. An Alymni commi￿. with r¢pr¢5¢DtalKJn from Old Bromsgrovians, the Foundation and the SchLw)I has reS￿nsIbility foT engaging with Alumni. 16 BROMSGROVE SCHOOL REPORT OF THE GOVERNORS (Co•tw¥ed) STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors (who are also the trus*es 8ThJ dire¢K￿ of the ¢lwitable cornpanyl are responsible for pr¢paTing th¢ RetK>rt of the Governors. in¢lwling the Str*e8ic Re￿rt. and the r]n*Kiai sra*menis in accordance with applicable law and United Kingdom Accounting StaThJuits {United Ki￿￿)M G¢n¢Tally Accepted A￿￿TIng Prn¢ti¢el. Company law requires the Govcrnor5 lo prep*e fiswi¢ial $tstements for each financial year which give a lrne and fair view of the 51aie of affairs of the ¢haritable cornpany and thc group and of the in¢oming resources and application of re5011r¢es. includin8 the income and cxpcndilure. ofihe ¢haritsble ¢ompany and group for thlt period. In preparing these rinarKial slatcmcnt5. Ihe G0vem￿S are ￿9￿]red to: - select suitable accounting policies and then apply them consi5t¢ntly: - observe the methods and principles ITh the Charitie5 SORP: - make judgrnents a￿j accounting tsiimaies re•soDabl¢ and pnth: - State whether applicable UK A¢counting Standard5 have bcen fDllowed. subject to any material departurc5 di5cknsed and explain¢d in the flnancial State￿￿nts- . preparc the financial statem¢t)t$ on the 80in8 co￿trn basis unlcss it is inappropriate to presume that the Ch￿11&b]e company will continue in busint5S. The Govemors are responsible for ke¢ping proper accounting records disclose with rwonable accur&cy ai any time of the fmwial trt)sition of the cltaritable company ATrJ enable ihem to ¢Dsure that the financial statements comply with th¢ Companie5 Act 2006. Tlw are a]w ￿sponsible for ￿fegUarding the ￿ets of the chan"iable compaThy and the 8roup aTr hence for iaking reasonabk st¢wJ for the preVen1￿n aTKI detert￿ ollrnxl and other irre8ularitiC5. So far as eath of thE G0Ven￿rS is aware al the tirne the report is approved.. There is no relevant audit inforntatioD of whi¢h the ¢haritable comp￿5 audilors are unaware: 8Th1 The Governo￿ have tsken all steps th￿ they ought to have thken io make themselve5 aware of kny releva a￿lIt infornwtion trj establish that the a￿1110￿ are aware of that infonnatMJn. AUDITORS Haysmacintyre LLP have exprc55¢d thcir willingness io ¢ontinue in office a￿lT￿r5 and a resoluty)n proposing their re- appointtnent will be subrnitted at the Annval C*rKrnl Meeting. In approving the Rewrt of the GoverrM)r& the Board are also approvttig the Straiegic KerA)rt contained herein in iheir capa¢iry 85 company director5. Approved by th¢ Board of Governors of B¥om$grov¢ School on 27 November ..2021 aThJ signed on its beljalf by= P West Chairnian 17 I1YDEPENDE￿r AUDITORS. REPORTTO THE MEMBEK8 OF BROMSGROVE SCHOOL Opinion We have audited the fiywjcial ststernents of Bmmsgrove Sch)ol for the year eThJed 31 August 2021 which comprise the Ccpnsolidat¢d Statsmem of Financial Aciivities. the Group and Charity Batance Sh¢ets, the Consolidated Cash Flow Statement and the tM)tes to the financial s¢at¢m¢nts. in¢1￿11ng 8 sumnw ofsignificant accounting policies. The financi reporting fraTnework that has been applied in th¢ir preparniion is applicable law and United Kingdom Accounting St￿￿￿rds, including Fit)an¢ial Reporting Stsndard 102 The Financial Reporling SwTh*7rd applictthle in ihe UK al Republic ofjrelandlunited Kingdom Generally Ac¢epted Acwuntin8 Prncticel. In our opinion. th¢ financial statemems.. give a trn¢ and fair view of the sttr of the group's aTMI of thc parcnt charitable company's affairs as at 31 Augu$t 2021 and of the STOUP'S net MOve￿￿nt in fimds. In¢1￿11ng the irtcome and expenditrjrc. for the year then ended. have bttn properly prepred in accordan¢¢ with Unit¢d Kingdom Generdly Accepted Accounting Practice.. and have been prepared in accordartce with the requir¢m¢nts of the Companies Act 2006. BA$iS for opitii• We conducted our a￿lt in with In*mational Stsndards on Auditing (UK) (ISAS (UK)) applicable law. Our respDll5ibilitic5 under those standards ar¢ further described in the Auditor's responsibilitie5 for th¢ audit of th¢ financial statements section of our report. Wc are independent of the group ID ¥cordan¢e with the ethical requirements that are rclevant to our audit of the financial statements in the UK. I￿lUdin8 the FRC'5 Ethi¢al Standard, and we hfive fvlfilled Our tsther ethical Tespon5ibilitie5 in accordan¢e with these requirements. We bclicvc that the audit evide￿¢ we have obtained is sufficient and appropriate to provide a b￿lS for our opinion. Cond￿s1O￿l rel*ting to going concern In 8uditiDg lh¢ finan¢iai staiements. we have concluded that the Govenh)r5' use of the going wncern basis of aeeollnting in th¢ prep3r4lion of the fuwKiaE ststements is appropriate. Based on ihe work we have perlormed. we have r￿)1 identified any m*erial uncenatniies rtlating to events or conditions thal individually or ¢olle¢iively, ITiay ¢&st significant doubt on the group'5 ability to ¢ontinue as & going concern for a period of at le35t twelve nKTrtrth5 frorn when the finfin¢i￿ sthtemtsts art autt¥)rised for i$5Ue. Our responsibilities and the responsibilitiC5 of the c￿Ver￿[S with r¢sixd kn going coKern Are Ile5cribed ID the relevant 5¢¢tions of this report. Othtr InftsmAtAo The Governors are re5wTrnsible for the other infornmiion. The other infonnation comprises th¢ inforn￿l10n included in the Re￿rt of the Governor5. Our opinion on the financial swements not cover other infonnation and. ex¢ept ty th¢ extent otherwise explicitly sthted in ow rem expr¢55 any form of assurance ConCh￿10n themn. In wnnertion with our audit of the financial st*m¢nty our Tesp)nsibility is w read the othei infonDation ard. in doing so. consider thether ihe other inforrnation 15 materially irKoDsistent wÉth the finan¢io1 sthiements or our kty)wledge obtained in the audit or otherwise appears to be materially mi$5tsted. If we identify such material in¢onsisIe￿t¢s or apparent maierial missiatements. we arc required to detennine ￿ether thue is a material mis5tsteTh*nt in the finarKial 51at¢ments or a m*erial misststemeni of the other infornjation. If. bosed on the wDrk we havt perfonned. we Gon¢lude that there is a materia] mis51atement of thi5 other Inforn)atio￿ we are required to report ihat fact. We have nothin8 to report in this Tegard. Opinions other Mwrt¢TS PTtscribed by tb¢ COM￿￿1¢$ Art 2¢ In our opinion, bas¢d on the wt)rk undenaken in the course of the tt￿111.. the infonnation given ID the Rewrt of the Governors (￿l¢h irKludes the Strategic rew)rt and t￿ directors, r4￿rt prepared for the purEK)se5 of company law) for ihe fithan¢ia] year for which the ffinwL¢ial statements are pr¢pared is ¢onsist¢nt with the financial ststernent5.' and the strairgic TCPOrt artd ihe diredors. report included within the R¢m of the ￿vernOr$ hE4ve been prepared in accordance wth applicable legal requirements. 18 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BROMSGROVE SCHOOL (¢Mtinuedl M*tttrs OA whlch we Ire r¢qMir¢d to r¢port by ¢i¢eptio In the light of the knowlcdgc and undeNanding of the group and the parent charitable ¢ornpany 8nd its ¢nvironm¢Dt obtained ITh the Course of the audit. we have rK)t identified matcrial misgwemeDts in the K¢port of the GovernoTS (which iTKorpJrat¢5 thc stratcgic rtport Ind the dire¢tr￿. r¢pon). W¢ have nothing to rewrt in respect of the following matters in relation trj which the CompDies Act 21)06 requiTe5 YS to report io you if. in our opinion.. adequoie attounting rffords have r¥)t been kept by the parent charitable ¢ompany: or the parent charitsble company financial statemeN5 are not in agreeI￿nI with the ￿oU￿1￿g Te¢ords and retum$: ¢¢rtain disc105ures of trustee5' remuneration 5pccified by law are made: or we have noi r¢¢¢ived all the iDfomutioD and explanations require for our audit. Re$poTrsibiliti¢s Of GovtrnDrs for tbe fmanci*l Jl*ttmtnts As explained more fijlly in the Statement of GovenM)rs' Re5PDnsibilitics set on page 15, the Governors (who are a150 the directors of the charitable rornpany for th¢ purpow of company law and tru5tCC5 of the charitable company for ihe PUTpDses of charity lawl are r¢srA)nsible for the preparation of the financia] ststemem5 and for being satisfied that they give a true and f￿r view. arml for Such internal conttol as the GOVer￿r$ det¢nnine is ￿ceSSary to en&ble the preparation of financi￿ Statements that are free from m¥erial misstatell￿ whether due to frhud orettor. In preparing the financial Statemen￿ the GovenKJrs are reswjnsible for assessing the gro￿.9 and th¢ parent ¢haritable company's abiliry to wntinue as a going concenL disclosin& as applicable. man¢TS r¢lat¢d to going concern and using the going concern basis of accounting unless the Governors either inte￿j to liquidate the grnup or the parent charitable company or to ceas¢ opeMion& or hav¢ rffj realistic a]ternative but ￿ do so. Auditor's re5ponsibilitit5 for the *udil Of tb¢ fiTh*Dci*l slalements Our objectiVC5 aTC to obtain rea50nabk as5urdn¢¢ whether the financial statements a5 a wlw)le are free fiDm material mi55taternent. whether due to fvayd or error. and 10 IS5￿ an a￿JItOr'S report ihai in¢lths our opinion. Rea￿nable assurance 15 a high level of a5surnnce. but 15 IKTrt a guarJDtee that audii conducted in accordance with ISAS IUKI will always detect a motertal misstsi¢ment then it exists. Missiaternents can arise from fra￿1 or error and are considered moierial if. individually or in the aggrewdte. they could msonably be expected to InflUe￿e the economic decisions of users tak¢n on the basis of thes¢ finan¢i)I sta*m¢nts. lryegularitie5. including fraud. are instsnces of Th)n￿MPlI8n¢c with laws and regulations. We design PTo¢¢dures line with our responsibilities. Outlined abovc. to drttti maierial misstat¢m¢Dts in respect of irregulari¢Ées. including fraud. The extent to which our prrxedures are capable of dete¢iing irregularilies. includin8 1$ dctsiled below.. Based on our understsndin8 of the group and the envir¢)nmcnl in which it operates. identified that thc principal Tisk5 of non-¢omplian¢e with laws and regula110￿ related to the iThJepethleni s¢knl r¢8ulation5. safeguardin8 regulations. heY41th ètsd safety requirements, GDPR, employment law and cknity law and we considered the ex*ni to which non-compliance might have a rnateriY41 effect on the finan¢ia] stst¢m¢nts. We also considered tlM>se laws and regulat￿￿$ ihat have a direct impact on the preparation of the finaneial stskment5 Such as the ChaTttiC5 Act 2011 and Companies A¢t 2006 consider oiher fa¢tor5 5u¢h a5 payroll thx. We evalliated management's in¢eniives aTxI oppominiti¢s for fraudulent manipul￿10￿ of the fin8n¢ial swements (including thc risk of ovcrride of ctsntrols). and ddern)in¢d ihat the principal ri5k5 were related to ￿ the improper recognition of revenue and management bias in xrounting ¢siimat¢s_ Audii procedurcs performed by the engagement team included: Inspe¢iin8 ¢oneS￿ndenc¢ with reeulators and t&x a￿TitieS. Dis¢ussioDs with management including considcrdtion of known or suspected Insta￿ of non-compliance with laws and regulaiion and fraud; Evaluating management's Controls designed to PT¢vent and detect irregularities: Identifying and testin8 journals. in particular joumal entries pos*d at ihe year End: and alkngitlg assumplions and jI￿geMentS madc by rnanagemeni in their critical ac¢ounting estimates. A further description of our responsibilities for the audit of the financial 5tatcrncnts is l(Kaied on The Financial R¢porting Council's ￿*b$ll¢ at". Thi5 description fom)s part of our audiior's report. 19 INDEPENDENT AUDITORS. REPORT TO THE MEMBEKS OF BROMSGROVE SCHOOL {eontinue Use of our rtport This r¢port is mad¢ sol¢ly to the chwitsbl¢ wmpany's member¥ as a ￿. in ac¢ord8nce with Chpter 3 of Part 16 of th¢ Companies Act 2006. Our audit work h&s been und¢rtak¢n that we might state to the Charitsble CoMpan￿S members those matters we art yequired tts state to th￿n in an AuditoI5 re￿rt and for DO other purp05e. To the fullest ex1￿1 perrnitted by law. do not ac￿pt or assyme ￿SponsIbl11ty to anyone other than the charitable company and the chttrii*ble company's wKrnbcrs. a5 a I￿. for our a￿lit forthis rerKJ¢ or for the opinions we have forn￿d. Trncey Young (Senior Stsftrtory AudittiTI for and on behalf of Hay5ma¢intyre LLP. SthrU￿ry Audi￿r 10 Queen Street PIAee London EC4R 4AG Date.. 2 December 2021 20 BROMSGROVE SCHOOL CONSOLIDATED STATEmE1￿r OF FINANCIAL A￿1VITIEs FOR THE YEAR ENDED 31 AUGusf 2021 Intomt and ExpuditiLre Acco••t Gr•tThl Rtstri¢tcd ETh&wmt*t Tot*1 2•ZI Tot*1 2020 N•t¢ *Md Endovtt*nts fr•m: Choriftoble oclivilv.- Fees Prompt paymenl alk)wan Burs￿]¢* 5¢kn1aT5hip5 •Md 39.014,IX12 1934.609) 39.014.￿2 1934.61b91 35.506,857 13.307.137) (i.307.1371 12.557.002) f¢rs r¢(¢ivJbk Oih¢r sncon Gr4wts Dtsnal1tr11S CJRS Gwani in¢om¢ Oth¢r IrodiM¥ incoHJe.' Lcttin8S School shop OtIxT 34.772.256 832.629 34.772.256 832.629 32.W7,3M 526.626 492.251 239.116 491251 239.186 170.826 1.045.838 2W.463 389.387 438.270 155.377 200.463 389.387 438.270 168.288 321.424 353.748 358,241 208.444 12.911 Othtr inc*mt Gain on disPJ5aJ of 85sets 5.153 5.153 750 Tot*1 IDcomt *Dd E•downttsii 37.524.972 37.537.883 34.993.241 Expellditmrt OD.. Ch•riioble Artivity.. reaching CDsts Wclliri CO.V% PrcmisCS to.It¥ %upKXirf and gii&ernthKt co#$ 18.620.438 i.734.108 7.027.022 2.821.B92 18.620.438 3.734.108 7.027.022 2.821.892 18.280,838 3.391.365 6.928.605 1840.640 1.866.861 .866.S61 2.331.924 Total Exptidilty 34.070,321 34.070.321 33.773.372 .Ne¢ in¢ome btfore inveglm¢*t 3.454.601 3.467.562 1.219.869 870.9¥ 75.895 94&839 1504.5081 -N¢l m•%'emEnt in fryjds 4.325.595 88.106 4.414.401 715.361 Fund bAlan¢ts brought l•rwird 61.406.359 10.251 420,IKI5 61,836.61S 61.121.254 hl¥n¢u ¢•rri¢d f•nv•rd £65.731.954 £10.251 f 508.81 I £66.251.016 É61.836.61S All of the charilablc company's acSivitiC5 arr continuin8. All rc¢ognised and losses are inc1￿1¢d in the Statement of Financial Activities. The accompanying notes form pan of these finwKi)I st9*mW￿. 21 BROMSGROVE SCHOOL ReEi*ttred Ctsmpny Nts: 4808121 GROUP BALANCE SHEET AS AT31 AUGUST2021 2•21 20211 FIXED ASSEIS Tangible JnYestm¢nts 68.863.342 7.244,737 68.830,292 S.698.365 7&108.079 74.528.657 CURRENT A&SETS Stock5 Debtors Cash at bank and in hand 407.1 19 894.388 7.732.778 489.964 .479.017 A380. 9.034.285 1349.890 CREDITORS: falling due within year (A 1.557.938) (9.711.324) NET CURRENT (LIABILITIES) 11523.6531 11.361.434) TOTAL ASSETS LESS CURRENT LIABILITIES 73.584.426 73,167323 CREDITORS: Atnounts f4lling due thr than on¢ yelr (7.333.410) 111.330,6081 NET ASSETS £66251.016 £61.836,615 FUNDS EndoThiThent Unrestricted RestrÉcted 508,811 65.731,954 10.251 420.005 61.406,359 10.251 io £66.251.016 £61.836.615 The financial ststements wert approved and autrK)rised kn ISS￿ by the Board of C￿e￿￿T3 on 27111ll021 and were signed below on its b¢tMif by.. l Governors D Walteys The ac¢ompanying not¢$ fonn part of these financial Stateme￿5. BROMSGROVE SCHOOL R¢EiYter¢d Comp•ny No: 4808121 CHARrrY BAiANCE SHEET AS AT3J AUGUST2D21 21121 2020 Notes FIXED ASSETS Tangible Investments 68.853.203 5.476,973 68.81S,671 4,703,906 74.330.176 73,519.577 CURRENT ASSETS Str¢k5 Debtors C85h at bank and in haTrJ 33.894 1.339.771 7J49.448 25.065 2.146.023 5.906.825 .723.113 8.077.913 CREDITORS.. Amounls fallin8 du¢ within one year {11,497.394) (9.649,1501 NET CURRENT {LIABILITIES) {2,774,2811 (1.571.232) TOTAL ASSETS LLSS CURRENT LIABILITIES 71.555.895 71.948,340 CREDITORS.. Amounts failing d after more than one year {7,3.3.1.4101 111,330,608) NET ASSETS £64 ?22.485 £60.617.732 FUNDS EndowTnent Unrestricted 508.811 63.713.674 420.005 60.197.727 £64,222.485 £60.617,732 The School isKome ftsr ihe year was £36.4m12020: £34.4m) with a surplus of £3.5m {2020.. £0.9ml. The financial sthiemen15 were approved and lUtt￿rIsed for IS￿ by the Board of Gtsvenxjrs on 271JJll021 and were $igT below on Its behalf by.. est l Gover￿[5 D Walters The xcompanying notes fonn part of these financial statem￿ts. 23 BROMSGROVE SCHOOL CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 21121 2021 2020 No¢¢ Nelcwh prov¥J¢d by operalint •¢tivit 5.907.365 1.354.339 a¢lfviti¢$ Investment income received Pureha5e of fjxed assets Pl￿e¢d$ on disp)sal of fix¢d •ss¢ts Pwcha5c of invcstrncnts Sai¢ of inv¢st￿rtnts 16&288 (I.192.6051 9.￿8 (1.023.774) 1.042.333 208.M4 (3.152.260) {252.6421 345.761 Nel e*5b ou¢lk)w from inv￿ting attivit (995.8501 (2.850.697) ViD•Jt¢lDg •tlwitiE$ att repayments Ixjan J)KJnies received Capital element of f￿￿nCe kase Tethtals Intr￿St ¢ost (3.446.th551 {938.098) s.orK>.000 122.1121 {138.6861 (22.6931 (105.0671 Nelra5h iDflowlloutn•TY) from fwD¢iDE attivilju (3.573.825) 3,901.104 In¢r¢ast in cash and cash 4uivalents 1.337.690 2,404.746 and cwh equivakntsat I September 513.4(Kl 4.108.654 C48h and c45h ¢quivJla)ts¥t 31 7.851.090 £6.513.400 ¢•91 ¢qwv•lutJ c•mprn¢: Cash at bank Cash held as Fwrof invesmKnts 7.731778 118.312 &380.909 132.491 £7,851.090 £6.513.400 RECONCILIATION OF NET INCOME TO NET CASH INFLOW FROM OPERATING ACTIVITILS 2•21 2•2• N¢t >n¢om¢ befo￿ in¥¢strn¢nt yin5 Depr¢ci&tion Gttin on disposal Df fixed #sstts Detrease in $to¢k Decrease in debtors In¢Ra8ellth¢Teasel ift fte &posit$ aTrJ fees in adva (D¢cTease) in creditors IDvesimenl IrKome re¢eivable Jnl¢r¢4 ¢ost 3.467.562 .72S.724 5.153 82.845 613.508 610.650 1534.856) 1168,288) 105.067 .219.869 1.663,418 76,3JO (39,9441 11,066,374) 14Z9,2221 12D8,4441 138.686 Nei cllsh infk>w from ot*rntM>n5 £5.907.365 £1.354.339 24 BROMSGROVE SCHOOL CONSOLIDATED CASH FLOW sfATEMEKf (c•n¢iowd) FOR THE YEAR ENDED 31 AUGUST 2021 ANALYSIS OF CHANGES IN NET (DEBTJ l ASSET C*sb nows Other m•v¢memts At 3A Augll9t 2021 S¢pt¢mb¢r 2020 Cash and cash equivalents Shon i¢mi bO￿owing5 Long tenrt borTowin8S Finance le& 6.513.4(Kl (l J54,168) (8.014.238) 152.2381 1.337.69) 1.354,168 2.091.897 22.693 7.851.090 12,205J92) 13.716,949) 129.545) {2.205.3921 2.205.392 Net (d¢btl l ass¢ts 2.9072441 £4.806.459 £1.899.215 25 BROMSGROVE SCHOOL srATEMENT OF ACCOUi¥llNG POLICIES FOR THE YEAR ENDED 31 AUGusf 2021 B•$is of prep4r*¢iTr Th¢ finan¢ial statements have b¢en prepared in with FinatKial Reporting StsTMlatd applicable in the UK and Republic of Ireland {FRS1021. the Companiej A¢t 21K)6 and the Statement of Recommended Pra¢tice applicable to charities preparing their a￿OuntS irt a¢cordan¢e with the Financial Reprtin8 Standard applicabl¢ in the UK and Republic of Ireland IFRS 1021 (Second Edition. efftaive l January 20191. The charity has tsken advantsge of the exenwtton available ty a qutltfying enlity in FRS 102 from the r¢quir¢ment to present a charity only Cash Flow Ststement with the consolidated financial statemen Having reviewed the funding facilities avaiiable ￿ the SCI￿1 tO8cthcr ￿ the expeckd ongoin8 demand for p]aces and the School's fijture projeetd c&th fbws. the GoverTh)rs have a Msonable expe¢tstion that the Sclyjol has adequate resources to continue its activitiC5 througknut thc Covid-19 I￿]0d aTrJ for the foreseeable fithre and consider that there wer¢ no mai¢rial uncertainties over the School's fin￿1￿1 viability. AccoTdin8ly. tky a150 continue to adopt the going Cor￿ern basis in Preparing the financi￿ ststem￿. The financial statements of the Group I￿1￿ the resujts and bala￿eS of th¢ S￿￿01 wnsolidthd on a line by line basis with Brornsgrove School Enterprises Limited and Bromsgrove SclKK)l Foundthn. In Xc0rd￿￿e with Sectton 408 of the Compani¢5 Act 2006, no s¢paTat¢ S¢afrment of Financial Activities is presen*d for Bromsgrove School. The S¢tml is a Public Benefit Entity regis*rrd as a cknrity in England and Wale5 and a company limited by guaTantee. It w&$ incorporat¢d on I September 2￿)3 (wmpany number. 48081211 arNJ rcgL5trrcd as a charity (charity nurnber.. 1098740k Critieal aeeouLlitsg j￿dgeMents *ttd key Murte5 oferfimatioD unttrtaiDty In the application of the accounting rx)licie$. CKJv¢rnors art rtyuiyed to make judgemenL estimates. and assumptions about the carrying value of assets and liabilities that are not re*iity apparent from other 50ur¢¢s. The ¢stimates and underlying assumptions are based on historical experi￿￿ aThl otr*r facths that are consideTed ￿ be relevant. Actual results may differ froTn th¢s¢ ¢stimate5. The estimates underlying assumpiions are reviewed on an ongoing basis. Revisions to accounting estimat¢s ar¢ recognised in the perÉod in which the estimate 1$ revised if the ￿visIon 0ffe¢ts only that pernd. or in the period of the revision a￿1 future pcrK)d5 if the revision affeded current and firture pemd5. In the view of th¢ Gov¢nh)rs. ￿ wumplion5 COTttrning the firtur¢ or estin)att"on wK¢itiinty affeding assets or liabilities at the b&lance sheet d￿e are like]y to Te5uh in a material ￿jus￿l￿￿tt0 th¢irunying an￿Unts in the financial year. The folkjwing ae¢ounting policies have been applied cwtsistrntly in dealing wilh items which are considered material An re18tion kn the School'5 financial stH*ments. Fe¢s and simil•r t4rn¢d infome Fees rtteivable and ¢harge$ for services and use of the PfEmiw k55 any allowa￿¢5. 5cholar5hips. bur5arie5 grant¢d by thc School a8ain5t those fee5, but includin8 contribLrtKJns r¢ttivgJ from restricted funds. are a¢¢outttd for in the period in which the setvice is pro￿￿ed. Investment income Inv¢5nn¢nt incom¢ from diwd¢nds. bank balan¢es and ￿ed iThtereM secutiiies is a￿Oun￿d for on an aceruals b&%is. 26 BROMSGROVE SCHOOL sTATEmE￿r OF ACCOUTrfflNG POLICIES FOR THE YEAR ENDED 31 AUCUST 2021 Voluntary income is accoiinted for a5 and when entitlement arises. the aJt¥)unt can be reliably quantified and the cconomic benefit to the School is considered probable. Grant income frorn the CoTonavirus Job Retention ScheTne is Tecognised in the same period as the relaied employment Costs are incurred. Voluntary income for the School's genernl pury4)ses is accoun*d for as unrestri¢ted and is ￿¢diled to th¢ G¢n¢ral Reserve. Where th¢ rkin8 capitsl. FinaTKial liabilities held ai amortised cost comprise de￿$It$, fee5 in advaJKe, tr&le creditors. other ¢reditors anh)unts owed to group undertaking5. Debtors Trade and tsther debtOTS are recognised at the sertlemeTbt an￿Unt due for the pmvhsion of s¢rvi¢¢s deliv¢r¢d. Prepayments re Tecognised at the amount prepaid or the amount paid in advance. Cash It b•nk •nd iwj h*Jbd Cash at bank and in hand incl￿1¢$ cash a￿4 deF¥)sits with ? $I￿rt terni rnatiLTity of six month5 or le55 from the date of oFning ihe dcF¥)Sit Lccount. Credito Creditors are recognised where the School has a present obli8ation resulting from & past event th&1 will probably result in the transfer of fund5 10 & third party and the io settle the obl1￿1￿n can b¢ mxsured reliably. Amunt5 aT¢ recognised * th¢ir sthl¢ment anKJWJt. 27 BROMSGROVE SCHOOL STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 AUGusf 2•ZI Endownwit Futsds The Society of Friends Fund.. This represents pern)anent endowment fiumls held under a Charity Qjmmission kheme where the in¢ome 1$ ts be applied to fvrther the charitable purposes of Brom5gwve School. David Waher5 Fund: This r¢pTes¢nis p¢rnwJeni endowment fund5 held under a Charity Commission Scheme where the income is to b¢ applied for providing 5¢hoiaTShips for p￿11$ al Bromsgrove Scknl or at an approved further education esthblishmenL Restri¢t¢d Funds Restricted funds arc fund5 which are to be ysed in accordance with Specif￿ restrictions imposed by the doTh)r (see Note Unrtstri¢t¢d Fundj Unrestrirted fiu)ds comprise the Sel￿1,$ genBral fund. which is avaihble for applica￿n in xcordance with th¢ S¢]M)ol's objects. Pens5on eosts Retirernent b¢n¢fits to ¢mployees of the School are provided throu8b pension xh¢rnes. The pension costs charged ih the Statement of Financial Activiti¢5 JT¢ det¢rniined as follows: The Teacher5, Pension Scheme - This scheme is a multi*JDployu pension sdmne. It is not possible to identify th¢ Scknol'5 share of the underlying assets liabililies of thE Teacher5. Pen510D sCP￿ie on a ¢onsis*nt And reasonable basis and therefore. as requircd by FRS102. accounts for the scheme as if Ét Mrrc a defined contribution scheme. The School's contributions. which are in ac¢ordancc with the recomrnendations of the Government Actu￿. are charged in the period in which the 58iari¢s to whi¢h they are payttblc. Th¢ khool also ¢onknbutes to a defined contribU￿1n stheme for non4t￿hing stsff. Contributions charged to expenditure when they become payable. Oper)ItlDg le*ses Rents15 under operating Iwe5 ￿¢ ¢harged on a siraight-litie b&515 oyer the lew t¢Tm. ¢ven if the pfyymet￿ tK)t made on $u¢h a basis. Benefits received and receivable as an incentive ￿ SI￿ an operating lew are 5imilaTly spread on a 5trai8ht-line basis over the lease tenn. BROMSCROVE SCHOOL NOTES TO THE FINANCIAL STATEMEMS FOR THE YEAR ENDEDJI AUGUST 2021 EXPENDITURE Stsff Costs Other Tot*1 2021 Charitable activity: Teaching costs Welfare costs Premise$ ¢o$i$ Support and gov¢DwK¢ costs 16.771.851 1.870.099 2.064.667 2.138.490 1.848.587 I.S64.009 4.962.359 683.396 18.620.438 3,734.108 7.027.022 2.821,892 22.845.109 9.358.351 32.203.460 R•ising funds: Lettings School sh)p MaTk¢ting Finance costs Other 9t.221 71.323 24.799 31J).754 1.101.094 105,ts67 81.825 116.020 372.077 1,101.094 lo5.(￿7 172.603 90.778 253,J22 ,613.539 1.866,861 £23.098.431 £10.986,908 £34.070.321 2020 Charltablt activity: Te￿hing costs Welfare costs Premises ¢¢)s¢s Support ar¥J governance costs 16.413.603 1.657.235 2.023.361 2.085.6 1.867.235 18.280.838 3.391.365 6.928.605 2.840.640 4.W5.244 754.9511 22.179.888 9.261.5611 31.441.448 sing funds: L¢tting5 School shop Marketing Finance ¢osts Other 240.619 83.515 104.898 256.40) 1.164.878 138,616 237.6C12 345.516 339.920 .164.878 138,686 142.921 105.321 429,455 1.902.469 2.331.924 E22.609.343 £1 1.164,029 £33,773.372 FinJn¢¢ w5t5 relate5 to internt bank loams for 2021 ond 2020. 2021 2DZO Governance eosts included in s¥pp(tyrt ¢0gts: Auditor's remiineT8tion Govemots. costs Legal aTMI professional 33.686 75 23.422 32.350 24.01 8.005 £65.244 £67.935 29 BROMSGROVE SCHOOL NOTES TO THE FINANCIAL STATEMElYts FOR THE YEAR ENDED 31 AUGUST2021 EXPENDITURE (cotttitiutd) Total eXpendi￿le includes: 2021 202(1 Depreciation Auditor5 rcmunerdtiort: . ALKlit fces (ScPwJol) - A￿lIt fees {Subsidiari¢s) . Other 5¢TV1￿5 relating to taxation 1,725.724 21.700 10.525 1.710 1.663.418 20.125 io.100 1.425 BURSARIES SCHOLARSHIPS AND GRANrs 2021 202• Burwies Forees discounts Scholarships. exhibitioL% and other discounts 2.010.025 885,470 381.642 1.669,W2 612,914 275.086 £3.307.137 £2.557.￿2 STAFF COSTS 2021 2020 Wages and sal￿1¢9 Social security costs Other pension costs 18.657,389 1.708.352 2.732.690 18.402,911 1.537.958 2,668.474 £23.09&431 £22.609,343 No The averAge number of employees in the year was: T¢acheT$ Administration (inclL*ling acalemic SUPP￿) 229 418 226 440 647 Th¢ number of employ¢¢s wlK•S¢ remwleration exceeded £60,1￿0 15 disc105ed bBIow: 2021 2020 £60.000-£70.000 £70,001-£80.000 £80.001-£90.000 £90.001-£100.000 £ioo.001-£i10.000 £110.001-£120.000 £120.001-£130.000 £220.001-£230.000 £240.001-£250.001 17 30 BROMSGROVE SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Of the above employees five {2020.. four) received Contrib￿￿on5 lo a defincd contribution pe￿10￿ scheme. twenty one12020: fift¢enl were mernb¢rs of the Tea¢hers' Persion Scheme aThJ ot)e12020: one) h&1 opted out of th¢ Teachers, Pension S¢krn¢. 2021 2•2• £841.356 £814.639 Neiiher the GoverTMJrs. per50n5 conneded with them rettived any remuneration from the Sck*ol. Reimbursed expenses ￿￿]ling £75 were rereived by one ￿vernor fi)r a trninRn8 course 12020.. £744 10 three Governors for travel expenses). During the y¢¥rtheT¢ wrre redundaKy or lerniinatw)n payments aTrtouMirg ￿ £13.SY19 {2020'. £nil). FIXED ASSE75- GROUP AND CHARITY Frethtrkl Property Toial Charity Tr*dinz Comp•y Tot81 Group Eqllipjwnt cosr Al 31 August 2020 Addition5 Dispwls 83.075.873 -671.583 1.6WJ.471 92.946 Ih2.1471 84.766.344 1.764.529 {01.1471 54.818 84.811.162 1.764.529 162.1471 Ai 31 August 2021 114.747.456 1.721270 86.468.726 54,818 86,523.544 DEPRECIATION Al 31 Augusi 2020 Charge for the year Disposals 14.592.963 1.602.886 1.357,710 118.356 157J921 15.950.673 1.721.242 {57.392) 40,197 4.482 15.990,870 .725.724 157.3921 At 31 August 2021 1&195.849 1.418.669 17.614.523 44.679 17.659.202 NET BOOK VALUE At 31 August 2021 £￿.551,007 £301.596 £68.853,203 EIO.139 £68.863.342 At 31 Augwt 2020 £61.481910 £332.767 £68.8T5.671 £14.62l £68.830.292 31 BROMSGROVE SCHOOL NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 FIXED ASSETS INVLSfME Listed vestments Totsl Group: Balance at 31 August 2020 Additlons Disposals Transfers in Management fees paid Gwns I Ilossesl on revaluation 5.565.874 1.023.774 11.042.333) 63L271 132.491 11.023.774) .042,333 5.698.36S 63L271 132.7381 946.839 (32.7381 946.839 Balance at 31 Augiist 2021 £7.l26.425 £118.312 £7.244.737 Sthool Balartce at 31 Augu￿ 2020 Addit>ons Di5EM)sals Tran5feT5 in Management fe¢$ paid Gains on revaluation 4.624.131 984.977 (980.430) 40.Tr)2 79.775 1984,9771 980.430 4.703.906 40.002 126,3511 759.416 (26.3511 759.416 Balance at 31 August 2021 £5.428.096 £48,877 £5,476,973 The School holds l(N)O/• of the shhre capithl of B￿M$sTove sci￿1 Enterprises Limited. whose principal a¢tivili¢$ are commercial lettings. operning a xhool shop ¥Dd administrring th¢ Sch¢)ol's international activities. This iThvesknent is held at nil value in th¢ fir1a￿la1 5tatem¢nts. A Summary of the balance sheet and profit and loss oynl from the audited finwiai 5latern￿ts is set below: 31 Ayt 21121 31 August 21120 Turnover ExpenditUTe 776,840 1611,366) 842,203 {813.324) Net profjt before donation under Gift Aid [k)n￿￿ort under Gift Aid ￿ &)vernors of Bromsgrove 266,600 128.879) 28,879 (288.791) Retained profitl(1055) £136.595 £(259,912) a5s¢ts T¢pf¢5ent¢d by Share capital Profit •nd loss a¢¢ow)t 165.474 28.879 £165.476 £28.881 DEBTORS Grollp 2021 Group 2020 Chgrity 2021 CbgTIty 2020 Fees Amounts due from BromsBrove SclKM)I Enterprises Limited Other debtOT5 and prepayinents A]￿unts due from Bromsgrove S¢knl FoWld￿10n 227.165 289.235 227.165 289.235 788.909 294,498 914.078 913.506 667.223 1.181,782 29.199 29,204 £894.388 £1.479.017 £1.339.771 £2.146,023 32 BROMSGROVE SCHOOL NOTES TO THE FINANCIAL STATEMENIS FOR THE YEAR ENDED 31 AUGusf 2021 CREDITORS: *m•UDts f*llillg dut wlthiTr one year Grnup 2021 Group 2020 Ch*rity 2021 Charity 2020 Bènk loans FinarKe le Trade credttor5 F¢¢s in adva￿¢ and p￿p11 deposits Taxation and social security Other Credi￿[$ Accruals 2.205.392 29.454 762.247 6.277.099 455,919 782.080 1.045.747 lJ54,168 17.024 398,939 5.972.876 422,222 654.689 891.406 2.205.392 29.454 714.709 6277.099 452,438 772,555 1.045.747 .354.168 17.024 372.665 5.9n.876 419.603 654.689 858,127 £11.557.938 £9.711.324 £11.497.394 £9.649.150 CREDITORS: •mounts f*llimg dut *fter more than ont ytsr Grothp a￿d Ch*rity 2021 202 Bank l(>an$ Finance lease Pupil dqx)si15 3.716.949 8,014,238 35.214 3.281.156 3.616,461 7.333.410 £11.330.608 Detai15 of above loaos are as follows". Has been fully repaid in the year. RepayThents thich commenced on 30 June 2005. Inierest was payable ai a fixed rate of 5.705V•. Outstandin8 balance of £22.292, which is unsecured. Repayments whi¢h ¢ommenr¢d on 28 September 2012 are made quarterty complete on 30 September 2021. Intcrest is payable at a fixed rate of 2.51V Ouistsnding balance of £3.334. ithich is Dltsecured. CapTlal repayments are rnade quanerly over IS yeaTS. These payn*nts commenced ID December 2006. Interest 1$ payhble at a rate of 0.7W• over ihe bank's b&se rate. Has been ￿llY repaid in th¢ year. RepaYn*1￿ which commenced in Noyernber 2016. Interest payable at a rate of 1.7•'• overth¢ bank's bast ra*. Outstarxling baiarK¢ of £503,660. Rcpaymcnts which Com￿￿nced in Dccembcr 2016 are made quarterly and complete in tk¢ember 2026. InteT¢U is payable at a rale of £1.7V• over the bank's base rate. 0￿Sta￿A￿n8 balance of £1275.776. whi¢h 1$ unsrtLw¢d. R¢pAymethts Commenced in November 2018 are nwlc quarterly and will complete in August 2027. Interest is payable at fixed rale of 3.2:. 0￿sta[MI1ng balance of £l.533.946. which is unsecured. Repayrnent5 Mthi¢h ¢ommen¢ed in November 2018 are made quarterly and will ¢ompl¢* in Augym 2027. Inierest is payable at a rate of1.7Y• over the bank'5 rate. Coronavinjs Business In*mip¢ion Loth (CBIL) which is secured. O￿tanding balance of £2.583.333. ReptIy￿￿￿ts commenced in J￿¢ 2021 and have be¢n made monthly. The loan is interest free for 12 nKJnths and then payAble * a Ne of1.06Yo over the bat)k's base rate. 9 Year Tcnn.. loaii Ic*n'. 10 Year Tenn.. 5 Year Tenn.. 33 BROMSGROVE SCHOOL N(YfES TO THE FINANCIAL STATEMENTS Icomlinll¢d) FOR THE YEAR ENDED 31 AUGUST 2112A ENDOWMENT FUNDS BaJ•nce I September 2020 Balante 31 Augujt 2021 •nd gains Tr*DsfeYs David Walters Fund The So¢i¢ty of Friends 34.671 386A34 34.671 474.140 88.806 £420.(￿15 £88.806 £508,811 B•l•n¢e 31 August 2020 I September 2019 Net intomt aDd Tr*nsfers David Walters Fund The Society of Frie 34.671 425,614 34.671 386.334 (40.280) £460285 440280) £420.005 I￿ UNRESTRICTED FUNDS B*l•nc¢ I Stptemljer 21)20 31 Augwl 2021 Exp¢nditsr¢ Tr*D$lers General tsnd £61.406.359 £37.524.972 £(34.070.321) £870.944 £63.731,954 BalgD¢e I September 2019 B*1*￿e 31 August 20211 G•5Th$ *nd Tnnrfe Income G¢n¢r41 fimd £60.650.718 £34.W3.241 £133.773 J72) 4464.228) £61,406,359 34 BROMSGROVE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (cO￿l￿Ved) FOR THE YEAR ENDED 31 AUGUST 2•21 RESTRICTED FUNDS B*lAllC¢ I Sknpiember Net iDcomt 2029 Balante 31 August 2021 Tr*n$feTS John Nicholls FUTr Ro8er Brazier FurKI 5,251 5,251 5.000 £10251 £10.251 B#l•JK¢ I September 2f119 B•l*D¢e 31 Augwt 20211 N¢t ineom¢ ADd yins Tr*nsters John Nicholls Fund Roger Brazier Fund 5.251 5.251 5,000 £ID251 £10.251 The John Nicholls Fund repre5cnts a legxy received ￿ suppon ¢hildren undertakin8 expeditM)ns or othdoor activities. The Rogcr Brnzicr Fund repTesents a doth11￿￿ re¢eiv¢d ￿ st￿￿￿rt ihe learning and devekjpment of pupils with dyslexia. 12. ALIA)CATION OF THE GROIIP NET ASSETS Fixed N¢t Curr¢nt abilities IA)ng Term Li•bilitits 2(121 lftv¢stme*ts Totsl Restricted EAwJtswment 10.251 10.251 508,811 508.811 uT￿estrIcted.. General 6.735.926 68.863.342 {2.533,904} (7.333.410} 65.731,954 £7.244.737 £68.863.342 £(2.523,653 £(7.333.4101 £66.251.016 Nd c￿rrent IJ*bill￿9 Long Ttrm Li*bilities 2020 Investment5 Total Reslricted Endowmeni 10.251 10.251 420.IKI5 420,IK)5 Unre$iri¢ied: General 5278.360 68.830,292 {lJ71.685} (I l.iiO.6081 61.406.359 £5.698.365 £68.830.292 41.361.434) qI1.330,608} £61,836,615 35 BROMSGROVE SCHOOL NOTES TO THE FINANCIAL ￿ATEmENTs (Ctsntinutd) FOR THE YEAR ENDED 31 AUGU￿ 2021 13. CAPITAL COMMITMENTS 2021 202 Authorised but rKJt contracted Contracted but Mt provid¢d for £nil £89.955 £nil £ntl I& FINANCIAL COMMfTh1ENrs 2021 2020 Operating Icase5 for cquipnxnt that are subject to firtwe minirnwn lease commitments are as follows.. Within on¢ year In the s￿l￿d tts fifth ye 10.713 26.969 10.713 37.682 Tota] £37.682 £48.395 Commitments under fllwK¢ l¢a5e$ are as follows: Payable within one year Payable in Ihe second to fifth years 23.475 -5,979 17.024 35.214 Totsl £29,454 £52,238 15. SUBSIDIARY CHARITY Brornsgrove S¢hool is ihe wle member of the Bromsgrove Foundat￿n. The Bn)rnsgroYe Foundation h85 been con501idaicd into these accounts. Th¢ Bromsgrove Foundatt"on is a company limitrd by guaTantr a TC8iStcred charity. It was I￿orpOrated on 6 February 2007 and has a year end of 31 August. A of the Statement of Financial Activttie5 and Bal￿￿e Sheet are given below.. stst¢men¢ of Fimtheknl Atdvltlts for the year tDded 31 AuBD5t: 2021 20211 Income Inv¢th¢Tht income Don&tions atyj legacies 29.783 33.827 183.964 54D.824 (55,1911 187.420 217.791 (53.058) (83,471) Expenditure R¢aiised and wuealised invesnnent gaIn￿(lO$s¢s) 673,053 1.189.gX12 81,262 1.108.640 Total fU￿J5 brought forward Total fiTh45 carried fonvard £1.852.704 £1,189,902 Balance Sheet Is It 31 Aupyt: Invc5tments Debiors Cash Creditors 1.767.764 1.831 122.559 (29,199) 994.458 107.948 116.700 (29.204) Accumulatcd Fund5 £1,862.955 £1,189.902 36