BROIISGROI£ SCIIOOL (a tompD)' limlled b>. g#ArDttt) {Incorpor•tin8 Brom$%roie S¢bool ScholahIp nd Prie Fttn(L Davld Il'l(ers P+lemorll I'u#d and I'he Sotltly ofTrrlends or Bromsiro%e School F.ndowTrent Trust) CONSOLIDATED FINAP*CIAL STATEI¥IENfS FOR THE I'EAR ENDED 31 AUGUST 2022 Company Number 4808121 Chariry Number 1098740 Hay5m4ci]¥tyTe LLP (Th8rt¢r¢d ACCOUntts ReEi5tered Audito iA)ndon
BROPlSGROI'E SCHOOL REPORT OF TIIE GOVERNORS THE GOVERfORS Ai%D GOI'ERNL ING BODY IAr Nl Luckni*L {EC. RC} Chairman Lt Col M S B&llard (HC. SC Ch&irof Fkalth & Safety Commillee Drc Bamett Resigned 19 lah 2022 Mr C D E CameroA {FPC: IC. SC. RC) Boardins CM)b'ernLY Chairof Risk & Strategy CommiNee Mr J.P Campio AppDintrd 9 Febw 2023 Ptrlrs A E Cleary (SC, EC) Chairof Safeguatdiftg & Welfare Cornmillee Dr D Cunningham {EC Dr C Lidbury (EC. SC) Chair of Educaiion Commillee N4rs J LoyTrlon (BC) Mr D mort {EC) Aplted 3 Oct(thr 2022 Mr IV Roden (IC; FPC} Chairof Inb'¢stments Committee Mr I Stringer(BC) Chairof Buildi CommTilce Mr D R Walkts (FPC: RC: GC) Choimian of Fioan¢e & Pwperty Committee Mrs D Il'aliier IHC. IC MrPIVe Resigned 25 June 2022 MT A J G Willcox Apwin¢e4 3 F¢bnwy 2023 FPC- Mernber of Fitwice & Property CLMnmittee EC- Men)ber of Education Committee BC= Nleinber of Building Commillee IC = NleTnber of Inv¢simenl Commiiiee RC- Nletnber of Risk and Strategy ComTniMee SC= Nl¢mb¢r of S8f¢gu•rding and '¢If8r¢ Commillee HC= fvlemberof Healih and Safety Committee GC-. Member of Goi'emance Cornmitlce CLERKTOTIIEGOVERNORS AND COIIPA%Y SECRETARI, Mr J Somrn¢rvill¢ (Thomas Horton & Son5) HF.ADIIIASTF.R r Nl lknnt NIA IOXOD). NISC. PGCE Ivebsiie: W,..bron1S roi'e-school.&O.uk PRESIDEIIT Mr S Tow"e CBE DL
BRONISGROVE SCHOOL REPORT OF THE GOI'ERNORS {conlIned) ADVISERS Bankers: Lloyd5 TSB Bank Pl 11211ighSt Bromsgw%e W(M¢s B618EZ SolieilOIS: Veale IV•sbrwgh Owhard Court Owhwd Lane Bri01 BSI 5WS Harrison Clark Rickerbys Ellenknrough Houst Wellin8ton Siieet Chelienham GL50 IYD Auditors: Ila)'smaeintyr£ LLP 10 I>Eecn Street Pla EC4R IAG Investment Advisers: CCLA One Angel I¢ ndon EC4 3AB Sarnsin & Partners LLP Juxon House 100 SI Paul's Chur¢hyaTd IA)ndon EC4NI 8BV Insurance Broke Marsh L*J 4 Nlilion Road Ha>gYards HeatK W1 Sussex RH16 IAII srATUS.IliD AD.111ls[RTI0& BTomsgTove is a company limiied by 8u&rnniee. )1 having a 5hart c¥ital and is governed by its memorandum and arti¢ks ofasso¢iation. Company Registraiion number. Regi51ercd Charity nwnbcr. 4808121 1098740 Rt8hStered offiry= Ilor¢eCr Road Bfomsgrove vorce¢v5hi1C B617DU
BROIISGROVE SCIIOOL REPORT OF THE GOVERNORS {Conilllutd) cHAIRlA's STATEIIEPIT Following Ihc disruptions caused by Ihe COVID pandemic. Ihis )'¢ar Saw ihe Sch1 relurnin8 to normal operations. li was a panicular pleasuff io gr¢¢¢ everybody at our end4)f-)'tar Comrnemoraiiort as il was ihe first lime in three )'ears that w¢ ivere all able to c¢lebrai¢ iogeiher in person. The Swift and smth trnM5iti(w of the back to nonnal has b¢¢n o 1¢51atnent to the adapthbility and hard MOTk of 911 its and the cknarader of the pupsls they iea¢b. ilsl nillch has been ii'riiien alx)ul Ihe impa¢1 of COIqD on ewernal exan3s. it had * signifieanl impatl loo en extra- ¢1¢13r aclivliies, Such an IMrrtal part of life ai Bron1$8¥¢. Many aciivities - Srting. culmrdl. and cornfflunity based had been se%'efel) disrupted. Thc Tcsump¢ioll of the fvll cilendar of extrn-curricular aclivilies ihat are y) important in our pupils'educaiion thas a real mileslone. The 5rhool also Iwk ih¢ optmxlunit). from ihe yandemi¢ to del'elop new of Morkin& The inirduction of our online offering ind the creation OC our GuArdtaA Angels progranme are Nvo examples lh are likely io endure. Thc l#Ner pro'ided accomniodaiion and pasiornl CaT¢ for pupi15 during half ienns nd seFthx)l knlidays has been • great sKcesS. No 0fter hod S¢hool life raurned io DQTmal then we were wilh the consequences of the Ukrainian 'ar. In a Sch1 wilh a signifEcani and div¢e commuDiry, our pupils hal'e been magnificcnt in ihe way ihey have supported each oiher durbng these difficuk tllllC5 and it says mu¢h for iheif opewi-miDdedness. ¢mpathy. and of cha¢1¢1. That dIV51ty too is a ceuse Celebr10Th WMI tht Sch1 is very focvsed on creaiing •n ¢nvironmen¢ in ivhidl eich or ils teachets and pupils feel accepied and ¥alued. and where their kndividual 't11-beIng is ofpaFnouMi IMrtan¢¢. Wilh the turn of extem•l examinalions. l #rn pktted to reF excelleni re5ulis oct055 GCSE, A ix%¢l. IB BTEC. In all case¥ Ihe overall resulLS Mrre higher ihan ¢he pre-pandemic12vtlJ. 11 15 a t¢518menl ) all who 5UPVt and to the S¢hfy)l and help build its reputhtK)n - sthif. 8overnors. paTents d pupils . th811 ¢8n r¢port ihat the Sch<1 roll is up for the new a¢ademi¢ year and thai the Sch(K)l is in a sirons rinanctal p)sition in an in¢reasin8ly ch8lltn8ing cni'ironment. l iiould like to ihank pcr50nally Peier Clas, our exiling Ileadn785ter. f(f his outslandiwB leadership of our four S¢hty)Is over the pa51 eighi )eaTS. He i'ery abl). kd the Sch1 through the COVID pandemic and l¢av¢s it in a verj. slrong silion. I V•(NJld also lik¢ io wekome Nli¢hael Punt a5 QUT new Headmaster. thr uvanimws choice ofall th05¢ involTr#LMI in hi5 5elECtion. l am confidtTr¢ th81 th¢ S¢hwl will go fnNn stren8ih 10 5tren8th underhis direciion.
BROIISGROVE SCHOOL REPORT OF THE GOI'ERNORS {Cothilthued} The Dire¢iors, 110 are Ihe Governors of the SchoDI. present their annual rewi for ihe ytar ended 3 l Augu512022 und¢r Ihe Companies Act 2006. foBether iih ihe audiied financtal sthiements for the )'ear and confirn) that Ihe financial Statenients eomply with the reguiremenls of ihe Aci, Ihe chArity'$ 8OVtrning documenL ¥pli¢able law and Ihe &aiemeni of R¢conimen¢kd Pr8¢lic¢- Acwuthiing and ReportinB by Charities applicable 10 charliies preparing iheir aeethjnls In A¢Lwdan¢e wilh ihc Fillancial Re1X118 Standard &ppli¢able in ihe UK Republic of Ireland IFRS 102) (Second edilion. effective l JanuAry 20191 REFEREPICE AND ADlll%I ISTRATIVE IliFORNIATIOY The se11 as ftyjnded in 1553 r¢-foun¢kd on the cuffent siie in 1693 by Thornas C(Mes. Bmms8rose School wa5 one of the originul fourteen members of the Ileadm•slers' C'onfrrence (HMCI when il was founded in 1869. The Pte. PT¢P8r8tory ond Pr¢paratory Schools art c11cth rtTrtury fswndalls. The Sch1 wag in¢orporattd as a comp8ny limiied by guwantee on I September 21yI3 yjxl¢T charity number 1098740 Ènd regitred iY)mpany nmber 4808121. OBJECTS Al15 AliD ETIIOS Chsrlllble ObJefts The objects for whieh the Charity is established lo lvanc¢ edwTron and irdining by the pro¥t$ion 80d conducl in or n¢ar l¥'oTce5tershir¢ of any day and E)arding school or s¢hools for k)'s and girls. The Charity pT0deS edwalion on t1¢¢ sile5 ir• wor¢th1[¢ k) b)ys and girls from th¢ age5 of 2-18.The Charity also Pfovid¢s Iiurser). ¢8re ot th¢ Il'inierfold siie for babit5 agcd 6 w.ceks lo 2 )'ears. li is ihe policy of ihe Sch¢)ol to provide a rirs¢ ¢18ss education, Mhi¢h idelllifie5 and deb'elops the wt¢ntiBI of individual pupils in • variety of arcas. provide5 them wilh the best achievable qualificatioffls and prepaT¢s th¢m for their life. Airn$ The Charity constanlly aim5 to provide a first class edtycw)n Ind girls from tht aBe5 of 2-18. Vithin the obj¢¢is. the SthoDI iims to PTr4Juce py. ¢r¢¥ii%e. mornl ¢iiiz¢n$ who livt moiivakd. fulfilled li%'es while enri¢hing the lives of others. The Schr8)l $kS to xkieve this thfough an cnlighkned. disciplbn¢d bn)8d educat)n Ihal rtswids to global change Mthile relaining core values. The Lxyrt **lues thAt ihe Sthool seeks lo foskr in 1¢$ PUPI Humility and conf¢¢¢ Res1 and Curiosity Comps1On and Ambition Tolernnce and Vision Eiho$ Bromsgrose SchrKJl is commiiied to safeguarding and pron118 ihe iielfare and Mtllbcing of 811 pupils. The Sch1 is proud of Ihe sirong poral care provided by the House SIrnclrt in ihe Senior Schwl and by the form iuiors iviihin the Preparatory and Pre-prepardiory Schools. The Schwl has A ¢¥in8 til. which is rtnrcied in all of ih¢ S¢hty)1'5 policies and pwcedures. lthe ScTr1 mainthins regular contact with parents ihnwgh nemsletttts. social media. infornial me¢iin8s and rcgular repoTIs. The Govtrntsrs •re wmrnitted k) the long standing prithcipk charities rnu exist for the bencfrt of the public and ha%.¢ a 10Tr8 ¢radiiion of proi'iding public befiefil. both thmugh educaling pknpils 8¢ the S¢hool and ihTwgh a55ocialed aciivilies for the bcnefji of the Mider wmmunity. The G.emOr$ are commirted to wtdcning access lo ¢h¢ S¢hfy)I ¢n5yre Ihai Children h0 could oiheFMise attend the Scknl can btntfii from ihe educaiion bi pVIde The SchoDI's eiho> 15 to wrkome pupils fnKn all b#kgA)unds. Enirance assessments are undertaken lo salisfy boih ihe S¢hwl 8nd the PaT¢niS thal prospedibe pupils can cope wilh ihe pace of learni8 and benefbl from Ihe bitadih of the edu¢alion ihat the Sch(x)I provides. An individu•l's economic stslus. gender. ethnicity. Stxual OriEntatioD. ra¢e. religion or di5Rbility th) not fonn part of the ass¢Ssmeni PTocess.
BROIISGROVE SCHOOL
REPORT OF THE COVEIL%ORS (Coniliu¢O)
0EcT& AI.IIS AND ETHOS (Coni1TrU)
Th¢ SchiK)l 1$ part of a wider community a4 bas a lon8 hi510ry of olYerin8 • rdrnge of educational a¢livilies for ike
ben¢fil of Iixal childrtn. The sch)1 a¢¢iviiies and acce55 to the SchTrA'5 rlI711¢s provide oppwnmiiies for
children other ihon pupils ai the SchcK>l to btneflt from the charity.
Ve Very PToud of the Brrxnsgrnve Sclwl Swim A<eMY thich Provides swimming le$Th9 lo 1,100 ¢hildTeTr from
the local wmmunity. The SwiTner Sclwl for eighi ii¢¢ks in ihe Summer holida)'s and ihe Tennis A¢ad¢my are
also op¢n to l(Kal childTtTr. IAKal primary schty)ls use the swirnming rAxJI for weekly lessons ai no charge. The
also Continu to reach (wi to local children ihrou8h a iiide rnThge of aciii'ities includin8 the ttkIY joini Orchestra
Group where • number of local Primary Sckn15 tome to Broms8rove tr) rekearse ether lo the niany local Sports
C]bS and Associations ihai ihe School's sports f¥i141ies.
BMrsriei Ind Seholarshlps
The kh¢y)l 15 committed to ensuTing ihat thert is wfficitnf op[KlnitY lorthildren whose parents cannot afford ihe fee5.
in¢luding thos¢ in p)verty, to benefii from its educational s¢Tr'ices and fachlilitk The Governors and ihe School
maeMen1 regUltY review the S¢hool'5 Public Bcntfit Poli &% part of the on8oinB des¢loprn¢Dt of ihe School's
strn¢egy ¢0 widen atcoss.
The G)vernors are con)miN¢d to Tuming a means.tcsltd buw scheme dir¢cl ¥c¢esS to ihe educational
smices providcd. The scheme is destgn¢d 10 455151 pw5pecti%'e pafents ar exi51ing pamils on low incomes ivho for
rinanciol re8sons might othcrwi5e be unable io serhd or con11e to send iheir child io ihe School. The bursary s¢heme
ificludes Admissions bursarics ihe paTtnlS ocmew pupils at)d Hardship bursarie5 for partnis whose finan¢iol posiiion
wors¢ns unexpectedly. Admissions bursaries includc tK)th life thttnging bursaries (75 /•- IOOY() and I0er aardS for
familie5 ntedM8 frt sISM(¢.
Bursaries are eniirely mearbs lesled and are a[ded OTh aTr bfjsis lo parents 581isfy ihe fi]wi¢ial criteri& set by
Ihe S¢hc4Jl in reliiron their inc(ne and (he vAlue of ih¢ircapithl assets.
The S¢hool h85 a Bursary Poliey, which is available w boih prospecti%'e and exi51ing parenls. lThe policy
BROlScRol,[ SCIIOOL REPORT OF THE GOVERfORS (Contiuu¢d) STRATEGIC REPORT CURRENI T YEAR PERFORlAN1 CE REVJEIY Prifjcipal Atti%itiu Of ihe Ytr At the end of ihe )ear. we said famytll 10 Nlr Clague. Ihe He4dm&5ter of BromsBTove SchrKl. Mr Clague h35 provided out51andinB ler•J¢rship over hi5 5evcn )ear5 of seThice. A5 * mu¢h resP¢rted H¢8Jmasier. Ihe S¢l)LKII community expre55ed their Braiitude * Comrnemoralion to l4r ond Nlrs Clagye and wish¢d them knell in the next chaptrr of thcir livtL Ikspiie exiernol worldwide iensions ar economic pressures. the pupil mll has remaiTr¢d stn)ng ihroughoui ihe Ye and it ivas ple4sin8 that only a Y¢ry Small llumber of families left Ihe School. In ihe summei iemi. the roll stood At 2.1 Ipils (2021.. 1.956}. The Senior Sch(xA edwa¢ed 1,01 I pupils (2021: 985) of whom 465 (2021.- 4761 wrrt boarding pupils- lh¢ Pr¢parntory Sch1 edu¢aied 524 pupils 12021= 521) of ivhom {2021.. 80) w¢re toordin8 pupils: Il'inierfold House edu¢aled Ml pupi15 (2021.. 271) ihe Pr¢-Tr¢parg1(ry Sch1 ducatd 176 day pupils12021: 179). This ye3r, ther¢ has been a coffliinued focus on widenin8 acttsl The %al¥e of means tested bursaries including Ihe h&rdship byrsaries amounied k) 5.1 /• of in¢ome12021: 5.4%). The eh&rity a150 providcd ftt assistance in ihe forni of seholarships and Irffted forces discounts. The Value of such addilional assistanc¢ h¢ added WJ means ksied bursaries represented 9.3•1 ¢fof the ¢harity's lolal fee iffjcome. Of ihe 2,001 pupils educated 81 Ihe sch¢x)1, 530 pp]I$l2/0j receil'td some degree of financial assistance in ih¢ forni of bvtsarie¥ scknlw5hip5. armcd foTCeS discounts ?TMI stafYdi5wunts. D¢5Plte prtssurts on th¢ Fwdg¢¢ for the fr)nhcoming yew. the hA%'e co]lnut 5UFPlrt buwies and ha Breed an annual Ir52ry ldget for 202212023 amouniing kn s.A of tal fee income. Despiic the uncertainty rtgarding the national public exarns. Ihe S¢lKJoI WJS proud publish ihis year's academic resuks forour pupil5. At GCSE 46.6°/'O of en¢ric5 11.cie gradcd 918. and 65.l•i scored 81 least a 7. trfAh high at¢m)arks RY Bromsgwve cohorts. lrt 2019 Ihe avera8e w)inl per GCSE tnlry is 7.0. in 2022 il 7.1. In ihe Upper Si¥th. Ihere ¢1¢ 221 candidaies iakin8 a mixlure of IB. A le%'els And B7EC qualifKalions. At A le%rl. 18.3D/o of eniries achie%'ed an A• (14.5% in 2019. 11.1•/0 2011). The AIA rate H'a5 53.1% (47.70/0 tn 2019. 42.6•/• in 2018). The A• rate in 2022 of 77.8% wa5 fr¥tionally higher than the 75.SVoof 2019 and 75.Ph Khieved in 2018. In ihe IB diplom4 55 IB sbJdcnt$ 8YCTagcd • SCI1 Tecord 39.3 Jx)in15. Of178 Higher Lei'¢l subiecls spt. there ere 79 x 7s arml 78 x 6$. 11'iih UCAS equBlin8 8 7 to On A Level A. and 8 6 to • wd¢ A, Ihe 7 IA. rnt¢ for the IB cohort 1$ 44Vo. the A• A l 7-6 rate is 88•/0. All sludents passed thcir o%'trall Dipkn4 30 $ludents {5517/(4of the c(short) scored 40 or more tA)inls in tothl. whi151 three stud¢nts achieved ihe Ve1¢d full 45 points. In BTEC qualificalions 78 enlrie5 saw IS Di5tinclÈons bring achieved thber wilh a fimher 25 IXsiinciion& Of ih¢ 125 tsk¢n. 48 were awardd an A• and 54 an A with virtually all the rtm8indtr Baining a B grade. Our leavers headed off io a widt TaThgc of top univetsilies tn the Uniied Ktngdorn and al0d ile orld. gained their fir ¢hoic¢ Uni%'ersit> pla¢¢, 12 10 Nfedicine or Biomedical dtgrees. 29 10 Business Felaied de8rLY$ 20 gAined Inlernalional Uni%'ersity ploc¢s co1Mbl UCLA, Tott)nio. BCU. IIKU. IE in mr1d and knoni in Nlilan14 wilh scholatships). Two of our pupils ha%'c AVCd inlo hi8h quality apwenliceships at BAF. •nd Bar¢la>'s and one inio arniy ursing. Fift¢eTh pupi15 hAse decided to take a gap ye¥. In recent y¢8rs. Ihe educa¢ion oCth¢5e c(kn been seieiety di5pIed by fac10 iw.ld their cort11 wilh a naiional lo¢kdown. I1 qllwanlin¢s and th¢ nc¢d work online. All subject texlThs and pupli s deseThe gre credit. Improi'tniefils made in ihe use ofdisilal technolo8)' when resFK)nding the pandemi¢ hai"e infonned several ¢hanges digital slralegy ihis )¢ar. '11h1n ihe Ser+ior Scknl, All pupils are now required io brin8 theirowm devices in io Sehool ond oll ieachers hai'e btrll proi'ided iviih ntw digital device5. Pupil learning ka5 been enhanced as iea¢hing r¢50ur¢es are 5harfd niore effici¢nily f¢¢dback is more elTeciive as li is pupil specifK and prcnw. A fwthtrim has been io ISSISI the pupi15 in d¢belopin8 8(& IT skills and improvin8 ihririYgani5ational sk"ill5.
BROI4ISGROI'E SCHOOL REPORT OF THE GOVERNORS (CoTrllnu) CURREIYT I'EAR PERFORNIANCE RE.lE1v (ConliTrued) Despite con¢ems aboui the impa¢t of the pand¢mi¢ 00 the twrdhng market. IK)ardin8 numbers At BromsRroi'e remain ery slronK. Ive are particularly pleased ih there is a strong dtmand for place5 in our Prep Bo3rdin8 IM)Ltses ivith boarding nMberS inereastn8 from 80 10 IIX) irt ihe )"ear. An exiension io ih¢ Prep Boardins House on Conway RoJ iva5 completcd in thc )'car to tnhancc the tommunAI spaces 10 irnpMN'e a¢¢¢ss ihe staff ottornniodation. The Go%'ernors reco15¢ the imwrlance of ¢nsurin8 that all of our i¥MTding knu5es are IaIntaI it the highest 518ndard &nd are committed aTU)ual wlling iK)aTding refi¥bishm¢nl pwgrnmme. In the >'ear, th¢ extensive r¢furbishm¢nl of th¢ WettdtoTr Gor(knN knrdin8 house conlinued. The howse ¢ommw¥ity ¢ very pleascd M'ith ihe furbishmtnt which ha5 provided en5Ulte facilities in all rcN)ms. new furniiure. new decor and ellhan¢¢d Comnlcffl Room, kitchen and laundry faciliii¢s. This project has a150 addrtssed suslain&bility airns by si8nifieanily impro%'MI8 ihe ihennil ptrfomiance of ihe buildins ihrou8h the installaiion of new thwble glaze41 w'indow ynits aThd Tr insulatn. In ihe )'ear, Ihe Governors have a150 invested in ihe ¢ar park'5 at Imyih ihe Bromsgroi'e Preparatory School and at Winterfold House sch1. Thc PTOiCCts haTh'e provided •thJilion81 Phfking spac¢s 8Dd improi'ed tK)th sil¢ Safety and security. In addilion, one of ihe Senior sthl a5troturfpii¢hes w09 refiJtbAshed with th¢ inslaltaiion of8 new carpel. In the lasi decade, the Sc1Kl Muired adj1 si housed the Bn)msgrovt ToTr Poliee Siaiw)n. Afler se¢urin8 plannin8 peISSiOn. the Go¥ernots agreed 10 demolish one of ihe lilo buildings. In the )'¢ar. 1)Ik h35 commenced OTh building • new Tesidential property on thc 5Lk forthc Prepar810ry SehtsA Ileadniaster &nd this family. Thc GoYcrnor5 and ihc E¥e¢¥lii¢ #re commill¢d io improving ihe Scknl'5 ¢arl)n Sx>lprint. The lables beloiv 5hoi¥ ihe key m¢lrirs thlt are being rewrted for StrrdmliNed F.rgY and Ca¥tKin RttM)Iling in the fiThan¢i81 y¢ar¢nding 31° August 2022. Surnrnry Dali for FY Ill S¢p¢¢rnbcr 211• 31¥ A&$t 22 'lue Tr1 Energy Use 9.74J.154 kllTh TL4al Greenhouse Gas Erni5sions & %olthrW) 1,283.92 02 T(4al &udents 2,001 Inlen5iry Roiio 0.64 tCOI per student Are8 01 14asurement FY l Sept 19 to 31'A 20 FY I'sepi 2•10 31°A 21 I, J°Stpt21 to 31M Au 22 'Arlanee ¢0 reTrious 'tar Energy Use 10.927.3 12.196.1 9.743.2 Mllffi 20.1 /• deerea5e Greenknu5e Gas Emissions 2,157.73 02 1.7572 ICO2 1.283.9 deerease IDlen5ity Ratio 1.11 01 SttEdeni 0.90 0? per 0.64 IC02 pcr siud¢p¢ decreAse li is clear frn the above ¢ablc that iher¢ has Ixen a deeTea5e in emissions from ihe 2020121 to 2021r22 Jear as a re5uh of boih wamief winier iempernnjres and the implementalion of cntrg> efficient projects. The large saving has been obscr4.ed on 8ts eonsurnplitiii ijth the 3,IOOkWh per Degrtt Day con)pared kn 3.530kllth in the 20121 year. The s'8r)us pmjects impkmented this year include LED lighting UP8Tades in St.eI building& a new air sOr¢¢ heat p¥nip at Elm5huTSt. 501ar thenal tubes inlled ai II'G, insulation and new glozed window units Illslalled ai Il, further IBg8ill8 of pl&nt and improved BNIS control of 7n6ofihe kho)I's I1]ding5.
BRO,%ISCROI'E SCHOOL
REPORT OF TIIE GOVF.RNORS (Conlinu¢d)
CURREiYf YEAR PERFORII IANCE RE%'JEIV {C•ThliTru¢d)
inclusion revÈew was uThdertakeTr in the )'ear in the Seniot Sch1 which soughi views of wheihtr pupi15 of differenl
gender, race and sexwaliry feel included within aSts of the Sch
BROIISGROVE SCII(K)L REPORT OF THE GOI'EILIORS (Cottilued) FILIAICIAL REVIEIVAND RLSULTS FOR THE YEAR FlnintlAI Perform•n¢e The Schwl achitved ntl inCOTnC before inv¢swneni (lossesy8ains of £3.391k. which is £76k lower thgn the prK>r year. This perf?¢¢ 15 J15Q WllSisknt with the School's bwjgtt forthe )"ear. lth the year. nei fees in¢re85ed from £34,772k 10 £37,927K an inercase of £3.155k IW). A significaiii coniribulinB faclor to ihis inereAse is ihe inipaci of ihe fee remissions awarded in resp)nse to ihe sccomd l(Kkdown in the prior )'ear (£1.637kl. Afttt allowing for this exteplitsnal impa¢i. Ihe wderljing gI0h is an iD¢r¢as¢ in fee income of 4V.. This i5 due to a 2%groh ifft PLyiI numbEf5 arrD5$ the four SclTh)l$ and a YA fee in¢5e. The Sch1,5 trlIng and other income increased by £1,151k in ih¢ )'¢¥. li %¢ry ple85in8 to see ihe relurn of our Intemalional Summer SclMx>I. (wr revision cour5e5. (w Academies at)d the Cricket Fesliw818fter the pandemie. In Ihe )ear, there was also a significant hncrtase in new kiiings for ihe Swrts. Afis and Ix)arding fa¢iliiies. In the prior ye¥, a signifi¢ani •mouni of dlxr¢tion and non-eS5¢Tr1ial expendire Ms cancelled or dela)ed xhicving 51 saving5 of £1.400k to offsei the fce rcmission awarded io families in ihe second lockdowi. Tol81 Schwl exp¢ndilure ha5 Iiicreastd by I/¢ in the year bvl after allowing for ihese exceptional cost savings ijb the prior jear. thc undcilying incr¢a5e in expenditure 15 7QA. The conlribuling fack)T io ihis in¢r¢45¢ is staff imcrta5in8 by 70 Ill the )ear. Th¢r¢ have b¢¢n v8rioy5 ¢Xt¢rnal emplo)ryneR¢ changcs including a rhange in holiday pay 8rr•ngemtnls for p8rl }e8r workets, the IO¢Te8se in the nalional minimum age and the introduction of ihe Fkalih & So¢ial Care leNy. In addilion, Ihewe was an annual pay amard of 2.OV•, the Sch(xA incurrtd high teachiM8 to%r eosis in the )eardue io g feiv long terni absences. Our Iradirt8 subsidiary receil'es Ihe frdn¢hi5e fee froni Brom58roi'e Inlernativnal Sch¢x)l Thailand and NIi55ion Hills. SheThFthen. These fc¢5 were recci%rd in ihe year Ind ih¢ CoMpY able lo trIbUte £384k io klKxyI fvnd5. (2021= £165k). Bromsgwve Sch1 Fouftdaiion g¢n¢r¥ted net iDcome befo inThtsthnt giins of £62k. durin8 the year ended 31 Augusl 202212021.. £486kl. The impmsed perfornian¢e in 2021 H5 due ¢0 a thnation of £402k from the Broms8To¥ian C lub in lh¢ forni of a Iransftrof invc51mcnl5 following the ¢losur¢ of Ike Club. lthe Troundaiion rrf¢ivd hyo lega¢y donalions In Ihe year. Unless, donations are restri¢d. Ihe fihnth raised will nIribute to buT5ary aardS wpils of Bromsgroi'e Sch] in the fuiurt. Th¢ Sch1.5 inveslments decreased in Yalue oN'er the year as sto¢k mark.ets around the Orld 51nded io V+orld iensiorts and the delcrioration in ¢coThomi¢ outknk due io innaiiotsary pregSUTes. The School's invesin)enis fell ii) Ihe period by £438k, an OV• decline. The net cash infloiy from oper4¢ions during the year amounted to £6.498k compartd £5,907k in ihe prior }'ew. The net inconic before anvesimtni Bains adjus1 for depCIR110 amouDt¢d to a c&sh infl(V of £5.154k. There ha5 bcen ca5hflow b¢n¢fit due to the limillg of pa)rnents to Contr¢0[$ for M'oth"s complded in th¢ summ¢r holi(18ys but Dol paid until Sepiemkr{£168kl. Th¢ S¢Frt>ol's ushflow h•s perfonned in line wilh the School's proje¢lion. In 2021. the Goi'etne¢s w'iihdrew from the TextheTS Penston Schem¢ ITPSI on J phased b1$. An aliern&livc Defined ContributioTh Il'oTkplace Pension Scheme ha5 beeTr inirodu¢ed for all ieachefs joinins ihe S¢h(KJl froni I Sey¢mb¢r 2021. Teachers emplo)ed at 31 Ausu51 2021 ha%.¢ Ixen offered the chotce of remaining in Ihe TPS or iTansferring io ihe Schwl'5 ntlv 5chtrne. Wilh the risk of fui¥ie increased emplo>'¢r ¢ontributioDs lo ihe TPS. Ihe Go)'ernors h4%e tsken th55 lion lo prvt¢rt the long ternb financial viability of the S¢l¥J)l.
BROIISGROVE SCIIOOL REPORT OF THE GON'ERN'ORS FIINAN'CIAL RE%'IEI%' AI%D RESULTS FOR THE I'EAR (Conlinmtd) Insestment Policy iod Perfomatt The Governors are pennttted to hold a rrt)rffolio of investments. Th¢ guidance given 10 ihe In¥'esiment Ad%'isers with regard io equity invesimenl is to balance 8To%4ih and income wilh • medium le%'el of risk. Thesc objecli%'cs are lo b¢ &chieved by inie5ting prudeHlly in a lyoad range of fixed inle[e securilies cquilics ivhich are quol¢d on a re<ognised Investmclli EKchfin8¢ and trusls and OEIC'S (optn ended investment wmp•nies) wthich are auihorised [cr the Financiil Scrvices 8nd hf¥k-ets Act 2. In ihe year. Ihe Govemots u]mItrf(k a rtVbEW of the rnwem¢Thl of the SclK#)I's invesimenis. Afier detailed discussions wilh four I.¢$1m¢t Nlanagemeni companies. il w&$ agrerd ih&i ihe Scknl shollld transfer s inyesiments from bein8 rnanaged by Raihb)nes on a discrtiional m8ThJate. The Gob'ernors agreed a differeni slraiegy and all funds v¢ now iDv¢si¢d in m&wged ¢ITIty inlrstfftcnt funds. The klKK)I's fund5 are ini'e¢d in the CCLA Charilit5 Invc51rntnt Fund and the Sarasirb F.th)tl Fund Clw A. lTh¢ Foundion's funds aTe illi'ested in Ihe CC.I.A Charitie5 Investm¢nl Fund. The Invesimenl Cornmittee %Nill WJ monilor the Frfonnance of ikse fi5nds 8gainst markei nchMarkS including th¢ Pfhvaie Investor Balanced lrtdex benchmark over a rollit)8 Ihr¢e.year period. Ihe Total Relurn getrated by funds aS in line wilh the m¥kd benchEnark (-2.OPh) for the period from iwion. Re5eTVtJ Poliry The Go1"enlS CogniSe th free reserve5 are those wwestric¢ed I¢5 which ayc noi 5pccifically designaled f(Trr •ny pwryhiie. The School's unrestricted r¢s¢rv¢s 8re invested primaTily in fixcd a5se15. which are recorded in ihe finan¢ial 5talement$ a¢ walue. The Cx)vernots hAb'e inve5kd signifJcanil)' oi'¢r th¢1&4 few yem in upital projec15 f Trh&ncin8 Ihe Schcol building5 and fa¢ililies for benefrt of ihe childr¢n being ¢du¢ared. Due to this si8nifieaThi investmeN by Ihe Schcd)l. the frtt reser%ts are neBati%'e al the Curreni lime. Total Fund5 69.230.583 Ixss: Restricted Fun (17.6971 Less: Edowment Fd$ {195.9981 Unre51ricled Fynd5 68.716.888 Less: Pmperty Furtding (71.877.466) Free restrv¢s 13.160.578) Prior Ye (3.131.388) The Govemow5 keep Ih¢ l¢v¢l of f¢5 under review. De5Jxie this ncgaliThr p)5ition. they confideni thai ihe School's tashtknw forttasls extemal firlance faciliiies ve 5uffici¢n¢ lo m¢¢¢ the op¢ralional needs of ihe Schts)l. The Governo. policy is lo focus on the level of liquid kssets thai wpport ihe unresiftcied reseTheL To niiligate against future risks. the Goi'ernws b¢lt¢v¢ ihai ihe S¢PMx)I should hold suificieni liquid askts to co&er ihree ¢0 si¥ monihs. Orth of ¢xpendiiiire. Ihe aim is io be able io ihe Morking ¢apit21 n¢d5 of ihe Sctrthl '•thoU1 needing to diwse of Ihe khool's land or buildinB$ in ihe rneoium lerni. 10
BROIISGROVE SCHOOL REPORT OFTIIE GOI'ERh'ORS (Conlinued) FIYANCIAL RE%'lE, AND RESULTS FOR THEI'EAR (Continuod) The Governors. Frt)Iicy 15 to hold liqid assets Tryiescijling three to si¥ DnthS of penditUTe1£9.4M - £18.8ml The School'$ inTr¢51m¢Dls a held lo provide income and capitsl aNt as they ar¢ not dtsigoaied for a sprtific PurrSe, Ih¢y are vrewed to be liquid ¥ssets. Based on the cuntnt markei price of ihe inyesinients and cwrent cash balanccs at 310 Augu512022, the S¢knol's liquid assels amounted kn £14.Im (2021 £15m). The Governors moni¢or th¢ SclKMd's liquid the cashflow for¢¢•sts and 1¢¢15 4)f extrrnal fiTr8n¢ing on a iernily basis al the Finonc¢ Commiit¢¢. The current stTrtegy i5 fiwthcr inu¢85e the Itquid a55¢ts ov¢r the rnedium temi due io ¢he YTtcertainty dtlailed in the Risk,Manag¢m¢nt ofthis Ttk Asset toi'er ftyr Note 12 of the financ ial sthiemenis sets oui an analy515 of the School's a5set$ aNTibut•bk w ihe V105 fvnds. Th¢5¢ asseis are sy(fJcient b) meet the School's obliWiOthS on a fund by fund b•si& Fndr•i518 Poli¢y School does not undertake fundrdtsin8 for ihe financing of capital inveslment. All projteis withhn ihe School are funded from Sch1 resources ]1 external bank financin8 &% artd when necessary. The Foiindalion's objeclive is lo rai5c funds uliimalely lo ¢nabSe ihe to wovide pl•ce5 to ill dCrYing pupils on a ntcd5 blind s1$. This is a k)ng iemi 8mbilion whrch ha5 a focus on friend rnb$ig raiher than t¢[¢d fiJndraisin8. It 1$ intended ihal gcntlc &ppeak are made lo all ihoge ith o connection to BTVMSg.¢ SclxxTrl i¢= 8lumni 8nd p3fcnls Ihrough a fuiidraisin8 prograrnme of tncouwagirtg ma1 gifts regular 8ivin8 and le8acies. This is supporned by a pgTaiMc of non-[ndraISing events designed io encourage inierest and iniYJl%'£mcnl iih ihe Sehool. Exiernal fuiidraising compaThi¢s are Th)t used and ihe Fowid#itt drts actively fundrnise ihrough tsrge¢ed appea15 or ItIcLOne campaigns. The Sch(d has received no¢omplatht5 ryknted to fundr*ising IA ilke ytar.
BRolsGR0j'E SCHOOL
REPORT OF THE GOI'ERN'ORS (C10)
RISK hlANAGEIIEJYr
The Go¥'emin8 B(wJy conducL8 A fomiil review e¢h itnn of the SCI11.$ Risk Rcgisier. The Sclhool's Execulive
identifies thc major risks to which the SclKKJl nd its related organisaiioDs ¥¢ ¢ipos¢d. The h0o] Execuliir and ihe
Sub Cornniktl¢¢ Chairs review ihese risks on a rolling basis. Nllligl0n And Cofftirol pCedUS are pui in place as
neceswy. Thi5 procedure and ihe Risk Re8lStcr is ViEwCd b) the Risk arKI Strattgy Committtc each tcrm aRd
recom]nendal¢ons arc madc to thc Board regarding confirmBtion that 5y5terns are ill place to prgvide we850nable asSUT4nC¢
that 111jOr risks are being adequately nian&8ed.
The most SiBnificant risks for ihe S¢hwl a dd•ikd below..
Tht IWlP8Ct of high infllion nd high inlffHI ¢•s¢s.
The SCIKKII has two key wncerns. The first ¢orKeJn is the iPatI of high infl&tiDn And inlcicst C0515 on household
fina¢¢$ for our families. In the short tem. y'ill continue to lth our faniilies and offer support wherewer
tM)55ible through flexible pB>menl opiM)n5 and the hardship bursar). fwid. However. V4"¢ ha% concmis ihRt A longer
period of un¢¢rtainty" could lead some families Treeding io wiihdrnw fMI ihe School for finan¢il reasons. We i¥ill
¢oniinu¢ lo moniior ihe siiuaii(ffl very ¢%ly.
Th¢ second concem 15 the irnpacl of inflalionary pressur¢s on th¢ SclKKTrI's b•se. The Bursar and ihe finaTrce teani
are moniiorins ihe siiuation and weparing regular cashnow fOrtt$. A caulious approxh will be adopted kn'iih regard
disrretionary expenditure and adcqualc cash rYCs will be maintained. It is likely ih•t 5oJne ry)ital develOptt
projttts ]11 be dela>ed until thcre 15 more certainty 8lx)ul th¢ economic fotec&st.
A dttlirtt In lllieTnational bo#rdin&
A key risk to the sch( is a reduction in the twmber ofEx)ardus result¥n8 ilb a Mhjciion in the Sclhool's fce income and
COll5equential pressures on cash Ik)w"5. Ilthilst the pupil n)11 at ihe start of ihe 202212023 &eM[C )'ear is excellerkl. ihe
Sch(M)l is concerned the longer terni imp1 of Morldwide ten5ttS on ih¢ inlernalional rdIng Community. Il'e
have a number of mitigation str8te8ies IA place io¢ludiftg cootinuall) assessing Dew mwk'ei opwJnJniiies and supponifflg
exisiing ageni relaiionships ihroush edu¢aiional iniemaiional evenis. Il'e will also sttk &)
BROl5GRO1'E SCHOOL
REPORT OF THE GOI'ERIORS (Conf5Rued)
FuRE PLANS
The Goi'eTnors togdher wilh the School F.xecutiTre aTe committed io that the School conlinues to provide 8 firsl
class edu¢alion io all of ils pupils. All str8tegic deb'elopments are committeé rn&inlainins the School's posilion in the
comprtitiTr"e market that it Iyerates. The achievement of hiBh standar& of adeMic rtsults and tht del'elopmeni of the
School's facilities are in1[811¥¢ l(> ¢h¢ S¢hwl'5 ¢ODlinued suc¢¢ss in the lonB ienn.
Th¢ Governors and ihe Exec¥t haye rtcently r¢vitThed the S¢11.s Stra8i¢ Pl and ¢onfitmed new obiedi%es for
the next y¢8r'.-
Tbe Stnlor School aeldemlc •(fer
To continue to review the Sixih fonn xrtd GCSE atademie oifer. Conipuiei Science GCSE has bttn iniroduced fron)
Sepieniber 2022 and funher new 5ubjecis ore be consider¢d. Along¢ the curriculum, the School M'ill seek to e¥pand
the opporlunilits for pupils 10 dcvclop curiosity, creativity and ¢hAllenge ihfough exiemal links aardS and
omp¢tition5. Further to a rece1 decline in pupi150pling for thc Inlclnalional Bac£&u[CC. Ihe Gotremors also wish for
the School to Coniinue io promote the benefilsof ihis prOgrme.
PrtPAratory Srkool xc•d¢rnk oif¢r
A review of aliemaiive aeademic pw8rammes Mill be compleied. A numbef of aliernalive existing ptogranimes will be
revi¢wed including the Prep Baccalaureate bul con5idcration will also br gi)tn to developing a iwke Bromsgrove
offer. The curriculum acii%'iiies progrnmme will •lso b¢ revi¢w¢d lo coDsid¢r integration ivith th¢ academic
Prosrarnme.
Bo4rdlng
In aecordance wilh ihe commiimeni the coniinued refurbishmenl of ihe boarding hoy5e% ihe refvrbi5hmcnl of the Page
BoaTdin8 HOU ivill be compleled in the year. This project will tnhanct the knrdinB rxpcrience for our )'ounger
bowde and iinpn)ve the sustainabiliry of the house as new doubk 8l¥eJ units gnd 8 livin8 8re¢a all ii'ill b¢ added to
Ihe t¥terior of the housc.
IVIDlerfold PerformlnE Arti
Music tknma is a larse pan of a
BROIISGROI'F. SCHOOL REPORT OF THE GOI RNORS (C••tinyed) STRLCTURE. COI%RNAJN'CE AND.IIAN'ACENIENT GovernlnR Document The Charity is governed by it5 MemorwUrn and Articles of A530ciatioTr wiyng from iOI)ntio in 2)3. ¥s aniended on 4 Iktober 2015. Goyerrtors ind professlo#l idtrtsers A lisl of CMNtrnor5 and Professional advis¢rs appears on paB¢S I 2 of this report. Reeruilmtnt and Trlnlth8 of Gobtr#Drt The Chartty's ¥¢mor$ we 8pw)int¢d al a m¢etinB of the Both of GovemoTs. follwing a seledr(m proc¢y3 and recommendatton fmm th¢ Cth'tmance Committee. The Goi'erning fequiffs breadth and depth of experience to cany Qui I duties effeciively. Il'hen recrniting new Govemoo the Commilltt tskes inio considerniion eligibility. peN)nol competence. sprtialisi skills and availBbility. N'tw Governors are inducied inio ihe wthkings of the School, in¢ludin8 ihe pmision ofkey infonnaiitin LY)vering Bod policy. Schwl etlK)& strate8y and financial infoTrnation. All C•)i'ernor5 are enLxTrufdged to altelld training courses and workshop$4)r8aThi5ed by sp¢¢iwlisl Xh1 wganisjlions. All Governors give of their lime freely ab)d femuneraiion "as paid in ihe ye¥. No GoN"ernor or person connected w•th a Governor received any bffiefii fT¥)m either mearLS tesd bursaries4)rsClMJlslpS awarded to our pupilk Or8anluiSonal NlnagerneTrl The B[d of Gov¢rnors, 8$ ihe ¢wsf¢¢s of I Charity. is r¢wnsilth for ¢he over811 man•8emen¢ and control of th¢ School and meets at least ihffc iitnes ayur. Tht prineipal iesrthsibililies ofthe Bo¥d #t kn: Ensure Ihe Sch1 is run in accordance wilh lis charithble obje¢ii¥es and ihai all ihe fvneiions of the Sch1 are authorised by the pom'ers provbded by its stules. regulations and by wmpan>' aTrd thaTity law To aptA)ini ih¢ Headmaster To sei. in tonsuliBtion the Headmtr ktsd tht Excculhi't of the St11, the straiegy and plicies by whieh the School ]11 be Appiol'e the S¢h(ol Developmeni Plan Control finance by Bppn)vinB budgtts a[ kXlger-le and by approvin8 s>'slems ihat oplimise ihe Chances ihol ihey 111 be achieved Ensure thai eompeiert professional kdvtce is thken wbtn Dtcesw. The in ¢kIl8 ihe sir8y and li¢1¢S Are bein8 corrtcily <arried is perfonned by the Vario wmmintts of Governor5 a5 set oul bclow: Finance and Pmperry ComTrinee - which deals with financial 11¢Y and rv4iew of budgeis And finafflcTral ststtnleIs prior io approval by tht Board F.du¢alion Cornniitt¢e which deals wilh ¢dwaiioDal and r¢laf¢d opeTrtional issues and briD8S recommendaiions and concerns iih re8•rd io stsch mait¢ES 10 ihe Board Buildings Comrnittee- Mhich con5idcr5 artd Tnonitor5 major build and [urb]ShMent projects iviihhn thE Sch¢y)I Invesimeni Comn)illee Ivhich receives iernily bpdaies on invesknheni and perfornian¢e from ihe Investnieni AdYistr5 and reriS ihese matitf5 lo ihc Board. Govern&¢ Comn)inee- hch considers possible capabiliry gaps 1th regard to ihe coni&1¢10n of ihe Board and makcs Tccommtndaiions 8&[dIng Wcnlial new Board rnembcrs Healih & Safely Committee- Ihis ensur¢s ihat iher¢ are thquaie policies •nd procedur¢5 in pl%e to er¢sure ih¢ healih and safety of ill pwpils Md siaifnd ensurt lh ihe Sch1 complies wilh ill legislaiive changes. Risk and sira1¢ Comniinee ¥hich 35sesses ihe manement of all risks ¢nwuni¢red by Ihe School and mainiains an ovetsi8hi ofthe tmplemenl•tion of iht agrttd strdie8LC aims ort ihe behalf of the full Board, Saf¢suardiTrg and Il'elfare Committee hich assesses the manogemenl of all safeguarding and pasioral ¢Ollifols within ihe ScF*)ol. 14
BRolSGR0l'E SCHOOL REPORT OF THE GO%'ERliORS (Con¢in¥td STRUCTURE. GOVERNAi%CE AND I¥IANAGEIIENT {tt+ntinued) Each committee no#11). mtt15 before iht main Boa¥d mtttin8s. The mernberskip of the eomrnilltts 15 supplemenkd by senior siaff ai ihe School and b). CO•opi¢d exiemal apinIM¢t$. The daY-tdaY Tunnins of thE Schcrfjl is deTe8ated to ibe SehL¥A Exte1¥t. The SclKx)l Execk)ti%'e <key mamgtmenil mprises of the Fkadm¥ler (Nl Punt). Bursar (L Bre$l Assistant Head {R ScannellA ihe Headrna5ter of the Preparatory ar Pr¢-Prepardlory S¢lMx)ls (Kl hlarie) 8nd ihc Headniistrtss of Il'inlerfold House Sch] (D Toms). The iembefs of ihe Cwemance Committee Ilai'e rutx)nsibility for ttviewing ihe remwJeralioA for the members of ihe Executive on an anrtual basis. The Govern$ aim enwre lh pa). levels are consisi¢nt M'ith the market within the indepcndcnt school SeeiLyar use benthmarkin8 dali from professionRI &sso¢iaiions swch as AGBIS 8uide ihem. The Schl1 ExecDti%e consults wilh all employtts on o regular basis so lh their vic$ Are thken in to acwunl in mp&-ing d¢ci5i0115. which aTe likcly to alTtci thEir Intrrc5 Inf(¥mation 1$ thAred with the teaching sla(fand the supp)rt slatTon all key S¢h(K)I dev¢lopments 8nd chan8e5 includirbg the financial and econornic facto affecling the ptrfoTmance of ihe h1. The Governors regulaAy m¢¢1 ivith s¢oior stsff through th¢ Sub Cornmill¢es atKI monilor communications within ihe School. Group Slrwcture •Dd R¢l•¢ioAship¥ The Charity ha5 a wholly4Mned non.charitabk subsid1. Broms8me S¢hiK)l EnteTpiises Limited. whose acliviiies and frading perfonngnce we di%u55ed bekjw. The Charity also hold% tsnder Inbsi certain enth)wed fvnds bnder Charity Commission schemth the Society of Friends Fund and the David Ivalicrs Fund. The ierms of the schemes are such thai ihe inrne is applied for the benefii of pupils and fornier pupils of the Sch(Kbl. The School is Ihe sole rncmbcr of Bro]n$8e Schwl FLNJndaiion. a charitable company limiied by guarnnltt. The Obj15 of ihe company are Io PTomot¢ and dve &ny charblable pu1F¥ CL)nnected with Bronisgrove School and lo omote other edu¢a¢ional purposes fi)T the b¢nefii oCth¢ hxal wrnmunily. The Sch h&s esthblished iniernftil(al lifiks under licence a8rttmenis wilh Broms8rove Internaiional School Thailand and 1th Brom58rov¢ SclK)ol Nlh5sion Hi115. Shenzhen. The Trlcadrnasier is a memb¢r of ihe Head Masiers. and .%listresses' Cothfetence which provides an oprtni1), lo sh8re expcrti5e and kno.7¢dse acrDS5 the independcnt s¢hLM)l srrtor. The Confeience also pemiits appropriate rtprttenialion to Gos¢rnm¢nt and Tegu181oTS of ¢h¢ vi¢Ms ofihe sector. The Sch1 also bertefiis fiDrn close links with the Alumni. An Alumni Committee. *iih Tepreseniaiion from Old BromsgroviJn& the Foundati(Ah and the SCIKMA has reSnsIbIlIty. for eng¥gin8 with Alumni. Is
BROIISGROVE SCHOOL REPORT OF THE GOI'ER%'ORS (Conlllued) sTATEN]EToF COI'ERNL ORS. RESPONSIBILITIES The Goyemors (who Ire 8150 the ¢rustees directo of ihe chaTitsble company) are T¢snSIble for PT¢pariog the Report of ihe Go%'tTr)rs. including ihe Sirnttgic ReporL and the fine181 st8l¢m¢nts in 8¢wrdanc¢ with aM)li¢abl¢ law and Unitd Kingdom A¢couniin8 Stdrtdards{Utti Kitt8dom Generally Accepied Accowiting Prn¢tice). Company law requires the Governors lo prepare financial siaiemeTriS for eaeh financial ytar Mhich 8ive a lrne and fair view of the stale of fiffairs of ihe ch•F?iable company and the 8mup and of Ihe inwnling resou¢$ and applicaiion of rewurces. including the inromc and expenditure. of the charil8ble company and gwup for thai period. In pr¢p8rinB these rinancial Statemen the Govemcrfs 8r¢ r¢quir¢d tiy. - selecl Suttablc counttng 11¢1¢5 ¥d ihen apply ¢hem consisknily. - obser%e ihe methods and principles Mi ihe Charilies SORP. . make jud8meniS and atcounlinB eslimates Ih¥ are reasonable and prudeni: 51ate hther applicaNe UK Accounling Si&ndards hAi'e bttn foll¢kntd. subitct lo any material d¢p¥tur¢s dI>s¢d aDd explained io th¢ finaKial sthlemen ppBre the financkal atrents on ihe going cOtrn basis unless il 1$ ifflgppropriale to prtsume ihai the ¢h&Yitable rnpY will coniinue in business. The Gos'ernors are iesponsible for keepin8 proper a¢Count8 rttords dIsCk M'ith reasonable a¢curacy ai an). lime of ihe fInCial psitTon of ihe charitsble company ar enable ihem lo ensur¢ ihai ihe financial siaiemenis cornply wilh Ihe Companies Act 26. They are a150 responsible kir safeguRTdin8 the a9sds ofihe charitable cornpar•y and ihe group nd hen¢e lor l¥king reawnable sleps for the preveniiM and drfcction of fiaud #Thd her irT£Bulwities. So far as each of Ihe GtrN'ernors is aware 81 ihe lime the retA)rt is Appro¥ed- There is no relevant audit infomalion of kn1¢h Ihe charitable compan$ aditorS art unaivarr. The Governors haie iaken all steps lh ihcy ought lo have iak'tn to mak'e th¢mselNes aare of any relevant awdii inforniation and 10 tstsblish the audikns •re aware of ih infonn*ion. AiiDITORS Hay$ma¢intyre LLP hi&e exwessed their willingn5 lo coniinue io office as •DdiiOts and • Te501ution prow)sin8 iheir r¢" appoinlmeTht will be submitted at ihe Ajmual Gerthl In approving ihe Report of ihe Governors. the Board are also approving the SiraT¢gic Repon coniained herein in their capacity a5 compan) dirf<lors. Apwoved by the Iloard of Golemors of Broniwove S¢kool on 11 March 2023 and signed on its b¢half by: Ch&inn•h
II%DEPENDENT AIIDA TORS, REPORT TO THE lEIBERs OF BROIISGROI'E SCIIOOL Oplnlon Ive have alited the financlal slJtements of Broms8ro%e scho for ihe year ended 31 Auguu 2022 whi¢h c(¥nprise the Consolidaitd Siaremeni of FinAn¢ial Aciiviiie5, Ihe Group and Charity Balance Shcel& Ihe Consolidated Cash Trlow Statement and ihe notes to the fbnanciol stsiemenis, i1¥ing o swmmary of significant accounting policies. The financial r¢porting framtWOTk that ha5 been pIled in th¢ir pf¢pgraiion is 8pplicable lav• and Uniied Kingdom Accounting Stgndards iThcludin8 Financial Re18 Standard 102 The Fthtirt¢tol Rcporiing SrtsNL&rd dpp11ct1e in ihe L'A und Repiiblic oSlrelfjNdlUniled Kingdom GtDer811> AcceNed AtcouThlin8 Prnciice). In our opinion, Ihe fittlncial si¢nnts. Bive a Irue and fair view of ihe state of the group's of the pareni chAriiable )mpanY'S •ffairs as 81 31 Augusi 2022 and of ihe gmyp'5 nel movement in fund& including the inconje expenditure, for ihe )"ear ih¢n erKfcd: hav¢ b¢¢n woperly prepared in accordanc¢ with Uthid Kingth)m Ge•eralty A¢cept¢d Accounling Pracliee: And hatre been prepared in a¢¢ordance Miih the r¢quirtments of the CompaThies Aci 2006. Ba$ls for opinio '¢ conducied our 8lldii in occordgAce wilh International &andaTth on AuditinB (UK) (ISAS (UK)) artd appli¢able law. Our reSnsIbIlitIeS under those Stsndards tre further des¢rib¢d in the AudiloT'S Te5powsibilitie5 for the audit of the rinon¢ial s¢ai¢ni¢n15 section of our rert. Il'e art indcpelldeni ofthe group in •c¢ordanc¢ iviih ihe ethicol requirements that ale relevanl k) our audil of lh¢ financial 51atemenls in ihe UK. including ihe FRC'5 Ethiral Stsndard, 8JMI we haNe fuifill¢d QUT ¢Aher tthical r£s$1b1171lts in accoftfKe m'iih thes¢ requÈr¢rnenls. M'e believe thai ihe audit evidence Me hatre obtsined is sufficicThl and appropriate to provide a basis for our opinion. Coneluslotrs relatin% lo goin% concern In audiling tht financial 5121cmerblS, ¢ have Wlded ihe &v¢rnoTs' use of the goifflg wncern ba5isof accounling in ihe prepwaiion of the fmancTrwl 5tatement5 is appropritttr. B85ed on ihe ii'owk M'e hayf perfomird. li't hai'¢ noi td¢nlified 8ny material uncertAinlies relating e%'enis or condilion5 Ih8L individuRlly or tolle¢iively. may significani doubt on the gtoup'$ ability conlinut &% a goin8 eoneern for period of at lea51 h%eltye months frorn heTr the finkneial siatefflenis are auiFrtYised for issue. Our rtSFKlll5ibiliiies Ind ihe re5ponsibiliiie5 of ihe Governo Thith respect to SOlllB conecrn are des¢ribed in ihe fflevani x¢tion5 of ihis TepLft- Other infoTmtio The Govemors are spOnSI1)le for the other iAfonnation. Tht othef infornialitin cornprises the 1nfomiaii included in the Report of the Governors. Ot opinion on ihe fIn¢181 Mai¢nwDls does rKJl cover the othcr inforEnalion and. cxcepl 10 the ¢xRni (Ah¢rwi5¢ explicidy staled in our rtwrL Ive do express arly hrn) of •ssurance con¢lu5M ihereon. In Coftllttiion with our audii ofihe rMAl&l sl•lem¢nts, oyr rewn5ibility 15 ty) read the other infomion and, in doing SQ, C0115ider wheiher Ihe othcr infortnation is ¢11411Y in¢oosisl¢DI '11h fina181 slatements OT our kno'Zedge obioined in the audit or oih¢n4ise 8pp¢ars to b¢ maltrially mis51ated. If we identify. such material in¢onsisten¢ies or apparent materihl n11$atemen w.e t iequir¢d io drttrniiThe w'htther there 15 a rnttlerial niissiaienieni in ihe fiiiancial statements or a mllierial mi&siaiemeni ofihe oiher infomlaiion. If. b3s¢d on the i1k w'e ha%'c performed, 'e Conclude that there is a Miaterial misstalemenl of this other ittfomiaiion, we are required io repon ihai fod. Il'¢ have rrfjthing to repon in this ttgard. Opinions on oih¢r matters presf ribed b) the CoThpY4nie5 Aet 2006 In our opinion. based on ihe wo. dertak<Th in the course of the audil: Ihe infoThialM)n giyen in the RcpDrt of Goi'emows {hich in¢ludes ih¢ strategic report and the dirt¢tors' rtporl pstpared for ihe pur¢N)ses of wnipany law) for the financial year for which ihe financi&l sthiements a prepared is ConsisnI with the financial slalctncntS- Wld the stralegie rew)rt 8nd the dircciors. irKluded wiihin the Repon of the Goi'emors ha been prepared in COTdanc¢ with appli¢*blt legal rtquiremtnl& 17
IP¥DEPEliDENT AIIDITORS. REPORT TO THE lIEIBElL$ OF BROIISGROI'E SCHOOL (continutd)
hlatters on Thhieb w'e *re rEqUiTtd to rtrA7rt b). eiceptio
In ihe light of th¢ knoiYl¢dge and yndersiandinB of ihe gn)up and ihe pareni charitsble company its envirolnieni
obtained in ihe of ihe audil. we have no¢ ideniified m•teri•l mbSSlalcrneTrts ill the Report of iht GovewrK>rs (Ivhifh
incoTP(¥ates th¢ stw•t¢gi¢ teport •nd the direclor5' Tcwt).
Ve hal't nothing to rtEK)rt In sPecto(the followinB malters in telatioo kn which th¢ Companie5 Ad 2006 requires us fo
rerrt)rt io you if, in our opinioTh.'
adequate accounting recwds not been k¢0 by the par¢rf charitsbk wrnpny: or
tht parent clwitabk cornpany finan¢tal Stateffl¢n are in 3gre¢m¢nl thiih the accouniing re
IN'DEPENDENT AUDITORS. REPORTTO THE TlIBER50F BRO.%ISGRO%'ESCHOOL(rontinutd) Beeause of the inettl lirnithlions of adIL there is a risk th will noi deiecl all wregul•riii¢s, including ih05e leading to a matcrial mi5Stalcmtnt in thc finartcial st¢me$ or non-cornpliAnce wilh re8ulaiion. This risk increases ihe more ihal wmplian¢¢ wilh a law or r¢gulaiion is remoled from ihe events and transactlolls Tcncclc<l in thc financial slaiemcnis, as w.ill less likely ¢0 become amure of instances of non-compliance. The risk is also greater rtgaTding irrcgulati¢ie$ 0Ting due to fraud rnthef thw) frTOf. Cra1 Inv0fv inl¢nlion•l con¢¢&lmtnt. fiJr8ery. WI151. omission or mbSTePTe5entalKIn. A further descriplxjn of our reSnsIbilItieS for the adI1 of ille finxjcial ateMents ts loe•ied on ihe Finartial lieportin8 Courb¢il's ebsIte at: 1i113%'.f - This de5criplion fonTr5 part of our auditor's report. Use of our report This rert 15 made solely to ihe charitable coMpY'S rnembews. as a W. in accordance ivith Chapr 3 of Part 16 of the Conipani¢s Ad 2006. Ow audil work has betA undertakcn so thal mighi siaie 10 ihe charitable compAny's members those n)ai¢efs 'e are required to slaie io them in an Auditorfs report and for no oiher purpose. To the fullcst txlent pern)ilted by IAW. Me do accepl or Issiime resJx)nsibiliry to YOne oiher ihan ihe ¢hari¢able company and ihe charitable companys nieml)us. as a krfxly. for our¥udit ork. forthis reF<Kt. or for the opjiiions il'e have formed. Tracey Young (Senior Stalutory Audiior for and on behalf of Hay5ma¢inryr¢ LLP. Statutory Auditor 10 Queen &r¢el Place London EC4R 4AG Date: 31 March 2023 19
BRONISGRO%'E SCIIOOL CONSOI.IDATED STATEIIENT OF FINANCIAL ACfll'lTIES FOR THE YEAR EIIDED JI AUGUST 2•22 Iv(bm¢ aid Eiprndlture Act•u•t Gt•trnl Fulld Resirkkd Fwnd5 Totsl 2022 T•tl 2121 Fwudi Inrom¢ aid from: 42,170,356 (962.9171 42.770.356 {962.9l71 39.014.iKb2 (934.(lJ9) Promo toymefii allokn3n¢¢ IbJisar¢e4 sch01etshipsd 8Joms (3.880.316) IJ.UOJ861 IJ.307.137) Nei f¢¢sr¢tthi'able Ixhcr inLYJn oKddoJtdrfo I10n5 C-JRS Cir1 iAcon 37,927.053 983.494 37.927.053 983,494 34.7?2,256 832.629 53.708 10.0 63,708 491.251 239.186 Lenings 7hJol shop hcr 891921 399.961 731,261) 181.320 896.921 399.9(A 731.269 181,326 200.463 389.387 438,270 168.288 ér Ihcothe Grtih ott disp)sal ocfkxed 5.153 Total licome ind EDdMents 41.173.735 10,1 41,113.735 37.5J7.813 Exp¢ndilyre on: ChoTilvbl¢ ucth'il).: T¢aLhin8COs15 Weifwe costs PmISeS costs SuptA)rt lod goverts8n c051$ 19.909.932 4.192.872 7.561.541 1388.132 19.909.932 4.192,872 7.661.541 1390,686 18.620.438 3.734.IOE 7.027.022 2121.892 2.554 2,4Jl,141 l438.144 I166.1 Total EIpcndilure 37.790.624 2,554 37,793,178 34.070,321 tl loc•mt befo loitslm¢thf los 1383.111 7.416 1390,5S7 3.467.562 1398.1771 LI213) I410.9) 946.839 tl mDI'eTh¢RI in f4nd5 2,984.934 7.416 (12lt31 2.979.567 4,414.401 F¥nd broryht fon44rd 65,731,954 10,251 501811 66,251,016 61836.615 £716186 E17.697 £495.998 £69.230.583 £66.2$1.016 All of the Charitable Company's aciivities are CO1nlg. All recogrnised sains and h)sses are in¢ludLMI in iht Siakment of FittAn¢iol Aclivilies. The occompaThying nos forni pan of ¢hese fin¢181 sthiemeni
BRolSGROVE SCHOOL Re8lstered Company Yi 0: 481)8121 GROUP BALANCE SHEET AS AT 31 AUGUST2021 21122 2021 FIXED ASSETS Tangible lu¥eslments 71.877.466 6.881.563 68.863.342 7,244.737 78.759,029 76.108.079 CURRENf ASSETS Stocks D¢btor5 Cash at bank in hond 416,370 1.458.fA6 7310.025 407,119 894,388 7.732.778 9.105NI 9.034,285 CREDfroRS: Arnounts falling due wiihiii one year (12,469,419) {11.357,938) I%F.TCURRE,NT(LIABILITIES) (3.364.378) {2.523,6531 TOTAL ASSETS LESS CURREI%T LIABILII'IES 75J94.651 73.584.426 CREDITORS.. Amoynts fallins du¢ after more lh one year {6,164.O611 17.333.410> I ET ASSETS 69.2N583 £66.251.016 Endoiwient Unreslricied Restricied 495.998 61.71fi888 17,697 10 65.731.954 102SI 69.230.583 £66.251,016 The finftn¢ial siaiernenis were •pprov¢d and a1¥1$¢ fw iwe by the Bo¥d of Govenmjrs on 18 Nlarch 2023 tle skgntd bclow on its behaifby: l GoY¢rno D Il'alt¢rs The aecompan)'ittg no*s fomi ocihese fthoTrcial sw¢m¢nl 21
BROIISGROI'E SCEIOOL Reglstered C•mpAthy No: 480B121 CHARITY BALANCE SHEET ASATJI AUGusf2022 2112 2021 Notes FIXED ASSETS Tan8ibl¢ Ini'¢51ments 71.871.809 5,152.319 68.853.203 5.476.973 n.024.198 74.330.176 CURRENk T ASSETS Stock's Debto C¥h ai bank and in hand 42,173 ,833.258 6.677,095 33.194 1.339,771 7.349,448 8.552.526 ,723.113 CREDITORS: Amounts f•lling due wiihin one year (12.376J161 (11.497J94) NEfciiRREliT(LIABILITIFS) (3.823.160) (2,774.281 } TOTAL ASSF.TS LESS CURRENT LIABII.ITIES 73.2(M).338 71.555.895 CREDITORS: Amounts falling due after more ¢hon one year (6,164,068) 17.333.410) NET ASSETS £67.036.270 £64,222.485 FllliDS Endo¢1 Unrestyicied 495.9 66,540,272 508.111 6J.713,674 £67.036.270 £64.222,485 Th¢ &h(K)l inwm¢ fw ih¢ yw w&s £44. Im (2021.. £36.4m> with a surplus of£2.8m12021: £3.5ml. The financial statements Mtre 4)proitd and •uiknhsed for iss¥¢ by th¢ Boord of fjov¢rnors M I l MaT¢h 2023 and weie ow on lis behalf by: ma ) Govemors D Waltc The itcornpanyiTh8 notes TO pan of these fininciJl si*¢ments. 22
BRO%ISGROVE SCIIOOL CONSOLIDATED CASH FLOIV STATENIETrqT FOR THE YEAR E%DEDJI AUGUST I•II 2021 2021 1¢ rash pr•i•Jtd b) optrtti#g•rfi%iiki 6.497&18 5,9)7,365 ImK'estm¢ni ITLme we¢ei%ed orrt¥ed assets Pwtttds pn diiW5al of IllJ26 (4775,1051 168.281 {l.192.(lS 9.SX)8 11.023.774 .042.333 (6.204,1831 038,755 Sale ofinv¢5tnKnts l'et ¢1sh frorn Imestkng {4.760.(A)7) (995.8JO) Jan TepA)ments Cttpital ekmetht of fuhaA¢e lease ttTrials lTrl¢t¢st tosi (2.223.117) 123.4751 {111.4841 lJ,446.&55 (22,69J> 1105.&57) tsh knfl8v4louii))) fro IIArLtIARcih"iiles 12.358.076 lJ.573.825 (Decfeasel l ineie&e iD¢ash and ¢ath equiial¢nts 1621.IA55 1.337.690 Cash 8rl ¢&sh ewit4lerts at I Septthjb 7.851.Ib90 6.513.41)0 CL%h gnd equiT4leNs at 31 Aw 7.230.D25 £7.$51.(V)o Clsh and fash ¢quh'ltnts ¢•mprlsr. Cash Bi bank CR5h kneld orin¥Im 7.230.025 7.732.778 111.312 £7230.025 £7I51.1790 RF.CONfll.1.4TIOI OF INLO.IIE TO ET CASH INFI,OII' FROII OPF.IL4TIjG ALVIIITIES 2022 2021 'el income kfLW¢ in1"¢$trhe Ibsses>81iAS kpreti&tkOti Gain on dis orrLxed Assas Increase)Ideciea5e iTh stock Intreasellde¢iease deEkn Incre,{&¢(else} in fee &posits fees in rth Incre Ilthcrea5e> in rdi1$ Ini'e51nitni into re¢eiable Inler¢s¢ -a.3.557 1.762.086 3,467.562 ,725.724 S.153 82.845 613.508 610.6SO ISJ4.8S61 1168.2881 105.067 19,251) 1566.123) 810.184 ,179.207 1181,326 111.484 N¢1¢ Intlow from01(5 £6.497.618 t5.907.365 23
BR0,IISGROl SCHOOL CONSOLIDATED CASH FLOII. sfATEl¥ JEYI r (¢ontlAued) FOR THE I'EAR ENDED31 ALGbST2022 AYALI'SISOF CHANG IN NET iEBDIASSET C•sh IloThs olher moiemeAts A¢31 Augwt 2022 September 2021 Cath and cash equivalents Short lerni borro10$ tA)nB tem) boffowin8S Finanet Itase 7.851.09) (2.20.5.3921 (3.716.949) (29.4541 (621.065) 1223,117 7.230.025 11.215,043) (2.484.181) (3,979) {1.232.768> .232.768 23.475 assels l (&bt) £1.899.295 £1ffi25.527 E3.524I22 24
BRO)ISGROVE SCHOOL STATEIIEPT OF ACCOUINTIYI G POLiaES FOR THE YEAR EJNDED 31 AUGusf 2022 BA$ ofprepr•tio Th¢ financial stattmtnts have bccn prtpartd in aeeordattce with ihe Fimoncial Reportim8 Sundard Applicable in the UK and Republic of Ireland IFRSI 021. the Cornpanie5 Act 21)06 aTtd thc Stsiement of RccommerHJtd Pr8Clite applicable charilies pparIng their a¢counts in a¢cwdan¢¢ w.ith th¢ Financial Reporting Standard applicablc in thc UK and Rcpublic of Ireland (FRS 1021 (Sc¢oThJ Edition. e(f¢ciive l Janw 2019 The chBrity hAs thken adwAntsge ofthe exempiiott available a qualifying eniiry in FRS 102 from the r¢quir¢men¢ to present a charity only Cash Flow &aiement Mith the ls01¢d¢d fi1cIal st¢ents. Having reVIe¢d the funding facilities available io khool togaher V+iih ihe eXpted OD8Oln8 denId for plaff 5 •nd Ihe Schwl's projected cE5h flo5. the Go%eTnow5 hayc a rtsonable expttt1t1 that the S¢hool has ad¢quat¢ fesour¢¢s lo ¢onlinue i($ 8ctivhties for ihe fore5ee8ble fTe and consider ihat there were ty) material un¢enainiies otrcr the Schwl's fmancial viability. A¢cthdingly. thry alFA) toniinut thpi the 80irt8 eortcern blS in preparin8 the financill staieinenis. The financial statements of the Group include the resuh5 and b31ancc5 of the Sch£7 tonsolidaied on a line by lifie b•S wilh BromsgTo%e Schwl Enkrprise5 Limiied Rnd BrOmsgroe SclKx)l Fo¥ndalion. In a¢¢wdarce iviih Swti¢)n 408 of the Companies Act 26. no 5epar4le StsteTTrETrt of Fimncial Actiyilies is pm¢nied for Bmm5wve Sciv)oL The S¢hcA)l is a Public Beo¢fii Entity ffgisl¢r¢d as 8 Choriiy in England and Il'ales and & eompany lirniled by gUAraniee. li ivas incorporated on I Sewember 2003 (wmpany nwnb¢r' 4808121) and registered as a charily Icharity nunlbtr: 1098740}. Critieil eeontinR Judtehnents and key so¥rees of eslimtioTr wTr¢¢rtgiDIy In ihe application of the accounting wlicic5. Govcrnors a¥c requiTed to make judgemtnt. esiimales, 8ssuniption5 the carr).18 %alue of assels a1 liabililie5 ¢hal arf not T&ilY wartrrt fwom other souwes. The csiimal¢s 8Jd underlying assumptions are based on hislorical exrienCe and other faclOWS that are consided to be relev1. Aciuhl results may differ from these estim The estkmales and underl)'iffl8 a55umFIion5 arc revited on an ongoing knis. Revistons io a¢¢ouniing esiiniale5 are recognised in the periiKI in which ih¢ ¢stimale is reYi5ed if the rN'ision alTects only lh pcriLKI. or in the period of the revision artd fulurt periods if ihe rtvision affecied ¢uN¢nt aj futur¢ perith. In ihe viewof the Ik)vems. TK) tssumJXM)ns concerning ihe fithire eimation uncefvinl>' affe¢tiDg assets 4x liabiliii¢s ai ihe balance sheet date ar¢ likely to re5uIi in a material 8djustrncnl lo theircaryinB arnounlg itt ihe ntxi finaneial yeAr. The followin8 accounting liCitI havt bten applied L))nsisienily in dealin8 With iiems ihi¢h are nSidered mAteriAI iii relation ihe 11,3 firk¢181 5tstemrnt% Ftts Ind 5imilr tarned incoThe F¢¢$ rec¢iv4ble and ¢hArges for s¢rwites #nd use ofihe premise& less any altoiiance5. 5cholarship& bursaries grnnied by the S¢hty)l agai those fees, bul including coThth7&utions receiwed from rtstricled fund5. are Accounted f(x in ihe period in which the sertr'ice is pVided Inv11¢1¢ •n¢orne lrt%¢sime income from dividends, bonk. balances ond inrere51 sffurilie5 15 9¢)unted fiyon an xcnta15 basi Donations, Itg*rles• grlnls nd other boh)nl4ry iurome Voluniary in¢omc is 8ccounkd for as and when enliilemeni ¥ise% ihe arnouni can be reliably qualfIed and ihe econoniic benefil 10 the S¢hwl is considered probabk. Granl income from the Coron&Yiru5 Job RelenlioTr SeheThie is reco8ni5ed in the same period as ihe relaied emplo)meni c05¢s are ifflcurr¢d. Volutllary inwme for ihe Sch1,5 8eneral PUTFrf)StS 15 accounttd for as unr¢51rirted and is crediied to the Qnml R¢s¢rne. l¥'h¢ie the donor or an appeal has imkx)sed ¢rusi law r¢5trictions. Trolunlary ifflcome is cftdiied to ihe relevant rt5triclcd furbd. 25
BROIISGROI'E SCH(M)L srATEI¥IEIYfOF ACCOU&NIING POLICIES FOR THE YEAR ENDFD31 AUGiisf 2•22 F.Ipenditure Exp¢ndilure is ac¢nred os a liability is considered Iobable. diseowiied io pr¢s¢nt value for longer-temi liabilitie5. Expenditure 8ltribyl8ble io mort than one cost category in Ihe Siameni of Finoncial Acii%'ilies 15 gpIK)riioned ihem on the basis of th¢ esiijnated attributable to each a1vIty irt tht Jear. ciiher by refererÈc¢ to slaff tinie or Ihe usc rne of Ihe llnderfj'ins asse as wppropriale. Irr¢covernble VA T is included wilh ihe il¢m of e¥pendilure to which 1¢ relates. Govtrnancc <05t5 compriK ihe costs of complyin8 with con51iiultonal and STY requittmeftts. lntrn-grp s&les charge5 betsTh'een ih¢ S¢xI1 its subsidi¥ies are exclLMled from tyading cOme and expendil11rt. TAnKlbk fixed $5ets Depreciaiion Is provided At rates cal¢ulaied b) write off ¢aeh &%s¢l over ils ¢•m¢0 useful life. F4uipment 15 depreckated al annual rat¢s varying beM'eeR IIPA and 33.3trA on cosl. No deprlaIlOn is proyided on freehold land. Depreciion is woyided on frtthold buildings d 2•/• per nYM. siraighi linE. ihe buildings gr¢ broughi inio use. Thc anlicipaled a%'era8e lif¢ of buildings is esiimaied by refertnee I S¢pl¢mb¢r 1990{dat¢ of coJumcNccMent of <kpre¢iglion tdicy}. ord•ie of expelldilure since ihaidate. Invoslments Listed iTrvesiments art rtCO8ni5ed a¢ valtt As the balance sheei dth. li¢alised and realised gain5 and 105S¢5 ari5in8 on the revaluaiion of in%'esimenis ¥e Crtdilcd or ch¥ged to the Ststement of Financial Aeiivilies And are pllocal¢d ¢0 ihe appropri¢ Trund ac<ording to the"oTr¢rship-' of ihe underlykn8 &%seiL Siork Stk r¢pr¢sents gfy)0s for Tesale and is ihe k)wrrof cos¢ net re4lisabSE valu¢. Flttanelal Insirumellls Basic finarn¢i81 instments ue iniitalty [OlItd at tr8ftsaclign value •T¢d subsequenily measur¢d w omorfixd w51 i¥iih Ihe excepiion of invc5tmcnts w'hich held at fair value. Finaneihl &%stts htld al amortised ¢os¢ comprise cash ai baTrk and in hand. trade and fee d¢btOTS, other debt0 accThed income amounts 0ed by grojp undertakings. A slfIe provision 15 made for debts for which recobtrdbility 15 in &xbbt. Cash ai bank and itt hand is dcfincd as all casth held in instant 8c¢¢ss bank 8ccounts and used as 0.1Th8 ¢apithl. FinAnci81 liabililies hrld al amortised comprise deposils. fees in advance. trade creditors. oih¢r ¢r¢ditors and amlwnts owed to gTOUP urwjertakings. Debtors Trade ond oiher debiors ¥e recognised at the SeIemei amouJH due for the provtsitin of serYi¢es delivered. Prepayments re rtCQ8ni5ed at the amount prepaid ¢x ihe anw)u paid in advante. Cash At bank #ad in hiud Cash it bak ad ITr hand includ¢s a*d deposils wilh a 51KJrt rnBtwity of Six monih5 or less from ihe d&te of openirtB the detrf)51t e0nl Creditors Crediiof5 are recognised Mhett the S¢hsy)I has a wni obligaiion re5uliing from a pasi ety.eni ihai will probabl). result in Ihe Ir4nsf¢r of funds lo a ihiid p•rty and thc amourftt due to Settle ihc obligaiion C1 be measured rtliably. Amounls are recognised 81 their $thIcen1 amounl. 26
BRO.IISGROI'E SCHOOL
STATENIEPT OF ACCOUNTifG POLICIFS
FOR THE I'EAR ENDED 31 ALGLST2022
Endowmeni Funds
The siety olFfiends Fund:
This represeftis pemianeni endoi%ment fvnd5 theld undc¥ a Clwity Commiswn Scheme ThtheTe the income is
appli¢d to fijrther Ihc charithble pUse$ of Brom58ro%e School.
David Walters Fund=
This repreknis pern)aneni ¢towetI( fvnds held under a Chariry Commission Schemr ilhcrt ihe ineome is to be
applitd for pro%idin8 scholarships for pupils Jl BTom58TO%'e Sch1 or approved fiffjhereducation establish¢1.
Rt5fri¢ttd Funds
Restricled fiinds are fvnds which are be u5¢d in with spectfi¢ t¢slrictions IMsed by the donor (see Nole
vmrestrk1 Funds
unrestri¢ fund5 comprise the Scknl's genernl fvnd. whtch 15 available for ppli¢•on in accord9¢ w'ith ¢he SchoDI's
objects.
P¢niion costs
Reiir¢m¢n¢ b¢n¢fi15 to ¢rnplo)r¢s of the Schwl are ryoyided thn)ugh Mo pension Khemes. Th¢ pension costs thed in
tht Statement oCFin8n¢ial Aclivities are detemiined as folloth3.'
The Teachcrs. PcnsioTr kheme . This Kheme is a mulii-cmplo)'er pension scheme. li is Dot IX)Ssible lo idcnlify the
Scknl's shaT¢ of the underl)'ing assets And liabililie5 of ihe Teachers. Pens?Dn Srheme on a ¢onsisi¢nl 8nd r¢¥50nable
basis and Iherefore. as requiwtd by FRS102. acrounls for the s¢heme as if il i%Ere a defId conlribution sth¢me. The
School's contribtsiv)ns. which 8re in accordance wilh the re
BROIISGROVE SCIIOOL I'OTES TO THE FINAICIAL STATEIENTs FOR THE YEAR EfDED31 AUGUST 2021 EXPENDITURE Stiff C•sts (hher Tol¥l 2022 ChAriibk Itilvlty: Teaching costs Il'elfare costs Pr¢mises wsis Supp)rt and governance Lx>sts 17ffl9.076 2,108.665 2J20.859 2.274 JI I 2.120M50 2,084,207 5.540.685 19,91P).932 4,192,872 7.8&1.541 3,390.686 24J93.411 10.961.623 35.355.034 RlsSng funds: Lettings Scknl shop larketing Financ¢ costs Other 181351 83.979 205,315 290,360 .319.029 111.484 71.728 387,673 374,339 1,319.029 111,484 245.020 173.892 440.229 .99?.916 2.438.145 t24833.6 [12.959.539 £37.791179 2021 Charilable actiTr4ty': Tea¢hing wsis '¢lfaTe Premi5rs c05 SupFKYrt and govemartce costs 16,771,851 1.870.099 2.0(A.663 1138,496 1,848,587 1.864.0(YJ 4.962,359 683J96 11,620,438 3.734.108 7,027,022 2.821,892 22.845.109 9.358JSI 32.203,460 RAising fund$: Lellinss School shop Nl8rk¢iing Finance cos her 91.221 71.323 24.7) 3,154 1.101.094 105.067 81,825 116.020 372,077 I.IOIP94 105.067 172,6D3 .771 253.322 1,613339 1.866,861 £23.098.431 £10,971,8 £34.070,321 Fin*rtte¢osts r¢lakSio In1¢K on b•Dk knan5 for 2022 th12021. 2021 2•21 Gob'ernan¢ecost$ in¢lyded IA $ilPPOrt costs: Audilor's remyneralion Cx)ler' cosls Legal profc55ional (hher 34,S 723 53.451 &316 33.666 75 23.422 £9&WO £65244
BRONISGROVE SCIIOOL OTES TO THE FINI ANICIAL sfATENIE%TS FOR THE YEAR EP4DED 31 AUGusf 2•22 EXPENDITURE (ttsntlnued> Total expendiwre includes.. 202Z 2021 D¢pr¢¢i81ion Audiiors remunernlTOQ- _ Aujit fe¢$ (sch1) Audii fees {Subsidiaries) - (Mhei seThi¢es relaiing b) wation 1.762.686 23.250 11.250 9,822 .725,724 21,7 10.525 1,710 BURSARIES. SCHOLARSHIPS AliD GRANTS 2011 2•21 Bursies Forces dhxount5 Scholarships. exhibilioffls and other diOun15 2,123.685 1.300,514 456.187 2,(AO.025 815,470 381.612 1.880.386 £3.307.137 sfAFF COSTS 2122 2021 1¥'oges And salaries èl security cosis Oih¢r nsiOn cosis 10.071.$73 .893.830 2,161.237 1&657.389 .708,352 2.732,6 £24.833.640 É23.098.431 The 9s¢r4ge numberof eMplo)'ees in the yt•T W•S." Teache Admimistraiion (in¢luding 8c•d¢mb¢ wpixxl) 229 427 229 418 656 647 The nwmbcr of cmployees hose remuneM*)n excttded £60,ThXI 15 disclosed below. 2022 £60,(K]O-£70.1 £70.-£80,0O £80,)1.£90.O0o £90. I-£1(1,000 £ioo.001-£iio.o £110,001-£120.000 £120.1]01-£130,000 £220.(101.£230.000 £240,11-£250.00I £250.QOI.£260.000 17 29
BROIISGROVE SCHOOL 'OTES TO THE FITr•clAL STATENIENTS FOR THE I'EAR ENDED31 ALTGUST 2022 orihe akn.e employees. fourteen (2021= five) rec¢iv¢d contribuiions io a defined <ontrilIOn pension scheme. riftecn (2021: twenty-on¢) i¥er¢ members of the Teachets. Pension S¢heme and one (2021: onc) had optcd oui of ih h¢M¢s. 2022 1021 A8greg employee benefits of key m•na8¢m¢nl p¢r50nnel £830.1 £841.356 Neither tht Go%'ernors. fflor perg)n5 wnn¢¢trd wilh them ffc¢ived any remunerniion from ihe SclKx)l. Reimbursed expenses lotalling £243 ere receibed by one ¢ven)r kn travelling exFAses12021: £75 by le Govtrnor for training ¢owse}. thrtng ih¢)ear thert were ffdundan¢y orlembinalion paynjtnls amountingb) £41.127 (2021.. £13.909). FIXED A&SKTS- GROUP AND CHARITY Freehold P¥opttly TrndinR Comp8lly Tol1 Group Equlpmetti Ck*rliy cosr At 31 Aw8U5t 2021 Addilions 84.747.456 4,677.189 1.721.270 91616 86.461.726 4.775.105 S4,818 86.523,544 4.775.805 At 31 August 2022 89.424.(A5 1.119J86 91244.511 54.118 91.299.J49 DF.PRF.CIATIO AI 31 Au8usI 2021 Charge for the ye 1&195.849 .665.442 1.41&669 92,762 I714.$18 1,758.204 44.679 4,182 17.659.197 1,762,686 At 31 Augu# 2022 17J61.291 19J72.722 49.161 19.421,883 ET BOOK VALUE Al 31 August 2022 £71,563.J54 £308.455 £71,871.809 £5.657 £71.877.466 At 31 August 2021 E68.551ffj07 £301.596 £68.853.203 £10,139 £68.863,342 30
BRolSGROVE SCHOOL OTES TO THE FINANCIAL STATEhlE%I TS FOR THE YEAR EPDED31 AUCUST2Q22 FIXED A&SEfs ihi'EST.IIENrs Li51ed lngtd Fund5 C•sh Tot1 Group: Bal&nc¢ at 31 August 2021 Addilions Disrrt)sals Tran5fcrs in laDagemeni fees paid (Losses>lgaiDs 5.958 .167122 129.883 118.312 7,244,737 6.129.883 {6.145.2741 75.th) {1 1.793 1110.9901 (A026.9621 (118.312) 75.1 (11.7931 (479.1491 65.159 Balance 8131 Augu512022 £6,881.563 £6J8J.563 School Balante Ai 31 Au8usI 2021 Addiiions DbS$alS fanagcrnrnt ftts paid ILoss¢sy88ins 4.477.111 95Q985 4.6M331 48077 5,476,973 4.6(N).331 14.584.940) (9.6331 330.M2) (4.53@wi (48.877) 19.633} (389.294) 51.952 Balance At 31 Augum 2022 £5,152.389 £5.152,189 The School holds IIMPA of ihe Share capital of BToms8Tove schts Enierprises Limikd, hose principal aciii'•t1¢5 are commefcial letting5. oper•ftn8 • slKTrP and administcring thc School's inlcmitional aciiviiies. Thi5 inlysttl is hcld al nil value in the financial slalements. A sumniar> ofihc balance sheel and PTofil loss couni f¥ryn ih¢ audiied financial stat¢tlS is set out th)w. JI August 2022 2011 Tyrnover Expendilure 1.144.123 1760.3991 776.840 1611.3661 N'ct profil before doTt&tioTr undcr Gift Aid tknalion under Gifi Aid io Goitrn(s of Bromsgrove SCI1 383.724 1165.4741 165.474 {28.8791 Retained profiV<loss) £218,250 £136,59S Nd •ssels r¢pre5eni¢d by Share raplial Profit loss aUnI 383.724 165.474 £383,726 £165.476 DE[oR5 Group 2122 Gr•up 2021 Chrliy 2022 ChYlty 2021 Fees Amounis due from Brongr.¢ Sctrthl Enterprises Limited Oiher debiors and prepayrnents Amounts due from IITOMS8roi'e Sdwl FoundBtion 727.372 227,165 727,373 227.165 752.520 313.029 788.909 294,498 731.274 667,223 40.336 29.199 £1,451.646 £894,388 £1.133.258 £1.339.771 31
BROIISGROYE SCHOOL iNOTES TO THE FIINANCIAL STATENIENTS FOR THE I'EAR EfDED31 ALcusf2021 CREDrtORS: •mouot$ falllAg d lihln •ne year Grn¥p 2022 Group 2021 Charity 2022 C.h•rity 2021 Bank loans Fityance l¢ase TTade ¢ieditors Fees in advance and pupil de[11$ Taxation and sla1 security Oiher ¢fed1(s Accrua15 .215,043 5.979 888.461 7.024.057 525,159 134.480 .975.540 2,205.392 29.454 762.247 6.277,099 455,919 782.080 1.045.747 1215.043 5.979 2,205,392 29.454 714,709 277,099 452.438 772,555 1,045.747 7.024,057 500.775 834,480 1.940,892 £12,469,419 £11.557.938 £12,376,386 £11,497.394 CREDITORS: grnounts faljtnz de after more iljan ODe )'ear Grotrphnd Chirity 2022 2021 B&nk108ns Pupil dep)sits 2.484.181 3.679.887 J.716,949 3.616.461 6.164.068 £7.333.410 Dethils of abol't loans are as follow5.' 10 Year Tem): OuiStandinB balance of £413.592. Repa)'meDis which ¢ommenced in tkeeinber 2016 are made quarterly and wmple in Dember 2026. Iniefesi is pi)•ble at a rate of £1.?% over Ihe bank's base nte. Ou15tandiTbg balallce of £1.079.756 is unsecufed. Repayments ihich comrnrnced in Novemb¢r 2018 8r¢ mad¢ qu8rt¢fly will ¢o¥nplcle in Augu 2027. Inl¢r¢sl 85 pg)4ble at a fLxed rale of 3.Y/• bul has been coni'erftd to i i'¥i8bl¢ r&t¢ of 1.7•h over ihc bank's base raie. Ouisianding balAnee of £1289209. *ich 15 un5ttyred. Repa)'ments which cornnienced in N'ovember 2018 ar¢ made qyanerly and will cornpkte in Augusi 2027. Inttfe5t is pa)'able at r4le of1.78'• over Ihe bank's bas¢ rale. CofoJ)avwus Bu51tss Inteffliption lJ)an (CBIL) which is secured. 0ndIng balance of £916.666. Repaym¢nts wmm¢D¢¢d in June 2022 aj hale been made monthly. The logn w•5 intert51 free for 12 months and is t)ow pa)'able at a tste of 1.060/0 over the bank'5 bas¢ rate. 32
BRolSGR0'E SCHOOL OTES TO TH£ FINANCIAL STAT£,IIENTS (Coiiknlled) FOR THE I'EARENDED31 ALGLSf2012 ENDOII'PlENT FUNDS Blinc¢ I Stptember 2021 Balance JI August 2022
tsd g*in$
TnDsf¢rs David Wali¢rs F und The S(tiery of Fritnds 34.671 474.140 34,671 461,327 (12813) £508.811 {12I13) 495,998 B•lince I S¢ptemb¢r 21120 B8lanee 31 Aug151 2021 •Rd galns Trnnsfers David Il'aTters Fund The Srrtiety of Fritnds 34.671 315,334 34,671 474,140 88.106 I20.5 £18,806 £5081 I I 10. Ui%RESTRICTED FUNDS B4lnce I Semtinber 2021 Balgnce JI AuRu5t 2022 Gin5 and Transf¢n lttomt Expendi1re General fwnd £65.731.954 £41.173.735 37.PAI,624) £(398,1771 £68.716.888 Balanre I Sewember 2021 B•lnre 31 A¥gust 2021 Gin5 and Tr8nsf¢rs Expendilure General fund £61.406.359 £37,524.972 £(34,070,321 £87Q,944 £65.731.954 33
BROIISGROVE SCHOOL OTFS TO TIIE FIN'AN'CIAL STATEN1ENTS (c•Dt1ned) FOR THE YEAR ENDED31 AUGUST2021 RESTRicfED FUPIDS 4l••ce A September 21121 et Income Ind 8Ains Trns(ers 2022 John Nicholls FUNI Roger BraFier Fund Tini Ta)'lor Fund 5251 5.251 2.446 10.o(o (2.554) 10.0( £10.251 £7,446 £17,697 Balance 31 AyKusl 21121 I Septtnber 21120 incorne •nd 8ins Transfe John Nicholls Fund Roger Brv.ier FUNI 3,251 5.251 s.0j £10.251 £10,251 The John N[clTI5 Fund Tepre5eTrts • legxy r¢ttived kn supprt children underfakins expediiioThs or oul¢knr The Roger Brnzier Fund rep$¢n(S 4 don re¢¢•v¢d to sup¢ the IcarDing and de¥elopnethl of pupils with dy51exia. The I'irn Taylor Fund represents & donation rec¢iY¢d ts) 5UPW¢ ihe redevthpmeni of the Leamiffl8 & Resources Centre. ALLOCATIOY OF THE GROUP YI ET ASSF.TS Flxed Asset$ l%tl Currefjt l.l#bililie$ IAug Ter Lknbillilrs 1022 Trrt41 Restricied Endoivment 17.697 17,697 495.W8 495,998 Unrestricied: Geneial 6J85.565 71.#77.466 (3J12,075) (6.164,068) 61.716.888 £6,881 J6J £71,877.466 £(3.364.378) £(6.164.0681 £69,230,583 Flxtd A55etS Net Current Llabilifks IA)llgTem Lhbllliles 2011 Ini'estments Re5trided End0ment 10.251 10.251 508.811 508.811 UnTestricied: - General 6.733.926 68.863.342 12,533,904) (7.333.410) 65,731.954 £7244,737 £68.863.342 £(2 523,653 £(7.333.4101 £66.251.016 34
BROIISGROVE SCHOOL NOTES TO THE FKIYANCIAL sTATEIENTs {Conrfntred) FOR TIIE I'EAR ENDED 31 AUGiisf 2012 13. CAPITAL COII%IITIIENTS 2022 2021 AutlK)rised bjt not rontrarknl CoTrtrad¢d but noi pmvided for £nil £307,050 £nil £89.955 14. FINANCIALCo%III1ENs 2022 2021 Operaling l¢ase5 for equipment subjeci minimum leAse ¢ommiimenis are as follows: I'ithin onc )'caT In ihe s¢covd to fitlh yes 10.713 16.256 10,713 26.969 Tothl £26.%9 £37.682 Commitmen15 uTrder fin•n¢¢ le4¥¢s yr¢ Js fo15-. Pa)able iviihin ont )'ear Payable in th¢ sewnd to fifth years 3.979 23.475 5.979 Toi•l £5,979 £29.454 IS. SLIBSIDIARY CIIARITY Brom58TOTh'e SchoDI 15 thr sok membef of the Bm$8[0}r Foynd8tKJn. The Brom5gTOTrt Foundation has been consolidAie41 inlo ih¢x unI& The BTOrnS8rove Foundalion is a tonjpany limii¢d by guaranlee a r¢8lSter¢d charity.. It iiBS illCOTW)Talcd on 6 F¢bruary 2007 •nd hgs a y¢8r¢nd of 31 Auzu51. A surnmar). of th¢ Siat¢ment of Financt81 Acti%'ilies and Balance Sheet are given b¢low: StAt¢meDt of Fln&ntll Adh"liles for the )e•r eoded JI Autttst: 2022 2021 lft¢ome Invt51rnenl inconie LknnAiiOThS al lewies 37.933 149,873 29.723 187.806 1128.851) (111,430) 540.824 (55.191) 187.420 Exp¢néilur¢ Realised and unr¢alised inve5tmcnt gainxlllosses) (52.475) ,862,955 673.053 1.189.9)2 ToiAI funds brough¢ f(ffi4'ard Totgl funds CaTritd fonywd £1 JIO.480 £1.862.955 B*lan£e Sheet 8$ •t 31 Augll5t: Ini'esimen Debio Cash credIr$ ,729,174 1.767.764 1,831 122.559 (29.199) 115,962 {40,3391 Awyrnulated Funds £1110,480 £1.862,955 35