2024-08-31-accounts

BROMSGROVE SCHOOL { eompany limited by £￿#￿￿tee) (ineorporntin¥ Bromsgrove S¢hoDI Scholrship and Prize Fund. D•Yid WalieTS Memorial Fumd *Dd The Society ofFrlends or Bromsgrnve Sthixbl Endowment Trust) CONSOLIDATED FINANCIAL STATEMEiYrs FOR THE YEAR ENDED 31 AUGusf 2024 CLKnpany Number 4808121 Clwity Number 11)987È10

BROMSGROVE scH￿L REPORT OF THE GOVERNORS THE GOVERNORS AND GOVERNING BODY Mr M Luthnan (EC. RC. FPC'SC ESG.CP) Chainnan Chair of EnvironmentsL &Kia] & Governance Committee Lt Col M S Ballard (SC. ESG) Mr C D E Cameron (FPC. IC. RC. ESG) Chair of Finance & Committee Chair of Risk & Strategy Committee Mr J P Campion (FFf) Mrs A E Cleary (SC. EC) Chair of Safeguarding& Welfare Committee Dr D Cunningham (EC) Dr A Daly {ESG) Drc Lidbury (EC. SC.RC} Mr D Morton (EC) Mrs J Loynton (BC.CP) Mr W Roden (IC; FPC) Chair of Investments Committee Mr I Stringer (BC.ESG) (hir of Building Committee Mr C Thompson (FFf.CP) Chair of the Cornmercial Projects Cthnmittee Mr D R Walt¢r5 ResigneAJ l&f03r24 Mrs D Waltier Res1w￿d 09101125 Mr A J G Wil¢ox {BC) FPC= Member of Finan¢e & Prom Comtnittee EC. Member of Flucati(bn Comrnittee BC= Member of Building C¢)rnmittee IC= Member of Inveslm¢nt Conunittee RC= Member of Risk and Strategy Committee SC= Member of Safeguarding and Wellbeing Committee ESG= Member Environmental, &Kial and Governance Committee CP= Member of the Comrnercia] Projects Committee CLERK TO THE GOVERNORS AND COMPANY SECRETARY Mr J Sommerville HEADWTER Mr M Punt MA (Oxon). MSC, PGCE Website: www.brom ve-sthool.w.uk PRESIDENT Mr S Towe CBE DL

BROMSGROVE SCHOOL REPORT OF THE GOVERNORS (contin￿ell) ADVISERS Bank¢rs.' Lloyds TSB Bank PIC 112 High Street Bromsgrove Worcs B618EZ Soliciiors= Veale Wasbrough Or¢hard Court Or¢hard Lane Bristt>l BSI 5WS Harris¢)n Clark Ri¢k¢rbys EIleni￿r￿gh Hous¢ Wellinwon Strtti Chelienham GL50 IYD Allditors: Haysmx LLP 10 Queen Strtti Place L￿d0￿ EC4R IAG Investtnent Advisers.. CCLA One Angel lane London EC4 3AB Sansin & PartneTS LLP Juxon Ho i(X) St hul'$ Chur¢hyaTd Londo EC4M 8BU Insurance Brokers: Hdtl¢ Andr¢ws El¢v¢n Brindlry Place 2 Bn￿5WICk Sw[¢ B￿inghaM BI 2LP STATUS AND ADMINisfRATION Bromsgrove S¢hool is a ¢ompany limited by guarantee. ncrt having a share capithl and is governed by its memorandum and arti¢1¢5 of aSS￿lation. Company Regi5trdtion number. Registered Charity number.. 4808121 1098740 Regist¢T¢d office.. Worcester Road Bromsgrove B617DU

BROMSGROVE SCHOOL REPORT OF THE GOVERNORS (CoTrtinu¢J) CHAIRMAN'S STATEMENT The &hool has enjoyed another excellent year whith is wicularly pleasing given the tough econotnic challenges we have fac￿. All ar￿$ of the School have benefitted from strong parenral support and thi5 is ￿flected in the high student numbers across all four schools. Alongside day students we have Just under 600 twd¢rs repr¢senting 70 different nationali¢i¢5. Arnong5t our British boarkn we are thrilled that we have forces, boardu5. External academhc resulL% were superb. Ai A level. (iP/• of all candidates attained a grade AIA. 83Yr attsffted AJB wilh our top one hundred students in the year group of 212 achieving 9P/• A. to B. It was also pleasing to 5e¢ that 9299 of all BTEC grades were either DistitictLOrt or Disiinciion. Our SDJdenrs continue to thrive in their BTEC wurses. In the International Battalaureate our avernge SCO￿ 38.9 Comp￿ to a world average of 30.32. One studeni hi¢v¢d the maximum score of 45 one of (￿lY Nenty-five pupils in the UK and Bromsgrove now ranks ai number four in the UK IB league tables for a ¢￿ducatiOnal boarding and day SCI￿1. At GCSE, 62Vo of all GCSE entries were awarded ￿ le&st a grade 7. 41Y• of C4nd]d￿¢S attained a ￿￿de 8 or 9 {equivaleni to th¢ old AIA). The most ¢(Mnmort g￿k in the year group was an 8 and the average was a 7. 9)9• of our leavers gained places at their choice Universiry. 61Y• gaIn￿j plac&s at Russell Group Univ¢r5ities and 25/ti gained a place at WoTld Top 50 Univttsity. Jth8t under of the year group left Bromsgrove to study Tnedicin¢. We are very proud of the work our Futur¢s departsnent th>es with our SThhdents applying ￿ UK and overseas Univ¢rsili¢s. This year 2￿/0 went to International Universities irt¢luding UBS. Toronio. HKU, Chinese University of Hong Kon Cornell and Columbia. The breadth of our extra-curricular offering 15 gaggering. encouraging all of our children to develop themselves and her key skills outside of the classroom. So, in addition to rdnking numbtr 7 in the UK for sport oui of 20+ sports, we have ihe second largest CCF contingent in the UK with 420 ryl¢ts, w¢r¢ National Champions for Young Enterprise 2023 and became Greenpower Kit Car World Champions. We reTnain as committed as ever io widening access io Bromsgrove whether throu￿ bursari¢s or through welcoming a] club4 socidies and schools to use our facilities or h05t events here on ￿mpUS at Br¢xnwve or Wintrrfold, either our sports facilities, theatres or classrooms. Whilst th¢se ar¢ d1alle￿gIAB limes. I believe the School is well placed to navigat¢ these -stormy waters- and will ontinue to thriv¢ by offeTing excellent education and p&8thrn1 care to our rwils.

BROMSCROVE SCHOOL REPORT OF THE GOVERNORS (Continu¢d) The Director& who are the Governors of ihe School, pysertt their ar]nual rqmjrt for the year ended 31 August 2024 under the Companie5 Act 2006. together with the audited financial staternents for the year and confmn that the fmancial statements comply with the requirements of the Aci. Ihe charity's governirtg document. applicable law and ihe Statement of RwomTneDded Prartice". Accounting and Reporting by Chartties applicable to charities preparing thetr a¢¢ounts tn c¢ordan¢¢ with th¢ Financial Reporting Stsndard applic&•le in the UK and Republic of Ireland (FRS 102) (Second edition, eff¢¢tive l January 2019). REFERENCE AND ADMINISTRATIVE INFORMATION The Sch(K)I wa5 foulld￿ in 1553 and re-founded on the CUTrent site in 1693 by Thomas Cookes. Bromsgrove School was one of the original fourteen m¢rnbeT5 of the Headmasters. cOnf￿ence (HMC) when li was founded in 1869. The Pre- preparatory and Preparntory khoois aTe Iwentieth cenlluy foundauons. Winterfold School joined our family of Schools in 2017. The School was incorporated ￿ a cotnpgny limited by guardntee on I sq)￿nber 2(NJ3 under chariry number 1098740 and registered company 4808121. OWEcfs. AIMS AND ETHOS Cbarltable Objeets The obj¢¢ts for whi¢h the Charity 15 ¢sthblI5h￿ are to advance edU￿10n and training by the provision aNI condu¢t in or near Wor¢est¢rshire of any day and boarding sch¢y)l or schools for boys and girb. Th¢ Charity provid¢5 education three sites in Worcestershire to Iws and girb from the ages of 2-18. li is the policy of the khool to provid¢ a fwsl class education. which identifies and develops the poniial of individual pupils tn 8 variety of arus, provide5 them with the besi achievable qualifi￿lOnS and prepares them for their liv¢s. Aims The Charity constantty aims to provide a fJN cl￿$ education io Iws and girls from th¢ ages of 2-18. Within the objec4 the School aim5 to I￿￿ce happy. cr¢ativ¢. nH)rnl cilizens who live rnotiveiL fulfilled lives while enrichtng the lives of others. The Sch(KTrl seeks to achi¢ve this through an enlightrned. disciplined and broad education that responds io global change while retaining core va]u¢s. Th¢ wre valu¢5 that th¢ Schwl seeks to roS￿r in pupils are: Humility and ConfKknc¢ Respect and Curiosity Compassion and Arnbition Tolerance and Vision Ethos Bromsgrove School is committed to safeguarding aTrJ promoting the welfare and wellbeing of all pupils. The School 15 proud of the Strong pastoral care provided by the House structure in Ehe Senior School and by the fortn tutor5 Within the Preparatory and Pre-preparatory Schools. The School h&8 a caring ethos, whtch is retleded sn all of the School'5 p)licies and procedures. The School maintains regular contact with parents through newsletter4 5(Kial mdi4 knforrnal meetings and regular rewTrrts. The School's ethos is to welcome pupils fmm all backgrounds. Entrance &%sessments are undertaken to ￿tiSfy both the School and parents that prospeciive pupils would cope with the pace of learning atKI ￿nefit from the breadth of the education ihai the Sch￿1 provides. An individual's economic 5tatu4 gender, ethnichty. 5¢xual orientstion. race, religion or disability do noi forni part of the I￿sSMent pr{￿¢S$. The fjovemors are Committed io long-standing principl¢ that ¢harities must exist for the benefit of the public and the School has a long tradition of PToviding publi¢ EenefJL both through educating pupils at ihe School and through 05sociated activit1¢5 for ihe E¢nefit of the wider community. The Governors are committed to widening access to the School to ensure thal children who could not otheNise attet]d the ￿h0o1 can benefit fiDm the education provided

BROMSGROVE SLII(X)L REPORT OF THE GOVERNORS {ContiDued) OWECTS. AIMS AND ETHOS (Cotin¥ed) The S¢hool is p&t of a wider COMM￿1￿ and has a long history of offering a rang¢ of rylucational activities for the b¢n¢fit of lo¢al children. The School offers aciiviiies and access io the School's facilities to provide opprtuThities for thildren oth¢r than pupils at the School io knefit from the charity. We ar¢ v¢ry proud of the Brimnsgrove School Swim Academy which provides swimming lessons to 1,100 children from the lo￿] Community earh week. The Sunllller School tb rnns for eight weeks in the summer holidays and the Tellnis Aca(kTny ar¢ also open to local thildren. Local primary schfy)Is use the swimming FM)ol for weekly lessons at no charge. The ￿h{K)I also continues io reacll Out to local children through a wide range of activities including the weekly joint Orch¢5tra Gr(Trup where a nufftber o( local Primary Schools come to Bromsgrove to rehearse together to the many local Sp￿$ Clubs and Associations that use the Sch(M)I's SP￿ fxiliiies. Bursaries Sch(￿arS￿lpS The School i5 committed to ensuring ihat the￿ is sufficient (w)rttmity for thildren whose parents cannot afford the fee4 including those in poverty. to benefit from its educational setvices and facilitie5. Th¢ GoveTnots And the School management re8ulaTly review the sc1K￿l's Public Bu)efit Policy as w of the ongoing d¢velopmeni of th¢ S¢hool'$ strategy to wid¢n acce&s. The Governors are committed to offering a means-fested bursary scheme to allow direct a¢¢ess io the educational services provided. The scheme is designed to &%sist prospeciive parn)ts and eximing parents on low incom¢s who, for rmancial reasons, mtght otherwise be unable to send or coniinue to send their child to the School. The bursary ￿h¢me includes Admissions burs8ri¢s for th¢ PaTents of new pupil$ and Hard%hip bursaries for parents whose fujancial position worsens unexpectedly. Admissi(w iKwsari¢s in¢luik b)th lifr ¢h8nging burs8Ties (75V• - IIXYYO) and lower awards for families needing fee as5i51ance. Bursaries are entirely means te&ed and aT¢ awaT(l¢d on an annual b&sis to who wisfy the fmancial ￿lleria set by the SchiM)l in relation to their income and the value of their opithl ass¢ts. Th¢ Sch(￿1 has a Bursary Policy. which is availabk to both prospective and existing parents. The policy contain5 an overview of the bursary scheme and delails the procth for applications and awards of bursaries. The value of bursaries will be up io IIKYYO of fijll ftts and additional assistanc¢ is available to parents to assist with the aSS￿L￿t￿ ¢tssts of their child's educion. The School allocaies a proportion of its Wtal incorne in each fthancial year to fund the burw 5cheTne. The Schih)I's cur￿1 aim is io allocatr noi less than 5• of its totsi income in each fuwicial year to fihnd rneans ttttrd bursari&8. These fund8 are generated from other revenu¢ stre4m& from lee in¢ome. The SchiM)1's ￿￿0[arship Awards reco￿lse hi￿ academic pmeniial or the ability to ¢xc¢l in co-¢urrKular a¢tiviti¢s. Scholarships are awarded with a fixed remission of lknveen 2.59• and 5Y*. Where further assi5tanc¢ is r¢quir¢d, a means iested bursary may suppl¢Tnenl scholarship award8. . From September 2025 the Sc1K￿l have r¢plac¢d all S¢holarship awards below the Sixth Fonn with a Scho]arthip Pathway Programme.

BROMSGROVE SCHOOL REPORT OF THE GOVERNORS (ContintAed) STRATEGIC REPORT CURREiYf YEAR PERFORMANCE REVIEW Pupil Nurnbtrs Despite external worldwide tensions and economic pressur4 the pupil roll has remained strong throughout the year. In the summer tenn, the roll stood at 2.079 pupils {2023= 2.052). The Senior Sch(M)l educated 1,050 pupils (2023.. 1,038) of whom 471 (2022.. 465) were boarding pupils. the Preparaiory School educated 523 pupils (2023: 525) of whom 98 (2023: 94) were b(thrding pupi15" Winterfold Hous¢ educated 3(K> pupils (2023.. 288) and the Pre-Prepardtory School educated 201 day ￿p]IS (2023= 201). This year, there h&8 been a continu¢d f￿u5 Im wid￿l￿g acce55. The value of means iesied bursarie5 including the hardship bursaries amounted to 5.21110 of iD¢ome (2023: 5.(Ph). The charity ha8 also provided fee assistance in the f¢)rm of scholarships a￿d armed for¢¢$ dI5￿unts. Th¢ value of such additional assistsnce when added to rneans tested bursaries represents 10. l•/u of the charity's total fee inwm¢. Of th¢ 2.079 pupils ¢dU￿ed ai the school. 574 pupils {28•10) recetv¢d some degree of fllmncial &ssi#allC¢ in th¢ foTm of ixWsari￿ ￿OlarShi￿ am)ed forces discounts and staff di5tountS. Pllpll A¢hiev¢m¢thts From IB io GCSE, Bromsgrove wpils h4ve achieved gre￿ success in public examinations this year. Our 212 Upper Sixth leavers took 701 'main' subject qualifications this yw. Wilh some A Level reviews to come. a fr&iion under a quarter of all qualifications sai ￿ieVed an A. or equivalent. over a half achievcd at least an A grade and just over four-fifths achieved * l¢a a B grade. The most common grnde achieved was an A grnde. AI IB our ¢ohort of 42 S￿dents perfonned well and eamed excewionalty strong value-adthd SCOTe5. The averdge Tesult for each student now stands at 38.9 and 19 srndenis SCOTed 40 p)ints or more. The avernge result per subject was 6.1. Of the 134 HL entrie& there were 70 x 7s achievgj and 40 x 6& equivalent to an A L¢vel A. rate of 52 /• and an A l£vel AIA rale of 82010. Given Bromsgrove's high stsThJards. 2024's A i£vel resuhs in absolut¢ tems 8re strong. overtly higher than last year and in some senses su￿b. Of the 515 qualifications awarded th¢re wer¢ onty 12 results below a C grade le&Jing to an A / C of 97.7°/0. This headline figure is amongsi the S¢hool's b¢5t ¢v¢r relurn by this metric and suggests thai there w virmally no signiflcani tail. I￿￿Irtg the Covid years, the AIB rdle of 82.3/ represents the SCI￿0],s besr results at this level since the Gove refornis. With jum over a half of all A Lgv¢l ¢ntri¢s being awarded ai leasl an A grade, the results are similar to those of 2022 when adjustrnents wer¢ still being made after the disTUPtions of lockdown. The proportion of A grades is a notch up ot] what w&$ seen year. Obvlously with strong headline results m¥ny personal 5ucces5es will ￿ celebra￿d with ihe publication of these results. The Tnosi hearnvarniing of personal stories may be of the young man who, following an accident in the Fifth Forni. susiained lifechanging injuries. He achieved 3As togetherwith an A. in his EW. Of the 170 smdents who took A L¢ve15 OT BTEC. 2 5tuthnts gatned at leasi 5 A Level A Wddes. artoth¢r 16 Scored at l¢asi 4 A Level A grade another 31 achieved at lea￿ 3 A Level grndes. In other WOTds, 49 of our A Level l BTEC Cohort achieved ￿ leasi three A grades before other ￿deS or qualifications are factored in. In BTEC, the 52 entries Saw 25 Distinctions being achieved together with a fijnher 23 Distinciions ond 4 Merits. The proportion of those achieving at leasl a Distinction was therefore 92°A compared to 66f*/• in the pr¢vious year. A5 with the A Level results there was Virtually no tail. EPQ results were also stron& A large cohort of 115 entrie5 saw just under Iwo-thirds achieve at least an A grade. As regards universitie& 9(P/o of our leavers gained plxes * their frst thoice University. 610/0 gained places at Russell Group Universities and 25D/• gained a place ai World Top 50 Univ¢rsity. Just under I￿10 of the year group left Bromsgrove to study medicine. We are very PTWI of th¢ WOTk t￿r Futur¢s deparknent ¢kns with our SDJdents applyirtg to

BROMSGROVE SCHOOL REPORT OF THE GOVERNORS (CoDtinued) CURRENT YEAR PERFORMANCE REVIEW (Continw¢d) UK and oversth8 Univeysities. This year 2￿.￿1+ went to International Univ¢rsiti¢$ in¢luding UBS, Toronth. HKU. Chinese University of Hong Kong, Cornell and Columbi& As with academic breadth. the School conlinue5 to wide its¢lf ffi a v8ried c(￿i¢ll1aT progrdmme across a wide range of sporting, culDJral and seThice activities. It was anotheT kny yew for DraTn4 Music and Sport across ￿1 of our Schools d our pupils take enriching oppornjnities seriously and participat¢ with enthusi&sm and enjoyment. This year, the Lower Sixth LectUTe week was reinSts￿ and this saw pupils tszvelling io the Globe Theatre. local businesses and participaiing in ar£hiteciural and wban tour5. There prqjarniion for Medicine. Law and Psychology applitaiions or time to enrich An portfolios. Many UniVe￿itieS lutorials and almo￿ IIKI other exiension lectures and seminars look plxe. The new Core Maths programme is n￿￿]ng as an oltenth¢ive ¢xJksion route fry older pupils and for younger there is the Higher Project 1&alif￿ali0￿. Charity and Service is also ai the heart of all we do and of particular not¢ this y¢ar is the work that Winterfold does with Nc¢tnaneni School in KwaZuluNatal Afric& Entire sections of th¢ SchiK)l exist k¢¢ause of the work of Winterfold families over a number of years. This yesr we have continued to keep OUT boarding houses open in th¢ S¢hwl holiday ￿lOd$ to allow boarders to remain in School should they wish to with the Guardian Angels team l¢)oking after them. It was particularly Fx)pular in the Faster holidays when Tnany pupils chose th sthy at School ￿ study for examinations and to att¢nd th¢ Ea5t¢r Revision Courses. Developmetyts the year The Governors ¢ontinu¢ to re¢ognise the lmtxirtan￿ of ensuring that all of our tM)arding hou5¢s are maintained io th¢ highest standard and ar¢ committed io an annual rollin8 boarding refuttiishment programme. In the year, Phas¢ l of Hayward House has been compl¢t¢d with #ll of the Edr(K)Tll% now having ensuite facilities. This year the School FI￿h¥S¢d Altered Images. a gym across the toad on the Worcester Road opposite Thomas Cooke5 gate. Planning penn]￿lon has t¢n subrnitted the Worcester Road site all1￿USh all capitsl projects are currently on hold whilst we assess the impact of VAT. Th¢ Pwn HalL Perforn]ing Arts Centr¢ * Winterfold was ¢ompkt¢d this year giving Winterfold a fabulous. state of the Art new Theatre. assembly hall and Chapel with a wonderful reception area for paErnt gatherings. This is a very exciiing development for the Winterfold Comrnunity a5 this proj¢rt provides state of the art facilities for Music and Drama as well as providing a wonderful spac¢ for ￿h0o] gath¢rtngs and CharKI Services. The majority of the new building's heaÉing comes from an air source hea¢ pump reducing the Schwl's current deTkndency on oil and therefore making a huge irnpiovement in sustainability. An array of solar pan¢ls have a150 ￿lded. Our iillks with the ]oeal community The Govemors are committed to developing links with the loul community by both ensuring that our faciliiies are available for use and also by engaging in (￿treaCh progr￿eS to 5uprA)rt local schools, local children and local dthrities. The Broms8rove School Swim and Tenni5 Acad¢rnie5 are succes5fulty providing swimming and iennis lessons io 1.1 young children in the local communiry. In p4JditioTr. the SFths facilities in the Senior School, Winierfold and the Ryland sites have been used regularty by local foo￿all. hockey. tennis. n¢tball and bathnintffi t¢ams. We have also hosted the Worcestershire School Games and districi cross county events. The Governors are also very pleased that the local mmunity are ￿￿¢fittIng from the use of the Arts facilities. Atl increased nUM￿r of local and national thoir& OTchestras and dance groups have used the fa¢ilities in ihe year. highlight of the year h&8 been the hoAing of a I(￿1 Orchestra Group each week which includes pupils fr(Nn all of the local prirnary schijols.

BROMSGROVE SCHOOL REPORT OF THE GOVERNORS (Continued) CURRENT YEAR PERFORMA]YCE REVIEW (Comtinved) A whole host of aolivi¢ies tsk¢ pla¢e under the umbrella of Bromsgmve SeNice' throu8h the Duke of Edinburgh Award scheme, Bromsgrove pupils volunteered for nearly 5.200 hours in the year io March and an ever-increasing number of teachers are ttained here through the North W0￿¢stershIre Teacher Training Hub fomied in partnership with other local schools. Our approach is noi new. rather it has been part of the Bromsgrov¢ DNA for generations. Genuine pamership, we b¢li¢v¢ has mutual benefic and some familres will have heard how rnuch Bromsgrove pupils have enjoyed woting wilh p¢¢rs who have profound special needs ai Chadwove Sch￿] or helping a local sch¢)ol which is seeking 10 set up a Cotnbin¢d C￿let Force for example. The School's Contingent Is the se£ond largest in the UK. there have been highly successfvl ¢aTnps and aclivities in the community and flight SIMU￿0￿ and dron¢5 will be available for the RAF section from S¢pt¢mber. Through Bromsgrov¢ Service. fundraising events were led by pupils fir a vaTi¢ty of local rnuses including the Basement project and Primr05¢ Hospic¢. A successful parnership has been forged with Chadsgrove School for Children with profound spxial needs, with pupils offering science lessons and fJnishin8 the year with a ¢¢lebratory picnic. Our Giounds team hav¢ a150 5UPPOrted Chadsgrove ￿lS¢In8 with Gardening Clubs and Fffest School. Our commitment to the EDvironm¢n¢ The fjov¢rnors and the Executive are committed ￿ improving the sCh￿].s cartKJn IIw)rint. The tables below show the key rn¢tri¢s ar¢ being rewrted for Streamlined Enew and CarfM)n Rep)rtin8 in th¢ [￿an(la1 year ending 31° August 2024. Dat¥J for FY I" 21 to 31° 24 Value Total Energy Use 8,503.0 MIVh Total Grttnhouse Gas Emissions {mandatory & Yoluntary) 1.001.4 tC02 Tota] Students 2,055 Intensity Ratio 0.49 tC02 per sthdeni Are of MtasureThtht FY 111 Sept 21 to FY ill Sept 22 31"A FY i. Sept 23 to VaTian¢e to Energy Use 9.743.2 Mwh 9.366.5 Mwh 8,503.0 Mwh decrease Greenhouse Gas Emissions 1.283.9 tC02 1,192.6 I,(KII.4 ￿02 16.0"/. de¢rea5e Int¢n5ity RO1io 0.64 ic02 tKr student 0.58 ICOI Ixr 0.49 tC02 per 5ThMknt 16.0 •/• deere#se It is clear from the above thble thai there h&8 been a further decreas¢ in ¢mi$5ions in the year as a re5uh of a combination of the implementation of energy efficient proj#ts and a commitment by the School cornmunity to reduce our carlK)tt footprini by continuing our transition fr￿￿ G&5 to Electricity. The above Greenhouse Gas emission figures ex¢lude our electricity consum￿10n as all of our supplie5 ¢(xne fr(rfn rerKwable source5. Th¢ various Sustainability projects Impl￿￿ented this year include the inrrnduciion ofsolar P•￿15 on the Pfflryn Hall roof at Winterfol(L upgrddes io LED lighiing on the main site, Installation of new air sourc¢ heat pumps to replace traditional boilers, further lagging and insulaiion of plant improved BMS control for th¢ heating of buildings.

BROMSGROVE SCHOOL REPORT OF THE GOVERNORS (Continued) FUTURE PLANS The Governots iogether with the School Exttutive are committed ￿ ensuring the SchiMTrl continues to provide a ftr ¢lass education to all of its pupils. All strategic developments are commitd to maintsinithg the School's position in the ompetltive markei that li operas. The achievement of high sthndards of a¢wJemi¢ results and the developtnent of the School's facilities are imperalive to th¢ School's continued succ￿ in th¢ long term. The Governors and the Executive have recently reviewed th¢ Sch(KTrl's Stsategic Plan and confmed new objectives for the next year:. To ellsllre that the School ¢on¢inwe5 to evolv¢ aod ihriv¢, dupite the Impositio￿ of VAT #nd removal of business rntss relief. We shall conEinue to reassure paTents abwi the value of an ind¢pendent sch￿1 ethication and all thai is special at Bromsgrove. We shall review our co-cuThi¢ular wogramrne to ¢Dsur¢ that the programmes are stretching, exciting and enjoyable. We will continue Iw commi¢m¢nt to the l)oarding house refurbishment, increase the quantity and quality of staff accommodation. and work towards balancing th¢ siz¢ of ix)arding ho￿ and consider ways to develop more links and friendships betsveen day and boarding wpiis We will work towards building up cash reserves. achieve an annual surplus of avoid non-essential capital expendittwe ¢n5ure that fee5 remain affordable to our families. To retain bursary provision but to emswre th41 the5¢ hnded through fet (trading) incom We shall continue to lty)k at fiffther opiKthnities to grow the trading inc4)me of the Sch￿7 by: Letting sch￿11 la¢ilities Extending our revision Cours￿ to wpils attending other schwls Offering the Guardian Angels %heme to stu(lents at Oth￿ ￿h￿l$ Expanding our summer school provision ￿ the Easter holidays Considering th¢ viability of an onlin¢ Sch(K)I Conlinuing w be (yen io the [￿￿$1b711ty of ¢¥ening new International S¢hcrt)ls Rernaining open to the possibility of acquiring another School Conlinuing to supwrt the work of the F(vJndation which seeks to maintain good relationships with all OBS, Trme of whom may ch(M)se to donate to I￿rsary fithds in ihe future To continue to develop the ar4demic offer and eDsllre that our pupib re provided witlb education of the hbghest qulity which P￿part$ them to thrive in their lives Iyond SthooL Esthblish an ac&lemic reSea￿h and innovation group to widertake research to ellsure that we are providing sufficient challenge for all pupi￿ adopting best [￿11(¢ and n¢w developTnenlS. Respond to the challenges preSen￿d by Anificial Inlli8ence also emb￿¢ th¢ OP￿TtYn11i¢S li provides to enhance teaching and learning. Review the use ond ¢onfiguratiort of the LRC. Consider a pn)grJmme whith is apprDwiate for those who struggle to achieve the entry requirements for ten GCSE Become a centre of excell¢nc¢ in the u5¢ of digital resou￿ for learnitt& commurticatic￿. collaboration ald creativity. Begin preparatiffl fw the next ISI insttttion. To r¢miw g kind, Incl￿S￿e amd ￿ppOrtI¥t eomrnllnity wbieh priori¢ig¢5 the wellbeing of puplL% abd staf£ To fiwth¢r inte￿¢ health ald well4*ing wovisions io thce the offers availabk.

BROMSGROVE SCHOOL REPORT OF THE GOVERNORS (CoDtinlled) To develop and promote our commitment to EnViro￿￿￿taL So¢iL a•d GoY¢rnaTrc& To consider all 8speets of ESG and develop further plaDs to ensure tbt tbt Sehool h¥ &spirtionl Environment: The Schfy)I has an Environmenial Sustsinabillty Plan which fiKus¢s on four key pillars being the decorbonisalion of the estate. waste managemeni, ￿￿$p￿t and the School'5 natural ¢nviTonment. Specific initiatives planned for the year include the consideration of sustainable energy supplies for the Sports Centre. Ihe intriMlu¢tion of green heating and lighiing solutions in the new Pertryn Hall, further food wa5t¢ management improvements by our catering partner Hoiroyd Howe and the introduction of further electrkc Scho(Trl v¢hicl¢s and ¢quipm¢nt. Social.. Th¢ S¢hool wants to develop ￿Tther links and pwknerships with the I(￿al community. The use of ¢)ur facilitie5 by the lo￿7 Community has increased significantly in the la￿ year and we will ensure that good r¢latioll5hips are mainlained with a view to increasing use fijrther. Governance.. To ensure that gO¥#n￿¢¢ 15 of the highest quality to w￿U¢e the bem outcomes for pupils, current and future. HMCIAGBIS GO￿ Governance accreditaiion was completed by the end of the 23124. All Governors will undertake regular and relevant training and there will be fiffther regulor OFwrtunitie5 provided for Govern¢Ks to visit the School. ailend events and meei staftand pupils. To begin pr¢p4T#lioi for lh¢ n¢xi ISI inspection under the new F23 framework so that the S¢hool performs at the highest level in e4¢h orth¢ five s￿1•0￿5 10

BROMSCROVE SCHIJ)L REPORT OF THE GOVERNOILS {ContimMed) FINANCIAL REVIEW AND RESULTS FOR THE YEAR Fin&Dci#l Perfonnanee The School achieved net income bef(Ye invesmient h)s5es of £3.725K which is £46(YA higher the prior year. In the year. fees increased from £39.￿)k to £43.303L an in¢reas¢ of £3,394k (8.5Wo). This is attributable to the Governors increasing fees by 7Y• in this acadernic year and a higher wpil roll. The Sch(h)I's rrading income and other inc¢)m¢ incr¢8￿1 by £304k in the year. Whilst all ar￿ perfornied well, the resulrs from residential lettings and perfonning arts lets w¢re outstanding. Th¢se lets were a mix of ￿ music, dram4 complltin8 and spory with many increasing and ¢xi¢nding th¢ir iKM)kings into 2025. The conlÉnued inteItst by our families in the Fasier Revision courses and the Guardian Angel holiday c•r¢ i5 #Iso plth%in& Totyl School eXP￿d]lUre has increased by 8W• overall in the year with inflation siill b¢ing a contributing factor. Welfare costs have increased by 13Yo due lo a combination of In¢rea￿ ¢le4ning staff costs. trdll5FX)rt C(￿ts, exceptional kitchen equipment repairs and the conttnued impact of high infiation food di5W5able5. Premises cost5 have inCre￿d by 9.5Vo. Although energy consumption was down during the year. the electricity half-hour contracts renewal increased by just under I I￿/ts. Teaching COS￿ have increased by 6.5Y• due to the annual pay award of 5.owu and the increase in teacher pension employer COntritrMJtions of 5Y• from April 2024. Our trading subsidiary receives the franchise fee from Brirfnsgrov¢ International Sch(x)l Thailand and Mission Hills. Shenzhen. These fees were received in the year and the company was able lo ¢ontriiwt¢ £521k io Scho(Trl fuDd5. (2023: £435k). Brom5grove S¢hool Foundation generated nei income ￿[ore invesrment gains of £145k, during th¢ y¢ar ended 31 August 2024 (2023.. £126k). The F￿ndatIOn received one legacy donati¢)n Èn th¢ year. Unless donations are restricted, th¢ funds rdised will contrtbute to bursary awards to pupils of Bromsgrove School in th¢ future. The iJnprovem¢nl in ¢h¢ 510¢k markets duritig the year mean Sthool's investments stood at £7,035k ai the end of the year. a 1.6Yo incT¢as¢ on the prior yw. After various mov¢rn¢n¢s in workiDg tapitaL the net ca%h infk)w from op￿Tr￿S amounted to £18,938k, compared to £4.8￿k in the prior year. This increase 15 due to over £IOm beillg received as w of the Fees in AdvaJ)ce Scheme, and higher fees paid in wJvanc¢ lor th¢ Winter T¢rni 2024 COTnpared to the wior year. All outstanding loans were also paid off during the year. The net inwm¢ b¢f¢)re inv¢stm¢nt gains adjusted for deprcciation amounted to a cash inflow of £5,642k. The School's cashtlow has perfornied in lin¢ with the School'5 projection. In 2021. the Governors withdrew from th¢ T¢xher5 Pen5i(Trn Scheme OPS) on a ph&8ed basis. An altemative Defmed Contribution Wot*piace Pension Sch¢m¢ w&s introduced for all teather5 joining the School from I Sepiember 2021. All teachers employed ai 31 August 2021 have be¢n offered the choice of remaining in the TPS or transfeEYin8 10 ihe sch￿I.s new scheme. At 31" Augus¢ 2024, we had 50Y• of ovr staff in TPS and of our staff in the Scheme. This splii has mitiwed the impact of the 50h Incre￿ in the TPS employer contribution rdtc from April 2024, the Governors are pleased that th¢y have taken this action to protect the long temi f￿ancial viability of the Sch(rt)l. Inves¢D)ent Policy and Perform•D¢e The Governors are pennitted io hold a FKJrtfolio of inV￿￿ents. The guidance given to the Investment Advisers with re8ard to equity investment is to balance growth and income with a medium level of risk. These objectives are to be achieved by investing pnthi¢ly in a kKoad rdnge of [￿ed interest securtfies and equiiies which are quoted on recognised Investsnent Exchange and unit tn]5t5 and OEIC'S (open ended investmeni companies) which are authorised under the Financial Services and Markets Ad 21KK).

BROMSGROVE SCHOOL REPORT OF THE GOVERNORS IContinu¢d) FINANCIAL REVIEW AiYD RESULTS FOR THE YEAR {C0tttiD￿ed) All fund5 are tnv¢sted in managed charity inve5tmeni fvnd& The Sch￿1.5 fi￿¥￿S and the Foundaiion's fillmls ar¢ invested in the CCLA Charities Investrnent Fund and the Sarasin Endowmeni Fund Class A. The Investhieni Committee tonlinue5 to monitor the performance of thes¢ fynds againsi matet benchmarks including the Private Investor Balanced Index benchmark over a rolling three-year ￿ri(KI. The Total Return generated by trM)th funds was in line with the market benchmark for the PEriod from inception. Reserves Poliey The Governors recognise that free reserves are those unreslricted re5erve5 which are nol sp￿lfiCallY designated for any pun>)se. The SchcKJl's unrestricied reserves are invested prttnarily in ftxed &ss¢ts, which ar¢ reconled in the fmancial siatements at book value. The Governors have invested Significantly over the l&st f¢w years in capital projects enhancing the School buildings and facilities for the benefit of the children being ethicated. Due to thi5 signlficanl investment by the School. the free reserves are negative at the current time. Total Funds 76.724,694 Less: Restricied Funds (17.697) Less: Endowment Funds (634,652) Unrestricted Funds 76,072,652 L¢5s: ProFwty Funding (79.879,207) (3.8(￿.555) Prior Year (3.736.411) The Governors keep the level of free reserves under review. Despite this negative positio￿ th¢y ar¢ ￿Thfident that the School's cashflow forecasts and external finance facilities are sufficient to meet the ¢)ttrdtional need5 of the School. The Governors, policy is to 1)n the level of liquid assets that support the unrestricted reserves. To mitigate against re risks, the Governors believe that the Sch(x)15hould hold sufficient liquid assets to cover ihree to six months, worth of expendiwre. The aim is io be able to 5UPP(xt the working capital need5 of the School without needing to dispose of the School's land or buildings iti the mediurn temi. The Governors. poli¢y is to hold liquid assets representing three io six months of expenditure (£IOam - £20.4m). The S¢hool'5 inv¢slm¢nts are held to provide income and capithl growth and as they are not desi￿Lated for a spe¢ifi¢ purpose, they are viewed to be liquid assets. Based on the currenE market price of ihe investtnents and current cash balanres at 31" August 2024. Ihe School's liquid assets amounted 10 £23m12023 £12m). £8.5m of this relates to funds held in the Fees in Advance Scheme which remain part of the SCI￿1.$ worting capithl. The Governors moniior the SC1K￿l's liquid &ssets, the clshflow forecasts and lev¢ls of ¢xtemal fmancing on a ternily basis ai the Finance Committee. The Current strategy is ￿ fiJTther in¢reas¢ th¢ liquid assets over the rnedium temi due io the uncertainty detailed in the Risk Management section of this report. Asset eover for f*ds Not¢ 12 of th¢ fman¢ial slat¢m¢nts sets out an analysis of the School's assets atthlwtsble to the various fimds. These &55ets ar¢ sufficient to meet the School's obligations on a fund by fijnd basis. 12

BROMSGROVE SCHOOL REPORT OF THE GOVERNORS (ContintAed) FINANCIAL REVIEW AND RESULTS FOR THE YEAR (Continued) Fundraising Policy The School does not undertake fundraising for the financing of capital investment. All projects within the School are fijnded from School resources with exiemal bank fmancing &5 and when necessary. The Foundaiion's objective is to raise funds ultimately to enable the Sthool to provid¢ places io all deserving pupils on a needs blind basis. Thi5 is a k￿g lerni ambilion which has a f(Kus on frithd raising rdther than tsrgeted ￿ndraisIng. li is intended thai gentle appeals are made to all those wlth a conn¢rti(￿ to Bronjsgrove School ie". alumni and parents through a fundraising PTogramme of encouraging major gift& regular giving and legacies. This is supported by a programme of non-fijndraising events designed to encourage interesi and involvernenl with the School. Exiernal draising companies are noi used and the FOund￿lOn does actively fujthise through ¢arget¢d 4)pe81s or tele￿one campaigns. Th¢ School h&8 received no complaints rela*d to fimdraising in the year. 13

BROMSGROVE SCHOOL REPORT OF THE GOVERNORS (CoTr¢inued) RISK MANAGEMENr The Governing Body conducts a fom)al review eth terni of the Sthool's Risk Register. The School's Execuiive identifies the major risks lo which ihe SchcM)l and its related organisations ar¢ exwsed. The School Executive and the Sub Committee Chair5 review ihese risks on a rollin8 b￿15. Mitigation and control procedures are put in place as ne¢e55ary. This procedure and ihe Rtsk Register is reviewed by the Risk and StrJiegy Committee each ￿rn) and recommendations are made io the Board regarding confirnlation that systems ar¢ in Pla￿ to provide reasonable assurance that major risks are being adequately manag The most significant risks the Sch(￿1 are d¢tsiled below:. A eollawe im Dy market, boarding or day amd in particwlar a detline in iThterntiom#l boarding. A key risk to the School is a reduction in the numttr of bwders resulting in a ￿ductIon in the SC1K￿l's fee inwm¢ and consequerttial pressures on cash flows. Whilst the pupil roll at the slart of the 2024.'2025 year is excelleni the Sch(M)l is concerned about the longer tem) impact of worldwide tension5 on the international tr)arding community and the threat of a higher number of le&Jing Boarding ￿h￿)IS competing in these rnarkets. We have a number of mitigation 5trdtegies in place including continually assessing new market optrt)rtunities and supp)rting eximing agent relati(Trnship5 through educational iniemational events. We will also seek to continually develop the high level of pastoral care provided io our boarding community, including ourGuardian Angel programme to maintain our reputation. We strive to increase day numbers at Winterfold Schwl. With th¢ launch of the Winierfold Outdoor Education Programme and ihe new Perforniing Arts Fa¢iliti¢5, w¢ ar¢ hoping lo attract more day children to the Sch(K)l. The polltlcal ladSe*￿ in the UK The Labour Government h&$ imposed VAT on S¢h(K)I f¢¢& removrAI business rate relief. incre&%ed National In5ufdnce and raised the minimum wage. OUT approach r¢garding f¢¢s has been well received by w families and we have not 1051 any families due to the imposition of VAT on f¢¢s. We shall continue to moniior the impaci of VAT and ensure that we ¢omtinue to offer valu¢ for money. Many international familie5 have been concerned by the approach of the Gov¢rnment ¢oupl¢d with flu¢ttwting exchange rates. There is moTe c(thpetition in the international market that ever before a5 more S¢hools realis¢ that th¢y have Spar￿ to fill. Bursar appointmewt This year we are sad to announce our Bursar died in seThice in Novernber. This w&s a huge sh￿k to the community. The Bromsgrove Executive is a tight team and we now need io ap￿in( a replacement. We are working with a recruitment consultancy and hope to find noi only a supth financial leader, bji also a strategic and c￿rnercial individual who can join our team. We have rotryjst contingency me&wres in place whilst the appointmcnt process is conducted. Our Head of Finance has tsken over ihe njnning, managemeni and forecastmg of the fmancial side of th¢ School. supported by her superb team including a couple of colleagues who themselves have weviousty Bur5ar5. In August we appoinied a Director of Eststes and Projects who h&$ Eaken over ihe line managernent of all E5tate5 and Service5 teams as well as liaising wtth exiernal suppliers for Projects. Line managers of otlw ar¢ r¢￿tIng into th¢ Headmaster and Assistsni Head. 14

BROMSGROVE SCHOOL REPORT OF THE GOVERNORS (CofjtiDM¢d) STRucfuRE. GOVERNANCE AND MANAGEMENT Governing Documemt The Charity 15 governed by its Memimdum and Articles of Association arising from inc(Mpiration in 2<K)3. as amen(kd 4 Octi)ber 2015. Governors profe55iooI •dvts¢rs A list of Governors and prOfe￿i￿al advisers 4)￿ on pages l and 2 of this Recruitmen¢ wnd Tralning of GovernoTS The Clwity's Governors aT¢ apN)inted * a meeting of the Board of G0ven￿[S following a selection process and recomm¢ndaiion frorn the Governance Committee. The Governing TrMNJy requires breadth and depth of experience lo cary out its dutie5 effectively. When recruiting new G0ven)0￿. the Govenwi(£ Committee tskes into consideration eligibility, personal competence, s￿CIall￿ skills and availability. New Gov￿nOTs aT¢ induthd th¢ w0￿7ng$ of the sch￿)￿. including the provision of key infornlalion covering Board policy, School ethos, strategy and fmancial infonnation. All Govemots are encourag￿ to attend trdining c¢)urse5 and workshops organised by Speciall￿ school Organi￿]0ns. All Govemors give ol their lime freely and no remuneration was paid in the year. No Governor or person connectrd with a Govemor received any benefii from either mrdns lested bursaries or 5¢holar5hip5 award¢d to ￿ pupils. Oryanisation¥41 Manag¢me41 The B0￿d of Governor& a5 th¢ Irust¢es of the Clwity. ts r¢sponsiThle for the overall management and control of the Sch￿1 and meets at least three tirn¢s a y¢ar. The principal responsibilities of the Board are lo: Ensure the School is run in accordance with its charitable ¢)bjectives and 411 the ￿n￿lOn$ of ihe S¢hool 8re authoTised by the powers wovided by its thtutes. regul￿10n5 and by company and charity law To appoint the Headmaster To set. in consultation with the H¢athnast¢r and th¢ Ex¢cutiv¢ of the Sch￿[ the Stratrgy and pilicies by which the School will be run Approve the School Development Plan Control finance by approving tyjdgets and longer-trmi plans and by approving systems that optimi5e the than¢es that will be achieved aN￿0Villg all major capi￿1 expendilure. Ensure thal comF¢t¢nt wofe55ional advice 15 tsken when neeessary. The wot in cheCk￿g the strategy and p)licies are being corrECtty carried out is perfffined by the various committees of Governors as s¢t out below.. Finance and Ftroperty Committee - which deals with policy and review of budgets and fthancial Sts￿ments prior to approval by the Board Educ*i(x) Committee which deals wmh edUC￿lOnal and related Operati￿al igsues and brings recoTnmend&ions and concenks with regard ￿ such mauers to the Board Buildings Committee- which considers and moniiors major tyjild and refu￿IShment projects within the School Health ond Safety Committee- which mttts fomialty each tum aTrJ is attended by the Governor who chairs the Building Committee, to which it reN)rts. tnvesttneni Committee - which rec¢ive5 krmly U￿eS OD inv¢51meDt and PErfornwice from the Investment Advisers and repotts these matters to the Board. Governance Committee- which considers p)ssible capability gaps with regard to the wmFrt)sition of the Board and makes recommendaiiong regarding potential new BoaTd members 15

BROMSGROVE SCHOOL REPORT OF THE GOVERNORS {coti￿￿ed} STRUCTURE, GOVERNANCE AND MANAGEMENT (¢onliTrued) Risk and Stragy Committee - which asse&￿ the management of all risks encountered by the Sth(KJl and Tnaintain5 an ov¢r5ight of the implementation of the agreed styategic aims on the behalf of the full Board. Safeguarding and Welfare Comminee which &ssesses the managemeni of all safeguording and pastoral controls within the School Commercial Projecis Committee Environmenthl, Social and Govemance Committee Each committee nonnally meets before the main Board meetings. The membetship of the committees is supplemented by senior staff at the School and by cwed exiernal appointhients. The day-to-day nmning of the Sch￿1 is dekgaled to the School Executive. The School Executive (key rnatLagem¢nt) comprises of the Headm&ster (M Punt). Bursar. Assisrant Head (R Scannell). the Heathaster of the Prepardtory and Pr¢- Prepardtory Schools (M Mari¢) and th¢ Headmistress ol Winterfold House School (D Toms). The member5 of the Governance Committee hav¢ responsibility for reviewing the remunernrion for the members of the Executive on an annual basis. The Governors aim to ensure that pay levels are consistent with the market within the independent school sector and use benchmarking data from professional associations such as AGBIS 10 8uide them. In the Year the Schwl appointed a Dirtttor of Estates and Projects (M Gowan). The S¢hool Ex¢¢utiv¢ consults with all employee5 on a regular basis so that theiT views are taken into account in making deeisions, which are likely to affect their interests. Infom)ation is shared with the teaching stsff and the support staff on 811 k¢y School developments and thanges including the fllw)cial and e￿nomIC factors afTectin8 the ptrforrnance of the School. The Governors regularly meei with senior staff through the Sub Committees and monitor communications within th¢ S¢hool. Group Str•cture and Rel*tionships The Charity ha5 a wholly-owned nonrfharitable subsidiary. Bromsgn)ve SclKW)l Entttprises Limited, whose aciivities and irading perforniance are discussed below. The Charity also holds under tsust certain endowed under Charity Commission scheme5: the S￿]ety of Friends Fund and the David Waliers Fund. The ternis of the schemes are such that the income is applied for the benefit of pupils and forn)er pupils of the School. The Sch￿[ is the sole member of Bromsgrove School Foundation, a charitable company limited by guarantee. The objects of the company are to promote and advance any charitable pU[￿se conne£ted with Bromsgrove School and to promote other educational purEx)ses for the benefit of the l(Kal cornmunity. The Sch(K>l has established tnternational links under licence agreements with Bromsgrove Intemaiional School Thailand and with Bromsgrove Sch(K)l MissÉon Hilw Shenzhen. The Heathn&%ter is a membcr of HMC, The Heads. Conference which provide5 an opportunity lo share expertise and knowledge across the independent school s¢ctor. The Conference a150 pennits appropriate repTesentatiotJ to Governrnent and regulator5 of the view5 of the sector_ The School also ￿Knefits close links with the Alumni. An Alumni Committee, with representsÈion frnm Old Bromsgrovians, the Foundation and the School has responsibility for engaging with Old Bromsgrovians. 16

BROMSGROVE SCHOOL REPORT OF THE GOVERNO1￿ (Contillued) STATEMENT OF GOVERNORS, RESPONSIBILITIES Th¢ Governors (who are a]so the mLSttts and direuws of the charithk C￿pany) are resE￿51b1¢ for preparing the Re[￿rt of the Govemors. including ihe Strategic Rep￿ and the fmancial slatements in ac¢ordance with applicable law d Unit¢d Kingdm A¢¢ouniitig Stsndards (Uniied Kingthxn Generally Accetyed Accounting Prncti¢¢). Company law requir¢s the Governor5 to prq)are fuwicial swements for each fmanciai year which give a true and fair view of lh¢ state of affairs of the clwitable cofftpany and the group and of the incoming re50ur¢e5 and appIl￿tIon of resources, including the income artd expendiDJre. of the charitsble company and group for that period. In preparing these fu]￿￿1￿1 statements. the Governors are required to: s¢lect Sultable accountirig wlicies and then apply them consi￿¢￿¢￿. observe the metho(L% and winciples in the Charities SORP. make judgments and accounting estimates are reasonable and prudent: state whether applicable UK Accouniing Stsndards have been folk)weiL subject to any m￿trIal departu disclosed and explained in the financial statrments" prepare the fmaneial statements on the going concem basis unless it is inappropriate to presume that the haritabl¢ company will eontinue irt I)￿sInesS. The GovernoTS aT¢ r¢strf)nsibk for keeping proper accounting recor&8 thai diSCk￿ with reasonable accuracy at any lime of the financial FK>sition of th¢ ch￿table company and enable them io ensure that the fmancial sthiements comply with the Companies Act 2(XJ6. They ar¢ also r¢sTron$ible ft>T safeguaTding the assets of ihe charitable company and the group and hence for tsking reasonable Steps for th¢ wevffition WMI deiection of fraud and ￿her itTegularitie So far 18 each of the Governo￿ is aware at the time the reF￿ 1$ approfftl.. There is no relevant audit inforniation of whith the ¢haTitabk ¢oJnpany'$ auditors are unaware. and The Govemors have tsken all step5 that they ought to have tskcn to make themselves aware of any relevant audii inforniaiion to e&ablish that the auditors are awaT¢ of that inforTnation. AUDITORS On 18th November 2024, the Charity's auditors changed its name from haysmacintyre LLP ￿ HaysM8¢ LLP. HaysMa¢ LLP have ¢xFwed th¢ir willingness to colliinue in otrice as audiiors and a resolution proposing their r¢- appointment will be submitted at th¢ Annual ￿￿eral Meeiin& In approving the Report of th¢ Gov¢mors. the Board are also approYAng the Straiegic Report contained herein in their capacity as company diT¢c¢or& Approv¢d by th¢ BoaTd of GOvern￿S of Broms8rove School on 29 March 2025 and signed on its behalf by: MLUC Chaimian 17

INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF BROMSGROVE SCHOOL Opinio We have audited the fthancial statements of Brom5grove Sthool for the year ended 31 Atsgusi 2024 which ¢ornprise the Consolidated Statement of Financial Activitie￿ the Group and Charity BalaJ)ce Sheets. the Con5olidat¢d Cash Flow Staiemeni and the notes to the financial staternen￿ in¢luding a summary of significant accouRtin8 policies. The financial reporting framework that h&s been applied in their preparation is applicable law and United Kingdom Accounting Stsndard& including Financial Reporting Standard 102 Finonciol Reporiing &andurd applicable in ihe UK and Republic oflrelandOJniied Kingdom Generally Accepted Accounting Practice). In our opinion, Ihe f]nancial swemenL8= give a trje and fair view of the state of th¢ group's and of the parent charitable company's affairs as at 31 August 2024 and of the group's nei MoV•n￿¢ in fiuKts. including ihe income and expendi￿￿, for the year then have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Pra¢ti¢¢' and have be¢n preppred in a¢￿)rdance with the requtrements of the CompanTres A¢t 2￿￿. Basis for opinion We conducted our audit in ￿COrdance with Inten￿lIOnaI Stsndarth (M) Auditing IUK) (ISAS (UK)) and applicable law. Our responsibilities under those stsndards are funher described in the Audiiof's Teswnsibilities for the audii of the rmancial statements Section of our rewn. We are inde￿nden[ of the group in accordance with the ethical requirements that are r¢levanl to our audit of the financial staiements in the UK, including the FRC'S Ethical Standard. and we have fvlfilled our oth¢r ethica] r¢5FK>ll5ibilities in accordance with these requirnnents. We believ¢ that the audit evidence we hav¢ obtsin¢d is sufficient and appropriaTr w provide a b&sis for ow opini(th. CO￿¢1￿510￿5 relating ¢0 going concer In auditing the financia] slatements. we have concluded the fj0VttN￿. ￿ of the going corKern basis of accounting in the preparntion of the financial ststemeftts is appropriate. Bas¢d on the work we hav¢ wfornied we have identified any maierial un¢¢rt4inli¢s re]ating to events or condiiions thaL individually or collectively, may cast significant doll￿ on the group's ability to ¢onttnue as a going concern for period of at least twelve months from when the f￿anCIal 4atements ar¢ authori5¢d for issue. Our responsibilities and the responsibiliiies of the Govern(￿5 with re5F¢c¢ ¢0 going wncern are described in the relevan¢ sections of this report. Other informatio The Governors are resp)nsible for the othcr Inforn￿tiON The crther infornialion comprises the inforrnation in¢lu(led in the Report of the Govemors. Our opinion on th¢ fmancial staiements does not cover the other infortnation anl ¢xcept lo the extent otherwise explicitty stated in our repoTL we do express any forni of assurance conclusion ther¢on. In connection with OUT audit of the financial Statements. our responsibility is IO Tead the other information anrt that fact. We have nothing to report in this regard. OpinioDS Other matters preseribed by the COM￿1¢$ Ad 2(4)6 In our opinion. based on the wot undertaken in the COUTS¢ of the audit: the inforni*l￿ given in the R¢w)rt of th¢ Gov¢rnors (which includes the strategic Yeport and the dir¢¢tors' rewyt prepared for the purw of company law) for the fmancial year for which the f￿ancial statements are prepared 1$ consistent with the fmancial statements" and the straiegic report and the directors, re￿rt included within the Rep(fft of the Govemors have be¢n prepared in accordance with applicable legal requir¢ments. 18

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF BROMSGROVE SCHOOL (continued)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Governors (which incorporates the strategic report and the directors’ report).

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

• adequate accounting records have not been kept by the parent charitable company; or

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

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

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

Responsibilities of Governors for the financial statements

As explained more fully in the Statement of Governors’ Responsibilities set out on page 15, the Governors (who are also the directors of the charitable company for the purposes of company law and trustees of the charitable company for the purposes of charity law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

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

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the independent school regulations, safeguarding regulations, health and safety requirements, GDPR, employment law and charity law and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Companies Act 2006 and consider other factors such as payroll tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the improper recognition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

• Inspecting correspondence with regulators and tax authorities;

• Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

• Evaluating management’s controls designed to prevent and detect irregularities;

• Identifying and testing journals, in particular journal entries posted at the year end; and

• Challenging assumptions and judgements made by management in their critical accounting estimates.

19

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF BROMSGROVE SCHOOL (continued)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

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

Adam Halsey (Senior Statutory Auditor) for and on behalf of HaysMac LLP, Statutory Auditor

10 Queen Street Place London EC4R 4AG

Date: 23/05/2025

20

BROMSCROVE SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 General Fu•d Rutric¢e Funds Tot•1 2024 Tot1 2023 P4ote Intom¢ Edowty¢tyts frw: ChaTiloblÉodlvlty." 48.503.030 (322.761) 4¥.503.030 1322,761) 45,171,321 (968,300) PTvmpt PAym¢n¢ all(pwance Bursari4 xholarship$ aE)d grnnis {4.877.614) {4,877,614) {4,294,370} Net fe¢s receivable 43.302.655 43,302.655 39,908.651 Oiher inttTrme 1.870 1,870 753.265 Donation5 141.814 141.814 195,412 tllirt8S S¢hool shop Oihe¥ .987.738 413.925 746.995 2￿.430 1,987,738 413.925 746,995 222.980 1,847,609 399.345 758,￿1 186,979 Invt&fmeffts 16550 Gain on disposal 0[r￿ed 18S¢ts 11.142 Tot1 Incom¢ #od Ettdowments 47.712.569 16JSO 47,729,119 44,049,352 Expenditsrt Chdnioble4divity.- Teaching costs Welfare w515 PTemisu w5t5 Support and governan(x rosts 22.717.278 S.143.￿2 9.421.180 3.642.671 22.717.278 5.143.902 9.421.1 3.612.671 21.330.525 4,552.432 8.607.209 3.364.324 3.078.Th4 3.078.7 2.910.333 T•tl Expenditure I4.￿)J.735 44.IXI3.735 40.784.822 Net intome before inveS￿ent gfiinslllosses} J.708.834 16)50 3.725J84 3.264530 Gi1￿(￿)$$￿) investments 564.917 46.967 611,914 (107.7171 Flet movement IA funds 4.273.781 63.517 4.337,298 3.156,813 F#d balxcts bro•ght fOr￿￿d 7l.79&871 17.697 570,828 72,387,396 69,230.583 Futtd hlaDces carried forwrd 76.071652 17.697 634,345 76,724,694 £72,387,396 All of the charithble ￿MpanY'S auivities are continuing. All recognised gains alld losses are included in the SM*ment of Financial Activities. The accompanying notes fomi part of these fuwi¢ial statemats. 21

BROMSGROVE SCHOOL Register¢d Cornpawy No: 4808121 CROUP BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Notes FIXED ASSETS Tangibl¢ tnvestsnents 79.879.207 7.035.520 75.535,282 6,￿23,846 86.914.727 82.459.128 CURRENT ASSETS Stocks Debtors Cash at bank and in h￿d 466.415 1.646,099 15,987.842 474.f 1.692,513 s.￿1.438 I8,](￿.356 7.168.557 CREDITORS.. Amounts falling due within one year (I6.710.9)4) {I1,797J681 NET CURRENT A&SETSI{LIABILITILS 1.389.452 (4.628,8111 TOTAL ASSETS LE&S CURRENT LIABILITIES 8&304.179 77.830.317 CREDITORS.. Amounts falling due aft¢r mor¢ than one year (11.579.485 {5,442,921) NET ASSETS £7A724.694 £72.387J96 FUNDS Endowment unrestriC￿d Restricted 634.M5 76.072.652 17.697 570.828 71.798,871 17,697 10 76.724.694 £72,387.396 The financial sta¢•nents were approved a￿1 authorised for issue by the Board of Gov#Th)TS On 29 Marth 2025 were signed below its behaifby.. Luckmart ) Govern¢)r5 C Cameron The a¢companying noies forni port of these fuwi¢ia] statements.

BROMSGROVE SCHOOL Registered C(Nnpany No: 4808121 CHAIUTY BALANCE SHEET AS AT 31 AUGusf 2024 2024 2022 Noles FIXED ASSETS Tangible Investments 79,873.726 5.042,316 75.526,799 5,080,518 84.916,042 80.607,317 CURRENT ASSETS Stocks Deb￿rS Cash at bank and in h￿d 38.855 2,054.663 15.163.350 39.303 2.192,163 4.319,359 17256,868 6.550,825 CREDITORS: Amounts falling due within one year {16,580,538) (11.660.598) NET CURRENT ILIABILITIES) 676.330 15,109.773) TOTAL A&SETS LE￿ CURRENT LIABILITIES 85.592.372 75.497.544 CREDITORS.. AmounL8 falling due after moT¢ than one year (11,579.485) (5,442.921) NET ASSETS £74.012.887 £70,054,623 FUNDS Endowment Unrestricted 634,345 73.378,542 570,828 69.483,795 74.012,887 £70.054,623 The School income for the year was £48m (2023: £44m) with a 5UTplus of £4.3rn (2023: £3.1 m). The financial sthtemen(s were approved and auth0ri5ed for issue by the Bo8rd of Governots on 29 F+]￿(h 2025 and were signed below on its behalf by.. M Luckman ) Gov¢rnor5 C Cameron The accompanying notes form part of thes¢ fuwicial ststemenl& 23

BROMSGROVE SCHIXIL CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED31 AUGUST 2024 2024 2023 Note N¢t ¢sb provld¢d by op¢rtiug •¢tivi¢i¢s 1&938,176 4.800,085 Invuting activities Invtm¢n¢ ￿r￿me rcccivcd Purch￿ of fixed assets Proce¢d5 on disFxwI of fLYed assets Purchase ormve￿m¢K Sile of invemert5 221980 {6259.982) 12.401 (473.¢MM)) 973.239 18A979 (5.499.535) 38.5 1150.(M>OI Net Csh outllow from iTrvestin8 ttivi¢ies (5.524.362) (5.424.056) Fiiiaiiting Ittivit￿ Loan Tepaymtnis Capiial elemcni of finaKe Ita4e rtnthls Ini¢res¢ ¢ost {1265.743) (27.6511 (134.0161 (1,433.4811 (23.8￿} 1147.2451 Net CA5h ioflowl{outllow) from finAneiAE •Ctivitie5 {2.427.410) (i.(A)4.6l6) Increasdldecreasel in cash aThJ cash equivalents 10.986.404 12,228,587) Cath and c&%h equiva]cnis ai I Sqjitmbcr 5,IX)1,438 7.230.025 Cash and cash ¢4uivaJ¢nts 0131 Augu 15.987.842 £5,001.438 Cosh and t￿h tquivalents compri¥e: Cash ￿ bank Cash held &s pArt of investments 15.987.842 5.001,438 15.987.842 5.¢M)1,438 RECONCILIATION OF NfT INCOME TO NET CASH INFLOW FROM OPERATING ACTIVITIFS 2024 2023 N¢È in¢ome i*foTe investment gains DepEci&tion Gain ort disposa] of r￿ed ass¢ts IlncreL%ey Decre￿ in st￿k (1ncreascyDcc￿￿ in debtors In¢rewl(decre4s¢I in fee (kp05its and fcc5 in ￿￿4￿ce (Decrease) in cr￿710Ts Invesimeni irthme reeelvable Inlercsl cost 3.725.384 1.914.799 (11,1421 8,191 46,414 13J99.132 (55.638) (222.980) 134.016 3.264,530 I,W.220 17.207) {58.236) 1233,867) 213.776 (207.397) (18A979} 147,245 N¢1 cash inflow from Op￿d10n5 £14938,176 £4.81X).085 24

BROMSGROVE SCHOOL CONSOLEDATED CASH FLOW STATEMENT (eolltiDued) FOR IHE YEAR EPIDED31 AUGUST2024 ANALYSIS OF CHANGES ll¥ NET (DEBT) I ASSET Atl September 2023 Cash IIow5 Other ovememts At 31 Augwst 2024 Cash 8nd ￿$h ¢quival¢nts Short terni EK>rrowings Long tenn borrowings Finance lease s,1￿1.438 (493.860) {1.771.883) {37.179} 10.986.404 2.265.743 15,987,842 (1,771,883) .771.883 27,651 (9.528) Net (debt)l assets £2,698,516 13.279.798 15.978.314

BROMSGROVE SCHOOL STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED31 AUGUST 2024 B#si% of prepxrti• The fmancial ¥ktements haye been prepared in #cconlance with the Financial Repontng Standard applicable in the UK and Republic ol Ireland (FRS102), the Cornpani¢s Aci 2¢kn and the SMtemeni of Recommended Practice applicble 10 chariiies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition, effective l January 2019). The charity has taken advanthge of the exemption available to a qualifying entity in FRS 102 from the requiremeni io pr¢5¢nt a chariry only Cash Flow Swemeni with the consolidaied fmancial statements. Having reviewed the funding lacilities available to the Sch￿1 iogethtt with the expected ongoing demand for places and the School's futt￿¢ projected cash flows. the Governors have a reasonable expectation that the S¢hool ha5 adequate r¢sour¢e5 10 ¢1)ntinu¢ its ¥tivities for th¢ foreseeable fuwre and consider thai there were no material uncertainti¢s over th¢ S¢hool's fmancial viability. Accordingly. they also coniinue io adopt the going concern basis in preparing the rman¢ial swements. The financial staiem¢nts of th¢ Group in¢lu(k th¢ results and balajK￿ of the SchrKIl ￿nS011da￿d on a lin¢ by lin¢ basis with Brornsgrov¢ School Enterprise5 Limited and Bromsgrove School FOund￿lOn. in accordance with Section 408 ofthe Cotnpani¢s Art 2006. no s¢parat¢ Stsm¢nt of Financial Activities is p￿ntrd for Bromsgrove S¢hwl. Th¢ khool is a Public B¢n¢fit Enlity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated ￿ I S¢pt¢rnb¢r 2(M)3 (company number. 4808121) and rewstrred as a charity (charity nurnber: 1098740). Critical accounting judgements k¢y sources of estimation uneertaiDty In th¢ application of the accounting policie& Governors are required io make judgement, estimat¢s, and assumptions about the urying valu¢ of &s5¢ts and liabilities that are not teadily appareni from other sources. The ¢stimal¢s and wid¢rlying a55umptions are b8s¢d on historical exFerience and other factots that are considered to be rel¢vant. Actt￿l results may differ from thes¢ eslimales. The estirnat¢s and underlying assumptions are reviewed on an ongoins b&8is. Revisions to ¢ounting ¢51imale5 are recognised in the peri¢xl in which the eslimaie is revised if the tevisffton affects onty ￿ri(KL or in the period of the revision and future peri(ds if the revision affected current and fufure peri(Nts. In the view of the Governors, no assumpiions concerning the fitrure or estimation un¢ertainty affe¢ting assets or liabilities ai the balance sheet date are likely io result in a tnatcrial adjustment to th¢ir carying amounts in the next fmancial year. The following accounting ￿lI¢leS have been applied consist¢n¢ly in Ikaling with items which are considered material in relation to the sch￿I.s financial stsiements. Fees and similar earned ieomt Fee5 receivable and d￿rge$ for Services and us¢ of th¢ prerni5¢s, less any allowances. scholarships. bursaries granted by the School against those fees. but including ￿)ntrIbUtI11￿ received r¢5tri¢t¢d fi￿ds, are a￿OUnteJj for in the period in which the service is wivided. Investment intome Investment incoffte from dividend5, bank balance5 and fixed inlerest securities is accounted for on an accnjals l)asis. Donat￿n& letsties grants aDd other voluntsry iDwe Voluntary incotne LS accounted for as and when entitlement arise& the amouni can be reliably quantified and the economic benefit to the School is consid¢r¢d probable. Grant income from the Coronavinhs Job Retention S¢heme is recognised irt thc same period as the related ernployment co are incurreiL Voluntary incorne for th¢ School's general pur￿￿$ is accounted f￿ as unrestricted and is creditrd to the Gen¢ral Reserve. Where the don(Y or an appeal has imposed trust law restriciions. Voluntary income is credit¢d to th¢ relevant r¢5trict¢d fund. 26

BROMSGROVE SCHOOL STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 AUGUST 2024 ExptTrdit￿ Ex￿nditUre is accNed as soon as a liability is considered t￿babIe. discounted to present value for longer-tern) liabklities. Expenditrjre attributable lo more than one cost category in the S￿ernent of Financial Activities i% apportioned to theln on the basis of the estimated amount attr1￿￿ble to each activity in the year. ¢ither by reference tts staff time OT the use made of the underlying as5¢W as apwopriate. IrrecoveTable VAT i5 included with the item of expendibjre io which it relates. Govemance costs comprise the costs of cornplying with constitutional and statutory requirernents. Intra-group sales and charge5 between the khool and its subsidiarie5 are excluded from trading income and expendittire. Tangible fixed 4ss¢ts Depr￿latiOll is provided at rates calcu]ated to write off each &8set over its estimaied usefvl life. Equipment is depreciated at annual rate5 varying ithyeen IIP/• and 33.3YD on COSL No de￿¢lation is provided on freehold land. fkpreciation is provided on freehold lyjildings ￿ 21/10 per annum. straight line, when the buildings are brought into use. The anticipated average life of buildings is estimated by reference to I September 1990 (date of commencernent of detrtciation plicy). or date of eX￿nditUre since that date. Investments Listed inv¢stm¢nts are recogni5ed #t market value &% at the balance shed da*. Realised untralised gains and losses arising on ihe revaluation of investments are credited tr charged to the SÉatrmeTJt of Financial Activitkes and are allocated to the appropriate Fund a￿rdIng to the"ownet5hip" of the underlying assets. Stock Stock repre5¢nts g(MyJs for resale and is valued at the lower of cost and net realisable val￿. Financial instruments Basic fmancial instruments are initially rwised at tranwtion value and subsequently me&%ured at amortised cost wilh the exception of investments which are hekl * fair value. Financial &55ets held at amortised cost cornprise cash at bank amd in haniL trade and fee debtors, other d¢btors, accrued income and amounts owed by group Under￿kIngS. A specific provision is made for debts for whith recoverability is in doubL C&sh at bank and in hand 15 der￿ed &% all cash held in instani access bank accounts and used as w0￿1ng capitsl. Financial liabilities held at ami)rti5ed cost cotnprise deposits, fees in advance. rrade creditors. ￿h¢r credilors and amounts owed to gr¢)up widertakin85. Debtors Trade and other debtors are recognised * th¢ settkm¢nt amouni du¢ lor th¢ proYi5ion of Services delivered. Prepayments are recognised * the amount prepaid w the amount paid in advanc¢. Cash at bank and ill band Cash at bank and in hand includes cash and deposits with a sh(fft tenn malurity of six month5 or les5 from the date of opening the de￿)Sit account. Credltor5 Crediiors are recognised where th¢ School has a preS￿l obliwion r￿uhIng fr￿n a ¢¥¢nt that will FKthably result in the transfer of fijnds to a third party and th¢ amount due to settle th¢ obligalion (an b¢ rn¢asUr￿ reliably. Atnounts are cognised at their settlement amounL 27

BROMSGROVE SCHOOL STATEMEiYT OF ACCOUNT114G POLICIES FOR THE YEAR ENDED 31 AUGUST 2024 Endowment Funds The Sociery of Friends Fund: This represenis pernianeni enth)wmeni fimds held under a ChaTity Commission Stheme where the income is io be applied to fvrther the charitable pll￿￿ses of Bromsgrove School. David Walters Fund- This represents pennanent enthwmeni fijnds held under a Chariry Commission Scheme wh¢re th¢ income is to be applied for providing scholarship5 for pupils at Bromsgrove School or at a) approved further edu¢ation establishment. R¢s¢ricted Funds Restricted funds aTe funds which are lo be used in accord￿ with specific restrictions irnEMised by th¢ th)nor (see Nol¢ Unre5tric¢ed F￿ndS UTwestricted funds comprise the Schty)I's general fijnsi which is availabk for application in accordanc¢ with the School's obje¢ts. Pension eosts Retiremeni benefits lo employees of the School aTe provided thro￿gh No rmion schemes. Th¢ pension costs charged in the Statement of Financial Aciiviiies ate deiemiined as follow$-. The Teachers. Pension Scheme This scheme is a mulEi-employer pension schem¢. li is not P055ible to identify the School's share of the undedying assets and liabilities of the Teachers, Pension S¢h¢me on a consistent and reasonable basis and iherefore, as required by FRS102, accounts for the scheTne as if it were a defined contribution scheme. The School's contribuiions. which are in accordance wilh the TtcoTnrnendation5 of the Gov¢rnm¢nt Actuary, are charged in the period in which the salaries io which they relate are payable. The School also contributes ￿ a d¢fined cwjtrli￿t1On ￿h￿ne for leaching a￿j non-ieaching sthff. Contribuiions are ¢harg¢d io ¢xp¢ndilur¢ wh¢n th¢y bewme payable. OpeTting le49¢5 R¢ntals und¢r op¢rating leases are charged on a straighi-line basis over the lease rni. even if the payrnents are nol made on such a basis. Benefils received and receivable as an inceniive ￿ sign an o￿l811n8 lew a￿ similarly spread on a strdight-line basi5 over the lease terni. 28

BROMSGROVE SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGusf 2024 EXPENDrruRE Statrcosts Other Total 2024 Charitablt etivity: Teaching costs Welfare costs Premises Costs Support governance costs 21,605.451 1413,430 2,285.(1)o 2.454.187 1.111,827 1730.472 7.136.09) 1.188.484 22.717,278 5,143,902 9,421,180 3,642,671 28,754158 12.106.873 40,925.031 Raising ftAnds: Lettings School shop Marketin8 Financ¢ costs f￿h¢r 417.746 92J18 571,067 296.225 ,280,137 134,016 92,658 988.813 388.543 1.280.137 134.016 287.195 194,537 704.601 1374,103 3,078.704 29.461759 14.540,976 44,003,735 2023 Charitable activity: Teachin¥ costs Welfare costs Premises costs Support and govemance costs 1&414.501 1274.265 1450.452 2.055.847 193A023 127&167 6.15(757 1.308.477 21.350.524 4.552.432 3.364.324 25.195.1kn5 11679.424 37.874.489 R#islttg funds: Lettings School shop Marketing Finance costs 323.996 86.678 568.794 281.935 1.241790 14&015 68.739 8917 36&613 1.2417 148.015 258,125 189.386 131Q273 1910.333 £25.795,125 £14.989.697 £4Q784822 FIna[￿e costs relat¢ 10 intertstffi bank Ir￿￿ fv 2024 2023. 2024 2023 GoverDnC¢ ¢osts inclwded ltt ￿pport eosts: Auditor's remunerdtion Governors, costs Legal and professional 44.344 1,184 39.132 9.398 40.450 1,401 15.745 8,882 £94.058 £66,478

BROMSGROVE SCHOOL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

1. EXPENDITURE (continued)

	Total expenditure includes:	Total expenditure includes:	2024	2023
			£	£
	Depreciation		1,911,797	1,861,912
	Auditors remuneration:	- Audit fees (School)	29,500	28,075
		- Audit fees (Subsidiaries)	14,844	12,375
		- Other services relating to taxation	8,472	642
			=======	=======
2.	BURSARIES, SCHOLARSHIPS AND GRANTS		2024	2023
			£	£
	Bursaries		2,518,432	2,304,036
	Forces discounts		1,851,001	1,504,222
	Scholarships, exhibitions and other discounts		508,181	486,112
			---------------------	---------------------
			4,877,614	£4,294,370
			=========	=========
3.	STAFF COSTS		2024	2023
			£	£
	Wages and salaries		24,715,117	20,653,008
	Social security costs		1,893,830	2,003,718
	Other pension costs		2,853,812	3,138,399
			------------------------	------------------------
			£29,462,759	£25,795,125
			======= ====	========= ==
			No	No
	The average number of employees in the year was:
	Teachers		233	231
	Administration (including academic support)		448	439
			-----------	-----------
			681	670
			=====	=====
	The number of employees whose remuneration exceeded £60,000 is disclosed below:
			2024	2023
			No.	No.
	£60,000-£70,000		45	34
	£70,001-£80,000		10	4
	£80,001-£90,000		1	2
	£90,001-£100,000		1	2
	£100,001-£110,000		2	-
	£110,001-£120,000		-	2
	£120,001-£130,000		2	1
	£130,001-£140,000		1	-
	£200,001-£210,000		-	1
	£210,001-£220,000		1	-
			=====	=====

30

BROMSGROVE SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Of the above employees. thirry-fvjr (2023:ninetren) receivoj contyibutions to a defmed Contribution pensi¢)n scheme, twenty-nine (2023.. ￿enty-Seven) were members of the Texhers. Pension Scheme and none (2023: non¢) had opted out of th¢ T¢¥hers' Pension Scheme. 2024 2023 Aggregat¢ ¢mploye¢ bthefits of kty management peTsoMel £878.834 £811.418 Neither the Governm, nor persons connected with them received any remuneration from the School. Reimbursed expenses totslling £442 wert received by Thvo Govemots for travelling exrKnses {2023: £176 to two Governors for travelling ¢xpenses). During the year there were r￿1￿Id)nCY or terniinat1￿ payments amI￿nting ￿ £46,637 (2023: £42.853). FIXED ASSETS- GROUP AND CHARITY Frtthold Property Tot*1 Charity Trading Company Total Group F4￿1Pme￿t COST Ai 31 August 2023 Additions Disposals 94.770.207 6.LV)8.706 1,937.809 161.276 135.981} 96,708,016 6,259,982 135,981) 63,953 96.771.969 6,259,982 {35.981} Ai 31 August 2024 IIXl.868.913 1(kn3.104 101932.017 63.953 102,9Y5,970 DEPRECIATION At 31 August 2023 Cljarge for the year Dispo￿1$ l9.fA13.￿6 I,￿?.3 1.57&122 I￿.490 (34.723) 21.181.218 1.91 1.7 {34,7231 55,469 3.IXI3 21.236.687 1.914,799 134.723) Ai 31 August 2024 21.410.402 1,647,889 23.058.291 5&472 23.1 16.763 NET B￿K VALUE At 31 August 2024 79.45&51 J 415215 79,873,T26 5.481 79,879,207 At 31 August 2023 75.167.111 339.687 75,526.PJ9 &484 75,535,283 31

BROMSGROVE SCHOOL NOTES TO THE FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 AUGUST 2024 FIXED ASSETS INVEsfME]4TS Man4¢d Funds Cash Tot•1 Group: Balance at 31 August 2023 Addiiions Disp(Trsals Transfers in Gains on revaluati¢)n 6.￿.379 473.(￿ (973.240) 17.467 209 6.923.846 473.WO {973,2401 611.914 611,914 Bai8n¢e at 31 August 2024 £7.035.520 17,676 £7.035,520 Charity: Balance at 31 August 2023 Additions Disposals TransfeTS in Gains on revaluation £5.080.518 17.467 209 £5,080,518 I(N).(K) (6LKI,(KIOI ((AM).￿￿> 461,798 461,798 Balance at 31 August 2024 £5.041316 17.676 £5,042,316 The School holds 10(P/o of the share capitsl of Bromsgrove School Enierprises Limited, whose PTin¢ipal activities are commercial letting& operating a school shop and administering the School's ini¢mational activities. This inve5mient is held ￿ nil value in the financial sts(ements. A summary of the ba]4nce Sheet and profit and loss acc(wJnt from the audited fmancial statements is set out IKiow: 31 August 2024 31 Augu$t 2023 Turnover Expendinjre 1,625205 (1.104,183) 1.365,711 (930,473) N¢t profit b¢fore donation under Gift Aid Donati(￿ UFbd¢r Gift Aid to Gov¢M0￿ of Bromsgrove Schwl 521,022 (435,239) 435,238 {386.664) R¢lain¢d profit £85,783 £48.574 Net assets represented by Share capi￿1 Profit and loss account 518,081 432,298 518.083 £432 JOO DEBTORS Grmp 2024 Group 2023 Charity 2024 Charity 2023 843.608 1.033.083 843,608 1,033.083 Amounts due from Bromsgroye SchiK)I Enterprises Limited Other debtors and prepayments Amounts due from Bromsgrove School Foundation 868.360 293,698 776,657 342,025 802.491 659,430 48.W7 40.398 £1.646,099 £1,692,513 £2.054,663 £2,192,163 32

BROMSGROVE SCHOOL NOTES TO THE FINANCIAL sTATEME￿[s FOR THE YEAR ENDED 31 AUGUST 2024 CREDITORS- *mounts falling due within one year Group Group 2023 Charity 2024

rity

2023 2024 493,860 27,651 795,749 7256.210 616,576 1,093,595 1,513,727 493,860 27.651 754,220 7,256,210 572,616 1,095,401 1.460,640 Finan¢¢ leas¢ Trade ￿edItorS Fees in advan¢¢ artd pupil dqM)Sits Taxation and ￿]41 security Other credit(Ys Accruals Fees in Advanrt (FIA) S¢heme 9.528 560,032 10,097.460 581.431 1237,478 1.585,068 2.639,gYJ7 9,528 502,652 10,097,460 572,089 1.237,478 1.521,424 2.639,907 £16,710.904 £11.797J68 £16,580,538 £11,660,598 CREDITORS: amounts falling due thfter more thaD one year Group and Charity 2024 2023 Bank104ns Pupil deFwits Finance Lease Fees in Advance (FIA) Sthm¢ 1.771,883 3,661,510 9,528 3,600,928 7.978,557 £11.579.485 £5,442,921 All loans were repaid in during the Ye￿ and the outstsnding IAlan¢¢ is nil. 33

BROMSGROVE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (Conlinu¢d) FOR THE YEAR ENDED 31 AUGUST 2024 ENDOWMENT FUNDS Blanee Septe￿￿er 2023 Balattee 31 August 2024 N¢t incomt Transfer5 David Walters Fund Th¢ &Ki¢ty of Friends 34.671 536.157 34,671 599,674 63,517 £570.828 63,517 £634,345 Balance September 2022 Balance 31 August 2023 Ntt IDcome alld gin5 Tran$f¢rs David Walters Fund The kniety of Fri¢nds 34,671 461,327 34.671 536.157 74.830 £495,998 £74,830 £570,828 10. UNRESTRicfED FUNDS B*Janet I Septembtr 2023 Bal8nce 31 August 2014 C#lns and Trnnsfers Expenditure General fund £71,798.87] £47.712,569 £44.￿3,735 £564,947 £76.072.652 BalaDce I September 2022 BalaDce 31 August 2023 Gains and Transfers I￿¢0￿¢ Expenditure General fund £68,716,888 £43.964,324 £40,784.822 £(97519) £71,798,871 34

BROMSGROVE SCHOOL PIOTES TO THE FINANCIAL STATEMEN15 (Cotinued) FOR THE YEAR ENDED 31 AUGUST 2024 11. RESTRICTED FUNDS Blattee I September 2023 Balance 31 August 2024 Net ineoffle

nd gains

Tr•nsfers John Ni¢holls Fwid Roger Brazier Fwid Tim Taylor Fund 5.251 5,251 2.446 lo,0￿) 10.0 17,697 £17,697 Balanee I September 2022 Balance 31 August 2023 N¢t income gains Transfers John Nicho115 Fund Roger Brazier Fund Tim Taylor Fund 5251 5.251 2,446 10,O(M) 10.0 £17.697 £17.697 The John Nicholls Fund rw¢sents a legxy received kn suptth children undertaking ¢XFdilion$ or outd(K)r 2Ktivilies. The Roger Brazier Fund repres¢nts a dOn&￿n re¢¢ived to support the leaming and development of wpils with dyslexia. The Tim Taylor Fund repre5¢nts a doniM T¢￿1V&1 to sUp￿rt the redevelopment of the Learning & ResoU￿e5 Centre. 12. ALU)CATION OF THE CROUP NET ASSETS FIAed N¢t CurreTr¢ Term 2024 Inv&stments Total Restricted Endowment 17.697 17,697 634,345 634.345 Unwestri¢¢¢d: - Generdl 6,401.175 79,879,207 1,371.755 (11.579,485) 76,072,652 £7,035520 £79.879207 £1.389.452 £(11,579,485) £76,724.694 Fixed knet$ Net Currenl IAbilities Dg Ter Liabilitie5 2023 IDvestmellts To¢41 Restricted Endowm¢n¢ 17.697 50.948 17,697 570.828 519,880 UnrestTiCted.. - General 6,403.966 75,535,282 {4,697.456) (5.442.921) 71.798.871 £6.923.846 £75.535282 £(4,628,811) £(5,442,921) £72J87.396 35

BROMSGROVE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (Conlinued) FOR THE YEAR ENDED 31 AUGUST 2024 13. CAPITAL COMMITMENTS 2024 2023 Authorised but not contracted Corttracied not provided for £nil £nil £nil £3,564,666 14. FINANCIAL COMMITMENTS 2024 2023 Operdiing leases for equipmenÉ ihai are subjeci to futur¢ minimum lease committnents are &$ follows: Wiihin one year In the second ￿ fifth years 5,543 10.713 5.543 Total £5.543 £16.256 Commitments under fmance lease5 are as follows: Payable within one year Payable in ihe second to fifth years 9.528 27.651 9,528 Total £9.528 £37,179 15. SUPAIDIARY CHARITY Bromsgrove School is the sol¢ m¢mb¢r of th¢ Bromsgrove Fowidation. The Bromsgmve Foundation has been ¢onsolid&t¢d Ènto these ttcwunts. The Bromsgrove Foundation is a ¢i)mpany limited by guarantee and a registered charity. It was in¢ortKraled on 6 February 2007 and has a year end of 31 August. A summary of the StstemenL of Financial Activiti¢s and Balance Sh¢¢t are given below.. S¢atern¢nt ofFinanci41 Activities for ihe year ended 31 A4gust: 2024 2023 Ineorne Investment income Donations and legacies 50.392 193.201 40,859 237,839 243.595 (100.457) 150.115 278,698 (152.967) (35,846) Expendi￿re Realised and unrealised inve51ment 8ains1(kn5¢s) 293,250 1,900,365 89,885 1.810.480 Total fimds brought fonvard Total fund5 carried forward 2.193,615 £1,900,365 Balance Sbttt as at 31 Aug￿$t. Investments Debtors Cash Creditor5 1.993,204 53,889 195,520 (48,998) 1,843,328 3,105 94,331 (40.398) Accumulated Funds £2,193,615 £1,900.366 36