Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT AND CONSOLIDATED F￿ANCIAL STATEMENTS for the year ended 31 August 2021 Registered Company Numb¢r.' 05142007 Regisiered Charity Number.. 1104425 Bristol Grammar School (A company limited by guarantee) CONTENTS Pa£els) Di￿10rS, Report.. R¢fer¢I￿¢ aDd Adtuinisrrative InfOrn￿tion Strategi¢ Report 6-19 Ststemeot of Dircclors, Responsibilities 20 Independeut Auditor's Report 21-24 Fimancwl SialemenLS.' Consolidated StatemeDt of Financial Activities 25 Consolidated and School Balance She¢ts 26 Consolidated Cash Flow Statement 27 Notes to Fsnancial Statements 28-47 Registered Company Number. 05142007 Registered Charity Nun)ber'. 11(14425 Bristol Grammar School (A company limited by guarantce) DIRECTORS, REPORT for the year ended 31 August 2021 The Board of Directors pre5eni th¢ir allnual repDrt fiY the year elld￿ 31 August 2021 under the Companies Act 2006 th¢ Charitiey Aci 2011, tog¢ther with the audited fmanciAI statements for th¢ year, and confum that they ¢omply with the requirem¢nts of the CompaTJies Ac4 the Compatry's Memorandum and Articles of Assoctation, th¢ ChaTitie$ SOB2 2019 aod FRS102 'The Financial Reportitig Stsndard in UK and the Republic of Ireland,. REFERENCE AI¥D ADMINtSTRATIVE INFORTrL4TI Tbe Com an BTi5tol Grammar School {'%he Compat)￿? 19 a colnpany limiled by guarantee, incorporated in England on l Jutte 2004, cojnpally registration number 05142(KJ7, with th¢ liability of its memlxrs limited to £1 each by guarantee. It 18 registered as a clwity under registration llumber 1104425. It is exempt from the requiren)ent to include the word"Limited" in its name. Its registered office al￿ ptin¢ipa] address is at University Road, Bristol BS8 ISR. LIDked Chari Under the Scheme, the pernalleni endowment ￿￿ets. of the School ar¢ held by the CompaJLy as the Trustec of a separate charity called Bristol GrdD]n]ar School Tru8L Under a further Charity Commis%ion Scheme dated 31 August 2004, the Company is also th¢ TnLStee of another separate chan.ty call¢d Briytol Gramfft￿ School Scholarship, Burbary and Pri7£ Ful￿. On 12 Augu¥t 2005. the ChaTity Comrnission rnade a Uniting Direction under section 96(5) of the Charities Act 1993, directin¥ thai these hvo Charities ('Ihe linked charitses") should be treated as foming part of the charity called Bristol GraTI]m￿ School for the purpose8 of Part ll (registration) and Part Vl (ac¢ountitig) of the Charities A￿ 1993. The main effect of the Uniting Direction is that the linked charities are aggrtgaid into the Ststement of Financial Activities and the BalaTKe Shed of the CoMpa￿y. They remain, however, legally di8tin¢t charities. th¢ fullds of which a￿ to be applied Solely iti a¢¢ordance with their rewtive tNsis. Registered Company Number: 05142007 Registered Charity Number.. 1104425 Bristol Gran]mar School (A company limited by guardntee) li DIRECTORS, REPORT (conttnued) for the year end¢d 31 August 2021 Dlrectors Trustees and CovernKs The present Directots of the Company, wbo are a]so th¢ Cknity Trustees al￿ the School Governor￿ and also any ex.Director8 who Served thmng the year are: Dir￿lOr Conunittee MembeTship Cwpted by the Board Mrs Andrea Arlidge BA Mr Alan Ba￿ LLB Mrs Sharoll Boccaccini MEd (Open) Bsc {Hon8) PGCE Mccr appoiuted l March 2021 Ms Maria CraY(on BA HO￿8 MCIM Ms Hannah Drake MA appointed 6 November 2020 Dr Mary Gainsborough MB ChB FRCPCH Mrs Candida Gil Bsc Hons ACA Mr Jonathan May BA (Hons) MA FRSA appointed l March 2021 D Mr Patrick Meeban BEd Hon8 FPFS Dr Jane O'Gallagher MBChB MRCP FRCPCH FHEA (Deputy Chair) MrNigel Pickersgill Bsc HODS FCA Dr Michael Ransome BA PbD Ms Catherin¢ Redsbaw BA (Oxon} Hons LLB Mr David W Shelion MSC FCIM (Deputy Chair) Mrs Margaret Sin)mons-Bird BA Hons PGCE MA MrJohn Sisman BS¢ Hons MRICS Dr Dominique Thompson MBCbB MRCGP (Dist) MrRomesh Vaitilingam BA HODS (Oxon) MBE (Chair) Mr Mark R Wi18oD Bsc HODS MIUCS ABD ACEF ACD ACDF Mr David Pester BA Hons re8igDed 30 September 2020 The following Con￿ltte¢S have bccn in operation duriDg the year.. ChaiTS' Group & Nomitiations Committee Learning & Achievement Committee FinaNe & Geoernl Pllrw)ses Committee Marketjng & Development Conllninee Pupils & Sthff Committre Regi5tercii Company Nullthr.. 05142007 Registeted Charity Nulnirr. 1104425 Bristol Grammar School (A company limited by guarantee) DIREcfoRS' REPORT (continued) for the year ¢nded 31 August 2021 Senlor Execudves ProfessloD#l Adthrs The H¢admaster Mr J Barot MA (Cantab) Msc Th¢ Head of lllfallt and Junior School Mi&$ H Hu8hes Bsc Hons MA Ed The Bursar Mr JG Mitehell BA FCCA Clerk to the Governors Mr OLD charth￿ Bsc Ba￿kerS HSBC Ballk PIC Cabot Circus Bristol BSI 3BA Investrrtentmanagers Smith & Willian)8on Inveslment Management Portwall Place Portwall Lane Bristol BSI 6NA Ruffer LLP Investment Matugemeot 80 Victoria Street EDndon SWIE 5JL Ptoperty Managemenl DJ Foley Propety CoDsultants Cavendish House 15 Whiteladies Road Bristol BS8 IPB SolicitOT8 Veale Wasbrough ViTard Narrow ￿aY House Narrow ￿aY Bristol BSI 4QA Auditor RSM UK Audit LLP Hartwell House 55- 61 Victoria Street Bri8101 BSI 6AD RegÈstered OtYi¢e Universiry Road Clifion Brisiol BS8 ISR Registered Company Nurnber.. 05142007 Registered ClwA'ty Number. 1104425 Bristol Grammar School (A company limited by guarantee) DIREcfoRS' REPORT (continued) for the year ended 31 August 2021 STRUCTURE GOVERNANCE AND MANACEMENT The School estab]ished in 1532. The Charity is regulated by a Stherne made by the Charity ConJnll&8ion in May 1978 alld was incorp)rated on l June 2004. Goventhi DocumeDt The Company is gov¢med by its Memorandurn Articles of Association, issued on l June 2004 (am¢nd¢d by Resolutions on 24 August 2(M)4, 26 September 21X)5, 2 December 2008 and 28 Jun¢ 2020). Govtrnth Bod The Directors. who are also Tequired under the Arti¢l¢s to S¢TYe &4 mellLber8 of the Company. have control of the Chariry and its propety and funds ij)cluding, &8 Corporate trustee. the e￿AOW￿ent assets of the Cbarity. The Governing Body consists of not Ics8 than 16 mejnbers, one of whom may be nornina1￿ by th¢ S¢bool's staff. Governors are appointed for a tcrni of five years attd nvdy be rtrappointed for a furth¢r three year tetJD OT other period as th¢ Board consideTs appropriate. Nominations for new Governors ar¢ considered by the Chairs. Group and Nominationy COll￿1ftee. which ensures the Governing Board has the br¢adth of skilli to give effective strategic leadership to the School. in conjunction with the Headm&st¢r aud to ensure the Governing Board reflects the divetEity of our cotnmunity. The Nominations Cornmittee Tllakcs rttonunendaiions to the Board for their ification. D5rectors and Ke m4￿% ment Perwnllel The Dir￿lor8 meet a8 a BoaTd four times a year, or n)ore frequently when required, to dcterniine the strategy end generdl policy of the compally and review its overall management and control. for which they are legally Tesponsible. The work of implemenling the Board'￿ ￿lIcI£S is deleg8ted to the Committees listed on page 2, which meth at least once per terni. The day-ttrday running of the School is delegated to the Key Management P¢rsonn¢l (KMP) comprising the Heathnaster, the Burw, the Head of the tnfat)t and Junior School and fiveDeputy He￿. Th¢ KMP rneetrewdarly duTing each weck CODsid&ing both S￿tegiC and operational matt¢Js for the whole Scbool. The remuneration of the KMP is set by the Gov¢rnors after consultstion with the Headmaster and where appropriate tbe Burs8r. The Headma$t¢r aud Butsar are not involved in the discussio]￿ regarding th¢ir remuneratLOn. Remuneratioll packages are set at a level to encow&ge the recruilment andIetention ofqua]ity 8eDior teachers and exC￿tiveS in or(kr to lead thc school, f￿llItatIng a happy, supportive arld cnricbing cnvitonment in which a]1 pupils and staff can flouTish and maximise their pot¢ntia]. BGS al80 has a wider Senior Leadership Team (SLT) which includes the KMP plus the K$818tsnt Heads of the S¢h(Trol and up to thTee CO•OPted members of stsff (to aid with their prof&*$ioml development, as well as to lead on specifjc projeGts). SLI, discusses important issues for the School includes members of both teAcbing and support staff. There 18 communication, with all stsff. on the items di8¢U$8¢d by SLT and the dectsions made. Register¢d Company Number.. 05142007 Registered Charity NuTnber.' 1104425 Bristol Grammar School (A company lirnited by guarantee) DIRECTORS, REPORT (conlinued) for the year cnded 31 August 2021 Trn$tee Tr New Dir¢¢tors Bre inducted, through a Structtwedproces& into tbe w0￿]ngS of the Sthool, alldalsoof the Compally as a registered charlty. Inth￿tiOn is underpimied with th¢ following essential reading.. the main poliGies with empbasis upoll safeguarding. specific policies linked to c¢)rnmittee membwship., and governance and manageD]ent documents including: "Trustees & Govemance.. Being a trustee"_ a publI￿tiOn by the Charity Con)mission The Memordndum 8nd Articles of Association Bristol Grammar School Inspeclion Report from th¢ Endq)endent Schoojs IN8pectorate' and sta￿tOry and MaTLa8ellLent Accounts. The main element of Ind￿tion is a school familiariution Nrysii of at least balf a day which includ¢s meetings with the Headmaster, Bursar, Clejk io the Gov¢rnor¥ aTLd other senior stsff together with Classroom ObSe￿ati1)n. DirectOTS are a180 encouraged to att¢nd regular training seminars organised by AGBIS (Association of Governing Bodies in Independent Schools), other professional fi￿S and organisations iticluding RSM UK Audit LLP. VWV LLP, ISBA {The Independent S¢ho(Trls Bursars. Association) and the tndependent Schools. Council {ISC). AII Directors confmn they have read th¢ safeguarding and key policie5 and naiional guidance each year. Directors are algo issued with BGS Board details including.. Currelli Governors. Dekils- Skius and Experience Matri¥" Minutes of recent Board and Coullnittee meeting8. Curreni Committee Membershxp. Committ¢¢ MeetiIl88- Current S¢h¢dule' and Full Role DescTiPtion for Governors. Grou Structsr #Dd Trfidi Subsid BGS Enterprises Limited is a whollyovmed and active tradingcompanywhicbusegthe relevani faciliti¢sofBristol Grammar School under license. Bristol Grammar School has a Group VAT registratio Bristol Grammar School is a Me]nb￿ of HMC (the Headmasters. and Headmistresses, Conference), The Socxety of Heads, the ISC (Indep¢ndent Schools Council), AGBIS (Association of Governing Bodies in Independent Schoo18) and the ISBA (Ind￿￿dent Schools, Bursars Association) all of which provide the School with ffgular inf(fftllatioll and advice about changes in legislatioty regulations, Compliance alld best practice. Bristol Grammor School benefits from the generosity of the Old Bristolians, Society, the"Friendsof BGS" {Senior School parents) and'8GS Friends luf#ots & Juniols" Ilnfant and JunioI School pa￿Ats) all of which support the School and contTibute fu￿1¢]￿llY to prize fimds, projects and buTsaries. The Friends groups signifiGintly add to the ¢omn]unity. friendship. ¢hara¢ter and ethos of the school. Their hard work and support is greatly appreciated by the Board. the Headn￿Ster attd other members of the BGS cojnmunity. Dei Actl The principal a¢tivity of the Company is to IrianA8e and administer the SchiK)I for girls and boys known as Bristol Gran)rnar School. All the &%sets, liabilities and contracts of the School were traL%ferred to (he Company pur8uant to acharity CollJmi55ion Scheme dated 17 June2004 {"the Scheme"), and theCo]npanyhas Ca￿led on thebusine6S of the Sthool S1￿Ce that date. The number of pupils ￿ the School was 1,356 atthe year ¢nd. Registered Compally Number.. 05142007 Regist¢red Charity Number.. 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT (conlinued) for th¢ y¢ar ¢nd¢d 31 August 2021 Other Directors, re ort di8c10811res Diwlosure8 required by the Compa￿1¢5 Aet 2006 to be included in the dir¢ctors' r¢port alxTrut engagement with employees, suppliers, cusiomers and other srakeholdefs, and en¢rgy and ¢athgn TeportiDg have been included bel(Trw in the Strategic Rq)ort section of this ryort. STRATEGIC REPORT OBJECTS AIMS OWECTIVES AND FUTURE PLANS The obje¢t$ of tbe Charity aTe'. To advance the educatiotl and ￿]lling, by the provision and conducL in ornetr the City of Brisiol, of a day 8¢h￿l OT sch(Kils for IK)ys attd girts and. ID so far u it is incidental or ancillary to the advancement of ethicatiort. 8uch other puTpo8cs for the benefit of the local community 4s shall be exelu8ively clwitsble. Hiytorieai Context Bristol Gratnnw School was fouThl¢d by Royal Charter. i8sued by Henry VIll on 17 March 1532. Pre-dating the city's other independent schools and its two univetsiti&g, BGS has played a central part ill Bristol life ever since. standing for the best in education aT¥J care for its pupils in the city for al]nost fiv¢ hundred years. It continues to navigaie siicw8fv11y the educational cross-currents of tradition and progression. and itremains mindful of its past whilst being more aware than ever of the need to keep looking forward. In changing economic and p)liti¢al times. BGS continues to develop young adults of iut¢grity and chaTaeter. rigorous in their applicatiw4 compa&sionatE their outlool and ready to make a real and lasting difference in the world that awaits th¢rn. Endowed by Nicholas and Robert Thorne. the School was est&blished "for the le￿￿)llg of literature and good n￿￿eTS. to the sons ofmerchants and tradesrnen of the eity. It has evolved coJ8iderdbly since theD-mostnotably, it DOW 8 proudly coeducatioDal ￿h0o1 - but the desires to build an education ari)und aGademic endeavtential and attend theuniversity, futther ucational course or work training of their choice" rexTUit the highesl possible ￿lIbr¢ of teachwd and support $tAff and facilitste their continuing professional development" approve appropriate improvements ts) the School's faciliti¢$ aDd equipment, WAtbin budget Constraints. in¢lLLdillg the best we of technology." provide a happy and secure pastoral ¢nviroument. with safeguarding at the forefront, in which all pupils Can flourish with op￿t￿ltieS forl¢adership. seThice and an a¢knowledgementof respect and consideration to others,. further develop the already strong links with our pamis, extended familie¥ and alun]ni community. be a recognised force forgood beyond the schotsl 8ate8, widening a￿esS 8ndcatryiti8 Outmeanjngful Charitable and ¢ornmunity partnership wo￿. both locally and moff widely. Risk Mana mell¢ Due to fvrther Government imposed COVID- 19 ￿$trACtionS, the School was locked dow]k for the Spring Terrn with the exception of the last four weeks of temi wh¢n the children rewrned to school remaining withiTr s¢paTat¢ year group bubbles. Educationproyisionwasroade availableon the main school sit¢for tbe children of k¢y woTk¢r¥ througbout the Spring Terni. The school's COVID -19 Risk Assessmellt. was continually updated by KMP as circumstances ¢hang¢d takin8 into WD8ideration the appropriate central and local government and publi¢ health guidance. For all pupils not on the school site duriDg the Spring Terni, t¢aohitiK pastoral care and $uppo¢ and somc very creativ¢ extracurricular 8es8ions were dclivered remotely. Th¢ ￿h0o1.$ ongoing investment in technology ensured that the sehool was well placed to deliver these sessions. The School ha8 a ¢omprehe]]sive Risk Register whi¢b is reviewed and updated each terni. by the Governors. commit￿ 8md th¢ KMP and reviewed by the full Bo¥ The controls u8¢d by Brigtol Gran]mar S¢h(x)l ¢0 minimise risk in¢lude: Strat¢gic developmellt p]allning se]f-evaluation reviewed aDnu4lly by the KMP atld the Board. Comprehensive budgeting and m¢)nitoring including the preparation of Income and Expenditswe Accounts, Balance Sheets andC&th Flow FoTeGasts wi(happropriate finawia] commentaryand sensitivity analysi$- Capital appraisal and feasibility paper8 authorised by the appropriate GovemoT5' ConllDitt¢¢ and Board for major capitst projects or expenditure" Schedule of wndition rewrts prepared by appropriately qualified profe89ion81 advisers. Tern]s of refere￿¢, togetherwith forn￿1 agendas, for Conunittee and Board busine&8" carefi￿ GoveTnor r¢cruilTnenL with appropriat¢ skn'11s, to ensure all nsk areas are c4)n)pr¢hensiv¢ly Established organisation 8trJOtures and lines of TrFwtin&r,' ForTnal written policie$; Appropriate regulatory velting, safeguarding prO￿tUreS and regisiers as required by law and other afeguarding regu]a(ion8; and Continued professional development and training. Registered Company Number.. 05142007 Registered Charity Number.. 1104425 Bristol Grammar School (A cornpany limited by guarantee) DIRECTORS. REPORT (continued) for the year ended 31 August 2021 The School ¢¢)ntracts the services of an independent Health and Saf¢ty CozwltaDt who GaTrie$ out regular inspections of the school buildinES. oversees various departmental risk &%s¢sfments (with the full involvement of the relevant departmenial stsfi), Health and Safety audits, with the higher risk departhjents bcijjg audited most frequently. and provides other specialist ailvi¢e. a$ required, Such a5 Fire Risk Asqessments. Regular Building SuTveyor Insyections are also undertaken. A¢tion lists are prepaTrd and these aye addre&8eA within the time scales approved by the independent advisers. The work of the Health & Safety Con8ultant and profe&%10t￿l adviserg is overseen by the Bursar aNI F￿llItieS MaTLager. Other ind¢p¢ndent prof¢55ional advisth5 are contracted by the Schwl wbere the KMP ond Govem¢)TS con8ider this appri)priate. Trdining and continual profe&qional d¢velopJnent is ￿s0 seen as an importaiil way to reduce risks. Prof￿s1o￿al advisers and members of the KMP attend and pres¢ni where nece&$8ry, lo the appropriat¢ Gov¢rnor Committees and the ￿11 Board to support the Dir¢¢tors in their Governance of the Schwl. Other key areas of risk that are Co￿81dered alld reviewed by the KMP, tbe Board and its CouuDittee8 iti¢lude: Robust Child Safeguarding Policies, system8 alld appropriate TegulAr trainillg for all stsff. Pupil recrnitment illcluding the setting of School fees ill relalion lo affordability" Healtb & Safety, ¥it¢ s¢¢urity and ￿gulatOry requirements. Human Resource matter8 includin&¢ony.!yitig with regulations and th¢ r¢t¢nli¢)n of key members of staff. both teaching and suwort, wbiob is critical to the success of th¢ S¢hool. IT Security. cybercrime contro]s and data protection matiers" The safeguarding of the School's IADd and Buildings, Equipment and Otber Assets including comprehellsive insurance" Fund Raisillg Poli¢y and ensuring the Charitsble Objects of the School are complied with al￿ advtrleed., S¢eDarioplanning and appropriate, prompt respo￿$eS to anY￿)lItical. econorni¢ orpublic health changes. Any IEgal Malters." and Gov¢rnanee of the School. ISI Ill8 etiDn BGS was in8[￿￿1, ID March 2019. as part of the TOUtin¢ cycle of inspection Carfied out by Independent Schoo18 Inspectorate "1ST, IOUT eqU]v￿ent of Ofsied) who sought to confimi ow ¢ompliancc with The Educatiort (Independ¢Dt School Standa￿) Regulations 2014. The￿ routine ins￿tionS rigorow8Jy t¢st alld deTnoD$trate thai th¢ School is meeting the legal requirements in key areas su¢h as quality of education providtyL safeguarding and welfare of pupils. recrnitsnent of witoble slaff, handling of complaints, and qualityof leaderthip and rn8nagethent. TheGovernors andHeadm&sterwered¢ligbted that ISI found thai Bristol G￿thar School wa8 fully cothpliant in &ll of these regards. The report is available to read on our website at: hit $../lwww.bristol rUM￿ar￿L￿o0L¢O.U￿lGmS-asset￿dOWnload￿IBGs-Rc ort-2019. df ulalo -com lian¢e-In8 e¢tion- Registered Company Number.. 05142007 Registered Charity Number.. 1104425 Bristol Grammar School (A company lirnited by guarantee) DIRECTORS. REPORT (conlinued) for the year ended 31 August 2021 ratIon￿ Performance of the Sthool llltr•duetloll Bri4tol Gramnw School aim8 to ¢nGournge all pupils toparticipate in avariety of activities and oppothnities, botb curricular and extra-¢urrÉculaT. Thi$ helps to m&ximise their perbollal development, ¢onfidence and team worK and just as importantly? It en¢ourag¢s them to enjoy all aspxts of School life whi]8t foigiug lifek>ng friendships. Co-eurricular activitie8 are Spread across a wide rdng¢ of 8port8 and the perforniing art5 as well &8 many other clubs and oppojtsnities. The pandemic has had a significaDt effect on school activity during the year but a significant number of enri¢hing activities were still possible. Extra-cujricular oppor¢ullitie5, togetherwith pastoral supptrrt continugd onlin¢ thiring the spring lerni I￿kdOwn with the focus OD pupils, wellbeing. A selection of school wide achievements detailed below: A Level Results BGS Sixth Fornier8 w¢re extremely disappoint¢d tI￿t the A level examinations were ¢an¢elled due to COVID.19, thereforenot allowinbrthem to sit theexaminations they had consistently worked so hardto pass. Thisyear's grkdes have been basd on rigorous evidence, obtsined across several pieces of work which teqttd the material which sNdents had been tsugbt. and which wer¢ paiDstakingly cbecked and cross-checked by expert subject teAchers. before going throu¥h the exien)al boards, quality CODtrol processes. The outcomes refle¢ied the hsrd work and dedication of the students and the quality of the teactllnB the ￿hr)DI provides with 98 % of all r¢sults falling within the range A*-C grade and 470/0 r¢¥ults being awarded A*s. Th¢ students, Extended Project Qualifi¢ation results wer¢ ¢xtremely gocd with 890/0 of all marks being a grade B or above, and 46/¢ gaining an A* luterllatiollai Bftcealaureate Results The IB Organisation awarded grades this year b&4ed on &Tternal examination of all pupiLs' Intrrnal Assessment work in each of their six subjects, and on the core COrnEK)nents of the Th￿ry of Knowledge and the Exlended Essay, in addition to ¢videncfrba8ed predicted grades submitted by schools. Our second cohort of IB sÉudents collectively achieved an out8thnding mean $¢ore of 40 points out of a possible 45. {This score h&$ a UCAS tariff equtvaleDC¢ of around 4 A* grades at A level). One of our students achieved tbe maximum 45 points, and thtre others achieved 44 poinis- usuallyachiev¢d by aroLmdO.50/0 ond l.SYo of th¢ global cohoTL respectively. Next Stepi An unprecedented number of this year's Upper Sixth have secured their first choice university plac¢s- over 44 different destinaiiong- including twelve to OxbTidge. As ever, our students" go on to a broad raug¢ of ￿t￿tr path$. they are supported to chcN)S¢ coL￿SeS thai fit their illlerests alld talents besi. They are going on to study over 85 different courses from M¢dicine, Economics and Geogrdphy to Creative Music T￿h￿o10gy, fjlobal Health alld Social Medicine, Real Estate. and Allthropology. ODe pupil will sxudy InieTnational HospRtality ManagetneDt at thc prestl8lOU8 EHL- Ecole hotelière de Lau8aun¢- in Switzerland GCSE Results Across the 27 subjects offert 97Yo of GCSE entyies were awarded a grade at 9- 4 (or old equivalent A* _ C) with 750/0 graded at 9- 7 (or the equivalent A* _ A). Similar to A I£vels, these were awarded in the absenc¢ of examinations, but based on rigorous, evideDce•based lists of pupils, knowI￿ge and understanding, as mattdated Extracurrlcular ACti￿ti¢l and Trlps Our pupils enjoy a wid¢ range of extracurri￿1ar adivities IllGluding spory music, drama and dance as well as a diverse range of other clubs. activities ajjd opportuDitie5. The School offers pupits the oppormtiity to take part in number of community outreach projects and charity work which are embtdded withirt the culture olthe School. Trips both in the UK and overseas were ¢allcelled due to COVID-19 Government restrirtions, although a small number of Ii)cal day trips did tske place towards the end of the Swtsmer t¢rn. Registered Cornpatty Number. 05142007 Registered Charity Number.. 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT (continued) for the year ended 31 August 2021 While the pand¢mi¢ limited academic and extracurricular OPPOTtimitie& DWLY continued online. Performi￿ Arts CglltiDued with successes in LAMDA and music grade examinations. Wbile ]ive perfonDan¢¢ opportUDitics were limited online ¢ollaboration8 and f11n￿d prlxluctions allowed the show to go despite COVtD re5tsictions. At tbe online Exeter Co]iege Model Unit¢d Natiolls evenl BGS delegatC5 werc chosen as the B¢st Dclegation overall, Winning the shield for th¢ s¢v¢nth year in a row. Several Indi￿dual stud¢nL% also rtteived award8 at this event and at subsequent hWN events hosted by Cheadle Hu1￿C aTJd MwKhester High School for Girls. A team of 4 Year 8 girls compet•1 in the CyberFirst ¢oMp¢titiO￿ reaching the national from a rool of over 6.500 entrants. The Com￿tition- by the Natio￿￿ Cyber Security Centre (NCSC), a part of GCHQ- aims to inspire girls to pursue thcir int¢r¢s¢s in te¢bJJology and ¢on$id¢r a ¢are¢r in cyber security. Individual success and a¢hi¢vemertts iticluded.. an Upper-sixth sttthnl awarded First Prize in the Gottville hnd Caius College Schools, Prize Competition in Linguistics. another Upper-sixth stsdentplaced third in the Gabblers after dinner speakin8 competition. a IA*wer-sixth pupil was invited fo represent the UK at the Gerniall Buthtag R¢membrance service matking 75 years since the end of World War Two, speaking in front of digMtari&q from around the worl¢1 including Prince Charle8, where she met the Duchesy of Cornwall. tbe President of the Federal Republic of Gemjany. the Pre8ident of the Bundestag and tbe President of the Vo]ksbulld' a Year 8 pupil w&8 H￿blY Con)mended in th¢ Royal Gcographioal So¢i¢ty's Young G¢ographer of the Year comp¢titlOD. Sporthig Achievements Pupils have excelled in a wide range of sPOrt& both individual and lea￿ at regional, tiational and international l¢vels. AlarRe nujnberbave been ¢h08¢n to play for their counti&4 Or nationally iti selected sports. In Lugby, four Sixth-fonn¢rs were selected to play for Bristol U18s, with one also representing EoglaDd U18s. tn younger Ye￿8. another two pjayets have played for Bristol U168 and one for Bristol U155. Threc boys had Engknd U16 hockey trials, and one 8irl had England U18 trials. There were also eighteen pupils selected for the U14 Bristol Academy Centr¢. Three netball players were ￿lect￿l for thc Team Bath B]?sicl Academy 202￿21 alld ttvo for the U14 Tegional squad with Bath Cougars. In cricket, seveTal players fr(An U12 to U15 were selected for Glouce$tersbire Cricket's Counry age-group and dcvEloprnentsullJmer 4uads, while two girls playedfortheGloucestersbire Girls, U15 Countyperformance 8qU one of them ¢aptsinillE the side in a day of triangular ctsunty fixture8. BGS Sports T¢￿m8 #ttd School Ffixture8 TheT¢ were limited inter-sch￿l fixtures 8md competitions owing to COVtD KEstrictions, however. the U14 crickei team won the County Cup. Inf•nt aDd Junior Sehool During tbe 2020-21 a¢ademi¢ year the Infant alld Junior chlldren n and enable in four of our senior school children to r¢ceive a significanl means ¢¢sted bursary (at least S￿/￿). Anew fundraising drive, the"500 Campaign". in recognition of the school's quincentennial anniversary in 2032, will ￿cOU￿ge donors to support cl)ildren at BGS through tneall8 tested bursaries. Opportunitie$ to sponsor setiior pupils, in particular, gre beitig marfceted together witb a wider "little and often" approach thn)ugh th'e existing Michael Booker BUT￿leS programme. We are also ellcourAg3ng legacy pledges. We plan to raise £12milliots within the nexl ten yeaT8. W¢ do not use third party professiooal fijndraisers we ensure that our fi￿draisIng CQDfonns to and exceeds best practice. We do not colltact the general public, including vulnerabEe ￿pIe and any cojnplaints, if received, would be reported and deali with pmmptly and thoroughly. The Headmaster. with th¢ support of the Bursar, oversees and monitors the work of the Developn)eni Office 8T￿ the Director of D¢veloprnellt, and reports to a Governor Conm)ittee and the full Board. Donations and legaci¢8 have bc¢n received from a vari¢ty of Trnsts. FoundatLons, Parcnts, Grandparents, Old Bri8toii8ns 8md other friends of BGS. The Headtnasier, Governors and BGS ConJmutLity express sincere thanks for all of these generous donations and legacies whi¢h provide lffife ¢hanging opwrtunities for the supported pupils and their families. The Pople Charitable Trust new Scholarsbip aud Buw Award h&8 worked extremely well, su¢Cc&￿fU1IY supporting fiv¢ pupils. Other gen¢rou$ support has facilitated The MicbAel Botsker Memorial BuTsary Schemc to fimd two pupils: the Bill Brown Charitable Trust to fut)d two pupils and the John James Fovndation supporttd three pupils. The Denman Clwiiable Trust offered matcbed funding for two pupils with similarmatched funding for on¢ pupil froEn the Old BristoliaDs' SIKiety. There been other 8en¢rous support where the donors have wished to remain an0n￿oU$. Our Sincere thanks to all donors to Bristol Gran)maT School. thr￿sh their continued generosity we have been able to cducate a sxgnifjcant number of pupils who might not otherwise have this life-¢hanging opportunity. Registerd Company Number.. 05142007 Regist¢r¢d Charity Nujnber. 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT (Continued) for th¢ y¢ar ¢nded 31 August 2021 Public Benefit The Charity, in accord￿ with its Objects. provides ¢du¢ation for IxTrys and girb aged ¥18. The Charity also provides public benefit ¢)pportimiti¢s through.. The pn)vision of means-tested bwsary ￿SIstance (up to lo￿/￿ of the fee plus a ¢ODtribution to other essential items apupil may Tequire) to families whose children could noL for fina￿141 r¢&soll4 otherwise attend the School. ￿ explained ill the school's mission slat¢m¢nt ¢)n page 6 . Within the ¢oL8trninL8 of the pandemic, the provision of f￿llItieS ts> Iw41 schix)14 other Ch￿ltieS and community groups (llt no or watly reduced charge); Being partnerships vlith other schools (state mainthined) to provide le8gon4 advice, support and assistance As Appropriate, (including with the Hope Virtllal School)" RaLSing Rnoney for a number of UK and Overseas charitiG% throughout the year. and Parti¢ipation of mally Sellior School pupils in Community VoiuDteering activities. The Governors and Headm￿er are exploTing a Durnber of other ways in which the school may b¢ abl¢ to help with edueational- and Hrydw- provision througbout the city. For exan)ple, we are found¢r roember of the Bristol Education Partnership. a group of 17 bodies illGluding stste schools, ind¢pend¢nt schools. univetsities alld the city council, with a number of aims includillg overcoming disadvantage for Bristol's You￿. We were working with the Hope Virival S¢h(x)I to help ￿ls¢ attait)ment in core subject GCSES for a number of looked after children, and a signifi¢8nt nurnbcrof our Sixth Forn) and staff w¢re trained lobe part of thecity's Reading City initia¢iv¢. b¢fore COVID-19 meant tbat tILese initiatives had to b¢ suspended. In furtlwan¢¢ of objectives the Governors, as clthrity trustee4 have complied with the duty in section 4 of the Cbarities Act 2011 to have due rcgard to the Charity COMMI￿10n.8 published general and relevant 8ub Sector guidance concerning the opr¥ation of th¢ Public Benefit requIrem￿l uNler the Act. Bursarv Grants 171 pupils (2019-20.. 141) wetr award￿ fees &&4iStAnee totallitig £973.789 (2019-20.. £801.503). This included additional bursaries in both years where families experlenced sevar fmancial harthhip du¢ to COVID-19. Th¢ Governors and Headm&8ter gbaTe a long-terni commilment 19 $I￿lficantLY increL8itig these numbers. as explained on page I I, and tbe Heathnaster, Bur8ar and Fe¢8 Man4ger will be pleased to answer any enquiries regardmg fee 8SSiStanee. A carefi]I revitsw of a number of factors 3r¢ taken into ootssideration in th¢ allwation of financial awards. SeknolAr8hl Polic The ScbcrfTrl off¢TS each year a number of acaderni¢, sport, rnusic and perforniing arts ￿holarShips, at variou5 age grow) enty points including the SiTth Fonn, which 8Jr assessed on ability. S¢holarships are awarded a percentsg¢ reduction fTom the School's full fee. Thc totsl scholarship f¢¢ remission for the year amounted to £363,712 (2019-20.. £338.793). TeachlD Llnks BGS continued to tKovide placement training and mcntoring 01)PoT￿tieS for students undergoing their initial teacher training such ab PGCE training. In addition to this. a nujnber of one day attd 9hort placements have been hosted f(Trr wtential PGCE studellt8, illGludmg ex-BGS pup￿& The School encourag￿ BGS teaching $taff to act &$ examiners and as8e&sor8 for examination boar(L8. A Deputy Head is the MarkingPro8ramme Leader forth¢ KS2 MathsNational CurriculumT&%ts. We aisohave twomembers of staff who are ISI sch￿1 iT)spectors. 12 Registered Company Number.. 05142007 Registered ChaTity Number: I l(M425 Bristol Grammar School (A cornpany limited by guarantee) DIREcfoRS' REPORT (continued) for the year ended 31 August 2021 The EllvlTonmeJit Sustainablm and Rec Bristol Gramrnar School fully a¢lu)owledges its responsibility re&Farding the impact it has on the environment alld the I￿￿rtanCe to leadby example regarding sustainability and recycling. The School does have ￿￿1¢ Co￿$trainI9, such th¢ age alld construction of some of its older buildings, and tbe listed stabjs of the main School buitdin8, but bas already undertaken a significant ymount of work to be as environmentslly aware and responsible as possibl¢. A nU￿be[ of initiatives- many of which arE pupiI-led- Continue, such as enswing minimal waste from all food production and consumption. the removal of all single-1￿¢ plastic water bottles. the provision 8routtd the sit¢ of recycling points, and encouraging more wstsinabl¢ modes of tr￿spOrt lo and from ￿h0o1 with BGS being acknowledged with an award from Modeshift STARS for the school's travel plan. Whilst there is much goftn8 on ill this area, there are further plans for pupils and staff to in¢reAse the sc(u)e and reach of ourenvironmentsl wo￿. Gender Pa Ga Re rtaDdE u8iP Bristol Grammar School pubti8he5 &t5 Gender Pay Gap Report on its website. The 8¢hool is keen to encourage all applicants, irrespective of gender, to apply for s£nior positions when these become available at tbe school- the KMP body has a ratio of 50.50. BC78 nffer8 the same level of pay for a position regaTdle&q of gender. rtunitiel The School has given due coL8ideration to applicants and employees wtth disability As documenkd in ¢)urpolici¢s and pr￿edUres. In the Employee Recruitthent Bnd Selection policy th¢ aims are &$ follows: To ensure that the best p0&5ible stsff are recrnited on the basis of their skills and experience To ¢nyure that alljob applicaDts ar¢ considered equitably and consistently The sy8tcm th¢ 8ch(Kil uses for appli¢alions anollyrni5es candidaies during the selection proce&s to ensure fairness in the followmg ar¢&s'.ag¢, disability, employment status, gender {includitig gender reassignment), maritsl sta￿. (i￿lUding civil partllership), race (national and etbnic oiigin), religion {alld b¢li¢O and sexual orientstion. To ensuT¢ compliallce ￿1th all relevant r¢¢ommendations and guidance including the rec(*nmendations of the D¢paTtsnettt for Education (DtEJ iti Keeping Children Safe in Education {2015 as subsequently updated) and the code olpractice publislLed by the Disclosur¢ ond Barring Service IDBS) To ensuT¢ that the School Jneets its ¢OTn[nIt￿Cllt to safegu8￿]ng and promoting the Welfa￿ of children and young people by carryitig out ail necessary prE-emplo￿llellt Checks. To continue the employment of, orrangin8 4)propiiate training for, enyloy¢&s of the School who havt become disabled persons during the period when tbey were employed by the Sch(Kkl, at To develop the trainillg. career progr¢s8ion and prornotion of disabled persons employed bythc Sch(K)l. Em eeEn emellt The SchiK>I seeks to provide employ¢&% with itiforniation and In￿￿￿8¢ employK engagement in many ways some of which are as follows.. Externally 5Ct, anotJymou8 stsff suryeys covering wellbeing and engagernertt eaoh half ierni Brief￿￿5 for all staff which include details of budget reviews and pay rise itifomation when applicable. Weeldy buuetiti and briefll￿ to k¢¢p people IllfoT￿ed oll a full scope of SchcK>I matters. An Infomation alld Consulthtion of Employee¥ Committee with employee representativ¢s from all ar¢&5 C>f the S¢hi)ol, meet as a minimum Specifi¢ INSET sessions to engage employtts ill k variety of topics and prrfessional development including ¢ross depajtsnentai w0￿1ng Positive Staff cornrnunity promoting engag¢n)¢ni within atf&8 of the School outside of th¢iT arealdepartment. The School ha5 a Joint Negotiaiillg Pro¢e88 with the National Education Unioll. 13 Registered Company Number.. 05142007 Registered Charity Number.. 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT (continued) for th¢ year ended 31 August 2021 Communi Involverne￿t BGS encour8geg it pupils and gtaff to become involved ID comrnullity outrea¢lLproje¢ts and work. including the provision of all INSET time (at least half a day a year) specifically for staff io help with community wo￿. The School also offers the use of its f￿1]itieS aDd equipmelll where it can. ￿ both local juoior and senior state schools and other organi8ation6 and ¢lubs, ¢itlLer free of eharge or at 1rdUc￿ rates. The ￿1]001 publish&s an Outreach Brochure d¢tailtng its partnership8 and commw)iry impacL hari Fundraisin Raising money for Charlty is a very important part of scbool life for pupils and other members of thc cornmunity at BGS, both oll a whole schwl basis within the sellior. junior and infant schools, and als(Tr by indivithial House events, encouraging social responsibility. Both pupils and stsff sit on the school's Charity Committees. A diverse range of Chariti&8, both in the UK and Oversea& bave beeD supp(Trrted in 2020-21. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The School's main sources of r¢vcrnie are from School fees, iovestrnent income derived from it's pernianenl endowmen4 bursary and other funds raised, legacie8 and Teceffipl$ frojll external chaTitable tru8t8. Third pary revenue is also g￿¢rated from the comtnercial amd community use of the Scb(K>l's 1532 Perfomiing Arts Centre and Sports Fwilitics througb its trading sub8idiary. BGS EDlerpris&% The Schools Fees Policy is to set the fees at a kv¢l which will be sufficient to meet the running ¢osts plu8 an appropriate elelnent for capital investmenL The investment income will ¢ontitiue to b¢ used to provide means• tested bursary assistance with fees. Due to the reintroduction of Goven)ment restrictions, r¢mote learning wa5 ititrimlucrd for the Spring Terni 2021 with the school reop¢ning to all pupils withjust under four weeks of the spring terni remaining. Dunog the period of remote tijilion, a norni81 timetable of high quality educatlOD lessous wa$ delivered along with pastoral attd safeguarding support. Many creative ollline extra-curricular activities were also made available to our pupils. The Governors look all availabl¢ opwrtunitie5 to save costs including utilising the government fitrlough scheme and were able to provide ar¢du¢tion in SpTing Term fees. The Governors also made available one offhardshipbursaries to thotse familie5 who had becn severely hit financially by the pattdemic. All ¢onllnercial and ¢omtt)unity lettingy were stopped for the lock down period although limited 8ccess to the school's outdoors facilitiu was made available once the Government had deemed this safe and the school's own risk a&se55mcnt had been carried out. The trading perfornial￿t of the Schwl showed fl Su￿lUS on u[￿e&￿i¢ted fimd8 (before investment gains) of £87.302 (2020: surplus.. £66.165). This is after a depreciationcharge in the year of £1,042,538 (2020: £1.074218) and donations of £ 28,812 {2020- £15,268). Tbe School uses Key Perforniance Indieators to tnonitor the School's f￿ancIal pCrfornw￿. exanwles of which, with fvrther commentbelow, are the following.. 2020-21 2019-20 Pupil nwnber at y￿r end Sraff costs as percentage of iJKom¢ (excluding doDaiioDS) Bursary, 8cholarsbip and other f¢¢ reJDis$ion$ as percentage of gro￿ fec incorne Ye8r-end cash balance Capitsl cxpenditure (including itivestsnent property) in ye 1,356 72.6 / 10.3 / £5.144,312 £134.461 1,357 9.4Y £4,609,164 £213.436 The Govemors acknowledge tbat manyfamilies werebit fmancially by the outbreak ofCOVID- 19 and the ych(K)I fees were not in¢rea8ed for the 2020n l academic year with a break even position budgeted. 14 Registcred Company Number.. 05142007 Re8iStered Clwity Number: 1104425 Bristol Grammar School (A company limited by guardntee) DIRECTORS, REPORT (continued) for the y¢ar ended 31 August 2021 Control over c&8h flow remained a priority with expenditure focused on the d¢livery of a quality educatioJL and health and Safety rnatters. ExrKttditure on capital as%ets has been deferred during th¢ year. Despite the pondemic the ititeresi from families wishing for their children io join the ychool remains strong. sthff salaries &re the School's largest expendithre cost bul sthff are also the Sch(K)I'y greatest asset. Th¢ school. staff woJ*ed trern6ndously IMTd to deliver an excellent online learning and support progrdmjne. Th¢ teaching departsnents also pul ill a huge amount of additional wodc producing the prescribed data required for the Y¢ar I I and Year 13 grade assessments. The Governors, policy AS to reward stsff approprlaiely to ensure th¢ Schi>ol reenrits and retains quality teaching and support stAff for the efficient operdtion of the School and to d¢liver an exceptional educational experience for all our pupil8. The Govemors end¢avour to consistently keep fees increases ￿ low as possible to help all families and in this ¢onteKt carefvlly wi¢w all Staff Alld other costs. The nu]nber of pupils re¢¢ivins bursary support has incr¢as¢d over the last five ye￿. It is the Governors. mission io increase bursary suppor4 subject to future fimding and other constraints. for pupils who will benefit from on edu¢atii)n at BGS and would not otbErwise be able to attend the School. The Governors monilor the School's cash position and are content with the ¢hange in year-end cash bal8n¢e reflecting the Very 8tricl cost Control during the period of the pandejnic. A slatement of eash flows ¢at] be found on page 27 of the Finallcial Ststements. stered Char Charges have been registered in favour of HSBC Bank PIC over sorn¢ of the Investmeni Properties ov/ned by Bristol Gratnmar School and six houses that BGS owns on Elton Road, Clifton. Bristol. aB detailed in note 15 to the Aceounts. The chargesr¢late to a loan from HSBC tsk¢n oui forthe construction of the Perforniing kns C¢ntr¢. HSBC granted the school a capital Tepayment holiday during the rnonths. of April to October 2020, inclusiv¢, due to tbe economic conditions caused by the COVID-19 outbreak. Interest on the loan beellpaid in full duri￿¥ the capital repayment holiday period. Capital rep8yJnents recommenced in October 2020. Goin Concern The Governors, review and monitor the School's detailed income and expenditure budget which includes contingencies for the risks of lost income or additional expenditure, especially ID relation to the pandemic. Management aceounts are prepared regularly and results are monitored ¢105¢1y against budget with any material varian¢es analysed in derail. The Schogl's PTojeciions. including sensitivity ￿alYSIS alld cash flow forecasts, are closely reviewed by Governors in order 10 make pn￿ent fu￿￿la1 d¢¢isions for the School. The Directors ￿llY consider the following in their analysis and r¢vi¢w of going con¢em.' The a¢￿unts of both Bristol Gran￿￿r School and ils tradillg gubsidiary BGS Enterprises Limited. BudgeLs, forecaqts and cash fl(>ws which extend both Nielve rnonths beyond botb the Balance Shed date. 31 August 2021, and the dat¢ when these fmaDcia] slatemcnts are sigued off. The bank balance ai the 31 August 2021, which remains strong alld reflects the cost control thiring the period of the pandemi¢, the deferral of eertain capital expenditure, and the ¢ash eollectson of the auttmui tenn 2021 fees which iw been good. What expendithre 1$ appropriate for the 8UStainable of the School. Bristol Grammar School is in ¢ompliance with all its banking ¢ov¢nants. The pupil lllllllbers remain strong with a great deal of interest from pro8pective parerttg and pupilg wishing to join the 8¢hool. The Balance Sheet at 31 August 2021 is healthy and l)oth w$t control and cash collectioll have continued as A priority. Thc Governors, He&thnaster and Key Manag¢ment Team are continuing with their review of the School and business operations lo ensure appropriat¢ effieiertoies. The Directors are therefore contellt that the fu￿¢la1 statements have been drawn up on a going ¢oncem basis. 15 Registered Company Number: 05142(X)7 RegL5tet&J Chariiy Number.. 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT (continued) for the year ended 31 August 2021 Investment MaDa ment At the year end th¢ School's Investments. combining securities, ¢ODml¢Tcial and residential pwperty. totall¢d £21.323,651 (2020.. £18,864,053). Despi* the exeeptional ¢ircurnstaI￿ of the pandemic, l)oth th¢ S¢hog1's inv&stm¢nt manager8 perfornied well in the ¢1￿1]engIllg market conditioD5. The Gains due to nwket movements on the cornbined yeeurities alld propety investments totalled £2.521.816 (2020.. £838,749) olld the IDve8tment In¢ome generated during the year was £521.223 {2020.. £510,880). The Dire¢wrs' policy is to hold a bala1￿ portfolio of inve8tm¢nts whi¢h eDbance thc real value of th¢ CpapithL invested wh11￿ also producing an appropriate level of income to maintain the School's commitmeni io provide assistance with f¢¢$ for those pupils who would not otherwise be able to attend BGS this reM81T￿ a key goal for the School. Th¢ S¢hool's inve#tment pmfolio been split and is managed by Smith and Willihm80n Investment MauagemEnt and Ruffer LLP in order to provide the School wxth bala]￿￿1 and complementary investsnent portfolios that bedge against ewllotnic alld p)litical vojatility. This poliGy has been Su￿￿sfi￿I during the periiKI of the p￿demIC. The Governor8 receive alld miew it)vulmenl reports from tK*th Jnvestment Managers regularly throughout the year and eithcr meet with the Illvestment Managers or Teak via ll conference c&ll to discuss the portfolios and miew styategy at le&8t thr¢¢ times a year. Reserves Polle The Governors. resen￿pOliCY is to produce sufficient e&8h SLwpluseg of unrestricted funds eachyear, Sothat afier the add back of depreciation. the S¢h(K)I generntes sufficient funds to maintain and develop the School's facilities, equipment andtechnology, to materially Contribu￿ to Bursaryfunding, toservice atty capitaland interestpayments on outstsnding loans and to ntsintain a balance as a conting¢D¢y. External borrowing 1$ used. &8 and when necewy, for ally material capitsl projects afterth¢ forn￿7 approval of a busine&8 plan by tbe Govesnors. The Governors have prudently fixed the rale of int¢rest on the cU￿t￿t bank ltsan for its terni whilst inwestrates T￿na]n at a very low level. The School's unr&8tricted fillmts are deployed as part of the School's builditigs and equipment in tangible r￿ed asgeis. In the absence of free reBerves (unrestric*d funds Dot held in tangible fixed assets) th¢ S¢hool's Governor5 ensure day to day W0￿]ng capital reqUiren￿nIS ar¢ by eareful management of its short term liquid resources. The Gov¢mor8 consider that iiquxlity of a terni's wot*ing Capital requirements would be desirnble. Taking tILe School's tell￿Y unrestTiCted operational expeDditure and afi¢r adding back the dq)reciatiott cosi gives a target for liquidity of around £6m. Th¢ FKtrlicy under nornial economic CODditions, to continue building up bquid reserves out of annual operating surplusts alld unrestsi¢t¢d donatiODS. subject to further necessary capital and planned tnaintenance expenditure andprovision of appropriate bursary support forpupils. Restricted and Elldowment funds are beld in cash, propety and investments. Capital and income frorn reslri¢ted funds are 4lmost eDtirely reslrictAI to the f4mth.ng of bursari¢s. In¢me from the Endownent fund8 is restricted to support bursary fill￿ing via tbe unrestricted fund. Further detail on the l¢v¢l of rescryes held is pll)videil iti relevant supporting ftot&4 to the Fin8n¢ial Statements. The balances are monitored closely by the Board attd are in lille with budgeted forecastg. At 31 August 2021 the reserves held by the School wtre unrestricted funds of £15.619,163, designated funds of £278,933, Testrided fimds of £1,899.618 aTLd eTMlowment fulld8 of £19,587,966. Unr&8tricted funds include a langible fut￿ a￿et fund of £17.265,833 (thc totsl book value of unrestricted tangible fixed a&qeisheld at thatdate) plw8 a g¢ner81 unr¢stricted fuJLd of £11,645,890). 16 Registered Company Number. 05142007 Registered Clwity Number. 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT (continued) for the year ended 31 August 2021 How the Board com lles Ivlth Its Sectlou 172 D SeLtion 172 (1) of the Companies Act 2(K)6 (Statement of Director's Duties to StskehOlde￿) requires directors to act in good faith io promote the s￿¢¢￿S of the charity for tbe benefit of its membets, and in doing so have ￿gard (amongst otber matters) to: the likely consequences of any deci8ion in the lon8 terni. the iJ)terest8 of the ¢haritable company's employecs. the need to foster the charitsble company's business relationships with supplier8, parents and others. the impact of the chari¢able cornpally's operations on th¢ conununity and the envirorttn¢nL the desyability of thecharitabl¢ compatty maintaining a repulationforhigh standards of businesscolldud" the ne¢d io act fairly as between members of th¢ clwi"table company. As set out on page 12 within"Publi¢ Ben¢fiV' and on page 14 within"CoDllnutiity Involvement" the Sthool h&s developa links with a wide range of indisryduals and organisatsons tQ ¢Dsure the widest possible access to the excellent education that the School deliv¢r8 within the con$trdint¥ of safeguardlng, the use of irs fa¢ili¢ies by comrnunity groups and other u8¢rs. The Governors 8ee the appoititsnent of Di￿tOr of D¢velopmellt and revised and new fvndraising initialives as #n imponant strategic mov¢ iti a¢]ll"evins the School's missio￿ to provide an exceptional and rowided education to those who might benefit from it, regardless of their background and financial means. The School is proud to be a founder member the Bristol Education Pamership which was set up in 2019 with ti ain) of broadening young pwple's experience of education, opening up new opportunities and overcoming disadvantag¢. It is a collaboiative arrangement involTring six state se¢ondary schools, seven independent schools, Si Br¢ndan's Sixth Fottn College, Unxversity of Bristol, University of the West of England and Bristol City Council, working together to enrich education and improve outcome8 for children and young people in the ciry. Projects, eyents and activities are organised in partheT8hip with a widc range of organisations from across Bristol. giving young people access to thebest thai our exciting and vibrant city h&8 to offer. A numberof teachernetworks have been set up to enable collaknration across partner schoolx so that best practice can be shaTe The School community a150 undertakes a number other initsatives artd voluntrering to help with slate infanL junior and senior ￿h0O1$ in th¢ area including tea¢her training. In addition to the ex¢¢llent olliine remote academic and support progrdmmes the S¢hwl Tan during th¢ periods of Governm¢nt restiictions in the pandemic th¢ School also offered th)sile education to the familie$ of key work¢rs which w¢r¢ well attended. Through mtmbejship of HMC, IAPS, AGBIS and ISBA and througtrl networking with p¢er group5 we c1￿￿e that we are able to aithin the highest stsndards of quality and wfonnance. The Governors, Headmasl¢r and KMP in addition to the extremely irnwrtant focu8 on the wcllbeing and mental health of the School's pupils aTLd theit families also treated the wellbeing of the teaehing and suppott.8t8ff as an absolute priority. Whilst the School had invested wisely in technology, the delivery of remote leaming brought additional pressures at a time many staff bad concerns about their families. The pressur&s continued with the very considerable additional work and support the teaching departments pro%ided for the assessmellts for GCSE, A level and IB grade awards. Detsils of how the SchcKpl has engaged with employees and had regard to employee interests and employm¢ttt Consultation can be found within"Employee Engagement" on page 13. Communication with staff was inCre￿d throughout the pandemic to keep colleagues ￿llY itiformed and to monitor wellbeing. 17 Regtstered Company Numbcr.. 05142007 Registered Charity Number.. 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT (contint4ed) for the year ended 31 August 2021 The Governors wi d¢monstrnt¢ thepromotionand suc¢egsof the clwity forthebenefitof the stakehold¢r8 througb the "Operational Performance of the School" included within this Stra￿gI¢ Report. The School has ¢ontitiu¢ despite all of the cballenges of the pandemic, to deliver high quality a¢&demic edu¢atiott as well as pastoral and wellbeing support throughout the peritsj of the pandemi¢. The Governors are respOn￿ble for strategic planning and policymaking for the School anLt ￿cOrdIng]Y, all key de¢isi¢)ns, the current perf0rn18nce and future longer-terni plans of the ¢han"ty and stakeholders are referred to and taken by the BoaTd in consultation with tbe Headmaster. Ibe School is govemed by th¢ governing body (Board) w￿.Chd¢kgalCS work to a numberof committees. Membership of each Committee 18 Outlined ¢)np8ge 2. A ll￿ber of additional online Board medings were held th￿'ftg the pandemic to ensure Governors were kept ￿llY ll]fornied. withGovemmentguidelines continually changing. There was &iso coA)siderable input from keymembers of the Finance and General Pury)ow Governors Conrnllttee together with the HeadmasterandBursar in monitoring the School's finances and cash flow during the ptrxod. Further infozmation ean trL foll￿1 iti the 'Y)tffttional Perfomiance of the School" and "Finan¢ial Revicw alld Results for the YtaV' within this Strategic Re￿ StreAmMned Ener and Carbon Re Tti SECR The School 18 pl¢wd to report its UK 8reenhouse gas (GHG) emissioDs and ¢n¢rgy usage data for the year I temb¢r 2020 to 31 Au st 2021 ￿ ether with com arative fi ures. 2021 2020 Ene2EY CODsuwtion used to ¢al¢ulate emissions {kWh) Scope l.. Emissions metric ￿n￿¢S CO2e Gas consumption Owned trAnsptsrt. mini.bu8es and vans Total Scope I Scope 2.. Emissions in rnetric tonnes COIC Purchased ele¢tiicity Scope 3.. Emissions in metric tonnes C02e Fuel reittiburned for travel in employee owned vehiel&8 Total gross emission in metr[¢ tonnes C02e Intensity Ratio.. tolllles COLe per pupil b&sed on Auturnn roll 4,549,636 4,1137,768 595.56 504.32 5.62 509.94 2.62 598.18 271.7 291.L12 1.16 4.75 871.114 805.72 (1.64 0.59 QuantlfleAtioD and reporting metbodology The 2019 UK Government tllvironmentsl Reporting Guidelines and thc GHG Protocol Coryjorate Accounting and Reporting Standard were followed to ensure the SECR requirements" were mct. The energy dats has been c{J￿18teDtIY ¢ollxted from energy meterlng, suppjier invoices, employee repayment claim$ and msnibu8 alld van vehicle usage record The energy dats was Converted to carbon emi&8ion5 Using the UK GOv¢rn￿e￿I ConveJsion Factors for Company Reporting. The associated emi￿￿]0nS are divided into the conibu¥tion of fuels aDd the opeTation offacilities (Scope 1)> purchased el¢ctricity, heating alld cooling (S¢op¢ 2) a￿1 in41ire¢t emi&sioDS thei oGcur as a consequence or School activities (Scope 3). Throughout the period of the pand¢mic the use of ewy Iw been partic￿lY ¢hall¢ngin8 &s the Gov¢rnmetLÉ COVID gukdance stresses th¢ irntx)rfance of rooms being well ventilated but at the same timethere isa requirement for heating to keep rcoms at appropriate temperalures. There bas also been a substantial rise in electricity priceg duTitig the year. 18 Regi￿tered Compatty Number.. 05142007 Registered Clwtty Number.. 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT (continued) for the year ended 31 August 2021 Measures tAkeu tv i￿prove ellergy efflcleDCy The School h&* installed smart meters across th¢ waiority of its premi￿. Professional advice 1$ sought for any capitsl works or TDajor refillbisbment proj¢¢t$ to environmeni regulations are taken into consideration and appropriate sustainable n]al¢ria18 ar¢ used. Within th¢ ¢on$trainl of the School's site and the age of the b￿lIa]ng8, ineluding the listed status of aterial parts of the Site, careful envirotimenfal considerdtion is given for the replacernent of items such as boilers and heating systems. Improved insulation is carried out where possible. The School I￿$ elldeavoured t(Tr us¢ LED lighting systems wher¢ po&sibl¢ atsd has undertaken a rolling prosFraTlltne of replacem¢n¢ a¢ross the School's estste. The gr¢at diversity of our School. and the provision of COTreducation for 4-18 year olds, means that ¢hildren travel from all across the ¢ity to attend BGS and whilst we ar¢ very focused on minimi8ing travel by car whenever that is possible (for exaTnple, last year we were awarded the M(thshift STARS Re8ional Schools Travel Award) it is inevitable that for some, given the diificulty of using public transport to traverse the ¢ity at a young agc. there is no alternative. The School rllJ]s Eco Clubs both for the youllger and senior pupils and &lso lessons ére part of tbe OU￿1CuluM to ¢nsure all children ID th¢ school have a good knowledge of dctrirnental impacts on tbe envitonm¢nt. The School i8 reviewing mfonnauonprovided thrtsugh theBristol Education Partnersbip and Bristol City Councilts)assess whethermore solar pall¢ls ¢allbe fittedon the vwious buiidingsmakitig up the School's site. Staff hav¢ been eneouraged to m8￿lmI8¢ their use of technology and remote training opporwrriti¢s tr> reduce distances travelled. 19 Registered Company Number. 05142007 Registered Ci)arity Number.. 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT (continued) foT the year ended 31 August 2021 STATEMENT OF DIRECTORS RESPONSIBILITIES The Governors, (who are also ￿l￿torS of Bristol Gramtnar School for the puryN)w of company law) are responsible forpreparing th¢Di￿tors, Report(andthe incorporated Strategi¢ Report) 8nd tbe fjnanciai statement$ in accorda￿¢ with applicabk law and United Kingdo￿ Accounting Swidards. Company law require5 the DircctOfS to prepare fijwicial Statements for to¢h fitt8ncial ye4r which give a trne and fair vivN of the 5tste of affairs of the charitable Company and the Group alld of the fftncoming resources and application of re80urc&% including the income attd expendiiiire, of the charitable Group for that perio(L tn Prepari￿ thogL fll)ancial statements. the Di￿t0￿8 a￿ ffwuirnl to: select suitable a¢counting policies attd then apply them amsistently. ob8erve the methods aNI principles in the Charities SORP" make judgements and estirnates th81 are reasonable and pnthi" 8￿rewbetherllPplI¢ab]e UK Accoullting StaI￿a[d$￿aveEeell followe& subject to any llwtffli4idepartyr¢s th'sclosed and explained in the fu￿[L¢la] ststements.. and prepare the fillancial stateTnents oll tbe going thicern basis unkss it is inappropriate tt> presume that tbe charitable CO￿panY will oontinue in t￿y}ness. The DirectOTS ate responsible for keeping prop¢r a¢¢ountillE records wbich disclose with reasonable accuracy at ally time the financial position of the ¢han'table Compauy and the GTOUP and to enable them to ensure that the fuiancial Statements comply with the requirements of the Companies A¢t 2006. They are a]80 responsible for safeguarding the assets of the ¢lwitable cornpany and thc Group and hence for taking re&8onable steps for the preveA]tion and detecrion of fraud and other irregularitie$. Tr Dirxtors confitm that they have complied with the thity iti se￿10n 4 of the Charities Act 2006 to have due r¢gard to tbe Chan"ty Commi&8i¢m's genttat guidance on Public Benefit The DiTectors have referred to the guidallce in the Charity Commission's gellerai Buidatsce on Thtblic Benefit when reviewing the School's aims AT objectives and itt platming the SCI￿oI,s fi]ture activities. In particular, the Directors have considered how pla[￿ed activities will contribute lo th¢ aiw and objectives they have seL ststtment a$ to Dlsclosure of JDforrnatlon to the Audlto The Dir￿torS who We￿ in office on the date of appmval of these fllJan¢ial stat¢rn¢nts have confirnied. as far a8 they are aware. that there is no relevant audit itrforn]ation of whi¢h th¢ auditor unaware. EAth of the DRrecto have confirnied that they bave taken all of th¢ $t¢ps that they oughi to have tsken as Directors in order to make them8elveB aware of any relevant audit inforn￿tiOTh and to establish that the auditor is awatt of that inforniation. AUDITO RSM iJKAudit LLP has indicated its willillgttess tocontinue in office aDdwill kreappointed atthe aonual general meeting. The Directors Report (and incorporated Strategic Report) was approved by the Board on 10 December 2021 and gigned on its bebalf by: Romesh Vaitilingarn Director 20 R¢gistered Company Number.. 05142007 Registered Charity Number.. 1104425 INDEPENDENf AUDITOR'S REPORT TO THE MEMBERS OF BRISTOL GRAMMAR SCHOOL A COMPANY LIMITED BY GUA]L4NTEE Opiuion We have audit￿4 the finan¢ial statements of Bristol Gratmnar School (tbe 'par¢nt dwitabl¢ c¢)mpally') and its subsidiarles (the 'group') for the year ended 31 August 2021 which ¢ornwi8e the Consolidai¢d Ststement of Financial Activities, the Consolidated and S¢hiNFI Balance Sheets, the Consolidated Statement of Cash Flows and notes to th¢ financial.8tatemenL8. including 8ignificant accounting polici¢g. The fjnancial reporting fratllework that has been applied in theirpreparation is applicable law and United Kmgdom Accounting Standards, includillg FRS 102"TheFinancial Reporting Standard app]icable in the UK and Republi¢ of Ireland" (United KiDgdoffj Generally Accepted Acwuniing Praetice). Ill our opinion the fIna￿la1 statements.. give a true and fair view of the State of the group's and the parent charitsble cornpany's affairs as at 31 August 2021 and of the group's incoming resour¢es and application of resources, including 11$ income alld expenditure, for the year then ende(. have been properly prepared in accordance with United Kingdom Generally A¢¢¢pted Ac¢ouniing Practice" alld bave been prepared in eccordance with the requirements of the Comp8nies Act 2￿6. Bfisls for oplnlon W¢ conducted our audit in accordallce wlth International StaTKlar& on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under tbose standards art further described in the Audilor's resEX)nsibilities for the audit of the fmancial slatements section of our report. We are independent of the group and parent charithble company itt accoi(lance with the etbical requirements that are relevant to our audit of th¢ f]nancial statemellts in the UK. including the FRC'S Ethical Standard and we have fulfilled our other ethi￿1 rcbyonsibilitieg in ￿C￿[dance with these r¢quiremenL8. We believe that the audit evidence we have obthin¢d is sufficieni and appropriate to pD)vide a basis for OUT opiniort. ConelusioD$ relating to goRD8 eoncern auditing the fu￿1claI statenwits, we have concluded that the ttustees, u8¢ of the goRng concem b&sxs of accounting in the preparation of the financial staterntnt$ 28 appropriate. Based oll the wodE we have perfomie4 we have not identified any material uncertaintie8 rclating (o events or ollditionb thaL individually or collectively, may c&st significant doubt on the group's or parent c1w1￿ble ompany's ability to contitiue as a going Co￿eM for a period of at least twelve rnonths from when the fmaneial statemEnts are autborised for ￿lle. Our responsibilities and the responsibilities of the trus*es with respect to going concern are d￿ribed in the relevant sections of tbi$ reporL Other iDformatlon Th¢ other infonnatsoTh cornprises the infonnation included in the DirectotB' Report other than the fillallcial $tateD]ellts and our auditor's reportthereon. The tn]%tees are respoThsible forthe other informationcontained within the Dire¢tors' Report. Our opinion on the fjnoncial statements does no>t cover the other infomation au(L except to the extent otheThvise explicitly ststed in ourreport. we do notexpress any f¢)nn of &8SUTance Conclusion thaton. Our responsibility is to read the other inforniation and, in doing so, consider whether the other inforniation i materially i1￿0nSisteDl with the financial 4tAtements or our knowledge obtained in the course of ttLe audit or otherwise appe*ts to be materially mi&stAted. If we idenufy such material inconsistencies or awarent Ma￿la1 m]￿tateMents, we are required to determine whether this gives ri8¢ to a rnaterial Jnisstatemeni in the fmancial statements themselv&q. If, based on the work wehave perfornHI, we conclude thattherejsall￿terla1 misstaiement of this other infomhation. we are rcquird to report that facL We have notbiD8 to rq)ort in thi5 regard. 21 Registered Company Number- 05142007 R¢Eibtered Chatity Number.. 1104425 tNDEPENDEYf AUDITOR'S REPORT TO THE MEMBERS OF BRISTOL GIL4MMAR SCHOOL A COMPANY LIMITED BY GUARANTEE OpSnlons on other matters prescrll)ed by the Compatties Act 21106 In our opinion. based on the WO￿ undeTtak¢n in the ¢out¥e of the audit: the infornrdti(*n given in the Directors, Report, thich includes the Directots. Report and the Strat¢gic Reportprepared for the purp06es of Company law, for tILe financial yeaJ forwhicb the fuwi¢ial statements are prepared is consiS￿nt with the fiDancial ytstements. and the Directots. Report and the Sttategic Rep)rt included within the Dire¢tor8' Report bav¢ be¢n prepar¢d in accordance with applicable legal requirements. M#tter$ on vlhleh we Are requlred to report by ex¢eptloM In the light of the knowledge and understBnding of tbe group and the parent ¢haritabl¢ co￿PanY aud their ¢nvirotJment Obt￿.ned in the COUTse of the audit, we have not identsfied material misStat¢]n¢nt5' in tbe Direciorg. Report or the Strategic Re￿rt included within the Directors, Re We have nothing to report in Tespect of the following matters where the Compani&8 Act r¢quire us to report io you if, in our OPiTJiOn'. deq￿¢ ac¢ountillg Tecords have not been kept by the parent ch8Titsble company, or r¢tUrn8 adequate for our audit have not been re¢¢iv¢d from branches not visited by or the parent chaTitable company fu)￿la] $tstements are not iti agreement with the accounting record8 and returns; or ¢¢rtain disclosure5 of trustees. remuneration specified by law are not made. or we have Dot T￿e1ve{l ail th¢ Anforniation and ¢xplanatiOL8 we require for our audit. ResponslblJit5e$ tsf trus¢ee8 As explained moTe fully in the Statement of TNstees' responsibilities set outonpage 20, the th￿te¢S (who are also the directors of the clwitabl¢ company for the purposes of company law) a￿ responsible foT the preparation of the fman¢ial stAt¢ments and for being satisfied that tbey give a true and fair view, and for such intemal control as the tru$te¢g deternhitie is nece&8ary lo enable the prqmration of financial ststements th&t are free from Ma￿la1 i&st4¢¢rn¢ll4 whether due lo fraud or c￿. Ill PT¢patitig the finan¢ial statements, the trus￿eS are responsible for assessing the group's and porent charitable ¢ornpally's ability to ¢ontinue as a goillg concern, th"s¢losing, as applicable, matters related to going concern and using th¢ gosng concern basis of accounting wiless the trnstees either intend to liquidate th¢ group or parent hatitsble company or to eease operations. or have no realiitic alternative but to do 80. Auditor's responsibilities for the audit of the fiDAneial ststements Our Objectiv￿ are to obtain ￿sonable assurance about whether the fmancial sthtements as a whole are free from aterial misststement, vALether due to fraud ¢y em)r, and to issue an auditor'8 report that includey i)ur OPiDiOn. Rw8onable &4surallce is a high I￿¢1 of Assurance, but is not a guarantee that an audit conducted in ac¢ordance with ISAS {UK) will always detect ll material missratement when it exi¥ts.. Misstaiemenis can arAse from frdud or ern)rand areconsideredmaleri81 if, illdiNidually Ori￿ the aggTegate. theycouldmsonablybeexpectedto influ¢nrx th¢ ¢¢onomic decisions of users takell on the basis of th¢s¢ fjnancial sta*ments. 22 R¢gisl¢red Company Number.. 05142(M)7 Register￿ Charity Number.. 1104425 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRISTOL GRAMMAR SCHOOL A COMPANY LIMITED B Y GUARANTEE The extent to wbieh tht audlt was CODBldered c*pable of deteetlng irregMIArltle4 illeludlng fraud Irregularities are iMstsnce8 of non-¢otYLpliance with lawy and Teguiationg. The objectivss of our audii are to obtsin 5ufficTent appropriate audil ¢viden¢e regarding compliance with law8 alld regulations thai have a direct effect on the deterniiDation of material amounts and disclosures in the financial stslem¢Dt$, to perfomi audit procedures to help identify inslance$ of non-compliance with other laws and regulations that may have a Ma￿rial effect on th¢ financial statements, and to r¢spond appropriately to id¢nttfied or susrtct¢d non-compliatice with laws and regulation$ identified during the audit. In relation tr) ftaud the objectives of our audit are to identify and &sse&8 the rAsk of mat¢rial mi&¥tatement of the fthancial ststements due to fraud, to obtain sufficient appropriate audii evidenc¢ T¢garding the assessed risks of material misststement due to fraud through designing and i￿pIC￿entillg appropriate responses alld to respond appropria*ly to fraud or susp#¢ed fraud identified dunng th¢ audiL How¢v¢r, it is the primary responsibility of ttthnagemenL with tbe oversight of those charged with governanc4 10 ensure thal the eTLtity'S operations are condueted in accordance with the provisions of law& and r¢gulalions foT th¢ PT¢v¢ntion atKI detection of fr￿d. Jn identifying and &88essing ri8k$ of material misstatement in respe¢t of irr¢gulaxitie& i￿luding fraud, the group audit engagement team.. obtained an uaderstsnding of the natyre of the S￿l0r, including the legal and regulatory framewo￿ that the group and parent Charl￿ble Comparty operate in and howthe group andparent charitable ci)mpany ar¢ complying with the legal and regulatory framewo￿. inquircd of management, and those charged with governance, about their Own identification and osses8ment of tbe risks of irregularitie8, includin8 any known acttTal, susr£eted or alleged itistallce8 of fraud,. discussed matters about tton-compliance with laws and regulations and how fraud might Iwur ineluding assessment of how and whue the financial statements thay be susceptible lo fraud As a result of these procedures we consider the most signifxcant 12ws and regulation8 that have a direct impact on th¢ f￿anCIal ststements ar¢ FRS 102, Charities SORP IfRS 102), Companies Act 2006. Charities Act 2011, d parent charithle Company's governing document, tax legislation and Charities (Protection and Social IDV&4tment) Aet 2016. We perfonned audit pro¢edures to detect non-compliances which may have A m8teri81 impact on the f]nancial statements which included reviewing the financial statements including the Trusttts. Report, remaining alert to new OI U￿usUal transaGtions which may not be in accordance with the governing documents, inspecting corresponden¢¢ with local authorities and evaluatill8 advice received from internavexternal advisors. The mc*St significant taws alld regulations that have Att indired impact on the financial stAtements hre The Education Ilnd¢pendent S¢hool Stsndards) Regultdtions 2014, Keeping Children Safe iti Edu¢aiion under seciion 175 of the Ed￿1]0￿ Act 2002, at￿ the UK General Dats Protection Regulation {UK GDPR}. We perfornied audit pr￿edureS to inquire of managemettt and those ctwged with goveman¢e whether the clorithble company is in ¢otDp1ia￿¢ with these law and ￿gUlatIonS and inspecied correspondenc¢ with regulatory authorities. The group audit ¢nga8ement team identified the risk of management ov￿ride of controls iticome recogDititin as the areas where the financial ststernents were mthst susceptible to materi&l misstAtement thie to fr2ud. Audit procedures perfornjed in¢luded but were not limited to testing manual journal entries and other adjustsnents, evaluating the busine&g rationale in relation to significant, unusual tr￿8&¢I10nS and tratjsaciions entered into outside the norn)al ¢owse of business, challenging judgrnents and estimates and performing substantive test of details ovcr a wnple of d(mation$ and legacies. A further description of our responsibilities for the audit of th¢ financial statements 15 provided oll the Financial Rey)rting Cowlcil's website at h¢ty:IIMvw.fr¢.org.uklauditorsr¢$ponsibilities. This description fornis part of our auditor's repon. 23 Registered Company Number: 05142007 Registered Charity Number.. 1104425 tNDEPENDENf AUDITOR'S REPORT TO THE MEMBERS OF BRISTOL GRAMMAR SCHOOL A COMPANY LIMITED BY GuARA￿E Use of our report This report is made solely to the ¢lwitabl¢ wrnpany's tnembets, a5 a body. in accordallce with Chapter 3 of Part 16 of the Companies Act 2006. Our auth'l work has been UDdertaken so tbat we might state to the ¢]witable Company's rnemb¢rs thos¢ mattu3 we are required to state to them in aD auditor'8 report and for no otherpuTFK)8e. To the fullest extent pennittedby law, we do Dot accept orwume responsibility to anyon¢ gth¢rthan the charitable cornpany and the charitable c(xnpany's members as 8 body> for our audit worK for thts reEK)rt, ar forthe opinions we have fornied. KERRY GALLAGHER (Scllior Ststutory Audilor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Acwuntants Hathvell Ho 55-61 Victoria Street Bristol BSI 6AD Date 15 December2021 24 Registered Company NumTr¢r.' 05142007 Registered Charity Number. 1104425 Bristol Grammar School (A company limited by guarantee) CONSOLIDATED STATEMENT OF FtNANCIAL ACTtVlTIES for the year ended 31 AugiL8t 2021 UDr¢strieted Restric¢¢d Endolment Funds NotES 2021 2020 INCOME Donations and le8acies 28.812 411.795 440,607 279,721 Charitable activities School fees Other educational income 16,636,778 65,286 (326,635) 16,310,143 16,011,289 65286 82,773 16,702.064 {326,635) 16,375,429 16.094,062 Oth¢r Trading Activities Ancillary trading income Rents and lettings 3,192 94,742 3,192 94.742 18,162 196.955 97.934 97,934 215,117 Investm¢ttt income 485.635 35,588 521,223 510,880 Other income 160,381 160.381 326.142 TOTAL INCOME 17,474,826 120.748 17595.574 17,425.922 EXPENDITURE Cost of generating filnds Cltsn"table activiti¢8 10 10 327,309 17.060215 97.874 425,183 429,800 125.529 17.187,983 17,177,282 2.239 TOTAL EXPENDITURE 10 17,387,524 2,239 223,403 17.613,166 17,607,082 NET INCOMBI(EXPFNDITURE) BEFORE INVESTMENT GAINS 87,302 118,509 (223.403) (17.592) (181.160) Net gain8 Ott investments 75,487 182,960 1.862,902 2.121,349 845,239 NET INCOME lLo￿eS￿gaInS ¢)n inve5Lmeiit PrOp￿tIcS 162,789 (7,417) 301.469 1,639,499 2.103,757 407,884 400,467 664,079 (6,490) NET MOVEMENI ￿ FUNDS 155,372 301,469 2,047.383 2,504,224 637.589 Fund bolaDces brought forward 15,743,726 1598.149 17,540,583 34,882,458 34,224,869 FUND BALANCES CARRIED FORWARD 21 15,899.098 1,899,618 19.587,966 37,386.682 34,882.458 The llotes on pag&$ 28 to 47 forni part of thG4e financial statements. All of the Group's operntions are clas%d as contitLUing. 25 Registered Company Number.. 05142007 Registered Ch8rity Nurnber.. I I04425 Bristol Grammar School (A company limited by guarantee) CONSOLIDATED AND SCH(K)L BALANCE SHEETS as at 31 August 2021 Group hool Notes 2021 2020 2021 2020 FIXED ASSETS Tangible ass¢ts Inv¢stm¢Dts 18.469,437 19.529,488 18.469.215 19.529,044 21,323,651 18,864,053 21.323,051 18,864,053 12 39.793.088 38.393.541 39,792,866 38.393.097 CURRENf ASSETS sI(￿k Debt(Ks Cash at bank 618 805 452,536 521,373 464,836 537,674 5.144,312 4,609.164 5,075,928 4,563.992 13 5.597,466 5,131,342 5.540.764 5,101,666 CREDITORS: AMOUNfs FALLtNG DUE wfITIIN ONE YEAR 14 (4.204,713) {4,365,241) (4,148,791) (4.336,123) NEf CURRENT ASSETS 1,392,753 766,101 I J91,973 765,543 TOTAL ASSETS iESS CURR￿ LIABILITIES 41,185,841 39,159,642 41,184,839 39,158,640 LONG TERM LIABILITIES Creditors payable after on¢ year 15 (3,799,159) (4,277,184) (3.799,159) (4277.184) NET ASSETS 37,386,682 34,882.458 37.385.680 34,8111,456 CAPITAL FUNDS Endomrynents 18 19587,966 17,540.583 19,587,966 17,540,583 INCOME FUNDS Restricted fvnds 19 1.899,618 1.598,149 1.899.618 1,598.149 UnrestTi¢led fi]nds 20 15.899.098 15.743,726 15,898,096 15.742,724 TOTAL FUNDS 22 37.386.682 34,882,458 37,385.680 34.881,456 The net income for the Sclbjol for the year was £2,103,757 (2020.. £664,079) The not¢8 on pages 28 to 47 form parl of th&%e financial statem¢nty. Approvd by the Directors and autlK)rised for issue on 10 D¢c¢mber 2021 and Sigtted on ￿1r behalf by: Rom¢sh Vaitilin¥8Jn DiTector 26 Re8iStered Compaoy Number.. 05142007 R¢gistered Charity Number. 1104425 Bristol Grammar School (A company lirnited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 August 2021 Notes 2021 2020 CASH fNFLOW FROM OPERATING ACTivfIIES 23 605,990 609.837 CASH FLOWS FROM INVESTMENT ACTIVITIES Investment income Payments to acquire investments Re￿ipts froln gales of investments Payment fy) acquire tangl￿1¢ fixed asset8 521223 510.880 (203,653) (207,839) 167,997 195,482 (115,997) (309J04) NET CASH AIUSING FROM INVESTING ACllVITIES 369,570 189.019 FINANCING ACIIVLTIES Payments to repay bank IOWL Interest paid {364,017) (226,631) (76.39Jl 183.198) NET CASH USED fN FfNANCING AcrtVlTIES (440,412) (309.829) INCBEASE IN CASH 535,148 489,027 CASH AT BEGINNING OF YEAR 4,609,164 4.120,137 CASH AT END OF YEAR 5,144,312 4,609.164 ANALYSIS OF NET DEBT Asat Other non. I Sept 20 c￿h-flowS cash cbanges Asat 31 Aug21 Ca8h at bank 4,609,164 SJ5,148 5,144,312 4.609.164 535.148 5,144,312 Bank failing due withm one year Bank LDan failill8 due after more than one y¢ (363,944) (2.508.699) (43.807) 407,824 (407,751) (2.100,875) (2,872,643) 364,017 (2.508.626) Total net cash 1.736,521 899,165 2.635,686 27 Registered Company Number: 05142007 Registered Charity Number.. 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 August 2021 Det&i1s of the School's incotporntion and place of ￿Sine&S are given iti tbe DireC￿r'S Repo The group co]]5i5ts of Bristol Grammar School (includillg'linked chan"ties") and BGS Entrtprks￿ Limite BASIS OF ACCOUNTfNG These fIr￿ncial statements have been prepared in accordance with Aceounling #nd Re]knitig by C]L8rities Rttommertded Practice applicable kn charities preparing their Accounts iti accordance with FRS102 'The Financial Reporting Standard applicable in the UK and Republic of trelalld. ('FRS102') 8md the requiremenr8 of the Compatiies Act 2006. and ut)der the historical cost conventiofy modified to include the revaluation of freehold properti&q and to include tnvestrnent propertiss and certain financial itistnunents at fair valu¢. Going Concern th￿ to the reintroduction of Government COVID- 19 restrictions for the majority of 2021 Spring temi and Switch to remote leaming for pupils a discount W&8 grant¢d from the fees for tILe terni that matcbed the cost r¢durtion durill8 the perio pil recNitment in 2020-21 w4s good with strollg in￿reSt from families for the academic year 2021-22. Fee8 collection for the year has also been go(MJ. Emph&gis on efficien¢ies and cost savings continues, whil maintsining the PTiority of deltveriD8 a first education and pastordl support for all pupils. Budgets For 2021-22 and 2022-23 including Incorne and Expenditure Account4 Balance Sheets and projected Cash Flows have been drawll up pNdently and wnpathetically to the f￿￿n¢la1 impact of COVID - 19 on of the Sch(Kpl's familie8. The C&8h Flows contaiti a contingency amount as a buffer against any fall in pupil numbers or unforeseen expenditure and the School's Balance Sheet remains strong. The bank balance at 31 Augu8t 2021 was str￿g and the cash p¢)sition of the Sch(K)I continues in litie with projections. The covenants on the Bank Loan were passed at 31 August 2021. The Direciofs 8re iherefore content that it ig apprtipria￿ ￿ produce the FIr￿￿la1 Statements ¢)n a Goillg Concern Basis. REDUCED DISCLOSURES In awordance witb FRS 102, the School has taken advantage of the exemption from the following disclosure S¢¢tion 7 'Statement of Cash Fk)ws'_ Sch￿1 only StateMe￿L Section I I 'B&*ic Fin8ncial IJJstru￿ents. amd Section 12 '0th¢r Fin4ncial Illstnllnent l&sues'. Section 33 'Related Phty Di8elogureg'_ key management p¢tYODncI remulleration. PRINCIPAL ACCOUNrtNG POLICIES (a) Fe￿ and simlJ4r IDeome Fees receivable and ¢harg¢s for Se￿1¢¢5 and us¢ of premises are accoullted for ill the period in which the service is provi O)) Advan¢e Fee Scheme Th¢ Sch￿1 operdt¢s an Advance Fee Scheme forparents. Each aTrangement is in of an agreed #mount to be credited agaI￿st futLwe fee bills for an agreed number of terms. The uttused balance of the advan¢e is repayable upon requ&8t. Figures for ￿vanCed fee pa￿ents are detsiled in note 16. 28 Registerrd Company Nunther.. 05142007 Registered Cknarity Number: 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENfs (conlinued) for th¢ Y￿ ¢nd¢d 31 August 2021 PRINCIPAL AccouKfJNG POLICIES (colltinued) (c) Accfptsllet deposlts Acceptance dwsiLS are paid to the s¢hool to secure a place for th¢ ¢hild at the S¢h(K)l. Dep)sits heid fonn pari of the getse￿I fimds of the S¢hog1 until the child leaves the School at which point thcy ar¢ credit¢d without interest io the fujal pasrnent of tbe fees or otlw sums due to the Schijol. Deposits are held as creditors ¢)n the balancc sheei and are clas8ified as owing withill one y￿r and over one year based on wbeD th¢y are expected to be credited against income. (dl Donatlons and fund accounting Income from donattons and l¢gacie5 are accounted for ￿ and when erttitlemenl arises, the 4llJ4)wit can be reliably qualltifLed and the economic benefit to the School is collsxdered probable. Dotmtions received for the 8ener81 purp08es of th¢ School are included as uDre8tri¢ted Dot)auons re5tric¢ed by the Mryshes of the donor orthe termA of an appeal are taken lorestri¢t¢d fulld8. Dotmtions r¢quired to be retained as capital in wc(Trrdance with the donor's wishes are accoullted for as end0￿ents- pemianeni or expendable according to the natUTe of the restriction. (e> GoverDment 8r#nts Government grants are iecognised at the fair value of the a&8et received or ￿Ce1Vable when there is re&qonable 2ssuratt¢e that the grant conditions will be met and the grdnts will be received (fj Expenditure Expendittwe is accouni¢d for (>n aD accruals basis. Overhead and other costs not directly allributabl¢ to particular fimctional ￿tiVity categories are apportioned over therelevant calegories on tbe basis of management ￿timateS of the alnount auributabl¢ to that activity in the year either by reference to staff time or space occupied as appropriate. The iT￿0Verable elemenl of VAT is includ¢d with the item of expense to which it Telate8. Support coyts comprise the costs of NDuing the Charity excluding costs dir¢rtly relat￿ to education, in¢ludin8 overheads and mainteDOD¢¢ of buildings. It also includes external audi¢, legal advice, inbitrance aJLd all the costs of ¢oJnplying with constitutional and ststutory reqU1￿Ments, such as the costg of preparing statutory acwullig and satisfying public a¢¢ountability. (g) Tanglble fixed ass¢ts Fixed assets are in¢luded in the financial slatements a¢ their original CO￿ less depreciation. New buildings, ￿￿)0r improvements and ¢xter18i011s are eapitalised at their Original cost. Furniture and equipment acquired fornew buildings, major improvement8 and exten8ions are capi￿118¢d at their original cost. Assets below £50Q are not capitalised unless forniitjg part of a larger capital project. Depreciation is provided on freehold buildings, except for investment properties, 80 as to wrik off the Cost le&8 estimated tEBidual value over the use￿1 life. Depreciation periods range from 5 to 80 years. Land is JK)t d¢preciatcd. The useful economic lives of ea¢h asset is regularly Mi¢wed by the Bursar alld Directors and adju8ted where 8ppropriat¢. Costs of r¢pair5 and jnaintenante are chargol against revenue in the year in which they aTe inatyred. knets under eonstruction ale depreGiated once they are brought into operatftonal use. Deprecialion on other tangible fjxed a88ets h&%. been calculated so as to write off the cosi of theBe assets over their estllnated u8eful life as follows: Fixtures. fittings and equiprnent -3to20ye￿8 29 Registered Company Number. 05142007 Registered Cbarity Number. 1104425 Bristol Grammar School (A company limited by guarallt￿) N(yfES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 August 2021 PRINCIPALACCOUNTtNG POLICIES (￿ntinUed) (h) IDvu¢ments and inveJtJDen¢ income Investmcnt properties are initially mcasured at cost alld subsequelltly tyeasured at open nJaTket value a8 estimated by the GovernoT Fixed Asset Investments included at theirmid-mBrketvalue atthe balance shcct date. Arty Surplus or deficitonrevaluation is tsk¢n to the StateTnent of Financial Activities (SOFA). lllK8¢ment incon 18 accounted for in the period in which the eharity is entitled io receipL The School h&8 elwted to hold Tts investments in subsidiaries at C08t le88 any impairni¢nl 108ges. FIna￿ce aDd operatlng le8ses Rentals applicable to Offtlitig leases are chorged th the SOFA over the period in which the cosl iy ill¢urreiL Assets pUrth￿ ullder finallce Icase are capitslised a8 r￿ed auets. Obligations under such agreements aT¢ included in creditors. The difference between the ¢apitalis¢d cost and th¢ lotsl obligationunderthe le￿¢ rcpresentsthe rtha￿Ce cbarges. Finan¢¢ charges are ￿TItt¢￿-Off to tb¢ SOFA over tbe peri(yJ of the lease so as to produ¢¢ a ¢onstattt p￿1￿11¢ rate of dharBe. (i) Finandal Instruments The S¢hool ha$ ¢lthJ to apply the provisions of Sttti¢)D I I 'B&sic Fina￿la1 Instn]meDL8' and Sxtion 12 '0therFinaticial Instsuments lssue$' of FRS 102, in full, to all of its fJnatLcial instnllnents. Financial assets and financial liabslities ate recogtiised Mthen tbe School i￿COmeS a paty to the ¢ontra¢tUo1 provisions of the inslrument, and are offset only when the School Currently has a legally enforceable rigbt to Set off the recognised amounts and intends eith¢r to settl¢ on a n¢t i)asis, or to realise the asset and settle the liability simultaneously. Fitianeial assets Debtots receivable within one year do not ¢oLstiDJ* a fillancing trat)saction. They are initially me&wred at the traJw¢tion priee and subsequently measuredat amortised cosL being the transaction price le&8 any amounts settled and atty in)pairnient losse6. Firt8ti¢i81 liabilities Creditors, trade and other, payabl¢ within one ye4r. that do not constitute a fllvdncing transaction are ittitially measured at the Iransaction priee alld subsequently measured at amonised cosL being transactiott price le￿ any aM￿nt5 settled. (k) PeD8ion ￿h¢￿¢S Retirementbenefits w employees of th¢ Schotslare providedby the Teachers, Pension Scheme rrps,) and The People's Penslon. The TPS is a der￿ed benefit scheme, and the asseis are held sq)arat¢ly from those gf tbe School. The TFS is an unfuThded scbeFne and contsibuti¢)ns are calculal¢d so a$ to spread the Cost of pensiolls over ernployees, working lives with the School in such a way that the pension G05t i5 a substautially level percentage of current and ￿tUre pensionable payroll. The contr￿1 Utions are deterniined by the Governmetlt Actuary on the of quinquetjnial valuations using a progpe¢tive benefit method. As stated in note 25, the TPS is a multi-employer ￿h¢me and the School is unable ¢0 identify its share of the uttderlying ￿8¢t$ and liabilitie8 of the s¢heme on a consisteot and Teasonable basis. The TPS 18 tberelore tr¢aied &s a defincd corttribution gcbeme and the CQDtributions recognised a$ they #Te paid each year. 30 Re8iStered Company Number. 05142007 Re8iStered Charity Number: 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (contint4ed) for the year ended 31 AUS￿81 2021 PRINCIPAL AccouNfiNG POLICIES (¢ontinued) Ik) Pension Schemes {cottthi4¢d) The School provides retiremen¢ ben¢fits for support stsff with The People's Pettsion. It is a defit￿d olltribuiion Masler TnL8t multi-¢nwloyer Schejne. Forthe defmed contnTrtrution s¢hem¢5 the a￿￿WIt ¢harged to the SOFA in respect ofpension Costs and other posl-retirem¢ot b¢Thefats is the Contributions payable in the y¢hr. Differences benveen eontribu¢ions payable ID the year and contributions actually paid are shown as either other creditors or prepayments in th¢ bala1￿¢ 5hceL (i) Baslg ofcoll501idatio These finan¢ial statemetlts ¢onsolidate the results of the School and its subsidtary BGS Ente4)ri8e8 Limited a lille by line basis using acquigition accounting. The Sehool has taken exemption from presenliiig its uncon501idated profit and losg account under section 408 of Cojnpanies Act 2006. Th¢ School's own income for the year wag £17.531.793 (2020.. £17,282.865) and net income for the year was £2,103,757 (2020.. £664,079 w￿lUSI. These fmancial ststem¢nts also include the a&sets, liabilities attd results of the Bristol Grammar School TTUSt. a fegi8t¢r¢d eharity which hold8 pern￿entlY endowed assets on b¢half of th¢ School. Under a Charity Con]mis$ion Scheme dated 31 August 2004, the Company is also th¢ Trustee of ¬her separate charity called Bristol Grammar School Seholarghip* Bursary and Priz¢ Fund whith holds pem18n￿1IY endowed fimds ttceived for Scholarships, bursaries and prizes. On 12 August 2005, the Charity CornmissioD made a Unitlng Direction under section S.96(5) of the Clwities A¢t 1993, direuing that these charities {"the linked chariti¢s") should be treated as fomiing part of the ¢hariry called Bristol Grammar School for the purpos¢$ of Part It {resigtTaLion) and Part VL {accountitig} of the Charitse8 Act 1993. The maiti effect of th¢ Urritill8 Direction is that the linked charities are aggregated into the Ststem¢nt of Financial A¢tiviti¢s and the Balance Sheet of the Cornpany. They remai￿ however, legally distinct Charities, the fijnds of wbich are to be applied solely in accordance with tlLeirrespectffive tn￿18. BGS Enterprises Limited hires the fa¢iltties of th¢ Sports Hall, 3G Pitch, Great Hall and Perfornjing Arts Centre for community use and other Toom lettings. BGS Enterprises Lin)ited is controlled by the School as it is the sole shareholder. The results of BGS Enterprises Limi¢¢d (company tknunber 2630377) were follows:_ 2021 2020 Turnover ExpEnditsre 94,748 {91,985) 197.157 {192,871) Profit for the year 2,763 4,286 2021 2020 Fixed A￿tt$ Stock, debtors and c&sh at bank CredAtors 222 91,600 (90.820) 444 52.125 (51.567) Net &8sets I,￿2 1,002 31 Re8lStered Company Number.. 05142007 Reglslered Charity Number.. 1104425 Bristol Grammar School (A cornpany limited by guarantee) NOTES TO THE FtNANCIAL STATEMETrtrs (continued) for the year ended 31 August 2021 4 PRINCIPAL ACCOUNfiNG POLICIES (continued) (m) Critical A¢¢owL¢ing FAtim#tes #nd Jvdgemettts The Group make5 e5tirnates and a&8umptions based on historical experience and ig re&son&ble under the circumthees regarding the ¢xp¢¢tation of ￿￿jr¢ events. A¢tual reRults rnay differ from these estimates. The estimates and underlying assumptions are reviewed on #tt ongoing bagis. Examples of accoutitAD8 estimates include asse58iDg the U￿ful economic lives of la￿1 and building¥ and other a8sets taking itiio consideration all rnatters which may affect this and the provisi¢)n for doubifiil debts. The Dlrectors estima￿ thc market value of investment property usin¥ appropriate assum￿0￿8 alld an assessment of the local market for sirnilar property. Invesbhéntproperty valu4tson The outbregk of COVID-l9, thlared by the World HeAlth OrgaDisation as a"Global Pandemic" on the I Ith March 2020, has attd ¢ontinues to impa¢t tnany aspects of daily life and the global e¢onomy- with son￿ real ¢st8t¢ nwkets having experieneed lower levels of transactional activity (retail and offices) alld liquidity whilst others most notably the industrial and logisti¢s $￿torS have experienced Unpr￿￿1¢￿ted #ctivity and investsnent der(Lalld. Hybrid working will undoubtedly continue to impact on matkets as an ckment of nornlality lett￿n8 although the risk of furtlkr ouibreaks cannot ignorr(L The pand¢mic and the measures tsken to tsckle COVID-19 Continue to affect economies and real estste ttwkets globally. As at the y￿UatiOn date the property matl(ets have 8tarted to function again. but with transactiou volumes still relatively low, there is limited mthet eviden¢e upon which to base opinions of value and a continuing level of inertia in both o¢cupational and investmeni real estate decision making. Accordingly, and foT the avoidan¢e of doubt, the valuatiort should siill be viewed with caution although no longer re￿rted as being subject to 'Jnateri&l valuation uncertainty. defjned by VPS 3 attd VPGA 10 ofthe RICS Valuation- Globdl Standards. This Explanatory Note has been includ¢d to ensure 1msparency and to provide further insight as lo the rnarket context under which the valuaiion OPiDion prepared. In reco¥llitlOD of tbe potenlial for market conditions to rnovernpidly Trnresponse to ¢hang¢s in the further Gontrol of COVID-19 we highligbt the im[￿aliCe of tkne valuatioll date. DONATIONS AND LEGACIES Unrestricted Fun Restricted Elldowment Fuud8 Funds 2021 Totsl 2020 Tot81 Dotydtions Legacies 18,802 io,oio 411,795 430,597 io,oio 248,721 31,000 28,812 411,795 440,607 279,721 32 Registered G)mpany Number.. 05142007 RegisteredCILarity Number. 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (conlint4ed) for the year ended 31 August 2021 SCHOOL FEES RECEIVABLE 2021 2020 Fees receivdble COVJD-19 discount 18,702,877 18,782,(M)6 (523,439} (1,104,811) 18,179,438 17.677.195 Scholarships School as8iSted places- bursary fimding Sthff fee diw)unts Sibling discounts {363,712) {973,789) {314,528) {217266} (338.793) (801,503) (302.883) (222.727) (1.869,295} (1.665,906) 16,310,143 16.011,289 Scholarships are awarded on merit and assisted plac&8 are assessed by r¢f¢r¢n¢¢ to parents. income among81 oth¢r ¢ritetia. OTHER EDUCATIONAL INCOME 2021 2020 Suttdry income Caterillg io¢ome 35,549 29,737 41,236 41,537 65286 82,773 INVESTMEKf INCOME Unres(ricted Restricted Funds Funds 2021 Total 2020 Total Endowment rental inGom6 Endowment inv¢$tment income Otber Funds Investment Income Endowment interest 312,339 165,611 6.900 785 312,339 185,006 23,093 785 282,935 190.205 37,497 243 19,395 16,193 485,635 35.588 521,223 510.880 33 Re815tered Company Number. 05142007 Registered Charity Number.. 1104425 Bristol Grammar School (A company lirnited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (conlinued) for the year ended 31 August 2021 OTHER fNCOME 2021 2020 Gov¢rnm¢nt grant incott￿- COVID-19 fvrlougb schen)e 160,381 326,142 io ANALYSIS OF EXPENDITURE Totsl 2021 Totsi 2020 Costs DW￿latIOn Other Costs of gelltr*tln% fvnds Fundraising costs Fundraising- trading 115,133 49.076 22,152 14,708 126,240 97.874 137,285 63,784 126.240 97,874 63,463 143,058 138,764 84,515 I￿v￿tInent management 164,209 260,974 425,183 429,800 Cbaritable actlvltSe8 Teaching Welfare 10.437,327 465,566 544,062 1,170,799 654,181 286214 1,793275 668,492 11,091,508 751,780 3,505,404 1,839,291 11,102,979 722,882 3,400,5J I 1,950,890 1,168,067 Support costs of ￿h0O1]ng 12,617,754 1,168,067 3,402,162 17.187,983 17,177,282 Total expejhdltsre 12,781.963 1,16R,067 3,663.136 17,613,166 17,607,082 Support costs of 8ehoolinE con)prise: 2021 2020 Gov¢rnauce costs CT costs Marketitig and a¢knissions Adrnill, fu￿nce and PAC salaries Ststii)nery? Postage and telephorne Other 193,602 332,624 254,299 971.245 33,850 53.671 186,888 413263 265.475 912.615 38J17 134,332 1.839291 1.950.890 34 Registered Company Nurnber.. 05142007 Registered Charity Number. 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 August 2021 io ANALYSIS OF EXPENDITURE (continued) 2021 2020 Staff costs comwise: W4¥¢s and salaries Social s¢curity Costs Pension costs 9,966,748 992,593 1,822,622 9,723,429 9(A,465 1,755,974 12.781,963 12.443,868 Included above ar¢ staff costg relating ¢0 the subsidiary of £49,076 (2020 £95,691) 2021 2020 Aggregate employee-benefits of key management personnel 930,071 934,251 2021 2020 Staff with wnolurnents in the rang¢'. £60,001 to £70,000 £70,001 to £80,000 £80,001 to £90,000 £140,001 to £15(1,000 £150,001 to £160,000 The average numb¢r of staff employed dwing the year: Teaching Premises Support Welfare 201 18 47 34 198 19 47 35 300 299 Included in the numb¢r of support staff is on¢ ¢mployee of the $ubsidi8ry. The Governors did not rEceivc any remuDwation from the School during the period (2020: nil). No Governors claimed travel expenses during the yw {2020: £472 for two Governors}. Admitiistration costs include: 2021 2020 Auditor's remun¢ralion for the audit of the fmantial statements for the audiÉ of the Subsidiary fllian¢ial 8tatemeDts for tsx compliance and advtsory 21,060 5,250 7,380 20,4(K 4.950 4,510 Operating lea8e costs: other 185.756 315.514 Financing costs cornpri8e: BAnk in*rest and other charges Fe¢ deposit discount 80,420 45.821 87.490 51274 126,241 138,764 35 Registered Compftlly Number: 05142007 Registered Charity Number.. 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 August 2021 TANGIBLE FIXED ASSETS GROUP As%et$ in the Freehold Course of Land and Constsuction Buildings Fixttl Fitting5 Equipment Totsl COST At I September 2020 Adthtions Disposals 29.510.754 421)0 1.892,124 97,635 (26,445) 2.493,979 33,896,857 32,626 134.461 {42,216) 168.661) At 31 Aug￿1 2021 29.514.954 1,963,314 2,484,389 33,962,657 DEPBECIATION At I September 2020 Charge for the year Disposals 11.931,036 770,410 1,220,873 171,990 1.215,460 14,367 J69 225,667 ,168,067 (42,216) (42216) At 31 Augusi 2021 12.701,446 1.392,863 1,398.911 15,493,220 NET BOOK VALUE At 31 August 2021 16,813,508 570.451 ,085,478 18,469,437 At I September 2020 17579.718 671251 1278,519 19,529,488 SCHOOL ONLY Assets iu the Course of Constwctlon Freehold Land and Buildings Fixtures Fittings Equipment Total COST At I Sept¢mlKr 2020 Additic Disposals 29,510,754 4200 1.891,014 97.635 (26,445) 2.493,979 33.895,747 32.626 134,461 (42,216) (68,661) At 31 Allgust 2021 29,514.954 1962204 2,484.389 33.961,547 DEPRECIATION At I September 2020 Charge for the year Disposals 11,931,036 770.410 1220.207 171,768 1215,460 14,366,703 225,667 1.167,845 (42,216) (42.216) At 31 August 2021 12.701,446 1,391,975 1.398.911 15,492J32 NET BOOK VALUE A¢ 31 August 2021 16,813,508 570229 1,085,478 18,469,215 At I September 2020 17,579,718 670,807 1.278.519 19.529,Q44 36 Regi8tsTed Company Nunther.. 05142007 Registeffd Charity NU￿b¢￿. 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 August 2021 12 FIXED ASSET fNVESTMENTS Investmeiit Properties Investments Total GROUP AND SCHOOL Market value at I September 2020 Additions (including reinvested iDve8tment income) Disposals Managejnent fee 4,753.219 14.110,834 203,653 {167,997} (97.874} 18.864,053 203,653 (167,997) (97.874) Moyemenl on revaluatio 400.467 2,121.349 2,521,816 m￿e1 value at 31 Augw 2021 5,153.686 16,169,965 21.323.651 Historical ¢osi 2,741,707 0,435,782 9.177,489 The investsnent properties were valued on an open market b￿18 in September 2021 by two Govethors, who r¢ melllbets of the Royal tnstitute of Char¢er¢d Sutveyors. Inv¢$tments comprise: 2021 2020 Equities and unit lrnsts The Charities Propety Pooled Fund Cash held for reinvestment 14,873.469 816,583 479,913 12,855518 794.349 460.967 16,169,965 14,110,834 Investments include a lo￿/0 holding in BGS Enterprises Ltd. see pagc 31. 13 DEBTORS Group Sch￿1 2021 2020 2021 2020 Du¢ within one year.. Fees Other debtors Amounts owed by group vndertakings 68.618 268,739 57,243 329,755 68,618 246,141 34,898 57,243 323,608 22.448 337.357 386,998 349,657 403.299 Due after on¢ y&qr: Fee deposit di8count Other debtors 101,793 13,386 116,789 17,586 101,793 13,386 116.789 17,586 115,179 134,375 115,179 134.375 Total debtors 452,536 521,373 464,836 537,674 37 Registered Company Number.. 05142Crf)7 Registered Cbariry Number. I IlJ4425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMEwfs (conlim4ed) for the year ended 31 August 2021 14 CREDITORS Group School 2021 2020 2021 2020 A￿OUnts falling due within one ye8r. Tax aThd yocial security Pension Trade creditors Sundry ￿editOrS aTMI accruals Fees ith advance Deposits Bank loan 274278 224,183 233,832 503,072 2,516,597 45,000 407.751 251.413 215,629 156,745 775,675 2,557.585 44250 363.944 264,903 224,183 233,832 456,525 2,516,597 45.IMMI 407.751 250,754 215,629 156.146 747.815 2.557.585 44.250 363,944 4.204,713 4J65241 4.148.791 4.336,123 15 CREDITORS Group School 2021 2020 2021 2020 Arnounts falling due after one year. Fees in advance Deposits Bank loan 1.391,376 306,￿& 2.100,875 1,383285 385200 2508,699 1,391,376 306,908 2,IIM),875 1,383.285 385,200 2,508,699 3.799,159 4277.184 3,799,159 4,277,184 Bank Loan repayments are due.. Within I to 2 years Within 3 10 5 years Over 5 years 419,399 IJ30,75J 350.721 407,751 1,293,788 807,160 419,399 IJ30,755 350.721 407,751 1,293,78 807,160 The interest rate ehargedon the Bank is fixed at 2.82Yts. Th¢ remaining balawe 1$ repayable over 5 ycars attd 9 month HSBC Bank pl¢ bold a First Legal Mortgage over the followiD8 freehold properties as secw&ry for their loan to the School.. Numbers 1. 3, 4, 5, 7, 8 and 9 Elton Road, Clifton. Bristol, 8 Elmdale Road, Clifton. Bristol and Units 7-10 E4Rles Wid Business ParK Bradley Stoke, Bristol. 16 ADVANCE FEE PAYMENTS Adv￿L¢t fee payments included within ¢reditor8 compri8¢ amounts due: 2021 2020 Within 2 to 5 years Within i to 2 years 818,404 572,972 769,432 613,853 1.391,376 1,036,777 1,383285 ,113.600 Within l year 2,428,153 2,496,885 38 Registered Compamy Number". 05142007 Registered Charity Number.. 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 August 2021 16 ADVANCE FEE PAYMENTS (continued) The balance represents the accTued liability under the ¢ontraets. The movem¢uts duting the year were: 2021 2020 Balattce as at I September 2020 New CODiracts. AmouDts aCCr￿ed to contrac¢s 2,496,885 1,337.515 30,827 2,293,040 1,797,553 50,382 3,865227 4,140,975 (1,437,074) (1,644,090) Arnounls utilised in payrDent of ftts Balartce at 31 August 2021 2.428.153 2.496.885 17 FINANCIAL INSTRUMENTS 2021 2020 Financial asscts: Insments Mea￿￿ed 8t fair value through net iDcome 16,169,965 14,110,833 18 ENDOWMENTS Pernianent F￿doW￿ellt Fund 2020 GROUP AND SCHOOL 2021 Balance at I Sept¢rnTr£r 2020 17.540,583 17,011,255 Movement in funds ExpenditLwe Unrealised gaitts {223.403) 2.270,786 (210,044) 739,372 Balance at 31 Au8Wt 2021 19,587.966 17,540,583 The Sch￿lI,s Pern]anenÉ Endowed fLmds are held in a balanced portfolio of investments with the obje¢tive to enhance the real va]ue of the capital invested whilst also prtsducing an appropriate level of income lo maintain the School's Commitment to provide assistance with f¢es for those pupils who would not otlmwise b¢ able to attend BGS. 39 Re818tered Company Numlxr.. 05142007 Registered Charlty Number. 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 August 2021 19 RESThJCTED FUNDS GROUP AND SCHOOL The fuDds brought forward cornprise the unexputh balances of donations attd 8rattts beld on tsusts to be applied for 5PEcifiG purposes. Balance asat Donation Expendibjre Investsnent Balance Income Income as&t 8nd G8in8 31 Aug 21 A&sistance ISep20 953,404 375,043 5.028 13.855 (216,078) (26,090) 328,960 91.024 78,943 1,157,310 427,896 5,958 17,454 Mr Witi7£r Bu Buildings Capithl Campaign John James Foundation Pople Charitsble Trust David Higson Otb¢r Funds 930 3,599 31,500 45,000 (30,000) (54,467) (ijoo) 17,494 30,0(N) 203,325 2,571 10.598 30.OLh) 250,402 1,806 (739) 46,010 1,598.149 (326,635) 411,795 12239) 218,548 1,899.618 Bo]an¢¢ asat Fees A55iStance Donation Expellditure Investment Income Incom¢ and Gains Ba14nce ISep19 31 Aug20 Bursaries Mr Winzer Bursary Buildin8S Capitsl Cajnpaign John James Foundati(>n Pople Charitabl¢ Trust David Higson Oth¢r Fund8 926.176 376.016 4,061 9,833 (198.979) (27,157} 152,407 73.800 26,184 953,404 375,043 3.028 13,855 967 4.022 30,000 45.000 30.0(X) 2,057 (30,0(Tr0) (71,681) 41.154 3.021 17,494 30.0(MI 203,325 193,880 (10,9(K)) {1,482) 19.770 1,551.120 (338.717) 264,453 (1,482) 122,775 1,598.149 Bursarics tepresents funds received from bmdraising restrict￿ io providiag bursaTies and includes The Michael Booker MemoriaL Bursary Scheme. Mr Winzer, an Old Bris¢oliall, gifted a Sha￿ of his estate to be used for pupil fees a%sistance. The Jolm James Fowidation represents specxfi¢ fi]nd8 received for butsaries and awards to pupils and £1.500 towards prize& ThEPopl¢ CharitsbleTru8tprovides a donation specifically forbwsary811PPOrt forthree pupils for on¢ year. The School received a bequest of £30,000 durAng the previous year from David Higson to be used to support Dratna within the school. Regular donations are received towards Buildings attd Capitsl Campaign Funds to be spent on the SchiKTrI's fUll￿e capithl projttts. Other Funds represent vaTiOW scholarthtp alld priz£ fimd8. 40 Registered Compaoy Nu￿￿er.. 05142007 Registered Charity Nulllber. 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 August 2021 20 GROUP Balance asai ISep20 Income Expellditure Investment Gains Balance asat 31 Aug21 Destgnated Funds Bresland Bequest Heathnasters Fund 225,789 31.597 6.704 18,129 232,493 46,440 {3,286} 257J86 24,833 (3.286} 278.933 General Fund Tangible Fixed Assets Fund (2,714,237) 17,499.993 (16.449.716} 18,2(K),577 {934.522} 68,070 (1,645.890) 172fj6,055 15.743.726 17,474,826 (17.387,524) 68.070 15.899.098 SCHOOL Balance asat ISep20 Income Exptttdirfj￿¢ Investment Gains Balance asat 31 Aug21 Desl8nated Funds Bresland Bequest Heathna8ters Fund 225.789 31.597 6,704 18,129 232.493 46.440 (3.286) 257J86 24,833 (3286} 278,933 General Fund Tangible Fixed Assets Fund (2.714,7951 17,386211 (L6,376.156) 1820D,133 1934,3001 08,070 (1,646,670) 17265,833 15,742,724 17.411,044 {17,323,742) 68.070 15,898,096 Ut)restricted funds includes £278.933 of designated funds, £232.493 of which is inv&sied and the inter&st U8¢d io ￿nd Bursarie8. £46,440 is the Headmaster's Fund which ts used to support pupils ai the disctrtion of the Headmaster. Th¢ Tangible Fixed Assets Fund represents the book value of all tangible r￿ed a￿ets and 5$ the value of wb been 5Pertt to acquire fLxed a8sets and the depreciation of those assets le88 any disposals. 41 Registered Company Number: 05142007 Re¥istered Charity Number.. 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (conlinued) for the year end￿ 31 August 2021 20 irNRESTIUCTED FUNDS (continued) GROUP Balance Income Expenditure Inv¢sim¢ni asat Gains ISep19 Balanee &s4t 31 Aug20 Designated Fwid5 Breslalld Beque8t HeadTnasters Fund 217,912 22.647 7,877 14.443 225,789 31,597 (5,493) 2410.559 22,320 (5,493) 257,386 Generdl Fund Tangible Fixed Assets Fund (3,729,9R7) 17,439.401 {16,438,718) 19,151,922 {951,345) 15.067 (2,714,237) 18,200,577 15,662,494 17,461,721 (17.395.556) 15,067 15,743,726 SCHOOL Balallee Income Expenditure tnveslment asat Gains BalanG¢ asat 31 Aug20 ISep19 Designated FuDd• Bresland Bequest Headmasters Fund 217,912 22,647 7,877 14,443 225,789 31,597 {5,493) 240.559 22,320 (5,493) 257.386 GeD¢ral Fund Tawble Fixed A&8et8 Fund 13,730.323) 17296,344 (16,295,883) 19,151256 (951,123) 15,067 (2,714,795) 18,200.133 15,661,492 17,318,664 (17.252,499) 15,067 15.742,724 42 Registered Company Number.. 05142007 Registered C]wity Nuttther: 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FtNANCIAL STATEMENTS (Continued) for the y¢ar ended 31 August 2021 21 ANALYSIS OF PIUOR YEAR STATEMENT OF FtNANCLAL ACTIVITtES BY FLfND un￿StrIcted Restricted Endov/ment Funds Funds Funds Notes 2020 COME Donations and lega¢its 15,268 264,453 279.721 Charitsble &ctivitie8 School fe&$ Other educational income 16.350,006 82,773 (338,717) 16,011,289 82,773 16,432,779 (338.717) 16,094.062 Other T￿ditig Activiti¢s Ancillary trading incorne Rents aud letting8 18,162 196,955 18.162 196,955 215,117 215,117 Investment in¢om¢ 472,415 38.465 510,880 Other income 326.142 326,142 TOTAL INCOME 17,461,721 (35.799) 17.425922 EXPENDITURE Cost of generating funds Charltable activities io io 345,285 17,050,271 84,515 429.8(Ml 125.529 17.177.282 1,482 TOTAL EXPENDITURE 10 17,395,556 1,482 210.044 17.607,082 NET INCOMEI(EXPENDrruRE) BEFORE fNVESTMENf GAtNS 66,165 (37,281) (210.044) (181.160) Net gain on investments 15.067 84,310 745,862 845.239 NET fNCOME (L0&8es}/Gain on invesillient properties 81,232 47,029 535,818 (6,490) 664,079 (6.490) NET MOVEMENT IN Fi]NDS 81.232 47,029 529,328 657,589 Fund balances brought forward 15.662.494 1,551.120 17,011255 34224,869 FUND BALANCES CARRIED FORWARD 15,743,726 1598,149 17.540,583 34,882,458 43 R¢gister&l Company Nwnber. 05142007 Register¢d Charity Number.. 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continu&l) for the year ended 31 August 2021 ANALYSIS OF NEf ASSETS BEfwEEN FUNDS Unrestricted Restri¢¢ed Ettdovmient Funds Funds Funds Totsl Fund balallcey at 31 Augusi 2021 are represented by.. GROUP Tallgibl¢ fixed a&8ets Fixed asset inves1￿ellts 17,266.055 1.561,Il3 5,075,802 (4.204,713) (3,799,159) 1203,382 18,379,984 4.600 18,469,437 21,323,651 5,597,466 (4,204,713) (3,799.159) lJ82,554 517.064 Current liabilities NOn-Currn￿ liabilities Totsl Det a88ets 15,899,098 1.899,618 19,587,966 37.386.682 SCHOOL Tangible r￿ed asse Fixed asset investments Current assets Current liabilities Non-¢uiren( liabiliti¢s 17265,833 1,561,113 5,019,100 (4.148.791) (3.799,159) 1,203,382 18,379,984 4,600 18,469,215 21 J23,651 5,540,764 (4,148,791) (3,799.159) 1382,554 517,064 Total net a55cts 15.898,096 1.899.618 19.587.966 37.385,680 Unrestrictrd Fund8 Restricted Endovmient Funds Total Funds Fund balattces at 31 August 2020 are represented by.. GROUP TaDgiblc fjxed avJets Fixed asset investtu¢nts Current assets Current liabilities Non-cu￿1 liabilities 18.200.577 1,473,581 4,711,993 (4,365241) (4277,184) 1,328,911 16,207,070 4,602 19,529,488 18,864,053 5,131,342 (4,365,241) (4,277,184) 1,183,402 414,747 Total net &8sets 15.743,726 1,598.149 17,540,583 34,882,458 SCHOOL Tangible F￿ed assets Fixed asset investments Current astsets Current liabilities Non-cunEnt liabiliti 18,2(M),133 1,473,581 4.682.317 (4,336,123) (4,277,184) 1,328,911 16,207,070 4,602 19,529,044 18,8(A,053 5,101.606 (4,336.123} (4.277.184) 1,183,402 414,747 Totsl net 15,742,724 1,598,149 17,540,583 34,881.456 Registered Company Number.. 05142007 Registered Charity Number: 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FtNANCIAL STATEMENTS (continued) for th¢ y¢ar ¢nded 31 August 2021 22 ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued) Endowment funds include£4.308,139 (2020: £3.9W.255) of endowm¢ntproperty. included within f]xed auets investments, held by Bristol Grammar School Ttusl a link￿ ¢]wity and £1,351.877 (2020: £1,142,337) of 5chol8Tthip. buT8ary and prize fimds held by Bristol Gramnw School S¢holoJship. Bursary and Trize Fund, a linked Clwity. Included within funds are cumulative unreaiised gains of £12,146,0(K) {2020.. £10.555,846) arisin8 on the revaluation of r￿ed assel inveslmellts. 23 RECONCtLIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2021 2020 Net deficit before investment gaitis and losses Depreciation and ass¢t ￿11¢ oir Decrease ill debtors Decrease in creilitors Decreawl(increase)/ in $￿ck Inve8tmellt mall4emeni fees Add iDterestpaid - iDve&tment and net interest i￿￿￿e (17,5921 1,194,512 68,837 (293.0001 187 97.874 76.395 {5212231 (181,160) 1,290,311 I l 8.844 (274,7621 (2281 84,515 83,197 (510,880) Net cash inflow from op¢rdtillg activitics 605,990 609,837 24 CAPITAL COMMITMENTS The School had DQ capithl COTtunitm¢nts os at 31 August 2021. As a plaDDillg condition of the new build Perforniing Arts Centre. Bristol City Council required the Sch￿1 to con)mi$5ion a piece of public art with a budget of £45,￿0 including VAT. Contracwal agreements have been made with a Curdtor and an Artist for tbis amount le￿ £26,445 which has Already been spent at 31 August 2021. 25 OPEIL4TING LEASES The Group is committed to making the following mtnimutll payments undernon-¢an¢ellabl¢ OP¢Tatill8 le&8es as follow$=_ Pltht & Machinery 2021 2020 E£ase payments due: Withill l year In 2 to 5 years 185,895 135,475 191.910 260.769 26 RELATED PARTY TRANSACTIONS Subsidiary company During the year the School invoiced the subsidiary BGS Ente￿[1￿¥ Ltd costs of£77,412 {2020.. £162,619). the intercompany balance atthe year end was £34.898 (2020.. £22.448). Gift Aid paid by BGS Ellwises Ltd to th¢ Schwl Wds £2,763 (2020: £4286}. 45 Regk9tered Company Number. 05142007 Regi￿ered Charity Number.. 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO T1￿ FINANCIAL STATEMENTS (continued) for the yeaT ended 31 August 2021 27 PENSION COMMIT￿s Te2eher$' Penslon Scbeme The SGhool participate9 in the Teachers, Pet￿10￿ Scb¢rn¢ {"th¢ TPS"} for its t¢&hiog stsff. The peD8ion ch8rgc for the year includes wntributions payable to th¢ TPS of £1,653,724 (2020.. £I.615,154) and at the year-end £139,048 {2020: £133,602) was a¢cNed in r¢8pect of ci>ntributson5 to this ￿h￿ne. The TPS Is an unfund¢d rnulti-¢mployer defined benefits pension schtme governed by the Tea¢hers' Pension S¢lwie Regulations 2010 (as ameDded) and the Teachers, Pension S¢heme Regulations 2014 {as amended). Members contribute on 8 "pay as you go" basis with ¢oatributions from ￿e￿berS and the employer being crdited to the ￿cheqU¢r. Retirement and other peD8ion benefits ore paid by public bjnds provided by Parliament. The employercontribution rate is 8etby the Se¢retary of Stats following scheme V￿u￿(lOn5 und¢rt8k¢n by the Government ActLiary's Deparbnent. The most recent actuaTial valuation of tbe TPS w&$ prepared as at 31 March 2016 attd the Valuation ReporL wbich was published in March 2019, cOnf]n￿ that the employer contril)ution rate for the TPS would increase from I6.4￿/(* to 23.6Yo from I September 2019. Employers are 8180 required to ￿Y a scheme administration levy of O.OV/o giving a tothl employer contribution rate of 23.681/bo. The 31 March 2016 Valuatioll R¢port was prepared in accordan¢¢ with tbe benefits set out in the 5ckLeme regulation8 ond Und￿ the approach Specifi￿ in the DI￿ti0y)S, as they applied ai 5 March 2019. However, the assun)ptions wer¢ eonsldered alld set by the Department for Education prior to the rnling in the 'McCloudlSargeant case,. This case has required the courts to considercases regardin8 the implementation of th¢ 2015 reforni$ to Public SeJvi¢e Pensions in¢luding the Teachers, Pension& On 27 June 2019 the Supreme Court denied the government pernii&8ion to appeal the Court of Appeal's judg￿¢1)lthat transitional provisions introduced to the refomied pension ￿hernes]n 2015 gAve rise touttlaw￿I age discrtmination. The government is respetting the Court's decision and has slid it will engage ￿llY with the Employment Tribunal as well as employer and rnember reprc8entstives to 8grtt how the discrimit￿tiOnS will be remedied. The government announced on 4 Febrnary 2021 that li in*nds to proceed with a defe￿01 choice unde￿An under which members will be Able to ch(K)se either legacy or refonned scheme benefits in respect of their seryice during th¢ period between l April 2015 and 31 March 2022 at the point they become payable. The TPS is subjed to a cost oap mechanism which was put in place io protect taxpayers agaitt8t unforeseen ¢hang&s in geheme costs. The Cbief Secretary to the Treasury. having in 2018 an￿Ull¢ed that ther¢ would b¢ a reviewof this cost cap mechanism. in January 2019 amiounced a pause co the cost cap mechanism following the Court of Appeal's rnling in the M¢CloudlSargeani case and until th¢r¢ is ¢eTlainty aboui the value of pensions to ejnployees from April 2015 ouwards. The pause was lifted in July 2020, and a consultation was launched on 24 Sune ¢)n proW￿d changes ￿ the cost control me¢haDiWI following a review by the Government A¢￿ary. Followin8 8 public consultatio￿ the Government have accepted three key proposalg recommended by the Government Acttiary, and are aiming to itnplcment these dwes in lime for the 2020 valuations. In view of the above rulings and d¢¢isioDS the assumptions used il) the 31 Ma￿h 2016 ActuaTial Va￿￿tiO May be￿me Anappropriat¢. tn this scenario, a Traluatson prepared in accordance with revised benefits and suitably revised assumpti¢)ns would yield different results than those contained in the Actharial Valuation. Until the cost ¢ap rnechallism revision is completed it is not ]x>ssible to conclude on any financial inwact or fuwre ¢han8es kn the Contribution rate5 of the TPS. Accordingly. no provision for any additional past benefit pension costs is included in these fuwicial statements. 46 Registered Company Number. 05142CM)7 Registered Cboyity Numb￿. 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) for th¢ y¢ar ¢nd¢d 31 August 2021 27 PENSION COMMITMENfs (c¢)ntinU￿) Defined eontrlbutlon seheme$ The S¢hool Contribu￿ w a defJry¢d ¢ontnl)ution schell￿ fornon-teaching staff, as detailed in Notc l (k). Total cmployer contnbutions to The People's Pensioll for the year amounted to £217,710 (2020.. £192,078}. At the year-eDd Contributions outs'tsndingT iotslled £18,128 (2020.. £15,011). The Penslons Tru6t Growth Plan- Scottijh Voluntary Sector PensRon Scheme The sch￿)1 is makulg pension recovery plan payment5 to the Scottish Voluntary Sector Pension DefIll￿[ Benefit Scheme via Bristol Charilies. This is in relation to the membership of a fornier employee of the School who WAS fust employed in the period when Bristol Chariti&$ nwJAged the administration of the SchocTrl amd priorto the Inco￿Or4tioll of Bristol Grdn)mar School on l June 2004. The reeov¢ry period is lcheduled ro n until 30 Septemb¢r 2026 with an increase of 3 /0 per anttum ¢)n l April. Tot￿ payments rnade during the year were £1,97312020..£1,915). 47 Register￿ Company Number.. 05142007 Registered Chariry Number: 1104425