Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT AND CONSOLIDATED FINANCIAL STATEMENTS for the y&qr ended 31 August 2024 Registered Company Number: 05142007 Registered Charity Number: l J 04425 Bristol Grammar School (A company limited by guarantee) CONTENTS Page(s) Directors. Rq?ori.' Reference and Administrative ]nforn￿tion Structure, Governance and Management Strategic Report 6-20 Operational Perfornian¢e 9-11 Streamlined Energy and CaAx)n Reporting 13-14 Finan¢ial Review 16-17 Statement of Directors, Responsibilities 21 Independent Auditor's Rq)ort 22-25 F￿ancial SÉaiements.' Consolidated Statement of Financial Activities 26 Consolidated and School Balance Sheets 27 Consolidated Cash Flow Statement 28 Notes to Financial Statements 29-49 Registered Company Number: 05142007 Registered Charity Number: 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT for the year ended 31 August 2024 The Board of Directors Present theiT annual report for the year ended 31 August 2024 under the Companies Act 2006 and the Charities Act 2011, together with the audited fmancial slatements for the year, and confirn] that they comply wilh the requirements of the Companies Act, the Company's Memorandum and Articles of Association, the Charities SORP 2019 and FRS102 'The Financial Reporting Standard in UK and the Republic of Ireland,. REFERENCE AND ADMINISTRATIVE INFORMATION The Com Bristol Grammar School ("the compan￿,) is a compally limited by guarantee. incorporated in England on l June 2004, company registration number 05142007, with the liability of its members limited to £ l each by guarantee. It is registered as a charity under registration number 1104425. It is exempt from the requirement to include the word "Limited" in its name. Its registered offic¢ and principal address is at University Road, Bristol BS8 ISR. Linked Charitles Under th¢ Scheme, the pern]anent endowment assets of the School are held by the Company as the T￿slee of a separate Charity called Bristol Grammar School Trust. Under a thrther Charity Commission Scheme dated 31 August 2004, the Company ig also the Trustee of another separate charity call¢d Bristol Gramnjar School Scholarship, Bursary and Prize Fund. On 12 August 2005. the Charity Commission made a Uniting Direction under section 96(5) of the Charities Act 1993, directing that these two charitie5 ("th¢ link¢d ¢harities") should be treated as forniing part of the charity called Bristol Grammar School for the PUryKpses of Part II (registrdtion) and Part Vl {accounting} of the Charities A¢t 1993. The main effect of the Uniting Direction is that the linked charities are aggregated into the Statement of Financial Activities and th¢ Balance Sheet of the Company. They remain, however, legally distinct charities, the funds of which are to be applied solely in accordance with their r¢spective trusts. Registered Company Nurnber.. 05142007 Registered Charity Number.. 1104425 Bristol Grammar School (A company limited by guardntee) DIRECTORS, REPORT (continued) for the year ended 31 August 2024 Dlrectors Trustees and Governors The present Directors of the Company, who are the Charity Trustees and the School Governors, and also any ex- Direciors who served during the year ar¢,. Director Committee Membership c(￿Opted by the Board Mr Mark Alker-stone BA Hons BArch RIBA Dr Martin Boulton BEng PhD Mr Ian Chesham BA Hons MSC FCSI Ms Maria Crayton BA Hon8 MCIM Ms Hannah Drake MA Dr Mary Gainsborough MB ChB FRCPCH Mr Shaun Harvey BSC ACMA appointed on l October 2023 Mr Peter Huckle BA MEd Mrs Sumita Hutohison appointed on l October 2023 Ms Emily Leggate BA, PGCE, MA (Cantsb) NPQH appointed on 7 Febwary 2024 Mr Jonathan May BA (Hons) MA FRSA Mr Andrew Moore Mrs Lucinda Parr Bmus MMu8 FRSA MT Nigel Pickersgill Bsc Hons FCA Ms Catherine Redshaw BA (Oxon) Hons LLB Mr David W Shelton Msc FCIM (Deputy Chair) Mrs Margaret Simmons-Bird BA Hons PGCE MA Mr John Sisman Bsc Hons MRICS Ms Sally Speake Bcom Hons (Deputy Chair with effect from I September 2024) Dr Dominique Thompson h￿BchB MRCGP (Dist) Mr Romesh Vaitilingam BA Hons (Oxim) MBE (Chair) retired on 31 August 2024 Mr Mark R Wilson BSC Hons MRICS (Chair with effect from I September 2024) ABD ACF ACD ABE ACDF The following DirectOT resigned during the year.. Mrs Sharon Boccaccini MEd (Open) Bsc (Hons) PGCE MCCT resigned on 5 September 2023 Th¢ following Committees have been ill operation during the y¢ar: Chairs, Group & Nominations Committee Education Committee Finance & Gcneral Puryoses Committee Marketing, Admissions & Communicationg Committee Pupils & Staff Committee Estates Committee Registered Company Number.. 05142007 Registe￿1 Charity Number: 1104425 Bristol Grammar School (A company limited by guarantce) DIRECTORS, REPORT (continued) for the year ended 31 August 2024 Senior Executives and Professional Advlsors The Headmaster Mr J Barot MA (Cantab) MSC The Head of Infant and Junior School Miss H Hughes Bsc Hons MA Ed Thc Bursar Mr JG Mitchell BA FCCA Clerk to the Governors MT OLD Chambers Bsc Bankers HSBC Bank Pl¢ Caiiot Cirrus Bristol BSI 3BA Investment Managers CCLA Investrnellt Managernent Limited One Angel Lane London EC4R 3AB Propety Management DJ Fol¢y Propety Consultallts Cavendish House 15 Whiteladies Road Bristol BS8 IPB Solicitors V¢ale Wasbrough Vizard Narrow Quay House Narrow Quay Bristol BSI 4QA Auditor RSM UK Audit LLP Portland, 25 High Street Crawley W¢st Sussex RHIO IBG Registered Office Unive￿itY Road Clifton Bristol BS8 ISR R¢gistered Company Nun]ber. 05142007 Registered Charity Nuniber: 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT (continued) for the ycar cnded 31 August 2024 STRUCTURE GOVERNANCE AND MANAGEMENT The School was establi8bed in 1532. The Charity is regulated by a Scheme made by the Charity Commission in May 1978 and was incotporated on l June 2004. Governin Document The Company is governed by its Memorandum and Articleg of A￿ocIation, i&sued on 12 June 2004 (amended by Resolution5 on 24 August 2004, 26 September 2005, 12 December 2008 and 28 June 2020). Governin The Dir¢¢tors, who are also required under the Articles to serve as members of the Company, have Control of the Charity and its propety and funds including, as Co￿Orate trustee, the endowment assets of the Chartty. The Governing Body consists of not less than 16 members, olle of whom may be nominated by the School's sthff. Governors are appointed for a temi of five years and may be re-appointed for a ￿rther three-year term or other period as the Board considers appropriate. Nominations for new Governors are ¢onsidered by the Chairs, Group and Nominations Comn)ittee, which ensur¢s the Governing Board has the breadth of skills to give effective strategic leadership to the School, in conjunction with the Headmaster, and to ensure the Governing Board r¢flects the diversity of our conununity. The Nominations Committee makes recommendations to the Board for their ratification. Dlrectors and Ke ' Mana ement Personnel The DirectoT3 meet as a B0￿d four times a year. OT more frequently when required, to deterniine the strategy and general policy of the company and review its overall managetn¢nt and ¢ontrol, for which they are legally responsible. The work of implementing the Board's policies is del¢gated to the Cornmittces listed on page 2, which meet at least once per tenn. The day-to-day running of the School is delegated to the Key Management Personnel (KMP) comprising the Headmaster, the Bursar, the Head of the Infant and Junior School, five Deputy Heads, Director of MaTketing, Admissions & Communications and Director of Development. The KMP meet regularly during each week considering both strategic and operational matter5 for the whole School. The r¢muneration of the KMP is set by thc Governors after consultation with the Headmaster and. where appropriate. the Bursar. The Headmaster and Bursar are not involved in the discussions regarding their own remuneration. Remunerauon packages are set at a level to encourage the recruitment and retention of quality senior teachers and exeGutiv¢s in order to lead the sch¢Jol, facilitating a happy, supportive, sustainable, diverse and enrichillg environment in which all pupils and staff Can flourish and maxin]isc their potential. BGS a150 has a wider Senior Leadership Team (SLT) which includes the KMP plus the Assistant Heads of the School and up to three co-opted members of gtaff (to aid with their professional development, as well as to lead on sppxific projects). SLT discusses imporLqnt issues for the School and includes members of both teaching and support staff. There is communication to all staff, on the itein5 discussed by SLT and the decisions made. Registered Company Number: 05142007 Registered Charity Number.. 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT (continued) for the year ended 31 August 2024 Trustee Trainin New Directors are inducted. through a.8trllcturedprocess, into the workings of the School, and also of the Con]pany as a registernl charity. Induction is underpinned by coverage of the following important areas: the main policies, with emphasis upon safeguarding. sp¢GifiG policies linked to committee membership,. and governance and managem¢Tht documents including: "The essential trustee" frorn the Charity Commission Bristol Grammar School Inspection Report from the Independent Schools InSp￿torate. and Statutory and Management Ac¢ounts. The main elem¢nt of induction is a school familiarisation visit of at least half a day which includes meetings with the Headmaster, Bursar, Clerk to the Govemois and other senior staff together with classrÉX)m observation. Directors are also encouraged to attelld regular training seminars organised by AGBIS (Association of Governing Bodies in Independent Schoolg), other professional fJrn]s and organisations including RSM UK Audit LLP, VWV LLP, ISBA cfhe Independent Schools Bursars, Association) and Éhe Independent Schools, Council (ISC). All Directors confirni they have read the safeguarding and oth¢r key policies and national guidance each year. Directors are directed to a secure dedicated SharePoint site for the Board and recommended to access the following BGS Board details including: CU￿nt Governors, Details - Skills and Experience Matrix. Minutes of recent B(Trard and Cornmittee meetings" Current Commiltee Membership. Commit*e Meetings - Cumt Schedule. and Full Role Description for Governors. Grou Structure and Tradin Subsidiar ' BGS Ent¢￿TiseS Limited is a wholly owned and active trading company which uses the relevant facilities ofBri5tol Grammar School under license. Bristol Grammar School has a Group VAT registration. Bristol Grammar School 18 a member of HMC (the Heads, Conference), The Society of Heads, the ISC (Independent Scljools Council), AGBIS {A5sociation of Governing Bodies in Independent Schools) and the ISBA {Independent S¢bools' Bursars Association) all of which provide the School with regular infonnation and advice about cbangyes in legislatloll, regulations, compliance and best practice. The School's Headmaster, Mr Jaideep Barot, is the current Chair of HMC for the academic year 2024-25. Bristol Grammar School benefiLs from the generosity of the Old Bri¥tolians' Society, the"Friends of BGS" (Senior School parents) and "BGS Fri¢nds Infallts & Juniors" (Infant and Junior School parents) all of whicli support the School and contribute fmancially to prize funds, projects and bursaries. The Friends groups signifjcantly add to the community, friendship? character and ethos of the School. Their hard work and support is greatly appreciated by the Board, the Headmaster and other members of the BGS comn]unity. The senior School's Parent ForLun, with parent representatives from each senior ￿h0o1 year group, plays an aclive and valuable role An the communication between the Headmaster, the Key ManagemelltPersomiel and other parents. There are similar forums for the infant and junior school5. Prinei al Activit . The principal activity of the Cornpany 18 lo manage and administer the School for girls and IN)ys known as Bristol Grammar School. All the assets, liabilities and contracts of the Scbool were transferred to the Company pursuant to a Charity Commission Schenie dated 17 June 2004 ("the Scheme"). and the Company has carried on the busin&ss of the School since that date. The number oFpupils at the School was 1,386 at the year end. ReLyistered Company Number 05142007 Registered Charity Number.. 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS. REPORT (continued) for the year ended 31 August 2024 Other Directors, r ort disclosures The company has chcYAen in accordance with Companies Act 2006, s. 414C(I l} to set out in the company's strategic report infOrn￿tIon required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 21K)8. Seh. 7 to be contained in the directors, report. It done so in respect of inforniation about engagenwit with employees, suppliers, ¢u$tom¢rs and other stakeholders. STRATEGIC REPORT ORJECTS AIMS 0￿ECTIVEs AND FUTURE PLANS The objects of the Charity are: To advance th¢ education and training, by the provision and conduct, in or near the City of Bristol, of a day school or schoo15 for boys and girls and, in so far as it is incidental or ancillary to the advanGement of education, such other pury)oses for the benefit of the local community as shall be exclusively charitable, Historical Context Bristol Grammar School was founded by Royal Charter, issued by Henry VItl on 17 March 1532. Prtrdating the ity's other independent ￿h￿IS and its two universities, BGS has played a ¢entral part in Bristol life ever sin¢¢, standing for the best in education and care for its pupils in the city for almost five hundred years. It continues to navigate SUCCe￿￿￿Y the education of tradition. Progression, diversity, and inclusivity, and it ren￿InS mindfiil of its past whilst being more aware than ever of the need to keep I(￿king forward. In Ghanging econornic and political times, BGS continues to develop young adults of integrity and character, rigorous in their application, compassionate in their outlook and ready to make a rcal and lasting difference inthe world and many opportunities that await them. Endowed by Nicholas and Robert Thorne, the School was established "for the teaching of literature and good manners" to the sons of merchants and tradesmen of the City. It has evolved considerably since then- most nothbly, it is now a proudly coeducational school - but the desires to build an education around academic endeavour, supportive pastoral care and the development of good charaGter, alld to include those who might not otherwise be afforded such a privilege, remain as central to our Mission now, as when the School was established. MIS￿Oll To pmvide an exceptional and rounded ¢du￿tiOn to those who might benefit from it, regardless of their background and fmancial means. Aims l. To nurture, challenge, and celebrate each individual. 2. To develop an excitement for learning which goes beyond school. 3. To promote physical and mental wellbeing, and the development of g(M)d ¢hardCter. 4. To make a BGS education available to all those who might benefit from it. 5. To be a dIVe￿e school and one which serves Bristol and beyond. 6. To ensure that the school Gontinues to flourish for generations to Cotne. Values Kindne58, Integrity and Rigour. Registered Company Numbcr: 05142007 Registered Charity Number: 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT (conlinued) for thc year ended 31 August 2024 Ob'ectlves and Future Plan The Directors and Headn￿Ster'S main objectives are to: fill all available places with girls and boys who have demonstrated they have the potential to benefit from attending Bristol Grammar School; maintain a community with as broad a socio-economic mix of pupils as possible, from all elements of the Bristol community, by supporting a significant proportion of pupils with the cost of education, on a means-tested basi5, from the School's limited endowment funds and other ￿nd raising. educate all pupils to the highest possible standard with excelleni teaching and leaming and ¢xtra- curricular Opportunities to enable then] to develop theirfull potential and attend the university) further educational course or work training of their choice" recrnit the highest possible calibre of teaching and support staff and facilitste their continuing professional development- approve appropriate improvements to the School's facilities and equipmenL within budget constraints, including the best use of technology. provide a happy, fun and sewr¢ pastoral environment, with safeguarding at the forefront, in which all pupils can flourish with opportunities for leadership, 5ervi¢¢ and an acknowledgement of respect and consideration to others. further develop the already Strong links witb our parents. extended families and alumni community; be arecognised force for good beyond the school gafrs, widening access and carrying out meaningful charitable and ¢omn]unity partnership woA(, both Iwally and more widely. Risk Man ment The School has a comprehensive Risk Register which is reviewed and updated regularly, by the KMP and Governo￿. Co]lln]itteeg and review¢d by the full Board. The controls used by Bristol Grammar School to minimise ri¥k include: Strategic development planning, s¢lf-evaluation and Key Perforniance Indicators reviewed ternily by the KMP and the Board; Comprehensive budgeting and monitoring including the preparation of Income and Expenditure Accounts, Balance Sheets and Cash Flow Forecasts widi appropriate financial commentary and sensitivity analysis. Capital apprnisal and feasli )ility papeJs authorised by the appropriate Gov¢mors' Committee and Board for major capitsl projects or expenditure. Schedule of Condition reports prepared by appropriately qualifjed professional advisers; Tern)s of reference, together with fornial agendas, for Conunittee and Board business" Careful Governor recruilrnenL with appropriate skills, to ensure all risk area% are comprehensively covered. Esrtablished organisation structures and lines of reporting- Fornjal written policies. Appropriat¢ Tegulalory vetting, safeguarding proccdures and registers as required by law and othcr safeguarding regulations. and Continued professional development and training. The School contraels the services of an indep¢ndent Health and Safety Consultant who canies out regular inspections of the school buildings, oversees various departh]entsl risk assessments (with the full involvement of the relevant departmental stafo, Health and Safety audits, with the Iiigher risk deparlments being audited most frequently, and provides other 5pe¢ialist advice, as required, such as Fire Risk knessments. Regular Building Surveyor Inspections are also undertaken including high level inspections. Action lists are prepared and these are addressed within the time sGal¢s approved by the independent advisers. The work of the Health & Safety Consultani and professional advisers is overseen by the Bursar and Facilities Manager. Registered Company Numb¢r". 05142007 Regibtered Charity Number.. 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT (continued) for the year ended 31 August 2024 Other independent professional advisers are contracted by the School where the KMP and Governors consider this appropriate. Training and Continual professional development is also seen as an important way to reduce risks. Professional adNryse￿ and members of the KMP att¢nd and present, where neCe￿ary, to the appropriate Governor Committees and the full Board to support the Directors in their Governance of the School. Other key areas of risk that are considered and reviewed by the KfwIP, the Board and its Committees include: Robust Child Safeguarding Policie& syslem8 and appropriate regular training, including mental health and diversity issues, for all gtaff. Pupil recruilment in¢luding the setting of School fees in relation to affordability" Health & Safety, site security and regulatory requirements. Human Resource matters including conwlying with regulations and the retention of k¢y members of staff, both teaching and support, which is critical to the success of the School. IT Security, cybercrime ¢ontrols and data protection matters. safeguarding of the School's Land and Buildings, Equipment and Other Assets including comprehensive insurance; Fund Raising Policy and ensuring the Charitable Objects of the School arc complied with and advanced. ScenaTiO planning and appropriate, prompt responses to any political. economic orpublic health changes. Any l*gal Matters. and Governance of the School. ISI Ins ection BGS was Insp¢￿ed, in May 2023, as part of the routine cycle of inspection carried out by Independent Schools Inspectorate "ISI" {our equivalent of Ofsted) who Sought to confwm our compliance with The Education (Independent School Stsndards) Regulations 2014. ISI inspectors ranked BGS as 'Excellenl' in both areas inspected during the Educational Quality part of die inspection: the quality of pupils, academic and other a¢hievements, aiid the quality of pupi18' personal developnient. Further details and highlights of the inspection and a full copy of the report are on the School's website, the link is.. ht( s'.//www.bTlStolLryaty)niarschool.co.uk/whats-on-and-newQnews/b s-excellenl-iiis ection-2023 Registered Company Number: 05142007 Registered Charity Number: 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT (continued) for the year endcd 31 August 2024 rational Perforn)an¢e of the School Introduction In accordan¢¢ with its Aims, Bristol Grammar School encourages all pupils to participate in a variety of activities and opportunities, both curricular and co-curTicular. This helps to maximise their personal development, well- being, confidence and teamwork, and juqt as importantly, it en¢ourages them to enjoy all aspects of S¢hool life whilst forging lifelong friendships. C0-cu￿1cu1ar activities ar¢ spread across a wide range of sports and th¢ perfotming arts a5 well as many other clubs and opportunities. The excellent education provided at BGS was Tecognised in The Sunday Times Parent Power schools guide which, in December 2023, named BGS the Southwest Independent Secondary School of the Year 2024. A selection of school-wide achievements are detsiled below: A Level R￿ultS At A level our S￿dellts achieved a 99.41 pass rat¢, with over half of the exams {55O/0) at A* or A grade and 91 /0 at A*-C. Additionally. 61 students cornpletsd the Extended Qualification Project (EPQ) at BGS, a significant rise fron] 39 in the previous year. Results rcmained impressive with 800/0 being awarded A*_B ￿ades, a slight increa on the 790/0 achi¢ved in 2023. tnternational Baccalaureate R￿ults Five pupils scored 41 points or more, with one student securing a perfect 45 out of 45 - a score attained by well under 10/0 of those who take the qualification worldwide. Across thc BGS cohort, the average was 37.7, well ahead of the global average score of 30.2. Next Steps Our studenis are supported to choose courses that best fit their interests and talents and so go on to a broad range of future paths. The majority of BGS pupils opt to continue their Studies at university with 80D/o securing places at a university of their choice. This year's leavers went on to 42 different destinations- including 7 ￿ Oxbridge and 3 to Imperial College and nearly 90 different courses, ranging from Medicine to Music and Business ManagemenL Additionally, sludents have secured places on Art Foundation and Acting courses while othets are taking gap years. GCSE Results Our Year I I pupils. outstanding GCSE grad¢s were the highest any of our non-pandemic cohortg have achieved- with an avernge GCSE points score of 7.4. A third of exams were awarded the top grade of 9, and more than half of results (550/0) a grade 8 or 9, while some six pupils achieved a clean sweep of grade 9 grades (with five of those taking I I GCSES). Infant and Junior School (l&J) The l&J have moved forward strategically, with in)provements to the Infant learning environment. For the EYFS (Reception) pupils, the outdoor area is set up prior to pupils arTiving with their parents to allow paTenls to interact with their child abead of the day and find out what they will be learning. The EYFS ¢urriculum PTomote5 pupil led learning. hence the inclusion of our discovery sheds where pupils can self-select activities to Share along23ide those already on olyer. Our 'Brislol Standard. EYFS accrcditation has been shared widely acros5 the city as evidence of good practice, showing the continuous drive to improve learning opporthnities for all ournew starters. We have improved how we r¢port progress to parents in Y¢aTS 1-6 and have strengthened our attitude to learning and attainment grnde defthitions to push more able leamers. All pupils now receive three reports a year, followed by a teacher consultation. Tlie Autumn and Spring tem] reports focus on Areas of Strength and Next Steps for the core subje¢¢s and the Summer terni report focuses on Foundation Subjects. Other illitiatives last year included a Parenlal workshop on preparing your child to go on a residential trip and mini woodwind sessions for Year I pupils. Registered Company Number: 05142007 Registered Charity Number: 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT (continued) for the year ended 31 August 2024 Co-curricular Aclivitles and Trips Across the school more than 200 different clubs and co-curricular activities were on offer to pupils ov¢r the year, ¢v¢r)rthing from Mindful Colouring to Model United Nations, plus an additional 22 ¢linics offering subject specifi¢ supporL Plcasingly the Community Action Club and our Sixth Forni volunteering progTan]me continue to be well supported, with pupils using their time to make a positive difference in the local community. In th¢ Perforniing Arts, a wide variety of groups and ensembles Tan, offering opportunities in musi¢, drama and dance. There were more than 50 perforn]ance opportullities forpupils of all ages to get involved in, from the Infant Nativity and infornial House concerts to the Dance Production (The Book of Lrfe) and the Senior School play- an ambitious and brilliandy executed promenad¢ perforn]ance of The Lioffj the Witch and the Wardrobe. I&J pupils enjoyed being part of The Book of Life and members of the Harniony Choir sang along side Senior pupils and outreach schools in the AutLunn ¢on¢ert at St George's performing The Dark Side of the Moon, Year 5 and Year 6 perforn)ed Shakespeare's A Midsummer Night's Dream and Year 6's end of y¢ar production w&s Chitty Chitty Bang Bang. Pupils also enjoyed Succe￿¢8 in LAMDA and music grade examinations. Some 42 pupi]s passed music grades from I to diploma level, a¢hieving 23 Merits and 8 Distinctions. In LAMDA more than 100 pupils took exams across Grddes 1-8 and secured impressive results. including 2 students who ￿hIeVed IOOO/o in their exams. A Year 5 pupil perfonned a solo flute piece at the Bristol Beacon and was presented with an award for musical potential. A Year 4 and a Year 5 pupil both won medals for their pieces played at the Nailsea Music festival and two Year 6 violinists successfully gained pla¢¢8 in the National Children's Orchestra (NCO) project progrdmme f¢)r the 3rd year running. Over 150 day trips took pl￿¢ ￿TOsS the year, plus 43 residential trlps. 50 of the trips took place on foot, tnaking the most of the School's lo¢ation in the heart of the city, close to the university, museums and galleries. Trips of particular note this year include the compldion by three BGS groups of the Ten TOTS Challenge, for the first time in around 50 years. the return of the large-scale international sports trip (to South Africa) in the summer. and the return of the Gernian trip to the partner school whom we have been visiting, and who have been visiting us, for nearly 10 years. Additionally, BGS remains one of the largest DofE centres in the southwest with 141 Year 9 S￿dellts undertaking the Bronze award and 65 in Sixth Forn) working towards their Gold awards. In STEM, three separat¢ BGS teams reached the finals of the Teen Tech Awards with one of them wimiing the Health category. A team of BGS pupils also qualified for the national finals of the UK Space Design Competition, from which one of them was chosen to represent lh¢ UK in the International Space Settlement Design Competition in Florida over the summer, where she was awarded the Anita Gale Creative Genius individual award. Sporting Achievemen18 Over the year some 973 pupils from Y3 to Upper Sixth hav¢ represented the school at sport, playing in a total of 856 fixtures. This equates to mor¢ than three-quarters of the pupil population in those year groups. Alongside the main school sports (rugby, hockey, netball and cricket), fixtures and competitions also included tenni5, athletics, climbing, squash, swin]ming and fencing. Our First XI Girls, hoGkey team reached the 'ldst-8' of the National Tier 2 competition- the furthest a BGS tean] has eveT gone in this competition - while our First XI boys. made the 'la5t-16' in their equivalent competition. In Bristol Cross Country I I BGS runners qualified for the Avon championships anl of 8 team events, BGS teams took 3 wins and 2 second places. BGS stepped in with less than 24 hours, noti¢e to host the Wycliffe Ul 8s Rugby Sevens, where our First VII lost narrowly in the final. While girls. cricket Continues to ￿0W in popularity at BGS, this year we also introduced girls, football and rngby. BGS girls, lean￿ played Saturday football fixtures and took part in th¢ Rosslyn Park Rugby Sevens. In Boys, rugby, touch Tugby fixtures have been introduce(l allowing those who play non-contact rugby to represent ¢h¢ school for the first time. io Registered Company Number: 05142007 Registered Charity Number.. 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT (continued) for th¢ ycar ended 31 August 2024 Ther¢ was success in hockey with the Ul l Boys winning the Avon County Hockey Championships and the regional IAPS tournamenL The Ul I boys also reached the fmal of the IAPS cricket tournament. There were some commendable succes8eg in the girl's hockey; the Ul Is got through to the quarterfu)als at an IAPS tournament and the UIOAS came joint third and the UIOBS ¢ame second in an invitstion tournan]¢nt at MillfLeld. In girls, foothall, the Ul Is finished third in their group at an IAPS tournament held at Portsmouth Grammar S¢bool. taking them through to the Shield Competition. A large number of pupils have been chosen to play for their counties, academie8, or nationally in a variety of sports. Individual success and achievements included a Year I I pupil selected for the Ireland U17 Ne￿all squad. a Lower Sixth student in the GB Artistic Swimming 4uad, a Taekwondo World Champion and a Kickboxing Ewopean Champion and two sailors on the f￿st step of the GB Perfonnance pathway. A Year 4 pupil perfornied well in climbing, gaining second place in the Girls aged 8-9 in the Depot Youth Cup 2023 and s¢cond place in the age 7-1 I category at the Big Open Flashpoint Festival. A Year 6 pupil achieved her Shetland Striders Award from the British Horse Society. A Year 5 pupil ¢omp¢ted in the Chew Badminton ToUrna￿ent Ul I singles, winning a bronze medal and won a silver medal in th¢ Weston Badminton Tournament Ul I doubles. A Year 6 pupil won the Avon League Ul I girls, Quadkids athletics, her total points score placing her in fifth place in the league all-tim¢ records. The Develo ent Office Our aim is to engage a global comn]unity of Old Bristolians, parents and other family members and to facilitate friendship4, attend social and professional networking events alld provide mentoring programmes for pupils and other Old Bristolians. We provide regular communication through our d¢dicated website. online and social media platforxns, promotional literathr¢, and a series of events. The 500 Campaign The Governors and Headmaster, with the work of the Developm¢nt Office, are committed to incTeasing life- changing bur8aries for children with talent and promise from all backgrounds, regardless of financial means. AS we approach the 5(K) anniversary of our Royal Charter in 2032, we encourage our BGS community to donate to our Campalgn. Our aim is to enable one in four children to r￿e1ve a n]eans tested bursary of at least 50%. We pian to raise £12million by 2032. Our fundrnising drive fo¢usses on ljigh-net-worth with the capacity to become "leadership donor8" giving large sums to support other multiple bursary awards. We also encourag¢ legacy giving and pmmote opportuniti&8 to donate smaller and regular sums through our bi-annual "giving day" a 36 hour online fundrnising event that invites participation from the whole school including pupils, parents and staff, Over £2million has been raised since the launch of the Campaign in 2021. There are 173 children (12 /0 of pupil roll) now Teceiving bursary awaTds thanks to philanthropic 5UPPOrt. We do not us¢ third party profe￿IDna1 fundraisers and we ensure that our fundraiqing ConfOrn￿ to and exceeds best practice. We do not contact the general publi¢, including wlnerable people and any complaints, if received, would b¢ r¢port¢d and dealt witli promptly and thoroughly. Tbe Heathmaster oversees and moniloTS the work of the Developtnent Office and tlie Director of D¢velopment, and reports to a Governor Committee and the full Board. Donations and legacieq have been received from a variety of TTh8ts. Foundations, ParenLs, Grandparents, Old Bri¥tolians and other friends of BGS. The Headmaster, Governors and BGS Con]munity express sinc¢re thanks for all of these generoug donations and legacies which provide life changing opportuniti¢s for the supported pupils and their families. Our sincere thanks to all donors to Bristol Grarnmar School. through their continued generosity we have been able to educate a significant number of pupils who might not otlienvise have this lif¢-changing opportunity. Registered Company Number: 05142007 Registered Charity Number.. 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT (continued) for the year ended 31 August 2024 Public Beneflt The Charity, in accordan¢¢ with its Objects, provides education for l)oys and girls ag¢d 4-18. The Charity also provides public benefit opporttjnities tbrough: The Provision of m¢ans-tested bursary assistance (up to IOIY/o of the ￿11 fee plus a Contribution to other essential items a pupil may require) to families wh08e children could not, for f￿ancial reasons, othernrise attend th¢ School, as ¢xplained in the school's mission statement on page 6. Provision of facilities to Jocal school4 other ¢l]arities and community groups (at no, or significantly reduced charge),. Being in partnerships with other sch(K)Is (state maintained) to provide lessons, advice. support and assistsnce as appropriate, (including with the Bristol Education Partnership). Raising money for a number of UK and Overseas charities throughout the year" and Participation of n￿)Y Senior School pupils in Community Volunteering activities. The Governors and Headmaster continue to cxplore ways in which the 8¢hool may be able to help with educational and wider- provision throughout the city. As referred to above we are a founder rnember of the Bristol Education Partnership, a group of17 bodies including state schools, Ind￿endent schools, universities and the city council, with a number of aims including overcon]ing disadvantsge for Bristol's youllg. The Infant and Junior School's partnership with Willow Park CotE Prinlary has continued to develop. Their entire cohort from R¢¢eption to Year 6 joined us during the Febrnary Inset. In addition, Willow P￿k have assisted us in providing an alternative placement for a member of our stsff on a PGCE course. It was a super opportunity for our teacher to gain a wealth of experience working in an Infant ￿h0O1, with over 16 different languages in the class. In furtberan¢e of these objectives the Governors, as charity trustees, hav¢ complied with the duty in section 4 of the Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sub sector guidance concerning the operation of the Public Benefit requirement under the Act. Bursari. Grants 173 pupils (2022-23: 145) were awarded fees assistance which supported 120/0 of the PUPAI roll (2022-23: 110/0) at a total cost of £1.626,735 (2022-23.. £1,236,358). The Governors and Headmaster shar¢ a long-terni commitment to significantly increasing bursary support. A consideTed review of a numb¢r of criteria are taken into consideration in the allocation of fmancial awards. Scholarshi Pollci. Scholarships are awarded to recognise an individual's exccptional abilities in any one, or more. of a number of academic, sport. and the creative and perforn]ing arts, music, dance and drama. Pupils awarded a BGS Scholarship, Years 7-1 l and the Sixth Forni, will receive an annual grant to support their development in the field of their award and join the School's Scholars Programme, giving them access to a wide range of opportunities designed to stretch and challenge and encourage their love of learning. Scholarships are available for enty to our Senior School and Sixth Form. Communlt . Involvement BGS encourages its pupils and gtaff to become involved in community outreach projects and work, including the provision of an INSET time (at least half a day a year) syecifically for qtaff to help with community work. The School also offers th¢ use of its facilities and equipment to both local junior and senior State schools and other organisations and clubs, either free of charg¢ or at reduced rates. The ￿h0o1 publishes an Impact Report detailing its partnersbip and outreach worf( and itnpacL in the local Gommunity and beyond. 12 Registered Company Number: 05 142007 Registered Charity Number.. 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT (continued) for th¢ year ended 31 August 2024 Teaehln Links BGS Continued lo provide placement training for S￿dents undergoing their initial tea¢h¢r trdining. In addition, several placements have been hosted for potential PGCE sNdents and teacher apprentic¢ships, including for ex- BGS pupils. The School encourages BGS teaGhing staff to act as examiners and asse550rs for examination boards. A Deputy Head is the Marking Progran]me Leader forthe KS2 Mathq National Curriculum Tests. We also have two members of staff who are ISI school inspectors. The Environment Sustainabiliii, and Rec 'clin Bristol Grammar School fully acknowledges its responsibility regarding the in]pact it bas on the environment and the importance to lead by exalnple regarding sustainability and recycling. The School does have some constraints, such as the age and constTUCtion of some of its older buildings, and the listed status of the main school building, but has already undertaken a significant amount of work to be &8 environmentally aware and responsible as po&sible. A number of initiatives - many of which are pupil-led- continue, such as ensuring mlnimal waste froln all food production and consumption, the removal of all single-use plastic water bottles, the provision around the site of recycling points, and en¢ouraging more sustainable modes of transport to and from school with BGS being acknowledged with a Good level a¢¢reditation from Modeshift STARS for th¢ schiK)I's travel pla￿ following especially great work from the s¢hool's year 7 and 8 Active Travel Team. BGS has planted a significant number of sapling trees supplied by the Woodland Trust during the year. The school ns severdl Eco Clubs, representing every year group in the schooL and has dedicated staff members in both the senior, junior and infant.qchools leading on sustainability. The School has registered with Let's go Zero by 2030 and whilst there is much being undertak¢n in this area, th¢re are further plans for pupils and staff to increase the scope and reach of our environmental work. The school Ilas recently rec¢ived the Eco Schools Green Flag award in recognition of its work in this aT¢a. The school is clabsified as a large compally and has Tecendy submitted to the Environment Agency the required Energy Saving Opportunity scheme (ESOS) 2024 Report, that summarises energy saving opportunities both in the short and longer terni and consis¢¢nt with the school's carbon reduction work. Stream]ined Ener ' and Carbon Re ortin SECR) Th¢ School is pleased to report its UK greenhouse gas (GHG) emissions and energy usage data for the year I September 2023 to 31 August 2024 together with comparative figures. 2024 2023 Energy consumption used to calculate emissions (kwh) Scope I: Emissions in n]etTiC tonnes C02e Gas consumption Owned transport- mini-buses and vans Totsl Scope I Scope 2: Emissions in metric tonnes C02e Purch&sed elcctricity Scop¢ 3; Emi&sions in metric tonnes CO2e Fuel reimbursed for travel in employee owned vehicles Total grosq emission in metric tonne8 C02e Intensity Ratio: lonnes C02e per pupil based on Autumn roll 3,924,518 3,949,522 484.22 497.01 4.57 4.60 488.79 501.61 257.57 246.61 4.02 4.99 750.98 753.20 0.55 13 Registered Company Number: 05142007 Resvistered Cl￿rity Number: I I(N425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT (conlinued) for the year ended 31 August 2024 Quantification and reporting methodology The 2019 UK Government Environmentsl Reporting Guidelines and the GHG Protocol Corporate Accounting and Reporting Standard were followed to ensure the SECR requirements were m¢t. The energy dats has been Consistently collected from energy metsring, supplier invoices, eftnployee repayment laims and minibus and van vehicle usage records. The energy data was converted to carbon emissions using the UK Government Conversion Factors for Company Reporting. The associated emissions are divided into th¢ combustion of fuels and the operdtion of fa¢ilities (Scope l). purchased electricity, heating and Gooling (S¢ope 2) and in-direct emissions that occur as a consequence of School activitieg (Scope 3). Electricity consumption Tose by 4.4°/o compared to last year with the school operating with a highest ever pupil roll and a significant increas¢ in external use of the Perforniing Arts Centre and other sch(x)I facilities t}￿oUghOut the year. There is also a great emphasis on the use of technology in education which does require ¢l￿triCIty. However, the larger element of energy usage, gas consumption, fell by 2.80/0 in 2023-24 which helped reduce the school's total emissions. Other measures taken to improve and educate regardlng energy efficiency The School has imstslled smart meters across the majority of its premises. Professional advice is sought for any capital works or major re￿rbIShMent projects to ensure environment regulations and improved insultation are tsken into ¢onsiderdtion and appropriate sustainable n￿terialS are used. Within the Constraint of the School's site and the age of the buildings, inrluding the listed status of aterial parts of the site, care￿1 environmentsl consideration is given for the replacement of items such as boilers and heating systems. Improved insulation is caTried out where possible. The School has endeavoured to use LED lighting systems where possible and has undertaken a rolling programme of replacement a¢ross the School's estate. This policy is being continued through the BGS estate. The great diversity of our SchoDI, and the PTovision of co-education for 4-18 year old4 means that children trdvel from all across the city to attend BGS and whilst we are focused on n]inimising travel by car, whenever that is possible, it is inevitabl¢ that for some, given the difficulty of using public transport to traverse the city at a yOLmg age, there is no alternative. Staff have b¢en encouraged to maximise their use of technology and remote training opportunilies to reduce distances travelled. The school has replaced two SUPPOrt slaff vebicles, that were powered by diesel, with one electric van. BGS has registered with Let's Go Zero 2023 - s¢hools working together to reduce carbon and address climate Change. The Governors and members of the KMP have met with consultants during the year regarding the fonnulation of the school's carbon reduction plan. A presentation will be given by the consultsnts, following a site $urv¢y, shortly after the year end, to the Estste Governors, Heathnaster and members of the KMP on short-. medium- and longer-tern] action5 that the.8chool can use to redu¢e carbon. Gender Pai Ga Re ort and Bristol Gran]mar School publishes ILS Gender Pay Gap Report on it5 website and is available to view at www,.bristol pran]mar%chool.co.uklabouil'obs. The scliool 18 keen to enCou￿ge all applicants, irrespective of gender, to apply for senior positions when these become available at the school - the KMP Ix>dy has a ratio of 50.50 women to rnen. BGS proactiv¢ly looks to offer flexibility in management positions where feasible, Swch as job share and part time working to provide greater access to these posts, BGS offers the same level of pay for any position regardless of gender. 14 Regist¢red Company Number.. 05142007 Regisfrred Charity Number. 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT (continued) for the year ended 31 August 2024 ualo ortunilies The School has given due consideration to applicants and employees with disability as docun)ented in our policies and procedures. In the Employee Recruitment and Selection policy the aims are as follows: To ensure that the best possible staff are recruited on th¢ basi* of their skills and experience. To ensure that all job applicants are considered equitably and consistently - the 8ySteJn the school uses for applications anonymises candidates during the selection process to ensure fairness in the followAng areas.. age, disability, employment status, gcnder (including gender reassignment), maritsl status (including civil partn¢rship), race (national and ethni¢ origin). religion (and beliefj and sexual orientation. To ell￿re compliance with all relevant recornmendations and guidance including the recommendations of the Department for Education (DIE) in Keeping Children Saf¢ in Education (2024) and the code of practice published by the Disclosure and Barring Service (DBS}. To ensure that the School meets its commitment to safeguarding and promoting th¢ welfare of children and young people by carying out all nec¢ssary pre-employment checks. To Continue the emplo)Thent of, and arranging appropriate training for, employees of the School who have become disabled persons during the period when they were employed by the School, and To develop the training, ca￿er progression and promotion of disablcd persons en]ploy¢d by the School. lo eeEn ement The School seeks to provide employe¢8 witb inforniation and incTease employee engagement in many ways some of which are as follows: Externally set, allonymous staff 5urv¢ys covering wellbeing and ¢ngagemenL run each temi. Briefmgs for all staff. including tennly strategic Headmaster briefings, which include KPIS, details of budget reviews and pay and pension lnforniatio￿ when applicable. Weekly bulletin and briefing to keep people infonned on a full 8¢0pe of School matters. An Infonnation and Consultstion of Employees Committee with employee representatives from all areas of the School, meet lernily as a minimum. Specific INSET sessions to engage employees in a variety of topics and professional dev¢lopm¢nt including cross departmental working. Posilive staff community? promoting engagement within areas of the School outsidc of their arealdepartmenL The S¢hool h&8 a Joint Negotiating Process with the National Education Union. Charl . Fundraisln Raising money for Charity is a v¢ry important part of school life for pupils and other members of th6 community at BGS, both on a wliole school basis within the senior, junior and infant schools, and al80 by individual House event¥, encouraging kindness, teamwork and social responsibility. Both pupils and Staff sit on the 8chool's Charity Con]mittees. A total of £10,220 was raised in 2023-24 for a diverse range of Charities, both in the UK and Overseas. Charitiv supported by the Senior School included Morocco Education For All, Movcmber, Save the Children and Greenpeac¢. The Infant and Junior School charity fundraising efforts" raised fvnds for Guide Dogs for the Blind, Brain Injury TrusL Little Princess Trust and Con)ic Relief. Significant time and goods were also given to a number of local ¢lwities which included Caring in Bristol, St Joseph's care home and North West Bristol foodbank. 15 Registered Con]pany Number: 05142007 Registered ChaTity Number: 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS. REPORT (continued) for the year ended 31 August 2024 FINANCIAL REVIEW Al￿ RESULTS FOR THE YEAR The School's main sources of revenue are from school fees, investsnent income derived from its pern]anent endowment, bursary and other funds raised, l¢gacies and receipts from external charitable trusts. Third party revenue is also generated frorn th¢ Gommer¢ial and community use of the School's 1532 Perforniing Arts Centre and Sports Facilities through it5 trading subsidiary, BGS Enterprises Limited. Th¢ Schools Fees Poli¢y is to set the fees at a level which will be sufficient to meet the Nnning costs plus an appropriate element for maintenance and capital and technology illvestmenL The investJn¢nt income will continue to be used to provide means-tested bursary a￿]StanCe with fees. The trading perfom]ance of the School showed a surplus on unrestrI￿¢a funds (beft>￿ investment gains) of £613,166 (2023: Su￿1￿$. £23,971). This 18 after a depreciation charg¢ in the year of £979,866 (2023: £1,092.335) and donations of £144,398 (2023: £40.583), During the year £150k was transf¢￿ed from the cndowment to unrcstricted funds, under the school's Total Reknn adopted policy, to go towards increasing the filnding of pupil fees assistance. The School uses Key P¢rforn]ance IndiGators to monitor thc School's fmancial perfornjance. exomples of which, witb ￿rther comment below, are the following: 2023-24 2022-23 Pupil number at year end stsff costs as percentage of income (excluding donations) BuTsary> scholarship and other fee remissions as percentage of gross fee income Year-end Gash balance Capital expenditure in year (including investment property) 1,386 72.30/. 11.80/0 £9,336,6J I £1,025,575 1,367 73.7/0 10.9/0 £5,621.192 £909.195 Good fees collection, a focus on finding cost savings and Carly payment of fees for future tem)s has increased the year end ¢ash holdlng. Following the General Election on 4 July 2024, the Labour Government has subsequently at)nounced it will be applying VAT to independent school fe¢s with eff￿t from l January 2025. The Governors and Headmaster agreed on the following course of action.. To protect existing pupil numba3 on roll and a continued strong focus on future admissions. Rewver th¢ impa¢t of VAT over up to a 3-year period, thTough a mixture of fees, cost Savings and efficiencies whilst protecting the quality of the all-round ¢duGation BGS provides. The school will not pa88 onto parents the full VAT impact in year one and will rigorously manage the cost base, but not IMp￿t the school's offer, in order to minirnise any future VAT led increase. The school will manage capital expenditure carefully to ensure health and safety, teaching. and technology requirements are met. We will seek to spend on "growth" capitsl expenditure but managed Carefully. The school's bank account balance remains strong and control over th¢ school's cash flow continued to remain a priority. with expenditure focused on the delivery of an all-round quality education and health and safety requirements. The y¢ar end bank balan¢¢ and a statement of cash flows can be found on page 28 of the Financial Statements. Interest from farnilies wishing for their children to join the school from September 2025 remains strong. 16 Registered Company Number.. 05142007 Registered Charity Number: 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT (continued) for the year ¢nded 31 August 2024 Salaries the S¢hool's largest cost but stsff are also the School's greatest asset. The gchool's staff continue to woik extr¢mely hard to deliver. for our pupils, excellent academic progress, an enriching extra-curricular piogramme and caring pastoral &￿ppOrt. The pupils, achievements in public examinations, as Teferred to above, were outstanding. The Governors, policy is to reward staff appropriately to ensure the School recruits and retains quality I¢￿h1ng and support staff for the efficient operation of the School and to deliver an exceptional educational experience for all our pupils. The Governors monitor, closely, th¢ salaries offered in the stste sector. Whilst the Govemors endeavour to consistently keep fee increases as low as possible, this is impacted by economir conditions and gov¢mm¢ntal policies and legislation. The number of pupils receiving bursary support has in¢r¢ased over the last five years. It is the Governor8, mission to increase bursary suppo¢ subject to future funding and other constraints, for pupils who will benefit from an education at BGS and would not otherwise be able to attend the School. The School will also supporl subject to appropriate due diligence, any existing familieg, already within the school, where there is sudden fmancial hardship. These fatnilies will be assessed in accordance with the school's bursary due diligence Process and ternis and conditions. stered Char Charges have been registered in favour of HSBC Bank PIC over some of the InveslJnent Properties owned by Bristol Grammar School and six houses that BGS owns on Elton Road, Clifton, Bristol, as detailed in note 15 to th¢ Accounts. The charges relate to a loan from HSBC tsk¢n out for the construction of1532. the Pertorniing Arts Centre. Goin Coneern The Governorb, review and monitor the School's detailed income and expenditure budget which includes contingencies for the risks of lost income or additional expenditure. Management accounts are prepared regularly, and results are rnonitored closely against budget with any material variances analys¢d in detail. The School's projections, including sensitivity analysis and casb flow forecasts. and the in]pact of VAT on indq)endent school fees, are closely reviewed by GovernoTs in order to make pn]dent financial deci9ions for the School. The Directors fully consider the following in their analysis and review of going concern: The accounts of both Bristol GrammaT SGhool and its trading subsidiary BGS Ente￿[15¢$ Limited. Budgets, forecasts and cabh flows which extend both twelve months beyond botb the Balance Sheet date, 31 August 2024, and the date when these financial statements are signed off. The bank balance at the 31 August 2024, which remains strong. The cagh collection of the autumn tern] 2024 fees continues to be good. What expenditure, including capital projects. and technology* is appropriate for the sustainable fllture of the School. Bristol Grammar School is in ¢ompliance with all it% banking covenants. The pupil numbers are high with continued excellent external exam ret>ults and continued strong interest fro prospective parent8 and pupils wishing to join the school. The Balance Sheet at 31 August 2024 is healthy and both cost contToI and cash collection remain a priority. The Governors, Headmaster and Key Management Team continue with their review of the School and business operations to ensure appropriate efficiencies. The Directors are therefore content that the financial statements have been drawn up on a going concern basis. l7 Registered Company Number: 05142007 Regi8tered Charity Number: 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT (continued) for the ycar ¢llded 31 August 2024 Investment Mana ement At the year end the School's Jnvestrnents, combining securities, Cornmercial and Tesidential pmperty, totalled £21,806,316 (2023.. £20,418,602). The school's investments experienced market gains of £1,168,530 during the year after suffering losses of £806,339 in the prior year. The School's investtnent property portfolio remained strong reflecting a gaiti of £170,725. The combined gain on investments totalled £1,339255 (2023: loss of £761,339) and the Investment Income (including bank interest) g¢nera*d during the year was £999,638 (2023: £755,659). The Dir¢¢tors' policy is to hold a balanced wtfolio of investments which enbance the Teal value of the capital invested whast also produ¢ing an appropriate level of incotne to nmintain the School's ¢omtnitment to provide assistance with fces for those pupils who would not otherwise k able to attend BGS, and this ren￿IllS a key goal for the School. The School's investment portfolio had been split and managed by Evelyn Parthers Investment Management LLP and Ruffer LLP. However, after an extensive review process by the Governors, Heathnaster, and Bursar the investments. managed by both firn]s, have been transferred to CCLA Investment Management Limited and invested in COIF Charities Jnvestment Income Funds. The Board considers this will help to generate the n¢ces5ary consistent incon)e for the school's bursary support. At the year end, the only investment holdings that had not been trallsfe￿ed to CCLA were in the Charity Propety Fund (CPF). The sale of these ￿llds has been requested and Ihis is being progress￿ by CPF. The Governon receive and review investment wmmary reports from the school's Investment Managers regularly throughout the year and either meet with the Investment Managers OT speak via a conference call to discu￿ the portfolios and review strategy at least three times a year. Total Return Accountin The Unapplied Total Return "UTR" balance8 for Bristol Grammar School Trust and Bristol Grammar School Scholarship, BU￿ary and Pri7£ Fund are shown in note 18. The School pa&sed a resolution on 23 Jun¢ 2023 to adopt the use of total return in relation to its pernianent endowmenL This pemiits the Trustee to invest pernianent ¢ndowments to maxirnise total r¢turn and to apply an appropriate portion of the unapplied total return to income each year. Until this power AS exercised the total retUTn shall be an 'unapplied total return, (UTR} and remain as part of the pernianent endowment. The School used a valuation date of 31 August 2022 to calculate the initial value of the UTR to be available endowJnen¢ ￿lld. The Charity Cojnmission gives the School discretion on how to determine the value and after taking PTofessional advice it was agreed, given tlie difficulty in tracing the value of investments over an historic period and ¢onfirn]ing the original endowment values, to take the total value of capital gains over the previous eleven years (excluding direct holdings in inveslment properties) and reducing this by an annual inllationary adjustment. The trustees have the power to decide in each ycar how much of the UTR is transferred to income ￿ndS and so available for expenditure. Having considered their obligations to make decisions as to not prejudice the School's bility to further its Purposes now and in the ￿ture, and after consideration of benChrna￿ total returns itwas agreed to transfer £150,000 of unapplied total returns to unrestricted fimds for the year to 31 August 2024 (2023:£150,tN)o). 18 Regi4tered Company Number: 05142007 Registered Charity Numb¢r'. 1104425 Bristol Grammar School (A company limited by guarantec) DIRECTORS, REPORT (continued) for the year ended 31 August 2024 Reserves Poli The Governors, ￿serVeS policy is to produce sufficient cash sutpluqes of unrestricted fill￿$ each year, so that after the add back of depreciation, the School generates Sufficient funds to maintain and develop the School's facilities, equipment and technology, to materially contribute to Bursary funding, to service any capital and interest pajinents on outstanding loans and to maintain a balance as a contingency. External bO￿owing is used, as and when necessary, for any material capital projects after the fornial approval of a business plan by the Governors. The Governors have prudcntly f￿ed the rate of interest on the cu￿ent bank loan for its terni when interest rates were at a very low level. The School's unrestricted fimds are deployed as part of the School's buildings and equipment in tangible fjxed assets. In the absence of free reserves (unrestricted fund5 not held in tangible fixed assets) the School's Governors ¢nsure day to day w0￿1ng capital requtrements are met by care￿1 management of its short-tenn liquid resources. The Governors ¢onsidcr that liquidity of a lenn's working capital requirements would be desirdbl¢. Taking the School's tcnnly unrestricted operational expenditure and after adding back the depreciation cost gives a larget for liquidity of around £7m. The Governors. policy is, under nornial economic conditions. to continue building up liquid reserves out of annual operating surpluses and unrestricted donations. subject to further neGc5sary Capital and planned maintenance expenditure and provision of appropriate bursary support for pupils. Restricted and Endowment ￿ndS are held in cash* property and investments. Capital and income from restricted funds are aln]ost cntirely restricted to the funding of bursaries. In¢ome from the Endowment fi￿d8 is restricted to support bursary funding via the unrestricted fund. Further detail on the level of reserves held is provided in relevant supporting notes to thc Financial Ststernents. The balanc&s are monitored closely by the Board and are in line with budgeted forecasts. At 31 August 2024 the reserves held by the School were unrestricted funds of £16,634,597 (including d&signated funds of £483,133), restricted ￿ndS of £2.765,298 and endowment ￿ndS of £19,473.055. Unrestricted fund5 include a tangible fixed asset fund of £16,125,914 (the total book value of unrestricted tangible fixed assets held at that date) plus a gcneral unre8tricted fimd of £26,550. How the Board eom ie5 With its Section 172 Dut ' Section 172 {1) of the Companies Act 2006 (ststement of Director's Dutie5 to Stakeholders) requir¢s directors to act in good faith to promote the ¥ucc¢ss of the charity for the benefit of its n]cmbers, and in doing so have regard (amongst other matters) to: the likely coThsequences of any decision in the long temi. the interests of the charitsble company's employees. the need to foster the charitable compally's business relationships with parenLs, suppliers, and others. the impact of the charitable C4)mpany's operations on the community and the environmenl the desirability of the charitable colnpany maintsining a Teputation for high standards ofbusiness conduct. and the need to act fairly as between members of the charitable company. As set out on page 12 within "Public Benefit" and "Community Involvement" the School has as well as material bursary Support for pupils, developed links with a wide range of individual8 and organisations to ensure the widest pO￿lble acce55 to the excellent education that the School delivws and, within the constraints of safeguarding, the use of its facilities by community groups and other useT¥. Bursary support has been provided for both children in care and refugees during the year. The Governors see the re¢nergised fundraising initiatives, driven by the Headmaster and Director of Development, as an important strategi¢ move in achieving the School's Mi55ion: to provide an exceptional and rounded education to those who mig,ht benefit from it. reLyardless of their background and financial means. 19 Regi%tered Conipany Number.. 05142007 Registered CILaTity Number. 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS. REPORT (continued) for the year cndcd 31 August 2024 The School is proud to be a founder membet the Bristol Edu¢ati4)n Partnership which was set up in 2019 with the aim of broadening young people's expeTience of education, opening up new opportunities and overcoming disadvantage. It is a collaborative a￿angement involving six state secondary schools, seven independent schools, St Brendan's Sixth Fornj College, University of Bristol, University of the West of England and Bristol City Council, working together to enrich education and impmve outcomes for children and young people in the city. Projects. events and activities are organised in partnership with a wide range of organisations from across Bristol, giving young peopl¢ access to the best that our exciting and vibrant city has to offer. Teacher netwo￿$ have been set up to enable collaboration across partner schools so that best practice can be shared. The School community also undertakes a number other initiativ¢s and volunteering to help with state infant, junior and senior Schools in the area including teacher training. Through membership of HMC, IAPS. AGBIS and ISBA and through networking with peer groups we ensure that we are able to attain the highest standards of quality and perfornance. The Governors, Headmaster and KMP in addition to the extremely important focu$ on the wellbeing and mental h¢alth of the Sch¢y)I's pupils and their families, also treated the wellbeing of the teaching and support sLgff as an absolute priority. A programme of mcntal health training continues throughout the BGS staff body. Details of how the School has engaged with employees and had regard to employee interests and employment consultation can be found within"Employee Engagement" on page 15. The Gov¢rnors ¢an d¢monstrate the prornotion and success of the charity for the benefit of the stakeholders through the "Operational Perfornunce of the School" included within this Strategic Report. The Governors, Headn￿ster and all of the school community are extremely proud that BGS has been named Southwest Independent School of the Year 2024 in the Sunday Times Parent Power guid¢. The Governors are respongible for strategic planning and policymaking for the School. in consultation with the Hcadmaster, and. accordingly, all key decisions, rcfcrring to the cu￿ent perforn]ance. and the future longer-tern) plans of the charity and stakeholders, are taken by the Board in consultstion with the Headmaster. The School is governed by the governing body (Board) which delegates work to a number of committees. Membership of ¢ach commitfre is outlined on page 2. Further inforniation can be found in the"Financial Review and Results forthe Year" within the DI￿tOrS, Strategic ReporL 20 Registered Company Number.. 05142007 RegIst￿ed Charity Number.. 1104425 Bristol Grammar School (A company limited by guarantee) DIRECTORS, REPORT {continued) for the year ended 31 August 2024 STA TEMENT OF DIRECTORS RESPONSIBILrrIES Tb¢ Governors, (who are also directors of Bristol Grammar School for the pun)oses of company law) are r¢sponsible for preparing the Directors, Report (and the incorporated Strategic Rep)rt} and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. Company law requireg the Directors to prepar¢ fmancial statements for each finanrial year which give a true and fair view of the state of affairs of ihe cllaritsble Company and the Group and of the incoming resources and application of resources, including the incorne and expenditure, of the charitable Group for that period. In preparing those fmancial statements, the Directors are required to: select suitable accounting policies and then apply thetn consistently" observe the methods and principles in the Clwities SORP. make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material dcpartures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it Is inappropriate to presume that the charitsble company WAII wntinue in buqiness. The Directors are responsible for keeping prop¢r accounting records which disclose with reasonable accuracy at any time the financial position of the charitsble Company and the Group and to enable them to ensure that the financial statements comply with the requirements of the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the Group and hence for taking reasonable steps for the prevention and detection of fiEud and other irregularities. The Directors confirni that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the Charity Commission's general guidance Dn Public Benefit. The Dir¢ctors have referred to the guidance in the Charity Commission's general guidance on Public Benefit when reviewing the School's aims and objectives and in planning the School's future activities. In particular, the Directors bave considered how planned activities will contribute to the aims and objectives they have set. Statement to Disclosure of Informatlon to the Auditor The Directors who were in office on the date of approval of the8¢ financial statements have confirn]ed, as far as they are aware, that there is no relevant audit infonrlation of which the auditor is unaware. Each of the Directors have confirn)ed that they have taken all of the gteps that they oug,ht lo have tsken as Directors in order to n)ake themselves aware of any r¢levant audit inforniation and to establish that the auditor is aware of that infoTmation. AUDITOR RSM UK Audit LLP has indicated its willingness to continue in office and will be r¢appoint¢d at th¢ annual general meeting. The Directors Report (and incory)orated Strategic Report) was approved by the Board on 6 D¢¢ember 2024 and signed on its behalf by: 4oJ Mark Wilson Director 21 Registered Company Number.. 05142007 Registered Charity Nutnber: 1104425 tNDEPENDENf AUDITOR'S REPORT TO THE MEMBERS OF BRISTOL GRAMMAR SCHOOL (A COMPANY LIMITED BY GUARANTEE Oplnlon We have audited the financial statements of Bristol Grammar School (the 'parent charitable company.) and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprige the Consolidated Statement of Financial Activities, the Consolidated and School Balance Sheets, the Consolidated Statem¢nt of Cash Flows, and notes to the financial statements, including significant accounting policies. The f￿anCIal reporting framework that has been applied in their preparation is applicable law 2nd United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 August 2024 and of the group's incoming resouwes and application of resources. including its income and expenditure, for the year then ¢ndeit' have been properly prepared in accordance with United Kingdom Generdlly Accepfrd Accounting Practice. and have been prepar¢d in a¢¢ordance with the requirements of the Companies Act 2006. B4sis for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards arc further d¢scribed in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ¢thi¢al requirements that are relevant to our audit of the financial staternents in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in acrordance witb these require￿¢llts, W¢ believe that the audit evidence we have obtained is sufficient and appropriate to provid¢ a basis for our opinion. Conelu5ion5 relating to going Concern In auditing the fllwicial statements, we have concluded that the trnstees, use of the going concctn b&sis of accounting in thc prcparation of the financial statements is appropriate. Based on the work we have pcrfomed, we have not identified any malerial uncertainties Telating to events or conditions tha¢ individually or collectively. may cast significant doubt L)n the group's or parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the flliancial statements are authorised for issue. Our respon8ibilities and the responsibilities of the trL)Stees with resprft to going GonGern are described in the relevant sections of this report. Other informatlon The other infOrn￿tiOn comprises the infonnation included in the DirectOTS' Report other than the financial staten]cnts and our auditor's report thereon. The tJustee5 are responsil)le for the other inf0m￿tiOn contained within the Directors. Report. Our opinion on the financial staten)ents does not cover the other Inforn￿tiOn and, except to the extent otherwise explicitly slated in our report, wc do not expres5 any forni of assurance conclusion thereon. Our responsibility is to read the other inforniation and, in doing so, consider whether the other infonnation is materially inconsistent with the financial statements or our knowledge obtained in the courge of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a n￿terial misbtatement in the financial statements themselves. If, based on the work we have perfornied, we conclude that there is a material misslatement of this other inforniation, we are requircd to report thai fact. We have nothing to report in this regard. 22 Registered Company Number.. 05142007 Registered Charity Number: 1104425 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRISTOL GRAMMAR SCHOOL (A COMPANY LIMITED BY GUARANTEE Oplnlons on other matters pre5eribed by the Companies Act 2006 In our opinion, based on the work undertaken An the course of the audit: the inf0m￿tIOn given in the Directors. Report, which includes the DirectOTS' Report and the Strategic Report prepared for the purposes of company law, for the financial year for which the fmancial stat¢m¢nts are prepared is consistent with the financial statements. and the Directors, Report and the Strategic Report included within the Directors, Report have been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exeeptlon In the light of the knowledge and understanding of the group and the parent charitable company and their environtnent obtsined in the course of the audit, we have not identified material misstatements in the Dirtttors. Report or the Strategic Report inGlud¢d within th¢ Directors, Report. We have nothing to report in r¢spect of the following rnatte￿ where the Compalli¢5 Act require us to report to you if, in our opinion.. adequate accounting records have not been kept by the parent charitsble company, or rethrns adequate for our audit have not been received from branches not visited by us. or the parent charitable company financial statements are not in agreement with the accounting records and returns. or certain disclosures of trustees, r¢tnuneration specified by law are not rnade" or re have not received all the infornlation and explanations we require for our audit. Responsiblllties of trustees A5 explained more fully in the Staternent of Directors, responsibilities set out on page 21, the tnjstees (who are also th¢ directors of the charitable company for the Purposes of company law) are responsible for the preparation of the financial statements and for beitLg satisfjed that they give a true and fair view, and for such internal control as the trus'tees deterniine is necessary to enable the preparation of financial statements that are free from tnaterial misstatemenl whether due to fraud OT cIror. In preparing the financial qtstements, the trustees are responsible for aqs¢ssing the group's and parent charitable company's ability to continue as a going concen4 disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless th¢ trnstees either intend to liquidate the group or parent haritable company or to cease operations, or have no r¢alistic alternative but to do so. Audltor's responsibilities for the audit of the flnaneial statements Our objectives are io obLqin reasonable assuranGe about whether the financial statements as a whole are free from material rnisstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance 1% a high level of assurance, but ig not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a matcrial misstatement when it exists. Mi8Statements can arise from fraud or etTor and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of user8 tak¢n on the basis of these financial statements. 23 RegiNtered Company Number: 05142007 Registered Charity Number: 1104425 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRISTOL GRAMMAR SCHOOL A COMPANY LIMITED BY GUARANTEEI The extent to whlch the audit was considered cap¥dble of deteeting irregularities, including fraud Irregularities are instances of non-compliance with laws and regulations. Th¢ objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the detern)ination of material amounts and disclosures in the fman¢ial statements, to perforn] audit procedures to help identify instsnces of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-¢ompliance with laws and regulations identified during the audit. In relation to frau(L the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appmpriate audit evidence regarding the assessed risks of material misstatement due to fraud thmugh designing and implementing appropriate responses and to res￿nd appropriately to fraud or suspected fraud identiftrd during the audit. However, it is the primary responsibility of managemenL with the oversight of those charged with governance, to ensure that the entity's operdtions are ¢onducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit ¢ngagement team: obtsined an understanding of the namre of the sertor, including the legal and regulatory framework that the group and parent charitable Company operate in and how the group and parent charitable company are complying with the legal and regulatory frall￿work. inquired of n￿￿gern¢nt, and those charged with goveTnance, aknut their own identification and assessment of the risLs of irregularities. including any kni)wn actual, suspected or alleged instances of discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the f￿anCial statements may be susceptible to fraud. As a result of these procedures we consider thc most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP {FRS 102), Companies Act 2006. Charities Act 2011, the parent charitable company's governing documenl and tax legislation. We perforn)ed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial 5tstements including the Trustees. ReporL remaining alert to new or unusual transactions which may not be in a￿OrdanCe with the governing documents. The most significant laws and regulations that have an indirect impact on the financial statements are The Education (Independent School Standards) Regulations 2014, Kecping Children Safe in Education under section 175 of th¢ Education Act 2002, and the UK General Data Protection Regulation (UK GDPR). We perfornied audit procedures to inquire of management and those ch￿ged with governance whether the ¢baritabl¢ cornpany is i compliance with these law and regulations and insperted correspondence with regulatory authorities. The group audit engagement team identified the risk of Jnanagement override of controls and income recognition for non-fee-income streams as the areas where the flllancial statements were most su￿eptib1e to material misstatement due to fraud. Audit PToceduTe5 perfom)ed included but were not limited to testing manual journal entries and other adjusiments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the nornial course of business, Challenging judgments and estimates and perforniing substantive test of details over a sample of donations, legacies, and other educational income. A further description of our responsibilities for the audit of th¢ financial statements is provided on the Financial Reporting Council's webslte at hi p:Ilwww.fr¢.o ,. uklauditorsres onsibilities. This description forn]s part of our auditor's report. 24 Registered Company Number.. 05142007 Registered Charity Nutnber: 1104425 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRISTOL GRAMMAR SCHOOL A COMPANY LIMITED BY GUARANTEE Use of our report This report 18 made solely to the charitable company's members, as a body, in accotylance with Chapter 3 of Part 16 of thc Companies Act 2006. Our audit work ha5 been undertaken so that we might state to the charitable c(ympany's members thos¢ matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent perniitted by law, we do not accept or assume responsibility to anyone other than the charitable company and th¢ charitsble company's members as a body, for our audit worK for thi8 report, or for the opinions we have fornied. ZOE LONGSTAFF-TYRRBLL (Senior Sta￿l0ry Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Charter¢d Accountants Portland, 25 High Street Crawley West Sussex RHIO IBG Date 12112124 25 Rcgisiered Company Number: 05142007 Register￿ Charity Number: 1104425 Bristol Grammar School (A company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 August 2024 Unrestricted Funds Restricted Endowment Funds Funds Notes 2024 2023 INCOME Donations and legacies 144,398 904,704 1,049,102 696.773 Charitable activities School fees Other educational income 20,249,513 (698,954) 118,440 19,550,559 18,114,084 118,440 109,113 20J67,953 (698,954) 19,668,999 18,223,197 Other Trading Activities Ancillary trading income Rents and lettings 14.781 390,265 14,781 390,265 61,332 294,793 405,046 405,046 356,125 Investment income 943,599 56,039 999,638 755,659 Other income 13,500 TOTAL INCOME 21,860,996 261,789 22,122,785 20,045254 EXPENDrruRE Cost of raising finds Charitable activities io io 597,768 20,650,062 69,681 667,449 606,671 56,959 20,720,164 19,390.840 13,143 TOTAL EXPENDITURE 10 21,247,830 13,143 126,640 21,387.613 19,997,511 NET INCOMEJ(EXPENDITURE) BEFORE INVESTMENT GAINS 613,166 248,646 (126.640) 735,172 47.743 Net gainsl(Io¥>ses) on investments 24,547 115,332 1,028,651 1.168,530 (806,339) NET INCOME/(EXPENDITURE) Transfer behveen funds Gains on investment properties 637,713 150,000 30,000 363,978 902,011 (150,000) 140,725 1,903,702 (758,596) 170,725 45,000 NET MOVEMEI(r IN FUNDS 817,713 363,978 892,736 2,074,427 (713,596} Fund balanc¢s brought forward 15,816.884 2,401,320 18,580.319 36,798,523 37,512,119 FUND BALANCES CARRIED FORW ARD 22 16,634,597 2,765,298 19,473,055 38,872,950 36,798,523 The notes on pages 29 to 49 forni part of the* fmancial statements. All of the Group's operations are Classed as continuing, 26 Registered Company Number.. 05142007 Registered Clwity Number.. 1104425 Bristol Grammar School (A company limited by guarantee) CONSOLIDATED AND SCHOOL BALANCE SHEETS as at 31 August 2024 Group Schiyol Notes 2024 2023 2024 2023 FIXED ASSETS Tangible a&8ets Investments 17,158,416 21,806,316 17.429,941 20,418,602 17,158,416 21,806,316 17,429,941 20,418,602 12,17 38,964,732 37,848,543 38,964,732 37,848.543 CURRENT ASSErs Stock Debtors Cash at bank 2,881 1,121,447 9,336,611 1,211 792,034 5,621,192 13 1,127,409 9,256,201 795,794 5,530,384 10.460,939 6,414,437 10,383,610 6.326,178 CREDITORS: AMOUNfs FALLING DUE WITHIN ONE YEAR 14 (5,816,088) (4,583,885) (5,739.761) (4,496,628) NET CURRENT ASSETS 4,644,851 ,830,552 4,643,849 1,829,550 TOTAL ASSETS LESS CURRENr LIABILITIES 43,609,583 39,679.095 43,608,581 39.678,093 LONG TERM LIABILITIES Creditors payable after one year 15 (4,736,633) (2,880,572) (4,736,633) {2,880,572) NET ASSETS 38,872.950 36,798,523 38,871,948 36,797,521 CAPITAL FUNDS Endowments 18 19,473,055 18,580,319 19,473,055 18.580,319 INCOME FUNDS Restricted funds 19 2,765,298 2,401,320 2,765,298 2,401,320 Unr¢stricted funds 20 16,634,597 15,816,884 16,633.595 15,815,882 TOTAL FUNDS 22 38,872,950 36,798,523 38,871,948 36,797,521 The note8 on pages 29 to 49 forni part of tliese finan¢ial statements. Approved by the Directors and auihorised for issue on 6 De¢ember 2024 and signed on thcir behalf by.. Mark Wilson Director 27 Registered Company Numb¢r. 05142007 Registered Clwity Number.. 1104425 Bristol Grammar School (A company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS for thc ycar ended 31 August 2024 Notes 2024 2023 CASH (oifrFLOW)IINFLOW FROM OPERATING ACTIVITIES 23 4,084,993 (35,678) CASH FLOWS FROM INVESTMEwf ACTIVITIES Inveslment income Payments to acquire investments Receipts from sales of investments Receipts from sales of r￿ed &ssets Payment to acquire tangible f￿ed assets 999,638 (15,223,810) 15,111,100 3,000 (786,580) 755,659 (315,088) 328,587 (800,624) NET CASH (oufGOING)IAIUSING FROM INVESTING ACTIVITIES 103,348 (31,466) FINANCING ACTlVtTIES Payments to repay bank loan Jnterest paid (431,249) (41,673) (419,386) (53,544) NET CASH USED IN FINANCING ACTIVITIES (472,922) (472.930) INCREASE/(DECREASE) IN CASH 3,715,419 (540,074) CASH AT BEGINNING OF YEAR 5,621,192 6,161,266 CASH AT END OF YEAR 9,336,611 5,621,192 ANALYSIS OF NET DEBT Asat I Sept 23 Other non- cash ¢hanges Asat 31 Aug24 Cash-flows Cash at bank 5,621,192 3,715,419 9.336,611 5,621,192 3,715,419 9,336,611 Bank Loan falling due within one year Bank Loan falling due after more than one year (431265) (1,250,240) (11,864) 443,113 (443,129) (807,127) (1,681,505} 431249 (1,250,256) Total net cash 3,939.687 4.146.668 8,086,355 28 Registered Company Number: 05142007 Registered Charity Number: 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENfs (continued) for the ycar cnded 31 August 2024 GENERAL INFORMATION Details of the School's incolporation and place of business are given in the Director's Report. The group consists of Bristol Grammar School (including "linked charities"} and BGS Enterprises Limited. BASIS OF ACCOUNTING These financial statements have been prepared in accordance with A¢¢ounting and Reporting by Charities Recommended Practice applicable to charittes preparing their accounts in arxordance with FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, ('FRSI 02,) and the requirements of the Companies Act 2006, and under the higtorical cost collventio￿ modified to include the revaluation of freehold properties and to include investment properties and certain fmancial instrnments at fair value. Golng Concern PupAI recrnitment in 2023-24 was at a record high and the intske for Septetnber 2024 remains good with no significant change in admissions activity being ¢xp¢riellced Since the announcement that VAT will b¢ applied to independent school fees from January 2025. Following the VAT announcement, the 2024-25 budget {in¢luding Income and Expcndiwre Accounts, Balance Sheets and proJ￿ted Cash Flows) and five-year forecast have been updated, taking into consideration the impact of fee rises on BGS families. The Governors and Headmaster have agreed Éo protect pupil numbers by recovering the impact of VAT over up to a 3-year period, through a mixture of fees, cost savings and effictenci&s whilst protecting the quality of the all-round education the school providcb. It ha8 also been agreed to ac¢¢pt potential deficits, up to the next three years, so long as the school remains c&sh positive in each year, but with the objective of generating an appropriate ongoing and sustainable surplus, as quickly as possible. The forecasts and cashflows contain a contingency amount as a buffer against any fall in pupil numbers or unforeseen expenditure and the School's Balance Sh¢et remains strong. The bank balance at 31 August 2024 was strong refiecting the good cost control and fees collection and also an increase in the early payment of fees for future terns. The HSBC Bank covenartts, in relation to the PAC Bank Loan, were pa&8¢d at 31 August 2024. The Directors are therefore Gontent that it is appropriate to produce the Financial Statements on a Going Concern Basis. BEDUCED DISCLOSURES In accordance with FRS 102, the School lias taken advantsge of the exemption from the following disclosure requirements. Section 7 'Statement of Cash Flows,. School only statemenL Section I I 'Basic Financial Instrnments, and Section 12 '0ther Financial Instrument Issues,. 29 Registered Company Number: 05142007 Regist¢red Charity Number: 1104425 Bristol Grammar School (A company limited by guarantce) NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 August 2024 PRINCIPAL ACCOUNTING POLJCIES (a) Fees and ￿mIlar ineon)e Fees receivable and chargcs for services and use of premises are accounted for in the period in which the service is provided. (b) Advance Fees Scheme The School operates an Advance Fee Scheme for parents. Each arrangement is in respect of an agreed amount to be credited against future fee bills for an agreed number of terms, and any discounts given against future fees is released to the Statement of Financial AGtivitie8 in line with the period covered by the advance fees. The unused balance of the advance is repayable upon request in accordance with th¢ ternis of the parental agreement. Figures for advanced fee payments are detailed as gmssed up liabilities and assets (for the discount element) in note 16 and 13 respectively. (c) Acceptance deposits Acceptancc deposits are paid to the school to secure a place for the child at the School. Deposits held fonn part of the general funds of th¢ School until the child leaves the School at which point they are credited without interest to the fmal payment of the fees or other sums due to the School. Deposits are held as creditors on the balance sheet and are classified as owing within one year and over one year based on when they are expected to k rr¢di*d against income. (d) Donations And fund aecountlng Income from donations and legaci¢5 ar¢ accounted for as and when ¢ntitlement arises, the amount can be reliably quantified and the economic benefjt to the School is considered probable. Donations received for the general pury)oses of the School are included as unrestricted funds. Donations restricted by th¢ wishes of the donor or the tern]s of an appeal are taken to restrictrd funds. Donations Tequired to be retained as Capital in accordance with the donor's wishes are accounted for as endowrnents- pernianent or expendable according to the nature of the restriction. (e) Government grants Government grants are recognised at the fair value of the a￿¢t reKeived or receivable when there is reasonable assurance that the grant conditioll5 will be met and the grants will be received. (o Expenditure ExpendilTr￿e is accounted for oll an a¢¢n￿ basis. Overhead and other costs not directly attributable to particular fimctional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year either by refetEnce to stsff time or space occupied, as appropriate. The irrecoverable element of VAT is included with the item of expense to which it relates. Support costs comprise the Gosts of running the charity excluding costs directly related to education, including overheads and maintenance of buildings. It also includes external audiL legal advice, insurance and all the costs of complying with constitutional and statutory requirements, such as the Costs of preparing statutory accounts and satisfying public accountability. 30 Registered Company Number.. 05142007 R¢gistered Charity Number. 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ¢nd¢d 31 August 2024 PRINCIPAL ACCOUNTING POLICIES (continued) Igl Tangible fixed assets Fixed assets are included in the financial statements at their original ¢ost less depreciation. New buildings, major impmvements and extension5 are capitalised at their original cost. Furniture and equipment acquired for new buildings, rnajor improvements and extensions are capitalised at their Original cost. Assets below £500 are not capitalised unless fornjing part of a larger capital project. Depreciation is provided on freehold buildings, except for invesbnent properties, so as to write off the cost less estimated residual value over the use￿] life. Depreciation periods range from 5 to 80 years . Only the School's Perforn]ing Arts Centre which was completed in 2016 is being depreciated over 80 years. Land is not depreciated. The useful economic lives of each asset is regularly r¢viewed by the Bursar and Directors and adjusted where appropriate. Costs of repair5 and maintenance are charged against revenue in the year in which they are incurred. A￿ets under const￿CtIon are depreciated once they are brought into operational use. Depreciation on other tangible fixed ass¢ts has been calculated so as to write off the Gost of these assets over their estimated useful life a5 follows.. Fixtures, fittings and equipment 3 to 20 years (h) Investments gnd investment illcojne Investment properties are initially measured at cost and subsequently measured at open tnarket valu¢ as estimat¢d by the Governors. Fixed Asset Invtsthients are included at d]eirmid-market value at the balance sheet date. Any surplus or deficit on revaluation is taken to the Statement of Financial Activities (SOFA). Inv¢stment income is accounted for in the period ill which the Charity is entitled to receipt. The School has elected to hojd its inv&slments in subsidiaries at cost1¢5¥ any irnpairn]ent losses. (i) Total return accounting The School passed a r¢¥olution on 23 June 2023 to adopt the use of total return in relation to itg pern)an¢nt endowment. This permits the Trustee to invest pern]anent endowments to Maximi￿ totsl return and to apply an appropriate portion of the unapplied total Teturn to income each year. Until this power is exercised the total return shall be an 'unapplied total Teturn, (UTR) and remain as part of the pernlanent endowment. The School uged a valuation date of 31 August 2022 to Galculate th¢ initial value of the UTR to be available endowment fund. Th¢ Charity Commission give8 th¢ School discretion on how to detennine the value and after taking professional advice it was agreed, given the difficulty in tracing the value of investments over an historic period and confirniing the original endowment values, to take the totsl value of capital gains over the previous eleven years (excluding direct holdings in investment properties) and reducing this by an annual inflationary adjustn]ent. Tlie trustees have the power to decide in each year how much of the UTR is transferred to income funds and so available for expenditure. Having considered their obligations to make decisions as to not prejudice the S¢liool's abiltty to ￿rther its purposes now and in the future. and after consideration of benchmark total returns it was agreed to transfer £150,000 of unapplied total returns to UllTestricted funds for the year to 31 August 2024 (2023-£150,000). 31 Registered Cotnpany 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 2024 PRJNCIPAL AcCoUNf￿G POLICIES (continued) o) Finance and operatlng leases Rentals applicable to operating leases are charged to the SOFA over thc period in which the cost is incurred. Assets purchased under finance lease are capitslised as fixed assets. Obligations under such agreements are included in creditors. Th¢ difference between the ¢apitslised cost and the total obligation underthe lease represents the finan¢¢ charges. Finance charges are written-off to the SOFA over the period of the lease so as to produce a constant periodic rate of charge. (k) Flnancial Instruments The School has elected to apply the provisions of Section I I 'Basic Financial Instrnments, and Section 12 '0ther Financial InstrLunents Issues, of FRS 102, in full, to all of its financial instruments. Financial assets and financial liabilities are rec<)gnised when the School becomes a party to the ontractual provisions of the instrument, and are offset only when the School currently has a legally enforceable right to set off the recognised arnounts and intends either to settle on a net basis, or to realise the asset and settle the liability sirnultaneously. Financial assets Debtors receivabl¢ within one year do not constitute a f￿anCIng transaction. They are initially measured at the trdnsaction price and subsequently measured at amortised cosL being the transaction price less any amounts settled and any impairnient lo&s¢s. Financial liabilities Creditors, trade and other, payable within one year, tbat do not c<)nstitute a financing transaction are initially measured at the transaction pri¢e and subsequently measured at amortised cosL being transactiL>n price les5 any amounts settled. (i) Pension Schemes Retirement ben¢fits to employees of the School are provided by the Teach¢rs' Pension Scheme (TPSJ, the Aviva Pension Trust for Independent Schools (APTIS) and The People's Pension. The TPS is a defined benefit scheme, and the assets are held separdtely from tbose of the School. The TPS is an unfunded scheme and contrlbutions are calculated so as to spread the cost of pensions over employees, working lives with the Srhool in such a way that the p¢nsion cost is a substantially level percentage of current and future pensionable payroll. The contributions are detern]ined by the Government Actuary on the basis of quinquennial valuations using a prospective benefit meth(Kl. As stated in note 25, the TPS is a ll)ulti-employeT scheme and the School is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. The TPS is therefore treated a5 a defined contribution wheme and the contributions recognised as they are paid each year. The School has provided teaching staff with an alternative retirement benefits scheme since January 2023. APTIS is a defll)ed contribution scheme which is designed to give teaching staff greater flexibility over the level of employerand employee contributions and take homc pay whilst ¢ontinuing to provide ancillary benefits similar to the TPS. The School provides retirement benefits for support Staff with The People's Pension. It is a defined contnbution Master Trust multi-employer Scheme. For the defined contribution schemes the amount charged to the SOFA in respect of pension costs and other post-retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either other creditors or prepayments in the balance sheet. 32 Registered Con]pany Number: 05142(X17 Registered Charity Number: 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) for thc year ended 31 August 2024 PRINCtPAL AccouNfiNG POLICIES (continued) (m) Crltlcal Accounting Estimates and Judgements The Group makes estimates and assumptions based on historical experience and what is reasonable under the circumstances regarding the expeclation of futhre events. Actual results may differ from these estimates. The &stimates and underlying aSSU￿ptionS are reviewed on an ongoing basis. Exan]ples of accounting estimates include assessing the useful ewnonjic lives of land and buildings and other assets taking into consideration all matters which Jnay affect this and the provision for doubtful debts. The DiT¢¢tors estimate the market value of investment property at 31 August 2024 using appropriate assumptions and an assessment of the local market for similar property. (n) Basis of consolldation These fmancial statements consolidate the results of the School and its subsidiary BGS Enteryri8es Limited on a line by line basis using acquisition accounting. The School has tok¢n exemption from presenting its unconsolidated profi¢ and loss account und¢r section 408 of Companies Act 2006. The School's income for the year was £21,892,279 (2023.. £19,852,494) and net sutplus for the year was £1,880,738 (2023.. deficit of £758,596), These fll]ancial sL2tements also include tbe assets, liabilities and results of the Bristol Gramnur School Trust, a registered charity which holds pernianently endowed assets on behalf of the S¢hool. Under a Charity Commission Scheme dated 31 August 2004, the Company is also the Trustee of another separate charity called Bristol Grarnmar School Scholarship> Bursary and Prize Fund which holds pennanently endowed fimds received for scholarships, bursaries and prizes. On 12 August 2005, the Charity Commission made a Uniting Direction under section S.96{5) of the Charities Act 1993, directing tbat these charities ('the linked chaTities") should be treated as forniing part of the charity called Bristol Grammar Scliool for the pU￿oSe8 of Part Il (registration) and Part Vl (accounting) of the Charities Act 1993. The main effect of the Uniting Direction is that the linked charities are aggregated into the Statement of Financial Activities and the Balance Sheet of the Company. They remain, howev¢r, legally distinct charitics, th¢ funds of which are to be applied solely in accordance with their respective trusts. BGS EnteTPriS¢S Limited hires the facilities of the Sports Hall, 3G Pitsh. Great Hall and Perforn]ing ArLq Centre for community use and other Iwm lettings. BGS Enterprises Limited is controlled by the School as it is the sole shareholder. The results of BGS Enterprises Limifrd (company number 2630377) We￿ as follows:. 2024 2023 Turnov¢r Expenditure 393,153 (320,704) 296,398 (268,779) Profit for the year 72,449 27,619 2024 2023 Stock, debtors and cash at baj Creditors 156,551 (155,549) 154,146 (153.144) Net a54ets 1,002 1,002 33 Regi%Xered Company Number. 05142007 Registered Charity NurnbeT: 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (cont£nued) for the year ended 31 August 2024 DONATtONS AND LEGACIES Unrestricted Funds R¢stricfrd Endowment Funds Funds 2024 Total 2023 Total Donations Legacies 26,715 117,683 499,704 405,000 526.419 522,683 676,892 19.881 144,398 904,704 1.049.102 696,773 Included in donations in the Prior year were restricted donations of £656,190. SCHOOL FEES RECEIVABLE 2024 2023 Fees receivable 22,167,187 20,321,330 Scholarships Bursaries Staff fee di8¢ounts Sibling discounts (356,213) (411.917) (1,626,735) (1.236.358) (406,524) (347,587) (227,156) (211,384) (2,616,628) (2.207,246) Total net fees receivable 19.550,559 18,114,084 Srholarships are awarded on merit and assisfrd plac¢s ar¢ assessed by reference to parents, income amongst other criteria. 34 Registered 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 2024 OTHER EDUCATIONAL INCOME 2024 2023 Sundry income Catering income 53,267 65,173 51,343 57,770 118.440 109,113 INVESTMENT INCOME Unrestricted Funds Restricted Funds 2024 Total 2023 Total Endowment rental in¢ome Endowment investsnent incon Bank interest receivable Other Fun& Investn]ent Income Endowment interest 380,550 259,162 300,708 380,550 288,618 300,708 26,583 3,179 309,598 198,096 227,922 16,889 3,154 29,456 26,583 3,179 943,599 56,039 999,638 755,659 Inv¢stment income in 2023 included £40,577 restricted income. OTHER INCOME 2024 2023 Local Authority grant in¢ome- Homes for Ukraine 13,500 35 R¢gistered Company Number.. 05142007 R¢gistereJ Charity Number.. 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS {eontinued) for th¢ y¢ar ended 31 August 2024 io ANALYSIS OF EXPENDITURE Staff Costs Depreciation Totsl 2024 Total 2023 Other Costs of gener8ting funds Fundraitsing Costs Fundraising- trading Finance costs Investment nwiagement 203,790 166,087 84,114 64,421 79,356 69,681 287,904 230,508 79,356 69,681 216,927 192,761 96,037 100,946 369,877 297,572 667,449 606.671 Charitable gctivities Teaching Welfare Premises Support costs of schooling 12,179,154 622,350 604,810 1,468,394 1,184,126 463,289 2,210,440 950.776 13,363,280 1,085,639 3,852,075 2,419,170 12,510,939 1,021,459 3,699,703 2,158,739 1,036,825 14,874,708 1,036,825 4,808,631 20,720,164 19.390,840 Total expenditure 15,244,585 1.036,825 5,106,203 21,387,613 19,997,511 Support costs of schooling comprise: 2024 2023 Governance costs ICT Costs Marketing and admissions Admin, finance and PAC salarie5 Staff recruitm¢nt Stationery, poslage and telephon¢ Other 136.149 491.074 504.328 1,107,165 54,245 39,752 86,457 90,659 425,040 438,951 1,041,790 49,600 37,041 75,658 2,419,170 2,158,739 2024 2023 Staff costs comprise; Wages and salaries Social security costs Pension ¢ogts 11,822,762 1,195,737 2,226.086 11,048,855 1.141,847 2.070,481 15,244,585 14,261,183 36 Registered Company Nurnb￿. 05142007 Registered Charity Number.. 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (contint4ed) for the year ended 31 August 2024 io ANALYSIS OF EXPENDITURE (continued) 2024 2023 Staff costs comprise: Wages and salaries Social security costs Pension costs 11,822,762 1,195,737 2,226,086 11,048,855 1,141,847 2,070,481 15,244.585 14,261,183 Included above are staff costs relating to tbe subsidiary of £144,814 (2023 £102,251) 2024 2023 Aggregate employee-benefits of key management personnel 1,360,701 1,280.153 Staff with emoluments in the range: £60,001 to £70,000 £70,001 to £80,000 £80,001 to £90,000 £90,001 to £lOO,000 £150,001 to £160,000 £160,001 to £170.000 £180,001 to £190,000 £220,001 to £230,000 2024 13 2023 io The average number of staff employed during the year.. Teaching Support Welfare Premises 206 67 33 18 199 65 33 17 324 314 Included in the number of swpport staff are employees of the subsidiary, which includes one full tirne and an average of13 casual employees (2023". 13). The Governors did not receive any remuneration from the School during th¢ period (2023.. nil). One Governor claimed £297 of travel expenses during the year (2023: £281). Administration costs include.. 2024 2023 Auditor's remunerdtion for the audit of the financial statements for the audit of the subsidiary fmancial $taternents for tax compliance and advisory 28,200 6,600 2,178 25.476 6,356 1,980 Operating lease costs Financingv costs comprise: Bank inter&8t and other charges Fee deposit discount other 314,991 307,268 48,034 31,322 59,861 36,176 79,356 96,037 37 Regi8tered Company Number. 05142007 Register¢d Charity Number: I 104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FDIANCIAL STATEMENTS (continued) for thc y¢ar ended 31 August 2024 TANGIBLE FIXED ASSETS GROUP Assets in the Course of Construction Freehold Land and Buildings Fixtures Fittings Equipment Total COST At I September 2023 Additions Disposals 101,060 29,973,928 285,236 2215,191 114,348 2.742,169 35,032,348 371,716 771,300 {7,5(M)) {7.500) At 31 August 2024 101,060 30,259,164 2,329,539 3.106.385 35,796,148 DEPRECIATION At I September 2023 Charge for the year Disposals 14.213,979 723,961 1.706.153 122,629 1,682,275 17,602,407 190,235 1,036,825 (1,500) (1,500) At 31 August 2024 14.937,940 1,828,782 1,871,010 18,637,732 NET BOOK VALUE At 31 August 2024 101,060 15,321,224 500,757 1235.375 17.158,416 At I September 2023 101,060 15,766,825 503,590 1.058,466 17,429,941 SCHOOL ONLY Assets in the Course Of Construction Freehold Land and Buildings Fixtures Fittings Equipment Total COST At I September 2023 Additions Disposals 101,060 29,973,928 285,236 2214,081 114.348 2,742,169 35.031.238 371,716 771.300 (7,500) (7,500) At 31 August 2024 101,060 30259.164 2,328.429 3,106,385 35,795,038 DEPRECIATION At I September 2023 ChaTge for the year Disposals 14,213,979 723,961 1,705,043 122,629 1,682275 17,601,297 190,235 1,036,825 {1,500) (1,500) At 31 August 2024 14,937,940 1,827,672 1,871,010 18,636,622 NET BOOK VALUE At 31 August 2024 101,060 15,321,224 500,757 1235.375 17,158,416 At I September 2023 101,060 15,766,825 503,590 1,058,466 17,429.941 38 Registered Company NuTnb¢r'. 05142007 Registered Charity Nutnber. 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (conttnued) for the year ended 31 August 2024 12 FIXED ASSET INVESTMENTS Investh]ent Prop¢rties Investments Total GROUP AND SCHOOL Markct value at I September 2023 Additions (including reinvested investhlent incorne) Disposals Management fee 5,885,000 254,275 14,533,602 20,418,602 14,974,965 15229,240 (15,111,100) {15,111,100) (69,681) (69,681) Movement on revaluation 170.725 1,168,530 1,339,255 Market value at 31 August 2024 6,310.000 15,496,316 21,806,316 Historical Cost 2,995,982 13,179,443 16,175,425 The additions and disposa15 of investments include the transfer of fund5 between different investment manageffs during the y¢ar. £2,819,542 was transferred directly between investment managers 'in-specie' and a total of £11,576,761 was liquidated and then reinvested on the same day at the same value. The investn]ent propertkes were valued on an open market basis in September 2024 by a Governor, who is a member of the Royal Institute of Chartered Surveyors. Investmcnts wmprise: 2024 2023 Equities and unit trusts The Charities Property Pooled Fund COIF Charities Income Fund Cash held for reinvestment 13,294,407 808,793 770,278 14.726,038 430,402 15,496,316 14,533,602 Investn]ents include a 100 /. holding in BGS Enterprises Ltd, see page 33. 39 R¢gi5tered Company Nun)ber: 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 2024 13 DEBTORS Group School 2024 2023 2024 2023 Duc within one year: Fees Advance fee discount Other debtors Prepayments and accrued income Amounts owed by group undertakings 186,016 27,575 501,816 238,353 102,819 30,575 430,287 147,232 186,016 27,575 428,555 238,353 79,223 102.819 30,575 368,160 147,232 65,887 953,760 710,913 959,722 714,673 Due after one year.. Advance fee discount Other debtors 166,901 786 76,135 4,986 166,901 786 76.135 4,986 167,687 81,121 167,687 81,121 Totsl debtors 1.121,447 792,034 1,127,409 795,794 14 CREDITORS Group School 2024 2023 2024 2023 Amounts falling due within one year. Bank loan Trade creditors Other tax and social security Pension Sundry creditors Accruals and deferred income Advance fee payffients (note 16) Fees received in advance of next tenn Deposits 443,129 338,507 293,778 323,502 434,464 302,862 2.175,354 1.467,310 37,182 431,265 49)3,995 286,971 235,687 214,776 393,478 888.132 1.602.154 37,427 443,129 338,507 284,601 323.502 434.463 235.713 2,175,354 1,467,310 37,182 431,265 493,101 282,148 235,687 211,934 314,780 888,132 1,602,154 37,427 5,816.088 4,583,885 5,739,761 4,496,628 In¢luded within Accruals and deferred income is defetred income in relation to the trading subsidiary BGS Enterprises Limited. No deferred income is included for th¢ School, as this is shown separately on the Advance fee payments and Fees received in advanGc of next terni lines, Deposits are paid to the school to secure a place for the ¢hild at the School. Deposits are held as creditors on the balance sheet and are classified as owing within one year and over one year based on when they arc expected to be repaid on the pupils leaving th¢ S¢hool. 40 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 2024 15 CREDtTORS Group School 2024 2023 2024 2023 Amounts falling due after one year.. Bank loan Advance fee payments (note 16) Deposits 807,127 3,492,222 437,284 1,250,240 1,185,843 444,489 807,127 3,492,222 437,284 1,250,240 1,185,843 444,489 4,736,633 2.880,572 4,736,633 2,880,572 Bank Loan repayments are due: Within I to 2 years Within 3 to 5 years 456.358 350,769 443,129 807,111 456,358 350,769 443,129 807,111 The interest rate charged on the Bank Loan is fixed at 2.820/tb. The remaining balance is repayable over 2 years and 9 months. HSBC Bank plc hold a First I£gal Mortgage over the following fr￿hold properties as security for their loan to the School.. Numbers 1, 3, 4, 5, 7, 8 and 9 Elton Road, Clifton, Bristol, 8 Elmdale Road, clifto￿ Bristol and Units 7-1 O Eagles Wood Business Park, Bradley Stoke, Bristol. 16 ADVANCE FEE PAYMENrs Advance f¢¢ payments included within creditors cotnprise amounts due.. 2024 2023 After 5 years Within 2 to 5 years Within I to 2 years 425,204 1,725,182 1,341,836 754,989 430,854 3,492,222 2,175,354 ,185,843 8S8,132 Within l year 5,667,576 2,073,975 The balance repr¢sent8 the accrued liability under the contracts. The rnovemenL8 during the year were: 2024 2023 Balance as at I September 2023 New contracts Amounts accn]ed to contracts 2,073,975 4,528,344 119,088 2,287,379 1,042.027 25,252 6,721,407 3,354,658 (1,053,831) (1,280,683) Aniounts utllised in payment of f¢es Balance at 31 August 2024 5,667,576 2,073,975 41 Registered Company Number: 05142007 Register￿ Charity Number: 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (coniinued) for the year ended 31 August 2024 17 FtNANCIAL INSTRUMENTS 2024 2023 Financial assets.. Instruments measured at fair value through net incorn¢ 15,496,316 14,533,602 18 ENDOWMENTS Total Trust for investtnent Total unapplied total return 2024 Total endowment 2024 Total endowment 2023 2024 As at I September 2023 15274,868 3,305,451 18,580,319 19,547,900 Movements in the reporting period: Depreciation of endowment properties Realised and unrealised gains and (losses) Less investment management Costs (56,959) 140,725 (56,959) 1,169,376 (69,681) (56,959) (659,676) (100,946) 1,028,651 {69,681) 83,766 958.970 1,042,736 (817,581) Unapplied total retLwn allocated to incotne (150,000) (150,000) (150,000) Balance at 31 August 2024 15,358,634 4,114,421 19,473,055 18,580,319 The majority of the School's Pernlanent Endowed ￿ndS arc held in a balanced portfolio of investments with the objective to enhance the real value of the capital invested whilst also producing an appropriate level of income to maintsin the School's cornJnitment to provide assistance with fees for those pupils who would llot otherwise be able to attend BGS. Endowment funds include £6,310,000 (2023.. £4,990,000) of endowment pmperty, included within r￿ed assets investments, held by Bristol Grammar School Trust a linked charity and £1,324,655 (2023: £1,191,185) of scholarship* bursary and prize funds held by Bristol Gran)mar School Scholarship, Bursary and Prize Fund, linked charity. As set out in a¢¢ounting policies 4(i). the School adopted total return aGGounting during the prior year and the unapplicd total return was valued at I Septernber 2023. Thc calculated unapplied total return COmPri5es gains attributed to the invested pern)an¢nt endowment portfolio, managed by independent inve5ttn¢nt managers, and excludes gains and I0￿eS on endowment property. The total unapplied total Teturns at 31 August 2024 are £3,561,227 (2023". £2,885,726) for Bristol Grdmmar School Trnst and £553,194 (2023: £419,724) for the Bristol Gramrnar School Scholarship? Bursary and Prize Fund. Included within funds are cumulative unrealised gains of £5,631,000 (2023,. £12,180,000) arising on the revaluation of ail fixed asset investments. 42 Registered Company Nurnber.. 051421K)7 Regigtered Charity Number. 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 August 2024 19 RESTRICTED FUNDS GROUP AND SCHOOL The fund5 brought forward comprise the unexpended balances ol donations and grants held on trusts to be applied for specific purposes. Balance asat ISep23 Fees Assistance Donation Expenditure Investment Income Income and (losses) Balance asat 31 Aug 24 Bursaries Mr Winzer Bursary Building8 Capital Campaign John James Foundation Pople Charitable Trust David Higson Bill GodwAII David Culverwell David Machin Oth¢r Fundq 1,509,865 315,069 7,653 23,580 {505,571) (30,405} 415,029 88,104 59,226 1,507,427 343,890 8,081 26,268 428 2,688 31,500 52,000 (30,000) (55,891) (1,5(X)) 3,891 27,351 250,000 {5,343) 22,008 185,934 loo,000 300,000 271,690 {77,087) 13,021 loo,000 300,000 3,059 267.802 (6,300} 7,129 2,401.320 (698,954) 904.704 (13,143) 171,371 2,765,298 Balance asat I Sep22 Donation Expenditu￿ Investn]¢nt Income Income and (losses) Balance asat Assistance 31 Aug 23 Bursaries Mr Winzer Bursary Buildings Capital Campaign John James Foundation Pople ChariL2ble Trust David Higson David Godwin Rev. Dr. J Scott Other Funds 1,357,724 359,535 6,753 20,649 {389,430) (31,516} 558,704 (17,133) (12,950) 1,509,865 315,069 7,653 23,580 900 2,931 31,500 48,524 (30,000) (51.657) {1,500) 3,133 29,917 250,000 (2,566} 27,351 250,000 3,000 10,631 (3,000} (5,421) 256,950 5,642 267,802 2,281,528 (502.603) 656,190 (12,487) (21,308) 2,401,320 Bursaries repres¢nls funds received from fundraising restricted to providing bursaries and includes the Michael Booker Mernorial Bursary Scheme and a newer 500 Campaign as we approach the 500th anniversary of our Royal Charter in 2032. Donations include amounts raised during Giving> Days in November 2023. Mr WinzeT, an Old Bristolian, gifted a share of his estate to be used for pupil fees assistance. Mr Bill Godwin gifted £250,000 in memory of his late father, Herbert James Godwin, an Old Btislolian, to support 100 /0 bursaries and to promote a lifelong love for nuths and learning. 43 Registered Company Number: 05142007 RegIste￿d Charity Number: 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) for the ycar Cnded 31 August 2024 19 RESTRICTED FUNDS (continued) The John James Foundation represents specific funds received for bursaries and awards to pupils and £1,500 towards prizes. The Popl¢ Charitable Trust provides a donation specifically for bursary support foi three pupils for one year. The David Higson bequ¢8t is to be used to support Drdma within the school. £5,343 hag been spent during the year on audio equipment for school performance spaces. Mr David machi￿ gifted a sbare of bis estate to the Bristol Grammar School Scholarship* Bursar and Prize nd and an interim distribution of £300,000 has been received to date. A £1 00,000 bequest has been made by Mr David Culvenvell to be spent on capital equipm¢nt for the School's Physics and Lksign and Technology departments. Regular donations are received towards Buildings and Capital Campaign Funds to be spent on the School's future capitsl projects. Other Funds repres¢nt various scholarship and prize fvn(ts. 20 UNRESTRICTED FUNDS GROUP Balance asat ISep23 Income Expenditure Investment Gains Transfers Balanc¢ 31 Aug24 Designated Funds B￿land Bequest Headmasters Fund Tucker Bursary Fund Chappell Bursary Fund 248,322 72,752 89,422 10.348 27.454 258,670 68,513 37,267 117,683 (31,693) (52,155) 117,683 410,496 37,802 (83,848) 117,683 482.133 General Fund (934,098) 21,823,194 (20,949,410) Tangible Fixed Assets Fund 16,340,486 (214,572) 54,547 32.317 26,550 16,125,914 15.816,$84 21,860,996 (21,247,830) 54,547 150,000 16,634,597 SCHOOL Balance asat ISep23 Inwme Expenditure Investtnent Gains Transfers Balance asat 31 Aug 24 Deslgnated Funds Breqland Bequest Headmasters Fund Tucker Bursary Fund Chappell Bursary Fund 248.322 72,752 89,422 10,348 27,454 258,670 68.513 37.267 117,683 (31,693) (52,155) 117.683 410,496 37,802 {83,848) 117,683 482,133 General Fund (935,100) 21,592,687 (20,718,903) Tangible Fixed Assets Fund 16,340,486 (214.572} 54,547 32,317 25.548 16,125,914 15,815,882 21,630.489 (21,017,323) 54,547 150,000 16,633,595 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 2024 20 UNRESTRICTED FUNDS (continued) Unrestricted funds include £482,133 of designated funds, £258,670 of which is invested and the intrrest used to fvnd Bursaries. £68,513 is the Headtnaster's Fund which is used to support pupils at the discretion of the Headn￿Ster. Mr P¢t¢r Tucker gifted the school a share of his egtate and no conditions were placed on the use of this legacy but the Governors agreed that it should be used to fund pupil fees assistance and this amount was transferred to a designated fimd for pupil bursaries during the previous year. £52,155 was spent during the year and the totsl amount held at 31 August 2024 was £37,267. The School has been notified that it is due to re¢eive a share of the estate of Mr Brian Chappell and estate accounts estimate that this will be to the value of £117,683. No conditions were placed on the use of this gift but the Governots agreed that it should be used to ￿nd pupil fees assistance and this amount was transferred to a designated fund for pupil bursaries at 31 August 2024. The Tangible Fixed Assets Fund Tepresents the book value of all tangible fixed assets and is the value of what has been spent to acquire fixed assets and the depreciation of those assets less any digposals. GROUP Balance asat Income Expenditurc Investment Transfers Losses Balanc asat ISep22 31 Aug 23 DesignY4ted Funds Bresland Bequest Headmasters Fund Tucker Bursary Fund 240.042 63,483 101.887 8,280 20,470 248,322 72,752 89,422 (11,201) (32,346) 19,881 405,412 28,750 (43,547) 19,881 410,496 General Fund (1,189,387) 19,822,340 (19,657.392) (39.778) 130,119 Tangible Fixed Assets Fund 16.466,666 (126.180) (934,098) 16,340,486 15,682,691 19,851,090 (19.827,119) (39,778) 150,000 15,816,884 SCHOOL Balance asat ISep22 Income Expenditure Investment Transfers Losses Balance asat 31 Aug23 Deslgnated Funds Bresland Bequest Headmasters Fund Tucker Bursary Fund 240,042 63,483 101,887 8.280 20.470 248.322 72.752 89,422 (11,201) (32,346) 19.881 405,412 (43,547) 19,881 410,496 General Fund (1,190,389) 19,629.579 (19,464,631) (39,778) 130,119 Tangible Fixed Assets Fund 16,466.666 (126,180) {935,100) 16,340,486 15,681,689 19.658,329 (19,634,358) (39,778) 150,000 15.815,882 Unrestricted fimds include £410.496 of designated funds, £248,322 of which ig invested and the interest used to fund Bursaries. £72,752 is the Headmaster's Fund whicb is Utsed to support pupils at the discretion of the Headmaster. 45 R¢gistered Company Number: 05142007 Registered Charity Nutnber.. 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 August 2024 21 ANALYSIS OF PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES BY FUND Unrestricted Funds Restricted Endowment Funds Funds Notes 2023 INCOME Donations and legacies 40,583 656,190 696,773 Charitsble activities School fees Other educational income 18,616,687 109,113 (502,603) 18,114,084 109,113 18,725,800 (502,603) 18,223,197 Other Trnding Activities ikncillary trading incom Rents and lettings 61,332 294,793 61,332 294,793 356,125 356,125 tnvestment income 715,082 40,577 755.659 Other incom¢ 13,5tK) 13,500 TOTAL INCOME 19,851,090 194,164 20,045,254 EXPENDITURE Cost of generating funds Charitable activities 10 io 505,725 19J21,394 100,946 606,671 56,959 19,390,840 12,487 TOTAL EXPENDITURE io 19,827,119 12,487 157,905 19,997.511 NET INCOMEI(EXPENDITURE) BEFORE INVESTMENf GAINS 23.971 181,677 (157,905} 47,743 Net losses on investments (54,778) (61.885) (689,676) (806,339) NET (EXPENDITURE)ItNCOME Transfer b¢tween funds Gains on investment properties (30,807) 150,000 15,01)0 119,792 (847,581) (758,596) (150,000) 30,000 45,000 NET MOVEMENT IN FLfNDS 134,193 119,792 {967,581) (713,596) Fund balances brought forward 21 15,682,691 2,281,528 19,547,900 37.512,119 FUND BALANCES CARRIED FORWARD 22 15,816.884 2,401,320 18,580.319 36,798,523 46 Registered Company NurnbeT'. 05142007 Regiqtered Cliarity Nun]ber'. 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FtNANCIAL STATEMENTS (continued) for the year endcd 31 August 2024 22 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Restricted Endowment Funds Funds Total Fund balances at 31 August 2024 are represented by". GROUP Tangible fLYed assets Fixed asset investments Current assets Current liabilities Non-CUTrent liabilities 16,125,914 1,586,841 9,474,563 (5,816,088) (4,736,633) 1,032.502 17,158,416 18,690.232 21,806,316 (249.679) 10,460,939 (5,816,088) (4,736,633) 1,529,243 1,236,055 Totttl net assets 16,634,597 2,765,298 19.473,055 38,872,950 SCHOOL Tangible fixed assets Fixed asset investments CuThent assets Cu￿ent liabilities Non-cuttent liabilities 16,125,914 1,586,841 9,397,234 (5,739,761 } (4.736,633) 1,032,502 17,158,416 18,690,232 21,806,316 (249,679) 10,383,610 (5,739,761) (4,736,633) 1,529,243 1,236,055 Total net assets 16,633,595 2,765,298 19,473,055 38,871,948 Unrestricted Funds Restricted Endowment Funds Total Funds Fund balances at 31 August 2023 are represented by.. GROUP Tangible r￿ed assets Fixed asset investmcnL8 Current assets cu￿ellt liabilitie5 Non-current liabilities 16,340,480 1,545,016 5,395,845 {4,583,885) (2,880,572) 1,089,461 17,486,258 4,600 17,429,941 20,418,602 6,414,437 (4,583,885) (2,880,572) 1,387,328 1,013,992 Total net assets 15,816,884 2,401,320 18,580,319 36,798,523 SCHOOL Tangible f￿ed assets Fixed asset investsnents Current assets Current liabilities Non4urrent liabilitie8 16,340.480 1,545,016 5,307,586 (4,496,628) (2,880,572) 1,089,461 17,486,258 4,600 17,429,941 20,418,602 6,326,178 (4,496,628) (2,880.572} 1,387,328 1,013,992 Totsl net assets 15,815,882 2,401,320 18,580,319 36,797,521 47 Registered Cornpany Number: 05142007 Registered Charity NumbeT.' 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (conlinued) for the year ¢nded 31 August 2024 23 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTtVITIES 2024 2023 Net surplus before investment gains and losses Depreciation Loss on Sale of fixed assets In¢￿aSe in debtors Increasel(decreasc) in creditors (Increase)/decrease in stock Investment management fees Add - interest paid tEss - investment and net interest incom¢ 735,172 1,036,825 3,000 (329,413) 3,529,363 {1,670) 69,681 41,673 (999,638) 47,743 1,092,335 {167,697) (407,811) 921 l(Xl.946 53.544 (755.659) Net cash (oufflow)linfiow from operating activities 4,084,993 (35,678) 24 CAPITAL COMMITMENTS As a planning condition of thc new build Perforniing Arts Centre, Bristol City Council required the School to commission a piece of public art with a budget of £45.000 including VAT. Contractsal agreements have been ade with a Curator and an Artist for this amount less £33,980 which has already been spent at 31 August 2024. 25 OPEIL4TtNG LEASES The Group is comrnitted to tnaking the following n]inimum payments under non-can¢ellable operating leases as follows:. Plant & Machinery 2024 2023 Lease payments due.. Within l year In 2 to 5 years 227,059 160,532 282,242 363,649 26 BELATED PARTY TRANSACTIONS Governor Mr Jonathanmay is a Governor of Bristol GrammaT Srhool and is a director and CEO of Sponsorcraft Litnited. During the year to 31 August 2024, the School contracted SponsorGrafi Limited to provide the School with Giving Day software and related trchnology services including data segmentation and analytics. The School was charged at arn's-length £11,040 including VAT. Mr Jonathan May had no direct involvement with the work undertaken or the amount invoiced. Subsidiary ¢ompany During the year the School invoiced the subsidiary BGS Enterprises Ltd cogts of £269,(X)8 (2023: £232,648); the intereompany balance at th¢ year end was £79,223 (2023: £65,887). Gift Aid paid by BGS Enterprises Ltd to the School was £72,449 (2023: £27,619). 48 Registered Company Number: 051421Y)7 Registered Charity Number: 1104425 Bristol Grammar School (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 August 2024 27 PENSION COMMITMENTS Teachers, Pension Scheme The School participates in the Teachers, Pension Scheme C'the TPS") for its teaehing staff. The peNsion charge for the year in¢ludes contributions payable to the TPS of £1,945.520 (2023: £1,749,180) and at the year-cnd £177,835 (2023: £139,609) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer dcfined benefits pension scheme governed by the Teachers, Pension S¢heme Regulations 2010 (as amended) and the Teachers, Pension Scheme Regulations 2014 (as amended). Members contribute on a "pay as you go" basis with contribulions from members and th¢ employer being credit¢d to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The Government Actuary, using norn]al actuarial principles, conducts a fonnal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Dir¢¢tions 2023 published by HM Treasury every 4 years. The aim of the review is to specify the level of futurc Contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020 in accordance with The Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023 and the Employ¢r Contribution Rale was assesqed using agreed assumptions in line with the Directions and was ac¢¢pted at the original assessed rate as ther¢ was no cost control mechanism breach. The valuation report was published by the Department for Education on 26 October 2023. The key elements of the valuation are: Total qcheme liabilities for service (the Capital sum needed at 31 March 2020 to meet the stream of future cash flows in respect of benefits ¢arned) of £262 billion Value of notional assets (estimated future contributions togeth¢r with the pmceeds from the notional inve8tmenls held at the valuation dale) of £222 billion Notional past ge￿ice deficit of £39,8 blllion (2016 £22 billion) Discount rate is 1.7 /0 in excess of CPI (2016 2.41/bo IS) excess of CPI) (this Ghange has had the greatest fmancial significance) As a result of the valuation, new employer contribution rates have been set at 28.60/0 of pensionable pay fron] l April 2024 until 31 March 2027 (compared to 23.68 /0 under the previous valuation including a 0.080/0 administrdtion levy). Defined contributlon sehemes The School contributed to a defined contribution s¢h¢me for teacliing staff from January 2023 as de5Gribed in Note 4(1). Total employer contributions to Aviva Pension Trust for Independent Schools for the year amounted to £70,857 (2023: £33,991). At the year-end contributions Oiltstanding totalled £14,051 (2023- £4,422). The School ¢ontribute8 to a defined contribution scheme for non-teaching staff, as detailed in Note 4(1). Total ¢mployer contributions to The People's Pension for the year amounted to £198,082 (2023: £190,372). At the year-end contributions outstanding totalled £32,737(2023: £15,369). The Pensions Trust Growth Plan- Scottish Voluntary Sectoy Pension Scheme The Schwl is making pension r¢Govery plan payments to the Scottl8h Voluntary Sector Pension Defmed Benefit Scheme via Bristol ChaTities. This 1% in relation to the membership of a fonner employee of the School who was first eniployed ill the period when Bristol Charlties managed tlie administration of the School and prior to the incorporation of Bristol Grammar School on l June 2004. Followtng a valuation of the Scheme as a¢ 30 September 2020 the recovery period is scheduled to Tull Until 30 September 2024 with payments increasing by 3 /0 per annum from April 2023 to June 2024. Tothl payments made during the year were £1.249 {2023.'£1.549). Tlie payment schedule may be revised once the 30 September 2023 valuation is fjnalised. 49 Regi%tered Company Nuniber: 05142007 R¢gist¢red Charity Number.. 1104425