AGBIS
LEADERS IN
GOVERNANCE
REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Hay8Ma¢ LLP
Chartgred Accountants
Rog18tared Audltor8
The Assoclatlon of Governlng Bodles of Independent Schools
The Grange, 3 Codicote R08d. Welwyn, HertsAL6 9LY
Tel.. 01438 840730
A ￿mpanY11￿1t0￿bYIUer&n$￿. re818terndin Engl8nd8nLIW8les, No. 05217162. R•gtstered Chorty No. 1108756

THEASSOCIATION OF GOVERNING BODIES OF INDEPENDENTSCHOOLS
REPORT OFTHE BOARD
FOR THE YEAR ENDED 31 DECEMBER 2024
The Assoclatlon of Govemlng Bodies of Independent Schools IAGBIS) Board presents its report with the accounts forlhe
ye8r end8d 31 December 2024. The financial statements h8ve been prep8r8d In 8ccordance with the Statement of
Recommended PractlceforCh8rltl8s ISORPI (Second Edition. effective 1 January20191, appllcable lawandthe Charity's
governing document.
REFERENCE AND ADMINISTRATIVE DETAILS
Statu8 and Admlnl•trotlon
The Assoclatlon Is a company limited by guarantee registered In England and Wales, No 5217162, and a registered
charity. No 1108756. The As$o¢i8tion was formed In 2002 from an 8maigamation of the Governlng Bodies Assoc18tlon
and the Governing Bodies of Girls Schools AssOCi8tion, both of whlch w8r8 formed in the 19408. Details of Ihe Board
Members, Executlva Officers, registered address and professlon818dvlsers are given below.
Principal Office
The Gr8nge, 3 Codlcote Road, Welwyn, Hertfordshlre AL6 9LY
Bo#rd Mombar8
Mark Taylor #*A {Chairl
Mlke Gregson . (Deputy Ch8lrl
Sarah Phillips. (Treasurer until July 20241
Diana Roblnson ' (Tre88urer fiom July 2024)
Rosi8 Allen #
Tom B88rdmor8-Gray'
Margot Chaundler, Iretlred 18 March 20241
Julie Cornell #
Paul Dillon-Robinson #'
John Edw8rd .
Sue Honeywlll. Iretlred 15 February 20241
Carollne Jordan #
Christlne Keunen
Susan King" Iretlred 18 March 20241
irtan Latif .
Ch8rlotte Marten ' (appointed 18 March 20241
Allson Martln ' (retired 18 March 20241
Francls Maude (co-opted S June 20241
Barney Northover#
Sophie Rees"18ppointed 18 M8rch 20241
David St8nton '
Nigel Taylor #
Gillian Winter # (retired 18 March 20241
Trlng ParkS¢hoolfor the PerformingArt$
The Edinburgh Academy Foundation
Klng Allred School
We8tbrook Hayschool
Cily of London School
Bradfleld College; Pr8p Schools Trust
Emanuel School
St George's Schoolwindsor Castle
Hurst Education Trust
Scottlsh Coun¢ll on Global Aff8lr8
Haberdashers, Monmoulh Schools
He8dington Rye Oxford
Stonyhurst College
Queen M8rg8ret's School, York
Greenfield School. Leighton Park School
Rugbyschool. The North London Collegiate School
WarminsterS¢hool
Brighton College
The Downs School
Thomas's London Day Schools
Westminster School
Mill Hill Foundatlon
Bury Grammar Schools
' Member ofthe Fln8nce Commlttee
# Memberofthe Trainingand Membershlp Commltt88
Member ofthe Nominations and Govern8n¢e Committee
The B08rd Is responsible for the management of the Associatlon end h8s absolute dlscretion in applying the funds in
furtherance of the objects of the Association. The Board Members are the Trustees of Ihe Charity and are also the
Directors for Companies Act purposes.
D8yto dayrunningofthe Associ8tion 1$ entrusted tothe Chlef Executive. Richard Harman.
Audltor8:
H8ysMac LLP
10 Queen Street Pl8ce,
London,
EC4R 1AG
Bank:
CAF Bank Ltd
25 Kings Hill,
West M811ing,
Kent ME194JQ

THEASSOCIATION OF GOVERNING BODIES OF INDEPENDENTSCHOOLS
REPORT OFTHE BOARD (Continu9dl
FOR THE YEAR ENDED 31 DECEMBER 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
AGBIS is governed by its Articles otAssociation. last amended on 17 March 2022.
El8¢tlon. Inductlon and Training of Board Members
Board Members are elected to the Board as Directors at the Annual General Meeting following a ballot of member
schools. Thosè elected are normallygovernors of member schools who volunteer and have been nomlnated to setvè on
the Board. In addition, the Board can co-opl Directors provided the majority of Directors are elected by member schools.
Now Directors receive briefing information and an induction session and they ar8 encouraged to attend AGBIS events.
Organlsatlonal Management
The Directors mèet 8$ the Board at least three times a year to determine the aims and strategyofthe Associatlon and to
review its overall m8n8gement and control for which they are legally responsible. The Finance Committee meets three
times a year to agree the budget, lo review financial controls. to monitor financial performance and to make appropri8te
recommendations to the Board. The Training and Membershlp Committee meèts three times 8 ye8r to review the
membership criter18 and to recommend to the Board whether appli¢8nt schools meet the criteria. This Committee also
oversees the training provided for Indlvldu81 Schools as well as seminars, webinars and reviews of Bovernance. The
Nomination$ and Governance Committee meets three times each year to make recommendatlons to the Board
concerning membership of Ihe Board. appointment of the Honorary Off icers and to revlew the Board and Committees,
effectiveness and terms of reference. The day-to-d8y running ofthe Association is delegated to the Chief Execullve who
receives guidance from the Honorary Officers between meetings. He is assisted by a Direclor of Operations and a
Director ot Learningand Professional D8vèlopment
Kay management personngl remuneratlon
The Directors consider key man8g8ment personnel remuneration on an annual b8SIS as part of the staff pay review. In
setting key management remuneration. the Directors benchmark against èntities of comparablè size which h8ve similar
objectlves, The key management personnel are considered to be the Board Members18$ Directors of the charity), the
Chlef Executlve, the Dlrector ofOper8tlons and the Director of Learningand Professional Development. Bo8rd members
are nol remunerated for their directorship roles but some of them also perform revlews of governanc8 8nd are p81d for
these servlces.
Prlnclpal rl8k8 and uncertalntles
An 8nnu81 rlsk m8n8gement 8ssessment is ¢8rried out by the Board to idenllfy the major risks to which the Charlty is
exposed. The Board confirms thal It has est8bllshed systems to mitigate the Association's exposure to the m8jor risks.
As the Charity's m8in income derives from membershipfees and from seNices to its members. the prlncipal risks relate
to the level of membership. The Board reviews the services it offers to ensure that they arè in line with the current climate.
2024 brought 8 watershed moment for independent education. Following the July 2024 general election and change in
government. an announcementwas mBde that VATwould be imposed on school fees from January 2025 and m8ndatory
business r8tes relief would be removed from ch8rli8ble schools in the secior from April 2025. This will have a signlficant
impact on pupils, familie5 and schools In our sector. In support of some ot the most affected groups of pupils. the ISC
launched a legal challeng8to the imposition of VATon fees whlch wlll be heard bythe High Court in 2025.
In 2024. a mlxofwebinars. in-pèrsonsemin8rs. p8rtnereventS8nd ourAnnu8lConferencewere offered,with a noticeable
reduction in face-to-face attendance compared with pre-pandemic levels. On-site training and revlews of governance
were delivered both face-to-face and hybrid duringthe year. uslngvldeo technology as appropriate. To support member
schools duringthis challengingand turbulent period. and to ensure they remained informed, AGBIS worked in partnership
with the ISC and ItsAssoclations to provide freè-of-eharge webin8rs 8nd advice on the impact ofthe VAT changes being
implemanted bygovernmant.
The annual ISC census indicated a slight decrease In pupil numbersfor 20248nd the Assoei8tion is aware of a continued
and increasingtrend towards school mergers and closures in the sector. This is primarily due to the challenging financial,
economic and political landscape, in addition to increasing regulatory pressures. affecting many schools and some
smaller schools in particular.
Looking ahead, the princip81 risk to the Association remains a possible loss of membership through ongoing
consolidation in the sector.

THE ASSOCIATION OF GOVERNING BODIES OF INDEPENDENT SCHOOLS
REPORT OFTHE BOARD (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
OBJECTSAND PRINCIPALACTIVITIES
Thè object of the Associ8tlon Is the advancement of education in independent schools. The Association gives guidance
to governing bodies, speaks for them on matters relating to the governance of independent schools 8nd considers th8
re18tionship of their members to the genèr81 educational interest of the community.
VISION AND MISSION
AGBIS'S vision is to be recognised as the 8Uthoritatlve volcè on governance in independent schools.
Its mission h8S three main elements..
1. To be a vlslble source of tOP-qil81ity advice and training for all members of governing bodies of independent schools:
2. To support schools In achievingthe best and most effective practice in schooigovernance. both now and In the future.
3. To engage positively with 811 key stakeholders in promoting the prin¢iple$ of good governance.
PUBLIC BENEFIT
The Directors confirm th8t they have Complled wlth the duty In section 17 of the Charitles Act 2011 to have due regard to
the public benefit guidance published by the Charity Commission in determining the activltles undertaken by the Charity.
AGBIS has contlnued to provlde public beneflt In the followlng ways..
It has endeavoured to extend the number of member schools in order to eneble 8 larger section of the publlc to benefit
from Ils object. the advancement of education in Independent schools. In 2024, nine schools w&re admitted to
mèmbership. Five schools closed or left membership. The total number of members as 8t 31 December 2024 was 833.
within this number were sever81 groups of schools whlch share one governlng body. Academles or free schools can be
admitted 88 88so¢iate members, as can propriatorlally owned schools. provided that th8 Board is satisfied that the
8t8nd8rd 8nd quality of governence of the schools meets minimum defined crlterla. The subscriptions charged continued
to be set 8t a level which ensures th8t the aim to widen access Is restrlcted as Ilttle as possible by schools, 8bility Io p8y.
AGBIS actively encourages its member schools to take 8 pr08Ctive approach to their own publlc benefit activities and
report these In accordance with Charity Commission guidance IOSCR in Scolland and The Charity Commisslon for
Northern Ire18nd in Northern Irelandl.
The AGBIS training materi81$, including the 8lectronic188rning courses and the manu81 "Guid81ines for Governors" are
8V8ilable to the public, including govèrnors of non-member schools. The programme of electronlc learning and training
Is avallable to members free and to non-members on paymént of 8 modest fee. The "Guidelines for Governors.
publication has been updated and the new editlon will be publlshed In March 2025 and sent electronlcally to 811 member
schools. In 8ddition. AGBIS has developed "Principles of Good Govern8nce" to support governance in non-charitable
schools and schools outslde the UK. Thls new publlcatlon. whlch will be launched in March 2025, h8s been prepared 8$
Part of the pl8n to widen the reach of our benefit to a br08der range of potentl81 members and to support govern8n¢e
across Ihe whole sector,
In 2024 AGBIS continued to have discusslons with the Department for Education IDfEI 8S to how the Assoclation might
support Partnership working betwe8n governors of its member schools and governors of maintained sector schools,
academies and free schools in particular, lo share experience and expertise for the benefit of all schools.
Although the Schools. Partnership Oversight Board has been in abeyance since 2021. the AGBIS Chief Executive has
ontinued to keep in close touch wlth the DfE on thls and other related matters and attended several relev8nt events and
meetings with civil serv8nts andl or minlsters. In Ilne with the Joint Understanding agreed between the ISC and DfE in
2018, AGBIS continue5 to en¢our8ge member schools to shar8 good practice and promote further development of
independentlstate school partnerships.
With the Impact of the new government's policy regarding VAT on school fees 8nd the imminent removal of mandatory
business r8tes rellef in mind. the Chief Executive has worked closely with other ISC Associations 8nd h8s remalned In
communication with officials atthe DfE and HM Treasury. to understand and explain the impact of these changes and to
advise members accordingly.
In 2024 the AGBIS Chair and one other Trustee were both members of the ISC Incluslon and Diversity working group,
which workedwith key partners to promote the development of the principles of EDI within and beyond the sector.

THEASSOCIATION OF GOVERNING BODIES OF INDEPENDENT SCHOOLS
REPORT OFTHE BOARD (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR
Review of Activitles
The Association continued to provide advice and support to members 8cross the spectrum of governance in close liaison
with the other Associations which 8re members of the Independent Schools Council IISCI and also with its affiliates: the
Boarding Schools Association IBSAI. the Council of British International Schools {COBISI,' the Scottish Council of
Independent Schoo15 ISCIS); and thewelsh Independent Schools, Council {WlSC).
The Assoclation ran a programme of six training seminers and 53 training webinars. including 14 jolntly with other
Associations, to keep governors informed of Issues rel8ting to all aspecls of governance. The Association also delivered
8 one-day Conference held In partnèrshipwith HMC 8nd ISBA in the autumn term. These trainlng events were attended
by 2,691 governors12023: 2.6141. The AGBISwebinar programme inclLJdes the opportunity to access recordings, m8king
the training accesslbl8 to more governors with a wider lindeed unlimited) g8ographlc81 reach. In addition, the Annual
Conference In March attracted a total of 154 delegates representlng 128 schools. Tr8ining sessions and facilitalion of
strategy days wère Èlso arranged on request. in person or remotely. for 47 schools, governing bodies 142 in 20231,
including an increasing number of requests for tralning from schools beyond the UK. Demand for reviews of governance
remained high, wlth 1 S provided lor member Schools in 202412023.191. including two In Intern8tlonal member schools.
Throughout2024AGBIS provided a ste8dyflowofelectronlc updates and newslettersfor members, to keepthem8brea8t
of unfoldlng issues In schools and the sector. The chang8 ofgovernment, and subsequentannouncementto Impose VAT
on school fees and remove mandatory business rates rellef for charitable schools. caused significant challenge and
turbulence duringthe summerand autumn terms. To ensure members had regularsupport duringthls periodthe number
of tree AGBIS brlef Ings, held in webinar style, was Increased and were held in partnershlp with sector experts lo ensure
members had 8¢cess to up-to-date Information and guidance. In 2024, fre8 t8rmly'coffee and catch-up, sessions were
offered for Clerks, Chair8 of Governors 8nd for Governors. conducted vlrtU8lly in meeting style to allow members to
network with peers and rais8 tOPlC81 issues and questlons for AGBIS io advise on.
The 8nnual survey of the salaile$ and terms of employment of heads and bursars. which produces data on an historic,
aggreg8t8d. anonymlsed b8sIs, was undertaken in partnershlp wlth Balnes Cutlersolutions and dSstributed free of charg8
to those schools which provided data.
The Association's manual"Guld81ines for Governors" remalns avallable electronically and is provlded fre8 of ¢h8rge for
all governors of AGBIS member schools. The document will be updated for publication in 2025 along with a new
'Principles of Good Govern8nce" document to support member schools without charitable st8tUS 8nd schools based
outside the UK.
The 202318unch of new servlces to 8UPPOrt member Schools wlth governor recruitment has been well received wllh 35
governor v8cancies advertised successfullyln 2024. Many schools took8dvantagè oftheAGBIS partnershlp wilh Nurole
to receive diseDunted support for their Board recruitment search. Followingthe success of the governor vacancies board
AGBIS launched a clerkvacancy board in 2024 wlth two roles posted.
The AGBISGovernance Manual. one of the keydocuments for members, was revl$ed in partnership with BDB Pltm8nsfor
September 2024.
Following an AGBIS Board revlewofservices. and in response to member dem8nd, AGBIS Internatlonal was launched In
September 2024. The AGBIS Internation81 team provide networking and training opportunities for our current member
schools outside the UK and will further develop our international membership seNices and extend our reach during 2025.
During2024there were some staffingchangeswlth Cheryl Connelly, Direetorof Membership and Training (Deputy CEO),
leaving the Association in April 2024 and Tracy Be8rd, Quality Assurance and Finance Manager. leaving in May 2024 to
return to a Bursar role in a member school. This led to 8 restructuring of the roles within the organisation 8nd a number
of new appointments. Duringthe summerterm:
Peter Harris was recruited to the part-time role of Finance Manager
Jo Do¢keryto the full-lime role of EAto the Chief Executlve and Programme Coordin8tor.

THE ASSOCIATION OF GOVERNING BODIES OF INDEPENDENTSCHOOLS
REPORTOFTHE BOARD {Contlnued)
FOR THE YEAR ENDED 31 DECEMBER2024
The AGBIS staff te8m grew in 8Utumn 2024, to provide additlonal support to members and improve ihe services offered.
Three new roles were recruited..
Virgini8 (Ginnyl P8rkes was recruited to the Director ot Learning and Profession81 Development (full time} role.
Ginny was previously Director of Fin8nce and Operatlons at an independent school. prior to which she worked
forthe Department for Education.
Imogen Vanderpump joined the team 8s Head of Member Services Ifulltimel. Imogen w8s Op8r8tions Director
at GSA before lolnlngthe AGBIS team.
Alex Mitchell was appointed on an independent consultancy basis to le8d the AGBIS International and
Consultancy work (part time). Alex 18 a former Head and experienced Reporting Inspector for UK and overseas
inspections.
FINANCIAL REVIEWAND RESULTS FOR THEYEAR
The net surplus before Investment gains and losses for the year to 31 December 2024 was £140.09612023: surplus of
£81,898). The reserves h8ve been Increased by an unrealised gain in the value of the investments of £28.81512023: gain
of £18,283).
In 2023 the membershlp subs¢rlptlon model changed. trom one based on bands of pupll numbers in a schoolto 8'b8se-
subscription plus per-pupil, model, This change removed the cllff-edges when schools moved between bands, thus
@nabling a fairer and more accurate system for the calculation of mèmb8rshlp subscriptions. It 81so meant that linked
schools were now Included in a school's membership. This resulted in 8n over811 increase in membership subscription
Income for 2024.
The Trustees believe that the flnancial outturn represents 8 good performance, whilst recognlsing that deferrèd
expendlture had been a main contributing factor In the higher th8n anticipated surplus.
Investment Powers, Pollcy and Performance
The Board h8S the powerto make investments 8$ It deems flt. Followlng 8 revlew during 2022, the Board 8greed to p18ce
funds with Investment managers S8r8sln & Partners in line with its policy to malntaln the real value of the 8ssets whilst
generating a stable and sustainable return within an acc8Ptable18vel of risk, The funds were p18¢ed in 2023 and the Board
continued to monltor pertorm8n¢e throughout 2024. Th8 Investment objective of the Fund Is to achieve long-t8rm capltal
and income growth, in 2024 the portfollo performance was slightly lower th8n benchmarks set achievlng 12.2% against
benchmark of 14,3%.
Reserrfes Pollcy
In common with other charltles, the Association is expected to state Its policy regarding the accumulation of free
reseNes. Total reserves at the year-end were £700,55612023: £531,645). Free reserves at the year-end were £696,518
12023: £530,242>. It is considered that the current free reserves, which equate to approximately eight months of
expenditure, are sufficient to m8et all foreseeable contingencies, to enable the Association to operBte comfortably and
cope with 8ny unexpected item of expenditure. The policy set by the Directors is that the reserves should be maintained
8t approximately slx months of expenditure. The Directors agreed to hold reserves at a higher level going into the 2025
financial year, both as a prud8nt response lo the diff icult economic outlook and to support planned investments in
services for members. The maln areas where expendilure had been deferred from 2024 into 2025 were.. improvements
to the AGBIS webslte, upd8ting the e-learning platform, and launching a programme of eccredited dev81opm6nt
qualiflc8tions for Clerks.
FUTURE PLANS
The AGBIS Board revlewed and agreed its strategy and future plans at 8n away day in September 2022 and these have
been refined further at the September 2023 and Sepiember 2024 away days. The current AGBIS strategy Is to pursue its
objects and to provide public benefit by the following means:
Continue to broaden the membership so that advice. support and training 8re available to a greater number of
schools that meet our membership criteria, both in the UK and overseas.
Promote and distribute 'Guidelines for Governors" by 81l possible means in order to raise awareness of the
principles of good governance.
Develop a "Principles of Good Governance" document to support governance In non-charitable schools and
schools outside the UK.
Continue to provide prompt, informed and courteous advice to members by telephone, vid80 conferencing.
email, e-Alerts, e-Newsletters 8nd regular AGBIS Briefings. focusing on key emerging ch811enges in th8 sector.

THEASSOCIATION OF GOVERNING BODIES OF INDEPENDENT SCHOOLS
REPORT OFTHE BOARD (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
Continue to expand the re8ch and hone the quality of the training, consultancy and governance effectivenèss
review programmes, to re8ch more governors and deliver seNices even more effectively. includlng via video
conferencing.
Develop a range ofnewtrainingandconsultancyseNlc8sthat meètthe needsofmembers even better. including
a renewed focus on support and profession81 devÉlopmentforClerks, asthe Governance Professionals. in the
independent sector.
Continue to support member schools in recruiting high quality Governors 8nd Clerks.
Develop dedicated support and services for international member schools through AGBIS International.
Engblg governors of member schools to access information more easily through greater and more effecllvely
t8ilored use of digitallelectronic communication. social media and the website.
Continue to increase the amount 8nd quality of information on governance available to members on the website.
Promote better underst8nding8mong governors of regulation, particularly that relatlng to safegu8rding children,
8nd thereby to improve the rate of compliance across the sector.
Support the Ind8pend8nt Schools Council in order to malntain a single voice for the independent schools,
sactor.
Continue to work ever more closely wlth colleagues in thè other ISC constituent18nd 8fflli8tedl Associations.
Includlng via joint webinar/ conference presentations, in order to enh8nce the recognition of AGBIS as the
authoritative volce on governance across the whole sector.
Continue to establish closer Ilnkswith the Associations representinggovernors of maintained schools, including
free schools and ac8demies, lo exchange knowledge and best practice In governance matters by, for example,
supporting the ISC'S Joint Underst8nding and 8ttendlng relevant meetings with ottici818 from the Department for
Educ8tlon.
Continue to contribute to discusslons on th8 Inspection ol independent schools, in order to promote an
Inspection service which accurately assesses regulatory compliance and provldes Informed judgements for
slakeholders. wlthout imposing unr8asoneble dem8nds on governors 8nd senior staff,
Continue to offer strategic p8rtner8hip to the Independent Schools Inspectorate by providing a member to its
Associ8tion Inspectlon Meetlngs {AIMI and also to engage wlth the strategic dlrection of the Boaiding Schools
Association by nominating a Director to Its 808rd.
STATEMENT OF RESPONSIBILITIES OFTHE BOARD
The members of the Board (who are also Directors of AGBIS for the purposes of company lawl are responsible for
preparing the Report of the Board and the financial statements in 8ceord8nce with applicable 18W 8nd Unlted Kingdom
A¢¢ountlng standards Iunlted Kingdom Generally Accepted AccoLJnllng Practice).
Comp8ny18w requires the trustees to prepare flnanclal statements for each Ilnan¢lal year whlch give 8 true 8nd fair view
of the st8te of 8ffairs of the charilable company and of the incoming re50urces end applicatlon of resources. including
the Income and expenditure, of the charity for that period. In preparing these tinancial statements. the trustees are
required to:
Select suitBble accounting policies and then apply them conslstently;
Observe the methods and principle$ in the Charities SORP;
Make judgements and estimates that are reasonable and prudent;
State whether applicable UK Accounting standards h8v8 been followed, subject to any materi81 departures
disclosed and explained in Ihe financial statements:
Prep8re the financial statements on the going concern basls unless it Is in8ppropri8te to presume Ihal the
charitable company will continue in business
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy 8t any time
the financial position of the charitable company and enable them to ensure that the financial statements comply with
the Companies Act 2006. They are also responsible for safeguardingthe assets ofthe charitable company8nd hence for
t8king reasonable Steps for the prevention and detection ot fraud and other irregularities.
Sofaras each ofthe Board members Is aware 8tthetime the report is approved:
there is no relevant audit information of which the company's auditors are unaware; and
the Board members have taken allstepsthattheyoughtto havetakento make themselves aware ofanyrelevant
audit information and to establish that the auditors are aware of that information.

THE ASSOCIATION OF GOVERNING BODIES OF INDEPENDENT SCHOOLS
REPORT OF THE BOARD IContinu8d}
FOR THE YEAR ENDED 31 DECEMBER 2024
In preparingthis report. the trustees have taken advantage of the exemptions available to sm811 companies and have not
prepared a Strategic Report.
AUDITORS
A resolution regarding the appointment of auditors will be put to the Annual Gener81 Meeting. Haysmac LLP have
8xpr8ssad thelr willlngness to continuo in off ice.
Approved by the Board on 11 March 2025 8nd signed on Its béhalf by..
Mr M Taylor
Chair

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OFTHE ASSOCIATION OF GOVERNING BODIES OF INDEPENDENT SCHOOLS
Oplnlon
We have audited the financi81 statement8 of the Association ot Governing Bodies ot Independent Schools for thè yéar
ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet. the Cssh Flow
Statement 8nd notes to the financial statements. including a summary of significant accountlng policies. The financial
reporting framework that h8s been applied in their preparation is applicable law and United Kingdom Accounting
Stand8rds. including Financial Reporting standard 102 Th6 Fin8nc181 R8POrting St8nd8rd 8ppIic8ble in the UK and
Republic of Ire18nd{United Kingdom GenerallyA¢cepted Accounting Pr8Cticel.
In our opinlon. the financial statements:
give 8 true 8nd fair view of the state of the charitable company's affairs as at 31 December 2024 end of the
charitable company's net movement In funds. includinEthe income and expenditure, forthe ye8r then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and
have been prepared in accordance with the requirements of the CompaniesAct 2006.
Basls for oplnlon
We conducted our audit in accordance wlth Int8rn8tion81 St8nd8rd8 on Auditing {UK} {ISA8 {UKII an(1 8pplicable law. Our
responsibilit16s under those standards are further described in the Auditor's responsibilities for the audit of the financlal
statements sectlon of our report. We are independent of the charitable company in accordance with the ethical
requlrements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Stènd8rd,
and we have fulfilled our other ethical responsibilities in accordance with these rèqulrements. We believe that the audit
evidence we have oblained is sufficient and appropriate to provide 8 b8sis for our opinion.
Concluslons relatlngto golng¢oncern
In auditing the fin8nci81 statements, we h8ve concluded that the truslees, use of Ihe going concern b8sis of 8ccountlng
In the prep8ration of the financial Statements is appropriate.
Based on the work we have performed. we h8ve not id8ntifiad 8ny m8terial uncert8intie5 relating to events orconditions
that. indlvldually or coll&ctlvely. m8y east significant doubt on the charilable company's ability to continue as a golng
concern for a period of at least twelvè months from when the fin8nci81 st8tem8nts ar8 aulhorised for issue.
Our responsibilities and the responslbiliti88 of the trustees with respect to golng concern are described in the relevant
sections of this report.
Other Inftsrm8tlon
The trustees are responsible for the olher information. The other informatlon comprises th8 inform8tion Included in ihe
Report of the Board. Our opinion on the financial statements does not Cover the other information and, except to the
extent othe￿iSe expllcitly st8ted in our report. we do not express anyform of8ssur8nce conclusion thereon.
In connection with our 8udit of the fin8ncial statements. our responsibility is to read the other Information and, in doing
so, consider whether the other Information is materially inconsistent with the flnanclal statements or our knowledge
obtained in the audit or othe￿iSe appears to be materially misstated. If we identity such m8terial inconsistencies or
apparent mater181 mlsstatements, we are required to determine whether there is a material misstatement in the finane181
statements or 8 m8terial misstatèment of the other Information. If, based on the workwe have performed. we conclude
that there is a m8terial missta18menl of this other inform8tion. we are requlred to report that tact. We h8ve nothing to
rèport in this regard.
Oplnlons on other matters prescrlbed by the Companles Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in Ihe Report of the Board (which includes the directors, report prepared for the purposes
of company law} for the financial year for which the financial statements ar8 prepared is consistent with the
financial statements. and
the directors, report included within the Report of the Board has been prepared in accordance with applic8b18
leg81 requirements.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OFTHE ASSOCIATION OF GOVERNING BODIES OF INDEPENDENTSCHOOLS
Matters on whl¢h we are requlred to report byexceptlon
In the light of the knowledge and understanding of the charit8ble company and its environment obtalned in the course of
the audit. we have not identified material misstatements in the Report of the Board (which incorporates thè dlr8ctors'
report).
We have nothingto report in respect ofthè following matters in relation to whlch the Companies Act 2006 requires us to
report to you if, in our opinion:
8dequate accountlng records have not been kept bythe charitable company; or
the charitable comp8ny financial stat8m8nts are not in agreement wlth the accounting records and returns; or
certain disclosures of trustees. remuneralion specified by law are not made,. or
we h8vè not received 811 the information and explanatlons we r8qulr6 for our audlt: or
the trustees were not entitled to prepare the financi81 statements in accordance with the sm811 companies,
regime and take advantage of the small companies. exemptions in preparing the Rèport of the Board and from
the requlrement to prepare a strategic report.
Responslblutles of trustees forthe flnanclal statements
As explalned mor8 fully In the trust8es' responsibilities slatement set out on page 6, the trustees (who are also the
directors of the ch8ritable company for the purposes of company18wl are responsible for the prep8r8tlon of ihe financial
st8tementS 8nd for being satisfied that they give 8 true 8nd falr view. and for such internal control as the trustees
determlne Is neces58ry to enable the preparation ol financial statèments that are free from materi81 miss18tement,
whether due to fraud or error.
In prep8rlng the flnanclal statements, the trustees are responslble for 8sse8sing the charitable company's 8bility to
continue as 8 going Concern, disclosing, 9$ applicable, matters r818t8d to golng concern and using the going concern
basis of accounting unlg$S the truste8$ either intend to Ilquidate the comp8ny or to cease operations. or have no reallstlc
alternatlve but to do so.
Audltor'8 respon8lbllltles for th8 audlt of tho flnanclal statements
Our objectives 8re to obtaln reason8bl8 assurance about whether the financial statements as a whole are free from
m8teri81 misstatement, whether due to fraud or error. and to Issue an auditor's report that Includes our opinion.
Re8sonable assurance 18 8 high level of assuran¢è, but is not a guarantee that an audlt conducted in accordance with
ISAS IUKI will always detect a materlal mlsstatement when It exlsts. Misst8tementS C8n 8ris8 from fraud or error and are
considered material If, Individually or In Ihe aggregate, they could re8son8bly be expected to influence the economlc
decisions of users taken on the basis of these financial statements.
Irregu18ritie8, including freud, are in$tÈnces of non-compli8nce wlth18ws and regulatlons. We design procedures In Ilne
wlth our responsibilities, outlined above, to detect material misstatements in respect of Irregularltles. including fraud.
The extent to whlch our procedures are cap8ble of detecting irregularities, including fraud Is detailed below:
B8sed on our underst8n(Jlng of the charitable company and the environment in which it operates, we identified that the
principal risks of non-compliance with 18WS and regulations related to Ch8rity law. employment law. health and safety
regu18tions 8nd GDPR, and we considered the extent to which non-compllance mlght have 8 material effect on the
financlal statements. We also consldered those laws and regulations that have 8 direct imp8¢t on the piep8r8tion of the
financial statements such 85 the rgporting requirements under the Charltles SORP and FRS 102, the Companies Act
2006, the Ch8ritle$ Act 2011, VAT and payrolltaxes.
We evaluated management's incentives and opportunities for fraudulent m8nipu18tion of the financi81 st8tements
(including the risk of override of controls), and determlned that the prlncipal rlsks were related to improper recognition of
Income and management bi85 in accountingestimates andjudgements.Audit proc8dures performed bytheengagement
team included..
Rèview of minutes oftrust8es' meetlngs:
Inspecting correspondence with regulators and tax 8Uthorities'
Discussions with management includlng conslderatlon of known or suspected instances of non-compliance
with18ws and r8gul8tion and fr8ud'
Evaluating management's controls designed to prevent and detect irregularities;
Identifying and testingjournBls based on risk proflle. and
Ch811enging assumptions 8nd judgements m8de by man8gement in thélr accounting estimales.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OFTHE ASSOCIATION OF GOVERNING BODIES OF INDEPENDENT SCHOOLS
Because of the inherent Ilmltations of an audit, there is a risk that we will not detect all irregularities, includlng those
leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the
more that compliance with a law or regulation is removed from th8 events and transactions reflected in the financial
statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding
irregularities occurring due to fraud r8ther than error, as fraud involves intentional concealment, forgery. collusion.
omission or misrepresentation.
A further description of OUT responsibilities for the audit of the f inancial st8tem6nts is located on the Fin8nci81 Reportlng
Council's website at.. www.1rc.0r￿￿fiudItO[SI£￿pOnslblIIttes. This description forms part of our 8uditor's report.
Use of our report
This rèport is made solely 10 the charitable company's members. as a body. In accordance with Chapter 3 of Part 16 of
the Comp8nies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's
members those matters we are required to state to tham in an Auditor'8 report and for no other purpose, To the fullest
extent permitted by law, we do not accèpt or sssume responsibility to anyone other than the charitable company and the
charitable company's members 8S 8 body. for our auditwork, forthis report, orforthe opinions we have formed,
Tra¢ey Young{Senlor Statutory Audltor)
Forand on behalf of Hay8Mac LLP, StatutoryAudltor
10 Queen Street Place
London
EC1R4AG
14 March
. 2025
10

THEASSOCIATION OFGOVERNING BODSES OF INDEPENDENTSCHOOLS
STATEMENT OF FINANCIAL ACTIVITIES Ilncorporating an Income and Expendlture Account}
FOR THE YEAR ENDED 31 DECEMBER 2024
Total
2024
Total
2023
Notes
INCOME FROM:
Charitable actlvlties:
Governors, Seminars and Webinars
AGM contributions
Tr8ining
Ancillary income
96,563
82,615
139,683
16,777
118,066
77,430
175,476
6,112
Other tradlng actlvltles..
Subscriptions
609,583
469,890
Income from Investments
23,936
12.827
969,157
859.801
EXPENDITURE ON:
Charltable actlvltles
829.061
777,903
829,061
777,903
Net Income bofore Investment galnslllosses)
140,096
81,898
Net g81n$ on investments
28,815
18,283
NET MOVEMENT IN FUNDS
168,911
100,181
Balance brought forward at 1 January 2024
531,645
431,464
Balance c8rried forward 8t 31 December 2024
£700,556 £531,645
All income and expenditure derives from continuing activities.
Therewere no recognlsed galns and losses otherthan those included above.
The accompanying notes form part ofthese accounls.
All a¢tlvltles In the Current and prlor year were unrestrlcted.

THE ASSOCIATION OFGOVERNING BODIES OF INDEPENDENTSCHOOLS
BALANCE SHEET
COMPANY NUMBER: 5217162
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
Notes
FIXED ASSETS
Tangible fixed assets
Investments
4.038
336,260
1,403
307,445
340,298
308,848
CURRENT ASSETS
Bank accounts
Debtors
811,642
232,130
763.744
230,534
1,043,772
994,278
CURRENT LIABILITIES
Creditors: amounts due within one year
{679,8541
1763,8301
NET CURRENT ASSETS
363,918
230,448
TOTAL ASSETS LESS CURRENT
LIABILITIES
704.216
539,296
NON CURRENT LIABILITIES
Pension li8bilily
10
13,6601
17.6511
NET ASSETS
£700,556
È531,645
REPRESENTED BY
UNRESTRICTED FUNDS:
General Fund (including revaluation
gains to date of £36.26012023: £7.445
g8inl}
£700,556
É531.645
These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relatingto small
companies and constitute the 8nnual8ccounts required by the CompaniesAct 2006.
Tha fln8ncial statementswere approved and authorised for issue by the Board on 11 March 2025 and were signed
below
s behalf by:
MarkTaylor
Chair
Dian8 Robinson
Hon Treasurer
The accompanying notesform part ofthese accounts.
12

THE ASSOCIATION OFGOVERNING BODIES OF INDEPENDENTSCHOOLS
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
Note
Cash flows from operating activities..
27.473
299.574
Cash flows from investing 8Ctivities:
Investment income
Payments to acquire tangible fixed assets
Payments to acquire inve8tment
Proceeds from sale of Investments
23,936
(3,511)
12.827
11.4991
1300,0001
230.606
Net cash provld8d byllus8d Inl Investlng activities
20,425
{58,0661
Ch8nge In cash and ¢8sh equlv81ents In the reportlng perlod
47,898
241,508
Cash and cash equlvalents at the beginnlng of the reporting period
763,744
522.236
Cash and cash equlvalents at the end of the reporting period
£811.642
£763,744
NOTE TO THE CASHFLOW STATEMENT
RECONCILIATION OF NET MOVEMENT IN FUNDSTO NET
CASH FLOW FROM OPERATING ACTIVITIES
2024
2023
Net movement In fund8
Invéstment income
168,911
123,936)
876
100,181
112.827)
17,114
(18,2831
12,6011
215,990
Depreciation
(Gainsl on investments
Ilncre8sèI in debtors
{Decreasellincrease in creditors
128,8151
11,5961
(87,9671
Net cash from operatlng actlvities
£27,473
£299,574
ANALYSIS OF CHANGES IN NET FUNDS
Atstart
of year
Cash
Flows
At end
ofyear
Bank current accounts
B8nk deposit accounts
94,266
669.478
5.197
42,701
99.463
712.179
£763.744
£47.898
£811,642
13

THEASSOCIATION OF GOVERNING BODIES OF INDEPENDENT SCHOOLS
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ACCOUNTING POLICIES
The accounts of the Assocl8tion are prepared in accordance wlth the Statement of Recommended Practice for
Charities ISORPI {Second Edition, 8ffective 1 January 20191, the Companies Act 2006 and with FRS 102. The
particu18r 8ccounting pollcies adopted are described below. The financial statements are prepared in Pounds
Sterling rounded to the nearest Pound. AGBIS meets the definition of a public benèfit entity under FRS 102.
Assets and liabilities are initially recognlsed 8t historical cost or tr8ns8Ction value unless otherwlse stated
in the relevant 8ccounting policy notelsl.
b)
Income represents amount8 receiv8ble by the charity durlng the year for subscriptions. seminars and other
services. Income is accounted for when it becomes receivable and its value can be estlmated with
reason8ble certainty.
Expenditure is recognised In the perlod incurred and in¢lude8 irrecoverable VAT. Governance costs includ8
those costs Incurred in ¢arrylng out the statutory and ¢onstitution81 requirements of the charity. All costs are
directly 8ttrlbut8ble to the he8dings under which they are shown.
d)
Tangible fixed 888ets and additions are stated and cost. Depreci8tion is provided at the following rates:
Computer equlpmentlsoftware 33% str8ight line
Other equipment
25Wo Str8ight line
The Association is a registered charily and no taxation is payable on its charitable activlties.
Having assessed risks and considered tuture budgets and ¢8$h flows. the trustees conflrm that they have
no materi81 uncert8intles about the Asso¢i8tlon's Sbllity to Continue as a going concern for Ihe foreseeable
future. The Asso¢lation had re$eNes and Investments to meet its needs.
gi
Contributions are made to a defined contributlon scheme for st8tt. Th8 contrlbutions 8re Charged to the
Statement ot Financi8lActivitieswhen they become payable.
The ch8rlty also partlclpates in thè CARE scheme administered by The Pensions Trust. It is a funded multi-
employer defined benefit scheme. The scheme was closed in 2018 and members were enrolled In other
defined contrlbullon schemes. As the charity has been notified of a deflcit repayment plan by the pension
scheme, th8 discounl8d present value of the deficit recovery plan are included In creditors.
h)
Investments 8re valued in the balance sheel al bid price at th8 b81ance sh8et date. R8811sed and unreallsed
gains are accounted for within the Slatement ot Financlal Activlt18S.
Rentals paid under operatlng leases are charged to income on a straight-line basis over the l&ase term.
The charity only has financial assets and financi81 liabilities of a kind that qualify as basic financial
instruments. Basic financlal Instruments. including trade 8nd other debtors and creditors are initially
recognised at trans8Ction value and subsequently measured at their settlement value.
k)
In prep8ring these financial statements. the trustees have made judgements. estimates 8nd assumptions
that affect the application of the Charity's accounting policies and the reported assets, liabilities. income
and expenditure and the disclosures made in Ihe financial statements. Estimates and judgements arè
eontinu8lly evaluated and are based on historical experlence and other factors. including expectations of
future events that are believed to be reasonable under the circumstances. Revisions to accounting
estimates are recognised in the period in which the estim8te is revised if the revision affects only that
period, or in the period of the revision and future periods itthe revision affected current and future periods.
The trustees consider that there are no critical estimates or judgements.
14

THE ASSOCIATION OF GOVERNING BODIES OF INDEPENDENTSCHOOLS
NOTES TO THE ACCOUNTS Icontlnuedl
FOR THE YEAR ENDED 31 DECEMBER 2024
ACCOUNTING POLICIES {Contlnued}
l} Association of Governing Bodies of Independent Schools Is 8 company limited by guarantee, registered in England
and Wales (company number: 5217162}. It is also a charity registered with the Charity Commission. Its registered
address is: The Grange, 3 CodiGote Road. Welwyn, Hertfordshire AL6 9LY. Details of AGBIS. operations and
activities are contained in the Report of the Board.
EXPENDITURE ON CHARITABLE ACTIVITIES
2024
2023
Staff costs
Office expenses
Printing, postage and telephone
Meetlngs and travel
Governors, seminars
AGM expenses
Govern8nce revlew costs
Legal and Profession81 fees
e-Learning courses
New product development
Depreclation
543,304
85,880
5,315
12,907
26.647
59,454
50,626
38,352
503.784
69.177
8,139
4,705
30,050
56,017
53,315
30,991
4,611
5.700
876
17.114
£829,061
£777,903
Governanc8 Costs (wlthln professlonal fees) Include
Auditor's remuneration
Audit
Other servlces
£9,200
£1,075
£8.400
£1,000
FIXED ASSETS
Computer
Equlpmentl
Software
Offlca
Equlpment
Total
COST
At1 January 2024
Additions
9,834
1.481
188,041
2.030
197,87S
3,511
At 31 December 2024
11,315
190,071
201,386
DEPRECIATION
At 1 January 2024
Charge for the year
9,623
116
186.849
760
196.472
876
At 31 D8C8mber 2024
9,739
187,609
197,348
NETBOOKVALUE
At 31 December 2024
£1,576
£2.462
£4,038
At 31 December 2023
£211
£1,192
£1,403
15

THE ASSOCIATION OF GOVERNING BODIES OF INDEPENDENT SCHOOLS
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
INVESTMENTS
2024
2023
Market value at 1 January 2024
Additions
Disposal proceeds
Net invèstment gainslllossesl
307.445
219,768
300,000
{230.6061
18.283
28.815
Market value at 31 December 2024
£336,260
£307.445
Hi$tori¢al cost at 31 December 2024
£300,000
£300,000
The investment Is held In Sarasins Cllm8te Actlve Endowments Fund Class A Income units.
DEBTORS
2024
2023
Other debtors
Prep8ymentS 8nd accrued Income
200,339
31,791
205,648
24,886
£232.130
£230,534
CREDITORS
2024
2023
Other creditor8 8nd accruals
Subscriptions in advance
Other fees and contrlbutlons in advance
Pension scheme Ilablllty (note 101
24.664
619,827
31.610
3.753
87.136
603.361
69.785
3,548
£679.854
£763,830
Deferred income at 1 January 2024
Amounts released from previous years
Resources defeired during the year
673,146
1673.1461
651,437
Deferred income at 31 December 2024
£651,437
Deferred income relates to subscriptions. seminar fèes, AGM sponsorship 8nd contributions received in
advance.
16

THE ASSOCIATION OF GOVERNING BODIES OF INDEPENDENT SCHOOLS
NOTESTOTHEACCOUNTS Icontlnuedl
FOR THE YEAR ENDED 31 DECEMBER 2024
STAFF COSTS
2024
2023
Salaries
Social security
Otherpension costs
Settlement agreement8
467,059
44.706
26.039
5.500
435,523
43,859
24,402
£543,304
£503.784
The 8ver8ge numberofemployees 8n81ysed byfunctlon was:
2024
No.
2023
Chief Executive
Fulltime employees
Part time employees
The number of employees who had emolumenls exceeding £60.000 were.,
£60.001- £70,000
£90,001- £100,000
£150,001 - £160,000
£160,001- £170,000
The total remuner8tlon, b8n8flts and p8n8lon8 P81d to the k8y man8gement personnel in the year was £296,348
for three employees12023: £354,181 forthree employee81.
During the year £1,19212023'. £1,958) was reimbursed 10 three trustees {2023: 31 for travel expenses.
AGBIS has a panel of 16 reviewers who undertake reviews ot govern8nce at member schools on beh81f of tha
Associatlon. Four Board m8mbers lout of 8 total of 18 B08rd members) are part of the panel deliverlng thls service
when required. Directors are eligible to recelve reasonable and proper payment for any setvices rendered to Ihe
ch8rlty, in 8ccord8nce with the ch8rity's Memor8ndum and Articles of Assoc18tlon:
Julie Cornell conducted four revlews of governance at member schools, for which she w88 P8id £7,560
{2023'. £4.5001 plus VAT.
Paul Dillon-Robinson conducted three reviews ofgovernence 8t member schools, forwhl¢h hew88 P81d
É4,72512023: £3,000).
Christine Keunen conducted one reviews of governance 8t member schools. for whlch she was paid
£1.57512023: £nill.
Nigel Taylor conducted two reviews of govern8nc8 8t member schools. for which he was paid £3,150
12023: £4,500).
All ofthe above were Board memberswhen theydelivered these seNices,
No furth8r payments were made to. oron behalf of. Board members.
RELATED PARTIES
The Association Is controlled by the B08rd members. In additlon. the Chair and the Chief Executive were
directors of the Independent S¢hools Council IISCI. of which AGBIS is 8 member. There were no other related
Party transactions during the year.
17

THE ASSOCIATION OF GOVERNING BODIES OF INDEPENDENT SCHOOLS
NOTES TO THE ACCOUNTS {Continugd}
FOR THE YEAR ENDED 31 DECEMBER 2024
OPERATING LEASES
The total oftuture minlmum lease payments under non-cancèllable operatingieases which the Associ8tion was
cornmittedto make atthe b81ance sheetdste in respectofoperatingiease foreach ofthe followingperiods were
85 follows:
Land and bulldlngs
2024
2023
Offlce equlpment
2024
2023
Not later than 1 year
Later than 1 yè8r and not later than 5 years
6,375
8,500
6,375
678
2.712
678
The total of le88e payments recognised 88 8n expense in the yearwas £11.21212023: £11.2121.
10.
PENSIONS
The p8nsion scheme available to current AGBIS employees Is the Flexible Relirement Plan, administered byThe
Pensions Trust. li Is a defined contribution scheme.
The p8nsion scheme offered to AGBIS staff priorto 2016 was th8 CARE Scheme {th8'Schème'l administered by
The Penslons Trust is a funded multi-employer defined beneflt scheme. The main benefits provided by the
Scheme are a pension of one-eightleth of the member's career average revalued earnings for each year {and
months PfOPOrtlon8t8lyl of p8nsion8ble seNice ifcontr8Cted-out ofthe State scheme,
At 31 March 2016, the Scheme closed. At the date of closure. AGBIS had two members enroll8d In the Scheme.
Both individuals were 8nrolled in other deflned Contrlbutlon $¢heme$. The deficit recovery plan rem8in8 in place.
The CARE scheme (the'scheme'l Contrlbutlon8 from 1 July2015
For members in ihe one-eighlieth Siructure of the Scheme, employers pay contributions at Ihe rate of 22.8% per
annum of member's earnings less member contributions.
In 8ddition. employers maychoose to pay any Future Service Conlrlbution Rate IFSCRI combination that is shared
betweerb members and employers, as long as the maximum member contrlbulion rates are [ lage 110} + 3.51%
lone-eightieth structure). For reference. the total FSCRS from 1 July 2015 are 22.8% lonè-eightieth structure).
Employers that have closed the one-eightieth slructure of the Scheme to new entrants are required lo pay 8n
addltlonal employer contribution108ding of 1.3% to reflect the higher ¢o$ts of 8 closed arrangement.
Actuarlal Valuatlon
TheTrustee commlssions an 8¢tuarialvaluation ofthescheme everythreeyears. Theactuarlalv8lu8tion assesses
whether the Scheme's assets at the valuatlon date are Ilkely to be sufficient to pay the pension benefits accrued
by members as at the valuatlon date. Asset values are calculated by reference to market levels. Accrued pension
benefits 8fe v81ued by discounting expected future benefit payments using a discount rate calculated by referencè
to Ihe expected future investment returns.
It is not possible In the norm81 course of events to identify on a reasonable and consistent basis the share of
underlying assets and liabilities belonging to individual participating employers. The Scheme Is 8 multi-employer
scheme. where the assels are co-mingied for investment purposes, 8nd benefits are paid out of tot81 scheme
assets. Accordingly, due lo the nature of the Scheme, the accounting ch8rge for the period under FRS 102
represents the employer contribution payable and other movements in the pension scheme liability.
The last formal valuation of the Scheme was performed as at 30 September 2022 by 8 protessionally qualified
actuary using the 'projected unit. method. The market Value of the Scheme's assets at the valuation date w8S
£49.6 million. The valuation reve81ed a deficit of assets compared to li8bilities of £7.5 million, equivalent to a past
servlce funding level of 87%.

THE ASSOCIATION OF GOVERNING BODIES OF INDEPENDENTSCHOOLS
NOTESTOTHE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
10.
PENSIONS {continu8d)
Actuarlal Valuation Icontinuad)
The financial assumptions underlying the valuation as at 30 September 2022 were as follows:
/0 p.a.
3.78
3.77
Nominal gilt yield curve plus 0.85Vo p.a. at each term
Nominal giltyield cuNe plus 0.85% P.8. 8t each term
Gilt inflation curve at e8ch tgrm
RPI inflation less 1.0% p.a. at each term until 2030 8nd
RPI Inflgtion f rom 2030 onwards
Nominal gilt yleld curve plus 0.85 p.a.
Gilt yield
Market implied infletion rate
Pre-retirement discount rate
Post retirement discount rate
Rate of price inflation IRPII
Ratè of prie8 inflation Icpii
Return on assets Over deflclt recovery period
If an 8CtU8ri81 valu8tion reveals g shortfall ot assets comp8red to Ilabilities. the Trustee must prepare a Recovery
Plan setting out the steps to be taken to make up the shortfall.
An existing rècovery plan Is In place. Under this p18n. AGBIS. share of the deficlt contrlbutloDs is £3,060 per
annum, p8y8ble in monthly instalments. In addition, AGBIS is li8bl8 to pay scheme expenses of £324 per ye8r,
payable In monthlylnstalments. The payments aredue until30 November2027 and will increase by3% each April.
Employor'Debt on Wlthdrawal,
As 8 result of pension scheme legislation there 18 a potential debt on the employer that could be levied by the
Trustee of the Scheme. The debt 18 due in the event ot the employer ceaslng to p8rtl¢lP8te in the Scheme or the
Scheme winding up. The debt on wlthdr8W81 forAGBIS. as at 30 September 2023,18 £37,518.
The debt for the Scheme as 8 who181s calculated by comparing the li8bilities for the Scheme (calculated on a buy-
out basis l.e. the Cost of securing benefits by purchasing annuiiy pollcies from an insurer, plus an allowance lor
expenses) with the assets of the Scheme. If the li8bllities exceed 8ss8ts there Is a buy-out debt.
The 18avlng employer's share of the buy-out debt is the proportion of the Scheme's 118blllty attrlbutable to
employment with the leaving employer comp8rad to the total amount of the Scheme's Ilabllities Ire18ting to
employment with all the currently participating employers}. The 188vlng employer's debt therefore, includes 8
share of any 'orph8n' li8bllities in respect of previously p8rtiCiP8ting employers. The amount of the debt depends
on many factors including total Scheme liablli118s, Scheme Investment performance, the118blllt18s In respect of
current and former employees of the employer. financial conditions at the time of the cessation event and the
insurance buy-out m8rket. The amounts of debt C8n bè vol8tlle overtime.
19

THE ASSOCIATION OF GOVERNING BODIES OF INDEPENDENTSCHOOLS
NOTES TOTHEACCOUNTS {Continuedl
FOR THE YEAR ENDED 31 DECEMBER 2024
10.
PENSIONS (continued)
Reconclliatlon of provlslon
Provision 8t start of 8ccounting period
Unwinding of the discount factor
Deficit contributions pald
Rem88surement- amendments to contribution schedule
11,199
520
14,3521
46
Provision at end of accounting perlod
£7,413
The Ilabilliy is repayable in instalmenls talling due as follows:
2024
2023
In less th8n one year
In one to two years
In two to five years
3,753
3,660
3,548
3,762
3,889
£7,413
£11,199
20