Regl$tered number: 06084879 Charlty numbfrr: 1118435 BROMSGROVE SCHOOL FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 BROMSGROVE SCHOOL FOUNDATION CONTENTS Page Relerence and Admlnlstratlye Detalls Tfust•es' Rèport Independent Audllors. Report on Ihe Flnanclal Slalements 7-10 sthtem•nt ol Flnanclal Acliviiles 11 Balance Sheet 12 Nol•s to lh• Flnanclal St•t•menti 13-20 BROMSGROVE SCHOOL FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDEO 31 AUGUST 2023 Trust8•5 Mr M Taytr. Chairman Mr M Luckman. Chgirman of the Schoc4 Govemo Mr P Sl J Bowtrn MrMIEsc( Judge R J S Foster Mr T M Horton D•3by Lord Jones of BirTh￿hOM IRes*Jned 26 June 2023) Mrs J Lodge Mr S ToweC8E Mr S J Bradley MrJ Der￿Y Company r¢gl$tered number (6084879 Charity reglstered numbfrr 1118435 Reglster•d offle• 8fomswwe Schc Worceslw Road 8roms9rove Worcesleishiie B617DU Company setrel•ry Mr James SonNnerwlle Wfrbslte VNAY.brcffisgrove-school.Co.￿k Auditors HaySmaC￿lYre LLP 10 Queen Slfeel Place London EC4R 1AG B&nkers Lbyds TSB Bank Pk 112 High Slreel Bromsgrove Woi¢e$tersh 8618EZ Sollcltows Wasbortwh Orchard Court Oichard Lane Bristol BS1 SWS Investment Advl$8rs CCLA One Arkgel Lane Lon(lon EC4 3AB Page 1 BROMSGROVE SCHOOL FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS {CONTENUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Insurance Brokers Mwsh Ltd 4 Road Haywards Heamh West Sussex RH161AH Page 2 BROMSGROVE SCHOOL FOUNOATIO TRUSTEES. REPORT FOR THE YEAR ENDED J1 AUGUST2023 The Found8lion'5 Trustees present Iheif feport lor the year ended 31 Au9u$I 2023 uTrJer the Companies Acl 2006 together with the audited financial State￿EntS for the year and confirm Ihal Ihe financial slalemenls compty with the requifemenls of the Act. the ¢hariVs governing dctument and the Slalemenl of Recommended Piactice. AL%￿nting and RepDrtw by Ch￿1t¥e$ (SORP 20151 Se¢ond Eddion. effective 1 January 2019. REFERENCE AND ADMINISTRATIVE INFORMAlloN Biomsgrove Sth)ol FoundatiC￿ was incorporated as a company hmiled ty guarantee (registered company number C60848791 on 6 Febnjary 2007. and as a charty (re9iStered thrity nwnb8r 1118435) on 20 March 2007. STRUCTURE GOVERNANCE AND hW4AGEMENT Governin9 Document The Chan'ty bs governed by it5 meTh￿rand￿m and Artths ol AssocialNx arisivj from incoiporali¢)n in 2￿)7. Dlrectors and Proles$lon•l Advhern A list of Truslèès and protessKrfwI advisers appe￿5 ￿ page 1. The TfUSlees aio 8150 Ihe Directors ol the charilable corryany. Recruiiment and Tralning of Tru$t•es The Charty's Trvslees are 8ppowJled al a Theeling of the Board of Trustees, fdlowlThJ a select￿n process ￿1¢h lakes into ￿nsidera110n eh'gibility, personal compete￿. speuah.st 5ki115 and knal availability. New Trustees are Inducled into the workin9s of the School FoundatK*n. ir¢bJing Ihe provision of key inloimalion covering board policy, School elhos and finan¢K41 inf¢￿tIOn. Rlsk Managom•nt The Foundalion Truslee5 conduct annuafy a formal review of the major risks lo which the Foundalion is exposed. These tisks are reviewed on a rolling basis and miligalion control Pl￿edureS are pul in placè 85 necessary. OBJECTS. VISION. OBJECTIVES ANO ACTMTIES Charitable Objects The Charity's obiecls as sel out in the Memor8fKlum of Associabon are.. to promote and advance charitable purp)5e connecled wilh Bfonwrove School I'lhe School'}.: lo promote other educational ¢harty purposes (whether CK rth)t (￿Tre¢led w￿h Bromsgrove Sch¢)ol) for the bongfil of Ihg fvl community. Vlslon To provtde a firsl class edLKalion to am deseMn9 PLyls. iThespeclNe ol th￿ paTen15' alNThty lo pay school fees. Page 3 BROMSGROVE SCHOOL FOUNDATION TRusfEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 OBJECTS, VISION, 08JECTIVES AND ACTMTIES l¢r•ntlnuedl Oblectlve To rai* suifKi$nl lunds u￿rnate￿ to enable Ihg School to rKov•Ja places io 011 deserying pupi15 on a needs blind basi& This is a lon9. possibty very ksng-lerm wnbitKJn whth be affected ty ￿VeStMent returns and levels of eConorn￿ confidence. as well as other laclor$ whKh cannot 8c¢uratety be kneseen al any one lime. From time lolsme. Ihe Tnjslees agree with the Schoc4 inlerim mkslones toward5 the ultimatè ambitlon. Actlvltles To meel Ihe above obieclives, il is inleThJed Ihal appeals will cLIntin￿ lo be m•Je lo all those wilh a conneclion 10 Bromsgrove School i.e. aknini. parenls and friends to er￿o￿Tage ie9dar gwing and le9acie& Thi$ is supported by a progr8m￿ ol frEnd-tai5ing events design&J lo encour•gtr inleresl and Invo￿ement wilh the Schc*)l and to fasse the profile ol the Foundation. The annual ApprecialKJn Lunch lor our donors and Legxy Society members w85 helS al Ihe sch(￿ in May 2023. Including Ihose who had gNen not just monetary don81ions but also gifts in kind li.e., offeting advice lo cwrenl sludenls). There was a chance l(Y Old Biomsgfovians lo reconnect back at School with reunion5. surh as Ihe Pie-19805 leavers. The FoundatKin also hosted the second SFeakerfs Lunch in Roulh Hall, a welcome relurn lo the School calendar after Ihe pandern￿. We continue to h051 visrts by OIJ Bromsgrovians and their families lo the Heritage Cenlre. The Foun(J3lion and 8romsgioviaN Offic* also works with Ihè Futures department to ensure Ihal Ohj Bromsgrowans continue lo offer help supp)rt lo current pupil5. The fwus Of fundraising aclivtty in the year has been legacies and parental depowl donations. DuriTr3 the Summer Term. some of our Up￿1 Sixlh parenls donated all or part of their ￿eptance deposits lo Ihe Fourtdalion lolallirwJ £39,C68. In the year. cffie Wcy was received lot811ing E87.274. . FINANCIAL REVIEW AND RESULTS FOR THE YEAR During Ihe year. donation$ and kgwes have been recewed 01 £237.83912022' £149.873). Invest￿nI income of E40,85912022.. £37.9331 was also &qrned. The Foundation Trustees Iranslerfed £152.826 12Q22.. £124.0851 to the School in thè year to assisl in Ihe funding of bursaries. The de￿5￿n on the amount lo be Iransfeired lo Ihe SchoDI for use in bursaries and scholarships remains at Ihe solè discielion ol Ihe FoundalKJn Truslees. The School, however. retains Ihe exclusive righl lo apFoflion Ihe money lo any bursary or scholarshbp il so clwses unles5 the original donation had Specif￿ terms attached lo IL or Ihe Foundalw)n Trustees direct the money to individual ￿hOlarships. P￿e4 8ROMSGROVE SCHOOL F(XJNDATK>M TRUSTEES. REPORT {CONTINUEOI FOR THE YEAR ENDED 31 AUGUST 2023 b. Inv•stmont Polky •nd P•rform•nc• The Trustees 8fe pemiiited to hold a portfolK> of inveslments and the gubjance gwen lo lh2 School's Inveslmenl Committee is lo balance gr￿￿h and income wilh 8 medium level ol iisk. Thes? objeclNe5 are lo be gchieved by inveslin9 Pruden1￿ in a btoad range of fixed interest securities a￿1 equil*s wh￿h are quoted on a recognised Investment Exchange ond unil Irusl$ and OEIC-S (opèn ended inveslmènl ¢ompani8s} whth are aulhorised undei Ihe Financial Ser¥ioes aThJ Markets Ad 2000. The Foundation's fund5 are invested in the CCLA Charilies Inveslmenl Fund and lh8 Equilibrium fund. The Investment Committee ￿￿lIn￿e lo monitor Ihe perf0m￿nCe of these funds a9ain51 market benchmarks including the Ptivale IF)veslor BalarKed Index benchmath over a iolling Ihree-year period. The Trustees are pleased lo report th81 Ihe CCLA fund has conlin￿d lo oulperfmn Ihe benchmark. The iweslmenls have incieased in vah* over the year from E1.729,174 10 £1.843.328. However, addilional ash of £150,000 was invèsled in the year. 8nd there are ￿￿etI￿.r￿j unfealised inveslmenl10sse5 of £35.846 on the year end vaknlion. Public Benefit The Trustees ￿lfim7 Ihal Ihey have cOmp￿ed with the duty in S¥xlion 17 cl Ihe Chafities Act 201110 have due regafd lo the public benefrt guida￿ pubhshed by the Charity Commission in delemiining the aclrviliès undertaken by thè charity. d. Reservès Pollcy Al 31 Awusl 2023, Ihe tolal unreslrKled lunds of Iho Fo￿dali0n arnounled lo £1.882.669. The Tfuslees are salisfied Ihal Ihese reserves are svffic*nl lo meel the Foundation's current Cctmmilmenl lo Ihp School in awarding lunds for bursariès. Thè Tmslees have a medium lefm target ol taisin9 uTrreslficled lunds lo around £2m in order that future awards for life changing bursaries can be madè. At 31 A￿ust 2023. Ihe total resliicled ol the FwndalKJn amO￿ted lo £17,697. NDl& 13 to the financial slalements set crt* an anotysis of Ihe assets attr1bUtth￿ to these fvnd5 and the puwpose of the luThJs. Page 5 BROMSGROVE SCHOOL FOUNDATION TRUSTEES. REPORT (CONTINUEO) FOR THE YEAR EfvIOE0 31 AUGUST 2023 Stat8m¢nt ol TrustMs' respons￿IlItIeS The Tfuslees (who are also Ihe directors ol the CompaThy for the purFrf)ses of company lay4 are responsible tor prepafing the Tiuslees. Re￿t and the financial slalemenls in accordance wrth applicable ￿ and United Kingdom Acccwnling Standards (Uniied Kingdom Generalty Accepled Accounting Pfactice). Company requires Ihe Tf41slees lo pfepare fThn¢ial s18lemènls for èach financial ￿r. Und8r CO￿@anY law, Ihe Trustee5 must not appiove Ihe financial slalemenls unless Ihey are satisfied Ihal Ihey gve a true and fair VIV￿ ol the stale of affaws of Ihe Company WKS of rts incoming rescjurces and application ol resources. includirKJ ils income and expeiKlrtuie. for Ihat peiicKI. In preparwy these f￿a1)Cial statements, Ihe Tru51ees are required sefect surtabfe wiuntiw ￿t￿lti8 and then aprly them conwlentty: observe Ihg melh)ds and principles ol the Ch*ilie$ SORP (FRS 102): make judgment$ and occouThling eslimales Ihal are reasonable and prudent., sl?le whether applubfe UK A￿untIng Standards (FRS 1021 have t*8n folknwd. S￿18¢1 lo any material dep8rlures disclosed and explained in the fina￿￿91 slalemenls", Prepare Ihe financial slalemenls on the ￿nCe1ft basis unless ￿ is ingpproprial¢ lo pto$ume th81 the Corwany will Cont￿Ue in business. The Trustees are responsible lor *eepivJ adequate 8ccounling recofds Ihat are sufficienl lo shN and explai the Comparsls Iransaclions disckjse wrfh rèasonable a¢cuièey al any lime lh8 financial posrtion ol the Company and enable them ID ensure Ihal the fIna￿la1 slalemenls corryjly wrth the Companies Act 2006_ They ?re also responsible for saleguardiNJ Ihe assels of the Company and hence for lakin9 reasonable steps for Ih? prevenlmjn and detection ot Iraud and othei i￿egUla￿les. Dlsclosuro of Inforniallon to audllo Each of the persons who are Trustees al the when this Trustees. Report 1$ approved has confirmed that.. so f8r 8$ that Tfu$l¢e 1$ awa￿. there is no relevanl audrt ￿forMatIon ol whth Ihe charW8 auditors are unaware. and Ihal Trustee has taken al the steps Ihat ougN lo have been taken as 8 Trustee in order to be aware of y relevant awlil InformalK￿ and lo establÈsh th81 Ihe charws audrtors are aware ol Ihal information. Auditors HaysmaciTifyte LLP wll be proposed for fe4ppoinlment 85 aLMJrtors in accordance wilh Seclion 485 ol the Companie$ Acl 2CQ6. In prep8rin9 Ihb¥ report. the Trustees have laken thanlap of Ihg small ccryanies ¢xomplions provided by Section 415A oflhe Cwanies Acl 2CQ6. Approved by ord of Ihè ft*mbers of lh8 board of Trusle88 and styned on Iheir behall by.. Mr MH Taylor Chairman Oale: Page 6 BROMSGROVE SCHOOL FOUNOATION INDEPENDENT AUDITORS. REPORT TO THE MEM8ERS OF BROMSGROVE SCHOOL FOUNDATION Opinlon We have audrled Ihe financral slatemenls of Bromsgrove SchoDI Found8tiDn Ilho 'chafilablo companty) for Ihè year ended 31 August 2023 wh￿h ccwnprise the Sl8lemenl of Financial Aclivrfies, Ihe Balance Sheet, Ihe Slalemenl ol Cash Fkms and the related notes. including a S￿￿mary ol sIgnrf￿anI accounting policies. Th financial reporting framework Ihal has been applEd in their preparalion is apPl￿ble law and United Kingdom Accounting Standards. in¢lu*5ng Finanual Reporling Slandard 102 'The FinarKi31 Reporting Slandard appluble in the UK and Republic of Ireland, (United Kingdom GeThera1￿ A¢¢epled A¢¢ounling Pracli¢el. In our opin*M the financial 5talemenls: gNe a Irue aThl fair view of Ihe $18le ol the ch8rrtabb ￿mPanY$ affairs 8$ al 31 Augusl 2023 and of il& incoming resources and application of resources. Inc￿oIng As income and expenditure lor year Ihen hav8 been properly P￿pared in accordance wth Un'rted KirwJdom General￿ A￿epted Accounting Pwlice: and have been prePa￿d in accordance wilh Ihe requirements of Ihe Charitie5 Act 2011. 88s1s for oplnlon We conducled our aud& in aeeordancè with Inlernalional Slandafds onAudrting {UKI (ISA$ IUKI) and applicable law. Our responsib1rf￿ under those slandards are further described in tho Audilois. responsitilili8s for tha audit ot Ihe financial $18lemenl$ seclion ol our report. We ir+depen(Senl of the charrtable company in accordance with Ihe elhical Tequiremenls that are re￿vant lo our audrt of Ihe fina￿la1 slalemenls in the United Kingdom, inC￿ding the Financiql ReF*)Fting Councws Elh￿OI Sland8rd. and we have fvlfiled our other ethical responsibililies in accordance with these requirements. We bekn that the audrt evAlerKe we have obtained i¥ sulliienl and appropriale lo provide a basis kn our cyinw. Con¢lu5i0ns relating to golng concern In ￿dIling the fM*ncial slalemenls. we have concluded that the Trustees, use of the going con￿rfi basis of accounting in the preparalion ofthe fin?nci&l State￿nts is appropriale. Based on the woth we have perf0m￿. have not wjenh.fied any mater￿1 uncertoinlies relaling lo evenls or ndrtions that, individualy or cdleclNety, may c851 signrficanl doubl on t￿ charitable companls abilrty lo continue as a going concern lor a perKxI ol at least twefve monlhs from when Ihe fknancial s18lemenls arè aulhorised lor issue. Our respon5ibililies the reSp(￿1b11rt1es of the TIu5tees with iespect 10 9OYI9 ￿nce1Th are described in Ihè relevanl seclions (rf this iewt. Page 7 8ROMSGROVE SCHOOL FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BROMSGROVE SCHOOLFOUNDATION (CONTINUED) Othor Informailon The olher inlofmalion comprises the inkrfm8lion included in the Annu81 Report olher than the financial Stotements and our Aud￿￿5, Report Ihereon. The Twslees ore respor￿lble for the other informelion contained wilhin the Annual Repgrt, Our ownwjn on the slalemenls does not cover Ihe olh8r information and, except to the extent olheNii6e explicilty slated Mi our fewl. we not express any lorm of a5suranee conclusion Iheieon. Our responsibilty is lo read the other informal￿rt and, in doiNJ so, cLJnsKler whether the olher inlormalion is malerialy ineonsti%lenl wlh Ihe financial $lalomenis or our knowledge obtained in the course ol the aurjil, or olheMi$e appears lo be materralty misslaled. If wtr wjenlify such material inconsistencies or apparent malerk?I mis51alemonls. we are iequifed lo determine whelher Ihbs gNes iise lo a material m￿5$191eMent in Ihe financial statements Ihemselves. Sf. based on Iho woth we have performed. we ¢onclude that Ihe¥e is a maleiial misslalemenl of this other information. we ￿e required lo report Ihal facl. We have nothing to ieport in this regard. Matt6rn on whkh we aro roqulred to report by oxceplion We have nothin9 to reyt in respect c4 the lolkwring malleTs where u￿ Charities (A￿￿ts and Reports) Regulations 2008 requires u$ to report lo you rf, in our Opin￿n- Ihe wrfomialion given in Ihg Tiuilo0s' Re￿rt is inconsistent in 8ny mate￿1 respect wilh Ihe financial sl8lemenls'. or sufficient 8ccounlir¥J records h8ve not been kept: or Ihe financial slalement$ are Tr)t in agreement wrth the accountirwJ records and relums: or wè hwe nol received al Ihe in1(￿￿n explanaligns we rewirè for our audit. R•sponslbllltlos of trusl•es AS explained more fully in the Trustees, Responst•￿fi18$ Sla*nl, the Trustees (who are 8160 Ihe d￿tOrS ol the chaiilable company lor the purposes ol company are responsible lor the preparation of Ihe financial slalemenls and for being salisfied Ihat IW gNe a Icue and lair vithv. and for such internal control as the Tiuslefjs dplerminè is néeessary lo enable the preparation of firiancial slalemenls ihal are freo from material misslalemenl. whether du? to fraud or emjr. In preparing thè finaneAI slalermnls, Ihe Truslees are respcffisible for asse5sin9 the ch*i18ble cc¥npanVs ability lo continue a$ a gc#ng concern. cli5ck)sing, a5 apph'caL4e, matters related lo going concern and using Ihe going concern basis of ac￿￿nI1￿ unless the Trustees eilher inleThJ to liquidate the chatitable company or lo cease operalion5, CY hove no realistic altemalive tmjt to so. P•3e 8 BROMSGROVE SCHOOL FOUNDATION INDEPENOETrff AUDITORS. REPORT TO THE MEPA8ERS OF 8ROMSGROVE SCHOOL FOUNDATION ICONTINUEDI Auditors. responsibilitie5 lor the audit of Ihe finJn¢ial stal¢m•nls We have been opp)inled as audilof urKler section 145 of the Charilies Act 2011 arml report in accordance with the Acl and relevant fegulalK>ns made or having elfecl Ihèreunder. Our objectives are to obtain reasonable assurance about whether Ihe financial slalemenls as a wholè are fre8 from material misslalemenl. whether due lo fraud or erfof. and lo is5￿ an Audrt0￿. Report Ihal ineludes our opinion. Reasonable assu[ar￿e is a h•3h level ol assufance, but 15 not a guaranlee that an audit COnd￿led in a¢cordgnce wrfh ISA$ IUK) wil akvays detect a material misslatemenl when rt exists. Missl&temenl$ can arise from Iraud OT erfor and ale considered mal?rial rf. 1rKIMdu￿ty or in the 8￿regale. Ihey could reasonably b& expecled lo inffluence the econorn￿ decisw)ns ol usefs laken ¢)n Ihe basis ol Il*se fmncial $18temenls. Irregulariliès. in￿dIr9 fraud. are insL7￿88 ol wilh laws regUlat￿n$. We dg$vJn Pfocedure5 in ling wrth our responsibilities, oullwled above. lo detecl maleiial misslalèmenls in re¥Jecl of irregularrties. including fra￿￿. The extent to whKh our pr 125,731 135.846) 58.954 1111.4291 N*t movèmènt In funds 89.885 89.885 {S2.4751 Reconclllallon of fund8". Total funds bvoughl fomard Nel mvement in funds I7￿97 1.792.7B3 89.885 1,810.480 89.885 1.862,955 152,4751 Total funds carried fO￿ard 17.697 1,882.668 1.￿.365 1.810,480 The Stalernenl ol Fin¥n¢i81 Adtvdi6s I￿r￿deS aN gains and b)$6es recognised in Ihe year. Al of the chafilablè eompanls aelivilies (k4ring Ihe 8b)ve hvo fman¢i?l years derived from ¢onlinuing aclivrties. Al of Ihe charil?ble corypanls ￿orne. expendluTe and gains in tho priof rel8led k) unfeslficled I￿K1$. The notes on pages 13 10 20 lom part of Ihese fmwncial statements. Page11 BROMSGROVE SCHOOL FOUNDATION REGISTERED NUMBER: 06084879 BALANCE SHEET AS AT 31 AUGUST 2023 2023 2022 Flxgd 08$ot$ Fixed assel irweslments 1043,328 1.729.174 1A43.328 1.729.174 Current assets Debtors Cash at bank and in hand 3,105 94.331 5,683 115,962 97,436 121.645 Credito￿. amounts falSng due wfihin one year 10 140.3981 (40.3391 Net curygnt assots 67,038 81.306 Total assets less current liabilities 1.900.366 1,810.480 Charlty funds ReslrKled funds UnreslrKled funds 11 17,697 1M82,669 17.697 1,792.783 11 Total funds 1,900,366 1,810.480 The onlity wa& enlilkd to exempiw Irom audl sedion 477 of the Corwnies Acl 2006. Thè membèrs have nol required thè enlty lo olAa¥i an *KIrt frjr ￿ year in quesb'on in xcordance with seclion 476 of Ihe Companies Act 2006. However. an audil required in xcordprKe wlh seCt￿n 145 of Ihe Ch8rili&s Acl 2011. The Trustees 8ckft￿￿edQe Iheir fesponsibilitses for comtty.ng *ilh the requirements of Ihe Acl wrth respect t ae¢ounling r¢¢crfd8 and pr¢pafal*?n d financ￿1 staten￿nts. The financial sial&menls have been Pfepafed in accordance wrth t￿ provisions appltabkn to 8nlrties 8ubj.ecl lo Ihè small Cor￿anIeS regirne. Thfr financial statemen were approved ar￿ aulhorised for iss4* by Ihe Trv51ees and sNJned on their beh￿1 by.. Mr MH T•ylor (Chair The notes M pages 1310 20 fomi parl of Ihese financial slalemenls. Page 12 8ROMSGROVE SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 Gèneral Inforn)•tlon Bromsgrove Schch)l FoUnda1￿n 1$ a ￿MPanY ￿rnited by guarantee. not hawn9 a share c8Prt818nd is govèrned by its rnerrKJrandum and artths of assOcia￿r￿ Accounting policle$ 2.1 Basis of prepar•tlon ol Ilnanclal st•lem•nts The financial slalemenls have teen prepared in accordance wilh Ihe Charilies SORP (FRS 102) - A¢counling and Report5n9 by Charities.. Slalemenl of Recommended Practice applicable lo ¢haritie$ preparing the¥ accounts ￿ accorda￿ with Ihè Finanekgl Repcwting Standard appfic8ble In the UK 8nd Reptsb￿c of Ireland IFRS 1021 (effective 1 January 20191. Ihè Financial Reporling StanLlard applicable ￿ the UK and Republ￿ of Irelarml {FRS 1021 the Companies Acl 2￿6. Bromsgrove Schtr)l F￿rbda1i0n meets the definlion of a publc benefit enlty under FRS 102. Assets arml liabilrfies are inilialty rewnised al his1￿￿81 cost or Iwisaclion value unless olherwise staled in Ihe relevant accounlirvJ poly. 2.2 Intom• Inveslmènl In￿M8 is accounted for on a rece1¥a￿ basi5. Donalw5 and are KKkKled on ieceipl or be￿9 notified of a distr&Ju1￿ if earlvr. 2.3 Exp•hdSlur• Expendiluie is altctaled lo Ihè parfi¢ufar where Ihe cosl relates threclty lo that aclNIty. Grants payable are charged in Ihe year when Iha offer is rn￿6 except in those case$ where the offer is coNJrtional, such 9ranls beiro reccgnised as expenditure when Ihe condit￿n5 attachin9 are fulfilled. Grants offered subj￿1 lo condt11￿$ which have nol been mel al the year end are noted as commrtmenl. but not accmed as expeThJrture. Gov81nance ￿$1$ comprise direct costs for the slatirtory aThJ govemanc* expeThJiture ol the thafity I￿81her with an alknalion of swport cos 2.4 Investmenls Listed irbveslfflen15 are valued at bid%)rice rt1S￿ cost the elleclNe interest melhixl. 2.9 Fund Un￿s1￿￿ted funds comprw *¢umu￿ted and dèficits on oeneral funds. They are avaiFable for use al Ihe discretion ol the TnA$lees in flwtheranca of thfr genèral Charitab￿ objecls. Reslricled fund$ ore lund5 whth are lo be used in ￿OrdanCe with specific restrKIKJns imposed by the donor. Incomè from donallons and legacles Re51ri¢t¢d Unreslricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Donat￿n$ 237.839 237.839 149,873 Total 2022 10,IJ)O 139.873 149.873 Page 14 8ROMSGROVE SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Investment Income Unièstllctèd lund$ 2023 Total lunds 2023 Total lunds 2022 Incorre from k¢al h'sted investffenls 40.859 40.859 37.933 Total 2022 37.933 37,933 Anatysls ol expendllure on charltablfr actlvStles Summary by fund type Unre$lricted fund5 2023 Total 2023 Tol81 2022 Awafds Expenditure 152.826 141 152.826 141 124,085 2,554 152.*7 1S2.967 126,639 Total 2022 126.639 126,639 Page 15 BROMSGROVE SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 AnatysiJ of expenditure by activities Activities undertakèn directly 2023 Total funds 2023 Total funds 2022 Awards Expenditure 152.826 141 152,826 141 124.085 2,554 152.967 152.967 126,639 Total 2022 126.639 126.639 Flxed asset InvÈslments Ll$ted Invo8lm•nls Cost or v•luallon Al 1 Seplember 2022 Addi1￿￿& Revaluatic￿$ 1,729.174 160,OC4) 135.846} Al 31 A￿U$l 2023 1.843,328 N•t book valu8 Al 31 ￿Qu51 2023 1.843.328 Al 31 Al￿￿￿t 2022 1.729.174 Trusteès Remuneratlon No trustee rec8Ned re￿￿ne[all￿ or reimbuisernenl of axpèn68. Page 16 BROMSGROVE SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Dèbtors 2023 2022 Olherdeblors 3.105 5,683 10. Cr•dltors: Amounts falmng withln ong year 2023 2022 Amounts paya)le lo Bi(ryrove School 40.398 40.339 11. Statement of funds ststemont of lunds- ¢Ufrènt yèar Balance at 1 S•ptember 2022 Gainsl 31 August (Losse$} 2023 Income Expendlture Unr•StrIct￿ fund% G8ngr31 FuThJs- al lunds 1.792.783 278.699 1162.967) (36,8461 1.B82,669 Restikted lunds John N￿h0115 Fund Rc4Jer Brazier FuThJ Tim Taylor Fund 5.251 6,251 10.000 10,000 17.697 17.697 Total of lunds 1M10.480 278.699 1152.967 (35.8461 1.900,366 The John Nichons Fund fèpresenls a dOnal￿n which is lo be ugèd for Ihe Brofftsgrove Schcol Expethlion Club 01 if this is nol poss*sle the interest should be used to fund an annual awaid lo desoTrin9 Sixlh Former lo attend a walfying c(wrse al one ol the Greal 0￿d00[ Pursurt Cenlres. Tho Roger Brazier Fund (epresenls th)nalions lo be used lo support the learning of pup15 with Dyslexia. Tho Tim Tayb)r lund is to be used for Ihe develoFfftnt ol the Leaming Resource Cenlfe Pagè17 BROMSGROVE SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 11. SI•1eff￿nt of lunds Icontlnuod) stht•m•nt ol lunds - prlor year Bala￿e al 1 September 2021 Balance at 31 August 2022 Gain51 (Losses) Incomg Expendrture Unr•sl¢lctod fund8 G8neral Funds 1.852.704 177,806 1126.2981 {111,4291 1.792,783 Restrlcted funds John N￿h011$ Fund Roggr Brazier Fund rim Taylor Fund 5.251 s.￿0 5,251 2,446 10.000 12.5541 iO.OLK) 10,251 io.cKx) <2,5541 17,697 Totsl of funds 1.862,955 187.8C6 1128,852} (111,429} 1,810,480 Page 18 BROMSGROVE SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 12. Summary of funds Sumrniry of fund$ - current year 8alance at 1 September 2022 Balance at Galnsl 31 August (Losses) 2023 Income EXPend￿￿re General lunds Rest￿ted lunds 1.792.783 17.697 278.699 1152.967) 135.846) 1,882,669 17.697 1.810.480 218.699 1152.9671 135,846> 1,90ri.366 Summary of lund8- prlory•ar Bafance at 1 Seplembei 2021 Balance al 31 August 2022 Gainsl (Los5es> Income Expendit Geneial funds Restr￿ted funds 1.852,704 10,2S1 177.8(6 10.(KJO {126.298) 1111,429) 1,792,783 12,SS4> 17,697 1.862,955 187. {128.852I 1111,429) 1.810,480 13. Anatysls of nèt a$￿ts bthve•n funds Anatysls of net assets belwwn funds - curtènt year Restflcled Unr•strlcl•d funds Ivnds 2023 2023 Tolal funds 2023 Fixed asset invfrslmonls C￿r￿rt assets Credrtors th %wihin one y 1,843.328 79.739 (40.398) 1.843.328 97.436 (40,398> 17.697 Totsl 17.697 1.882.669 1.900.366 Page 19 8ROMSGROVE SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2023 13. Anatysls of net assets botwè•n funds Icontlnu•d) Anatysls ol n•t ass•ts bfrtW￿n lunds - prior year ReslrKled Unreslricled funds funds 2022 2022 Tol81 fund$ 2022 Fixed asset invèslm8nl8 Net Cvrrenl assets Credlors due wilhin one yeaT 1.729.174 121.645 (58.036) 1,729,174 121,645 140,339) 17.697 Totsl 17.697 1.792.783 1,810.480 14. ULTIMATE PARENT UNDERTAKING Brom5grove Sch￿1 Limited is Ihe sole member o18ioms9rove Schoc4 Fou￿latIon and is Ihe uMimal8 parenl company. The FoUTrjal￿ rnade awards 01 £152,826 (2022.. £124.0851 lo Bromsgrove School Limited towards the funding of bursarws. Thefe wère no olher related party Iransacltons. Pap 20