Reglstered nurnber: 06084879 Charlty number: 1118435 BROMSGROVE SCHOOL FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
BROMSGROVE SCHOOL FOUNDATION CONTENTS Page R•fvr¢nco and Admlnistrative Detai18 Trustees. Report Independent Audltor8' Report on the Flnanclal Stalements 7-10 Statement of Flnanclal Actlvltles 11 Balancé Sheet 12 Note• to Ihe Flnanclal Statements 13-20
8ROMSGROVE SCHOOL FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2024 Truste08 Mr M Taylor, Chaifman Mr M Luckman. Chaifman oflhe School Governors Mr P St J Bowerb Mr M l Escolme Judge R J S Fosler Mr T M Horton Mrs J Lodge MrSTowe CBE Mr S J Bradley Mr J Denby Company reglstered number 06084879 Charlty reg18tered numbor 1118435 Regl8tered offlce Bromsgrove School Worcester Road Bromsgrove Worcestershire B6170U Company 8ecrètary Webslle Mr James Sommerville Yhvw.bromsgrove-school,co,uk Audltor8 Haysmac LLP 10 Queen Street Place Loridon EC4R 1AG Bankor8 Lloyds TS8 Bank PIC 112 High Streel 8roms9rove Ivorcestershire B618EZ Sollcitorn Veale waSrough Orchard Court Orchard Lane Bristol BS15WS Investment Advlser8 CCLA One Angel Lane London EC4 3AB Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard Lorthn EC4M 8BU Pa98 1
BROMSGROVE SCHOOL FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS (CONTINUED FOR THE YEAR ENOEO 31 AUGUST 2024 Insurance Brokers Hettie Andrews Eleven Brindley Place 2 Brunswick Square Birmingham 812LP Page2
BROMSGROVE SCHOOL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Foundalion's Trustees present their report for the year ended 31 August 2024 under the Companies Acl 2006 logether wilh the audited financial slalemenls for the year and confirm that Ihe financial stalemenls comply wilh Ihe requirements of Ihe Act. the charity's governin9 document and the Slatemenl of Recommended Practice., Accounting and Reporting by Charities (SORP 2015) Second Edition, effective 1 January 2019. REFERENCE AND ADMINISTRATIVE INFORMATION 8romsgrove School Foundalion was incorporaled as a cL)mpany limiled by guaranlee {reglStered company number 06084879) on 6 February 2007. and as a charity (fegisteied charity number 1118435) on 20 March 2007. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng Oocument The Charity is governed by ils Memorandum and Arttcles of Associalion arising from incofpofation in 2007. Dlrector8 and Prol•88lonal Advls•rn A lisl ol Trustees and professlonal advisers 8ppears on page 1. The Tfuslees are also ihe Directors of th8 charitable cornpany. Recrultment and Tralnlng of Tru8tee8 The Charity's Trustees are 8ppoinled at a Meeting of Ihe Board of Truslees, following a seleclion process which lakes inlo consideration eligibility, personal competence, specialist skills and local availability New Trustees are inducted Into the workings of the School Foundation, including the provision of key informalion covering board policy, School ethos and financlal Information. Rlsk Management The Foundation Trustees conduct annually a formal review of the major risks lo which the Foundation is exposed. These risks are reviewed on 8 rolling basis and rniligation and conlrol procedures 8re put in place as necessary. OBJECTS, VISION, OBJECTIVES AND ACTIVITIES Chariiable ObJecl8 The Charity's objKls as sel out in the Memorandum of Association are.. to prornote and advance any charitable Pufwse connected with Bromsgrove School ('the School'}: and lo promote other educational charity purposes (whether Of not connected wilh Bromsgrove School) for Ihe benefil of th8 local community, Vlslon To provide a firsl class educalion lo all deserving pupils. irrespective of their parents. ability to pay school fees. Page 3
BROMSGROVE SCHOOL FOUNDATION TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 OBJECTS, VISION, OBJECTIVES AND ACTIVITIES (¢ontlnued) Objectlve To raise sufficient funds ullimately to enable the Schwl to provlde places lo all deserving pupils on a needs bllnd basis. Th18 is 8 long, possibly very long-term ambilion which will be affected by inveslment relurns and levels of economic confidence. as well as olher factors which cannot accurately b8 foreseen at any one time. From time to time, the Trustees agree wilh Ihe School inteilm mlleslones towards the ultimate ambltion. Actlvltles To meet the above objeclives, it is intended Ihal appeals will continue to be m8de to all Ihose with 8 conneclion lo Bromsgrove School i.e. alumni. parents and friends to encourage regulargiving and legacies. This is supported by a programme of friend-raising evenls desi9ned to encourage inlerest and involvement wilh the School and to raise the profile of the Foundalion. The annual Appreciation Lunch for our donors and Legacy Society members was held at the School In May 2024. including Ihose who had given not just monetary donations bul also 9ifts in kind {i.e., offeiing advice to curfent students). There was a chance lor Old Bromsgrovians to reconnecl back at School wilh evenls such as the Speaker's Lunch. held in Roulh Hall. The Annual Found81ion Lecture is a popular event in Ihe calendar, bringing togelher 811 sections of the Bromsgrovian Community, including OBS, parents and friends ol the School. We continue to host visits by Old Bromsgrovians and Iheif families Io the Heritage Centre. The Foundation and Bromsgrovian Office also WOTks with the Fulures departmenl to ensure that Old Broms9rovians continue to offer help and support to current pupils. The focus of fundraising aclivity in the year has been legacies and parenlal deposit donations. During Ihe Summer Term, some of our Upper Sixth parents donated all or part of their accepiance deposits to the Foundation lolalling £17.341. In the year, one legacy was received totalllng £100,000. . FINANCIAL REVIEWAND RESULTS FOR THE YEAR During the year, donations and legacies have been received 01 £193.201 (2023: £237,839). Investment income of £50,392 (2023.. £40,859) was also earned. The Foundation Trustees transferred £100,384 {2023". £152,826) to Ihe School In the year to asslst In Ihe funding of bursaries. The decision on the amount to be Ifansferred to the School for use in bursaries and scholafships remains at Ihe sole discretion ol Ihe Foundalion Truslees. The School, however, retains Ihe exclusive right lo apportion the money to any bursary or scholarship it so chooses unless the original donation had specific terms attached lo it, or Ihe Foundalion Trustees direct the money to individual scholarships. Page 4
8ROMSGROVE SCHOOL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 b. Investment Policy and Performanc• The Trustees are permitted lo hold a portlolio of investments and the guidance given lo Ihe School's Investmenl Committee is lo balance gro and income wilh a medium level of risk, These objectives are to be achieved by invesling prudently in a broad range of fixed interest securilie5 and equilies which are quoted on a recognised Investmenl Exchange and unit trusis and OEIC'S (open ended inveslmenl companies) which are aulhorised under the Financial Sepiices and Markets Act 2000. The Foundalion'sfunds are invested Inihe CCLACharities Inv8slmenl Fund and lh8 Saiasin fund. The Equilibrium fund was closed during the year and funds moved lo Sarasin. The Inveslmenl Committee continues to monitor the perf0rrnan of these funds against market benchmarks including the Privale Investor Balanced Index benchmark over a rolling three.year period. The investments have increased in value over Ihe year Ifom £1,843,328 to £1,993,204. There are underlying unrealised investment gains of £148,284 on the year end valualion and a realised gain of £1,831. c. Publlc Beneflt The Trustees confirm that they have complled with Ihe duty in section 17 of Ihe Charilies Act 2011 to have du8 regard io Ihe public benefit guidance published by the Charity Commission in detefmining the activities undertaken by the chafity. d. Reserves Pollcy At 31 August 2024, Ihe tolal unreslricled funds of the Foundalion amourbted to £2,175,918. The Trustees are satisfied Ihal these resenrfes are sufficient to meel the Foundalion's curfent commitmenl to Ihe School in awarding funds lor bursaries. The Trusiees have a medium term target of raising unreslricted funds lo around £3m in order that future awafds for life ch8ngin9 bursaries can be made. At 31 August 2024. Ihe total restricted funds of Ihe Foundation amounled to £17,697. Nole 13 to the financial slalements set out an analysis of the assets alliibLblable to Ihese funds and the purpose of the lunds. Page 5
8ROMSGROVE SCHOOL FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED31 AUGUST 2024 Statement of Tru8tee8' re8ponsibililie8 The Trustees {who are also Ihe directors of the Company for the purposes of company law) are responsible for preparing Ihe Trustees, Reportand Ihe financial slalements in accofdance with applicable law and United Kingdom Accounling Standards (Uniled Kingdom Generally Accepted Accounting PfactiC8). Cornpany law requires the Trustees lo prepare financial statements for each financial. Under company law. the Trustees musl not approve the financial slaternents unless they are satisfied that they give a true and fair view of Ihe state ofaffairs ofthe Company and of its inwming resources and applicalion of resources. including ils income and expenditure. for that period. In preparing these financial slatemenls. the Trustees are requSred to.. select suitable accounting p)licies and then apply them consistentty: obseple the methods and principles of the Charilies SORP (FRS 102),. make judgments and accounting estimates Ihal are feasonable and prudent; state whelher applicable UK Accounting Standards (FRS 102> have been folk)wed, subject to any material departures disclosed and explained in the financial slalemenls; prepare the fin2ncial stalements on Ihe going corKern basis unless it is inappropriate to presume Ihat the Company will continue in business. The Truslees are responsible for keeping adequate accounling records thal are sulficient lo show and explain Ihe Company's Iransactions and disclose with reasonable 8CCUfacy at any lime the financial posilion of the Company and enable them to ensure Ihal the financial stalements comply wilh Ihe Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence lor taking reasonable steps for the prevenlion and deteclion of fraud and other irregularilies. Dl8cIo8uro of Informatlon to audltors Each of the persons who are Trustees at Ihe lime when this Truslees, Report is approved has confirmed that.. so far as that Truslee is awafe, Ihere is no relevant audit informalion of which Ihe charity's auditors are unaware. and Ihat Tfustee has taken all Ihe steps thal ought to have been taken as a Trustee in order to be aware of any relevant audit information and lo establish that the charity's audsiors are aware of Ihat inlormation. Auditors On 18 Novernber 2024. Ihe Charilies, auditors changèd 518 n8me from haysmacintyre LLP to Haysmac LLP. Haysmac LLP will be proposed for re-appoinlment as auditois in accordan with Section 485 of the Companies Acl 2006. In preparing this report, the Tfustees have tsken advaniage of the small companies exernplions provided by seclion 415A of Ihe Companies Act 2006, Approved by order of the members of Ihe tM)ard of Trustees 8n ign their behalf by: Dale.. Page 6
BROMSGROVE SCHOOL FOUNDATION INOEPENDENT AUDITORS, REPORTTO THE MEMBERS OF BROMSGROVE SCHOOL FOUNDATION Oplnlon Vve have audited the financial slatemenls of Bromsgrove School Foundation (the 'charilable company.) for Ihe year ended 31 Augusl 2024 which CA)mprise the Statemenl of Financial Activilies. Ihe Balance Sheel, the Statement of Cash Flows and the related notes, including a summary of significanl accouniing policies. The financial reporting framework Ihat has been applied in their preparation is applicable law and Uniied Kingdom Accounting Slandards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Praclice). In our opinion the financial stalemenls.. give a Irue and fair view of Ihe state of Ihe charilable company's affairs as at 31 Augusl 2024 and of its incoming resources and application of resources, includin9 Its income and expenditure foi Ihe year then have been properly prepared in accordance wilh United Kingdom Generally Accepted Accounting Practice,. arKJ have been prepared in accordance with the requirements of the Charities Acl 2011. Ba818 lor oplnlon We conducted our audlt in accordance with International Standards on Audlting (UK) (ISAS (UK)) and 8pplicable law. Our responsibilities under Ihose standards are furlher described in the Auditors, responsibilities for the audlt of the financial slalemenls seclion of our reForl. We are independenl of th8 charilable company in accordance wilh the ethical requirements thal are relevanl to our audit ol the financial slaiements in Ihe United Kingdom, includin9 the Financial Reporting Council's Ethical Standard, and we have fulfilled ouw other ethical responsibililies in accordance wilh these requirements. We bell8ve that the audit evidence we have oblained is sufficient and appropriate to provide a basis for Our opinion. Concluslon8 r•latlng lo golng concern In auditing the financial statements, we have concluded that the Trusiees, use of the going concern basis of accounting in the preparalion of the fin8ncial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relalin9 to events or condilions thal, individually or collectively, may cast significant doubt on Ihe charilable company's ability lo continue as a going concern for a peri(JY of al least Iwelve months from when the financial slatemenls are aulhorised lor issue. Our responsibilities and the responsibilities of Ihe Trustees with respect lo going concern are described in the relevanl sections ol Ihis report. Page 7
BROMSGROVE SCHOOL FOUNDATION INDEPENDENT AUDITORS. REPORT TOTHE MEMBERS OF BROMSGROVE SCHOOL FOUNDATION (CONTINUED) Other Infomiatlon The othef information comprises the informalion included in the Annual Report other Ihan Ihe financial ststements and our Audiiors, Report thereon. The Trustees are responsible for the olher infoimation contained wilhin the Annual Report. Our opinion on the financial statements does not cover lh8 Other inlormalion and. except to the extenl otheThvise explicilly stated in our report. we do not express any form ol assurance conclusion thereon. Our responslbility is to read the Oiher information and, in doing so, consider whelher Ihe other information is materially inconsistent with Ihe financial sialemenls or our knowled9e obtained in the coufse of the audit, OT olherwise appears to be materially misslaled. If we identify such material Snconsisiencies or apparenl material misstatenEnts, we are required lo determine wheiher Ihis gives rise to a mateTial misstatemenl In the financial stalemenls themselves. If. based on the work we have performed, we conclude that there is a matefi81 misslatement ol Ihis olher Infofmalion. we are required 10 ieport Ihal fact. We have nothlng lo report in Ihis regard, Matters on whlch we are requlred to report by excoptlon We have nothing to feport In respect of Ihe following mallers where the Charities (Accounts and Reports) Regulalions 2008 requires us lo report to you if. In our opinion: the information given In the Trustees. Report is inconsistent in any material respecl wilh the financi81 statements; or sufficient accounting records have not been kept: or Ihe financial statements afe not In agreemenl wilh the accounting records and returns., (x we have not received all the inlormalion and explanations we requSfe for our audit. ResponBlbllltl88 of tru8tee8 As explained more fully in the Trusiees, Responsibilities Statement, Ihe Trustees (who 8r6 also the directois of the charitable rAmpany for the purposes of company law) are responsible for Ihe preparation of Ihe financial statements and for being satisfied Ihal they give a Irue and fair view. and for such inlernal control as Ihe Trustees determine is necessary lo enabl8 Ihe preparalion of financial staiements that are free from material misslatement, whether due to ffaud or erfor. In preparing the fiTr8ncial stalernenls. the Trustees are responsible for assessin9 Ihe charilable company's ability to continue as a going concern, disclosing, as applicable. malters related to going concern and using Ihe going concern basis of accounting unless the Trustees eilher intend lo liquidale the charitable company or to cease operalions, or have no realistic allernalive but lo do so. Page 8
BROMSGROVE SCHOOL FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BROMSGROVE SCHOOL FOUNDATION (CONTINUED) Audltorn. fe8pon8lbllltles fortho audll of th• Ilnanclal 8tatem8nt8 Vve have been appoinled as audilor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevanl regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance al>out whether Ihe financlal statements as a whole are free from rnalerial misslalement, whether due lo fraud or efror. and to issue an Auclitors. Report that includes our opinion. Reasonable asstjrance Is a high level of assurance. but is not a guarantee ihal an audit conducted In accordanc£ wilh ISAS {UK) will always delecl a material misstatement when il exists. Mi5Stalemenls can arise from fraud or error and are considered material if, individually or in Ihe aggregale, they could reasonably be expected lo Influence the economlc decisions of users taken on the basis ol these financial siatemenls. Irfegularities, including fraud, are instances of non-compliance wilh laws and regulations. We deslgn procedures in line with our responsibilities. oullined al)ove, to detecl material misSleMen1$ in respect of ifregularities, including fraud. The exlent to which our procedures are capable of detecting irregularities. including fraud Is detalled below,, Based on our underslanding of the chafitable company and the environment In which il operates. we identified that the principal risks of non<ompliance wilh laws and regulations related lo charity law. and we considered the extent to which non-compliance might have 8 maierial effecl on the linancial stalements, We also corbsidered Ihose laws and regulalions Ihat have a direct Impact on the preparalion of Ihe financial stalements such as th8 Companies Act 2006 and Ihe Charities Acl 2011. Vve evaluated managemenl's incenlives and opportunities for fraudulent manipulation of the financial statemenls (including the risk of override of conlrols). Audit procedures performed by the engagemenl team included.. Inspectin9 coThesp¥Jndence wilh regulalors and tax aulhorilies: Discussions wilh management includlng consideiation of known or suspected Snslances of non-compliance with laws and regulation and fraud., Evaluating management's controls desioned lo prevent and detect Irregularities; Identifying and lesting journals., and Challenging assumptions and judgements made by management in their accountin9 eslirrwles. Because of Ihe inherent limitations of an audit, there is a risk that we will not detect 811 irregularilies, including Ihose leading lo a material misstatement in Ihe financial statements or non-compliance wilh regulation. This risk increases the more that compliance wilh a law or regulation is removed from the events and transactions feflected in the financial statements, as we will be less likely lo become aware of inslances of non-compliance. The risk is also grealer regarding irregularities occurring due lo fraud ralher than erfor, as fraud involves inlenlional concealmenl, forgery. collusion, omission or misrepresenlalion. A further description of our fesponsibilili85 for the audit of the financial slatements is located on the Financial Reporiing Council's website al,, vAwi.frc. This desciiption forms partofouf Audilors, Report. Page 9
8ROMSGROVE SCHOOL FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BROMSGROVE SCHOOL FOUNDATION ICONTINUEO) Use of our report This report is made solely to the charitable company's trustees, as a l)oty, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audlt work has been undertaken so that we might state to the charilable company's truslees those matters we are requiied lo stale to Ihem in an Auditois, Report and for no other purpose. To the fvllesl extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and ils members, as a body. lor our audit work, for this feport. or fof Ihe opinions we have formed. Hay8Mac LLP Adam Halsey (Senior Statulory Auditor) 10 Queen Street Place London EC4R 1AG Dale: Haysmac LLP are eligible to act as auditors in terms of seclion 1212 of the Companies Act 20CE. Page 10
BROMSGROVE SCHOOL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT> FOR THE YEAR ENDED 31 AUGUST 2024 Re8trlcled Unroslrl¢ted lunds funds 2024 2024 Total lund8 2024 Total funds 2023 Note Income from: Voluntary income.. Donations and legacies Investments 193,201 50.392 193,201 50,392 237,840 40,859 Total Income 243,593 243,593 278,699 Expendlture on: Raising funds Charitable aclivilies 100,458 100,458 152,967 Total expendltur• 100,458 100,458 152,967 Net Income before net galn8 (losse8) on Investmen18 Nel gains (losses) on Investments 143,135 160.116 143,135 150.115 125,732 (35,846) Nel movernent In lund• 293,250 293,250 89.886 Reconclllatlon of funds.. Tolal funds brought for¥vard Net movement in funds 17,697 1,882,669 293 250 1,900.366 293.250 1,810.480 89,886 Total fund8 carrled forward 17,697 2,175.919 2,193,616 1.900.366 All of the charitable company's aclivilies during Ihe above hvo financial years derived from continuing actNilies. All of the charilable company's income, expenditure and gains in the prior year related to unrestricted funds. The notes on pages 13 to 20 Iofm part of Ihese financial stalemenls. Page 11
41212025 1:45 BROMSGROVE SCHOOL FOUNDATION REGISTEREO NUMBER: 06084879 BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Nolg Flxed a886ts Fixed asset investmenls 1.993,205 1.843,328 1,993,205 1,843,328 Current asset8 Debtors Cash at bank and in hand 53,889 195 520 3,105 94,331 249 409 97,436 Credilors.. amounis falling due within one year 10 (48,998) (40,398) Net current assets 200411 57.038 Total assets less current Ilabllitle8 2,193.616 1.900,366 Charlty lunds Reslficted lunds Unresiricted funds 11 11 17.697 2,175.919 17,697 1,882,669 Total funds 2,193,616 1,900,368 The entity was entitled to exemplion liom audit under section 477 of the Companies Act 2006. The members have not requifed the entity lo obtaln an audit foi the year In queslion in accordance with seclion 476 of Ihe Companies Act 2006. However, an 8udit is required in accordance wilh section 145 01 the Charities Acl 2011. The Trustees acknowledge their responsibilities for complying wilh Ihe requirements ol the Act wilh respect to accounting records and pfeparalion of financial slatements. The financial statemenls have been prepared in accordance wilh Ihe provisions applicable lo entilies subject lo Ihe small companies regime. The financial staiements were approved and aulhorised lor issue by the d signed on Iheir behall by: Date.. The notes on pages 13 to 20 'g rddy Zo rm part of these financial statements. Page 12
BROMSGROVE SCHOOL FOUNDATION NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General Informatlon Bromsgrove Sch1 Foundation is a company limited by guarantee. not having a share capital and is governed by its memorandum and arlicles of association. Accounllng pollcle8 2.1 Basls of preparatlon of finan¢lal statoments The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounling and Rewrting by Charities, Stalement of Recommended Practice applicable lo charities preparing their accounls in accordance wilh Ihe Financial Reporlin9 Standard applicable in Ihe UK and Republic of Ireland IFRS 1021 (effeclive 1 January 2019), Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and Ihe Companies Act 2006. 8fomsgrove School Foundation meets the d8finilion of a public benefii entity under FRS 102. Assets and liabilities are inilially rec(*Jnised at hislorical cost or transaction value unless olherwise slated in the relevant accounting policy. 2.2 Income Investment Incom8 Is acojunted for on a receivab18 basis. Donations and legacies are included on feceipl or being notified of a distribulion if earlier. 2.3 Expendlture Expenditure is allated lo the particular aclivity where the cost relates directly lo Ihat acts'vity- Expenditure on charitable aclivities 15 incurred on diieclly undertaking the activities which further the Company's objeclives, as well as any associaled support costs. Grants payable are charged in the year when the offer is made except in those cases where Ihe offer is conditional, such granis being recognised as expendilure when the conditions attaching are fulfilled. Grants offered subject to condilions which have not been mel at the year end are noted as commilmenl, but not accrued as expendilure. Governance costs comprise direcl costs for the slatutory and governance expenditure of the charity togelher with an allocation of support costs, 2.4 Investments Llsted Investments are valued at bid.price on the balance sheet dale. Realised and unrealised gainsiiosses on investments are included in Ihe Statement of Financial Activities, 2.5 Debtors Other debtors are recognised at the settlemenl amount. 2,6 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments wilh a short malurity of three monlhs or less from the date of acquisition of opening of the deposit or similar account. Page 13
BROMSGROVE SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting poll¢le81contlnued) 2.7 Llabililies and provision8 Liabilities are reco9nised when there is an obli9alion at the Balance Sheet date as a resull of a past event, it is probable that a Iransfef of economic benefil will be required in settlement, and Ihe amounl of Ihe settlement can be estimated feliabty. 2.8 Flnanclal Instrum•nt8 The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Baslc financial inslrumenls are initially recognised al transaclion value and subsequenlly measufed at their settlementvalue wilh Ihe exception of bank loans which are subsequenuy measured 8t amortised cost using the effeclive interest method. 2.9 Fund Unreslricted funds comprise accumulaled surpluses and deficils on general fvnds, They are available for use at the discretion of the Truslees in furtherance of Ihe general charitable objects, Restricled funds are funds which are to be used In accnrdance with specific restriclions imposed by the donor. Income from donatlon8 and legacle8 Unreslrlcted funds 2024 Total funds 2024 Total funds 2023 Donations 193,201 193,201 237,839 Total 2023 237,839 237,839 Inve8tment Income Unre8lrlcted fund8 2024 Total funds 2024 Tolal funds 2023 Income from local listed investnEnts 50,392 50,392 40.859 Total 21Y23 40.859 40.859 Page 14
BROMSGROVE SCHOOL FOUNDATION NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analy818 Otexpendlture on charitable activities Summary by lund type Unre8trlcled funds 2024 Total 2024 Total 2023 Awards Expenditure 100,384 74 100,384 74 152,826 141 100,458 100,458 152,967 Total 2023 152,967 152.967 Page 15
BROMSGROVE SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2024 Analy818 of •xpendltur• by actlvllle8 Actlvllles undertaken dlreclly 2024 Total funds 2024 Toial ftjnds 2023 Awards Expendilure 100.384 74 100,384 74 152,826 141 100,458 100.458 152,967 Total 2023 152,967 152,967 Flx•d a88et Invostmenls Listed Investmenls Cost or valuatlon At 1 September 2023 1,843,328 Additions Disposals Revaluations Re81ised Gains 373.000 (373,239) 148,284 1,832 At 31 Augusl 2024 1,993,205 Page 16
BROMSGROVE SCHOOL FOUNDATION Tru8tee8 Remunefallon No Irustee received any remuneration or reimbursement of expense. Debtorn 2024 2023 Olhef debtors 63,889 3,105 10. Credltors: Amounts falllng due wlthln one year 2024 2023 Arnounts payable to 8romsgrove School 48,998 40,398 Page 17
BROMSGROVE SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2024 11. Statement of funds Balance al 1 Septernbei 2022 Balanc• at GaIn 31 August (L088e8) 2024 Income Expendlture Unrestrlcted fund8 General Funds- all ndS 1,882,669 1,882,669 243,593 243,593 (100,458) (100,458) 150.115 150,115 2,175.919 2,175,919 Re8trlcted funds Reslricted Funds- all funds 17,697 17,697 Total of fund8 1,900,366 243,593 1100,458} 150,115 2,193.616 The Restricted Funds Include.. The John Nicholls Fund (£5,251), which represenls a donalion to be used for the 8romsgrove School Expedilion Club or ifthis is not posslble the inteiesl should be used to fund an annual award lo a deserving Sixth Former to altend a qualifying course at one of the Great Outdoor Pursuil Centres. The Roger Brazier Fund (£2,445), whth represents donations to be used to support Ihe learning of pupils wilh Oyslexia, The Tim Taylor lund (£10,000), which is to be used for Ihe development of the Learning Resource Centre Page 18
BROMSGROVE SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. Statement of funds Icontlnued Statement of funds - prlor year 881ance at 1 September 2022 Balance at 31 August 2023 Gainsl (Losses) Incnme Expenditure Unre8trlcted fund8 General Funds- 811 funds 1.792,783 278,699 (152.967) (35,846) 1,882,669 Restrlcled fund8 John Nicholls Fund Roger Brazier Fund Tim Taylor Fund 5.251 2,446 10,000 5,251 2,446 10.000 17.697 17,697 Total of funds 1,810,480 278.699 (152.967) (35.846) 1.900,366 Page 19
BROMSGROVE SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Sumrnary of fund8 Summary offunds - current year Balancè at 1 September 2023 Balanca at Galnsl 31 August (Losse8 2024 Incomo Expendltur• General fvnds Reslricted funds 1,882,669 17,697 243,593 (100,458) 150.115 2.175,919 17.697 1,900,366 243,593 (100.4581 150.115 2.193,616 Summary ol fund8- prlor year Balance al 1 Seplember 2022 Balance 81 31 August 2023 Gainsl (Losses) Income Expendilure General funds Restricted fvnds 1,792.783 17,697 278.699 (152,967) (35.846) 1,882,669 17.697 1.810,480 278,699 {152,967) 135.846) 1,9CKJ,366 13. Analy818 ol net a88el8 between funds Analy818 ol not assots between fund8 - currenl perlod Re3trlcted Unre6trl¢ted lund8 lund8 2024 2024 Totsl fund8 2024 Fixed asset investments 1,993,205 1,993.20S 231.712 249,409 (48,998) 148,9981 Current assets Creditors due wilhin one year 17,697 Total 17,697 2,175,919 2,193,616 Page 20
BROMSGROVE SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Analysi8 of net assets between funds (Contlnued) Analys18 of net a88et8 between funds - prlor perlod Restricted Unreslricted funds funds 2023 2023 Tolal nds 2023 Fixed asset investments Net Current assets Creditors due wilhin one year 1,843,328 79,739 {40,398) 1,843.328 97.436 (40,398) 17.697 Total 17.697 1.882,669 1,91Y),366 14. ULTIMATE PARENT UNDERTAKING Bromsgrove Scht)ol Limited is the sole member of Bromsgrove School Foundation and is Ihe ullimate parenl company. The Foundalion made awards of £100,384 (2023: £152,826) to 8iomsgrove School Limiled lowards the funding of bursaries. There were Other felated paty Iransaclions. Page 21