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← Brentwood School CIO

2023-08-31-accounts

Annual Report for the Year ended 31st August 2023

1

Registered Charity Number: 1153605

*4

Contents

Organisational Structure 5
2022-23 Highlights 8
Headmaster’s Report 10
Objectives and Aims 12
Strategic Goals 13
ESG - Environmental Report 17
ESG - Social Report 18
ESG - Governance Report 20
Fundraising 28
Financial Review 30
Statement of Governors’ Responsibilities 32
Independent Auditor’s Report 33
Financial Statements 36
Notes to the Financial Statements 45

We enable our pupils to become the best version of themselves by developing Virtue, Learning and Manners.

In doing so, we aspire to live up to our founding statutes from 1662. These principles are encapsulated in the card given by Evelyn Heseltine, Chairman of Governors, to every pupil in the school in 1907, the School’s 350th anniversary:

‘I shall pass through this world but once. Any good therefore I can do now, or any kindness I can show to any human being, let me do it now; let me not defer or neglect it, for I shall not pass this way again.’

Organisational Structure

Brentwood School was founded in 1557 by Sir Antony Browne, by authority of a charter obtained from Mary I. The School is a Charitable Incorporated Organisation (CIO) and is registered with the Charity Commission under Charity number 1153605. The School operates two schools, known as Brentwood School and Brentwood Preparatory School.

The CIO is the sole trustee of the Permanent Endowment of the Sir Antony Browne School Trust (SABST) which holds the assets of the original endowment, namely land valued in 1947 at £200,000 under the title deeds EX 788375 and EX 788423.

The Charity has two wholly owned non-charitable trading subsidiaries.

Brentwood School Enterprises Limited (Company Number: 2019002) is responsible for running the Brentwood School Sports Centre, for operating the School Shop, and for letting the School premises and sports fields for community use. Members of the Council of Management are directors for the purpose of the Companies Act 2006. The School’s Director of Finance is the Company Secretary.

Brentwood School Design & Build Limited (Company Number: 13244041) was incorporated in March 2021 to administer building works on the School’s behalf. The Directors of the Company, Sir Michael Snyder, Mr Paul Beresford and Mr Scott Norris, are also members of the School’s Capital Projects Committee. The School’s Director of Finance is the Company Secretary.

The CIO is governed by its Constitution, last amended on 2nd January 2014. It is administered by a Board of Governors who, as Trustees of the Charity, are legally responsible for the overall management and control of the Senior School and the Preparatory School.

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Governors of Brentwood School and their Membership of Committees 2022-23

----- Start of picture text -----
Position Governor Committees
Chairman Sir Michael Snyder 1,5,8
Vice-Chairman Lord Black of Brentwood 1,6,10
Hon.Treasurer Mr David Elms 1,5,9,10
Mr Paul Beresford 1,7,8,11
Mrs Jasmin Bryan 5,6
Mrs Susan Dalgarno 2,3
Professor Bruce Evans 3
Dr Mark Fenton 1, 2
Mr Jason Fergus 4,11
Mr John Griffith-Jones 1,2,9
Mr Matthew Hampson 4,5,10
Mrs Amanda Hardy KC 1,7
Mrs Jenny Jones 2,3
The Ven. David Lowman 3
Mr Bob McLintock 1,7,11
Mr Scott Norris 3,7,8
Prof. Christopher Tout 4
Cllr James Tumbridge 4,10
Resigned 2022-23
Mr Sharath Jeevan
09.06.23
Joined 2022-23
Mr Philip Machray 5
10.03.23
Co-opted Members
Former Chairman Mr Colin Finch 7
Former Governor Lord Flight of Worcester 9
Investment
Mr Philip Saunders 9
Professional
----- End of picture text -----*

**Co-Head of Multi-Asset Growth at Ninety One

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1. Executive Committee:

Chairman: Sir Michael Snyder

Six times a Year

2. Education Committee:

Dr Mark Fenton from 1st September 2022 Termly

3. Preparatory School Committee:

Mrs Susan Dalgarno from 1st September 2022 Termly

4. Scholarships & Awards Committee:

Prof. Christopher Tout As required, normally twice a year

Registered Addresses:

Senior School (Registered Office) Middleton Hall Lane Brentwood Essex CM15 8EE

Preparatory School Middleton Hall Middleton Hall Lane Brentwood Essex CM15 8EQ

5. Finance & Audit Committee:

Sir Michael Snyder As required, normally twice a year

6. Staff Terms & Conditions Sub-Committee of

the Finance Committee:

Lord Black of Brentwood As required

7. Property Management Committee:

Mr Paul Beresford (Chairman)

As required, at least once a term

8. Capital Projects Committee:

Sir Michael Snyder As required

Professional Advisors:

Bankers: National Westminster Bank PLC, 46 High Street, Brentwood, Essex CM14 4AL

Legal Advisors: Veale Wasbrough Vizards LLP, Narrow Quay House, Narrow Quay, Bristol BS1 4QA

Auditors: Crowe U.K. LLP, 55 Ludgate Hill, London, EC4M 7JW

Investment Advisors: Redington, Floor 6, One Angel Court, London EC2R 7HJ

9. Investment Committee:

Mr John Griffith-Jones As required

10. Communications & Development Committee:

Lord Black of Brentwood (Chairman)

As required, normally twice a year

Architects:

Cottrell and Vermeulen Architecture, 1B Iliffe Street, London SE17 9AX

Insurance Brokers: Hettle Andrews, 2 Brunswick Square, Birmingham B1 2LP

11. Brentwood School Enterprises Management Committee:

Mr Bob McLintock Termly

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2022-23 Highlights

A LEVELS of A level results were As 14.8% of all grades were A-A 42.7%

of all grades were A-B 72.5%*

Sienna S (with her father) on A Level results day after acheiving 4 A*

BTEC

students, who studied the BTEC, achieved at least All 19 the equivalent of AAA

students gained the equivalent of AAA 10 or better

Scott A, who studied BTEC Sport, achieving a place at University of Kent

IB

36 point average (equivalent to AAA at A Level)

17% of all students achieved 40+ points

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BEYOND BRENTWOOD

Which Universities?

Top University Courses

20 students went onto study Business and/or Economics

of leavers went to their first choice destination

85%

2

students recieved Army Officer Scholarships

students gained places at Oxford or Cambridge

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15 students gained a place to study Law or Criminology

9 students are now studying Politics or International Relations

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students were awarded places at top Conservatoires

Bursary Students Success

2 bursary students gained places at Cambridge and another 17 at Russell Group Universities

11%

of students entered work or apprenticeships

Other Pathways Sector Roles

Companies Joined

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Headmaster’s Report

It has been a busy and successful year at Brentwood School as we continue to work towards the vision statement to which we committed (and the long-term strategy that underpins it): ‘We enable our pupils to become the best version of themselves by developing Virtue, Learning and Manners’

We live in a fast-moving and - in many ways - uncertain world, and we are tasked with helping young people understand the challenges and opportunities we (and they) face today and those they will need to help us solve tomorrow. This is much more likely to be achieved (and perhaps will only be achieved) by harnessing the power of a large and vibrant community such as ours. It is our intention to ensure we do so, as we seek to turn challenges into opportunities and face the future with confidence and optimism.

At Brentwood, we nurture our pupils, help build their confidence and resilience in small classes with specialist teachers, and provide a wealth of educational and creative opportunities. Our students are testament to our culture and our belief that everyone can find their place and their passion at Brentwood.

Our approach is best summed up by Benji, one of our 93 transformational bursary holders who secured both a place at St John’s Cambridge to study History this year and an offer from The Guildhall School of Music and Drama to study Saxophone.

‘At Brentwood there is always something new for you to try and I’m so much more richly experienced as a person because I’ve been given this opportunity. For me this is particularly true in Music where I started as a ‘co-opted’ Lost Boy in a Year 7 production of Peter Pan and ended up leading the Brentwood School Big Band.

I am very privileged to be a bursary student and, as a Brentwood School Foundation Ambassador, I have been proud to show other prospective bursary students all the facilities and opportunities on offer: the music department, the Steinways, the sports pitches, and the incredible vibrancy of Brentwood

School.’

It is our belief that all students can achieve well and enjoy their education through a positive mindset, hard work and the willingness to take the opportunities available.

Of course, we recognise that there are times in our lives when everyone - children, adolescents and adults alike - face challenges. Our Pupil Wellbeing Strategy ensures a proactive understanding of the relationship between physical, mental, and spiritual health, as well as recognising that there are occasions when we need to support those in our care in their efforts to regain their health and wellbeing. Part of this programme saw our first student cohort of Mental Health First Aiders this year. We have also expanded our Peer Mentoring programme, training students in Year 11 and Lower Sixth to support and act as role models to younger students. We help our students understand the importance - and benefits - of interdependence, relationships and community through a culture of service.

We are proud of our students and of our dedicated staff and coaches who inspire and support them.

Michael Bond Headmaster

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I'SSiMo is2 HS XY PM SAIT£-A OUDMISSION

Objectives and Aims

Our Core Objective

The School’s object is the advancement of education in or near Brentwood in the county of Essex.

Our Aims

We aim to provide a first class education for pupils aged between 3 and 18.

We ensure:

each individual pupil is safe and valued in an inclusive community

We provide:

a range of opportunities designed to enable every pupil to further their potential, enjoy their learning and achieve the best possible academic outcomes

We inspire:

students to emerge as intellectually curious and resilient young people with leadership skills, who work well with and care for others

We challenge:

students to develop strong moral purpose and take principled action within the School, local and international communities

What are our guiding principles?

Academic achievement within a caring Christian ethos remains a cornerstone of the School’s philosophy today.

Our values - Virtue, Learning, Manners - were written into the School Statutes of 1622, and are used to inform the decisions we make, whether strategic and long-term or operational and day-to-day. Our values act as our compass: they help point us in the right direction, they are our checks-and-balances, and they underpin everything we do at Brentwood School, from recruitment to pupil and staff conduct, and defining our role and responsibilities within our wider community.

Who we are

A community of almost 2,000 pupils from 3-18, including international boarders from across the globe, over 400 staff and generations of Old Brentwoods.

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Strategic Goals

Last year, we celebrated the 400th anniversary of the School’s values by reaffirming their purpose in helping us achieve our goals. This is part of the broader work we have undertaken in recent years on organisational culture, which in turn underpins our longterm vision and strategy.

In order to achieve this, we have an annual implementation plan that enables us to agree which parts of our strategy to focus on in any 12-18 month period and ensures that we incorporate the views of and feedback from a wide range of stakeholders in doing so.

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Annual
Implementation
Plan
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This process culminates in our strategic priorities work (summarised on the next page), which helps ensure all members of our community understand the key focus areas for the year ahead and - crucially - their role in their delivery. It is our hope and aspiration that everyone who works at Brentwood School understands how they help us achieve our vision statement and that all our students and parents understand what we are trying to achieve, why it’s important and how we are measuring our progress.

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Progress Against Our Core Strategic Strands In 2022-23

Our wider strategic objectives supplement our aims and are embedded in our core strategic strands. Over the past year we have made progress in each of these areas:

Developing Access:

In 2022-23:

Developing Community:

During the year:

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Developing Learning:

Over the past year:

• We have instigated termly “Big Conversations” to encourage discussion of contemporary social issues, including sustainability.

Developing People:

In 2022/23:

• Our successful implementation of the recently introduced Early Career Teachers programme for new teachers was recognised by ISTIP. • We continued to run a highly successful funded PGCE programme praised by Buckingham University. • We broadened our PGCE placement programme by partnering with 5 universities and SCITTs (schoolcentred initial teacher training centres).

• We further added to our extensive Teaching Research & Development programme with Literature Strands and Middle Leadership Development.

Developing Facilities:

This year we spent c£5.0m on enhancing the site:

• Improving the landscaping as part of our drive to continue to improve our physical environment.

Developing Financial Health:

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Action in support of our targeted priorities in 2022-23

Underpinning all six sections of our strategic priorities are three key themes:

Independence

Individual responsibility and accountability

Interdependence

Knowing, caring for and valuing all members of our community

Infrastructure

Ensuring our campus is fit for purpose, now and in the future

Our targeted aims for 2023-24

In setting our aims for 2023-24 we continue to be guided by our wider strategic objectives and our responsibilities under the Charities Act 2011. We have focused on the following key areas, further developing the work achieved in 2022-23:

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Environmental, Social and Corporate Governance

Environmental Report

The School’s Environmental Sustainability Statement was published in May 2023. This set out the School’s commitment to modernising its infrastructure and business operations so that the School is both flourishing and environmentally sustainable. The School seeks to lead by example and to encourage successive generations of students and staff to be agents of positive environmental change.

Brentwood School recognises that its activities have both a direct and indirect impact on the environment. The School commits to reducing its environmental footprint as an integral part of its business strategy and operating methods. To support this, we have made the following commitments:

In 2022-23 we have:

Although we have made progress in many areas, there is much work to do. In 2023-24, we intend to:

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Social Report

Public Benefit Responsibilities

As a charity, Brentwood School has a duty under Section 17 of the Charities Act 2011 to have due regard to the Charity Commission. We take our responsibilities seriously and these are developed further within our core strategic aims.

Widening Access

The overwhelming majority of our fee concessions (73%) are in the form of means-tested bursaries. This enables talented local children to take full advantage of the educational opportunities offered by Brentwood School.

We receive many more bursary applications at 11+ and 16+ each year than we can satisfy. Bursary applications are assessed on a rigorous basis in accordance with the School’s Bursary Policy. Where applicants have performed highly in the academic or specialist assessments, financial eligibility is assessed by a specialist external company and reviewed again prior to the transfer to Year 10 and the Lower Sixth to ensure that funds continue to be allocated to those in greatest need.

Supporting our Community

We encourage our pupils to support the community and each House works hard to raise funds for local and national charities. This charity work begins at a very young age at the Prep, and our pupils enjoy helping others. This is an important part of the Brentwood School ethos, encouraging children to be principled and caring.

The Voluntary Service Activities (VSA) group meets every Tuesday and supports local community groups including:

Through the VSA and Outdoor Education programmes, students have supported conservation work in Thorndon Country Park, beach cleans and Brentwood Theatre projects. In 2022-23, 16 students achieved the St John’s Ambulance NHS Cadets qualification.

The VSA continues to host our annual Christmas lunch and carol singing for older residents in local carehomes.

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Through the Duke of Edinburgh Award scheme, 200 students have undertaken 4,836 hours of service this year.

Throughout the School, pupils raised £53,849 for charities, including:

Volunteers

The School benefits from the close support of the Society of Old Brentwoods and parents via the Friends of Brentwood School (FoBS - registered Charity Number 1095486). The FoBS’ PreLoved uniform shop provides parents with a choice of outlets for school uniform. This year FoBS donated £20,000 to fund a gazebo in memory of a pupil who sadly passed away last year.

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Governance

The Trustees (Governors) are mindful of the principles of the Charity Code of Governance. Since Brentwood School is a charitable trust, the Governors’ role is as trustees of a legallyconstituted board of the Trust. With the Senior Leadership Team, they lead the development of the Strategic Plans, which stem from the School’s Charitable Objects and Aims.

The Governing Body is self-appointing. Those who served in office as Governors during the year and subsequently are as follows:

Chairman of Governors

Sir Michael Snyder (OB) DSc Hon FGS FRSA FCA

Vice Chairman of Governors

Lord Black of Brentwood (OB) MA Hon FCIPR FRSA

Chartered Accountant; Former Senior and Managing Partner of Kingston Smith LLP; Former Chairman of a number of bodies including the Government’s Professional and Business Services Council, Metro Bank PLC and the Policy and Resources Committee of the City of London Corporation; Member of the Court of Common Council; Chairman of the Capital Buildings Board and of a private wealth management business in addition to non-executive directorships

Member of the House of Lords; Deputy Chairman of Telegraph Media Group Ltd; Chairman of The Royal College of Music; Trustee, Imperial War Museum Foundation; Chairman of the Commonwealth Press Union Trust

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Governor

Mr Paul Beresford FNAEA MARLA

CEO of Beresfords Group Ltd; Managing Director of Biminster Homes Ltd; Director of VSA Developments Ltd; Fellow of the National Association of Estate Agents

Governor

Mr David Elms MA FCA FCSI

Chartered Accountant; Chair Boom Radio; Managing Director Ulmus Advisory; Former Partner KPMG LLP

Governor

Mrs Jasmin Bryan LLB CTA

Chartered Tax Adviser; Head of Tax, L&Q

Governor

Professor Bruce Evans (OB) BSc (Hons) PhD

Optometrist; Visiting Professor at London South Bank and City Universities; Director of Research, Institute of Optometry

Governor

Mrs Susan Dalgarno MA PGCE JP

Currently a magistrate on the East London Bench. Formerly involved in charitable fundraising and the provision of education and training for social housing providers

Governor

Dr Mark Fenton (OB) MA MSc MA PhD DipEdLaw FRSA

Chief Executive, Grammar School Heads Association; Former Headmaster of Dr Challoner’s Grammar School and Chief Master of King Edward’s School Birmingham

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Governor

Mr Jason Fergus FCIMSPA

Director of Active Essex; CEO of Active Essex Foundation; Sport England Board Member; Non Executive Director University of Essex Campus Services Ltd; Former GB Athlete

Governor

Mrs Amanda Hardy KC LLB (Hons) LLM (Tax) AKC

Barrister, 5 Stone Buildings, Lincoln’s Inn; Deputy High Court Judge; Chair of the Chancery Bar Association; Liveryman of the Worshipful Company of Tax Advisors

Governor

Mr John Griffith-Jones MA ACA TD

Chair of StepChange Debt Charity; a Deputy Lord Lieutenant in Essex; Former Chairman of the Financial Conduct Authority and, previously, of KPMG in the UK

Governor

Mrs Jenny Jones BA (Hons) ARCM NPQH

Retired Head of Ipswich Prep School; Former Independent Schools Inspector and Independent Consultant supporting IAPS Heads

Governor

Mr Matthew Hampson BEng (Hons) FBCS

Chief Digital Officer, Nomura International; Fellow of the British Computer Society; Liveryman of the Worshipful Company of Information Technologists

Governor

The Venerable David Lowman BD (Hons) AKC

Archdeacon Emeritus of Chelmsford; Bishop of Chelmsford’s Officer for Retired Clergy; Master’s Chaplain, The Musicians’ Company

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Governor

Mr Philip Machray BA (Hons) ACA BFP

Chartered Accountant; CFO of Merit Group Plc; Director of System 1 Group Plc; Director of Digitalbox Plc; Former Director at Deloitte

Governor

Professor Christopher Tout (OB) MA PhD ScD

Fellow and Senior Lecturer in Mathematics, Churchill College; Professor of Stellar Evolution and John Couch Adams Astronomer, University of Cambridge

Governor

Mr Bob McLintock MSc DMS Dip Ed

Former Chief Executive Brentwood Borough Council; Chairman of Active Essex Foundation and Board Member of Active Essex; Trustee of Essex Cricket Foundation

Governor

Cllr James Tumbridge CC MCIArb LLB (Hons)

Barrister and Partner of Venner Shipley; Common Councilman of the City of London; Mediator inter alia with the World Intellectual Property Organisation (WIPO)

Governor

Mr Scott Norris (OB) BSc (Hons)

Farmer and Company Director; Chairman of Trustees, Perry Foundation; Liveryman of Worshipful Company of Farmers

Former Governor

Mr Sharath Jeevan MA BA (Hons) MBA MST (OB)

Founder & Executive Chairman of Intrinsic Labs; Founder & Former CEO of STIR Education; Founding Chief Executive of Teaching Leaders (now Ambition School Leadership)

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Executive Senior Leadership Team

The Board works closely with the Senior Leadership Team to provide clarity of vision and leadership. The Senior Leadership and Key Management Personnel are as follows:

Headmaster Mr Michael Bond BA (Hons)

Bursar & Clerk to the Governors Mr Jeremy Blunden CBE LVO BSc (Hons) BA (Hons)

Prep Headmaster Mr Jason Whiskerd BA (Hons)

Senior Deputy Head (Pastoral) Mrs Nicola Jenkin BA, MA

Deputy Head (Academic) Mr Jonathan Barfield Moore MA

Deputy Head (Staffing, Co-Curricular & Operations) Mrs Alice Goodfellow BA, MA, MA

Finance Director & Director of Deputy Bursar Development Mrs Sarah Carswell, BA Mr Sam Mason, BA (Hons) ACA (Hons)

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Responsibilities under the Charity Governance Code

Organisational Purpose

Governors are mindful of there responsibility to provide a high quality education to children in and around Brentwood as it has continued to do for the past 466 years.

Integrity

The Board is committed to its public benefit obligations. As part of its obligations, Governors have allocated funding to ensure that a Brentwood School education is accessible to as many families as possible through the School’s extensive bursary provision.

All Trustees recognise that the safeguarding of those within their care is their primary responsibility and receive regular training and updates to ensure that they are fully aware of best practice. In September 2022, the School commissioned an external, independent safeguarding audit to scrutinise our safeguarding procedures and practice. The findings were extremely positive and provided suggestions for further measures to strengthen on-line and social media safety.

All Trustees (Governors) give their time freely and no remuneration is paid to them at any time. A register of business interests is regularly updated and any potential conflicts of interest are recorded at the relevant committee meeting.

Decision-making and Control

The trustees of the Charity, are legally responsible for the overall management and control of the School. They meet as a Board three times a year.

The Executive Committee meets with the Senior Leadership Team annually towards the final stages of the strategic development process to review the School’s strategic direction and ensure that it is consistent with the School’s aims and values.

Each year, risks are considered by the Executive Committee and appropriate controls are established to deal with them. Formal reviews of this process and, in particular, of the effectiveness of the control measures, are undertaken at regular intervals throughout the year.

The key control measures used by the Charity include:

Governors’ review of risk includes the risk of adverse legislative changes following a change of government and the affordability of fees by parents across the independent sector in an uncertain economic environment.

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Board Effectiveness

Governors are highly skilled and include leaders in the local community, professionals or retired experts in their field. Several Brentwood School Governors have an educational background and offer independent school knowledge acquired over a lifetime in schools. Service on the Board is for a term of five years or such shorter term as may be agreed by the Governors. Retiring Governors may be reelected.

New members of the Governing Body are elected on the basis of nominations from the Governors and the Executive Officers based on the specific needs of the Governing Body and criteria set by the Executive Committee. Care is taken to maintain a full range of skills and expertise to enhance the overall strategic management of the Governing Body.

Members of the Governing Body receive training and information to ensure they are informed and updated on current issues in the sector and regulatory requirements, including safeguarding and health and safety as well as developments in education. New Governors benefit from a structured induction programme.

Equality, Diversity and Inclusion

The Board actively promotes diversity. We have made, and continue to make progress, but we are not complacent. We commit to listening to members of our community and to give our students the knowledge, awareness and confidence to critically evaluate social issues and to confront prejudice, wherever and whenever they encounter it.

The Board includes Governors from a range of backgrounds and is fully supportive of the School’s work to ensure that there is real equality of opportunity for all students and staff. An Equal Opportunities Audit is carried out each year and progress on actions is reviewed annually by the Executive Committee.

The School is an equal opportunities employer and we are satisfied that we pay the same rate for the same role regardless of gender. The School’s gender pay gap in 2022 was 7.2% and continues to be kept under review. Teaching staff are paid according to a formal Salary Scale. Operational staff roles are paid at a rate appropriate to the evaluation of the role. Remuneration for School staff is set by the Governors, informed by the Finance & Audit Committee and its Terms & Conditions Sub-Committee, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding fairly and responsibly individual contributions to the School’s success.

Full and fair consideration is given to job applications from disabled persons and due consideration is given to their training and employment needs. We continue to be mindful of the risk of unconscious bias and include a values interview as part of our recruitment process.

Consultation with employees, or their representatives, has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. In 2022, we completed a consultation with operational staff to update contractual terms and conditions.

In recent years we have consciously moved to ensure that our new teacher placements are from institutions with more diverse student bodies and we support young teachers by providing subsidised accommodation and fully funded training to encourage new entrants to the profession.

Openness and Accountability

Members of staff and students have opportunities to talk to Governors and shared ownership of the School’s strategic priorites is encouraged. Named Governors have special responsibilities as the Lead Governor for Safeguarding, Health & Safety, Boarding and the Preparatory School.

Each year, the Chairman of Governors address all staff, providing an opportunity to answer any questions.

26

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Fundraising

All fundraising activities for the School are carried out by School staff with the support of the Brentwood School Foundation, with assistance from alumni, parents and pupils. The School does not use professional fundraisers.

This year we appointed a highly experienced Development Director, Mr Sam Mason, to drive forward the School’s charitable work. He is responsible for nurturing and developing the Brentwood School Association (“BSA”), an umbrella organisation which incorporates the entire community surrounding Brentwood school, parents and OBs, but also, parents/grandparents of former students, parent support group (FoBS), local businesses, residents, and supporters.

We have written and started work to deliver our bridging strategy - a strategic plan of action to bring Brentwood School Development Office up to date with industry best practice in the education sector. Our ambition is to harness the goodwill and philanthropic intentions of those within our wider community to be able to provide more funds for meanstested bursaries.

Sam Mason Director of Development

We have been increasing the profile of the Foundation both in the School and externally. We want more people to know about the

Foundation’s ambitions, see the positive change it has on bursary students such as Benji (quoted in the Headmaster’s report) and understand how they might support this work.

In August 2023, Michael Bond and seven others took part in a challenge for walkers to climb 3000m and for cyclists, to ride 120km over two days in the Lake District. They raised £4k for the Foundation and helped raise significant awareness.

The Charity is registered with the Fundraising Regulator and the Trustees ensure that it complies with fundraising standards. The Charity has not received any complaints during the year about its fundraising activity and does not undertake any activity which is an unreasonable intrusion on a person’s privacy or is unreasonably persistent. The School has in place procedures that would be followed in the event of a complaint being received.

What we hope to achieve with the support of our community:

Our long-term aspiration is to ensure that no talented child, who would thrive in the School, is prevented from joining on financial grounds. This is an ambitious aim that will take time to achieve, but it is one to which we – Governors, Senior Leadership and colleagues – are wholly committed.

We have already secured pledges from two companies to sponsor deserving candidates through the Sixth Form and hope that others within our wider community will be inspired to help us to transform the lives of those children with exceptional academic, musical, sporting or other creative skills who would not otherwise be able to attend the School.

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60

----- Start of picture text -----
129
Senior School students
recieved bursaries
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Fully funded bursaries of which 2 are funded by the Brentwood School Foundation

33

36

students received transformational bursaries of 70% or higher

students received bursaries up to 70%

Bursary Summary 2022/23

18 new Year 7 bursaries in 2022/23

14 new Sixth Form bursaries

3 New bursaries to students in other years

29

Financial Review

Financial Summary

The consolidated net incoming funds from operations for the year amounted to 2023: £7.194m (2022: £5.233m). There was a further gain on investments of £0.811m (2022: a loss on investments of £5.323m), leaving an overall net surplus in funds for the year of £8.005m (2022: net deficit of £0.090m). This figure includes Brentwood School Enterprises (BSE) net profit of £9.8k (2022: a net loss of £8.4k), after transfer of the donation of £296.9k (2022: £258.9k) to the School. Brentwood School Design & Build Limited (BS D&B) made a small profit of £8k (2022: £NIL).

Overall, the Trading Subsidiary, BSE, generated a turnover of £1.328m (2022: £1.188m) from its core operations. As a result, BSE posted an operating profit of £307k (2022: £250k). The loan payable to the School stood at £120k (2022: £130k) at the year-end.

BS D&B posted a turnover of £0.657m, which was eliminated on consolidation.

Operationally and financially, the School remains in a strong position.

Investment Policy and Objectives

The Governors’ objective is to grow the value of the School’s investments on a total return basis in the medium to long term commensurate with avoiding undue risk of loss over such a time frame. This will give it the ability to meet its charitable purpose and to fund additional bursaries to deserving pupils who would not otherwise be able to benefit from the education offered by the School.

The School’s investment funds include £30m generated via a debt placement in 2021 with financing costs of £708k representing annual interest of 2.36% due annually.

Since the year end, the Trustees’ approved the purchase of £7m of Treasury Gilts for redemption at £15m in 2051, matching the maturity date of the £30m loan. The Gilts were purchased at favourable rates as part of the Trustees’ overall strategy to control risk. This significantly de-risks the repayment of the £30m loan in 2051.

The Governors’ target is to achieve a real rate of return of at least 3% above RPI over a ten year period. The Charity’s strategy for investment is set out in a Statement of Investment Policy.

The control of risk to the value of the portfolio is facilitated by the following procedures adopted by the Investment Committee:

The Investment Committee meets as required to monitor performance against benchmarks established by the Governing Body and to allocate funds selected on the basis of the investment opportunities that they offer and their record of performance. The Investment Committee reports regularly to the Executive Committee and the Board of Governors.

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Reserves Policy

Details of the funds and the movements on them in the year are set out in Note 23.

After adjusting for restricted reserves, the School’s unrestricted general funds stood at £104.8m (2022: £96.8m) at the year-end, of which £55.0m (2022: £54.4m) represented funds deployed as part of the School’s premises and equipment, leaving £49.8m (2022: £42.4m) as free reserves, comprising investments (equities and cash awaiting investment) of £68.5m (2022: £66.9m), long term debt financing of £30m (2022: £30m) plus other net assets of £11.3m (2022: net liabilities of £5.5m).

£0.1m is held within the Brentwood School General Charitable Trust (2022: £0.1m) representing individual gifts, legacies and grants given to the School for specific charitable purposes outside the School’s charitable objects.

The Trustees have set one year’s gross fee income as the minimum level for its core investment fund. Gross fee income for 2022-23 totalled £40.7m and the free reserves of £49.8m exceed this. The remaining £9.1m of free reserves will be deployed as part of the funding to finance a new Boarding House. Planning permission has been granted and groundworks commenced with the facility due to open in September 2025.

In addition, the proceeds of the debt placement of £30m have been fully invested as part of the investment fund to generate additional funding, including for bursaries, over time. The funds set aside within investments and strong cash balances provide the School with a high level of resilience at a challenging time and allow the School to strengthen its reserves to safeguard the future of the School; to provide income to support the award of bursaries; and to finance continuing and significant capital expenditure on improvements to the facilities, infrastructure and buildings on the School campus.

The Governors’ policy is not to maintain reserves in BSE or BS D&B.

Note 21 to the Financial Statements sets out an analysis of the assets attributable to the various funds. We believe that these assets are sufficient to meet the Charity’s obligations.

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Statement of Governors. responsibilities The Members of the Coverning Body Iwho are also the Trustees of the Brentwood School CIO) are responsible for preparing the Annual Report and the f inancial statements in accordance with applicable law and the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). Charity law requires the Governors to prepare financi31 statements for each f inancial year in accordancè with United Kingdom Cener3llyAccepted Accounting Practice (United Kingdom Accou nting Siandardsl and applicable law. Under charity law the Governors must not approve the annual statements unless Ihey are sarisfied thai they give a true and fair view of the state of affairs of the charity and the group and of the group's nei Incoming/ouigoing resources for Ihat period I n prÈparing these financial statemenis, the Governors are required io.. Selert suitable accounting policies and then apply them consistently., Ob*rvo tho methods and prir)ciple5 in the Charities SORP". Makeiudgemenis and esiimaies Ihai are roasonablo and prudeni". State whether applicable accounting siandards have been fol lowed, subjeci 10 any departures disclosed and explained In the f Inancia I statements.. and Prepare the f ina ncial st3tement5 on the going concern basis unless It is inappropriate to presu me thai the charily 3nd Iho group will conrirnue to opèrate. The Mombor5 ofthe Governing Body are responsible for keeping adequate accounting records rhai are suff Icieni 10 show and expl3in rhe charity's and the group's transactions and disclose wilh reasonable accuracy ai any lime the f I nanc131 position of the charity and the group, and enable them to ensure that the f Ina ncial statemerits comply w,th the Charities Act 2011. the Charify (Accounis and Fleportsl Regulations 2008 and the provisions of the charity s constitution They are also responsible for ￿feg uarding che a￿@t5 of the chariiy and the g roup and hence for taking reasonable steps for the prevention and detection of f raud and other irregularities. Relevant Audit Information Insofai as èach ofthe Trustees. as members ofthe Governing Body, at the date ofapproval of this report Is aware ihere is no relevani audit I nFoim3tion li nformatiorn needed by the Charity's auditor In connection with preparing the audit reporrl of which Ihe Charity's auditor Is unaware. Each momber ofrhe Governing aody has taken all the steps ihat he or she should have taken as a member of Ihe Governing Body I n order 10 maAQ himsolf or horsolf aware of Iho relovanr audir Information and to establish that the Charity s audiior Is aware of ihat Information. Approved by the Trustees ofihe Brentwood School CIO on 18th November 2023 and signed on Its behalf by. Sir M Ichael Srnyder Chairman ofGovernors 32

Independent auditor’s report to the members of Brentwood School CIO

Opinion

We have audited the financial statements of Brentwood School for the year ended 31 August 2023 which comprise Consolidated Statement of Financial Activities, Consolidated and School Balance Sheets, Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s or the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion there on.

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Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 32, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks,

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iiicludir)g obiair)11)g audil evidence 5ufficier)i ai)d aF)piopi iaie io provide a basis for our opinion. We obtair)ed an Ljndersianding of Ihe legal and regulatory frameworks wiih..n which the chariiy and group operaies. fxusing on those la￿ and regulat.ons Ihar have a direct effect on Ihe oetermination of material amoufjis and disclosures in Ihe financial siatemeDts. The la%NS and regulat ons cop.sidered In this coniexl were the Chaiities Act 2011 taxaiion legis13110n, iogeinier with Ihe Charities SOQP IFQS 1021. We assessed the reou red compliance w th Ihese laws and regLJlaiions ès par￿ of our audit procedures on Ihe 'elaEed firancial statement Itèms In addition, considered provisions of other lav<s and regulations that do not have è direct pffgr.r. nn thp. financial Sfal4ampnrs hili r.r)mpliance Kviih Ivhich m qht be fithndamental tn Ihe rhariiy's and Ihp qrK?¥ip'% ability tn nppraip or 10 a￿ld a matprihl penaliy Wp Al%0 ron5idered thp nppnrti Inities and Inrpnii /p.s :hht may pxist ￿vIthin tbe charity and thp. grnLlP for f raijd The laws and règulafions we considered In this con¥ext for Ehe UC operations wEre The Educaticn Ilndependen: Scgwl standa.dsl fiegulaiions 2014 Cenefal Data Potectson Regulation IGDPRI, Health and safety legislation ana Fmpl- -ymer)I legislaiion Auditin(J standards lim t rhe requ1red audit Pfcceduies to Identify non-comp11ance viith thoso la'Ns arnd regulations 10 enqu'ry of.he Trustees ar)d oiher man3gemenL and Ip5Fection of regularory and legal correswndence. il any We iLlerilil led Llie gredlest Tisk of rri¢ileri¢?I IrTipail UTI tlie f IT)diiiial siaierTieriLs Iroryi Irregularities. iriiludirig Irdud, Lv be Ll,e okerr Ide L)f c¢)rilrols iiy Tniri(Iger nerii Our c)udil pl￿edur¥S lo iespur)ol Lu Lliese r IS￿ Iriiluded eriquiTlS u, rTiaii(Ig¥lTieril ¢iTid ilie Firi(ITILe LyfniTiiIEee ¢iLuul Llieir own ideniification and assessmeni of Ihe risks of Irregularilies, sample iesiing on rhe Posling of Journals. revie%*iin9 of accoun:Ing FK)Iieies and accountiqg esrimaies for biases, revie￿.1￿9 re9ulaiory correspondence with Ihe Charily Commission. Independeni khools Inspectoraie. Ofsied. and reading minutes of meeiings ofihosecharged wi:h governance OINing 10 the Inhereni Iim14aiions of an auclii, there Is an unavo dable risk thai we may not have de:ected ￿rre material misstaiemenis in tle f inancial siatemenis, even Ihougl ￿'e ha%Je properly plaoned and performecl our a￿dit In accordance wilh audiling siardards Foi examole, Lhe fUrL￿eT removed non-compliance wilh laws and regulaiions Iirregulariiiesl Is f lo￿ ihe events and transAciinns rgfl•rrpd ir rhp. financial staiemenis. the le£s likely Ihe 1nheien.ly Iimiiert prnrpdi Irps rpqi Iirgd by aiJ4iting sran¢#ards V4r)iild 1dpn.ify Il In addilion, as wilh any aiJdi[. thprp rp.mainp.d 8 h'olipr risk of nnn-ap.:p.riinn of Irrp.qLJlarilips. as ihese may Involvp colliision. forgery. Inieniional omissions, misreoreseniaiions. or Ihe override of Internal -onrrols We are noi responsible for preveniing norn-compliance and cannot be expecied to deieci non-conipl..anc with all laws and regulatior)s. Use ofour report This report is mède g)lely to the chaTlly'S Irusiees. as a tx)dy. In accordance ￿'1[h pa.t 4 of the Chariiies IAccount5 and Reports) Fl-gulaii)ns 2008. Our audit work has been ugderiaken so LliaL we rY)iiJlit sLale lo Llie cli<iiily's li uslees 11105e iiiaiieis V￿ afe required to slalg lo Ltrieiii iii (111 dudiLor s repoi I drid fur rio oLliei Pufwse lu ilie fullesL exleiii wriYiitLLQ i)y la￿. we do riot accept or assume rosponsibil ly 10 ayyone Jiher tknan the charity aF,d the chaTIty'5 Irustees as a body. for Gur aidil work. for this rewri. or for Ibe opinions we hab'e formed L¥K.LLP Cro.I'e U 4 LLP London Date 15 aoz c.rnwe U K. LLP is eligitr)le for APPOiniment as aijdiior o, Ihe chaflty ty K Iriije ?f its eligib lily for appoinimont as alidirnr of a cr)mpany ijndpr Sgclion l?12 of the Companies Aci 2006 35

BRENTWOOD SCHOOL

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST AUGUST 2023

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BRENTWOOD SCHOOL

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31ST AUGUST 2023

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BRENTWOOD SCHOOL CONSOLIDATED AND SCHOOL BALANCE SHEETS AS AT 31ST AUGUST 2023 Consolidat•d School Notes 2023 £'ooo 2022 rooo 2023 rooo 2022 £'ooo FIXED ASSETS Tangible assets Securities investments 11 12 55.244 68,4S4 123.698 54.600 66.877 121,477 55,202 68.4S4 123,656 54,553 66.877 121.430 CURRENT ASSETS Stock Debtors.. Amounts due wtthin one year Amounts due after one year Cash and deposits 13 199 237 49 48 14 14 1,375 1,085 1,649 120 18.377 20.195 1,463 130 13,028 14.669 18.568 20.142 13,263 14,585 CURRENT LIABILITIES Creditors payable within one year 15 (8,455) 18.475) (8,493) (8,531) NET CURRENT ASSETS 11,687 6.110 11.7D2 6,138 TOTAL ASSETS LESS CURRENT UABIUTIES 135.385 127.587 135.358 127.568 LONG-TERM LIABILITIES Creditors payable after one year 16 (30.320) (30.527) (30.32D) (30,527) NEf ASSETS 105.065 97,060 105,038 97,041 REPRESENTED BY: UNRESTRICTED FUNDS General Reserve 104,789 96,T/O 104,762 96,751 RESTRICTED FUNDS General Charttable Trust (BSGCT) Bursaries Fund 76 77 13 76 77 13 ENDOWED FUNDS 200 200 200 200 105,065 97,060 105.038 97,041 These financlal statements were approved by the Trustees on 18th ￿)vember 2023 and were slgned on tts behalf by.. Sir Michael Snyder DSC Hon FGS FCA FRSA Chairman of Govemors D J Elms Esq. MA FCA FCSI Honorary Treasurer Tho notes on pages 41 to 59 fomi part of these ftnanelal statements. 38

BRENTWOOD SCHOOL CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST AUGUST 2023 2023 2022 Notes rooo rooo £'ooo Net cash Inflow from op•ration5 Net cash wovided by operating activities 8,366 8,737 Cash flows fr(Th investing activities: Payments for tangible fixed assets Addr(ions to securities investments portfolio Investment income and bank interest received (2,7361 (1,3121 1,725 (1.599) (30.3301 300 Net cash used in investing activities (2,323) 131.629) Cash flows from finaneing activitiés Funds generated from Private Placement Finance costs paid 30,000 (710) 1738) ChaThJe in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the period 5,305 6.398 13,263 6.865 Cash and cash equivalents at the end of the reporting period 18.568 13,263 The notes on pages 41 to 59 fomi part of these financial statements. 39

BRENTWOOD SCHOOL NOTES TO THE CONSOLIDATED CASH FLOW FOR THE YEAR ENDED 31ST AUGUST 2023

2023 2022

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BRENTWOOD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023

1. Accounting Policies

Charity Information

The School is a Public Benefit Entity registered as a Charitable Incorporated Organisation (CIO) in England and Wales and its charity number is 1153605. On 1st September 2015, the Charity’s assets, other than the property considered to be a Permanent Endowment, were transferred to Brentwood School CIO from the Sir Antony Browne’s School Trust (SABST). The property forming the Permanent Endowment remains within SABST (charity number 310864). Brentwood School CIO is the sole corporate Trustee of this Permanent Endowment and is the registered Title Holder of the property.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice which has since been withdrawn).

The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the School operates.

The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation of investment properties and other investments.

Having reviewed the funding facilities available to the School, together with the expected ongoing demand for places and the School’s future projected cash flows, the Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the School’s financial viability to continue as a going concern for the foreseeable future.

The accounts present the consolidated statement of financial activities (SOFA), the consolidated cash flow statement, and the consolidated and School balance sheets comprising the consolidation of the School with its wholly owned trading subsidiaries, Brentwood School Enterprises (BSE) and Brentwood School Design & Build Limited (BS D&B). The results of Sir Antony Browne’s School Trust (SABST) and the Brentwood School General Charitable Trust (BSGCT) are included within the School’s figures. No separate SOFA has been presented for the School alone, however the results are detailed in note 26. The consolidation has been carried out on a line by line basis.

The School has taken advantage of the exemptions in FRS 102 from the requirements to present a charity only Cash Flow Statement, on the basis that it is a qualifying entity and the consolidated cash flow included in these financial statements includes the cash flows of the School.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, Trustees are required to make judgement, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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BRENTWOOD SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects current and future periods.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the School’s financial statements.

Fees and similar earned income

Fees receivable and charges for services and use of the premises, less any allowances, scholarships, bursaries and other remissions granted by the School against those fees, are accounted for in the period in which the service is provided. Fees received in advance of education to be provided in future years under the Composite Fee Scheme are held as discount-earning liabilities until either used as fees or refunded. Investment income earned on such balances is taken into the general revenue of the School in the year in which it is earned.

1.2. Investment income

Investment income from dividends and bank balances is accounted for on an accruals basis.

1.3. Donations, legacies, grants and other voluntary incoming resources

Grants (including government grants) and donations are recognised as income on receipt of funds or when entitlement of receipt by the School is considered probable.

Legacies are recognised as income on receipt of funds or when entitlement of receipts by the School is considered probable. Entitlement is taken to be the earlier date of the School being notified of an impending distribution following settlement of the estate or the legacy being received.

Voluntary income for the School’s general purposes is accounted for as unrestricted and is credited to the General Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according to whether the donor intends retention is to be permanent or not.

1.4. Expenditure

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longerterm liabilities. Expenditure attributable to more than one cost category in the SOFA is apportioned to them on the basis of the estimated amount attributable to each activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. The direct costs incurred in preserving the School’s buildings and their contents are shown as a charitable activity distinct from that of education and grant making.

Irrecoverable VAT is included with the item of expenditure to which it relates.

Governance costs comprise the costs of complying with constitutional and statutory requirements, such as the costs of Governors’ and Executive Committee meetings and the cost of preparing statutory accounts and satisfying public accountability.

Intra-group transactions between the School and its subsidiaries, Brentwood School Enterprises and

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BRENTWOOD SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023

Brentwood School Design & Build Limited, are excluded from trading income and expenditure.

1.5. Tangible fixed assets

The property which was held as at 1st April 1947 is included at its value at that date, taken as its deemed cost. The historic value of this asset is recognised as a Permanent Endowment within the consolidated accounts.

Expenditure on the acquisition, construction or enhancement of land and buildings, vehicles, furniture, machinery, ICT infrastructure and other equipment costing more than £1,000 is capitalised and carried in the balance sheet at historical cost. Other expenditure on equipment incurred in the normal day-to-day running of the School and its subsidiary is charged to the SOFA as incurred.

1.6. Depreciation

Depreciation is provided to write off the cost of all relevant tangible fixed assets less estimated residual value based on current market prices, in equal annual instalments over their expected useful economic lives as follows:

Freehold buildings, including major extensions 50 years
Leasehold property 50 years
Estates improvements 25 years
Freehold Improvements
Furniture, fttings, machinery, equipment and vehicles		 10 years
5 years
IT equipment 3 years

The charity depreciates assets from the latter of the date at which they are purchased or brought into use.

1.7. Investments

Purchases and sales of investment properties are recognised on exchange of contracts.

Listed investments are valued at market value as at the balance sheet date. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the SOFA and are allocated to the appropriate fund according to the “ownership” of the underlying assets.

The Charity’s interest in its subsidiary, Brentwood School Enterprises Ltd, is valued at £NIL (2022: £NIL), as the Company is limited by guarantee, without a share capital.

The Charity’s interest in its subsidiary, Brentwood School Design & Build Limited, is valued at £100 (2022: £100), reflecting the costs of its share capital.

1.8. Stock

Stock represents goods for consumption or resale and is valued at the lower of cost and net realisable value.

1.9. Deposits from Parents

Although, under normal circumstances, pupil fee deposits will be repaid over future years when the pupils complete their education at the School, pupils can leave at earlier dates. As the School does not have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at 31 August 2023 have been included within current liabilities.

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BRENTWOOD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023

1.10. Fund accounting

The charitable trust funds of the School and its subsidiaries are accounted for as unrestricted or restricted income or as endowment capital in accordance with the terms of trust imposed by the donors or the Charity Commission.

Unrestricted General Funds are used in accordance with the School’s charitable objects at the discretion of the Governors. Where the Governors decide to set aside any part of these funds to be used in future for some specific purpose, this is included accounted for by transfer to the appropriate designated fund held within General Reserves.

Income generated by the Brentwood School Foundation for the furtherance of the School’s charitable objects, including the provision of bursaries and the improvement of School facilities and equipment, is recognised as a designated fund.

Restricted Funds comprise gifts, legacies and grants where there is a trust law restriction to some specific purpose intended by the donor. Restricted funds are held within BSGCT and the Bursary Fund.

Endowed Funds are retained for the permanent use of the School. The value of the property deemed to represent a permanent endowment in accordance with guidance from the Charity Commission, is retained within the SABST for the beneficial interest of the Brentwood School CIO.

1.11. Pension Schemes

The Charity contributes to the Teachers’ Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Governors by the Scheme Administrator. The Scheme is a multi-employer pension scheme governed by the Teachers’ Pension Scheme Regulations 2014.

The Charity also contributes to individual personal pension schemes for support staff after three months’ service at a rate of 10% of annual basic pay where employees make a contribution of 5%.

Contributions to both schemes are charged in the SOFA in the period in which the salaries to which they relate are payable. The School has a stakeholder scheme available to staff if they wish to participate, but the School does not make employer’s contributions to this scheme.

1.12. Operating leases

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

1.13 Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost, with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access and short notice bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.

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BRENTWOOD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023

(289) 899 (649)

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BRENTWOOD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023

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BRENTWOOD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023

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BRENTWOOD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023

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BRENTWOOD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023

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BRENTWOOD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023

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BRENTWOOD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023

in the preliminary stage and a further £173k of costs in relation to the construction of

but not yet drawn down: $3.3m (2022: $3.7m).

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BRENTWOOD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023

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BRENTWOOD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023

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BRENTWOOD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023

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BRENTWOOD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023

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BRENTWOOD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023

(2022: £NIL) are held within General Reserves.

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BRENTWOOD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023

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BRENTWOOD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023

in

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BRENTWOOD SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023

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#WeAre Brentwood

Brentwood School Middleton Hall Lane, Brentwood, Essex, Cm15 8EE

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