Annual Report for the year ended 31st August 2024 Middleton Hall Lane, Brentwood, Essex CM15 8EE Brentwood School is a Charitable Incorporated Organisation. Registered Charity Number: 1153605 1 '•* Ira4 ## Contents |Contents|| |---|---| |Our Values|4| |Organisational Structure|6| |2023-24 Highlights|10| |Headmaster’s Report|12| |Strategic Goals|14| |Social Report|19| |Chairman’s Report|20| |Governance|22| |Fundraising|29| |Financial Review|31| |Statement of Governors’ Responsibilities|34| |Independent Auditor’s Report|35| |Financial Statements|38| |Notes to the Financial Statements|42| 3 The principles of academic achievement within a caring Christian ethos remain a cornerstone of the School’s philosophy today. “ **We enable our pupils to become the best version of themselves by developing Virtue, Learning & Manners”** ## **Who we are** A community of 1,900 pupils from 3-18, including international boarders, over 400 staff and generations of Old Brentwoods. ## **Core Object** The School’s Object is the advancement of education in or near Brentwood in the county of Essex. ## **Aims** We aim to provide a first class education for pupils aged between 3 and 18. Our values are at the heart of everything we do. - We ensure that 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 community. **4** ## 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), 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, Lord Black of Brentwood, 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. 6 ## Governors of Brentwood School & their Membership of Committees 2023-24 **----- Start of picture text -----**
Position Governor Committees Appointed/Retired
Chairman Lord Black of Brentwood 1,5,6,8,10 Chairman from 09.03.24
Vice-Chairman from
Vice-Chairman Mr Scott Norris 1,3,7,8
09.03.24
Hon. Treasurer Mr David Elms 1,5,9,10
Mr Paul Beresford 1,7,8,11
Ven. Christopher Burke 2 Appointed 18.11.23
Mrs Jasmin Bryan 5,6
Mrs Susan Dalgarno 2,3
Professor Bruce Evans 3
Dr Mark Fenton 1, 2
Mr Jason Fergus 4,10,11
Mr John Griffith-Jones 1,2,9
Mr Matthew Hampson 1,4,5,10
Mrs Amanda Hardy KC 1,7
Mrs Jenny Jones 2,3
The Ven. David Lowman 3 Retired 18.11.23
Mr Philip Machray 1, 5
Mr Bob McLintock 1,7,11
Prof. Christopher Tout 4
Cllr James Tumbridge 3,10
Mr Jonathan Wadge 2,3 Appointed 09.03.24
Co-opted Members
Retired from all
Former Chairman Sir Michael Snyder 1,5,8
Committees 09.03.24
Former Chairman Mr Colin Finch 7
Investment
Mr Philip Saunders* 9
Professional
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*Co-Head of Multi-Asset Growth at Ninety One 8 ## Governor Committees **1. Executive Committee (Six times a year)** Chairman: Lord Black of Brentwood from 09.03.24 **2. Education Committee (Termly)** Dr Mark Fenton **3. Preparatory School Committee (Termly)** Mrs Susan Dalgarno **4. Scholarships & Awards Committee (As required, normally twice a year)** Prof. Christopher Tout **5 Finance & Audit Committee (As required, normally twice a year)** Mr Philip Machray from 09.03.24 **6. Staff Terms & Conditions Sub-Committee of the Finance Committee (As required)** Mrs Jasmin Bryan from 09.03.24 **7. Property Management Committee (As required, at least once a term)** Mr Paul Beresford **8. Capital Projects Committee (As required)** Lord Black of Brentwood from 09.03.24 **9. Investment Committee (As required, normally twice a year)** Mr John Griffith-Jones **10. Communications & Development Committee (As required, normally twice a year)** Lord Black of Brentwood **11. Brentwood School Enterprises Management Committee (Termly)** Mr Bob McLintock ## **Brentwood School Addresses:** Senior School (Registered Office) Middleton Hall Lane, Brentwood, Essex, CM15 8EE Preparatory School Shenfield Road, Brentwood, Essex, CM15 8BD Website: brentwoodschool.co.uk ## **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 - Architects: Cottrell and Vermeulen Architecture, 1B Iliffe Street, London SE17 9AX - Insurance Brokers: Hettle Andrews, 2 Brunswick Square, Birmingham B1 2LP 9 ## 2023-24 Highlights ## **Academic Achievement** Brentwood School offers three Sixth Form academic pathways, consistent with our philosophy of asking ‘how a child is intelligent’ rather than ‘how intelligent is a child?’ We get the best out of each student by teaching them in a way that is tailored to their strengths through the International Baccalaureate, A levels or the more vocational BTEC qualifications. In 2024, with all Sixth Form results converted into A Level equivalent scores, the overall outcome for Brentwood School students was as follows: ||2024|2023|UK Grades (2024)| |---|---|---|---| |A* - A|54.2%|50.1%|27.6%| |A* - B|80.5%|76.2%|53.6%| ## Brentwood School Results 2024 **----- Start of picture text -----**
International Baccalaureate
Results
Brentwood School
43% of all IB The average
is one of the top
students achieved IB score was
10 IB schools in
40 or more points 38.3 points
the UK
(equivalent to
A*AA)
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**----- Start of picture text -----**
A Level
Results
A* A* - A A* - B
A Level Results 10.7% 37.2% 72%
ABB average A Level profile
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10 BTEC Extended Diploma Results **5 students gained the equivalent of A*A*A* or better** **The average BTEC score was equivalent to A*AA** **Outstanding outcomes for our students who choose a high quality vocational pathway** Beyond Brentwood 2024 of leavers were were accepted students were attained places accepted at at Russell offered high at top overseas their first choice Group/Top 20 quality apprentice universities destination universities pathways talented students were awarded places at top Music Conservatoires ## **Specialist Pathways** 11 students started degrees in Medical, Dentistry, Veterinary 59 in Business, Economics, Finance 7 in Law 28 in Sciences, Engineering 3 in Modern Foreign Languages 10 in Performing Arts ## **Elite Apprenticeships include:** Amwins; BMS Insurance; FES; Vanguard; Weber Shandwick; Miller Insurance; Brightstar; Richard Luckin; Canopius; Beresfords; BGC; Amazon; McGill and Partners; Savills; Chubb Insurance; AON; ACA ## **Bursary Student Success** 13 bursary students gained places at Russell Group/Top 20 universities and 4 to universities overseas 11 ## Headmaster’s Report Many schools claim to offer an holistic education, but few can match the breadth and depth of provision at Brentwood School, where academic excellence goes hand in hand with personal growth and co-curricular success. This year the independent schools sector is facing significant external challenges, so it is important to reflect on our purpose and the young people and their parents who place their trust in us. We value the fact that parents from a wide range of backgrounds make the choice to educate their children at Brentwood. Many make significant sacrifices in order to be able to do so and we take seriously our responsibility to provide a lifelong education in return; an education that focuses on building confidence, resilience and a sense of service that compliments academic and cocurricular achievement. We have relationships with a number of other schools and organisations and work in partnership with our neighbours to provide educational opportunities for children within and beyond Brentwood. Indeed, this year we have created an ambitious Partnerships Strategy that we believe will further enhance the range and impact of our links with others., for the benefit of our community. This links with our long-standing provision of transformative means-tested bursaries, which form a key part of our Access Strategy. This aims to ensure that every child who would like to come to Brentwood and whom we believe will thrive in our school, can do so irrespective of their family’s financial circumstances. Through our fundraising, commercial and investment activities we were able to provide substantial means-tested bursaries to 123 students over the past year, equivalent to one bursary for every 10 full fee-paying students in the Senior School. We remain unashamedly ambitious - despite the political and financial challenges facing the independent school sector - when it comes to providing financial support for talented young people who will flourish at Brentwood but for whom payment of fees is simply not possible. At Brentwood we aim to find the spark to ignite or develop each child’s passion. We know we are on the right track when our parents tell us that their child loves biology and netball or is now confident enough to play in the chess team. Brentwood School has one of the most successful Performing Arts faculties in the UK, supported by our status as a Steinway School and our flourishing partnership with the Guildhall School of Music & Drama. Similarly our sporting opportunities make us one of the top 20 sporting schools in the UK. There are many individual students whose story exemplifies our belief in a holistic education. James, for example, achieved five Grade 9s, five 8s and one Grade 7 at GCSE in the summer, following a year in which he played a leading role in Pride & Prejudice, performed in our Winter Musical (West Side Story), and represented the School’s 1st XV Rugby throughout a busy season while playing for the Saracens/Essex U16 team outside school. As - if not more - important was the fact he did so with a sense of humility and kindness towards others, which made him a worthy recipient of the Society of Old Brentwoods Prize for Virtue, Learning and Manners, an award given to the student who personifies the school’s values that have been part of our heritage since 1622. At Brentwood, we will continue to provide an excellent education despite the Government’s decision to impose VAT on school fees from January 2025 and to withdraw the charitable relief on business rates. We will continue to invest in our pupils’ education, retain the ambition we have for their future, work hard to remain accessible to those from disadvantaged backgrounds and open to collaboration with our colleagues in the maintained sector. 12 •W ## Strategic Goals Our values underpin our long-term vision and strategy. We are reviewing our long term plan over the next year to ensure that it continues to reflect our priorities and ambitions, despite the external challenges to independent education. Each year we focus on specific elements of our 10-15 year strategy and incorporate the views of and feedback from a wide range of stakeholders through our annual implement plan cycle. This process culminates in our strategic priorities work, which helps ensure all members of our community understand the key areas of focus for the year ahead and their role in their delivery. It is our hope and aspiration that everyone who works at Brentwood understands how they help us achieve our vision 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. ## **Flexing our strategic outlook to meet the challenges ahead** The Labour Government announced on 29th July 2024 that it would introduce VAT on school fees with effect from January 2025. Whilst this was an election manifesto commitment, the independent school sector was surprised that the decision was taken prior to a full impact assessment and consultation and in the middle of an academic year which was just about to start. Brentwood School submitted evidence to HM Treasury and the Office of Budget Responsibility as part of the formal consultation process setting out the potential impact of this policy not just on our own parents but on wider educational aspiration and high quality teaching and innovation which are needed to drive a growth economy. We are continuing to plan for the implementation of VAT on fees from January 2025. As a school with strong reserves and financial reliance built up over many years, we are able to approach the future with confidence. We have used specialist consultants to hone our understanding of our markets and how these may change in the future. Our expansion of our boarding capacity with market leading single en-suite study facilities enables us to compete strongly in international markets, clearly demonstrating increased value for our boarding parents. We continue to explore other commercial opportunities for diversification. Nonetheless, we are aware of the impact on parents who make considerable sacrifices to send their children to Brentwood School. We have worked hard over the past few months to mitigate the impact of VAT where we can and to ensure that we continue to listen to and communicate well with our parents and our staff. Whilst it is inevitable that there will be some contraction in the independent sector school as a whole, we anticipate that the impact on Brentwood School will be limited. Nevertheless, we will navigate our way carefully through a period of challenge and continue to balance a high quality educational provision with parents’ ability to pay. Over the past 467 years, Brentwood School has adapted and changed according to the requirements of the times. Throughout that time we have not wavered from our core values. This strategy served us well in our response to Covid and we will flex our strategic priorities now, continuing to serve our pupils, our parents and our community. 14 ## Progress Against our Core Strategic Strands in 2023-24 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 and our achievement was recognised nationally in our shortlisting for the Independent School of the Year award 2024. ## Developing Learning Over the past year: - Our Prep School was selected as an International Baccalaureate Primary Years Programme (IB PYP) candidate school, providing our pupils with access a curriculum which exemplifies best educational practice globally, responding to the challenges and opportunities facing young children in a rapidly changing world - Inspired by leading educationalist, Alex Beard, we have been remodelling our 11-14 curriculum to inspire intellectual excitement - At a time when many schools are unable to offer music, dance and drama, all children at Brentwood School have access to the full range of performing arts with over 600 students participating in performances this year. ## Developing Community ## In 2023-2024: - We continued to prioritise our children’s mental health and pastoral needs, with strong commitment to experienced and targeted pastoral support, including our much-loved wellbeing dogs - As part of their voluntary service, our students have engaged in new partnerships with Essex Wildlife Trust, Sparkle Malawi, and Remus Horse Sanctuary - We worked with over 100 state primary and hosted performances, sports tournaments and science fairs - our Year 5 sports tournament was enjoyed by 230 children from 10 local schools - We supported Grove House Special Education School by providing access to our fitness suite - We continued to benefit from the close support of the Society of Old Brentwoods and from the Friends of Brentwood School (Registered Charity Number 1095486). 15 ## Developing Facilities In 2023-24 we continued to develop facilities to support our pupils. This included: - Commencement of a 2-year building programme to replace the school’s boarding facilities with a modern university style single en-suite study bedroom facility and Sixth Form cafe - Classroom and bathroom refurbishments - Refitting a science laboratory as part of our rolling programme of renewal - Providing more shaded, landscaped environments for children to enjoy their break times with friends - Boiler replacements, improving insulation and heating system upgrades as part of our energy reduction strategy - Replacement of the Senior School dishwasher and remodelling of the kitchen as part of our focus on the importance of healthy food to support learning - Refurbishment of tennis and netball facilities and the installation of additional grass and artificial cricket wickets. ## Developing Access This remains a core priority. In 2023-24: - We spent £2.5m (£2023: £2.3m) on means-tested bursaries for 123 pupils, representing over 9% of our Senior School pupils - Of these, 94 children received a transformational bursary of at least 70%. 58 pupils paid no fees at all - The average bursary award was 84% of fees and the total spend on means-tested awards represents 7.6% of Senior School gross fee income. ## Developing (and sustaining) Financial Health - Our strong commitment to financial management over many years has meant that we have been able to continue to drive forward our educational vision - We continue to balance the highest standard of educational provision for our pupils with parental affordability in the face of political challenges to the sector. 16 ## Action in support of our targeted priorities in 2023-24 Our aim is to balance continued investment in our children’s education with affordability for hard-working parents ## **Empowering People - Continuing to develop resilience in our staff and pupils** ## **Staff voice** We actively engage with our staff and track the impact through a “You said: We did” approach. With weekly Open Door sessions with the Senior Leadership Team, surveys, formal staff committees and voluntary Shadow Boards, our staff have a multitude of opportunities to influence the day-to-day life of the school and its strategic direction. ## **Staff wellbeing** We have increased our range of staff wellbeing initiatives which now include: - on-site and online counselling services - our pop-up Menopause Cafe - an annual Movember Quiz and information evening - family cinema nights - annual Staff Awards - informal coffee and cake mornings. 17 ## **Community Cohesion - Embedding our core tenets of Virtue, Learning and Manners in all we do** - Through our support for the ‘Closing the Digital Divide’ initiative run by Essex County Council we have made a real difference to local children who lack technology for education. This year we donated: - 40 desktops and monitors to Becket Keys School - 30 desktops and monitors to Every Child Online - 61 desktops and monitors to Drapers Academy - 30 desktops and monitors to Rekindle Foundation for their new school. - As part of our Voluntary Service Activity - (VSA), our pupils have supported a wide variety of local, national and international charities ## **Future Proofing - Preparing to meet the challenges of future years** - We continue to invest in inspirational teachers and specialist support staff to provide the highest quality of education and pastoral care for our pupils - We aspire to be a leader in technology and innovation both to further tailor our educational provision to each individual child and to ensure that our business model is efficient and effective - Our investment in the site is designed to continue to improve the educational environment for our children: - Our new boarding house will open in September 2025 - The extension to the Queen’s Science building reflects the School’s investment in STEM subjects and expands and enhances our facilities - Plans for our new Wellbeing Hub are underway. We have already opened our Water Garden where students and staff can enjoy a quiet space. ## Our targeted aims for 2024-25 In setting our aims for 2024-25 we continue to be guided by our values, 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 2023-24: - **Investing in People** - Continuing to recruit and support committed and talented colleagues to inspire our students. - **Marshalling Uncertainty** - Using the School’s financial strength to ensure that our educational provision maximises the opportunities and outcomes for each child. - **Building Resilience** - Continuing to develop resilience in our pupils, staff and in our School. 18 ## 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. Brentwood School has been at the heart of Brentwood since 1557. Over the years we have made a substantial and sustained contribution to the economic, as well as the educational, wellbeing of our community. In 2023-24, Brentwood School: - educated 1,810 UK children who would otherwise be entitled to a free UK state school place, saving the UK taxpayer £13.8m - employed over 400 people, paying salaries of £17.3m and thus supporting the local economy - contributed £3.7m to our employees’ pensions - supported the local and wider UK economy through £11.1m of payments to other business for goods and services - engaged local construction firms to build our new boarding house (£20m) and the extension to our Science building (£3.8m) - paid £119k to Brentwood Council in business rates in support of the local community. ## In 2023-24, we made a total contribution to UK Gross Domestic Product (GDP) of £58m **£26.4M** £10.5m £21.1m The School’s own GDP (‘direct GDP’) GDP supported in the UK GDP supported by the spending of School’s UK-based our staff and our UK-based suppliers’ supply chain staff (‘induced GDP’) (‘indirect GDP’) ## We supported £16.6m of UK tax by the School’s activities, including: **£6.7M** £2.3m £7.5m The School’s payments of Payments of these Payment of these taxes by companies and employer NICs, business rates taxes by companies staff as as result of ‘induced’ activity, plus all and taxes (such as fuel duty) and staff in our taxes (such as VAT) on employee spending on business supplies purchases UK-based supply (‘induced tax contribution’) plus payments by our staff of chain (‘indirect tax income tax and NICs (‘direct tax contribution’) contribution’) We continue to provide access to those from challenging backgrounds. This year we welcomed a UK boarding student recommended by the Royal National Children's Springboard Foundation (RNCSF), a social mobility charity committed to widening access to life-changing opportunities. We are also working with RNCSF in support of their programme, part-funded by the Department for Education, to place Looked After Children (who have the worst outcomes and life-chances of any group of children in the UK) in our School. We hope to support more students through this programme in the future. 19 ## Chairman’s Report During the year, Lord Black of Brentwood was elected as Chairman of Governors, succeeding Sir Michael Snyder who had been in post for 6 years. ## Words from the Chairman of Governors, Lord Black of Brentwood ## “ **To my parents’ sacrifice and an exceptional education at Brentwood, I owe everything.’** As an Old Brentwood and a Governor of the School for ten years, it was a privilege to take up the Chairmanship of the Trustees in March 2024. I follow in the footsteps of Sir Michael Snyder, a Governor for three decades who chaired the Governing Body with great energy, vision and distinction. We owe him a considerable debt. As this Report makes clear, the School is in robust good shape, academically and financially. Thanks to the commitment and dedication of all our staff – and the strength of our senior team under the visionary leadership of Michael Bond – our pupils continue to excel at every level, including in co-curricular activities. And as a result of the careful custodianship of Governors over many years, we have strong finances which have allowed us to make significant investments in the future of our School and in the pupil experience. Our new Boarding House – with a sixth form café – is a hugely exciting development. By the autumn of 2025, it will be home to up to 120 full and flexi-boarders and will mark the conclusion of a period of significant renewal in the infrastructure of the School. Ensuring access to the School for prospective students from disadvantaged backgrounds through the provision of life-changing bursaries continues to be a crucial priority for us. The role of the Brentwood School Foundation is increasingly important in this area. This is particularly vital as our School, and the whole independent education sector, faces up to strong political and economic headwinds. The imposition of VAT on school fees and the withdrawal of business rate relief among other factors present a real challenge – but one we are in a strong position to face. We will do all we can to support parents through a tough period of transition. I am extremely grateful to all my colleagues on the Governing Body for their enduring commitment to the School, and for the time, energy and skill they devote to their responsibilities. We will do all we can to ensure our School continues to flourish, and to provide all those who study at Brentwood with the best possible start in life. 20 ## 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 legally-constituted board of the Trust and, with the Senior Leadership Team, lead the development of the Strategic Plans, which stem from the School’s Charitable Objects and Aims. ## **Leadership** The Governing Body is self-appointing. Those who served in office as Governors during the year and subsequently are as follows: ## **Governors of Brentwood School** ## **Chairman of Governors** **Lord Black of Brentwood** MA Hon FCIPR FRSA (OB) 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 ## **Vice Chairman of Governors** **Mr Scott Norris** BSc (Hons) (OB) Farmer and Company Director; Chairman of Trustees, Perry Foundation; Liveryman of Worshipful Company of Farmers 22 ## **Integrity** 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. All Governors 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 and any potential concerns. **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 **Mr David Elms** MA FCA FCSI Chartered Accountant; Chair Boom Radio; Managing Director Ulmus Advisory; Former Partner KPMG LLP **Mrs Jasmin Bryan** LLB CTA Chartered Tax Adviser; Head of Tax, L&Q **Professor Bruce Evans** BSc (Hons) PhD (OB) Optometrist; Visiting Professor at London South Bank and City Universities; Director of Research, Institute of Optometry **The Venerable Christopher Burke** LLB (Hons) MA Archdeacon of Barking, in the Church of England Diocese of Chelmsford ## **Dr Mark Fenton** MA MSc MA PhD DipEdLaw FRSA (OB) Chief Executive, Grammar School Heads Association; Former Headmaster of Dr Challoner’s Grammar School and Chief Master of King Edward’s School Birmingham ## **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. **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 23 **Mr John Griffith-Jones** MA ACA TD Former Chair of StepChange Debt Charity; a Deputy Lieutenant in Essex; Former Chairman of the Financial Conduct Authority and, previously, of KPMG in the UK **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 **Mrs Amanda Hardy KC** LLB (Hons) LLM (Tax) AKC Barrister, 5 Stone Buildings, Lincoln’s Inn; Deputy High Court Judge; Former Chair of the Chancery Bar Association; Bencher of Middle Temple; Liveryman of the Worshipful Company of Tax Advisors **Mrs Jenny Jones** BA (Hons) ARCM NPQH Retired Head of Ipswich Prep School; Former Independent Schools Inspector and Independent Consultant supporting IAPS Heads **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 ## **Professor Christopher Tout** MA PhD ScD (OB) Fellow and Senior Lecturer in Mathematics, Churchill College; Professor of Stellar Evolution and John Couch Adams Astronomer, University of Cambridge **Cllr James Tumbridge** CC MCIArb LLB (Hons) Barrister and Partner of Keystone Law; Common Councilman of the City of London; Mediator inter alia with the World Intellectual Property Organisation (WIPO) **Mr Jonathan Wadge** BA (Hons) PGCE NPQH Current Head of Lochinver House Prep School; Former Head of Woodford Green Prep School; Independent Schools Inspector **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 24 ## **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: **----- Start of picture text -----**
Senior Headmaster
Mr Michael Bond
BA
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Bursar
Mr Jeremy Blunden
CBE LVO BSc BA
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Preparatory Head
Mrs Alice Goodfellow
MA
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Senior Deputy Head Deputy Head
(Pastoral) (Academic)
Mrs Nicola Jenkin Mr Jonathan Barfield Moore
BA, MA MA
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Deputy Head
(Staffing, Co-curricular &
Operations)
Mr Greg Justham
BSc
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Finance Director
& Deputy Bursar
Mrs Sarah Carswell,
BA ACA
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Director of Development
Mr Sam Mason
BA
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25 ## Trustees Decision-making and Control The full Board meets 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. 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: - Terms of Reference for Trustees and Committees - Formal agendas for all Board and Committee activity - Effective Committee structure reporting to an Executive Committee which meets monthly - Comprehensive strategic planning, budgeting and management accounting - Established organisational structure and lines of reporting - Formal written policies - Clear authorisation and approval levels - Annual reviews by the Governors of the School’s safeguarding, health and safety and other regulatory written policies in order to ensure effective application of the correct procedures and to ensure that all vetting procedures required by law for the protection of the vulnerable are conducted effectively. Governors’ review of risk includes an assessment of the risk of a contraction in pupil numbers due to the introduction of VAT, and the withdrawal of charitable relief on business rates, it is also mindful of others and possible additional adverse legislative changes following the election of a Labour Government in July 2024 and the affordability of fees by parents across the independent sector in an uncertain economic environment. Governors are also aware of the potential for claims relating to charges brought against a former employee relating to historic abuse. The School is liasing with its insurers and has confirmed public liability cover. ## **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 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. Care is taken to maintain a full range of skills and expertise to enhance the overall strategic management of the Governing Body. A governance review is being undertaken in 2024-25 as part of our ongoing commitment to ensure that our committee structure is efficient and effective and provides appropriate and effective support to the School. 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. Invitations to visit the School continue throughout Governors’ tenure of office and they have regular opportunities to meet staff and senior pupils after each Governors’ Meeting. Named Governors have special responsibilities as the Lead Governor for Safeguarding, Health & Safety, Boarding and the Preparatory School. 26 ## Fundraising All fundraising is with the aim of supporting talented children who would not otherwise be able to afford a Brentwood School education. Brentwood School has a history of commitment to the widest possible participation: the 1622 statutes talk of Virtue, Learning and Manners and scholars freely receiving an education. 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. During 2023-24 we completed work on our short term ‘Bridging Strategy’ to bring our fundraising infrastructure and activity in line with sector best practice. This has seen us: - Launch the Brentwood School Association, broadening our messaging to reach more of the Brentwood School community - Establish the 1622 Corporate scheme as a company version of the 1622 Club, providing clear avenues for ‘major donors’ to directly support full bursaries for disadvantaged students - Establish two fully funded bursaries through the generosity of corporate partners wish to develop a long term relationship with the School - Renew and build on the original 1622 Club with sponsors sustaining or growing their donations - Exceed our aim of funding a full bursary for a year by raising circa £27k through our annual Hike & Bike staff challenge, including match funding from 3 major donors. In articulating our fundraising message and continuing to grow our reach, we have put the Foundation in a strong position to support our bursary programme going forwards. Additionally we created the Foundation Fundraising Board, which has 8 members, all of whom are actively helping us reach their networks to connect with supporters to grow the Foundation. The future success of the Foundation will be through wide support and promotion, and the generosity of those who appreciate that their values and aspirations have been shaped by their time at the School and then go on to make transformative gifts to support others starting out on that journey. **----- Start of picture text -----**
Elizabeth Akeju
(OB 2021-23)
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**“** I just finished my second year of medical school and I’m excited to start my first placement year in September. I loved my time at Brentwood School and I am so grateful for the opportunity to have studied there and for the potential that was seen and nurtured in me to help me flourish post Brentwood.” The Brentwood School Foundation 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. 29 ## **What we hope to achieve with the support of our community:** We have already secured pledges from two companies to support 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. **Where we are:** activities of the School. 94 123 58 transformational Senior School are fully bursaries of 70% or bursaries funded places more **Where we’re going:** More bursaries funded by the Foundation. Currently Our target 2 10 **Full bursaries Full bursaries by funded through the 2030 Foundation** Need to raise £300k **per annum to achieve our target** 30 ## Financial Review ## **Financial Summary** The consolidated net incoming funds from operations for the year amounted to 2024: £5.007m (2023: £7.194m). There was a further gain on investments of £10.442m (2023: £0.811m), leaving an overall net surplus in funds for the year of £15.449m (2023: £8.005m). This figure includes Brentwood School Enterprises (BSE) net loss of £1.6k (2023: a net profit of £9.8k), after transfer of the donation of £230.2k (2023: £296.9k) to the School, and Brentwood School Design & Build Limited’s (BS D&B) made a profit of £54.2k (2023: £7.6k). Overall, the Trading Subsidiary BSE, generated a turnover of £1.347m (2023: £1.328m) from its core operations. As a result, BSE posted an operating profit of £228k (2023: £307k). The loan payable to the School stood at £100k (2023: £120k) at the year-end. BS B&D posted a turnover of £8.869m (2023: £1.022m for the 17 months since inception), 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 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 through a debt placement in 2021 with financing costs of £708k representing annual interest of 2.36% due annually. In October 2023 the School purchased £7m of Treasury Gilts for redemption at £15m in 2051, matching the maturity of the £30m loan. The Gilts were purchased at favourable rates as part of the Governors’ 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: - Ensuring that the custody arrangements for the investments are secure - Taking advice as deemed appropriate on the outlook for financial markets and having regard to it in recommending the target School Benchmark to be adopted - Taking advice as deemed appropriate in selecting investments that are consistent with achieving the target School Benchmark - Determining appropriate constraints on the type of investments held - Ensuring an appropriate spread of investments to avoid excessive concentration or illiquidity risk - Ensuring that no restrictive covenants relating to the School is long term loan are breached. The Investment Committee meets as required to monitor performance against benchmarks 31 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. ## **Reserves Policy** Details of the funds and the movements on them in the year are set out in Note 22. After adjusting for restricted reserves, the School’s unrestricted general funds stood at £120.2m (2023: £104.8m) at the year-end, of which £62.7m (2023: £55.0m) represented funds deployed as part of the School’s premises and equipment, leaving £57.5m (2023: £49.8m) as free reserves, comprising investments (equities and cash awaiting investment) of £78.3m (2023: £68.5m), long term debt financing of £30m (2023: £30m) plus other net assets of £9.2m (2023: £11.3m). At the year end cash reserves included £5.8m of funds received under the School Fees in Advance Scheme. Of this, £2.8m has been received in settlement of fees in 2024-25, £1.6m in 2025-26 and £1.5m thereafter. The School has taken specialist legal advice in setting up the scheme which is provided for parents and grandparents who may wish to pay for future terms’ fees. £0.1m is held within the Brentwood School General Charitable Trust (2023: £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 2023-24 totalled £43.4m and the free reserves of £57.5m exceed this. The remaining £14.1m of free reserves is being deployed as part of the funding to finance the new Boarding House and an extension to the Science building, both 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 investment in staffing, resources and the School infrastructure. 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. 32 • Sat•ty ## Statement of Governors’ Responsibilities The Members of the Governing Body (who are also the Trustees of the Brentwood School CIO) are responsible for preparing the Annual Report and the financial 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 financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. Under charity law the Governors must not approve the annual statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the group and of the group’s net incoming/outgoing resources for that period. In preparing these financial statements, the Governors are required to: - select suitable accounting policies and then apply them consistently - observe the methods and principles in the Charities SORP - make judgements and estimates that are reasonable and prudent - state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity and the group will continue to operate. The Members of the Governing Body are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s and the group’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and the group, and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **Relevant Audit Information** Insofar as each of the Trustees, as members of the Governing Body, at the date of approval of this report is aware there is no relevant audit information (information needed by the Charity’s auditor in connection with preparing the audit report) of which the Charity’s auditor is unaware. Each member of the Governing Body has taken all the steps that he or she should have taken as a member of the Governing Body in order to make himself or herself aware of the relevant audit information and to establish that the Charity’s auditor is aware of that information. Approved by the Trustees of the Brentwood School CIO on 23rd November 2024 and signed on its behalf by: Lord Black of Brentwood Chairman of Governors 34 ## 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 2024 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: - give a true and fair view of the state of the group’s and of the parent charity’s affairs as at 31 - August 2024 and of the group’s incoming resources and application of resources, including its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **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 thereon. 35 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: - the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or - sufficient accounting records have not been kept by the parent charity; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement set out on page 19, 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, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. 36 We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011, taxation legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014 General Data Protection Regulation (GDPR), Health and safety legislation and Employment legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing of accounting policies and accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted, and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. ## **Use of our report** This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. ## **Crowe U.K. LLP** London ## 18 December 2024 Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 37 ## Brentwood School: Consolidated Statement of Financial Activities for the Year Ended 31st August 2024 **The notes on page 42 to 57 form part of the financial statements.** 38 Brentwood School Consolidated and School Balance Sheet as at 3isI August 2024 Con¥olidat•d 2024 2023 N(1 2024 2023 FIXED ASSETS Tanglble a88et8 Inve8tment8 11 12 61940 55,244 62,892 S5,2￿2 68 454 123,656 141.267 123,698 141.219 IXIRRENT ASSETS stock Debtor8'. Amount8 due whthln one year Amoun1$ due after one year Ca8h and dep08tt8 13 257 199 74 49 14 14 1130 1,375 2274 loo 1,649 120 26,270 20,142 25,446 20,195 ¢￿IRENT UABIUTIES Credttor8 payable wrthln one year (13,948) (8,455> (13,089) {8,493) NEf CURRENT ASSErs 12 22 TOTAL ASSEfs LESS CURRENT LIABILITIES 153.589 135,385 153,576 135,358 LONfyTERM UABILITIES Credltor8 payable after one year 16 (33,075) (30.320) (33,075) (30B20) NEf ASSETS 120.514 105,065 120,501 105,038 REPRESENTED BY: 22 L•4RESTRICTED FUNDS General Reserve 120,239 104.789 120,226 104,762 RESTRICTED FUNDS General Charltable Trust (BSGCT) Bursarles Fund 75 76 75 76 ENDOWED FUNDS 200 200 200 200 120,514 105.¢)65 120,501 105,038 The% fbnandal statement8 were approved ty the Trustee8 on 23rd November 2024 and were 81gned on tt8 behalf by: Lord Bla¢k Chalrman of Governor8 D J Elms E8q. MA FCA FCS ry Treasurer Th• not88 on pa8• 42 to 57 lorm part • flnAnelal stat•mgnt•. 39 ## Brentwood School Consolidated Cash Flow Statement for the Year Ended 31st August 2024 **The notes on page 42 to 57 form part of the financial statements.** 40 ## Brentwood School Notes to the Consolidated Cash Flow Statement for the Year Ended 31st August 2024 41 ## Brentwood School: Notes to the Financial Statement for the Year End 31st August 2024 ## 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 accounts 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. The Governors are confident that the School is well placed to maintain the highest standard of educational provision despite challenges arising from the imposition of VAT on fees and withdrawal of charitable relief on business rates following the election of Labour Government. The Governors consider that there are no material uncertainties over the School’s financial viability. 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, 42 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. 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. ## 1.1 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. During the year a Fees in Advance Scheme was introduced allowing parents to make a lump sum advance payment to be applied against invoices for fees for future terms. Payments under the previous Composite Fee scheme are no longer permitted and the diminishing residue of funds paid under this scheme is held as discount-earning liabilities until either used as fees or refunded. ## 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 43 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 longer-term 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 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 10 years Furniture, fittings, machinery, equipment and vehicles 5 years 44 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 (2023: £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 (2023: £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. ## 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 where appropriate. 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 45 ## 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 6.25% including basic rate tax relief . Most support staff now contribute to the personal pensions scheme via salary exchange. 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. 46 3. CHARITABLE ACTIVITIES - OTHER INCOME 2024 r(M)o 2023 £'ooo Ancillary trading inc(¥ne Registration fees Income for educational trips Income from the Fee Refund Stheme 62 1,388 68 1,480 1,451 1,388 63 1,549 1,480 69 Costs of Educational Trips 4. OTHER TRADING ACTIVITIES N0n-ancill￿ trading income The School's wholly-owned subsidiary, Brentwood School Enterprises. operates the BrentWO(Kl School Sports Centre for the benefit of the local community and sells school uniform to parents. Its trading reSU￿S are summarised below. 2024 rooo 2023 £'ooo Brentwood School Enterprises - Trading Results Turnover Cost of sales Gross profit 1,347 338 1,009 1,328 322 1,006 Administration other Operating income Operati ng wofit (781) (700) 228 306 All of the taxable profits of Brentwood School Enterprises are donated to the Schcol each year consistent with rts objects. The amount to be donated in 2024 is £230k (2023: £297k). The School's wholly-owned subsidiary, Brentwood School Design & Build Limtted, acts on behalf of Brentwood School CIO to develop capital projects. Its trading results are summarised below and are eliminated on consolidation. 2024 f(K)O 2023 £'O(K) Brentwood School Design & Build - Trading Results Turnover Cost of sales Gross proff( 8,869 657 640 17 74 Administration Other Operating income Operati ng wofit (20) (9) 54 The balance sheets of BrentWCK)d School Enterprises and Brentwood School Design & Build are set out in note 24. 47 4. OTHER TRADING ACTIVITIES (continued) Other trading income 2024 c￿0 169 17 138 106 205 635 554 2023 £'ofy) 149 Proceeds of letting of Schwl residential properties Surcharges for late payment Proceeds from School Tuck Shop Proceeds from Wraparound Care Proceeds from Tenn is Academy 118 102 171 549 511 Costs 81 38 INVESTMENT INCOME 2024 r(K)o 1,132 1.132 2023 £'o(K) 1,352 1,352 Securities investment income". Equities (including cash holdings) BANK AND OTHER INTEREST 2024 f(K)O 129 2023 £'O(K) 373 Bank Interest 129 373 7. GRANTS AND DONATIONS RECEIVABLE 2024 rfy)o 241 2023 £'ofy) Donations Donations from Friends of Brenlwcrf)d School 48 20 249 68 48 B. ANALYSIS OF EXPENDITURE (a) Total expenditure Staff Costs (note 10) (note 11) £'ooo £'ooo Other Total 2024 r(K)o Total 2023 £'o(K) rooo Costs of raising funds Trading costs Cost of other activities Financing costs (note 9) Investment management Development costs Total costs of raising funds 791 2,261 3,061 3,013 716 698 48 716 698 180 738 640 50 132 923 3,723 4,655 4,441 Charitable expenditure Teaching Welfare Premises repair and maintenance Support costs and governance Total charitable expenditure 18,110 642 1,369 1,752 21,873 1,528 2.853 4,238 2,037 10,656 19,638 3,532 8,308 3,789 35,267 18,183 3,343 6,794 2,722 31,042 37 2,701 2.738 Total expended 22,796 2,747 14,379 39,922 35,483 (b) Governance included in support costs: 2024 rfy)o 2023 £'ofy) Remuneration paid to auditor for audit services Reimbursement of travel costs to Governors 28 28 29 29 Remuneration paid to Auditors for audit services includes irrecoverable VAT of £4,800 (2023: £4,735). The cost of travel was reimbursed to 5 members (2023: 4) of the Governing Body. Auditor's remuneration of £10,200 and £5.750 was charged for auditing the financial statements of Brentwood School Enterprises and Brentwood School Design & Build respectively and included in their accounts. FINANCE AND OTHER COSTS 2024 r(K)o 2023 £'o(K) Bank charges Interest on fee deposwts Debt Placement Interest 708 708 716 738 49 10. STAFF COSTS AND RELATED PARTY TRANSACTIONS 2024 2023 £'O(M) Aggregate payroll costs for the year were as follows: Wages and salaries Social secu rity costs Pension contributions Apprenticeship Levy 17,258 1,800 3,669 69 16,144 1,664 2,963 63 22.796 20,834 No Governor received any remuneration or other benefits from Brentwood School or from any connected body. During the year the School received donations to the Bursary Fund under the 1622 Appeal from 3 trustees totalling £4,594. (2023: £3,919) 2024 2023 £'o(K) 1,063 Aggregate employee benefits of key management personnel 1,227 Key management personnel are the members of the Senior Leadwship (Executive) Team of Brentwood School. 2024 2023 Number of higher paid employees whose benefits (excluding employer pension costs) exceeded £60,000 were: £60,001 to £70,000 £70,001 to £80,000 £80,001 to £90,000 £90,001 to £100,000 £100,001 to £110,000 £110,001 to £120,000 £120,001 to £130,000 £160,001 to £170,000 £170,001 to £180,000 36 13 The average number of the School's employees during the year, calculated on a full time equivalent (FTE) and actual basis, was 353 and 425 respectively (2023- 341 and 404), within the following categories- 2024 2023 Actual 244 77 28 36 40 Actual 229 67 28 34 46 Teaching - Teachers Teaching - Teaching Support Welfare Premises Operational 222 46 14 34 37 213 14 31 39 353 425 341 404 During the year there were no twmination paytnents (2023: £15k). 50 11. TANGIBLE FIXED ASSErs Fixtures, Leasehold equi￿nent and IT Consolidated Freehold land and buildings Unrestricted Endowed £'ooo £'ooo 71,523 200 Total Cost At 1 September 2023 Disposals Additions At 31 August 2024 rooo 686 £￿0 3,975 (635) 316 3,656 £'o 76,384 (635) 10,443 86,192 10,127 81,650 200 686 Deweciation At 1 September 2023 Disposals Charge forthe year At 31 August 2024 17,979 62 3,099 (635) 206 2,670 21,140 (635) 2,747 23,252 2,527 20,506 14 76 Net book value At 31 August 2024 61,144 200 610 62,940 At 31 August 2023 53.544 200 624 876 55.244 School Freehold land and buildings Unrestrirted Endowed £'ooo 200 Fixiures, Leasehold eqUi￿￿ent and IT Total Cost At 1 September 2023 Disposals Additions At 31 August 2024 £'ooo 71,523 rooo 686 r(x)o 3,612 (620) 301 3,293 £'o(K) 76,021 (620) 10,428 85,829 10,127 81,650 200 686 Depreciation At 1 September 2023 Disposals Charge forthe year At 31 August 2024 17,979 62 2,778 (620) 197 2,355 20,819 (620) 2,738 22,937 2,527 20,506 14 76 Net b(K)k value At 31 August 2024 61,144 200 610 938 62,892 At 31 August 2023 200 624 834 51 11. TANGIBLE FIXED ASSEfs (CONTINUED) Assets under construction Freehold propety includes £8,070k (2023: £1,712k) of costs associated with the building of new boarding accommodation which is in the preliminary stage and a further £487k (2023- £173k) of costs in relation to the construction of an extension to the Science Centre. Propety, valued at its historic cost of £200k in 1947, is retained as a Permanent Endowment within the accounts of the SABST. Depreciation is not chargeable on the property. All tangible fixed assets are held for use in charitable activities. The School has substantial lon*held historic assets used in the course of the Schcol's educational activities. These comprise listed buildings on the Sch(K)I campus, together with their contents comprising works of art, ancient books and manuscripts and other treasured artefacts. Because of their age and, in many cases, unique nature, reliable historical cost information is not available for these assets and could not be obtained except at disproportionate expense. However, in the opinion of the Governors. the depreciated historical cost of these assets would now be immaterial. 12. SECURITIES INVESTMENTS Consolidated and School 2024 r(K)o 68,454 2023 £'o(M) 66,877 At 1 September Funds invested Funds divested Transfer between funds Reinvested income Investment management fees Increase in the value of investments (39) 1,351 (546) 811 934 (570) 9,509 78,327 At 31 August 68,454 2024 r(K)o 78,327 2023 £'o 67,724 730 Investments comwise: Equities Cash 78,327 68,454 All investments are held for charitable use. All are listed on the London Stock Exchange, except for an investment in a private equity fund, Hollyport £2.503m (2023= £1.003m), and an investment of £IOO in a subsidiary cotnpany, BrentW(K)d School Design and Build Limit￿1. A capital investment in Hollyport Secondary Opportunities Vlll Unit Trust has been authorised by the Governors and committed, not yet drawn down: $1.9m (2023: ¥.3m). In addition to the above is a balance of £19,159k which is held wtthin a money market fund. This is primarily invested in money market instruments, deposrts and other short term assets, and there was a gain of £933k in this fund in the year. This fund is classified as cash on the balance sheet 52 13. STOCK Consolidated 2024 2023 £'ooo rooo School 2024 r(M)o 2023 £'oTh) Catering stock Tuck Shop stock other consumables Uniform and other goods for resale 50 27 50 27 22 183 20 150 22 20 257 199 74 49 14. DEBTORS Consofidated 2024 2023 £'ooo rooo 523 89 172 School 2024 r(K)O 527 2023 £'O(K) 197 Due within one year: Fees and extras Trade debtors Taxation and social security From subsidiary companies other debtors 95 229 412 453 996 2,130 1,375 2,274 1,649 Due after one year From subsidiary companies 100 120 1fy) 120 In earlier years, capital works by way of investment in the Sports Centre buildings have been financed by loans from the School's General Reserve (unrestricted funds) to its subsidiary, Brentwood School Enterprises. The loan, shown as due after l year, was reduced by £20k during the year. 15. CREDITORS: arnounts falling due within one ye Consofidated 2024 2023 £'ooo rooo 2,625 2,379 1,940 1,243 426 2,034 School 2024 2023 £'o Deposits from parents Trade credttors Taxation and social security Other creditors Deferred Income.. Fees in Advance Schemes Other fees received from parents in advance of term Other deferred income 1625 794 425 4,328 2,379 1,168 424 2,213 4.410 2,837 2,080 56 307 2,002 64 2837 2,080 307 2,002 13,948 8,455 13,089 8,493 Other deferred income represents sports centre membership and lessons paid to Brentwood School Enterprises in advance. 53 16. CREDITORS: amounts falling due after one year Consolidated 2024 2023 £'ooo rooo 3,075 320 30,000 30,000 33.075 30,320 School 2024 r(M)O 3,075 30,000 33.075 2023 £'o Fees in Advance Schemes Debt Placement 320 30,000 30,320 FEES IN ADVANCE SCHEMES 2024 2023 After 5 years Within 2 to 5 years Within 1 to 2 years 1,432 1,599 3,075 2,837 320 320 307 627 Within 1 year su￿￿nary of movements 2024 r(M)O 627 5,942 2023 £'o Balance at 1 September 2023 New contracts Closed contracts Amount used to pay fees Amount accrued to contract as debt financing cost Balance at 31 August 2024 967 33 (8) (380) (660) 627 DEBT PLACEMENT The Schwl secured and received on 15th September 2021 a £30m Private Debt Placement to further enhance the financial flexibility of the School including the provision of additional txjrsaries. The loan is unsecured and repayable in 2051, with an interest rate of 236% p.a. 17. FINANCIAL INSTRUMENTS 2024 r￿0 70,620 2023 £'o 68,454 Financial assets measured at fair value through wofit or loss: Investments in liquid equty instrutnents Financial assets measured at amortised cosL" Debtors Cash (including cash investments) 1,854 23,883 608 18,568 Financial liabilities measured at amortised eosL' Trade and other creditors 39,409 34,986 The fair value of investments is taken from their quoted market values at the year end. 54 18. LEASES At the year end, the future minimum lease income due to the School under non-cancellable operating leases was as follows.. 2024 r(K)o 2023 £'o Within 1 year Within 2-5 years Total income receivable at 31 August 98 153 146 182 251 328 Rental receipts during the year totalled £169k (2023- £149k). At the year end, the following lease commitments were payable by the School under non-cancellable rental operating leases as follows.. 2024 r(K)o 2023 £'o Within l year Within 2-5 years Total commitments at 31 August 34 200 34 209 Lease payments during the year totalled £264k (2023: £212k). 19. CAPITAL COMMITMENTS At 31 st August 2024 and 2023, respectively, the School had the following unprovided capital commitments: Capital expenditure authorised bythe Governors and contracted: £14.9tn (2023.. £3.Otn) Capital expenditure authorised by the Governors, not contracted: £NIL (2023: £0.9m) 20. FUNDS OF THE SCHOOL The Schcx)I's funds are analysed under the following headings: a) UNRESTRICTED FUNDS Unrestricted funds represent accumulated income from the School's actNities and other sources that are available for the general purposes of the School. b) RESTRICTED FUNDS These consist of two funds: BSGCT holds individual gifts, legacies and grants given to the Sthool for specific purposes outsTrde the School's charitable objects. During the year donations to the Bursaries Fund were made through the 1622 appeal and have been allocated to bursaries in 2023124. c) PERMANENT ENDOWMENT The 1947 historic cost of the School's land and buildings is carried as a Permanent Endowment within the SABST. The Brentwood School CIO is the sole corporate Trustee of this Permanent Endowment as set out in the Charity Commission scheme of 2013. 55 21. ANALYSIS OF NEf ASSETS BEfwEEN FUNDS At 31 st August 2024 unreStr￿ted Restricted Endowed Endowed £'ooo 62,740 78,327 12,247 33,075 120,239 rooo t￿0 200 £'o 62,940 78,327 12,322 33,075 120,514 Tangible fixed assets Securities investments Net current assets Long term liabilities Net assets 75 75 2(M) At 31 st August 2023 Unr•strict•d R•strict•d Endowèd Endow £'ooo 55,044 68,454 11,597 30,320 104,775 rooo r(y)o 200 £'o 55,244 68,454 11,687 30,320 105,065 Tangible fixed assets Securities investments Net current assets Long term liabilities Net assets 90 2(MJ 22. SUMMARY OF MOVEMENTS ON m￿lOR FUNDS in 2023124 Consolidated At1stSq) 2023 rooo Income Expendrture £'ooo Gainsl (losses) r(K)o Gain$1 (losses) £'o(K) Transfers £'ooo rooo Unrestricted funds General Reserve 104.789 44,914 (39,922) 10,442 120,239 Restricted funds BSGCT Bursaries Fund 76 (1) (15) 75 15 SABST 200 200 Total Funds 105,065 44,929 (39,922) 10,442 120,514 All funds held in the Bursaries Fund were deployed against the cost of Foundation bursaries during the year. Transfers were made from BSGCT of £0.9k (2023: £0.4k) to fund travel bursaries. SUMMARY OF MOVEMENTS ON MAJOR FUNDS in 2022123 Consolidated At 1st Sep 2023 rooo Income Expenditwe Transfqrs Gainsl (losses) r(K)o Gainsl (losses} £'o(K) £'ooo £'ooo rooo Unrestricted funds General Reserve 96.770 42,677 (35,483) 14 811 104,789 Restricted funds BSGCT Bursaries Fund (1) (13) 76 13 SABST 200 200 Total Funds 97.060 42.677 (35.483) 811 105,065 The reserves of the wholly owned subsidiaries, Brentwood School Enterprises of £26k (2023: £28k) and Brentwood School Design and Build of £62k (2023.. £8k) are held within General Reserves. 56 23. PENSION SCHEMES Retirement benefits to employees of the School are provided through a defined benefit scheme and defined contribution scheme, which are funded bythe School's and employees, contributions. Defined benefit scheme The Schwl participates in the Teachers. PensK)n &hetne (Ihe TPS.) tts teaching staff. The pension charge for the year includes contributions payable to the TPS of £2,972,926 (2023: £2,552,703) and at the year-end £274,298 (2023 - £302,356) was unpaid in respect of contributions to this scheme. The TPS is an unfunded multpemployer defined benefrts pension scheme governed by The Teachers, Pensions Regulations 2010 (as amended) and The Teachers. Pension Scheme Regulations 2014 (as atnended). Members contribute on a.pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2024. The employer contribution rate for the TPS is 28.6%. and employers are also required to pay a scheme administration levy of 0.08% giving a total employer. contribution rate of 28.68% Defined contribution schemes The Charity also contributes to individual personal pensk)n schemes for support staff at a rate of 10% of annual basic pay where employees make a contribution of 6.25% (Including basic rate tax reliefj. Contributions to these schemes are charged in the SOFA in the perTrod in which the salaries to which they relate are payable. 57 24. SUBSIDIARY COMPANIES The SchTh)I has dominant influence over its two subsidiary companies: Brentwood School Enterwises Brentwood School Enterprises, a company limited by guarantee (Registration number 020190D2), has principal activities of running sports facilities and a school shop. All members of the company are Governors of the School and Trustees of Brentwood School CIO. The assets and liabilities of Brentwood School Enterprises at the year*nd were as follows.. 2024 £coo 2023 £'oc Tangible Fixed Assets Current Assets Creditors- amounts falling due within one year Creditors- amounts falling due after one year 51 436 (361) 100 558 (453) 120 26 28 Represented by: Profit and Loss Account 26 28 The School is deemed to benefit from 60% of the use of the Sports Centre facilities and Brentwood School Enterprises from the remaining 40%. Therefore, the cost of utilities, ￿lUIpment and other services of benefit both to the School and Brentwood School Enterprises are allocated on a 60.40 basis. During the year Brentwood School Enterprises made supplies to the School totalling £205k (2023: £153k). The School made supplies to BSE totalling £0.1 k (2023- £1 k). At 31st August 2024, Brentw(x)d School Enterprises owed the School £215k (2023: £264k), which includes the qualifying donation of £230k (2023.. £297k), in addition to the loan of £100k (2023: £120k). Brentwood School Design & Buikl Limited Brentwood Schcol Design & Build Limited (Company Number: 13244041) was established in March 2021 to develop building projects on the School's behalf. The Directors of the Company are Governors of the School and Trustees of Brentwood School CIO. The assets and liabilities of Brentw(M)d School Design & Build at the yearond were as follows.. 2024 f (J)0 2023 £'ooo Tangible Fixed Assets Current Assets Creditors: amunts falling due within one year Creditors: amounts falling due after one year 2158 (2096) 328 (320) 62 Represented by: Profit and Loss Account 62 58 25. RELATED PARTY TRANSACTIONS Ih The Charity Commission. by order dated 30 April 2007. has confirmed that Governors, and any connected parties, who undertake appropriate professional services for the School may be paid the normal charges associated with such services. There were no Related Party transactions during the year. 26. BRENTWOOD SCHOOL RESULTS 2024 fooo 43,567 (38,546) 10,442 15,463 2023 £'ooo 42,677 (35,491) 811 Income Expendrture Gains/(Losses) Net movement in Funds 7,997 59 VLM