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2024-07-31-accounts

BRIGHTON COLLEGE (A Company Limited by Guarantee)

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

HaysMac LLP Chartered Accountants London

Company Registration No. 7663 Charity Registration No. 307061

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BRIGHTON COLLEGE

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

PERSONNEL AND PROFESSIONAL ADVISORS

PRINCIPAL

R J Cairns MA FRSA

GROUP CHIEF OPERATING OFFICER AND COMPANY SECRETARY

P T Westbrook FCA

BURSAR

E C Dobson MA CIMA

REGISTERED OFFICE

Brighton College Eastern Road Brighton East Sussex BN2 0AL

AUDITOR

HaysMac LLP Chartered Accountants 10 Queen Street Place London EC4R 1AG

BANKERS

National Westminster Bank Plc 56 Churchill Square Brighton East Sussex BN1 2ES

SOLICITORS

DMH Stallard LLP 47 Old Steine Brighton East Sussex BN1 1NW

WEBSITE ADDRESS

www.brightoncollege.org.uk

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BRIGHTON COLLEGE

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

REPORT CONTENTS

The Board of Governors presents its annual report for the year ended 31 July 2024, together with the audited financial statements for the year, and confirms that these comply with the requirements of the Companies Act, Charities Act, the Articles and Statement of Recommended Practice Accounting and Reporting by Charities second edition effective from 1 January 2019 (“SORP 2019”) applicable to charities preparing their accounts in accordance with FRS 102.

This report includes the following sections:

Governors’ Report

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BRIGHTON COLLEGE

INTRODUCTION: CHAIR’S STATEMENT

FOR THE YEAR ENDED 31 JULY 2024

CHAIR of GOVERNORS STATEMENT

I am delighted to introduce Brighton College’s accounts for the year to 31 July 2024.

I congratulate those pupils who performed so well in their exams this year and thank the teachers and other staff for all their support in helping them to obtain these splendid results.

Those 2024 results once again meant the College was the leading co-educational school in the UK, as illustrated by the Sunday Times naming Brighton as the School of the Year for A Levels. To receive the accolade of UK Boarding School of the Year at the same time also demonstrates how well the College cares for children, and it highlights the richness of the activities we run for those who also have the school as their term-time home. There are thousands of schools, and to be named the UK’s leading co-educational and boarding school is a huge achievement.

While annual awards are wonderful external validation for the teachers and staff, it is even more powerful to go through a peer review and receive praise from experts in your own sector. The inspection in October 2024 resulted in the highest grading for the College and Prep School: we were awarded two significant strengths (one strength is a rare occurrence now) – the first for the unique curriculum and co-curricular offering which develops curiosity and confidence; and the second for the College’s culture of kindness. This is what your Principal, Head Master and Board are most proud of.

There are many illustrations of that culture: our generous scholarship and bursary programme that also provides free places for refugees and enables social mobility for those from disadvantaged backgrounds means we are one of the leading schools for generosity. Our staff and pupils deliver an incredible 75,000 hours of community service each year befriending the elderly and lonely, serving in soup kitchens, helping the local foodbanks, supporting local and national charities, and so on. This is a wonderful way for our children to contribute to society, helped by being located in the centre of such a cosmopolitan and diverse city.

In 2024 we opened the Richard Cairns Building – the new performing arts hub at the centre of our campus with a sixth form centre that rivals any boutique hotel in the country. The first performances in the new theatre would not have been out of place in the West End – a further tribute to the pupils and the staff.

At the start of the year, we opened a prep school in Kensington, London. We have also opened Brighton College in Hanoi, bringing the number of our Brighton Colleges in the Middle East and South East Asia to six. Brighton College Bangkok was named British International School of the Year, and two of our other international schools were in the group of five runners-up, out of a field of 600. We are creating a truly international school group, building an amazing global network of alumni, who we hope will continue to support one another after they leave our schools, and also remain in touch with us.

Finally, a word to our parents. We appreciate that many of you make real sacrifices to send your children to the College. Like other independent schools, our cost base will be materially impacted by rises in National Insurance, Teacher Pension increases and loss of business rate relief at a time when educational and boarding fees are now to carry VAT – a tax on education and aspiration unique in modern Europe. We thank you for standing up for and continuing to place such a value on independent education. We believe ours is truly unique and that our pupils – your children – will get the best start in life.

Francis Maude The Right Hon. Lord Maude of Horsham Chair of Governors

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BRIGHTON COLLEGE

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2024

I: KEY ACHIEVEMENTS and ACTIVITIES for the YEAR ENDED 31 JULY 2024

ACTIVITIES

Brighton College is one of the leading independent schools in Britain, providing education from three sites in Brighton. In the year to 31 July 2024, the College educated on average 1,749 pupils aged 3 to 18 (2023: 1,787). The other local members of the Brighton College Family, St Christopher’s (Hove) and Handcross Park (Handcross, West Sussex) respectively educated on average 274 (2023: 290) and 415 (2023: 397) children aged between 2 and 13.

The College delivers outstanding education with a unique curricular and co-curricular programme for pupils who are fortunate to use some of the best facilities in the UK from world class laboratories to a premium theatre and performing arts centre. The academic performance of the pupils this year lead to the College being awarded School of the Year for A Levels by the Sunday Times. Pastorally, the College delivers a warm and kind environment and ensures its boarding facilities are genuinely a home from home. This year also saw the College named as Boarding School of the Year by the Sunday Times. And just after the year end, the ISI inspectors conferred on the College two significant strengths: an enriching curriculum that delivers curiosity and confidence; and a genuine culture of kindness that leads to children attaining their aspirations.

As a result of the esteem in which it is held, demand for College day and boarding places remains high – with the College increasing boarding capacity again this year and welcoming additional boarders accordingly.

KEY ACHIEVEMENTS

Giving back to our community

Top co-educational school for results and premium university places

Future proofing the Group

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BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

Wellbeing for pupils and staff

Employee Engagement

Recognising that awareness of strategy and direction and an ability to influence these also contributes to staff well-being, the College continues to prioritise employee engagement and values feedback from all employees. Communication includes:

External acclaim and awards

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BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

Finalisation of the College Masterplan

Sustainable investment

Expansion of the Brighton College family of schools

In addition to the existing Brighton Colleges that operate in the Middle East and Far East, the expansion programme saw:

The income received from Brighton College schools overseas flows to Brighton College in the UK to support the school’s important social mobility programme, its charitable areas of public benefit, improvements in education for the UK and international schools and ongoing leadership development and training programmes for staff in both the UK and Brighton College International.

II: GOVERNANCE, STRUCTURE AND MANAGEMENT

CONSTITUTION

Brighton College (“the College”) was founded in 1845, formally constituted in 1846 and was incorporated under the Companies Acts 1862 and 1867 with limited liability on 18 September 1873, the word “Limited” being omitted by Licence of the Board of Trade. Its company number is 7663. The company is a registered charity, number 307061. The charity is governed by Articles last amended on 19 June 2018.

The objects of the charity as set out in its Articles are to advance the education of children by providing and maintaining schools or colleges, and in particular Brighton College (established in 1846), and providing thereby a sound religious, classical, mathematical and general education, in conformity with the doctrines of the Church of England.

AIMS

The Board’s aspirations, which further the charity’s purposes for the public benefit and have due regard to the Charity Commission guidance, are:

As an educator, Brighton College seeks to impart or provide:

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BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

GOVERNANCE, STRUCTURE AND MANAGEMENT (Continued)

GOVERNORS

Brighton College Governors are also Charity Trustees and Directors of Brighton College. The College Articles state that the Board of Governors (“the Board”) must consist of between eleven and twenty individuals, all of whom must be members.

The governors who served between 1 August 2023 and the date of these accounts were:

Ms M Asmar LLB Φ * ¥ Lady Maude BArch RIBA ARCUK π § * χ Mr J Bushell MA Dip Arch RIBA § The Lord Mogg KCMG α Ω (Chair, retired 31 December 2023) Ms V Byrne LLB α, π Mr A S Pettitt MA (Oxon) Mr A Cayley CMG KC LLB LLM Φ Ϛ Mr N A Pink MA (Cantab) # µ (retired 29 February 2024) Mrs J Deslandes OBE BEd MA α β * Ω ¥ Mr R T Ricci FSA # µ Ω α Ms L Gibson β Mr M Templeman MA α Mr R Hannington BSc FRICS § ¥ Mr A Underwood BA α # Ω ¥ Mr WHP Jackson MA (Oxon) # µ Mr A Wagenberg # µ (appointed 22 November 2024) Ms N Leach MBA JP § χ * (retired 29 February 2024) Mr P C Ward BEd FRSA Φ β π (retired 22 November 2024) The Right Hon. Lord Maude of Horsham α Ω (Chair Mr R J S Weir BA (Cantab) FCA MCT α Ω # µ § from 1[st] January 2024) α Nominations and Governance Committee * Safeguarding and Pastoral Committee Ω Remuneration Committee β Education Committee § Development Committee ¥ Senior School Committee # Finance Committee π Prep Schools Committee µ Investment Committee χ Governor representative for Boarding Φ Risk, Health & Safety and Compliance Committee Ϛ Link Governor for London Academy of Excellence

In addition to their roles on committees, a number of governors are also board directors of the subsidiaries of the College.

The Board would like to record its deep gratitude for Lord Mogg who chaired the Board and steered the College for eight years and to Ms Leach and Mr Pink, both of whom served for seven years. All of them contributed significantly to the strategy, life and welfare of the College. Ms Leach was instrumental in developing further the boarding life of the school and Mr Pink helped mitigate exposure of the College to undue financial risk during significant periods of investment in infrastructure.

Honorary Officials of the College

The Articles provide for the appointment of honorary officials. The members of the College in accordance with the Articles conferred the following appointments. Those who were honorary officials during the year and to the date of these accounts were:

President

Lord Soames of Fletching

Vice Presidents
Lady M Alexander LLB, MA S J Cockburn MA, FRGS C J Connor CBE
K Ives R F Jones Dip MS IPFA The Lord J Mogg KCMG
D A Nelson-Smith MA (Cantab) R J Seabrook KC S G R Smith BA, FRSA
C E M Snell I J White FRICS Dato’M S K Yeoh

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BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

GOVERNANCE, STRUCTURE AND MANAGEMENT (Continued)

GROUP STRUCTURE

The Group during the year comprised Brighton College and six wholly owned or controlled subsidiaries:

The College is corporate trustee of:

As the Board controls the assets of these charities (together “the Scholarship Fund”) their income, expenditure and assets are consolidated in these accounts. The Scholarship Fund supports scholarships and bursaries for children coming to the College.

Governing Body

Brighton College has a corporate governance structure that acts in a self-regulating capacity. The College is governed in accordance with its Articles by the Board of Governors.

The Brighton College Governors, as the Trustees of the charity, are legally responsible for the overall management and control of the College, comprising Brighton College and Brighton College Prep School (“BCPS”, which includes the Nursery and PrePrep school). The Board meets each term and is responsible for: determining the aims and overall conduct of the Group headed by the College and to ensure the College meets its charitable objects and complies with its public benefit responsibility. The Board monitors the implementation of strategy; determines the appropriate control environment; recruits key staff; approves key College policies; and oversees safeguarding and boarding. In order to meet its obligations, the Board has set up sub-committees to focus on key areas of the College’s life and make recommendations to the Board. These comprise:

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BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

GOVERNANCE, STRUCTURE AND MANAGEMENT (Continued)

There are governors of Brighton College on the boards of key subsidiaries: St Christopher’s, Hove; Newells School Trust Limited; Brighton College International Schools Limited; and Brighton College Services Limited.

The Principal was a director of Brighton College International Schools Limited and the Principal and Group Chief Operating Officer (“Group COO”) were directors of Brighton College Services Limited during the year. The Group COO is the chair of the board of Brighton College Hong Kong Charitable Foundation Limited. Senior staff members sit on the boards of St Christopher’s, Hove and Newells School Trust Ltd.

The Remuneration Committee and Board of Brighton College Services Limited meet annually or more often if necessary. The Board, subsidiary boards and other committees all meet at least termly.

Governor recruitment

The present members of the Governing Body were chosen for their interest in education and their knowledge and experience in fields which support and advance the College’s strategy including independent and maintained sector education, law, facility development, finance, fundraising, commerce and investment.

The Nominations and Governance Committee has overseen succession planning exercises in each of the last five years to identify new governors and committee members who can help the Group continue to progress in the medium and longer term.

Governor induction and ongoing training

All governors have access to a comprehensive governors’ website which includes: a) standing information about the College including the Articles and committee terms of reference, signposting to key policies, and insurance information; b) information for new governors; c) latest committee minutes and inspection reports;

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BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

GOVERNANCE, STRUCTURE AND MANAGEMENT (Continued)

d) links to other helpful sites including those of the Charity Commission, the Independent School Inspectorate and the Association of Governing Bodies for Independent Schools (AGBIS); and e) safeguarding training material.

On appointment, governors are provided with an induction checklist to help them ensure they are aware of all that is expected and they meet with their designated governor and senior management team mentors.

Time is set aside (at Board meetings and in separate strategy meetings) to consider key aspects of the medium and long term strategy of the College. Governors are also made aware by the Clerk to the Governors of external training days run by AGBIS and other sector bodies. Briefings by senior management to committees and the Board ensure relevant governors are kept abreast of new legislation and the auditor annually updates the Finance Committee with accounting matters which may affect the College.

Governor involvement in College life

The governors help guide and support specific aspects of the College’s life via the Board, committees and strategy sessions.

Governors approve the key College-wide, Senior School and Prep School policies on an annual basis. Every term, in addition to the specific Safeguarding and Pastoral Committee considering the area in detail, the Senior School Committee and Prep School Committee have an opportunity to ask detailed questions of the relevant school’s Designated Safeguarding Lead (DSL). Key safeguarding items are also discussed at the Board with the College DSL. The governor in charge of safeguarding is contacted as and when any new concerns arise and when prior concerns result in actions or are resolved. The governor who oversees staff welfare corresponds with the designated staff representative.

Governors are invited to attend College productions throughout the year and are encouraged to attend a pupil shadowing day to help them appreciate what being a pupil at the College is really like. This includes involvement in the subsidiary schools by governors who are board members for those schools.

Governor retirement

Governors are initially appointed for a minimum two-year term. One third of the governors must retire at the first meeting of the Board of Governors to be held each academic year with those longest in office retiring first and a governor who so retires is eligible for re-appointment.

MANAGEMENT

The day to day running of the Group is delegated to the Principal, Vice-Principal and Group COO. The day to day running of the Senior School and Prep School is overseen by the Head Master of the Senior School, Second Master of the Senior School, Headmaster of the Prep School, Bursar and Director of Operations. One or more of these executives attend all committee and Board meetings. The running of the subsidiary companies is through their boards which report to the Board.

Financial probity is ensured by having suitably qualified individuals on the Finance and Investment Committees. The Finance Committee receives reports from the external auditor on the control environment and receives termly reports from the Bursar on the financial state of the College. The Finance Committee scrutinises and recommends the annual budget to the Board and considers management accounts termly with any variances to budget explained by the Bursar. The Bursar reviews management accounts produced monthly with variances analysed and explained by the Head of Finance.

The College actively supports the attainment of the highest standards in the Independent Schools sector using regular updates from sector bodies, monitoring best practice at other major schools, utilising peer group studies and identifying and sharing best practice within the wider Brighton College family of schools in the UK and overseas.

Charity Governance Code

The governors acknowledge and endorse the application of the Charity Code of Good Governance. The Code has been reviewed by the Board and actions taken to improve governance in areas where the governors felt the College and wider stakeholders would benefit.

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BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

GOVERNANCE, STRUCTURE AND MANAGEMENT (Continued)

Subsidiary organisational structures and risk management

Brighton College International

Brighton College International Schools Ltd, which trades as Brighton College International (BCI), is a separate legal entity whose entire share capital is owned by the College. BCI’s board is chaired by the Chair of the main Board, meets termly and reports into the main Board. The Chief Executive of BCI is a member of the Group Executive that meets weekly on operational and strategic matters. The Head of Finance and Legal for BCI produces an annual budget and monthly management accounts and reports monthly to the Chief Executive of BCI and termly to the BCI board.

Brighton College schools set up in other countries have their own boards of governors and/or senior management team members which contain up to three representatives of Brighton College in the UK. These representatives include governors and/or senior management team members of the College. The senior executive team within BCI and designated College senior staff help to ensure the schools overseas are authentic to Brighton College UK by advising on the initial setting up activity for the schools and ongoing monitoring. Collaboration between all members of the Brighton College family of schools is facilitated with an annual conference for the Heads to consider key areas, and with BCI and College staff carrying out regular assessments.

BCI advises external school developers and operators – there is no financial commitment from the College to new ventures. Risk management for BCI includes ensuring that potential partners share Brighton College’s aspirations for providing the very best education and pastoral welfare; ensuring potential partners are aware of anti-bribery and anti-slavery legislation and the other high standards expected by Brighton College; ensuring schools are set up in areas where demand for British independent education appears sustainable and where it appears safe for teachers to teach; and ensuring that the pace of opening schools does not conflict with delivering the best education in Brighton College UK and other Brighton College schools already in existence.

Brighton College Services

Brighton College Services Limited (BCS) is a separate legal entity whose entire share capital is owned by the College. BCS has its own board, chaired by a main Board governor, which meets annually and reports to the main Board.

BCS focuses on the operational running of the After School Clubs and Holiday Clubs and the hire of the College estate to groups in the holidays, evenings and at weekends. The BCS manager meets with the Bursar regularly to discuss strategy, after school club demand, facility letting demand, pricing, staffing and ad hoc demands.

The risks to BCS include having insufficient demand for hiring the estate, which is mitigated by having suitable contracts in place with third party hirers and working closely with any hirers who themselves market the College and helping them promote their services at the College effectively.

St Christopher’s School, Hove and Newells School Trust (which traded through the period as Handcross Park School)

Both schools are separate companies and are subsidiaries by virtue of the fact that their board membership is controlled by Brighton College. Both school boards are chaired by College main Board governors who report to the main Board termly. Both schools have their own relevant sub-committees.

The main risks which face these schools include those facing any prep school and include: attracting the right calibre of teaching staff; providing a meaningful curriculum; ensuring the schools are run safely and efficiently; and ensuring there is sustainable parental demand at the fee level charged. Good appointments to the roles of Head in both schools and collaboration with each other and Brighton College keep the curriculum innovative and help attract both teachers and parents. Brighton College also provides advice to both schools on support areas including marketing, human resources, health and safety and development. The schools come together to receive common training on safeguarding matters and to consider compliance within the Compliance Committee.

Brighton College Hong Kong Charitable Foundation Limited

Brighton College Hong Kong Charitable Foundation Limited is a private limited company owned by the College enabling parents in Asia to pay donations more easily in aid of College philanthropy. The principal risks are: restricted donations not being applied for the purposes for which they are given; and exchange rate risk given the income is in Hong Kong dollars and College spending is largely in pounds sterling.

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BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

GOVERNANCE, STRUCTURE AND MANAGEMENT (Continued)

The first risk is mitigated by using the same principles and systems for capturing restricted donations as are used by the College; and the second is mitigated by conversion from local currency to pounds sterling shortly after the donations have been made (retaining any amounts in local currency to satisfy any foundation expenses). The foundation is audited and company secretarial services provided locally by a company specialising in the area.

Brighton College Scholarship, Bursary and Prize Endowments ( The Scholarship Fund)

The College is sole trustee of the Scholarship Fund, a separate collection of trusts that provide scholarship and bursary support to College pupils. The principal risks are: inadequate separation of assets from those held by the College on its own behalf; and diminution in the value of the assets under management (from poor investment returns or inadequate care of property owned by the Scholarship Fund). The first risk is addressed by having a suitable accounts system and regime in place which is considered annually by an auditor or independent reviewer. Diminution risk is addressed partly by having clear terms of reference for the Investment Committee that oversees investment decisions that covers qualifications of members comprising a quorum when investment or divestment decisions are made, a clear framework for strategic and tactical asset allocation and termly reporting to the Board; and partly through having property insurance in place and a suitable maintenance regime, additional assurance being provided by regular valuations and rent reviews by an independent accredited surveyor.

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BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

III: PUBLIC BENEFIT

The provision of public benefit is a charitable requirement for the College. Some examples of the programs and activities supporting public benefit during the year ended 31 July 2024 are highlighted below.

Grant making policy

The College awarded 923 scholarships and bursaries worth £3.0m (2023: 941 awards worth £2.9m) of which £0.7m relates to the ‘Opening Doors’ fully funded Sixth Form bursary programme launched in September 2020 for pupils in families facing significant disadvantage. As a result of the war in Ukraine, the College launched a scholarship scheme in 2022 to support Ukrainian refugees displaced by the war. Over the last few years, the College has awarded free day places worth c£0.5m per annum to children from Ukraine who are residing in the Brighton and Hove area as refugees. In some cases, with the generous support of parents and donors, local accommodation for pupils and their families was also provided.

St Christopher’s and Handcross Park awarded scholarships, bursaries and other support worth a further £0.6m (2023: £0.6m), giving total Group support of £3.6m (2023: £3.5m). In addition, the Group provides a number of other types of remission, including support to enable children of parents with more than one child to come to the College. In aggregate, fee remission for the year to 31 July 2024 was £5.5m (2023: £5.2m), making the College one of the most generous leading schools in the UK.

The College advertises on its website and in various publications and by visiting local schools the fact that means tested bursaries are available. In order to help provide such support, the College benefits from the generosity of a thriving network of Old Brightonians and parental donors whose support for children is greatly appreciated.

Volunteers

Brighton College pupils and staff raise funds and this year contributed 75,000 hours alongside their enthusiasm and skills to help charities, community projects and areas of need nationally and worldwide. College staff and pupils also provide enrichment days for other local schools and the education of local children either by visiting their schools or hosting them at the College.

College activities:

• Make a Difference Day (MADD)

Make A Difference Day was a resounding success again this year: pupils found the day fulfilling as they bonded and worked together for the benefit of others. Projects ranged from painting a doggie day care, to sports club upkeep and environmental projects including the Sacred Earth Community Benefit Society land project, Stanmer Park and Brighton Permaculture trust. New projects and relationships with partners were forged and there was some lovely feedback regarding pupils’ outlooks and attitudes.

• Social Outreach

The College engaged in 100 different community partnership activities in the year with over 20 regular partnerships each Wednesday afternoon. These included befriending elderly and lonely local residents, hosting regular “Tea and Company” sessions and a new initiative “Art for Memory”. Dialogue with those in local care homes has been strengthened with repeat visits, which flourished after the tea and carols afternoon at the end of the Michaelmas term, as well as the Summer celebration.

• Environment and Sustainability

During the year, the College furthered its commitment to sustainable transport. Car free days were run and a new course for the fifth form “Green” project was started to continue to develop the environmental consciousness of pupils. The College was awarded an upgrade of the externally accredited Green Flag award from Merit to Distinction this year.

• Educational Outreach

The College’s Opening Doors Scholarship programme welcomed the fourth cohort of Soames scholars into the sixth form in 2023. The scholarship places were advertised to local schools through assemblies and futures fairs at the beginning of the year. More schools have become aware of the programme and candidates came forward from a widespread number of Sussex schools.

The College’s Primary Pelican Club has continued to thrive. Visiting pupil numbers from local maintained schools are high and an increased number of science, sport, coding and performing art activities have been offered. The College has also engaged with new opportunities at St Mark’s school and expanded the range of activities with Queen’s Park School. In addition, pupils from the College are also supporting the Whitehawk wellbeing hub. The pupils also hosted a summer party for the primary school children to celebrate a successful year of the Pelican Club.

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BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

PUBLIC BENEFIT (Continued)

The College has strong links with local maintained schools and provides facilities for use by children in those schools each Wednesday. Links are also maintained with Kingsford Community School, a London comprehensive school with a particular specialism in languages. These links enable schools to benefit from sharing best practice between state and independent sectors.

The total raised by pupils and staff for charity this year was a staggering £165,721. Highlights included the “My Name’5 Doddie” foundation fundraiser from Murrayfield to Paris, which saw Kenny and Gabby Logan and James Nesbitt amongst others visit the College at the end of one leg of the route. Fenwick House led morning runs to raise money in support of The Israel and Occupied Palestinian Territories Appeal and, over the course of one week, raised an impressive £3,325. Other notable successes included a Durnford house walk for MNDA, pupils and staff running marathons, and entrepreneurially selling the flowers from Open Mornings.

Brighton College Prep School activities:

Foodbank

BCPS has continued its collaboration with Whitehawk Foodbank, collecting donations to support the local community. This year, pupils donated a range of sports shoes and Christmas presents to help families in need. Following their pumpkin picking trip, Year 6 pupils also made pumpkin soup which was donated to the Foodbank.

Make A Difference Day (MADD)

MADD showcased a range of meaningful activities across year groups, emphasising community service and social responsibility.

Sports Outreach

BCPS has continued to support local sports initiatives, including Park Run, with many pupils participating, including breaking the record for participants at a focussed event in Hove Park. The contributions and fundraising efforts helped the company to purchase a defibrillator for use at events. BCPS has also continued to support the Brighton and Hove Schools Primary Football Association by providing funding to part-fund the rental of regional facilities for competitions.

House Charities

The commitment to supporting charities has remained strong at BCPS, with each House backing causes via various events such as hosting House Teas:

London Academy of Excellence

London Academy of Excellence (LAE) is a Sixth Form college in Newham, set up under the previous Government's free schools’ programme. It was the vision of Richard Cairns (at the time, Brighton College Head Master) and Joan Deslandes (Brighton College Governor and Head Teacher of Kingsford Community School), and was set up to improve the life choices of disadvantaged children and help them secure places at top universities. To realise the vision, Richard Cairns encouraged a group of other leading independent schools to partner with Brighton.

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BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

PUBLIC BENEFIT (Continued)

LAE is now completing its twelfth year in existence and continues to transform the lives of many young people. The school has become hugely aspirational, with over 6,500 pupils applying for the c250 places on offer each year. As LAE staff and pupils have visited and worked with other secondary schools in Newham and surrounding boroughs, local younger pupils have been inspired as they now see a clear route that connects good GCSE results to future opportunities.

Priority is given to pupils on free school meals (40% of the school roll compared to 13% of the A level population nationally and 4% in grammar schools) and 65% of pupils are from Newham and Tower Hamlets, two London boroughs with high rates of child poverty. Over 70% of pupils are from families with no prior experience of higher education.

In June 2024, pupils achieved excellent results in their external exams, returning A-Level results with 72% of all grades at AA, 92% at A-B and 99% at A*-C.

In 2011/12, prior to LAE’s establishment, only 330 sixth formers took A levels in Newham, fewer than 40 went on to Russell Group universities and just three went to Oxford or Cambridge. In 2024, LAE students (including post qualification students) made 276 UCAS applications with 73% securing their first choice university. Of these, 207 pupils took up Russell Group places: 91 at what LAE terms the “Top Four London Universities” (UCL, KCL, ICL, LSE), 25 at Oxford or Cambridge and 39 went on to medicine, veterinary and dentistry places. Eight students went into highly competitive degree level apprenticeships including with JP Morgan, Stephenson Harwood and KPMG. Since its initial cohort left in 2014, LAE has sent around 1,800 students to Russell Group universities, about 290 to study medicine, dentistry or veterinary science and about 200 to Oxford or Cambridge. In 2024, LAE became the first state school in Europe and only the second globally to be admitted to the World Leading Schools Association (“WLSA”) – this enhances scholarship opportunities for their students who are seeking to attend US universities on full scholarships. The LAE has already hosted the Deans of Admission from seven US universities, including Columbia University, the University of Chicago and New York University. In September 2024, prior to its admission to WLSA, three students from LAE went on to US universities.

In its support of LAE this year, Brighton College provided three board governors and six committee members (covering areas of Education, Finance, Fundraising, Governance, Remuneration and Compliance); provided Economics teaching support; ran revision courses; and supported mock interviews for university applications in areas as diverse as Economics, Engineering, Science, Geography and Land Economy. In addition, LAE pupils physically or remotely attended or benefited from Brighton College's Careers Days, UCAS information days and University Fairs.

48 Brighton College pupils buddied with counterparts at Brighton House at LAE, studying the same or similar subjects. Pupils from both LAE and Brighton College have visited their respective buddies at their own schools over the course of the year. The trip to Brighton in November saw the pupils visit the i360 and undertake critical thinking activities together, to share knowledge and make new connections. Pupils from the two colleges have collaborated on team building exercises, presentation skills and critical thinking. Two previous College projects with LAE have been included as examples of outstanding practice in the education sector's "Schools Together" publication.

Brighton College also promotes the Friends of LAE scheme — Friends are donors who help bridge the gap between Government funding and the true cost to LAE of high quality A level teaching, a supportive pastoral environment, co-curricular opportunities, careers support and university familiarisation trips. Both LAE and Brighton College record their huge thanks for the generosity of the Friends of LAE.

Due to the success of LAE, the government has agreed to create a new purpose-built facility for the academy on a plot adjacent to its current site. Currently in construction, it is hoped the new facility will be ready during the 2025/26 academic year and will enable the student role to increase by 50%. It will offer a greater number of well-equipped laboratories enabling LAE to address some of the current excess demand for STEM subjects.

A second London Academy of Excellence opened in September 2017 in Tottenham under the leadership of one of the LAE partners, Highgate School, and with the support of the first LAE.

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BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

IV: ENERGY AND SUSTAINABILITY

The College is reporting its gross Greenhouse Gas (GHG) emissions under the Streamlined Energy and Carbon Reporting (SECR) guidelines. These are calculated using the latest UK Government GHG emission conversion factors and follow the GHG Reporting Protocol methodology.

The College’s energy usage and emissions for the year ended 31 July 2024 were as follows:

Year to July 2024 Year to July 2023
On site energy use in kWh 8,001,752 (-1.4%) 8,119,280
Associated GHG emissions in CO2/tonnes* 1,733 (-1.7%) 1,763
Intensity Ratio (CO2/tonnes per £1m revenue**) 32.84
(-7.1%)		 35.33

*Using latest Government GHG Carbon Reporting Factors for the two years to 31 July 2024

**Income from Brighton College’s charitable activities only

Energy efficiency and sustainability measures

The College’s energy consumption and associated emissions again reduced this year (by 1% and 2% respectively). This is a considerable achievement given the energy consumption impact during a period of major building works ahead of the opening of the new Richard Cairns’ Building. The College’s revenue from charitable activities also increased in the current reporting period, resulting in a 7% overall reduction in its emissions intensity ratio.

The following energy efficiency and sustainability measures were implemented in the year to 31 July 2024:

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BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

V: CO-CURRICULAR HIGHLIGHTS FOR THE YEAR ENDED JULY 2024

Key highlights in the College:

This was another excellent year of first-class sporting achievements by pupils at the College, with highlights as below:

Athletics:

Basketball:

Cricket:

Cross Country:

Fencing:

Football:

Hockey:

Netball:

Rugby:

Swimming:

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BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

CO-CURRICULAR HIGHLIGHTS FOR THE YEAR ENDED JULY 2024 (Continued)

Tennis:

Key highlights at BCPS:

All BCPS pupils enjoyed regular lessons, matches and House competitions with the year culminating in a well-attended and live streamed sports day. The Year 7 & 8 cohort formally combined for all fixtures and tournament except for IAPS competitions.

Rugby:

Netball:

Football:

Cricket:

Athletics:

Hockey:

Swimming:

Tennis:

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BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

CO-CURRICULAR HIGHLIGHTS FOR THE YEAR ENDED JULY 2024 (Continued)

b) Art and Photography

In the College:

In BCPS:

c) Drama

In the College:

As the drama department looked forward to life in the new building, there was much to celebrate in the past year.

Productions:

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BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

CO-CURRICULAR HIGHLIGHTS FOR THE YEAR ENDED JULY 2024 (Continued)

New Writing:

LAMDA:

Activities and House Competitions:

Community Partnerships

Higher Education

In BCPS:

Michaelmas

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BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

CO-CURRICULAR HIGHLIGHTS FOR THE YEAR ENDED JULY 2024 (Continued)

They also had the chance to work with professional actor Edward Bennet on their performances. The day was a success, and the pupils were excellent representatives of the school.

LAMDA

Each term, a LAMDA recital was held to showcase the exceptional work accomplished by pupils in their LAMDA lessons. These events provided parents with opportunities to observe the outstanding instruction their children receive from our LAMDA teachers and to enjoy the impressive performances pupils have been diligently rehearsing for their final exam. Each evening was a great success, leaving both pupils and parents delighted with the pupils' achievements.

d) Dance

e) Music

In the College:

The Music Department showcased a vibrant array of concerts and recitals this year, including the Autumn Concert, Choral Society Concert, Lower School Christmas Concert, Prep School Jazz Day, Choral Prep School Day, Grand Carol Service, and the Celebration of Film Concert, which featured all senior ensembles. For the first time, the House Song competition was held in the Richard Cairns Theatre, with pupils competing to claim the prestigious title and trophy. The Swing Band also took to the stage to accompany dancers at the highly anticipated Brighton College ‘Strictly Come Dancing’ charity event, where six couples vied for the ‘Strictly winners’ title, judged by a panel of celebrity judges.

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BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

CO-CURRICULAR HIGHLIGHTS FOR THE YEAR ENDED JULY 2024 (Continued)

In summary, the Music Department enjoyed a tremendously successful year filled with outstanding concerts, recitals, and notable achievements by Brighton College pupils. The department deeply appreciates the invaluable support of Visiting Music Teachers, who delivered over 600 instrumental and vocal lessons and prepared more than 150 pupils for ABRSM and Trinity College of Music examinations.

In BCPS:

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BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

CO-CURRICULAR HIGHLIGHTS FOR THE YEAR ENDED JULY 2024 (Continued)

f) Combined Cadet Force

Combined Cadet Force

The CCF had 191 cadets this year. We continued with our joint Adventure Training Camp with all three Services of the Lower 5th Form in June at Halton Camp, Lancaster. The cadets had the opportunity to take part in canyoning, caving and climbing and abseiling.

Royal Navy

Training got back on track with the return of the section commander with lessons in First Aid, RN History and navigation being taught. Field Days saw them getting on the water at Hove Lagoon along with the annual trip to Portsmouth to visit HMS Victory and HMS Warrior at the Historic Naval Dockyard.

Army

The Lower 5th cadets enjoyed a range of activities during the Field Days at Pippingford Park this year, including archery, laser combat and orienteering. Also, they were able to learn basic military fieldcraft skills which they will put to good use in the future years.

Meanwhile, the Upper 5th Cadets had their first taste of sleeping out under a poncho shelter in the Hilary Term, as well as blank firing with the rifle.

We were also able to head to Longmoor Camp for a day on the ranges in November where pupils were able to shoot on the 25metre outdoor range.

RAF

Cadets made excellent progress on their syllabuses with large numbers completing the Blue Radio course. On top of their normal training onsite at the College, the RAF enjoyed some flying days throughout the year, an overnight exercise at Pippingford Park and fieldcraft training days to prepare them for future field days. There was also an exciting trip to USAF Lakenheath in January 2024 which allowed cadets the chance to get up close and personal with the F35 fighter jets.

g) Duke of Edinburgh

105 pupils started the Duke of Edinburgh Bronze Award in September 2023; a further 45 pupils started; the Silver Award and 21 pupils started the ultimate challenge of the Gold Award. The Bronze Lower 5th Field Day saw 15 groups plan varying routes of 14km around the South Downs near Devil’s Dyke. The Silver Upper 5th Field Day was also around Devils Dyke and surrounding countryside. In October half term around 65 pupils from the Silver and Gold contingents planned a three-day practice expedition to the New Forest of 40 km (Silver) or 45km (Gold). The combined trip started in very wet weather which challenged all groups, with some lessons learnt in the importance of keeping clothes and sleeping bags dry. The summer expeditions saw over 170 pupils in 24 groups across the three Awards plan and execute their qualifying expeditions, with the highest number passing in any one year on record at Brighton College.

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BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

CO-CURRICULAR HIGHLIGHTS FOR THE YEAR ENDED JULY 2024 (Continued)

The Duke of Edinburgh Awards are more than just the expeditions. All pupils involved in the Award must take part in a skill of their choice for one hour per week. They must also undertake one hour per week of a physical activity. Skills can range from reading to Rubix Cube solving to guitar or singing. Many of the physical activities involve a team sport at weekends from netball to hockey and rugby to football. Many pupils also chose cycling, swimming and running as their physical activities.

All pupils must find a volunteering placement for one hour per week which is the most meaningful of all the sections to complete. Pupils found volunteering placements in and around the community such as helping at a karate club or park run, or assisting in local environmental projects. Across all three Awards this equates to 3,500 volunteering hours this year.

In weekly D of E sessions, pupils hone the skills needed for the expeditions by learning to erect tents, complete first aid courses and trial campcraft skills such as cooking on a Trangia stove.

Brighton College has one of the highest Duke of Edinburgh completion rates in the South East with over 80% completion rates year on year.

VI: STRATEGIC OUTLOOK AND RISK MANAGEMENT

Risk Management

The Board is responsible for the consideration and management of the risks faced by the College and any reputational risks that could impact on the College from the wider Group. Detailed consideration of risks is carried out by the Combined Risk, Health & Safety and Compliance Committee. Risks are identified and assessed and controls monitored and updated throughout the year. A formal review of the charity’s risk management process is undertaken on an annual basis, with reporting of the Risk Register to the Board in the Michaelmas term. New risks or those that have changed (or been mitigated) are notified to the Board termly.

The Board is satisfied that the major risks identified by College processes have been mitigated to an acceptable level by internal control systems, insurance cover and other procedures as appropriate. The management team and governors also use advisors where considered necessary in order to mitigate certain risks.

Principal risks and uncertainties

The principal risks and uncertainties for the College and the mitigation strategies in place include the following:

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BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

STRATEGIC OUTLOOK AND RISK MANAGEMENT (Continued)

Nonetheless, the executive considers downside sensitivity analyses each term and maintains regular and constructive dialogue with its bank to ensure it has the means to continue to deliver its education. The masterplan that has delivered first class facilities and plans for a new Prep School and boarding houses will help continue to attract and retain staff of the highest calibre, which in turn will keep parent and pupil demand high.

PLANS FOR FUTURE PERIODS

The following remain areas of key strategic focus:

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BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

STRATEGIC OUTLOOK AND RISK MANAGEMENT (Continued)

• Pupil and Staff

27

BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

VII: FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The Board has adopted the format of accounts prescribed by the Charity Commissioners’ Statement of Recommended Practice SORP (FRS102).

The College’s accounts include the results of the year’s trading for the following wholly owned subsidiaries and the charity for which it is sole trustee:

Financial outcome

Group gross fee income from charitable activities increased by 6.6% in line with pupil numbers and fee increases.

Fee support for parents increased by 5.4% to £5.5m (2023: £5.2m).

Brighton College International income rose by 28.4% to £5.3m (2023: £4.1m) due to increased pupil numbers in existing schools and initial year income from the openings in September 2023 of new schools in Hanoi, Vietnam and Kensington, London.

Trading income generated by Brighton College Services from hiring the estate and running children’s clubs was broadly static.

Donations of £2.2m (2023: £2.2m) included £0.8m of donations in support of the Richard Cairns’ Building.

Group expenditure rose in line with educational inflation and staff costs increased as a percentage of total costs to 58.2% (2023: 56.0%), reflecting increases associated with being a Living Wage Employer and remaining in the Teachers’ Pension Scheme.

The Public Benefit Fund set up to assist long term affordability of fees increased by £2.3m as a result of gains on assets held within the Fund and this year’s tithe from Group surplus of £1.1m (2023: £0.7m).

The Public Benefit Fund and the assets held by the separate charity containing the Scholarship Funds are overseen by the Investment Committee and invested in a range of assets in line with long term strategic allocation ranges and short term tactical allocation ranges with an aim of generating a return in the medium term in excess of CPI. The return on assets in the year was 0.2% including property devaluation (2023: 10.1% including property revaluation) while CPI for the year was 2.2% (2023: 6.9%).

There was a decrease in the defined benefit pension scheme deficit in the year of £96k (2023: decrease in deficit of £210k) reflecting the excess of the College’s contributions over the scheme’s running costs.

Group net income for the year to 31 July 2024 was £10.5 million (2023: £9.3 million) including the impact of investment gains. Excluding investment gains, Group net income was £9.9 million (2023: £8.9 million) which is the combination of a consistent performance by the UK family of schools and incremental income from Brighton College International’s growing and new schools.

28

BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

FINANCIAL REVIEW AND RESULTS FOR THE YEAR (Continued)

Cash flow from core operating activities of £14.4m (2023: £13.2m) was similarly consistent, the increase being accounted for by year end working capital movements.

Before 29 July 2024, a number of parents took advantage of the College’s fees in advance (FIA) scheme. This resulted in a material cash receipt by the College. As FIA are treated as creditors until utilised, receipts have a modest impact on the College’s net asset position. FIA payers achieve a modest discount on future fees and where FIAs were paid before 29 July 2024, it may mean that the tuition and boarding fees to which they relate will not need to have VAT applied. If these future fees are exempt, the corollary is they will prevent collection of input VAT at such time by the College in respect of both operational and capital expenditure.

Capital investment for the year was £20.5m (2023: £16.8m), the majority of which was expenditure for the Richard Cairns Building which opened in April 2024 and was fully ready for College life for the 2024/25 academic year. The revolving credit facility used to fund construction was paid down at the year end.

Key performance indicators

The College’s key non-financial performance indicators include:

The College’s key financial performance indicators include:

Information on KPIs for Handcross Park and St Christopher’s, Hove is available within their accounts.

Fundraising approach and performance

The College undertakes fundraising activity within its school community (parents, alumni, parents of alumni, past staff) via a number of formats (direct mail, email, telephone, face-to-face approaches, fundraising events, sponsored events/activities, gala dinners). The College’s fundraising policy is available on the website, key points from which include:

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BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

FINANCIAL REVIEW AND RESULTS FOR THE YEAR (Continued)

In the current and prior year, the charity did not work with any third parties in delivering its fundraising. The College has a training programme for fundraising staff to reinforce its fundraising ethics. No complaints about fundraising were received in the year.

The overall fundraising performance was successful, raising valuable funds in support of the College’s aims.

Investment in staff

The College and BCPS employed a net fifteen new teaching staff this year and a net fourteen new support staff. Of these, five new positions were created for the operational management of the newly opened Richard Cairns Building, with a range a skills specific to the performing arts including technical theatre support.

The new position of Principal was established ahead of the 2024/25 academic year to enable greater focus on Group strategic matters, with the then Second Master being appointed as Head Master of the College.

The governors are keen for the Brighton College family of schools to both attract and retain the best teaching and key support staff and set salaries and other terms of remuneration in order to try to achieve this. Remuneration for the Group Executive team members is considered annually by the Remuneration Committee. The total amount of remuneration, benefits and pensions paid to key management was £2.6 million (2023: £2.4 million).

Investment in pastoral, co-educational and learning facilities

The College continues to invest significantly in facilities. With the opening of the Richard Cairns Building in April 2024, this marks the end of the College’s fifteen-year masterplan which has seen the addition to the College and Prep of nine new venues (academic, pastoral and co-curricular).

The next phase of investment will be in a facility at the St Mary’s Hall site that will house specialist science, art, DT, health and music rooms alongside six classrooms and a multipurpose sports hall. This will enable co-location of Nursery to Year 6 on one combined BCPS site.

The Convent site that currently houses the Prep school will be developed – the Convent and chapel heritage assets will be retained and ugly 20[th] century additions removed. The heritage assets will be refurbished and improved and a contemporary boarding house that complements the conservation area will be added: the campus thus created will have accommodation and pastoral spaces for over 150 boarding pupils and associated boarding staff.

At the Group level, the annual investment in improved facilities falls within two categories: capitalised investment which was £20.5m million (2023: £16.8 million); and maintenance and refurbishment expenditure which is reflected in full in the year of incurrence in the SOFA of £1.6 million (2023: £1.9 million).

In addition to improving the range and quality of the facilities, there has been significant investment in the last four years following the Covid pandemic to support health and wellbeing initiatives for pupils and staff.

Reserves Policy

At the year end, the Group had reserves totalling £151.4m (2023: £141.2m) of which £9.3m (2023: £9.4m) is restricted. Of this restricted amount, £8.1m (2023: £8.4m) is restricted by virtue of being assets of separate charities over which the College exercises sole trusteeship and £1.2m (2023: £1.0m) has been restricted in line with donors’ wishes. A further £14.0m (2023: £11.7m) has been set aside (designated) by governors into a Public Benefit fund, the aim of which is to provide longer term accessibility to the schools within the Group.

In line with governors’ policy of improving the facilities for all who benefit from access to the Group and as noted above, the Group has over the years invested heavily in the fabric of its buildings, plant and equipment. At 31 July 2024, the net book value of tangible fixed assets amounted to £147.4m (2023: £130.4m). The College has a revolving credit facility of £27m available until June 2027 to support development projects.

The Charity Commission requires trustees to consider free reserves. Free reserves are general reserves less those tangible fixed assets which are not restricted or designated. A policy of facility improvement can result in positive or negative free reserves

30

BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

FINANCIAL REVIEW AND RESULTS FOR THE YEAR (Continued)

dependent on the timing of capital projects. At 31 July 2024, the Group had negative free reserves of £18.1m (2023: negative £9.8m).

The governors do not consider that free reserves is an appropriate key performance indicator for operational or strategic purposes, but instead aim to maintain sufficient free cash and facility headroom to manage the College in an effective and efficient manner. Governors therefore focus on cash forecasting, available bank facilities and relevant covenants and ratios, reviewing management accounts and regular cash flow forecasts prepared by the Bursar. At the year end, the governors are satisfied that, given the current pupil numbers, the banking facilities available and the budget forecasts, the operating cash flow and reserves held are appropriate and in line with the longer term strategy of the College.

Notes 17, 18 and 19 provide information on the Unrestricted, Restricted and Public Benefit Funds respectively.

FUNDS HELD AS CUSTODIAN

The Group holds a number of funds on behalf of various associations connected with the activities of the Group, including: house charities; Prep Association; Pre-Prep Association; and London Academy of Excellence. The value of such funds is not included in the net assets of the Group.

31

BRIGHTON COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2024

VIII: CONFIRMATION OF GOVERNORS’ RESPONSIBILITIES

The governors are responsible for preparing the Governors’ Report and the financial statements in accordance with applicable law and regulations.

The governors record their section 172 statement and hereby confirm:

Company law requires the governors to prepare financial statements for each financial year. Under that law, the governors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and Group, and of the result of the charitable company and Group for that year.

In preparing these financial statements, the governors are required to:

The governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company and Group’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the governors is aware at the time the report is approved:

On 18[th] November 2024, the charitable company’s auditors changed its name from Haysmacintyre LLP to HaysMac LLP.

The Governors’ Report, incorporating the Strategic Report, was approved by the Board of Governors on 28 February 2025 and signed on its behalf by:

The Rt. Hon Lord Francis Maude of Horsham Chair

32

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

BRIGHTON COLLEGE

AUDITOR’S REPORT

Opinion

We have audited the financial statements of Brighton College for the year ended 31 July 2024 which comprise the Group Statement of Financial Activities, the Group and Charity Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the financial statements” section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’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 trustees’ 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 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. The other information comprises the information included in the Governors’ Report incorporating the Strategic Report. 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.

In connection with our audit of the financial statements, 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

BRIGHTON COLLEGE (Continued)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors’ Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 9, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company’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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Group and the environment in which it operates, we identified that the principal risks of noncompliance with laws and regulations related to the regulatory requirements of the Charity Commission and the Independent Schools Inspectorate (ISI), and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, Companies Act 2006 and payroll taxes.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risk was related to risk of improper journals posted to income, other than in relation to income from tuition fees and investments. Audit procedures performed by the engagement team included:

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

BRIGHTON COLLEGE (Continued)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to 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 charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Son to Steve Harper (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of HaysMac LLP, Statutory Auditor London EC4R 1AG 28/02/2025

35

BRIGHTON COLLEGE

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2024

Restricted Public
Unrestricted funds & Endowed Benefit Total Total
School Other Funds Fund Funds Funds
2024 2024 2024 2024 2024 2023
Notes £000 £000 £000 £000 £000 £000
INCOME & ENDOWMENTS FROM:
Charitable activities
School fees 1(a) 60,672 - - - 60,672 56,868
Other educational income 2 2,318 - - - 2,318 2,389
Other ancillary income 2,4 1,783 5,286 - - 7,069 5,853
Voluntary income
Grants and donations 603 - 1,588 41 2,232 2,191
Other trading activities
Non-ancillary trading:
- Trading turnover 4 - 808 - - 808 883
- Rents and lettings 4 - 4 225 - 229 226
Investments
Investment income 3 390 57 86 249 782 632
------------------------ ------------------------ ------------------------ --------------------- ------------------------ ------------------------
Total income 65,766 6,155 1,899 290 74,110 69,042
EXPENDITURE ON:
Raising funds
Non-ancillary trading - 475 - - 475 524
Financing costs under
advance fee contracts 76 - - - 76 95
Other financing costs 217 4 - 11 232 475
------------------------ ------------------------ ------------------------ --------------------- ------------------------ ------------------------
293 479 - 11 783 1,094
Charitable expenditure
Schools operating costs 60,180 2,291 946 - 63,417 59,075
-------------------------- ------------------------ ------------------------ --------------------- -------------------------- --------------------------
Total expenditure 5,6,7 60,473 2,770 946 11 64,200 60,169
-------------------------- ------------------------ ------------------------ --------------------- -------------------------- --------------------------
Net income before transfers 5,293 3,385 953 279 9,910 8,874
and investment gains
Investment (losses)/gains 10 - - (299) 937 638 449
-------------------------- ------------------------ ------------------------ --------------------- -------------------------- --------------------------
Net Income 5,293 3,385 654 1,216 10,548 9,323
Derivative fair value (loss)/gain 11 (463) - - - (463) 525
Pension scheme actuarial gains 16 96 - - - 96 82
Transfers between funds 20 2,512 (2,855) (782) 1,125 - -
-------------------------- ------------------------ ------------------------ --------------------- -------------------------- --------------------------
NET MOVEMENT IN FUNDS 7,438 530 (128) 2,341 10,181 9,930
Fund balance brought forward
at 1 August 2023 115,919 4,224 9,436 11,669 141,248 131,318
-------------------------- -------------------------- ------------------------ -------------------------- -------------------------- --------------------------
Fund balance carried 17,18 123,357 4,754 9,308 14,010 151,429 141,248
forward at 31 July 2024 19
============ ============ =========== ============ ============ ============

All amounts relate to continuing activities.

All recognised gains and losses in the current and prior year are included in the Statement of Financial Activities. No income and expenditure account is required for Companies Act purposes as the only difference between net income for the year as presented above and net income for Companies Act 2006 purposes is the movement on endowment funds of £6k (2023: £9k). The notes on pages 43 to 64 form part of these financial statements.

36

BRIGHTON COLLEGE

CHARITY AND CONSOLIDATED BALANCE SHEETS Company Registration No. 0007663

AS AT 31 JULY 2024

AS AT 31 JULY 2024
2024 2023 2023
Group Charity Group Charity
Notes £000 £000 £000 £000
NON CURRENT ASSETS
Tangible assets 9 147,421 140,785 130,441 125,170
Investments 10 20,698 12,649 18,955 10,709
Debtors: amounts due after more than one 11 359 359 822 822
year
------------------------- --------------------- ------------------------- ------------------------- ---------------------
168,478 153,793 150,218 136,701
CURRENT ASSETS
Stocks 12 108 43 116 48
Debtors: amounts due within one year 13 4,789 7,455 4,348 6,204
Cash at bank and in hand 55,056 42,936 15,264 7,654
--------------------- --------------------- --------------------- ---------------------
59,953 50,434 19,728 13,906
CREDITORS: amounts falling due
within one year 14 (51,063) (51,063)
(43,711)		 (24,983) (24,983) (21,769)
------------------------- --------------------- ------------------------- ------------------------- ---------------------
NET CURRENT ASSETS/(LIABILITIES) 8,890 6,723 (5,255) (5,255) (7,863)
TOTAL ASSETS LESS CURRENT
LIABILITIES 177,368 160,516 144,963 128,838
CREDITORS: amounts falling due
after more than one year 15 (25,566) (25,566)
(25,067)		 (3,246) (3,246) (3,062)
------------------------- --------------------- ------------------------- ------------------------- ---------------------
TOTAL NET ASSETS before
pension scheme funding deficit 151,802 135,449 141,717 125,776
Pension scheme funding deficit 16 (373) (373)
(373)		 (469) (469) (469)
------------------------- ------------------------- ------------------------- -------------------------
-------------------------
NET ASSETS 21 151,429 135,076 141,248 125,307
============ ============ ============ ============
============
Represented by:
UNRESTRICTED FUNDS
General reserve 123,355 119,991 115,917 112,706
Non-charitable trading funds 2 - 2 -
Designated funds 17 4,754 - 4,224 -
------------------------- ------------------------- ------------------------- -------------------------
-------------------------
17 128,111 119,991 120,143 112,706
RESTRICTED & ENDOWED FUNDS 18 9,308 1,075 9,436 932
PUBLIC BENEFIT FUND 19 14,010 14,010 11,669 11,669
------------------------- ------------------------- ------------------------- -------------------------
-------------------------
151,429 135,076 141,248 125,307
============ ============ ============ ============
============

The net movement in the funds of the charity were £9.8m (2023: £8.8m) and of the Group £10.2m (£9.9m). The financial statements were approved and authorised for issue by the Board of Governors on 28[th] February 2025 and were signed below on its behalf by

The Rt. Hon Lord Francis Maude of Horsham Chair

R Ricci Governor of Brighton College

The notes on pages 43 to 64 form part of these financial statements

37

BRIGHTON COLLEGE

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes £ £
Net cash flow from operating activities 22a 14,355 13,243
Cash flow from investing activities
Investment income received 782 632
Purchase of tangible fixed assets (20,471) (16,768)
Investment purchases (4,994) (2,020)
Proceeds from sale of investments 4,249 -
------------------- -------------------
Net cash flow from investing activities (20,434) (18,156)
Cash flow from financing activities
Financing (24) (22)
Interest paid (90) (125)
------------------- -------------------
Net cash flow from financing activities (114) (147)
Fees in Advance Scheme
New contracts 50,037 4,418
Amounts used to pay fees (4,052) (5,971)
------------------- -------------------
45,985 (1,553)
------------------- -------------------
Increase/(decrease) in cash and cash equivalents 22b 39,792 (6,613)
========= =========
Cash and cash equivalent at the beginning of year 15,264 21,877
------------------- -------------------
Cash and cash equivalents at the end of year 55,056 15,264
========= =========

The notes on pages 43 to 64 form part of these financial statements.

38

BRIGHTON COLLEGE

ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 JULY 2024

STATEMENT OF COMPLIANCE

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Statement of Recommended Practice Accounting and Reporting by Charities (“SORP 2019” second edition effective from 1 January 2019) applicable to charities preparing their accounts in accordance with FRS 102.

The College is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 18 September 1873 (company number 7663) and registered as a charity on 18 March 1963 (charity number 307061).

The functional currency of the College is considered to be Sterling (£) rounded to the nearest thousand.

PREPARATION OF ACCOUNTS ON A GOING CONCERN BASIS

Having reviewed the funding facilities available to the Charity and Group together with the expected ongoing demand for places and the Charity and Group’s future projected cash flows, the governors have a reasonable expectation that the Charity and Group have adequate resources to continue their activities for at least 12 months from the date of signature of these financial statements. In making this assessment, the governors have not identified any material uncertainties. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Accounting and Reporting Responsibilities.

BASIS OF CONSOLIDATION

The statement of financial activities (SOFA) and balance sheet consolidate the financial statements of the charity and its subsidiary undertakings: Brighton College Services Limited; Brighton College International Schools Limited; St Christopher’s School, Hove; Newells School Trust Limited (and its subsidiary); and Brighton College Hong Kong Charitable Foundation Limited and the income and assets of the scholarship funds over which Brighton College is sole trustee, all inter-company balances being eliminated. No separate SOFA has been presented for the charity alone as permitted by Section 408 of the Companies Act 2006. The results of the subsidiaries are consolidated on a line-by-line basis on an acquisition basis from the date control passed to the College.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the accounting policies, governors are required to make judgements, 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.

There are only three significant judgements and estimates used in these accounts. These are: the estimates used in accounting for the defined benefit pension scheme, details of which are included in note 16 to the accounts; a requirement under FRS102 which means the College needs to account for pledged donations that are likely to be received, if the College has determined it is entitled to them; and the valuation of investment properties which is discussed in note 10 to the accounts.

In the view of the governors, no assumptions concerning the future or estimations 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.

BASIS OF ACCOUNTING

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

39

BRIGHTON COLLEGE

ACCOUNTING POLICIES (continued)

FOR THE YEAR ENDED 31 JULY 2024

GENERAL INFORMATION

The charity is a private company limited by guarantee, incorporated in England and Wales (company number: 7663) and a registered charity in England and Wales (charity number: 307061). The charity’s registered address is Brighton College, Eastern Road, Brighton, East Sussex, BN2 0AL.

FEES AND SIMILAR INCOME

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fee income comprises fees net of fee remissions, scholarships and bursaries (see note 1a).

INVESTMENT INCOME

Investment income from dividends, bank balances and fixed interest securities is accounted for on an accruals basis. Income from investment properties is accounted for in the period to which the rental income relates.

GRANTS, DONATIONS AND VOLUNTARY INCOME

Voluntary income and pledged donations are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the College is considered probable. Grants and donations are credited to unrestricted, endowed or restricted funds as required by the conditions, if any, pertaining to each grant or donation. Restricted grants and donations are transferred to unrestricted funds when the criteria for which they were given has been or is being satisfied. If the purpose for which a donation has been given no longer exists, the donation will be transferred to a similar restricted fund or if there is none, to unrestricted funds. If any grant is not fully utilised, then this will be returned to the grantor.

OTHER TRADING ACTIVITIES

Non-ancillary trading income represents sales to external customers at invoiced amounts less value added tax.

EXPENDITURE

Expenditure is accounted for on an accruals basis. Certain expenditure is apportioned to cost categories based on the estimated amount attributable to that activity in the year. The irrecoverable element of VAT is included with the item of expense to which it relates.

40

BRIGHTON COLLEGE ACCOUNTING POLICIES (continued)

FOR THE YEAR ENDED 31 JULY 2024

TANGIBLE FIXED ASSETS

Tangible fixed assets costing more than £5,000 are capitalised and included at cost, including any incidental expenses of acquisition. Tangible fixed assets costing less than £5,000 are either expensed or capitalised at cost and depreciated in full in the year of acquisition or, if they relate to a construction project, at completion of the construction.

Those assets capitalised are included at cost. Impairment reviews are undertaken regularly. Depreciation is provided on all tangible assets at rates calculated to write off cost over their expected useful economic lives as follows, with a full year’s depreciation being charged in the year of purchase and none charged in the year of disposal:

Freehold and long leasehold buildings Depreciation is provided on a straight line basis, at the rate of 2% per annum on the cost of freehold buildings excluding the cost attributable to the underlying land. Leasehold assets are depreciated over the minimum life of the lease. Computer equipment Depreciation is provided on a straight line basis at the rate of 25% per annum. Furniture, equipment and motor vehicles Depreciation is provided on a straight line basis on furniture and equipment at the rate of 12.5% per annum and motor vehicles at the rate of 20% per annum.

INVESTMENTS

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 Statement of Financial Activities and are allocated to the appropriate fund according to the ownership of the underlying assets.

Investment properties are valued at their market values at the balance sheet date, assuming vacant possession. Investments in subsidiaries are carried at cost less provision for impairment.

STOCKS

Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

FUND ACCOUNTING

The College maintains six types of funds:

Endowed funds These are funds where the capital remains in place and only the income is applied for particular
restricted purposes or, if not applied, accretes to the capital in the fund. Restrictions arise when
specified by the donor.
Restricted funds These are funds that can only be used for particular restricted purposes within the objects of the
College. Restrictions arise when specified by the donor.
Designated funds These are unrestricted funds which the governors have designated for a specific purpose.
Public Benefit Fund This fund, created from College reserves, is a special designated fund. Its purpose is to generate
income in support of future bursaries and scholarships.
General reserve These are unrestricted funds whose purpose has not been restricted by a donor or donors and which
has not been designated by governors.
Non-ancillary trading funds These funds are unrestricted and represent the results from the trading subsidiary, Brighton College
Services Limited.

41

BRIGHTON COLLEGE

ACCOUNTING POLICIES (continued)

FOR THE YEAR ENDED 31 JULY 2024

PENSION SCHEMES

The Group has five different pension schemes of which three are defined contribution schemes, one is a defined benefit scheme closed to new entrants and one is the Teachers’ Superannuation Scheme as described below. Further details are given in note 16.

The majority of the teaching staff of Brighton College, St Christopher’s School, Hove and Newells School Trust Limited are members of the Teachers’ Superannuation Scheme administered by the Teachers’ Pension Agency. The scheme is a multiemployer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the College. In accordance with FRS 102 therefore, the scheme is accounted for as a defined contribution scheme.

The Group operates three defined contribution pension schemes: one for personnel of Brighton College, Brighton College International Schools Limited and Brighton College Services Limited; one for personnel of St Christopher’s School, Hove; and one for personnel of Newells School Trust Limited. For these, the assets of the schemes are held separately from those of the Group in independently administered funds. Contributions to the defined contribution schemes are charged to the SOFA as they are incurred.

The Group operated a defined benefit pension scheme for non-teaching staff of Brighton College and Brighton College Services Limited, Stanplan F. This scheme was closed to new entrants from 1 September 1998. The scheme is being accounted for under FRS 102.

OPERATING LEASES

Rentals applicable to operating leases are charged to the SOFA over the period in which the cost is incurred. Assets purchased under finance leases are capitalised as fixed assets. Obligations under such agreements are included in creditors. The difference between the capitalised cost and the total obligation under the lease represents the finance charges. Finance charges are written off to the SOFA using the sum-of-digits method.

FINANCIAL INSTRUMENTS

Basic financial instruments are initially recognised at transaction value and subsequently amortised 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 bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.

42

BRIGHTON COLLEGE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

1. CHARITABLE ACTIVITIES - SCHOOL FEES 2024 2023
£000 £000
(a) Gross fees 66,204 62,116
Less: bursaries, grants and allowances (5,532) (5,248)
--------------------- ---------------------
60,672 56,868
=========== ===========
(b) Grants, awards and prizes paid for by donations or from restricted funds comprise:
Scholarships and bursaries 741 706
========= =========
2. CHARITABLE ACTIVITIES - OTHER INCOME 2024 2023
£000 £000
Other educational charitable income:
Entrance, Registration fees and Early Years Funding 792 830
Courses and sub lettings 1,526 1,559
------------------ ------------------
2,318 2,389
========= =========
Other ancillary trading income:
International schools income 5,286 4,116
Other activities and trips 1,783 1,738
--------------------- ---------------------
7,069 5,854
========== ==========
3. INVESTMENT INCOME 2024 2023
£000 £000
Bank deposit interest received 450 247
Listed investments 332 385
--------------------- ---------------------
782 632
========== ==========

43

BRIGHTON COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2024

4. CONTRIBUTION FROM SUBSIDIARIES’ ACTIVITIES

Brighton College Brighton College
St Christopher’s School Newells School Trust Scholarships
Hove Ltd Bursary & Prizes
2024 2023 2024 2023 2024 2023
£000 £000 £000 £000 £000 £000
Income from charitable activities 4,048 3,916 8,049 7,281 - -
Voluntary/trading income 4 1 188 109 - -
Income from generated funds 140 57 - - 86 134
Other income - - - - 225 225
-------------------- -------------------- --------------------- --------------------- --------------------- ---------------------
Total income 4,192 3,974 8,237 7,390 311 359
Cost of generating funds (12) (26) (37) (27) - -
Charitable activities (4,026) (3,729) (7,671) (6,947) (238) (234)
-------------------- -------------------- ---------------------- ---------------------- ---------------------- ----------------------
Total cost (4,038) (3,755) (7,708) (6,974) (238) (234)
-------------------- -------------------- ---------------------- ---------------------- ---------------------- ----------------------
Net income 154 219 529 416 73 125
-------------------- -------------------- ------------------- ------------------- --------------------- ---------------------
(Losses)/gains on investments - - - - (299) 430
-------------------- -------------------- ------------------- ------------------- --------------------- ---------------------
Retained net income 154 219 529 416 (226) 555
======== ======== ========== ========== ========== ==========
Fixed assets and investments 313 231 6,012 4,763 8,069 8,330
Net current assets 3,389 2,979 (312) 375 69 34
Amounts falling due after more than one year (338) - (946) (913) - -
--------------------- --------------------- ------------------- ------------------- --------------------- ---------------------
Net assets 3,364 3,210 4,754 4,225 8,138 8,364
-------------------- -------------------- ------------------- ------------------- --------------------- ---------------------
Unrestricted and Designated funds 3,364 3,210 4,754 4,225 7,740 7,779
Restricted and Endowed funds - - - - 398 585
------------------- ------------------- ------------------- ------------------- --------------------- ---------------------
Funds 3,364 3,210 4,754 4,225 8,138 8,364
========= ========== ========== ========== ========== ==========

44

BRIGHTON COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2024

4. CONTRIBUTION FROM SUBSIDIARIES’ ACTIVITIES (continued)

Trading subsidiary Trading subsidiary Trading subsidiary Trading subsidiary Brighton College
- Brighton College Brighton College - Handcross Park Hong Kong Charitable
Services Ltd International Schools Ltd Commercial Services Ltd Foundation Ltd
2024 2023 2024 2023 2024 2023 2024 2023
£000 £000 £000 £000 £000 £000 £000 £000
Income from charitable activities - - 5,286 4,116 - - - -
Voluntary/trading income 506 621 - - 302 262 182 372
Income from generated funds 5 - 52 25 - - - -
-------------------- -------------------- ------------------- ------------------- --------------------- --------------------- --------------------- ---------------------
Total income 511 621 5,338 4,141 302 262 182 372
Cost of generating funds (364) (386) - - (151) (172) - (10)
Charitable activities - - (2,291) (1,912) - - (28) (7)
-------------------- -------------------- -------------------- -------------------- ---------------------- ---------------------- ---------------------- ----------------------
Total cost (364) (386) (2,291) (1,912) (151) (172) (28) (17)
-------------------- -------------------- -------------------- -------------------- ---------------------- ---------------------- ---------------------- ----------------------
Net income 147 235 3,047 2,229 151 90 154 355
Intra Group Gift Aid (147) (235) (3,047) (2,229) (151) (91) (199) (436)
-------------------- -------------------- -------------------- -------------------- ------------------- ------------------- --------------------- ---------------------
Retained net income - - - - - (1) (45) (81)
========== ========== ========== ========== ========== ========== ========== ==========
Net current assets 13 13 10 10 - - 95 140
-------------------- -------------------- --------------------- --------------------- ------------------- ------------------- --------------------- ---------------------
Net assets 13 13 10 10 - - 95 140
-------------------- -------------------- --------------------- --------------------- ------------------- ------------------- --------------------- ---------------------
Unrestricted funds 13 13 10 10 - - 95 140
-------------------- -------------------- --------------------- --------------------- ------------------- ------------------- --------------------- ---------------------
Funds 13 13 10 10 - - 95 140
========= ========= ========== ========== ========== ========== ========== ==========

45

BRIGHTON COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2024

5. EXPENDITURE 2024 2023
£000 £000
Governance expenditure includes:
Auditor’s remuneration and expenses:
- audit - College 32 29
- audit - Other Group entities 43 35
Governors’ liability insurance 1 1
Charitable expenditure includes:
Auditor’s remuneration and expenses:
- other services 12 10
Operating lease expenditure 962 975
Depreciation – owned assets (subsidiaries) 461 456
Depreciation – owned assets (College) 3,029 2,958
========= =========
6. TOTAL EXPENDITURE Amortisation
and
Staff costs Other costs depreciation 2024 2023
£000 £000 £000 £000 £000
Raising funds expenditure on
Financing costs - 308 - 308 570
Non-ancillary trading costs 223 252 - 475 524
-------------------- -------------------- -------------------- -------------------- --------------------
Total for Group 223 560 - 783 1,094
========== ========== ========== ========== ==========
Charitable expenditure on
Teaching 24,833 5,769 - 30,602 27,974
Welfare 51 4,490 - 4,541 4,525
Premises 1,032 6,060 3,490 10,582 10,691
Support costs of schooling 11,256 6,382 - 17,638 15,842
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
School operating costs 37,172 22,701 3,490 63,363 59,032
Governance costs - 54 - 54 43
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
Total 37,172 22,755 3,490 63,417 59,075
========== ========== ========== =========== ===========
Total expenditure Group 37,395 23,315 3,490 64,200 60,169
========== ========== ========== =========== ===========

Support costs of schooling relates to school operating costs, consisting principally of administration and bursary department expenditure, costs of the development office and the operations of the subsidiary promoting and developing overseas educational activity, together with an allocation of central costs.

2024 2023
£000 £000
Other Support costs include:-
Marketing 1,054 1,133
Rent 800 836
Insurance and professional fees 784 676
Newells School Trust running costs 612 465
St Christopher’s School running costs 293 248
Other costs for running services 2,839 2,490
-------------------- --------------------
6,382 5,848
========== ==========

46

BRIGHTON COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2024

6. TOTAL EXPENDITURE (continued)

PRIOR YEAR TOTAL Amortisation
EXPENDITURE and
Staff costs Other costs depreciation 2023 2022
£000 £000 £000 £000 £000
Raising funds expenditure on
Financing costs - 570 - 570 109
Non-ancillary trading costs 160 364 - 524 478
-------------------- -------------------- -------------------- -------------------- --------------------
Total for Group 160 934 - 1,094 587
========== ========== ========== ========== ==========
Charitable expenditure on
Teaching 22,620 5,354 - 27,974 26,900
Welfare 50 4,475 - 4,525 3,710
Premises 878 6,400 3,413 10,691 9,816
Support costs of schooling 9,994 5,848 - 15,842 13,695
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
School operating costs 33,542 22,077 3,413 59,032 54,121
Governance costs - 43 - 43 20
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
Total 33,542 22,120 3,413 59,075 54,141
========== ========== ========== =========== ===========
Total expenditure Group 33,702 23,054 3,413 60,169 54,728
========== ========== ========== =========== ===========

47

BRIGHTON COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2024

7. STAFF COSTS 2024 2023
No. No.
The average number of employees during the year was:
Teaching 466 455
Administration 148 141
Maintenance, domestic and support staff 213 204
---------------- ----------------
827 800
======== ========
Staff costs were as follows: £000 £000
Wages and salaries 29,233 26,787
Social security costs 2,972 2,670
Other pension costs 5,004 4,112
Private patients plan 186 133
---------------------- ----------------------
37,395 33,702
=========== ===========
This is represented by:
College 28,556 25,710
Brighton College Services Limited 162 160
Brighton College International Schools Limited 1,415 1,107
St Christopher’s School, Hove 2,582 2,397
Newells School Trust Limited 4,680 4,328
---------------------- ----------------------
37,395 33,702
=========== ===========

Seven (2022: five) governors were reimbursed travel and subsistence expenses amounting to £5k (2023: £4k).

2024 2023
The number of employees whose emoluments exceeded £60,000 were: No. No.
Between £60,001 - £70,000 p.a. 39 27
Between £70,001 - £80,000 p.a. 22 13
Between £80,001 - £90,000 p.a. 8 *8
Between £90,001 - £100,000 p.a. *5 *5
Between £100,001 - £110,000 p.a. 2 *8
Between £110,001 - £120,000 p.a. *6 *2
Between £120,001 - £130,000 p.a. *1 -
Between £130,001 - £140,000 p.a. *3 *2
Between £140,001 - £150,000 p.a. *2 *1
Between £150,001 - £160,000 p.a. - 1
Between £160,001 - £170,000 p.a. *2 1
Between £170,001 - £180,000 p.a. 1 1
Between £180,001 - £190,000 p.a. - *1
Between £190,001 - £200,000 p.a. 1 -
Between £220,001 - £230,000 p.a. *1 -
Between £260,001 - £270,000 p.a. - *1
Between £270,001 - £280,000 p.a. *1 -
Between £290,001 - £300,000 p.a. - *1
Between £300,001 - £310,000 p.a. *1 -
==== ====
The number with retirement benefits accruing in:
Defined contribution schemes was 14 14
Defined benefit schemes was 81 59
==== ====

48

BRIGHTON COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2024

STAFF COSTS (continued)

*Of the 95 employees above whose emoluments exceeded £60,000 in 2024, 10 (2023:11) employees in bands with superscript * work wholly or partly on Group matters beyond the College in the UK and/or some or all of their staff costs are borne by Group entities other than the College.

The governors are keen for the Group to both attract and retain the best teaching and key support staff and set salaries and other terms of remuneration in order to achieve this. Terms for the most senior management are considered by the Remuneration Committee annually. The total amount of remuneration paid to key senior management was £2.6m (2023: £2.4m).

In addition to the above payments and those contained in the bandings above, the Group provides fee remission to teaching and some senior staff typical for the independent school sector; and accommodation (or reimbursement for own accommodation) to staff who are entitled to accommodation by virtue of their role.

During the year, there were redundancy or termination payments amounting to £124k (2023: £91k). There was £nil outstanding at the year end.

The average number of employees for the charity only during the year was 614 (2023: 590) and total staff costs for the charity only were £28.6 million (2023: £25.7 million).

8. TAXATION

Brighton College is a registered charity and therefore no liability for corporation taxation arises on its charitable activities.

No corporation tax arose from the results of St Christopher’s School, Hove as the school is a registered charity and therefore no liability for taxation arises on its charitable activities.

No corporation tax arose from the results of Newells School Trust Limited as the school is a registered charity and therefore no liability for taxation arises on its charitable activities. No corporation tax (2023: £nil) arose from the result of Handcross Park Commercial Services Limited following the deduction for Gift Aid payable to Newells School Trust Limited.

£nil corporation tax charge (2023: £nil) arose from the results of Brighton College Services Limited following the deduction for Gift Aid payable to Brighton College.

£nil corporation tax charge (2023: £nil) arose from the results of Brighton College International Schools Limited following the deduction for Gift Aid payable to Brighton College.

49

BRIGHTON COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2024

9. TANGIBLE FIXED ASSETS Subsidiaries
Freehold Furniture, fixtures and
and long equipment fittings and
leasehold Computer and motor Charity motor Group
Land buildings Equipment vehicles Total vehicles Total
£000 £000 £000 £000 £000 £000 £000
Cost
At 1 August 2023 79 148,612 3,293 2,039 154,023 9,813 163,836
Additions in year - 18,047 296 301 18,644 1,826 20,470
-------------------- ----------------------- ------------------------ ------------------------ ------------------------ ------------------------ ------------------------
At 31 July 2024 79 166,659 3,589 2,340 172,667 11,639 184,306
-------------------- ----------------------- ------------------------ ------------------------ ------------------------ ------------------------ ------------------------
Depreciation
At 1 August 2023 - 24,645 2,620 1,588 28,853 4,542 33,395
Charge for the year - 2,533 381 115 3,029 461 3,490
------------------ ----------------------- ------------------------ ------------------------ ------------------------ ------------------------ ------------------------
At 31 July 2023 - 27,178 3,001 1,703 31,882 5,003 36,885
-------------------- ----------------------- ------------------------ ------------------------ ------------------------ ------------------------ ------------------------
Net book value
At 31 July 2024 79 139,481 588 637 140,785 6,636 147,421
========= =========== =========== =========== =========== ============ ============
At 31 July 2023 79 123,967 673 451 125,170 5,271 130,441
========= =========== =========== =========== =========== ============ ============

All the fixed assets are held for continuing use in the company’s direct charitable activities and the activities of the subsidiaries. Most computer equipment now purchased by the Group is of value less than £5,000 and therefore is capitalised and depreciated in full in the year of acquisition.

50

BRIGHTON COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2024

10. INVESTMENTS 2024 2023
Group Charity Group Charity
£000 £000 £000 £000
Investments at 1 August 18,955 10,709 16,483 8,841
Additions 5,487 5,086 2,020 1,845
Disposals (4,382) (4,083) - -
Net investment gains and 638 937 452 23
transfers
-------------------- -------------------- -------------------- --------------------
Investments at 31 July 20,698 12,649 18,955 10,709
========== ========== ========== ==========
Investment in subsidiaries - 20 - 20
Funds and investments 17,298 12,629 14,990 10,689
Investment properties 3,400 - 3,965 -
-------------------- -------------------- -------------------- --------------------
20,698 12,649 18,955 10,709
========== ========== ========== ==========

At 31 July 2024, investment properties were revalued by both Graves Son & Pilcher LLP, a member of the National Association of Estate Agents (prior valuation being July 2023) and by Crickmay Chartered Surveyors. The valuations were based on open market value assuming vacant possession and resulted in an investment loss of £565k in 2024 (2023: gain of £465k).

Brighton College owns directly or through nominees all the issued share capital (10,000 £1 ordinary shares) of Brighton College Services Limited incorporated in England and Wales, registered number 1242240 and address Eastern Road, Brighton BN2 0AL. The subsidiary hires out the College’s estate and runs after school and holiday clubs for children.

Brighton College owns all the issued share capital (10,000 £1 ordinary shares) of Brighton College International Schools Limited incorporated in England and Wales, registered number 6708760 and address Eastern Road, Brighton BN2 0AL. The subsidiary promotes and helps establish overseas schools and colleges.

Brighton College controls 100% of St Christopher’s School, Hove a company limited by guarantee, incorporated in England and Wales, registered number 4501448 and address 33 New Church Road, Hove BN3 4AD.

Brighton College controls 100% of Newells School Trust Limited, a company limited by guarantee, incorporated in England and Wales, registered number 932584 and address Eastern Road, Brighton BN2 0AL. The objects of the Charity are the advancement and promotion of education. Newells School Trust Limited owns 100% of the share capital of Handcross Park Commercial Services Limited, which is incorporated in England and Wales, registered number 10165336 and address London Road, Handcross RH17 6HF.

Brighton College controls 100% of Brighton College Hong Kong Charitable Foundation Limited, a company limited by guarantee, incorporated in Hong Kong, registered number 2348164 and address 36/F Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong. The objects of the Foundation are to advance and promote philanthropy to aid the College’s development for the benefit of pupils, a number of whom come each year from Hong Kong.

The trading results extracted from the audited financial statements of the subsidiaries listed above for the year ended 31 July 2024 are disclosed in note 4.

51

BRIGHTON COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2024

11. DEBTORS: amounts due after more than 2024 2023
one year
Group Charity Group Charity
£000 £000 £000 £000
-------------------- -------------------- -------------------- --------------------
Interest rate cap 359 359 822 822
========== ========== ========== ==========

During 2021/22, the College arranged for a cap on interest rates of 3% for a £10m portion of the revolving credit facility. Given the outlook at 31 July 2024 was for higher interest rates, there is a value attributable to the cap of £359k (2023: £822k) at the year end.

12. STOCKS

Stocks mainly comprise uniforms and sports kit for Handcross Park and St Christopher’s and prospectuses. Replacement cost of these stocks is not significantly higher than the historic cost.

2024 2023
Group Charity Group Charity
£000 £000 £000 £000
Goods for resale 65 - 68 -
Other 43 43 48 48
----------------- ----------------- ----------------- -----------------
108 43 116 48
======== ======== ========= ========
13. DEBTORS: amounts due within one year 2024 2023
Group Charity Group Charity
£000 £000 £000 £000
Fee debtors 883 736 639 508
Trade debtors 1,355 - 1,341 -
Other debtors 234 3 236 -
Due from subsidiary undertakings - 1,717 - 1,277
Gift Aid due from subsidiary
undertakings - 3,194 - 2,464
Prepayments and accrued income 1,640 1,128 1,290 1,113
Accrued donation income 677 677 842 842
-------------------- -------------------- -------------------- --------------------
4,789 7,455 4,348 6,204
========== ========== ========== ==========

During the ordinary course of business, the College’s trading subsidiary, Brighton College Services Limited, borrows money from Brighton College to finance ongoing working capital requirements. These borrowings carry a commercial rate of interest of 5% per annum. The magnitude of the borrowing remains under £1m and, typically, any amounts owing at 31 July are paid down before 30 April the following year. At 31 July 2024, the balance was £62k (2023: 3k).

At the start of the year, an amount was due from Brighton College International Schools Limited to the College of £1.8m repayable on demand. The magnitude of the borrowing is regularly reviewed and, typically, any amounts owing at 31 July are paid down before 30 April the following year. At 31 July 2024, the balance was £1.5m (2023: £1.2m).

In addition to the above sums, gift aid is also due from these subsidiary undertakings: from Brighton College Services Limited, gift aid of £147k (2023: £235k) is due; from Brighton College International Schools Limited, gift aid of £3.0 million (2023: £2.2 million) is due.

52

BRIGHTON COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2024

14. CREDITORS: amounts falling 2024 2023
due within one year Group Charity Group Charity
£000 £000 £000 £000
Bank loans 28 - 28 -
Trade creditors 1,814 1,234 3,516 2,907
Parental deposits 10,562 9,776 9,992 9,263
Other creditors 1,250 583 1,097 435
Other taxes and social security 961 649 821 603
Accruals and deferred income 7,228 6,704 6,962 6,369
Fees In Advance Scheme 24,664 21,526 1,021 904
Fees received prior to Academic Year 4,556 3,239 1,546 1,288
--------------------- --------------------- --------------------- ---------------------
51,063 43,711 24,983 21,769
========== ========== ========== ==========

Included within other creditors are amounts totalling £543k (2023: £418k) in respect of outstanding pension contributions, which represents amounts from July 2024 payroll and which is remitted to the pension schemes by their respective due dates.

Parental deposits are treated as being repayable within one year on the basis that they are returnable if parents were to give one term’s notice of withdrawal.

15. CREDITORS: amounts falling 2024 2023
due after more than one year Group Charity Group Charity
£000 £000 £000 £000
Bank loans 161 - 184 -
Fees in Advance Scheme 25,405 25,067 3,062 3,062
----------------- ----------------- ----------------- -----------------
25,566 25,067 3,246 3,062
======== ======== ======== ========

Bank loans

In advance of committing to the new Science and Sport facility, Brighton College agreed with NatWest Plc a revolving credit facility which had an original expiry of June 2023, enabling the College to draw down up to a maximum amount of £27m. In the year ended 31 July 2022, the bank agreed to extend the term of the facility by a further four years to June 2027 and existing covenants were relaxed for two years and replaced with a single balance sheet covenant, recognising the uncertainties that surrounded operations created by the pandemic. The agreed facility carried an interest charge of 0.7% over LIBOR for monies drawn down and a non-utilisation charge in respect of any monies not drawn down of 0.25% in its first year and 0.35% thereafter. LIBOR was transitioned to SONIA with effect from October 2021. At 31 July 2024, £nil was outstanding (2023: £nil). The legal and financing costs associated with opening and having the facility, and expensed as other financing costs, were £75k (2023: £98k).

In 2021, Newells School Trust took out a loan for £280k from HSBC to fund the purchase of staff accommodation. This loan is repayable over the ten year period to 20 October 2030. At 31 July 2024, the outstanding balance was £189k of which £161k is due after more than one year (2023: £212k of which £184k was due after more than one year).

2024 2023
£000 £000
Within one year 28 28
Between one and five years 112 112
After five years 49 72
-------------------- --------------------
189 212
========== ==========

53

BRIGHTON COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2024

15. CREDITORS: amounts falling due after more than one year (continued)

Fees in advance

The fees in advance balances relate to 819 pupils (2023: 86) whose fees have been paid in advance. Assuming pupils will remain in the Group, advance fees will be applied as follows:

2024 2023
£000 £000
Within one year 24,664 1,021
Between one and two years 12,173 2,145
Between two years and five years 11,732 770
Over five years 1,500 147
-------------------- --------------------
50,069 4,083
========== ==========
Summary of movements in liability: £000
Balance at 1 August 2023 4,083
New contracts 50,038
Amounts used to pay fees (4,052)
----------------
Balance at 31 July 2024 50,069
========

16. PENSION SCHEMES AND SIMILAR OBLIGATIONS

The Group operates five pension schemes for the benefit of employees. The Teachers’ Pension Scheme (England and Wales) (“TPS”), a defined benefit scheme operated by Brighton College, St Christopher’s School, Hove and Newells School Trust Limited is available to teachers. There are also three defined contribution schemes and a defined benefit pension scheme, the Brighton College Section of Stanplan F, which is closed to new members.

Defined contribution schemes

The assets of the defined contribution schemes are held separately from those of the Group in independently administered funds. Contributions to the schemes are charged to the SOFA as they fall due. The cost for the year represents the Group’s contributions to the schemes of £801k (2023: £677k).

TEACHING STAFF

The Group participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £4.0m (2023: £3.4m) and at the year-end £445k (2023: £343k) was outstanding in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). 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 Parliament.

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 was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation has valued the ‘greater value’ benefits for groups of relevant members.

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%.

54

BRIGHTON COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2024

16. PENSION SCHEMES AND SIMILAR OBLIGATIONS (continued)

DEFINED BENEFIT SCHEME

For some past employees, the College operates a funded pension scheme, the Brighton College Section of Stanplan F (“Scheme”), providing benefits for its employees based on final pensionable pay. The assets of the Scheme are held in a separate trustee administered fund.

The funding plan is for the Scheme to hold assets equal to the value of the benefits earned by employees, based on projected salaries and a set of assumptions used for funding the Scheme. The funding assumptions differ from the assumptions used to calculate the figures for these accounts, and therefore produce different results. If there is a shortfall against this funding plan, then the College and trustees agree on deficit contributions to meet this deficit over a period.

As part of the actuarial valuation with an effective date of 31 August 2021, the College agreed annual contributions of £207,000 between 1 June 2022 and 31 August 2025.

In addition to the above, the College agreed to pay an allowance of £3,750 per month to meet the Scheme’s expenses and to pay any Pension Protection Fund levies.

The initial results of the formal actuarial valuation as at 31 August 2021 were updated to the accounting date by an independent qualified actuary in accordance with FRS102.

The estimated amount of total employer contributions expected to be paid to the Scheme during the year to 31 July 2025 based on the Scheme’s schedule of contributions is £252k (2024: £252k).

The following table sets out the key FRS102 assumptions used for the Scheme.

Principal actuarial assumptions 2024 2023
% %
Retail Price Inflation 3.5% 3.6%
Discount rate 4.8% 5.3%
Pension increases in payment 5.0% 5.0%
Salary increases n/a n/a
Life expectancy of male aged 65 in 2024 21.2 years 21.4 years
Life expectancy of male aged 65 in 2044 22.4 years 22.6 years

55

BRIGHTON COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2024

16. PENSION SCHEMES AND SIMILAR OBLIGATIONS (continued)

DEFINED BENEFIT SCHEME (continued)

The amount included in the balance sheet arising from the College’s obligations in respect of the Scheme is as follows:

2024 2023
£000 £000
Present value of defined benefit obligation 2,730 2,727
Fair value of scheme assets (2,357) (2,258)
-------------------- --------------------
Deficit 373 469
-------------------- --------------------
Net liability in balance sheet 373 469
========= =========
he amounts recognised in the SOFA are as follows:
2024 2023
£000 £000
Running costs 104 104
Interest expense 21 20
------------------ ------------------
Total expense included in SOFA 125 124
========= =========
The current allocation of the Scheme’s assets is as follows:
2024 2023
% %
Equities 20% 18%
Bonds 37% 37%
Absolute return funds 6% 8%
LDI 21% 22%
Cash 11% 9%
Insured annuities 5% 6%
---------- ----------
100% 100%
===== =====
Present value of defined benefit obligation:
2024 2023
£000 £000
Opening present value of Scheme liabilities 2,727 3,358
Interest cost 139 107
Actuarial losses/(gains) on financial assumptions 91 (465)
Actuarial gains on demographic assumptions (28) (49)
Experience losses 15 2
Benefits paid (214) (226)
--------------------- ---------------------
Closing Scheme liabilities 2,730 2,727
========== ==========

The amounts recognised in the SOFA are as follows:

56

BRIGHTON COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2024

16. PENSION SCHEMES AND SIMILAR OBLIGATIONS (continued)

DEFINED BENEFIT SCHEME (continued)

Reconciliation of fair value of Scheme assets:

Reconciliation of fair value of Scheme assets:
2024 2023
£000 £000
Opening fair value of Scheme assets 2,258 2,679
Interest income 118 87
Running costs (104) (104)
Actuarial gains/(losses) 47 (430)
Contributions and admin fees paid by the employer 252 252
Benefits paid (214) (226)
--------------------- ---------------------
Closing fair value of Scheme assets 2,357 2,258
=========== ===========

The actual return on Scheme assets over the year was a gain of £165k (2023: loss of £343k). The amount recognised as an actuarial movement in the SOFA for the year to 31 July 2024 is a gain of £96k (2023: gain of £82k).

17. UNRESTRICTED FUNDS Balance Transfers/ Balance
1 August Income Expenditure actuarial 31 July
2023 movements 2024
£000 £000 £000 £000 £000
GENERAL RESERVE
College 112,706 53,493 (48,692) 2,484 119,991
Overseas schools subsidiary - 5,338 (2,291) (3,047) -
St. Christopher’s School, Hove 3,211 4,192 (4,039) - 3,364
Non-charitable trading funds 2 510 (363) (147) 2
------------------- ------------------- ------------------- ----------------- -------------------
115,919 63,533 (55,385) (710) 123,357
DESIGNATED FUNDS
Newells School Trust Limited 4,224 8,086 (7,708) 152 4,754
Handcross Park Services Limited - 302 (150) (152) -
------------------- ------------------- ------------------- ----------------- -------------------
4,224 8,388 (7,858) - 4,754
------------------ ------------------ ------------------- ----------------- ------------------
120,143 71,921 (63,243) (710) 128,111
========= ========= ========= ======== =========

57

BRIGHTON COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2024

17. UNRESTRICTED FUNDS (continued)

UNRESTRICTED FUNDS 2023 Balance Transfers/ Balance
1 August Income Expenditure actuarial 31 July
2022 movements 2023
£000 £000 £000 £000 £000
GENERAL RESERVE
College 104,699 50,737 (46,115) 3,385 112,706
Overseas schools subsidiary - 4,141 (1,912) (2,229) -
St. Christopher’s School, Hove 2,992 3,974 (3,755) - 3,211
Non-charitable trading funds 2 624 (389) (235) 2
------------------- ------------------- ------------------- ----------------- -------------------
107,693 59,476 (52,171) 921 115,919
DESIGNATED FUNDS
Newells School Trust Limited 3,788 7,299 (6,975) 112 4,224
Handcross Park Services Limited - 263 (171) (92) -
------------------- ------------------- ------------------- ----------------- -------------------
3,788 7,562 (7,146) 20 4,224
------------------ ------------------ ------------------- ----------------- ------------------
111,481 67,038 (59,317) 941 120,143
========= ========= ========= ======== =========

The income and expenditure above includes the gift aid payments made to Brighton College from Brighton College International Schools of £3.0m (2023: £2.2m) and Brighton College Services of £147k (2023: £235k) as well as gift aid payments made from Handcross Park Services to Newells School Trust of £92k (2023: £91k).

General Reserves

College

The College general reserve is represented by the investment in infrastructure and used to provide working capital.

Overseas schools subsidiary

This represents the income and expenditure during the year of Brighton College International Schools Limited and is included within the Group’s general reserve.

St Christopher’s School, Hove

This represents the unrestricted funds of St Christopher’s School, included within the general reserve.

Non-charitable trading funds

This represents the income and expenditure during the year of Brighton College Services Limited and its reserves at the year end included within the Group’s general reserve.

Newells School Trust Limited

This represents the net assets of the subsidiary school at Handcross Park currently treated as a designated fund.

Handcross Park Services Limited

This represents the income, expenditure and the gift aid declared during the year of Handcross Park Services Limited, the trading subsidiary of Newells School Trust Limited.

58

BRIGHTON COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2024

18. RESTRICTED & ENDOWED Balance Balance
FUNDS 1 August Transfers & 31 July
2023 Income Expenditure gains/losses 2024
£000 £000 £000 £000 £000
Scholarship and bursary funds 768 319 (518) - 569
Infrastructure funds - 584 - (584) -
Operational funds 1 - - - 1
Other funds 163 502 (161) 1 505
------------------ ------------------ ------------------ ----------------- ------------------
College Restricted Funds 932 1,405 (679) (583) 1,075
Handcross Park fee support funds - 1 (1) - -
Overseas fundraising subsidiary 140 182 (27) (200) 95
Brighton College Scholarship, Bursary
& Prize Fund 7,972 304 (239) (297) 7,740
------------------ ------------------ ------------------ ------------------ ------------------
9,044 1,892 (946) (1,080) 8,910
Group Restricted and Endowed
Funds
Peyton Bequest Permanent
Endowment 392 7 - (1) 398
------------------ ------------------ ------------------ ------------------ ------------------
Group Restricted & Endowed Funds 9,436 1,899 (946) (1,081) 9,308
========= ========= ========= ========= =========

Restricted donations that had been made to infrastructure funds of £0.4m including those made to the Overseas fundraising subsidiary (2023: £0.4m) were utilised in the year as the Performing Art Centre construction was completed. The Group, governors, staff and pupils are all very grateful to those who have supported the development of all facilities that attract and enable high calibre teachers to continue to educate and inspire pupils to engage with the latest curricular and cocurricular education.

RESTRICTED & ENDOWED Balance Balance
FUNDS (2023): 1 August Transfers & 31 July
2022 Income Expenditure gains/losses 2023
£000 £000 £000 £000 £000
Scholarship and bursary funds 1,066 170 (482) 14 768
Infrastructure funds - 148 - (148) -
Operational funds 1 - - - 1
Other funds 90 651 (102) (476) 163
------------------ ------------------ ------------------ ----------------- ------------------
College Restricted Funds 1,157 969 (584) (610) 932
St Christopher’s School Parents’
Handcross Park fee support funds 22 18 (18) (22) -
Overseas fundraising subsidiary 221 371 (7) (445) 140
Brighton College Scholarship, Bursary
& Prize Fund 7,425 348 (233) 432 7,972
----------------- ------------------ ------------------ ------------------ ------------------
8,825 1,706 (842) (645) 9,044
Group Restricted and Endowed
Funds
Peyton Bequest Permanent
Endowment 384 10 - (2) 392
------------------ ------------------ ------------------ ------------------ ------------------
Group Restricted & Endowed Funds 9,209 1,716 (842) (647) 9,436
========= ========= ========= ========= =========

59

BRIGHTON COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2024

18. RESTRICTED & ENDOWED FUNDS (continued)

Scholarship and bursary funds

The Group currently receives income to support pupils in four main ways:

Infrastructure funds

The Group encourages and is grateful for donations that support specific or general improvements in the fabric of the estate and to assist with new facilities to benefit pupils and staff. Specific donations were received for:

Operational funds

The College receives specific income to support general strategic and operational initiatives.

Other funds

The College receives income in support of other charities and in respect of events in the school’s life:

Handcross Park fee support funds

These are specific funds for use at the school given by donors.

Overseas fundraising subsidiary

This represents the income and expenditure during the year of Brighton College Hong Kong Charitable Foundation Limited and its assets at the year end included within the Group’s restricted reserves.

Brighton College Scholarship Bursary & Prize Fund

The College is sole trustee for the above fund, Charity Number 1078589, a separate collection of trusts that provide scholarship and bursary support to College pupils.

Endowment Funds

The College is sole trustee of the Peyton Bequest – the income from which is to be applied for the benefit of children selected annually at the discretion of the Head Master, priority to be given to individuals bearing the unhyphenated surname of “Peyton” who have not acquired it by adoption or by change of name (of them or their ancestors) since 1900.

60

BRIGHTON COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2024

19. PUBLIC
BENEFIT		 FUND Balance Balance
(DESIGNATED FUND)
1 August Transfers 31 July
2023 Income Expenditure & Gains 2024
£000 £000 £000 £000 £000
Public Benefit Fund 11,669 290 (11) 2,062 14,010
========== ========== ========== ========== ==========
PUBLIC BENEFIT FUND (2023) Balance Balance
1 August Transfers 31 July
2022 Income Expenditure & Gains 2023
£000 £000 £000 £000 £000
Public Benefit Fund 10,628 289 (10) 762 11,669
========== ========== ========== ========== ==========

The Public Benefit Fund was set up by the Board to help provide future scholarships and bursaries, as the Group works towards the long term aim of enabling access to the Group’s education for more pupils irrespective of their parents’ wealth. A transfer is made annually from the Group’s audited surplus. Short term financial support is provided through bursaries and scholarships.

The full breakdown of movements in the Public Benefit Fund for the prior year can be found in the financial statements for the period ended 31 July 2023.

20. ANALYSIS OF TRANSFERS & Restricted Public
LOSSES BETWEEN FUNDS & Endowed Benefit General
funds funds Funds Total
£000 £000 £000 £000
Gains on investment (299) 937 - 638
Derivative fair value - - (463) (463)
Release on fulfilment of restriction (782) - 782 -
Allocation to Public Benefit Fund - 1,125 (1,125) -
Pension deficit movement - - 96 96
--------------------- -------------------- ----------------------- -----------------------
Net transfers and gains (1,081) 2,062 (710) 271
========== ========== =========== ===========
ANALYSIS OF TRANSFERS & GAINS Restricted Public
BETWEEN FUNDS (2023) & Endowed Benefit General
funds funds Funds Total
£000 £000 £000 £000
Gains on investment 426 23 - 449
Derivative fair value - - 525 525
Release on fulfilment of restriction (1,073) - 1,073 -
Allocation to Public Benefit Fund - 739 (739) -
Pension deficit movement - - 82 82
--------------------- -------------------- ----------------------- -----------------------
Net transfers and gains (647) 762 941 1,056
========== ========== =========== ===========

61

BRIGHTON COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2024

21. ANALYSIS OF GROUP NET Restricted Public
ASSETS BETWEEN FUNDS & Endowed Benefit Designated General
funds funds Funds funds Total
£000 £000 £000 £000 £000
Fund balances at 31 July 2024 were
represented by:
Fixed assets - - 6,012 141,409 147,421
Investments 8,069 12,629 - - 20,698
Long term debtors - - - 359 359
Net current assets/(liabilities) 1,239 1,381 (1,258) 7,528 8.890
Long term liabilities - - - (25,566) (25,566)
Pension deficit - - - (373) (373)
--------------------- --------------------- ----------------------- ----------------------- -----------------------
9,308 14,010 4,754 123,357 151,429
========== ========== =========== =========== ===========
ANALYSIS OF GROUP NET
ASSETS BETWEEN FUNDS Restricted Public
(2023) & Endowed Benefit Designated General
funds funds Funds Funds Total
£000 £000 £000 £000 £000
Fund balances at 31 July 2023 were
represented by:
Fixed assets - - 4,763 125,678 130,441
Investments 8,266 10,689 - - 18,955
Long term debtors - - - 822 822
Net current assets/(liabilities) 1,170 980 (539) (6,866) (5,255)
Long term liabilities - - - (3,246) (3,246)
Pension deficit - - - (469) (469)
--------------------- --------------------- ----------------------- ----------------------- -----------------------
9,436 11,669 4,224 115,919 141,248
========== ========== =========== =========== ===========
22. CASH FLOWS 2024 2023
£000 £000
a) Reconciliation of operating profit to net cash flow
from operating activities
Net income 10,181 9,930
Net interest received (692) (506)
Depreciation 3,490 3,414
Decrease/(increase) in stocks 8 (12)
Increase in debtors due within one year (441) (930)
Increase in creditors 2,438 1,997
Loss on fixed asset disposal - 12
Non cash investment gains (533) (452)
Non cash movement in pension liability (96) (210)
----------------------- -----------------------
Net cash inflow from operating activities 14,355 13,243
=========== ===========

62

BRIGHTON COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2024

22. CASH FLOWS (continued)
At At
1 August 31 July
b) Analysis of change in net cash 2023 Cash flows Non Cash- 2024
flows
£000 £000 £000 £000
Cash in hand and at bank 15,264 39,792 - 55,056
------------------- ------------------- -------------------
Fees in Advance (5,371) (47,937) - (53,308)
Debt due within one year (28) 23 (23) (28)
Debt due after more than one year (184) - 23 (161)
-------------------- ------------------- -------------------- --------------------
9,681 (8,122) - 1,559
========== ========= ========== ==========
23. CAPITAL COMMITMENTS 2024 2023
£000 £000
Capital expenditure contracted for but not provided in the financial statements - 13,050
========= ==========

24. OPERATING LEASE COMMITMENTS

The Group has entered into operating leases which have minimum lease payments as follows:

2024 2023
Group Charity Group Charity
£000 £000 £000 £000
Equipment leases -
Less than one year 375 306 267 208
Between two to five years 382 291 297 221
Greater than five years 9 - - -
Land and building leases -
Less than one year 483 430 543 399
Between two to five years 1,260 948 1,194 762
Greater than five years 1,404 568 1,376 514
========= ========= ========= =========

25. RELATED PARTY TRANSACTIONS

A number of charities, with separate trust deeds and trustees have related objects to Brighton College in that they may provide certain scholarships and other grants:

a) Brighton College Scholarship, Bursary and Prize Endowments – Charity No. 1078589

During the year ended 31 July 2024, the above charity provided scholarship grants totalling £225k (2023: £225k). The College leases certain properties from the charity. The College paid annual rental amounts under the leases of £225k in the year to 31 July 2024. No amounts at 31 July 2024 (2023: £nil) were owing from or to Brighton College.

b) The Sir Cooper Rawson Foundation – Charity No. 3962887

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BRIGHTON COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2024

A scheme made by the Charity Commissioners on 21 June 2001 renamed this charity “The Cooper Rawson Foundation”, the trustee of which is for the time being that of Brighton College Scholarship, Bursary and Prize Endowments. This is a linked charity at the Charity Commission and therefore aggregated for reporting purposes.

At 31 July 2024, the balance available to the College amounted to £63k (2023: £64k). The net assets of the above fund is not included in the financial statements of the Group.

The school is a subsidiary charity of the College. The following governors of the College during the year were also governors of St Christopher’s School, Hove: Mr A Underwood.

The College acts as guarantor in respect of the property leases held by the school.

The school is a subsidiary charity of the College. The following governors of the College during the year were also governors of Newells School Trust Limited: Mr M Templeman.

g) Governor transactions

During the year, there were no donations received from nor pledges made by governors (2023: £nil).

There were no other related party transactions in the current or preceding accounting period.

During the year ended 31 July 2024, the College provided goods and services of £1.4m (2023:£1.2m) to Brighton College International Schools Ltd and received goods and services of £0.01m (2023:£0.15m). The balance owing to the College at 31 July 2024 was £1.5m (2023:£1.2m). In addition, gift aid of £3.0m (2023:£2.2m) was also due at the year end.

i) Brighton College Services Ltd

During the year ended 31 July 2024, the College provided goods and services of £0.4m (2023:£0.2m) to Brighton College Services Ltd and received goods and services of £0.4m (2023:£0.2m). The balance owing to the College at 31 July 2023 was £62k (2023:£3k). In addition, gift aid of £147k (2023:£235k) was due at the year end.

26. DISCLOSURE OF CONTROL

Brighton College is controlled by the governors of Brighton College.

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