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BENENDEN SCHOOL (KENT) LIMITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 Registered Company No: 0196353 Charity No: 307854 INDEX Page Governing Council's Report 3-11 Independent Auditors. Report 12-14 Consolidated Statement of Financial Activilies 15 Consolidated and Charity Balance Sheets 16 Consolidated Cash Flow Statement 17-18 Notes to the Financial Statements 19-36 Governing Council and Officers 37-38 Advisers 39
Governing Council's Report Objects and Aims The principal objects ofthe Company are to promote and provide forthe advancement ofthe education ofschool age students, and to hold lectures, exhibitions. concerts, public meetings, classes, conferences, and other activities calculated directly or indirectly to advance the cause of education. Benenden School's Alms for Its Students Benenden School is an expert in educating young women. Above all, we want our students-whether, boarders or day students - to relish all that life in a boarding school has to offer. to enjoy their learning, develop intellectual curiosity and be ambitious, while learning to achieve balance in their lives. In all Ihat we do at Benenden, we foster the need to value oneself and others. In so doing. we expect each pupil to be a responsible and considerate citizen and we support her to grow into a confident. positive young woman who will play an active part in society. By emphasising the importance of spiiilual and personal gr0h, we help our pupils to develop self-knowledge, to become Ouard looking, courageous and compassionate, so that they will be inspired to make a difference both lo our school community and throughout Iheir lives for the benefit of others. Vlslon Inspiring future thinkers and leaders to shape a betler world. Mlsslon Through our Complete Education. we.. Create a culture of inlelleclual curiosity Ignite a passion for creativity and innovation Nurture the value of community, and Inspire each individual lo make a difference This mission is underpinned by our values of confidence, compassion, courage and courtesy. ObJectlve8 The Directors confirm that they have complied with the duty in the Charities Act 2011 to have due regard to the public benefit guidance published by Ihe Charity Commission in determining the activities undertaken by the Company. Ensuring best practice across the board is a priority and the School continues to develop ils policies and procedures for moniloring and evaluating this. Members of Governing Council confirrn that they have complied with their duty as directors, to have regard to the matters in section 172(1) ofthe Companies Acl 2006. This duty is to acl in good faith. to promote the success of the School whilst having regard to- the likely consequences of any decisions in the long term; the interests of the School's employees- the need to foster business relationships with suppliers, customers and others; the impact of the School's operations on the community and the environment., the desirability of maintaining a reputation for high standards of business conduct., and the need to act fairly as between members of the charitable company. The Governing Council has promoted the success of the School by acting in good faith to assist the School to meet its aims and objectives. During the course of the year the Governing Council and the Senior Management Team have considered how Benenden can best move forward into ils next century. Operalional, financial and strategic challenges continue around managing increased inflation and costs, balancing capital projects and planning for the implication of VAT on fees. Vllhilst these have had an impact on the operations and financial position of the School and will continue to do so for the foreseeable future, Governing Council is salisfied that the School remains both operationally and financially in a slable and secure position and the strategic review will ensure that the School continues to excel in all areas. Further details can be found in the Financial Review and Principal Risks and Uncertainties. The School Year 2023124 As it approached its Centenary year- marked across the 2023-24 academic year- Benenden School reviewed its aims and values. It re-committed its ambition of offering A Complete Educalion to all its students, wilh a revised model underpinning this core philosophy. The School strives to ensure girls leave Future Ready, having nurtured skills and interesls in the following fields..
Creativity and Culture Service and Responsibility Global Oullook Personal Development Innovation and Enterprise. Benenden develops students in these areas through three key channels.. an innovative academic curriculum, outstanding co-curricular opportunities, and an all-encompassing commitment to students. wellbeing, all of which are tied together by the warmth and support of the Benenden community. Celebratlng a Century of Success Throughoul the 2023124 academic year 8enenden celebrated 100 years at the forefront of British education. The milestone was marked with numerous events and initiatives. beginning with a speclacular launch event combining music. poetry, art and fireworks. In September, The Inspiring Future Female Leaders conference brought together students from more than 60 schools across the UK with hundreds more worldwide joining remotely. The conference lineup comprised a string of exceptional female trailblazers from a wide range of industfies, with the closing keynote address delivered by the Patron of the Benenden Society, HRH The Princess Royal. Benenden celebraled ils close connections to Hong Kong with a range of events during the October Half Term, ahead of the second conference of the year.. Benenden's first Women and Wellness conference, at which students and visitors from local partner schools enjoyed a series of talks, including from TV personality Davina Mccall, on women's health and wellbeing. touching on finance. digital safety and the menopause. A new student-led exhibition went on display in February, showcasing a century-long relationship beeen Ihe village of Benenden and Benenden School. In March, the whole School community visited London's biggest Wesl End theatre for an historic Centenary performance of Joseph and the Amazing Technicolor Dreamcoat in March, wilh Benenden becoming the first school to ever perform at the venue. The performance was made possible through a partnership wilh the Coliseum-resident English National Opera, which later hosted a series of workshops for students from Benenden and paitner primary and prep schools. Participants went on lo perform pieces from Mozart's The Marriage of Figaro and The Magic Flute to delighted parents. Later in March, HRH The Princess Royaljoined students, staff, parents, Seniors and guesls for a special service at Canterbury Cathedral. Centenary celebrations concluded wilh the Benenden Pageant, an ouldoor mulli-media performance which depicted the history of the School and which revived a tradition last held in 1969. Other initiatives throughout the year included the whole School completing 100 Acts of Kindness and the production of a commemorative book celebrating 100 individuals who embody the ethos of Benenden, while special suppers were hosled for parents by the Headmistress throughoul the year, and Headmistresses past and present joined Head Girls and School Captains from down the years for a celebration lunch. GCSE and A Level Results The 2023-24 academic year culminated with some outstanding results in the public exams. At A Level, 710/0 of all grades were at A'IA, while 93 % were al A'_B. This was among the School's stfongest ever performance and resulted in 90Q/o of the cohort reaching Iheir first choice of higher education destination, with 26Q/o of the year group now studying at World Top 10 universities and colleges. The impressive value-added performance- adding. on average, more than half a grade to each student during her lime in Benenden's Sixth Form- placed Benenden in the top 70/0 of all UK schools on this measure. The GCSE results were similarly impressive. with 420h of grades at the top grade. Level 9, and overall, 84°/o of results at Levels 9-7. Other Highlights Other highlights of the 2023124 year included the following= Benenden was delighted to once again feature on the Spearfs Schools Index, listed as one oftheworld's 100 leading private schools and calegorised among the 25 best UK senior schools.
Benenden's first international school, Benenden Bilingual School Guangzhou (BBSG), opened for students in its inaugural academic year in Seplember 2023. Six One student Claudia was included in the Women of the World Foundation's Young Leaders Directory, following hei highly proactive mental health advocacy and her role as the youngest person ever lo be appoinled to Amnesty Internalional's Children's Human Rights Neork, chairing ils subgroup on mental health provision since 2022. Benenden's Centenary Buildings were shortlisted in the RIBA South East Awards 2024. Upper Fifth student Alina had a successful turn in the Harvard International Review Academic Writing Contest, earning a highly impressive silver medal place. students in the Fourlh and Upper Fourth delighted audiences with their annual Junior Play, Ihis year performing Kevin M. Cunningham's stage adaptation of Lillle Women. Benenden and Tonbridge School's Chapel Choirs united for an awe-inspiring rendition of Fauré's Requiem as part of a special SeiCe for Remembrance Sunday. Lime Avenue Jazz, who delighled audiences at the Centenary launch event, performed for their families at one of Europe's busiest Jazz venues of the last 45 years, the famous 606 Club. The Symphony Orchestra's winter concert included a varied programme that ranged from evocative music by Rameau to Bernstein's iconic West Side Story, before concluding with the world premiere of Watching the World Awaken by Benenden Senior, Grace Young. Sporting successes included: Medals at Canada Cup and Canada Challenge Ski Competitions Medals at British School Girls Skiing Championships in Flaine, France County Medals in Trampolining Commonwealth Fencing Championships qualification Medals al Kent Dressage Championships Kent Schools, Cross-country Championships Winners of South Schools, Lacrosse Tournament Lacrosse National Challenge Cup qualification National Schools, Lacrosse Championships qualification Sisters n Sport National Netball Club Cup qualification Kent Netball Finalists Visiting speakers included.. Sandra Cauffman. Deputy Director for the Astrophysics Division in the Science Mission Directorate (SMD) at NASA Headquarters President of the China-united States Exchange Foundalion and WHO Goodwill Ambassador James Chau Author and academic Katherine Rundell Thomas Grant KC Nusrat Ghani MP, Minister of State for Industry and Economic Security at the Department of Business and Trade Philip Hall OBE, who works for the Foreign and Commonwealth Office as Ambassador to the Hashemite Kingdom of Jordan. Overseas trips included= a Spanish language trip to Malaga a French trip to Paris Classicists visiting Rome 2nd Pompeii The Upper Fourths and Lower Fifths enjoyed separate trips to Belgium as part of the Summer Term's Activities Week, exploring the topics of space and wartime battlefields respectively. Overall, the success of 2023-24 was a fitting way to mark such a significant year in Benenden's history. It also acted as an appropriately positive way of saying farewell and thank you to Samantha Price, who moved on to another school after a decade as Benenden Headmistress, leaving the School in a slrong position for her successor, Rachel Bailey, to build further on this success. Public Benefit The Governing Council recognise the duty imposed upon them by Section 17 of the Charilies Act 2011 and the requirement to have due regard to the general guidance provided by the Charity Commission in connection with Public Benefit. During the year, the Partnerships Programme has continued to support local organisalions including primary and secondary schools, libraries and care homes. Led by Benenden. the Wealden Hub is a group of local
schools which shares resources. support and training. We also continued to work closely with the John Wallis Church of England Academy, including through ourjoint Combined Cadet Force. As detailed above, we invited our partner organisations to join us for a number of our Centenary celebralions. Benenden continued to support a number of families through the provision of means-tested bursaries during the year (see note 2). Staff Attracting and developing excellent teachers remains a priority for the School. Working wilh other local schools we continue to offer a comprehensive graduale teacher training programme and an inlegrated professional development programme for teaching staff to support their progression to middle and senior leadership positions. This supports the development of oulslanding teaching and leaders both at Benenden and within the wider profession. Career development for support staff also remains a focus with training provided both within the School and via attendance on a broad range of external courses. We also make active use of the Apprenticeship Levy funding to help develop colleagues in a range of roles. The Staff Wellbeing Committee, with representatives from a wide range of roles within the School gives colleagues an opportunity to discuss any aspect ofthe School. There is a weekly staff meeting that all colleagues can attend in person or remotely, either live or recorded, in which a broad range of matters are discussed. The Headmistress had a 'surgery' lime on Wednesday mornings when any membei of staff can drop in to discuss any concerns they may have and other members of the Senior Management Team and the People Setvices department have an open door policy and staff are encouraged to come and see them. Benenden School is committed to securing equality of opportunity through the creation of an environment in which everyone is treated as an individual. By respecting and valuing diversity we can maximise our impact through meeting individual needs and staying in touch with the changing societies in which we work. Plans for Future Perlods The Benenden community is delighted to welcome Ms Rachel Bailey as Headmistress from September 2024 and looks forward to seeing the School go from slrenglh to strength under her leadership in the years to come. The School remains committed to continuing the refurbishmenl of the Lower School boarding houses and has facilitated this through the creation of a small construction projects team which will be able lo continue the programme at lower cost and with greater flexibility than using external contractors. The programme for 2024- 25 will focus on boarding room upgrades in Guldeford and Norris houses. Plans continue for the restoration of the roof to Hemsted and parts of Norris, which will be a significant undertaking. Depending on obtaining the required consents, it is hoped that work will start on the roof in the Summer of 2025. The Centenary Campaign continues into 2024-25, focussing on both raising funds for the Hemsted House roof replacement, modernisalion of sports facilities and the conlinuation of the Be the Change campaign, raising funds for our important bursary support. Hemsted Park aims to maximise the use of the extensive performing arts spaces within the School, including the Centenary Buildings and the Theatre. by hosting a range of performing arts events aimed at the local community- Performances to date have included the Ronnie Scott's Jazz Club and Goldilocks the Ballet. Next year's scheduled highlights include Sheku Kanneh-mason and celebrating International Women's Day, a Conversalion with Davina Mccall. It is hoped that the performance schedule will continue to grow to several seasons per year, widening access to our site and facilities to the local communily whilst providing additional funds to support the operation of the exlensive new facililies. With the change in Government and announcements at the end of July 2024, the school entered a period of rapid planning to facilitate the introduction of VAT applicable from the Spring Term of 2025. Benenden Inlernational Limited (BIL). a wholly owned subsidiary of Benenden School (Kent) Limited has continued to act on behalf of the School to facilitate access to the international school markel and lake advantage of other polential options for business diversification as and when suitable opportunilies arise. BIL'S primary purpose remains to provide an additional income stfeam for the School. The first internalional school in Guangzhou. China opened on 1 September 2023. The school, Benenden Bilingual School Guangzhou (BBSG), is the first ofthe Benenden international schools to be established wilhin the region via a partnership with Chow Tai Fook Education Group (CTFEG), a Hong Kong-based educational group. During its first year in operation, the staff of BIL have worked closely alongside Ihe BBSG team to establish and develop the educational and operation models for the school. The first year was very successful. wilh a strong second year of recruitment for the 2024-25 year in which the schools are planning the first of the planned pupil exchanges beeen the schools.
Financial Review The financial aims of the Governing Council include generating sufficient income to ensure the School is in a sound financial position. Sufficient surplus is required to enable the ongoing maintenance and investment in the School estate and to ensure that an appropriale level of reseNes are held. On a regular basis, the Finance Committee carefully reviews the financial results and forecasts of the School, which includes detailed scrutiny of cashflows on a short and longer term basis, the level of borrowings and capital expenditure. The outcome of these reviews is reported to and considered by the Governing Council. The Governing Council took the decision during the year to extend the accounting period to 13 months to bring the financial year into line with the academic year. The period covered by these financial statements therefore runs from 1 August 2023 to 31 August 2024. During August. the school geneialed little income but bore a full month of employment cosls of approximalely £1.26m.and site works of £0.2m. Income (excluding donations) increased from £24.6 million to £27 million primarily due to an increase in fees receivable resulting from a rise in termly fees. Expenditure for the period increased from £24.2 million (12 month period) to £27.8 million (13 month period) primarily as a result of increased inflationary pressures and the additional month in the reporting period. The surplus achieved of £0.1 million, including gifts, grants and donations, investment gains and trading income, enables the School to invesl both for the fulure by way of capital projects and in its bursary programme. Significant borrowings have been underlaken for the development of the Centenary Buildings and adequate surpluses are required to ensure that this debt is serviced. 2024 543 8.17% 2023 545 7.800 31.39 Student numbers (average) Fee concessions as a percentage of gross fees Direct teaching costs as a percentage of gross fees Increase in school fees 8.95% 6.500 The financial results incorporate those of LASS Limited and Benenden International Limited. During the year LASS continued as Ihe main trading arm of the School with the principal activity being the operation of the retail shop at the School. The shop stocks school uniform. stationery. sports equipment and pharmacy products for sale lo the School communily. Reserves At 31 August 2024, the School had unrestricted funds of £51.1 million, of which £0.1 million were designated, and restricted funds totalling £5.7 million. The Governing Council has a long-standing policy to use revenue surpluses and borrowings as appropriate to improve the overall educalional service and facilities provided by the School. It is the intention of the Governing Council that this policy of developing and improving the School be continued and any unrestricled surpluses will be used for this purpose. Governing Council continues to review the current asset position of the School to ensure that it has sufficient working capital to meet its obligations, having regard to the seasonal flow of income. The School anticipates that ils ongoing activities will allow it to build a modest level of reserves to support an ongoing programme of development and improvements and to provide bursaries. The Directors regard 'free' reserves as being the reserves of the School after deducting fixed assets and any funds held as restricted or designated. On the basis described, there is a deficit of ffee reserves of £11.9 million (2023.. £16.3 million). Similar to many other independent schools, the School has invesled heavily in fixed assels which has resu5ted in this deficit. During the year, the formerly designated Clark Will Fund was released to support the reduction in the loan taken out to fund the Centenary Hall. Advance Fees The School operates an unsecured Fees in Advance (FIA) Scheme for the benefit of parenls. Teachers, Pension Scheme Following the considerable increases in cost to the School in relation to the Teacher's Pension Scheme (TPS) in recent years Governing Council elected to close membership of the Scheme to new teaching slaff joining Benenden from September 2022. An alternative Defined Contribution pension and benefit scheme has been offered to teaching colleagues joining Benenden from September 2022. Following a thorough slatutory consullalion process with TPS members. which commenced in October 2022 an agreement was reached wilh staff whereby they have the option lo remain in the TPS, but at a capped cost to the School, or alternatively move lo the new Defined Contribution scheme. This took effect from January 2024 and as such has protected the School against future increases in the TPS employer contribution rate.
Fundraisin Practices Fundraising is conducled through the School's Development Office. The principal aims for the year was the bursary fundraising initiative to significantly increase the charitable funding available for means-tested full bursaries and fundraising towards the refurbishment of certain boarding houses and the Hemsled roof. Benenden Connects the School's online portal, which brings Seniors, Parents, Friends, Staff and Sixth Formers together, has continued to grow in popularity. The School complies wilh the Fundraising Regulator's code of practice and there are no matters to report of the School failing to comply with fundraising standards. The School received no complaints about its fundraising activity in the year. Ener and carbon statement The School engaged its utility consultants, Professional Energy Services, to review its greenhouse gas emissions and energy use data to compile a report to meet the SECR reporting iequirements. The report was produced using interval meter data, full year billing data, travel expense claims, fuel cards and onsite vehicle fuel data. The table below summarises the energy use in the year relaling to eleclricity, gas combustion and transport. 2024 1.773,959 klAlh 4.683,556 kvvh 171,779 kvvh 6,629.294 kvvh 2023 1.761,796 kwh 5,283,515 kwh 134,622 kwh 7.179.933 kwh Electricity use Gas combustion Transport Total The greenhouse gas emissions associated with Ihe energy use identified in the table above are as follows.. 2024 367.3 tC02e 864.1 tC02e 31.5 tC02e 1,262.9 tC02e 2023 364.8 tC02e 966.5 tC02e 33.5 tC02e 1,364.8 IC02e Electricity use Gas combustion Transport Total The index used for these calculations are student numbers. The intensity ratio for Benenden School is 2.33 tC02e (2023: 2.48 tC02e) per student for the reporting year, based on 543 students (2023: 545 students). The methodologies used in the identification and calculation of the provided information followed the processes described in the GHG Reporting Protocol - Corporate Standard. GHG Conversion Factors for electricity, gas and transport were taken from the UK Government GHG Conversion Factors for Company Reporting 2023. In the period to 31 August 2024, Benenden School has replaced a further four boilers, replaced in excess of 50 rooms with LED lights and changed approximately 20 external lights to LED. Investment Polic Governing Council is empowered within the Memorandum and Articles of Association to invest any monies as authorised by law and for the investment of trust monies in a manner it thinks fit. All investments have been acquired in accordance with the powers available to the Governing Council. The investment committee advise on the investment of school funds. The investment portfolio is managed on a discretionary basis by Sarasin & Partners. As a measure of performance. the long-term return targel has been sel at UK inflation (CPI) +4 % over a 5 year rolling basis. For the 13 months to August 2024, the portfolio returned 100h against a benchmark of 9.7%, Princlpal Rlsks and Uncertalntles The Directors continue to keep the School's activities under review and monitor performance. Evaluation of Risk The Risk Committee and the School Senior Management Team are heavily involved in assessing both the operational and slrategic risks to the School. The School Risk Register is regularly reviewed, at least bi-annually, and kept up lo date by the Senior Management Team. Risks are then reviewed by the Risk Committee, a sub- committee of the School's Governing Council. In addition to reviewing Ihe risks lo the School from the executive team's perspective, the Risk Committee has a specific remit to examine and assess the possible impact of risks to the School from external sources. The Risk Committee meets twice per year or more frequently if required.
A separate group may be established to respond to a particular risk, with the most recent example being the now disbanded Coronavirus Response Group. The minutes of the Risk Committee and any specific focus groups are presented at the following Governing Council meeting. The Risk Register and the recommendations of the Risk Committee are reviewed at least annually by Governing Council and more frequently as required. Strate ic Plannin The School Strategic Plan, that is written by the Senior Management Team. and the School Development Plan that is derived from this, are reviewed at leasl annually to ensure that they are fit for purpose. The Senior Management Team and Governing Council are progressing a wider strategic review as Benenden moves beyond its Centenary. Governing Council meets, at least annually, wilh the Senior Management Team, for a wider stralegy day. Major strategic decisions are fully discussed and ratified by Governing Council. This process ensures that all projects are assessed for risk and are not entered into without appropriate due diligence. Both financial and operational reporting is embedded within the working patterns of the School. Key Performance Indicators are used al all levels to aid with the process of identifying risks. Once identified, the Senior Management Team 2nd Governing Council will together make decisions to appropriately mitigale or accepl those risks, calling upon professional expertise from exlernal agencies if appropriale. Financial Plannin The Finance Committee, in conjunction with the Director of Finance and Operations and Finance Bursar, are tasked with the development of financial models covering a range of eventualities as circumstances dictate. These models are tested on a regular basis. Maintenance of educational uali Educational excellence is al the heart of the School and the Senior Management Team is responsible for ensuring that this and Ihe'complete Education. programme are reflected in the School's Strategic Development Plan. The Senior Managemenl Team closely monitor the delivery of the educational offering in the academic, pastoral and co-curricular areas of the School. The School's success at achieving its educational aims and delivering ils ethos is evaluated by both the Independent Schools Inspectorate and Governing Council supported by the Education and Safeguarding Commiltees. Teaching standards are constantly under review within the School with the process being co-ordinated by the Senior Management Team. Student performance is regularly monitored with actions being laken to ensure that any issues are addressed. All staff benefit from an appraisal system to ensure that standards remain high. Training is available to keep all staff up lo date with best practice. Following a review of the timetable an exciling range of Electives was introduced to the curriculum in September 2022. Taught by a range of Benenden staff the Electives cover a broad range of topics from outside the core curriculum, including sign language, journalism and local politics. Ensurin safe uardin of students The Governing Council reviews and approves the School policies relating to safeguarding on a regular, and at least annual, basis via the School Safeguarding sub-commillee ensuring they are fil for purpose, are compliant and that they reflect School practice. The School Safeguarding sub-committee reports lo the Governing Council on an annual basis with regulai updates being provided when required. All staff are Irained in safeguarding upon arrival and throughout their time at the School on an annual basis with regular updales throughout the year. Health and Safe Health and Safety at Ihe School is managed via the Health and Safety Committee which in turn reporls to the Estates Commitlee. A risk assessment and management process is in place throughout the School with regular reporting via the Estates Committee to Governing Council. The School has an independent external Health and Safety audit at least once in every three yearly cycle. Ma or Risks The Direclors consider that Ihe major risks to which the School is currently exposed are- Economic and Political Risk. The School has a robust system for assessing the effects of changes in political and economic factors that may affecl the operation of the School in the short, medium and longer lerm. Specific risk in this category are.. a. Introduclion of VAT on Independent school fees and loss of business rate rellef by independent schools. These significant risks to the School became a realily following the change in Government in July 2024. The School is managing this risk through careful financial planning and ensuring that cost efficiencies and opportunities to generate additional non-fee income are identified wherever possible.
b. Wider economic environment. The increased costs of living from higher inflation and interest rates adversely affects the affordability of the School within ils market which ullimately could risk student numbers and retention. The School is actively managing costs in all areas. c. Geographical financial dependence. A priority for the School is to ensure that students from all parts of the globe are able join the School community- Financially, the Governing Council and Senior Management Team work to ensure that the risk for the School, due to the possibility of becoming dependent on one single market, is mitigated as far as possible. The introduction of day pupils has helped to increase the number of local pupils allending the school. d. Changes to the educatlonal regulatory environment in China. The School has entered into an agreement with a Hong Kong-based education partner to develop five bi-lingual schools within China. Subsequent to the agreements being made, the Chinese government imposed substantial changes to the legislation affecting the operalion of bi-lingual schools in the region. The majority of the changes had already been anticipaled by the School as part of the agreement process- however the School continues to closely monitor the situation, via its international trading subsidiary Benenden International Limited, to ensure any risks to the future operations of the schools are miligated. 2. C ber Securit Cyber security risks remain high with the School being alert to the risk of a cyber-attack and the risk of failure of IT security procedures. All slaff are regularly trained to be aware of cyber risks. Appropriate security measures, which include external testing of IT security syslems are undertaken on a regular basis. Reference and Admlnlstratlve Detalls Benenden School (Kent) Limited is a limited company with charitable stalus. The Directors of the company, who are the Trustees of the charily, are the members of the Governing Council of Benenden School. The School's directors, advisers and key slaff are set out on pages 37 - 39. Structure, Governance and Management The Company was constiluted on 13 March 1924. The Memorandum and Articles of Association have been amended over the years, wilh Ihe latest amendment on 7 December 2018. The Company was granted Charitable Status in 1941. The Nominations Commitlee is responsible for the recruitment of Governing Council Members. Any prospective Governing Council Member must meet crileria set out by Governing Council including personal competence, specialist skills and availability. Nominations are discussed. and appointments made at Governing Council meetings. A comprehensive induction for newly appointed Governing Council Members is organised by the Clerk to the Governing Council. Governing Council Members have access to AGBIS sponsored training workshops and other training as required. The Governing Council Members determine the general policy of the School. Day to day management of the School is delegated to Ihe Headmistress with the Senior Management Team of the School. The Charity has two wholly-owned non-charilable subsidiaries. Lime Avenue Sales and Services Limited (LASS Ltd) and Benenden International Limited (BIL), whose activities and trading performance are discussed in note 4 to the accounts. The Benenden School Hong Kong Trust (the HKT) is independent of the School and the Governing Council, and no School shareholders are members of the HKT. Its objectives are lo promote and provide for the advancement of education. Pollcles Adopted for Settlng Remuneratlon of Key Management Personnel The Remuneration Commillee reviews the pay and remuneration of all staff including the Senior Management Team as detailed on page 38. Consideration when selling pay is given to Ihe role and responsibilities, competilor salaries in the region, average salary for comparable positions in the sector, market trends and sector benchmarking which has been supplemented by the employment of external experts to review both Senior Management Team and teacher pay scales. STATEMENT OF DIRECTORS, RESPONSIBILITIES The Directors (who are also the trustees of the charitable company) are responsible for preparing the Report of the Governing Council and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 10
Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and group for that period. In preparing these financial statements. the Directors are required to: select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charities SORP: make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Directors are responsible for keeping proper accounting records that 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 the group and hence for taking reasonable steps for the prevention and delection of fraud and other irregularities. So far as each of the Directors is aware at the time the report is approved: a. there is no relevant audit information of which the charitable company and group's auditors are unaware.. and b. the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish thal the auditors are aware of that information. AUDITORS A resolution proposing the re-appoinlment of Haysmac LLP as auditors will be submitted to the Annual General Meeting. Repoil of the Governing Council, incorporating a Strategic Report, approved by Ihe members of Governing Council on 19 March 2025 and signed on ils behalf by Mrs A McNab Chair 11
Independent Auditor's Report to The Members of Benenden School (Kent) Limited Opinlon We have audited the financial statements of Benenden School (Kent) Limiled for Ihe period ended 31 August 2024 which comprise Consolidated Statement of Financial Aclivilies. the Conso5idaled and Charity Balance Sheets, the Consolidated Cash Flow Stalement and the notes to the financial stalements, 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 Th6 Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements.. give a true and fair view of the state of the group's and of the parent charitable company's affairs as at 31 August 2024 and of the group's and parent charilable company's net movement in funds, including the income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with tk)e requirements of the Companies Acl 2006. Basls for oplnlon We conducted our audit in accordance wilh Internalional Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are fuilher described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent ofthe group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the directors, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 8ased 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 al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Other Informatlon The directors are responsible forthe other information. The other information comprises the information included in the Governing Council's Report. Our opinion on the financial slalements does not cover the other information and, except to the extent other*vise 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 Ihe financial statements or our knowledge obtained in the audit or othetwise appears to be materially misstated. If we identify such malerial inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in Ihe financial statements or a material misslalement 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. Oplnlons on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the Governing Council's Report (which includes the strategic report and the directors, report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements. and the strategic report and the directors. report included within the Governing Council's Report have been prepared in accordance with applicable legal requirements. Ivlatters on whlch 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 12
environment obtained in the course of the audit, we have not identified material misstatements in the Governing Council's 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.. adequate accounting records have not been kept by the parent charitable company., or the parent charilable company financial statements are not in agreement with the accounting records and returns., or certain disclosures of directors, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Responsibllities of directors for the financial statements As explained more fully in the directors. responsibilities statement set out on pages 10 and 11, the directors 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 direclors delermine is necessary to enable Ihe preparation of financial statements that are free from material misstalement. whether due to fraud or error. In preparing the financial statements. the directors 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 directors either intend lo liquidate the group or the parent charitable company or to cease operations, or have no realislic alternative bul to do so. Audltor's responslbllltles for the audlt of the flnanclal 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 detecl a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregale, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slatemenls. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wilh our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of delecting irregularities, including fraud is detailed below.. Based on our understanding of the charilable company and the environment in which il operates, we identified that the principal risks of non-compliance with laws and regulations related to The Education (Independent School Standards) Regulations 2014, safeguarding regulations, health and safety requirements, GDPR, employment law and charity law and we considered the extent lo which non-compliance mighl have a material effect on Ihe financial stalemenls. We also considered those laws and regulations that have a direcl impact on the preparation of the financial statements such as the Charities Act 2011 and Companies Act 2006 and consider other factors such as payroll tax. We evaluated management's incentives and opporlunilies for fraudulent manipulation of the financial slatements (including the risk of override of controls) and determined thal the principal risks were related to the improper recognition of revenue and management bias in accounling estimales. Audit procedures performed by the engagement team included.. Inspecting correspondence with regulators and tax authorities; Discussions with management and review of Governing Council's meeting minutes and papers, including consideration of known or suspecled instances of non-compliance with laws and regulation and ffaud. Evaluating management's controls designed to prevent and detect irregularities., Identifying and testing journals, in particular journal entries posted at the year end,. and Challenging assumptions and judgements made by management in their critical accounling estimates. Because of the inherent limilalions 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 regulalion is removed from the events and tfansactions 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 slatements is located on the Financial Reporting Council's website at: www.frc.or -ukJauditorsres onsibilieS. This descriplion forms part of our auditor's report. 13
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 ofthe Companies Acl 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. Tracey Young (Senior Stalutory Audilor) For and on behalf of Haysmac LLP. Statutory Auditor 10 Queen Street Place London EC4R 1AG Date: 14 April 2025 14
BENENDEN SCHOOL (KENT) LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 AUGUST 2024 Unrestrlcted Funds 13 Month Period Ended 2024 £ 'ooo Year Ended 2023 £ 'ooo General Designated Restricted Funds Funds Funds £ 'ooo £ 'ooo £ 'ooo INCOME FROM: Charltable actlvltles School fees Ancillary trading income Other tradlng actlvltles Trading company Inveslment Income Voluntary sources Grants and donations Other Income Notes 23,915 2.293 23,915 2,293 21,909 1,900 495 312 495 312 380 237 253 267 504 253 1,015 Total Income 27,505 267 27,772 25,206 EXPENDITURE ON: Ralslng funds Trading costs Fundraising costs Financing costs Investment management 330 536 776 330 536 776 10 382 396 625 32 10 1.642 10 1,652 1,435 Charllable actlvltles Educational activities and grant making 26,113 264 26,377 22,677 Total Expendlture 27,755 274 28,029 24,112 NET (EXPENDITURE)IINCOME BEFORE INVESTMENTS GAINSI{LOSSES) Investment gainsl(losses) Gainl(loss) on Interest Rate Swap (250) (7) (257) 1,094 11 759 12 771 56 {389) (389) 389 NET (EXPENDITURE)IINCOME AFTER INVESTMENTS GAINSI(LOSSES) 1639) 759 125 1,539 Transfers 18. 19 3.965 (3.965) NET MOVEMENT IN FUNDS Balance brought forward at 1 August 2023 3,326 (3,206) 125 1,539 47,623 3,358 5,715 56,696 55,157 Balance carried forward at 31 August 2024 17.18,19 50,949 152 5,720 56,821 56,696 The notes on pages 19 lo 36 form part of these accounts. All amounts derive from continuing activities. All gains and losses recognised in the year are included in the Statement of Financial Activities. Comparative figures for unrestricted and restricted movements as shown in note 24. 15
BENENDEN SCHOOL (KENT) LIMITED CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31 AUGUST 2024 GROUP 2023 £ 'ooo CHARITY 2024 £ 'ooo 2024 £ 'ooo 2023 £ 'ooo Notes FIXED ASSETS Tangible assets Investments Investment in subsidiaries 10 11 11 62,910 1.990 63,959 6,619 62,834 1,990 63,881 6,619 64.900 70.578 64.824 70,500 CURRENT ASSETS Stock Deblors: amounts falling due wilhin one year Cash at bank and in hand 225 219 66 58 12 1.468 15,056 2,235 6,920 1,464 15,049 2,272 6,912 16,749 9,374 16,579 9,242 CREDITORS: amounts falllng due wlthln one year 13 (8,817) (4,508) (8,644) (4,339) NET CURRENT ASSETS 7,932 4,866 7,935 4,903 TOTAL ASSETS LESS CURRENT LIABILITIES 72.832 75,444 72,759 75,403 CREDITORS: amounts falllng due after more than one year 14 (16,011) (18,748) {16.011) (18,748) NET ASSETS 56,821 56,696 56,748 56,655 FUNDS AND CAPITAL Unrestricted Funds.. General Designated Restricted Income Funds Called up share capital 19 50,949 152 5,720 47.623 3.358 5,715 50,876 152 5,720 47.582 3,358 5,715 18 20 TOTAL FUNDS 56,821 56.696 56.748 56,655 The notes on pages 19 to 36 form part of these financial statements. In accordance with Section 408 of the Companies Act 2006, no separate Statement of Financial Activities is presented for Benenden School (Kent) Limited. The Charity income for the year was £26.9m (2023.. £25.2m} with a loss of £0.1m (2023: surplus £1.6m}. The financial statements were approved and authorised for issue by the Governing Council on 19 March 2025 and signed on ils behalf by.. Anne McNab Governing Council Member Fiona Blakemore Governing Council Member 16
BENENDEN SCHOOL (KENT) LIMITED CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 AUGUST 2024 2024 £ 'ooo £ 'ooo 2023 £ 'ooo £ 'ooo Net cash flow from operations Net movement in funds Depreciation charges Investment income Financing costs Gainl(lossl on disposal of fixed assets Investment managers charges Investments {gains)Ilosses Decreasel(increase) in debtors {Decrease)lincrease in creditors (excluding fees in advance) (Increase)Idecrease in stock Increasel(decrease) in advanced fees 125 2,369 (312) 776 (253) 10 {771) 767 1,605 1.539 2,694 (2) 625 32 {56) (420) (2.524) (6) 5.867 (42) 205 Net cash provlded by operatlons 10,177 1,643 Net cash flow from investlng activitle8 Investment income Investmenl managers fees Proceeds from sale of investments Proceeds from sale of tangible fixed assets Purchase of investments Payments for tangible fixed assets 312 (10) 5,390 281 {12) (1.336) (32) 19 (2,324) Net cash used In Investlng actlvltles (4,625) (2.335) Cash flows from Flnanclng Cash inflows from new borrowing Financing costs Loan repayments 3.965 {625) (150) (776) (5,900) Net cash (used In)Iprovlded by flnanclng actlvltles (6,676) 3,190 Increase In ca8h and cash equlvalents Cash and cash equlvalents at beglnnlng of the perlod 8,126 2,498 6,786 4,288 Cash and cash equlvalents at the end of th8 perlod 14,912 6,786 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 £ 'ooo 14.833 223 (144) 2023 £ 'ooo 6.644 276 (134) Cash in hand and at bank Cash on deposit Bank overdraft (subsidiary) 14,912 6,786 17
BENENDEN SCHOOL IKENT) LIMITED CONSOLIDATED CASH FLOW STATEMENT {contlnued) FOR THE PERIOD ENDED 31 AUGUST 2024 ANALYSIS OF CHANGES IN NET DEBT At 1 August 2023 At31 August 2024 £ 'ooo 14,833 223 (144) Non-cash movements £ 'ooo Cash flows £ 'ooo 8,189 (53) (10) £ 'ooo 6,644 276 (134) Cash Deposits Bank overdraft (subsidiary) 6,786 8.126 14,912 Loan: Less than one year Loan.. Greater than one year (600) (14,250) (600) (8,350) 5,900 (8,064) 14,026 5,962 18
BENENDEN SCHOOL (KENT) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 ACCOUNTING POLICIES Basis of preparation The financial statements have been prepared in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - Second Edition. The financial statements are drawn up on the historical cost basis of accounting, as modified by the revaluation of investments. The charity has taken advantage of the exemption available to a qualifying entity in FRS 102 from the requirement to present a charity only Cash Flow Slatement with the consolidaled financial statements. The Governing Council consider that there were no material uncertainties over the School's financial viability. Accordingly, they also continue to adopt the going concern basis in preparing the financial statements These financial statements consolidate the results of the School and its wholly-owned subsidiaries., Lime Avenue Sales & Services Limited (LASS Ltd) and Benenden International Limited (BIL), on a line by line basis. The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 13 March 1924 (company number.. 0196353) and registered as a charity in 1941 {charily number.. 307854). Crltlcal accountlng Judgements and key sources of e8tlmatlon uncertalnty In the application of the accounting policies, Directors are required to make judgement, estimates, and assumptions about the carrying value of assels 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 relevanl. Actual results may differ from these estimales. 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 ofthe revision and future periods ifthe revision affected current and future periods. In the view of the Irustees, the principal judgement and source of estimation uncertainty relates lo the valuation of the interest rate swap (as detailed in 1.13). The following accounting policies have been applied consistently in dealing with items which are considered malerial in relation to the School's financial statements. 1.1 Fees and slmllar earned 5ncome Fees receivable and charges for services and use of the premises, less any allowances, scholarships, bursaries granted by the School against those fees, but including contributions received from restricted funds, are accounted for in the period in which the service is provided. 1.2 Investment Income Inveslmenl income from dividends, bank balances and fixed interest securities is accounted for on an accruals basis. 19
BENENDEN SCHOOL (KENT) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 ACCOUNTING POLICIES (Contlnued) 1.3 Donations, legacies, grants and other voluntary Income Voluntary income is accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable. Voluntary income for the School's general purposes is accounted for as unrestricted and is credited to the General Reserve. Where the donor or an appeal has imposed trust law restflctions, voluntary income is credited to the relevant restiicted fund. 1.4 Expenditure Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer-term liabilities. Expenditure attributable to more than one cost category in the Statement of Financial Activities is apportioned to them on the basis of the estimated amount attribulable to each aclivily in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoveiable VAT is included with the item of expenditure to which it relates. Governance costs comprise the costs of complying with constitutional and statutory requirements. Intra-group sales and charges between the School and its subsidiaries are excluded from trading income and expenditure. 1.5 Taxatlon Benenden School (Kent) Limited is a registered charity and therefore, is not liable to income tax of corporation tax on income derived from its charitable activities. as it falls within the various exemptions available to registered charities. Income generated outside these charitable activilies are liable to tax. 1.6 Tangible flxed assets Expenditure on the acquisition, construction or enhancement of land and buildings costing more than £1,000 together with vehicles, furniture. machinery, ICT infrastructure and other equipment costing more than £300 are capitalised and carried in the balance sheet at historical cost. ICT equipment costs less than £300 are written off as incurred. Other expenditure on equipment incurred in the normal day-to-day running of the School and its subsidiary is charged to the Statement of Financial Activities as incurred. Depreciation is provided to write off the cost of all relevant tangible fixed assets less estimated residual value based on current market prices, in equal annual instalments over their expected useful economic lives as follows.. Freehold Property Furniture and Equipment: Furniture, Equipment and IT Motor Vehicles 2Yo - 100h on cost - 200h _ 33 % on cost 330A on cost No deprecialion is provided on freehold land. 1.7 Investmenls Listed inveslmenls 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 Slatement of Financial Activities and are allocated to the appropriale Fund according to the 'ownership' of the underlying assels. Inveslments in subsidiaries are valued at cost less provision for impairment. 20
BENENDEN SCHOOL (KENT) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 ACCOUNTING POLICIES (continued) 1.8 Stock Stock represenls goods for resale and is valued at the lower of cost and net realisable value. 1.9 Fund accountlng The charitable trust funds of the School are accounted for as unrestricted or restricted income in accordance with the terms of trust imposed by the donors or any appeal to which they may have responded. Unrestricted income belongs to the School's corporate resep4es, spendable at the discretion of the Governing Council either to further the School's Objects or lo benefil the School itself. Iere the Governing Council decide to set aside any part of these funds to be used in fulure for some specific purpose, this is accounted for by transfer to the appropriate designated fund. Advance fee funds represent the excess assets over liabilities in the old Fees Safeguard Plan which will be used for bursaries. Restrlcted funds represent amounts donated to the School for specific purposes such as funding building developments, scholarships. seniors, bursaries and prizes. 1.10 Penslon costs Retirement benefits to employees of the School are provided through three pension schemes. The pension costs charged in the Statement of Financial Activities are determined as follows.. (a) The Teachers. Pension Scheme- This scheme is a multi-employer pension scheme.11 is not possible lo identify the School's share of the underlying assets and liabilities of the Teachers, Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS102, accounts for the scheme as if it were a defined contribution scheme. The School's contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable. (b) The TPT Retirement Solutions {forrnerly The Pensions Trust) Growlh Plan Fund - The plan is a multi- employer scheme. partly money purchase and partly wilh defined benefits. It is not possible to identify the School's share of the underlying assets and liabilities and therefore as required by FRS102, the School accounts for the scheme as if it were a defined contribution scheme. The pensions costs charged to the Statemenl of Financial Aclivities in the year are contributions payable towards benefits and expenses accrued in that year. plus any impact of the deficil contributions. Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. (c) The Aviva APTIS Scheme - A defined conlribution scheme which replaced the Teachers, Pension Scheme for new teaching slaff from 1 September 2022. Teaching staff employed prior lo this dale are also eligible tojoin this scheme. The School's contributions are charged in the period in which the salaries to which they relate are payable. 1.lq Operatlng leases Rentals under operating leases are charged on a slraight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term. 1.12 Flnanclal Inslruments Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand. together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounls and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. 21
BENENDEN SCHOOL (KENT) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 1.13 Hedglng arrangements The School applies hedge accounting for transactions entered into to manage the cash flow exposures of borrowings. Changes in the fair values of derivatives designated as cash flow hedges, and which are effeclive, are recognised directly in other recognised gains and losses in the Statement of Financial Activities. Changes in fair values which are ineffective are recognised within income or expenditure in the Statement of Financial Activities - in line with the hedge accounting treatment above. Included within these financial statemenls is the fair value of an interest rate swap contract. The fair value of this interest rate swap is provided by the counterparty. However. the value of the swap is estimated based on SONIA rates and is therefore subject to movements in the interest rate market. SCHOOL FEES 2024 £ 'ooo 2023 £ 'ooo Fees receivable comprises Current fees Less.. Allowances. Scholarships and 8ursaries 25,754 (2,104) 23,576 (1,848) 23,650 21,728 Add.. Amount from The Benenden School Hong Kong Trust Bursaries and other awards paid for by restricted funds 264 179 23,915 21.909 Scholarships, bursaries and other awards were paid to 85 students (2023.. 102 students). Within this, means tested bursaries totalling £1.581,000 were paid to 40 sludents (2023.. £1,417,000 to 42 studenls). ANCILLIARY TRADING INCOME 2024 £ 'ooo 1,080 117 886 210 2023 £ 'ooo 1,080 103 405 312 Fee income for extra subjects Entrance and registration fees Courses and sub-lellings other income 2,293 1,900 22
BENENDEN SCHOOL (KENT) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 INCOME FROM SUBSIDIARIES TRADING ACTIVITIES The Charity owns the whole of the share capital of trading subsidiaries, Lime Avenue Sales & Services Limited (LASS Ltd), a company registered in the United Kingdom with number 1794097 and Benenden International Limiled (BIL). a company registered in the United Kingdom with number 12166808. Lime Avenue Sales & Services Limited continued as the main trading arm of the School and operated the School retail shop, supplying staff, studenls. visitors and the School with a range of producls on a continuing basis. Benenden International Limited was set up to explore the options for business diversification and access the international market. On 25 November 2020 BIL signed an agreement with Chow Tai Fook Education Group (CTFEG), a Hong Kong based educational group, to establish five Benenden international schools in China. The first school in the group opened in September 2023. The trading results for the year, as extracted from the audited accounts, are summarised below.. LASS 2024 £ 'ooo BIL 2024 £ 'ooo 2023 £ 'ooo 2023 £ 'ooo Turnover 363 332 185 90 Cost of Sales (215) (196) Gross Profit 148 136 185 90 Administrative Expenses (106) (96) (150) (132) Operating profit 42 40 35 (42) Inlerest payable (14) (10) Nel profil 28 30 35 (42) Corporalion Tax Profit after Tax 28 30 35 (42) Retained profit brought foTward Profit after Tax Gift aid under covenant 84 28 (32) 82 30 {28) {42) 35 24 (42) (25) Retained profit carried fotward 80 84 (7) (43) Turnover in LASS Ltd includes £53,000 (2023.. £42.000) supplied lo the School and expenditure in BIL includes £141,000 {2023.. £121,000) supplied by the School, which are an inlercompany transfer excluded on consolidation and does not show in the Statement of Financial Activities. At 31 August 2024 there was a £1,000 balance owed to LASS Ltd by the School (2023". £NIL), a £NIL balance owed to the School from BIL (2023.. £45,000) and £10.000 owed by BIL to the School (2023.. £NIL). 23
BENENDEN SCHOOL (KENT) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 The balance sheets for the year, as extracted from the audited accounts, are summarised below: LASS 2024 £ 'ooo BIL 2024 £ 'ooo 2023 £ 'ooo 2023 £ 'ooo Fixed assets Curfent assets Less current liabilities 76 176 {172) 78 171 (165) (12) (48) Net assets 80 84 (7) (42) Called up share capital Profit and loss account 80 84 (7) (42) 80 84 (7) (42) INVESTMENT INCOME Unrestrlcted £ 'ooo 312 Deslgnated £ 'ooo Restrlcted £ 'ooo Total £ 'ooo 312 Fixed Interest 312 312 COMPARATIVE INVESTMENT INCOME- 2023 Unrestrlcted Deslgnated Restrlcted Total £ 'ooo £ 'ooo £ 'ooo £ 'ooo Fixed Interest GRANTS AND DONATIONS Unrestrlcted £ 'ooo 237 Deslgnated £ 'ooo Restrlcted £ 'ooo 267 Total £ 'ooo 504 Developmenl and other donations 237 267 504 COMPARATIVE GRANTS AND DONATIONS- 2023 Unrestricted £ 'ooo 92 Designated £ 'ooo Restricted £ 'ooo 923 Total £ 'ooo 1,015 Development and other donations 92 923 1.015 24
BENENDEN SCHOOL (KENT) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 7. (a) ANALYSIS OF EXPENDITURE staff Costs £ 'ooo Other £ 'ooo Depreciation £ 'ooo Total £ 'ooo EXPENDITURE Costs of ralslng funds: Trading costs Fundraising costs Financing costs Investmenl manager's fees 85 339 242 197 776 10 330 536 776 10 Total costs of raising funds 424 1,225 1,652 Charltable actlvitles Education.. Teaching costs Welfare costs Premises costs Support and governance costs Grants, awards and prizes 8,067 4.660 704 3,406 370 1.281 1,851 3,407 264 8,437 5,941 4,369 7,366 284 1,814 553 Total charltable expendlture 16.837 7,173 2,367 26,377 Total expendlture 17,261 8.398 2,370 28,029 7 (a) COMPARATIVE ANALYSIS OF EXPENDITURE- 2023 Staff Costs Other Depreclatlon Total EXPENDITURE Costs of ralslng funds: Trading costs Fundraising cosls Financing costs Investment manager's fees £ 'ooo £ 'ooo £ 'ooo £ 'ooo 75 237 303 159 625 32 382 396 625 32 Total costs of ralslng funds 312 1.119 1,435 Charltable acllvltles Education: Teaching costs Welfare costs Premises costs Support and governance costs Grants, awards and prizes 7,009 3,600 553 2,748 361 1,225 1,526 2,786 179 7,370 4,825 4,342 5,961 179 2,263 427 Total charitable expenditure 13,910 6.077 2,690 22,677 Tolal expenditure 14.222 7,196 2,694 24,112 25
BENENDEN SCHOOL (KENT) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 7 (b) GOVERNANCE INCLUDED IN SUPPORT COSTS 2024 £ 'ooo 41 17 2023 £'ooo 41 Remuneration paid to auditor for audit services Remuneration paid to auditor for other services Governors. reimbursement of expenses - travel Other governance costs 181 135 240 182 Number ofGoverning Council members reimbursed for expenses in the year (c) MOVEMENT IN FUNDS 2024 £ 'ooo 2023 £ 'ooo Group nel movement in funds is stated after charging- Depreciation Operating lease rentals land and buildings other 2,370 2,694 110 89 7. (d) Grants, awards, and prlzes 2024 2023 £ 'ooo 179 From restrlcted fund8 Bursaries and other awards £ 'ooo 264 8. FINANCING COSTS 2024 £ 'ooo 2023 £ 'ooo Fees in advance debt financing Loan interest and bank charges 768 619 776 625 26
BENENDEN SCHOOL (KENT) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 9. STAFF COSTS 2024 No. 2023 No. The average number employed by the company within each category of persons was.. Teaching (including peripatetic teachers) Welfare Premises Support 153 37 14 207 146 35 13 197 411 391 £ 'ooo £ 'ooo The costs incurred in respect of these employees were.. Wages and salaries Social Security costs Pension costs Termination payments 13,685 1.449 1,909 218 11,218 1,169 1.681 154 17,261 14,222 Aggregate employee costs of key management personnel 1,153 1,277 The number of higher paid employees was: Taxable emoluments band: £60,000 - £70,000 £70,000 - £80,000 £80,000 - £90,000 £90,000 - £100,000 £100,000- £110,000 £110,000- £120,000 £130,000 - £140,000 £140.000 - £150,000 £210,000 - £220,000 £240,000 - £250,000 No. No. 25 18 28 The number with retirement benefits accruing was: In defined contribution schemes In defined benefit schemes No. 37 34 No. 36 £ 'ooo 317 458 £'ooo 71 605 In defined contribution schemes In defined benefit schemes 27
BENENDEN SCHOOL (KENT) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 10. TANGIBLE FIXED ASSETS Subsldlary Property and equlpment £'ooo Furnlture Freehold and Property equlpment £'ooo £'ooo Assets Under Charlty constructlon Total £'ooo £'ooo Group Total £'ooo COST At 1 August 2023 Additions Disposals Reclassifications 81,608 991 (46) 51 1,980 344 51 83,639 1,335 (46) 142 83,781 1,335 <46) (51) At 31 August 2024 82,604 2,324 84,928 142 85,070 DEPRECIATION At 1 August 2023 Charge for the year On Disposals 18,381 1,814 (32) 1,377 554 19,758 2,368 (32) 64 19,822 2,370 (32) At 31 August 2024 20,163 1,931 22,094 66 22,160 NET BOOK VALUE At 31 August 2024 62.441 393 62,834 76 62,910 At 31 July 2023 63,227 603 51 63,881 78 63,959 11. INVESTMENTS 2024 £'ooo 2023 £ 'ooo Group and company At Market Value At 1 August 2023 Additions Disposals Investment Manager's Fees charged to Portfolio Revaluations to closing or sale al Market Value 6,619 12 (5,390) (10) 759 6,596 (19) {32) 74 At 31 August 2024 1,990 8,619 Listed 1.875 5,986 Historical cost 1,765 6,274 Included within the charity balance sheet is £2 investment in the subsidiary companies (see note 4). All the above investments (other Ihan the subsidiary company) are quoted on a recognised UK Stock Exchange or are valued by reference to investments listed on a recognised UK Stock Exchange. 28
BENENDEN SCHOOL (KENT) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 12. DEBTORS Group Charily 2024 £ 'ooo 371 32 619 11 431 2024 £ 'ooo 371 44 622 2023 £ 'ooo 469 164 783 2023 £ 'ooo 469 159 780 45 819 Fee debtors less refundable deposits Other debtors Prepayments and accrued income Amounts owed by trading subsidiaries Interest Rate Swap asset 431 819 1.468 2.235 1,464 2,272 The bad debt expense for the period was 50 50 13. CREDITORS: amounts falllng due wlthSn one year Group 2024 £ 'ooo 766 479 2,683 524 707 21 96 309 Charlty 2024 £ 'ooo 622 475 2,683 511 707 21 95 298 2023 £ 'ooo 745 789 744 293 603 50 164 727 2023 £ 'ooo 611 781 744 282 603 50 163 712 Loans and overdrafts Trade creditors Fees received in respect of Aulumn Term Social Security and Other Taxes Student deposits Pensions Trust creditor Other creditors Accruals and deferred income Amounts owed to trading subsidiaries Fees in advance (see note 16) 3,232 393 3.232 393 8.817 4,508 8,644 4,339 14. CREDITORS: amounts falllng due after more than one year Group Charlty 2024 £ 'ooo 4,231 3,430 8,350 2024 £ 'ooo 4.231 3.430 8,350 2023 £ 'ooo 4,071 402 14,250 25 2023 £ 'ooo 4,071 402 14,250 25 Students. deposils Fees in advance (see note 16) Bank loan (see note 15) Pensions Trust Creditor 16,011 18,748 16,011 18,748 15. BANK LOAN On 28 March 2019 the School entered into a Facilily Agreement with HSBC relating to a Revolving Loan Facility of up to £15m which converted to a Term Loan Facility. A hedging instrument was pul in place in the form of an Interest Rate Swap. The loan interest is a floaling rate but is fixed at 2.370/0 until 30 April 2029 through the swap which at 31 August 2024 represented 670/0 of the loan drawdown value. During the period ended 31 August 2024 an additional repayment of £5.3m was made. 2024 £ 'ooo 2023 £ 'ooo After 5 years Within 2 to 5 years Within 1 to 2 years 5,950 1,800 600 11,850 1,800 600 8,350 600 14.250 600 Within 1 year 8,950 14,850 29
BENENDEN SCHOOL (KENT) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 16. FEES IN ADVANCE Under the School's fees in advance schemes, contributors may enter into a contract to pay to the School up to the equivalent of seven years, tuition fees in advance. The liability is valued at the balance sheet date, bul has been allocated assuming that students will remain in the School for the normal duration: 2024 £ 'ooo 102 1,533 1,795 2023 £ 'ooo After 5 years Within 2 to 5 years Within 1 to 2 years 193 209 3,430 402 Within 1 year 3,232 393 6.662 795 The movements during the year on the accrued liability under the conlracls were.. Balance at 1 August 2023 New contracts 795 6,284 7,079 Amounts utilised in payment of fees to the School {352) (352) (63) Capital repaid Balance al 31 August 2024 6,664 17. ALLOCATION OF THE GROUP'S NET ASSETS EXCLUDING SHARE CAPITAL Net current Assetsl Long term Fund {Llabilities) Liabilities Balances £ 'ooo £ 'ooo £'ooo Fixed Assets £ 'ooo Investments £ 'ooo Unrestricted funds Designated (Fees Safeguard Plan) General Restricted funds 152 4,051 3,730 152 50,875 5,720 62,835 (16,011) 1,990 Charlty funds 62,835 1,990 7,933 (16,011) 56,747 Subsidiary's reserves 75 (1) 74 Group funds 62,910 1,990 7,932 (16,011) 56.821 30
BENENDEN SCHOOL {KENT> LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 17. ALLOCATION OF THE GROUP'S NET ASSETS EXCLUDING SHARE CAPITAL- 2023 Net current Assetsl Long term Fund {Liabilities Liabilities Balances £ 'ooo £ 'ooo £ 'ooo Flxed Assets £'ooo Investments £ 'ooo Unreslricted funds Designated (Fees Safeguard Plan) Designated (Clarke Will) General Reslricted funds 152 152 3,206 47,582 5,715 3,206 1,585 1,828 63,881 864 3,887 {18,748) Charlty funds 63,881 6,619 4,903 (18,748) 56,655 Subsidiary's reserves 78 {37) 41 Group funds 63,959 6,619 4.866 (18,748) 56,696 DESIGNATED FUNDS Designated funds comprise unrestricted funds that have been set aside by the Governing Council and consist of the retained surplus in the Fees Safeguard Plan. The Fees Safeguard Plan fund represents the current surplus of assets of the Fees Safeguard Plan over its liabilities. During the year, the formerly designated Clark Will Fund was released to support the reduction In the loan taken oul to fund the Centenary Hall. RESTRICTED FUNDS Restricted funds consist of those detailed in Note 18 and are held for the purpose of providing bursaries, scholarships and building work. 18. RESTRICTED FUNDS: MOVEMENTS IN THE YEAR Balance at 31 August 2023 Income £ 'ooo £ 'ooo Investment Balance at Galnsl(Losses) 31 August and Transfers 2024 £ 'ooo £'ooo Investment Income Expendlture £ 'ooo £'ooo Reslricled Funds.. Restricted Income funds Seniors Bursary Fund Trust Scholarships Sacha and Susannah Stephens. Bursary Founders Memorial Scholarship Fund Founders Memorial Event Fund Hunt Memorial Concert Fund Trust Award Heart of Benenden Founders Scholarship Centenary Campaign 777 675 70 (264) (6) 936 38 1,519 708 842 128 970 84 12 96 33 38 23 (1) 22 12 24 3,011 234 (12) (22) (876) (196) {1) (1) (2) 2,135 95 130 59 130 5,715 267 (274) 12 5,720 31
BENENDEN SCHOOL (KENT) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 2023 COMPARATIVE RESTRICTED FUNDS: MOVEMENTS IN THE YEAR Balance at 1 August 2022 Income £ 'ooo £ 'ooo Investment Balance at Galnsl(Losses) 31 July and Transfers 2023 £ 'ooo £ 'ooo Investment Income £ 'ooo Expendlture £ 'ooo Restricted Funds= Restricted Income funds Seniors Bursary Fund Trust Scholarships Sacha and Susannah Slephens, Bursary Founders Memorial Scholarship Fund Founders Memorial Event Fund Hunt Memorial Concert Fund Trust Award Heart of Benenden Founders Scholarship 820 (46) 777 679 836 (14) (4) 675 10 842 84 84 33 33 23 23 39 27 2,433 (27) 12 24 3,011 (9) (36) 800 (186) 198 115 (79) 234 5,172 923 (188) (192) 5,715 The restricted funds held in the Seniors Bursary Fund are held by the School as Trustee. 19. UNRESTRICTED FUNDS: MOVEMENTS IN THE YEAR Balance at 31 July 2023 Income £ 'ooo £ 'ooo Balance Other at Investment Galnsl(Losses) 31 August Income Expendlture And Transfers 2024 £ 'ooo £ 'ooo £ 'ooo £ 'ooo Designated funds: Advance fee paymenls Clarke Will General fund Reserves 152 152 3,206 47,582 26.957 (3,206) 3,607 {27,270) 50,876 Charity Non-charitable trading funds 50,940 26,957 (27,270) 401 51,028 41 548 {485) (31) 73 Group 50,981 27,505 (27,755) 370 51,101 32
BENENDEN SCHOOL (KENT) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 2023 COMPARATIVE UNRESTRICTED FUNDS: MOVEMENTS IN THE YEAR Balance at l August 2022 Income £ 'ooo £ 'ooo Balance at 31 July 2023 £ 'ooo Investment Investment Gainsl(Losses) Income Expenditure And Transfers £ 'ooo £ 'ooo £ 'ooo Designated funds: Advance fee payments Clarke Will General fund ReseNes 151 152 3,182 46,546 23.901 {16) (23,516) 40 650 3,206 47,582 Charity Non-charitable trading funds 49,879 23,901 {23.532) 690 50,940 106 380 {392) (53) 41 Group 49,985 24,281 (23,924) 637 50,981 20. SHARE CAPITAL 2024 2023 Authorlsed 10 Ordinary "B" Shares of £1 each 14 14 Allotted, Issued and Fully Pald 10 Ordinary'B" Shares of £1 each 14 14 21. FINANCIAL AND CAPITAL COMMITMENTS Other 2024 £ 'ooo 2023 £ 'ooo Operating leases that are subject to future minimum lease commitments are as follows: Within one year In the second to fifth years In more than five years 44 76 60 75 The capital commitment for the School Hall and Music School at 31 August 2024 was £NIL (2023.. £0.3m). Further capital commitments relating to Lifts and Boarding Accommodation upgrades al 31 August 2024 were £NIL (2023: £0.2m) and £NIL {2023'. £0.1m) respectively. 22. RELATED PARTIES LIME AVENUE SALES AND SERVICES LIMITED- LASS Ltd The directors of LASS Ltd. as indicated under Governing Council and Officers on pages 37 and 38, are members of Governing Council or the Senior Management Team. During the year ended 31 August 2024 the company's turnover included £53,000 (2023: £42.000) from supplies to Benenden School (Kent) Limited. LASS Ltd also made a donation of £32.000 under gift aid to the charitable company. At the year- end, a balance of £1,000 was owed to LASS Ltd by Benenden School (Kent) Limited (2023.. £NIL was owed to LASS Ltd by Benenden School (Kent) Limited). BENENDEN INTERNATIONAL LIMITED - BIL Several members of Governing Council and the Senior Management Team also served in the year as directors of BIL, as indicated under Governing Council and Officers details. During Ihe year recharges of £141,000 {2023- £120,000) were incurred by BIL from the school. 33
BENENDEN SCHOOL (KENT) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 22. RELATED PARTIES (contlnued) Benenden School. a Company registered in the Uniled Kingdom with number 11352204, is a wholly owned subsidiary of the Charity. No Governing Council members received any remuneration (2023:Nil). During the year. no (2023: one) Governing Council members had children at the School. No Governing Council member received remuneration (2023.. no member) for services supplied to the School. During the year, the School obtained within its general insurance. professional indemnity and governors liability insurance cover of £Sm (2023: £5m), the cost ofwhich cannot be split. 23. PENSION SCHEMES Retirement benefits to employees of the School are provided through three schemes which are funded by the School's and employees, contribulions. Teachers, Penslon Scheme The School 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 £794K {2023: £1.1m) and al the year- end £72,000 (2023: £128,000) was accrued 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 crediled to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribulion rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Deparlment. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023. Following Ihe 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 lo choose the option thal provides them with greater benefits, and in preparing the 2020 valuation have valued the 'grealer value, benefits for groups of relevant members. The valuation confirmed that the employer contribution rate for the TPS would increase from 23.60/0 to 28.6°/o from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.080/0 giving a total employer contribution rate of 28.680h TPT Retlrement Solutions, Growth Plan Support staff are eligible lo contribute to TPT Retirement Solutions, (formerly The Pensions Trust) Gr0h Plan. The plan is a multi-employer scheme, partly money purchase and partly with defined benefits. The School contributes at a rate beeen 3 /0 and 11°/o ofgross pensionable salary, togetherwith an additional premium to meet an underfunded liability as advised by TPT Retirement Solutions. The mulli-employer scheme structure enables sponsors to pool costs and access a wider range of support, adminislralion, and investment services than most could reasonably afford alone. However, the multi-employer structure does come with risk and managing this is an important element of the TPT Committee's remit. Despite the financial controls preventing weaker employers from building up new liabilities, it is possible that an employer may become insolvent and be unable lo meet the full cost of settling its liabilities. If so, those 'orphan' liabilities, as they are known are shared amongst the remaining employers. The scheme has a mix of different sized employers with a wide spread of the share of liability. There are 638 non associated employers, over 95 /0 have less than a 10/0 share of the liabilities. The largest individual employer share is 2.70/0. Therefore, if an employer in the Scheme became insolvent, the impact on the remaining employers is relatively low. If the School were lo leave the scheme it would have a liability to it. At 30 September 2023 this liabiSity would have been £664K (2022: £642K). There is no plan to leave the scheme, so this contingent liability has not been provided for in the accounts. 34
BENENDEN SCHOOL (KENT) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 TPT Retlrement Solutlons, Growth Plan {contlnued) A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional conlribulions to the scheme. The School is committed to deficit repayments in relalion to The Pensions Trust Growth plan of £106k per annum over a period of 10 years from 1 April 2013, indexed at 30/0 per annum. In line with the requirements of FRS 102, a liabilily of £21,000 (2023.. £75,000) has been recognised in relation to this. Avlva APTIS Scheme Teaching staff employed by the school since 1s1 September 2022 and leaching staff employed prior to this date are eligible lo contribute to the Aviva APTIS scheme. The pension charge for the year includes contributions payable to Aviva APTIS of £451 K (2023.. £88K) and at the year-end £56.000 (2023.. £9.000) was accrued in respect of contributions to this scheme. All Schemes permit staff to make additional voluntary contributions. 2024 £ 'ooo 2023 £ 'ooo Total contributions incurred during the year were.. Teaching staff Support staff 1,245 664 1,128 553 1,909 1,681 35
BENENDEN SCHOOL (KENT) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 24. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES- 2023 Unrestricted Funds General Designated Funds Funds £ 'ooo £ 'ooo Restricted Funds £ 'ooo Total 2023 £ 'ooo INCOME FROM: Charitable activities School fees Ancillary trading income Other tradlng actlvltles Trading company Investment Income Voluntary sources Grants and donations 21,909 1,900 21.909 1.900 380 380 92 923 1,015 Total Income 24,282 923 25,206 EXPENDITURE ON: Ralsing funds Trading costs Fundraising costs Financing costs Investment management 382 396 625 382 396 625 32 16 1,410 16 1,435 Charltable actlvltles Educational activities and grant making 22,498 179 22,677 Total Expendlture 23,908 16 188 24,112 NET INCOME BEFORE TAX Taxation payable 374 (15) 735 1,094 NET INCOME AFTER TAXATION BEFORE INVESTMENTS GAINSI{LOSSES) Investment gainslllosses) Gain on Interest Rate Swap 374 (15) 735 1,094 20 389 40 (4) 56 389 NET INCOME AFTER TAXATION AND INVESTMENTS LOSSES 783 25 731 1,539 Transfers 188 (188) NET MOVEMENT IN FUNDS 971 25 543 1,539 Balance brought forward at 1 August 2022 46,652 3,333 5,172 55,157 Balance carried forward at 31 July 2023 47,623 3.358 5,715 56,696 36
Governing Council and Officers Benenden School (Kent) Limited is a limited company wilh charitable status. The Directors of the company, who are the Trustees of the charity, are the members of the Governing Council of Benenden School. Those who served during the year and subsequently were: The Hon Mrs J S Birkett (resigned 3 August 2024) Ms F J Conway 81akemore Mrs A V Caton Ms A J Clarke Dr F E Cornish Mrs D Coslett Dr R W Evenett- (resigned 3 August 2024) Mr P A J C Marshall Mr D McBeath Mrs A McNab' (Chair from 29 June 2024) Mr D J McNab (appoinled 9 May 2024) Mr J P Pearce- Mr P A Simpkin Mrs C Stewart- (resigned 3 August 2024) Prof H L Taylor Mrs C L Thomas 15 8, 17, 19 10 3,20 9, 13, 16 5, 14, 20 13. 18 1.2,7,11.14.17 15 6. 17. 21 15 19 13. 20 4,18 Governing Council Members are appointed by the Governing Council for a term of four years. They can be re- elected or retire by rotation. There are no nominated Governing Council Members. Denotes Commiltee membership (as at 31 August 2024 or prior to retirement): 1. Chair of Governing Council 2. Deputy Chair of Governing Council 3. Chair of Education Committee 4. Chair of Estates Committee 5. Chair of Finance Commiltee 6. Chair of Investment Committee 7. Chair of Nominations Committee 8. Chair of Remuneration Committee 9. Chair of Risk Committee 10. Chair of Safeguarding Commiltee 11. Chair of Bursary and Partnerships Committee 12. Chair of Development Board 13. Member of Education Committee 14. Member of Estates Committee 15. Member of Finance Committee 16. Member of Investment Committee 17. Member of Nominations Commitlee 18. Member of Remuneration Commillee 19. Member of Risk Committee 20. Member of Safeguarding Committee 21. Member of Bursary and Partnerships Commillee Director of LASS Ltd Director of BIL 37
SHAREHOLDERS The School is owned by holders of"B" shares: there are no 'A" shareholders. The list of shareholders is the same as the list of Governing Council members shown above. No payment was made to any Directors for their services as Members of the Board of Governing Council Members. They were reimbursed expenses directly incurred on school business. OFFICERS Headmistress Headmistress Director of Finance and Operations Director of Finance and Operations Secretary Secretary Further members of the Senior Management Team Mrs S A Price (until 31 August 2024) Ms R Bailey (from 1 September 2024) Mrs J E Lerbech (until 31 July 2024) Mrs A D Higgs (from 29 February 2024) . Mrs E J Bradley (until 31 May 2024) Ms R Williams (from 1 April 2024) Mr M J L Commander- Mr K A Johnson Mr S Miller MrlGRead Ms H J R Semple Mrs A M Wakefield (until 31 August 2024) Address and Registered Office Benenden School (Kent) Limited Cranbrook Kenl TN17 4AA Company Number Charity Number 0196353 307854 38
Advisers Bankers Coutts & Co. 440 Strand London WC2R OQS HSBC UK Bank PIC 1st Floor. First Point, Buckingham Gate London Gatwick Airport West Sussex RH6 ONT Solicitors Farrer & Co. 66 Lincoln's Inn Fields London WC2A 3LH Auditors Haysmac LLP 10 Queen St Place London EC4R 1AG Investment Advisers Sarasin & Partners LLP Juxon House 100 st Paul's Churchyard London EC4M 8BU Insurance Brokers Marsh 8rokers Limited Education Practice Capital House 1-5 Perrymount Road Haywards Heath West Sussex RH16 3SY 39
ri., 11 BENENDEN