BENENDEN
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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 gr0￿h, we help our pupils to develop self-knowledge,
to become Ou￿ard 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 be￿een 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 Ne￿ork, 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 Se￿iCe 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 be￿een 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
onsibili￿eS. 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. I￿ere 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) Gr0￿h
Plan. The plan is a multi-employer scheme, partly money purchase and partly with defined benefits. The
School contributes at a rate be￿een 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