BADMINTON SCHOOL LIMITED
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Company Number: 257012 Charity Number: 311738
BADMINTON SCHOOL LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
| CONTENTS | |
|---|---|
| Page | |
| Message from the Chair | 1 |
| Governors’ Report | 2 – 10 |
| Reference and Administrative Details | 11-12 |
| Statement of Governors’ Responsibilities | 13 |
| Independent Auditor’s report | 14-16 |
BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT FOR THE YEAR ENDED 31 AUGUST 2024
MESSAGE FROM THE CHAIR
There continues to be a great demand for places, resulting in a healthy long-term business position whilst delivering excellent educational and pastoral outcomes in line with our charitable objectives. Our exam results at GCSE and A-level have been in line with historic data. We add half a grade of value in most GCSE subjects and over two thirds of our A-level students have gone on to their first-choice tertiary institution consistent with their ambition. Badminton aims to provide the best preparation for thriving in a global society, so we also prepare our students to meet life’s current and future challenges, both socially and in their future careers.
The leadership transition, commencing in 2023, has coincided with the Board’s strategy review during the year, a collaboration with the new school leadership to set the direction of travel for the school towards 2030. The Board believes there will continue to be a demand for a girls-only day and boarding offer on the current site in Bristol for local, national and international markets. We continue to believe Badminton must prepare its students to thrive in a global society. Whilst this still means that exam results are important, we place great value on getting our students suited to pursuing the right academic and career choices for them, and to ensure they have the best life skills necessary to navigate a rapidly changing world. As an institution, we recognise that the business environment in the independent sector will continue to change; the Board has put considerable thought into the risks involved, possible mitigations and the maintenance of our public benefit obligations that go with charitable status.
The school continues to scrutinise risks including the recent announcement from the new government about the introduction of VAT on fees from January 2025, the loss of business rate relief and the increase in Employer’s National insurance rates together with the lowering of the threshold when they are due, all to commence in April 2025. These have been factored into the three-year budget.
The school has embarked on expanding into new markets and has established links with a partner in South Korea on a royalty-based agreement. Badminton School, Korea, was opened in August 2024. We anticipate a royalty fee from Badminton School, Korea, in September 2025, and further discussions in other countries are continuing.
The school has continued to invest in its estate, maintaining what we have, but also beginning to develop an estate master plan that will fall out of the new strategy. In the short term, therefore, the emphasis has been on maintaining the fabric of our buildings and key assets. Summer 2024 included a refresh of the swimming pool infrastructure and changing rooms, and several classroom refurbishments at the Prep School. We look forward to investing in new capital projects over the next ten years to keep Badminton amongst the leading girls boarding institutions in the country, appealing to a global market.
The Board is pleased with the position in which the school finds itself after a transitional year and has a clear idea of where it wishes to be in ten years’ time, building on a confident, robust, forward-looking and wellmanaged institution.
J D Lewis Chair of Governors 21 March 2025
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BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024
The Governing Board (“Board”) of Badminton School (“the school”) presents its annual report under the Companies Act 2006 and the Charities Act 2011 together with the audited accounts for the year ended 31 August 2024.
OBJECTS, AIMS AND OBJECTIVES
Charitable Objects
The principal charitable objective of the school is the management and organisation of a girls’ senior and junior boarding and day school at its site in Westbury-on-Trym, Bristol. The formal Objects of the Charity include the creation and administration of bursaries and scholarships for the encouragement of study and learning.
Within these Charitable Objects, and working with the new Head, the Board has developed a vision for Badminton School, which encapsulates the aspiration ‘to be a world class school that provides the best preparation for thriving in a global society’. A consultation exercise with staff, parents and pupils have led to refocus on our core values, which are:
CURIOSITY - The desire to explore, understand and learn about the world. The spark that ignites discovery and innovation. A willingness to embrace new ideas and perspectives. COURAGE - The determination to face challenges head-on and with integrity. The readiness to stand up for what is right. ASPIRATION - The desire to achieve something greater, to set ambitious goals and work towards them with dedication and perseverance. The belief that there are goals worthy of real endeavour and an anticipation of the fulfilment that will come from achieving them. COURTESY - Showing respect, kindness, and consideration towards others. Being polite, thoughtful, and mindful of how your words and actions impact on those around you. Showing respect to those who are different from yourself and consideration to those who are more vulnerable.
Alongside these values, we have refined our aims:
To provide a holistic education that is engaging and challenging: A Badminton education is relevant and inspirational. We work hard to create an environment where students are actively engaged in their own learning journey, where they are encouraged to develop their passions, think critically, and solve problems. By offering a diverse range of experiences and activities, we aim to ignite our students' curiosity and enthusiasm for learning.
To nurture the individual through an ethos of kindness and mutual respect : At the heart of Badminton lies a commitment to cultivating a supportive and inclusive learning environment where every individual feels valued, respected, and accepted for who they are. It seeks to cultivate empathy, compassion, and a sense of belonging among students, staff, and the wider community, promoting positive relationships and emotional well-being.
To promote an international mindset that makes a positive contribution to the wider world : At Badminton we recognise the importance of preparing our students to be global citizens who understand and appreciate diverse cultures, perspectives, and global issues. We aim to instil in them a sense of responsibility, engagement, and awareness of their interconnectedness with the world, empowering them to contribute positively to local and global communities through meaningful action and collaboration.
The Governing Board is committed to maintaining and enhancing the academic success of the school within the context of the values and aims set out above.
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BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024
In reviewing the aims and objectives of the school, the Board has given careful consideration to the Charity Commission’s general guidance on public benefit and itssupplementary guidance on advancing education and on fee charging. In particular, the Board has considered how planned activities will contribute to the school’s aims and objectives.
consistent with the Board’s aim that the school should be a recognised leader in girls’ education.
PERFORMANCE
School Roll
The average number of pupils on roll during 2023-24 was 547 (2022-23: 549). The Executive Leadership Team are confident about recruitment and interest in the school remains strong. In the year under review, 56% (2022-23: 65%) of the pupils in the school benefited from financial support and all support is subject to means-testing.
Academic Excellence
Academic excellence is achieved through a holistic approach to teaching and learning, which encourages methods that are challenging and fun. The great resources and passion of the staff, coupled with their knowledge of each pupil, allows each girl to thrive academically and socially.
The emphasis is on the development of skills to support independent learning and encouragement for pupils to take a lead with new approaches. Sports and creative skills are integral to the curriculum, giving pupils a broad outlook and skill set. Results for 2024 broadly reflected national trends. Badminton had another very strong year in terms of supporting students with achieving their university choices, as well as celebrating outstanding individual achievements by students; some of which were recognised by the exam boards in communications to the school.
Away from the classroom, girls have enjoyed a variety of options and continue to excel in Public Speaking, Creative Writing, Languages, Sport, Music, Art, Debating, Drama and Duke of Edinburgh awards. The school’s Science Outreach programme also remains extensive, and Badminton also acts as the South-West hub for the Classical Association and hosts their regular lecture.
Pastoral care
The size of the school coupled with emphasis on excellent pastoral care creates a supportive environment in which each pupil has the confidence to develop into the person that they want to be. Our pastoral provision includes wellbeing surveys, Tutor 1-2-1's and regular catch ups with Boarding House staff for boarders. There is no scope for anonymity and the respectful relationships ensure not only that the pupils are mutually supportive, but also that staff and pupils work collaboratively to tackle issues; a key example would be the whole school pastoral system based on 8 pillars of ‘self and surroundings’ which was initiated by the Head Girls and developed by staff. The combination of small form groups and boarding in a progression of age group areas coupled with the mixed age competitive Houses allows strong friendship within and across year groups. During the school day, there is no differentiation between day and boarding pupils.
The PSHCE and tutor programmes are designed to enable the girls to develop the skills to manage their own physical and emotional wellbeing effectively, as well as building wider life skills. Development for support for mental health and wellbeing has been a particular focus with the creation this year of a new Pupil Wellbeing and Mental Health Lead who works alongside the pastoral heads.
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BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024
In the Sixth Form there is an induction programme at the start of each year to integrate new students with existing ones The Broadening Horizons programme in Sixth Form covers topics such as safety around the use of drugs and alcohol, safe sex, managing student finance and self-defence.
After school care for Day Pupils is provided free of charge for Prep School Day Pupils until 5.45pm. Any pupils not collected by 6.00pm are taken to Bartlett House and a nominal fee will be added to their next termly bill and they are able to stay for supper with the Boarders for a nominal charge. Occasional and flexi boarding is offered for J5 and J6 Pupils.
The school has continued to develop a series of “strands” inextricably linking the Prep and Senior Schools. Strong academic links now exist in the Spanish, German and French Departments and Music and PE. These links have been forged not only through shared teaching staff which means that academic expertise is enjoyed by pupils across the school, but more coherent schemes of work have also been fostered as there is a greater appreciation of what is studied at the different ages. In addition, the Languages department have done work in the Prep School where pupils there have been able to enjoy access to Language Clubs and this has further developed work done to forge closer relationships between the Prep and Senior Schools. More specifically, work on Character Strengths and co-curricular approaches, such as the Badminton Baccalaureate, give stronger golden threads that weave the Juniors and Seniors closer and create coherence in experience, whilst still giving scope for growth and development.
Developing the school
Work on developing the school site continues despite the announcement on 29 July 2024 that VAT will be applied to the school fees, boarding provision and the bulk of the 1:1 lessons.
The Sixth Form refurbishment of the boarding accommodation started over summer 2024, and this will continue into the next year as a rolling programme of improvements. The Swimming pool changing rooms were refurbished over the summer 2024, and the remaining plant was replaced in October 2024. The Prep School saw a major refurbishment of the Art and Design Technology room as well as refurbishment of some service areas.
Bursaries
The Board has confirmed its commitment to the provision of continued means-tested bursary funding for pupils who would otherwise find the cost of an independent school education unaffordable.
which it can offer bursaries. Nevertheless, a range of factors are considered in making the awards and the school does not apply a simple family income threshold to determine whether an award may be made. In considering the financial need of an applicant, the size of family and the level of income and capital are taken into account, as a result the number and size of bursaries can vary considerably. In all cases the level of a bursary is determined by the extent of financial need and therefore applicants are required to complete an application form, which provides details of their income and capital. Annual reassessments are made with an updated statement of financial circumstances submitted in all cases. Parents who consider that they may need to apply for bursary support are encouraged to discuss the matter at an early stage, as bursary funds are limited.
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BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024
Grant-Making and Social Investment Policy
Badminton School is proud to accept pupils with a wide range of academic ability and from a variety of social backgrounds. Although the school is not highly selective, admission from 11+ does require pupils to sit academic examination papers, alongside their extended interview, to ensure that the pupil has the potential to benefit from a Badminton education. Children wishing to enter the Prep School will also spend a day with their peer group to assess their potential.
These measures help to ensure that the school will be able to educate and develop a prospective pupil to the best of that pupil’s potential and in line with the general standards achieved by her peers. They help the school to satisfy itself, and parents, that a potential pupil will cope with the pace of learning and benefit fully from the education that the school provides. The school’s Admissions Policy sets out its admissions procedure in detail and is supported by its policy on bursaries and scholarships. An individual’s economic status, ethnicity, race, religion or disability are not relevant to the school’s admissions procedures.
Access to Facilities
The school, via its commercial subsidiary, continues to offer public access to its leisure facilities. The swimming pool was used by two local schools and five local swim clubs and a wider range of local sports clubs and organisations, including Mavericks Netball Club, Redland Ladies Hockey Club, Clifton Robinsons Hockey Club and Bristol Falcons Badminton Club use the all-weather pitch and sports centre.
The school also provided the facilities gratis for two one day events, for the charities Access Sport and British Blind Sports, which over the two events, saw well over 100 participants on site.
Charities (UK and Overseas)
Pupils take an active involvement in charitable fundraising activities through the school’s ‘Philanthropy Team’ which is pupil and staff led; it is regarded as a fundamental part of school life and includes participation in a number of national fundraising days and international initiatives.
FINANCIAL REVIEW
Financial Results and Position
operations of £654k (2022-23: £1,748k). After capital expenditure of £1,738k (2022-23: £976k) and repaying the existing Revolving Credit Facility in full of £2,500k (22-23: £922k), there was a net decrease in cash of £3,106k (2022-23: £311k decrease).
The Board considers the financial affairs of the school to be satisfactory and that this will continue in the foreseeable future.
Financial support
In the year ended 31 August 2024, means-tested awards with a value of £638k (2022-23: £660k) (including awards of £170k (2022-23: £78k) from restricted funds) were made. A total of 43 pupils benefited from these awards. These awards helped to widen access to the school. The Governors intend to continue to allocate a significant budget to the provision of means-tested bursary support available to prospective applicants to the school. The financial support available ranges from 10% to 100% of fees, depending on need.
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BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024
Reserves Policy
The school’s total unrestricted reserves as at 31 August 2024 amounted to £6,790k (2022-23: £7,249k), which the school considers sufficient to meet its day-to-day requirements and to support its future capital plans. Restricted reserves at 31 August 2024 (excluding the Endowment Fund at £14k) amounted to £581k (2022-23: £807k) and includes restricted fixed assets of £550k (2022-23: £708k), with the remainder providing funds principally for bursary and prize funds as set out in the note to the accounts.
and replace its fixed assets and to improve continually the facilities provided by the school to its pupils. To ensure an annual surplus the school prepares a detailed income and expenditure budget including contingencies for the risk of lost income or additional expenditure that have been identified. Termly accounts are prepared and Senior Leadership Team, Finance & General Purposes and the Board monitor results closely. External borrowing is used as and when necessary to assist in funding developments. Restricted funds are to be held in cash or investments. In implementing this policy, it is the Governors’ intention to hold such reserves to enable the school’s day-to-day working capital requirements to be met by the careful management of its short-term liquid resources. In practice this is likely to require the holding of additional reserves to fund future capital expenditure to the extent it is not funded by bank borrowings.
The school does not have any free reserves. This is attributable to the definition of free reserves by the Charities SORP specifically excluding fixed assets that are financed by long-term liabilities due to the assets being required by the charity in order to deliver its aims. The Governors' policy is to invest to keep the school at the forefront of the independent school sector. This is partly financed by current borrowing, which is the most cost-effective method of funding fixed assets consistent with the school’s cash flow profile. The Governors are . satisfied the current level of reserves meets the school’s requirements and Reserves Policy
Principal Financial Management Policies
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school to the Finance and General Purposes Committee (F&GP).
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F&GP is therefore responsible for financial matters including budgets, cash flows and management accounts, credit control, recommendations on fee levels and fee discounts and management of Capital Expenditure. F&GP also has a remit for matters, which require legal advice, human resources issues, insurance arrangements, investment policy, remuneration, estate management and banking and borrowing arrangements.
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delegated in writing to Heads of Department.
Impact of Charitable Status on Finances
Parents of pupils at the school have an assurance, as the school is a registered charity, that all the income of the school must be applied for educational purposes. The Board of Governors remains confident that the school brings substantial benefits to its pupils and to the local and wider community through the education
Fundraising Practices
The Governors are aware of the Charities (Protection and Social Investment) Act 2016 and recognise the importance of meeting the highest standards of practice and care in relation to fundraising activities. The school is registered with the Fundraising Regulator and their fundraising code of practice. Any submission
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BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024
made by a member of the general public to the Fundraising Preference Service (provided by the Fundraising Regulator) would be made notifiable to Badminton School.
The school only raises funds from Old Badmintonians, parents, staff and those with a personal connection to the school and does not currently undertake fundraising campaigns to the public.
Investment Policy
The Governors’ investment powers are governed by the Memorandum and Articles of Association which requires all investments to be held in such funds as the Governors see fit, in accordance with English law. The investment objectives are to maintain a steady income stream from the investment assets, which were valued at £261k at the balance sheet date, to contribute towards bursaries. Governors are satisfied that the investments have performed in line with expectations in 2023-24, taking into account market conditions.
Freehold Land and Building s
CONNECTED AND RELATED CHARITIES
The following related entity has not been incorporated in these financial statements as their activities are not under the control of the Governors of Badminton School:
- Old Badmintonians Association
PLANS FOR FUTURE PERIODS
The Board of Governors intends to continue its current strategy of maintaining the school’s position in a highly competitive marketplace by investing to provide a high-quality education for the school’s pupils. The Board’s detailed direction to the Executive Leadership Team for the next academic year remains essentially unchanged. However, the Board has carried out a full review of its strategy to ensure the school’s vision, its educational and pastoral offer, and its impact on our community remains relevant and valued over the next decade.
The exceptional academic success enjoyed during 2023-24 and prior years is evidence of the value added by a Badminton education. This continued success in the classroom, balanced by fine extracurricular activities, remains a high priority. Badminton continues to look for opportunities to enrich the educational experience and to future proof the school as a business, mindful of the challenging times ahead. Exploratory conversations around several educational partnerships are in progress.
The school plans to continue its initiatives to widen accessibility. The approach to bursaries is a central plank of this policy. The importance of the letting of the school’s first-class facilities to other schools as well as community groups, clubs and other charities remains of immense importance in the school’s aspirations to demonstrate real public benefit.
The Board acknowledges the importance of providing sufficient resources for the continuing routine reactive and preventative maintenance of the buildings, fixtures, fittings and grounds of Badminton School including the Grade II Listed Northcote House. During the coming five years this will remain a high priority.
The Board of Governors systematically review the school’s Risk Register annually, both in the subcommittees and at Full Board level. The risks, divided into six categories according to the committee which
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BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024
oversees them (Strategic, Other Board Level Risks, Finance & General Purposes, Education & Welfare, Risk, Regulation & Compliance and Property) are therefore reviewed in detail by the committees in the Autumn Term and the Board every Spring. The school’s Senior Leadership review the risks prior to presentation to committees.
The risks and uncertainties presented by the cost of living crisis and unstable political environment have formed a particular focus of this risk-based approach and the Board has worked closely with the school’s leadership team on mitigation measures where possible and in fostering a culture of transparency and regular communications with pupils, parents, staff and all other stakeholders.
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks identified, which face the school, include the following:
EXTERNAL UNCERTAINTIES
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Continuing to review the global impact of economic circumstances
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Assessing the impact of the introduction of VAT on fees (January 2025) and the loss of Business Rates Relief and increased Employers National Insurance contributions(April 2025)
Mitigating strategies
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Broaden international recruitment horizons beyond south-east Asia
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Understand alternative governance and financial models to ensure institutional sustainability
FINANCIAL RISKS
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The range and quality of independent school places in Bristol creates a highly competitive environment, and the Board is aware of the need to ensure that the education offered by the school remains attractive
Mitigating strategies:
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Eliminate all unnecessary spending and reduce non means tested fee concessions
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Strong marketing activity to keep the school at the forefront of the minds of prospective local, national and international parents
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Maintaining a reputation for academic excellence and outstanding pastoral care by recruiting and retaining the most able staff and through continual investment in facilities.
Through the risk management processes, the Governors are satisfied that the major risks have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
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BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The school operates through a limited company (No. 257012) with an authorised share capital of fifty £1.00 shares of which 26 have been issued. All 26 shares are held by Badminton Trust. None of the Governors had any interest in the shares.
Governing Document
The school’s governing document is its Memorandum and Articles of Association dated 10 June 1931, as amended by Special Resolution passed on 6 April 1949 and is reviewed on a regular basis as appropriate.
Recruitment and appointment of Trustees and governors’ interests
The Board of Governors is self-appointing and service on the Board is for a set term. Governors are required to retire by rotation on a three-year cycle. Governors may be re-elected on completion of their term to provide continuity. The Trustees are constantly seeking to recruit and appoint high calibre volunteer Trustees to provide a broad spectrum of experience and skills. The Board seeks to have representation from professions such as the law, finance and construction, from a general business or commercial background, from former pupils and parents as well as the education sector.
The Board of Governors have carried out a detailed skills audit and self-evaluation and identified areas of need for targeted recruitment of new governors. New Governors are formally inducted into their role, including Board Policy and Procedures through a series of formal briefings by the Chair of Governors, Heads of the Senior and Prep Schools and the Clerk to the Governors. All Governors are encouraged to attend AGBIS seminars and other appropriate events throughout the year to maintain an up-to-date knowledge of their role.
Decision making
The Board of Governors will routinely discuss and agree issues without a vote but in the case of financial or contentious issues the Chair will call for a vote with the resolution being carried by a simple majority. Within the school the Head has executive authority although the Bursar, in respect of financial matters, remains answerable to the Finance and General Purposes Committee, acting on behalf of the Full Board.
Organisational structure of the Charity
The Trustees, also known as the Board of Governors, provide strategic leadership to the school. They formally meet three times a year with the Head and the Bursar in attendance. The school’s Bursar also serves as the Clerk to the Governors. The Main Board is supported by a series of sub-committees, which also generally meet three times a year providing written reports to the Board.
The day-to-day running of the school is delegated to the Executive Leadership Team (ELT), made up of the Head, Senior Deputy and the Bursar. The ELT utilises a Senior Leadership Team (SLT), made up of Deputy Heads to assist in the leadership of the school. The Bursar has the additional responsibility of acting as the finance director responsible to the Board through the Finance and General Purposes Committee.
The work of the Board of Governors is carried out via sub-committees, which are Education & Welfare, Finance & General Purposes, Risk, Regulatory & Compliance, Property and also the Staff Council. The Board also carries out work via the Development Committee and the Health and Safety Committee. As well as the SLT, the Head appoints Middle Leaders and Heads of Department throughout the school structure to assist in the running of
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BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024
the organisation. Wherever sensible and appropriate and in order to encourage financial ownership and responsibility, Heads of Department manage their own budgets which are formally delegated by the Head through the Bursar. All other staff members report to the relevant member of the SMT, or a relevant Middle Leader who sits under a senior manager as part of the organisational structure.
Relationship to Other Charities
Badminton School actively supports the attainment of the highest standards in the independent schools sector through membership of organisations such as the Boarding Schools’ Association (BSA), the Girls’ School Association (GSA), the Independent Association of Prep Schools (IAPS), the Association of Governing Bodies of Independent Schools (AGBIS) and the Independent Schools Bursars’ Association (ISBA). The school cooperates with many local charities in their ongoing endeavours to widen public access to the environment and facilities of the school.
Remuneration of Key Management Personnel
The Governors consider that they, together with the Executive Leadership Team, comprise the Key Management Personnel. All Trustees give of their time freely and no remuneration was paid in the year.
The pay and remuneration of the Senior Leadership Team is set by the Head, in consultation with the Chair and Vice-Chair of Governors and the Chair of F&GP, whilst the remuneration of the Head is set by the Chair and Vice-Chair of Governors and kept under annual review.
Criteria are used in setting pay are:
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nature of the role and responsibilities
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competitor salaries in the region
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the sector average salary for comparable positions
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trends in pay
The Board intends to be in the upper quartile for pay for senior roles in the independent school sector. The Governors have given delegated authority to the Head to pay higher salaries for exceptional candidates where this is in the interest of the school.
Subsidiary Entities
The school has two fully owned trading subsidiaries. Badminton Enterprises Limited was incorporated on 16 December 2015 as a company limited by share capital registered in England and Wales, company number 09919323, and is established to generate income from the letting of school facilities. The company pays all of its profits to Badminton School Limited under the gift aid scheme for reinvestment in the school. This includes the letting of the Sports facilities, swimming pool, the all-weather pitch and the school’s facilities for holiday sports camps and holiday language schools for overseas students.
Badminton School International Limited (BSIL) was incorporated on 8 May 2019 as a company limited by share capital registered in England and Wales, company number 11985814, with the intention to develop new revenue streams through partnerships overseas. Badminton School, South Korea opened in August 2024 under a licence agreement with BSIL. Other licence agreements are in discussion.
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BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024
REFERENCE AND ADMINISTRATIVE DETAILS
Name of Charity Badminton School Limited Trading Name Badminton School
The Trustees/Board of Governors
Mr J D Lewis MDA BSc MInstRE Chairman Mrs L Thomas LLB (Hons) (p) Mrs A Joseph LLB (rrc) (d) (resigned 28 June 2024) Dr S Otton MA MBBChir FRCP FRCPath (ew) Ms A Jarratt BA (Hons) FCA (fgp) Mr D Thomas (ew) Mr M Keogh BSc (Eng) Hon MBA (fgp) Mrs A Symington (rrc) (resigned 28 June 2024) Mrs K Crosse MA Cert Ed (rrc) Mr R Egelman (p) Ms C Moss MA Cantab (ew) Dr M Bhabutu MEng PhD MBA (appointed 01 September 2023) (rrc) Mr J Rimmer BSC Hons MSc Exec MBA (appointed 01 September 2023) (p) (ew) Mr E Spencer ACA (appointed 01 September 2023) (fgp)
Dr S Wharton BSc PhD Chevalier dans L’Ordre des Palmes (appointed 01 September 2023) (ew)
Miss R Kenyon ACMA BSc (Hons) ARCM (appointed 21 March 2025) (fgp)
(ew) Education & Welfare Committee
(fgp) Finance & General Purposes Committee
(p) Property Committee
(rrc) Risk, Regulatory & Compliance
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(d) Development Committee
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(sc)
The Chair attends all sub-committee meetings
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BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024
REFERENCE AND ADMINISTRATIVE DETAILS (Continued)
Head |
Mrs J M Miles BA |
|---|---|
Bursar |
Mr J Webster BSc (Hons) ACA |
| Charity Registraton Number | 311738 |
| Company Registraton Number | 257012 |
Registered Ofce |
Badminton School |
| Westbury-on-Trym | |
| BS9 3BA | |
| Independent Auditors | HaysMac LLP |
| 10 Queen Street Place | |
| London EC4R 1AG | |
Bankers |
Barclays |
| 4 Queen Street | |
| Bath BA1 1HE | |
Solicitors |
Veale Wasbrough Vizards LLP |
| Narrow Quay House | |
| Narrow Quay | |
| Bristol BS1 4QA | |
Insurance Brokers |
Marsh |
| 4 Milton Road | |
| Haywards Heath | |
| RH16 1AH |
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BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024
STATEMENT OF GOVERNORS’ RESPONSIBILITIES
Company law requires the Governors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the School and of the surplus or deficit of the School for that period. In preparing those financial statements, the Governors are required to:
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Select suitable accounting policies and apply them consistently
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Observe methods and principles in the Charities SORP
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Make judgements and estimates that are reasonable and prudent
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements
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Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charitable company will continue in operation
The Governors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the school and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the school and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the governing document, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Accounting and Reporting by Charities: 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) (effective 1 January 2015).
The Governors confirm that the Accounts comply with relevant requirements of the Governing Document and with current statutory requirements. The Governors confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regards to the Charity Commission’s general guidance on public benefit.
PROVISION OF INFORMATION TO AUDITORS
The Governors who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditors are unaware. Each of the Governors have confirmed that they have taken all of the steps that they ought to have taken as Governors in order to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
A resolution proposing the appointment of auditors will be tabled at the Annual General Meeting.
In approving the Governors’ Report, the Governors also approve the Strategic Report in their capacity as company directors.
On behalf of the Board
Justin Lewis Chair of Governors 21 March 2025
13
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF BADMINTON SCHOOL LIMITED
Opinion
which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
-
31 August 2024 and of the group’s and parent charitable 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 the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Governor’s Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
14
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF BADMINTON SCHOOL LIMITED
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Governor’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 Governor’s Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governor’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 charitable company financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees’ remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees for the financial statements
As explained more fully in the governor’s responsibilities statement set out on page 15, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
15
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF BADMINTON SCHOOL LIMITED
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the independent school regulations, safeguarding regulations, health and safety requirements, GDPR, employment law and charity law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Charities Act 2011 and consider other factors such as payroll tax.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the improper recognition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
-
Inspecting correspondence with regulators and tax authorities;
-
Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud;
-
Evaluating management’s controls designed to prevent and detect irregularities;
-
Identifying and testing journals; and
-
Challenging assumptions and judgements made by management in their critical accounting estimates
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
7 Adam Halsey (Senior Statutory Auditor) For and on behalf of HaysMac LLP, Statutory Auditor 10 Queen Street Place London EC4R 1AG Date: 29 May 2025
16
BADMINTON SCHOOL LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (incorporating income and expenditure account) FOR THE YEAR ENDED 31 AUGUST 2024
| Restricted and | ||||||
|---|---|---|---|---|---|---|
| Unrestricted | Endowment | Total | Total | |||
| Funds | Funds | 2024 | 2023 | |||
| Notes | £’000 | £’000 | £’000 | £’000 | ||
| INCOME FROM: | ||||||
| Charitable activities | ||||||
| Fees receivable | 2 | 12,638 | - | 12,638 | 11,813 | |
| Extras – optional subjects | 374 | - | 374 | 363 | ||
| Other educational income | 68 | - | 68 | 78 | ||
| Other trading activities | ||||||
| Trading company | 287 | - | 287 | 376 | ||
| Investments | - | - | - | - | ||
| Donations and legacies | - | 90 | 90 | - | ||
| Grant income | - | - | - | 105 | ||
| ----------------------- | ------------------- | --------------------- | --------------------- | |||
| TOTAL INCOME | 13,367 | 90 | 13,457 | 12,735 | ||
| ----------------------- | ------------------- | --------------------- | --------------------- | |||
| EXPENDITURE ON: | ||||||
| Raising funds | 4 | 9 | - | 9 | 12 | |
| Charitable activities | ||||||
| School operating costs | 4 | 13,817 | 358 | 14,175 | 12,586 | |
| --------------------- | ------------------- | --------------------- | --------------------- | |||
| TOTAL EXPENDITURE | 13,826 | 358 | 14,184 | 12,598 | ||
| --------------------- | ------------------- | --------------------- | --------------------- | |||
| NET (DEFICIT)/SURPLUS |
BEFORE | (459) | (268) | (727) | 137 | |
| INVESTMENT GAINS | ||||||
| Investment gains | 9 | - | 26 | 26 | 8 | |
| --------------------- | ------------------- | -------------------- | -------------------- | |||
| NET (EXPENDITURE)/INCOME | (459) | (242) | (701) | 145 | ||
| Fund balances brought forward | 7,249 | 837 | 8,086 | 7,941 | ||
| ----------------------- | ------------------- | ----------------------- | ----------------------- | |||
| FUND BALANCES CARRIED FORWARD | 16,17 | £6,790 | £595 | £7,385 | £8,086 | |
| ============ | ========== | ============ | ============ |
All of the School’s activities relate to continuing operations.
There are no other gains or losses other than those set out above. The notes on pages 21 to 39 form part of these accounts.
Comparative figures for unrestricted and restricted movements are shown in note 23.
17
Company number: 257012
BADMINTON SCHOOL LIMITED
CONSOLIDATED AND CHARITY BALANCE SHEETS AT 31 AUGUST 2024
| GROUP | GROUP | CHARITY | CHARITY | ||
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||
| Notes | £’000 | £’000 | £’000 | £’000 | |
| FIXED ASSETS | |||||
| Tangible assets | 8 | 13,254 | 12,365 | 13,254 | 12,365 |
| Investments | 9 | 261 | 235 | 261 | 235 |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | ||
| 13,515 | 12,600 | 13,515 | 12,600 | ||
| CURRENT ASSETS | |||||
| Debtors | 10 | 702 | 525 | 567 | 428 |
| Cash at bank and in hand | 58 | 3,164 | - | 2,967 | |
| ---------------------- | ---------------------- | ---------------------- | ---------------------- | ||
| 760 | 3,395 | 567 | 3,395 | ||
| CREDITORS: Amounts falling | |||||
| due within one year | 11 | (4,635) | (3,813) | (4,632) | (3,801) |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | ||
| NET CURRENT | (3,875) | (124) | (4,065) | (406) | |
| (LIABILITIES)/ASSETS | |||||
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | ||
| TOTAL ASSETS LESS CURRENT | 9,640 | 12,476 | 9,450 | 12,194 | |
| LIABILITIES | |||||
| CREDITORS: Amounts falling | 12 | (2,255) | (4,390) | (2,255) | (4,390) |
| due after one year | |||||
| ------------------------ | ------------------------ | ------------------------ | ------------------------ | ||
| NET ASSETS | 7,385 | 8,086 | 7,195 | 7,804 | |
| ============= | ============= | ============= | ============= | ||
| FUNDS AND CAPITAL | |||||
| Share capital | 15 | - | - | - | - |
| Endowment funds | 16,17 | 14 | 30 | 14 | 30 |
| Restricted funds | 16,17 | 581 | 807 | 581 | 807 |
| Unrestricted funds | 17 | 6,790 | 7,249 | 6,600 | 6,967 |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | ||
| TOTAL FUNDS | £7,385 | £8,086 | £7,195 | £7,804 | |
| ============ | ============ | ============ | ============ |
The financial statements were approved and authorised for issue by the Board of Governors on 21 March 2025 and were signed below on its behalf by:
A Jarratt J D Lewis Governor Chair of Governors
The notes on pages 21 to 39 form part of these accounts. The parent charity’s deficit for the year was £608k (2023: surplus of £156k).
18
BADMINTON SCHOOL LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £’000 | £’000 | |||
| Net cash inflow from operations: | |||||
| Net cash provided by operations | A | 654 | 1,674 | ||
| Cash flows from investing activities: | |||||
| Income from investments | - | ||||
| Interest paid | (43) | (161) | |||
| Payments to acquire tangible fixed assets | (1,738) | (976) | |||
| -------------------- | -------------------- | ||||
| Net cash used in investing activities | (1,781) | (1,138) | |||
| Cash flows from financing activities: | |||||
| Fees in advance – new contracts | 996 | 309 | |||
| Fees in advance – amounts utilised and repaid | (474) | (234) | |||
| Bank loan repayments | (2,500) | (922) | |||
| -------------------- | -------------------- | ||||
| Net cash provided by financing activities | (1,978) | (847) | |||
| --------------------- | --------------------- | ||||
| Change in cash and cash equivalents in the reporting period | B | (3,106) | (311) | ||
| Net cash and cash equivalents at beginning of period | 3,164 | 3,475 | |||
| ---------------------- | ---------------------- | ||||
| Net cash and cash equivalents at end of period | B | 58 | £3,164 | ||
| =========== | =========== | ||||
| A. | RECONCILIATION OF NET INCOME TO | 2024 | 2023 | ||
| NET CASH INFLOW FROM OPERATIONS | £’000 | £’000 | |||
| Net (expenditure)/ income | (701) | 145 | |||
| Interest payable | 43 | 161 | |||
| Interest receivable | - | - | |||
| Investment losses / (gains) | (26) | (8) | |||
| Depreciation of tangible fixed assets | 848 | 824 | |||
| Decrease / (increase) in debtors | (178) | 12 | |||
| (Decrease) / increase in creditors | 666 | 613 | |||
| --------------------- | --------------------- | ||||
| Net cash inflow from operations | £654 | £1,748 | |||
| =========== | =========== | ||||
| B ANALYSIS OF CHANGES IN DEBT |
|||||
| At | At | ||||
| 1 | September | 31 August | |||
| 2023 | Cash flows | Other changes | 2024 | ||
| £’000 | £’000 | £’000 | £’000 | ||
| GROUP | |||||
| Cash at bank and in hand | 3,164 | (3,106) | - | 58 | |
| Bank loans – repayable after one year | (2,500) | - | 2,500 | - | |
| ----------------------- | -------------------- | --------------------- | ----------------------- | ||
| £664 | (£3,106) | £2,500 | £58 | ||
| ============ | ========== | =========== | ============ |
19
BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
1. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), 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, effective 1 January 2019.
The accounting policies set out below have been applied in preparing the financial statements for the year ended 31 August 2024 and the comparative information presented in these financial statements for the year ended 31 August 2023. The financial statements are drawn up under the historical cost convention except that investments are carried at market value.
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 10 June 1931 (company number: 00257012) and registered as a charity (charity number: 311738).
Preparation of accounts on a going concern basis
The Governors consider there are no material uncertainties about the Charity’s ability to continue as a going concern. The review of our financial position, reserves levels and future plans gives Governors confidence the charity remains a going concern for the foreseeable future.
Group financial statements
These financial statements consolidate the results of the school and its wholly-owned subsidiary Badminton Enterprises Limited on a line by line basis. In accordance with Section 408 of the Companies Act 2006, no separate Statement of Financial Activities is presented for Badminton School Limited.
The school has not consolidated the results of its wholly-owned subsidiary Badminton School International Limited on the basis this is not material for the purpose of giving a true and fair view. Further details can be found in note 3.
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 Statement within the consolidated financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the accounting policies, the Governors are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. In the view of the Governors, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.
20
BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024
1. ACCOUNTING POLICIES (continued)
Income recognition
All income is recognised once the charity has entitlement to income, it is probable that income will be received and the amount of income receivable can be measured reliably.
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 contribution received from restricted funds, are accounted for in the period in which the service is provided.
Income from donations and legacies is accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the school is considered probable.
Investment income is accounted for on an accruals basis.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. It is allocated to expense headings on a direct cost basis. The irrecoverable element of VAT is included with the item of expense to which it relates.
Expenditure on raising funds consist of interest payable on bank borrowings and discounts under the Fees in Advance Scheme.
All costs associated with the provision of education are allocated to charitable activities.
Governance costs comprise the costs of running the school, including strategic planning for its future development, external audit, and all other costs of complying with constitutional and statutory requirements.
Intra-group sales and charges are excluded from trading income and expenditure.
Financial instruments
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised with the exception of investments, which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.
21
BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024
1. ACCOUNTING POLICIES (continued)
Tangible fixed assets
Freehold land and buildings, major extensions and improvements are all capitalised. Expenditure relating to other items costing £1,000 or more with a useful life in excess of one year will also be capitalised.
Depreciation is provided on all tangible fixed assets retained for use by the school, other than freehold land, at rates calculated to spread each asset’s cost, less its estimated residual value, evenly over its expected useful economic life, which for each class of asset has been agreed as follows:-
Assets in the course of construction nil Freehold buildings 50 years Improvements to property 10 – 20 years IT infrastructure 8 – 10 years Furniture and equipment 6 – 10 years Motor vehicles 8 years Computers 4 years All weather pitch 6 – 25 years
Investments
Investments are a form of basic financial instruments and are initially shown in the financial statements at market value. Movements in the market values of investments are shown as unrealised gains and losses in the Statement of Financial Activities.
Profits and losses on the realisation of investments are shown as realised gains and losses in the Statement of Financial Activities. Realised gains and losses on investments are calculated between sales proceeds and their opening carrying values or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Fees in Advance Scheme
The school operates a Fees in Advance Scheme under which parents may pay in advance, in part or in full, for education that is to be provided in future years. Amounts received in advance are shown as liabilities until they are either taken to income in the term to which they are applied or else refunded.
22
BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024
1. ACCOUNTING POLICIES (continued)
Fund accounting
Unrestricted funds are donations and other income receivable or generated for the objects of the charity.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes. Restricted funds are those funds which are to be used in accordance with specific instructions imposed by the donor or trust deed.
Taxation
The company is a registered charity and, as such, its charitable income is exempt from tax, so long as its income is applied for charitable purposes only.
Operating lease commitments
Rentals in respect of assets held under operating leases are charged to the Statement of Financial Activities on a straight line basis over the term of the lease.
Employee benefits
Short term benefits
Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.
Employee termination benefits
Termination benefits are accounted for on an accrual basis and in line with FRS 102.
Pensions
Following the withdrawal from the Teachers’ Pensions scheme on 31[st] Aug 2022, the school now offers a Defined Contribution scheme for Teachers that is specific to Badminton. The name of the scheme is the ‘Aviva Pension Trust for Independent Schools’ (APTIS).
For non-teaching members of staff, the school operated a group occupational pension scheme until 30 September 2001. After that date the school commenced a group personal pension plan and a stakeholder scheme was also available. The assets of these schemes are held separately from those of the school being invested in insurance companies.
23
BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2023
| 2. | FEES RECEIVABLE | 2024 | 2023 |
|---|---|---|---|
| £ | £ | ||
| £’000 | £’000 | ||
| Gross fees receivable | 13,714 | 13,070 | |
| Less: Allowances | (455) | (458) | |
| Bursaries | (638) | (841) | |
| Scholarships | (154) | (217) | |
| ---------------------- | ---------------------- | ||
| 12,468 | 11,554 | ||
| Add back bursaries and scholarships funded by restricted funds | 170 | 45 | |
| ---------------------- | ---------------------- | ||
| £12,638 | £11,813 | ||
| =========== | =========== |
3. INCOME FROM SUBSIDIARY’S TRADING ACTIVITES
The Charity owns the whole of the share capital of Badminton Enterprises Limited, a company registered in the United Kingdom with number 9919323, which was incorporated on 16 December 2015. The company’s principal activities are the letting of school facilities including the swimming pool, the allweather hockey pitch and providing the school’s facilities for holiday sports camps and holiday language schools for overseas students. The company pays all of its profits to Badminton School Limited under the Gift Aid scheme. The company intends to distribute its profits to the parent charity during the 2023 financial year.
Its trading results for the year, as extracted from the audited accounts, are summarised below:
| 2024 | 2023 | |
|---|---|---|
| £’000 | £’000 | |
| Turnover | 287 | 376 |
| Cost of Sales | (10) | (10) |
| --------------------- | --------------------- | |
| Gross Profit | 277 | 366 |
| Administrative Expenses | (88) | (85) |
| --------------------- | --------------------- | |
| Net Profit | 190 | 282 |
| Profit on ordinary activities before taxation | 190 | 282 |
| Taxation | - | - |
| --------------------- | --------------------- | |
| Profit for the financial period | 190 | 282 |
| =========== | =========== | |
| Distributions | ||
| Gift Aid to Badminton School | (282) | (293) |
| Reserves brought forward and carried forward | 190 | 282 |
| =========== | =========== |
At 31 August 2024 the company had assets of £299k, liabilities of £17k and share capital of £1.
24
BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024
The Charity owns the whole of the share capital of Badminton School International Limited, a company registered in the United Kingdom with number 11985814, which was incorporated on 8 May 2019.
The company’s principal activities are to explore opportunities for educational consultancy, potential for partnerships with capital investors in the educational area to share Badminton’s expertise and brand, and to raise capital for the Badminton Trust. The Board agreed a Memorandum of Understanding (dated 8 January 2023) with an international partner to develop a Project Agreement to open the first of a number of schools overseas following a period of consultancy to develop the project.
Its trading results for the year, as extracted from the audited accounts, are summarised below:
| 2024 | 2023 | |
|---|---|---|
| £’000 | £’000 | |
| Turnover | 85 | - |
| Administrative Expenses | (39) | (2) |
| ---------------- | ---------------- | |
| Profit/(Loss) for the financial period | £46 | (£2) |
| ======== | ========== |
| 4. | ANALYSIS OF | Staff | Other | ||
|---|---|---|---|---|---|
| EXPENDITURE | Costs | Depreciation | Costs | Total | |
| 2024 | 2024 | 2024 | 2024 | ||
| £’000 | £’000 | £’000 | £’000 | ||
| Raising funds | |||||
| Trading costs | - | - | 9 | 9 | |
| --------------------- | ------------------- | -------------------- | -------------------- | ||
| - | - | 9 | 9 | ||
| Charitable activities | |||||
| Finance | - | - | 85 | 85 | |
| Marketing | 302 | - | 529 | 831 | |
| Teaching costs | 5,750 | 131 | 286 | 6,167 | |
| Welfare costs | 1,688 | - | 191 | 1,879 | |
| Premises costs | 330 | 572 | 1,456 | 2,358 | |
| Grants, awards and prizes | - | 138 | 219 | 358 | |
| Support costs | 1,315 | 7 | 1,147 | 2,469 | |
| Governance costs | - | - | 29 | 29 | |
| --------------------- | ------------------- | -------------------- | -------------------- | ||
| Subtotal | 9,385 | 848 | 3,942 | 14,175 | |
| --------------------- | ------------------- | -------------------- | -------------------- | ||
| £9,385 | £848 | £3,951 | £14,184 | ||
| ============ | ========== | ========== | =========== |
25
BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024
4. ANALYSIS OF EXPENDITURE (CONTINUED)
Comparative analysis of total expenditure
| ANALYSIS OF | Staff | Other | |||
|---|---|---|---|---|---|
| EXPENDITURE | Costs | Depreciation | Costs | Total | |
| 2023 | 2023 | 2023 | 2023 | ||
| £’000 | £’000 | £’000 | £’000 | ||
| Raising funds | |||||
| Trading costs | - | - | 12 | 12 | |
| Fundraising costs | - | - | - | - | |
| Charitable activities | |||||
| Finance | - | - | 174 | 174 | |
| Marketing | 223 | - | 308 | 531 | |
| Teaching costs | 5,240 | 117 | 269 | 5,626 | |
| Welfare costs | 1,464 | - | 155 | 1,619 | |
| Premises costs | 276 | 654 | 1,315 | 2,245 | |
| Grants, awards and prizes | - | 49 | 270 | 319 | |
| Support costs | 1,053 | 4 | 979 | 2,036 | |
| Governance costs | - | - | 36 | 36 | |
| --------------------- | ------------------- | -------------------- | -------------------- | ||
| £8,256 | £824 | £3,518 | £12,598 | ||
| ============ | ========== | ========== | =========== | ||
| GOVERNANCE COSTS | 2024 | 2023 | |||
| £’000 | £000 | ||||
| Governors’ training and expenses | 1 | 2 | |||
| Sundry expenses | 8 | 17 | |||
| Auditors’ remuneration – excluding VAT | 20 | 17 | |||
| -------------------- | -------------------- | ||||
| £29 | £36 | ||||
| ========== |
========== |
During the year Governors received reimbursement for travel expenses totalling £1,083 (2023: £1,848).
The company has purchased indemnity insurance on behalf of the Governors. The level of cover received is £5,000,000. It is not possible to identify the cost of this cover as the premium is not separately analysed by the company’s insurance brokers.
26
BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024
| 5. | STAFF COSTS | 2024 | 2023 |
|---|---|---|---|
| £’000 | £’000 | ||
| Salaries and wages | 7,580 | 6,703 | |
| Social Security costs | 660 | 596 | |
| Pension costs | 1,046 | 934 | |
| Redundancy and termination payments | 80 | 7 | |
| Other costs | 19 | 16 | |
| ----------------------- | ----------------------- | ||
| £9,385 | £8,256 | ||
| ============ | ============ | ||
| The average number of employees during the year was as follows: | 2024 | 2023 | |
| Number | Number | ||
| Teaching staff | 120 | 121 | |
| Support and administration | 128 | 118 | |
| -------------- | -------------- | ||
| 248 | 239 | ||
| ======= | ======= |
The number of employees whose emoluments exceeded £60,000 (excluding pensions) are as follows:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| £60,000 - £69,999 | 4 | 4 |
| £70,000 - £79,999 | 1 | 1 |
| £90,000 - £99,999 | 1 | 0 |
| £100,000 - £109,999 | 1 | 1 |
| £140,000 - £149,999 | 1 | 0 |
| -------------- | -------------- | |
| 8 | 6 | |
| ======= | ======= |
The key management personnel of the school include the Governors who are not remunerated. The total employee benefits of the key management personnel of the school were £553,575 (2023: £465,175).
6. INTEREST PAYABLE
| INTEREST PAYABLE | 2024 | 2023 |
|---|---|---|
| £’000 | £’000 | |
| Revolving credit facility | 7 | 151 |
| Bank loans | - | 8 |
| Bank charges | 36 | 2 |
| -------------- | -------------- | |
| £43 | £161 | |
| ======== | ======== |
27
BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024
| 7. | SURPLUS ON ORDINARY ACTIVITIES FOR THE YEAR | 2024 | 2023 |
|---|---|---|---|
| £’000 | £’000 | ||
| The surplus on ordinary activities for the year is stated | |||
| after charging: | |||
| Depreciation of owned assets | 848 | 824 | |
| Operating lease rentals | 20 | 20 | |
| Auditor’s remuneration excluding VAT: | |||
| Audit – school | 20 | 17 | |
| Audit – trading subsidiary | 3 | 2 | |
| Audit – International | 1 | 1 | |
| Non-audit services | 3 | 4 | |
| ======== | ======== |
8. TANGIBLE FIXED ASSETS – GROUP AND CHARITY
| Freehold | Assets in the | All | Furniture | ||
|---|---|---|---|---|---|
| land and | Course of | weather | fittings & | ||
| buildings | Construction | pitch | equipment | Total | |
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| Cost | |||||
| At 1 September 2023 | 19,970 | 424 | 482 | 6,160 | 27,037 |
| Additions | 950 | 16 | 293 | 479 | 1,738 |
| Disposals | - | - | - | - | - |
| Transfer | 311 | (311) | - | - | - |
| ------------------------- | ------------------------- | --------------------- | ------------------------ | ------------------------- | |
| At 31 August 2024 | 21,231 | 130 | 775 | 6,639 | 28,775 |
| ------------------------- | ------------------------- | --------------------- | ------------------------ | ------------------------- | |
| Depreciation | |||||
| At 1 September 2023 | 9,264 | - | 464 | 4,945 | 14,673 |
| Charge | 577 | - | 16 | 255 | 848 |
| Disposals | - | - | - | - | - |
| ------------------------ | ------------------------ | --------------------- | ------------------------- | ------------------------ | |
| At 31 August 2024 | 9,841 | - | 480 | 5,200 | 15,521 |
| ------------------------ | ------------------------ | --------------------- | ------------------------- | ------------------------ | |
| Net Book Value | |||||
| At 31 August 2024 | £11,390 | £130 | £295 | £1,439 | £13,254 |
| ============= | =========== | =========== | ============ | ============= | |
| At 31 August 2023 | £10,706 | £425 | £18 | £1,215 | £12,365 |
| ============= | =========== | =========== | ============ | ============= |
All the above assets are held for direct charitable purposes.
28
BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024
| 9. | INVESTMENTS | Group | Group | Charity | Charity |
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||
| £’000 | £’000 | £’000 | £’000 | ||
| Listed investments | |||||
| At 1 September 2023 | 235 | 227 | 235 | 227 | |
| Unrealised gain/(loss) | 26 | 8 | 26 | 8 | |
| ------------------- | ------------------- | ------------------- | ------------------- | ||
| At 31 August 2024 | £261 | £235 | £261 | £235 | |
| ========== | ========== | ========== | ========== | ||
| ` | |||||
| Investment in subsidiary | - | - | - | - | |
| ------------------- | ------------------- | ------------------- | ------------------- | ||
| At 31 August 2024 | £261 | £235 | £261 | £235 | |
| ========== | ========== | ========== | ========== |
The listed investments consist of common investment funds managed by BlackRock Investment Management (UK) Limited.
Details of the subsidiary are shown in note 3.
| 10. | DEBTORS | Group | Charity | Charity | |
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||
| £’000 | £’000 | £’000 | £’000 | ||
| School fees | 192 | 136 | 192 | 136 | |
| Other debtors | 13 | 24 | 13 | 22 | |
| Amounts owed by subsidiary | - | - | 19 | 5 | |
| Prepayments and accrued income | 497 | 365 | 343 | 265 | |
| ------------------- | ------------------- | ------------------- | ------------------- | ||
| £702 | £525 | £567 | £428 | ||
| ========== | ========== | ========== | ========== |
The bad debt expense for the period was £nil (2023: £nil).
29
BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024
| 11. | CREDITORS: Amounts falling due within | Group | Group | Charity | ||
|---|---|---|---|---|---|---|
| one year | 2024 | 2023 | 2024 | 2023 | ||
| £’000 | £’000 | £’000 | £’000 | |||
| Bank overdraft | 210 | - | 210 | - | ||
| Fees in Advance scheme (note 13) | 522 | 440 | 522 | 440 | ||
| Other school fees received in advance | 2,445 | 2,258 | 2,445 | 2,249 | ||
| Other amounts received in advance | 360 | 203 | 360 | 203 | ||
| (note 12b) | ||||||
| Accruals | 97 | 120 | 94 | 117 | ||
| Other creditors | 218 | 187 | 218 | 187 | ||
| Other tax and social security | 145 | 148 | 145 | 148 | ||
| Trade creditors | 638 | 457 | 638 | 457 | ||
| --------------------- | --------------------- | --------------------- | --------------------- | |||
| £4,635 | £3,813 | £4,632 | £3,801 | |||
| =========== | =========== | =========== | =========== | |||
| 12. | CREDITORS: Amounts falling due after | 2024 | 2023 | |||
| more than one year - GROUP AND CHARITY | £’000 | £’000 | ||||
| Bank loan (note 12a) | - | 2,500 | ||||
| Fees in Advance scheme (note 13) | 555 | 115 | ||||
| Other amounts received in advance (note 12b) | 1,700 | 1,775 | ||||
| ----------------------- | ----------------------- | |||||
| £2,255 | £4,390 | |||||
| ============ | =========== |
- (a) During the 2017 financial year the school entered into a revolving credit facility (RCF), with £2.5m repayable in 10 years from the facility agreement date and an interest rate of LIBOR plus 1.55%. A further £1.5m of available facility remains undrawn at the balance sheet date.
| 2024 | 2023 | |
|---|---|---|
| The bank loan is due for repayment as follows: | £’000 | £’000 |
| Within one to two years | - | - |
| Within two to five years | - | 2,500 |
| Beyond five years | - | - |
| --------------------- | --------------------- | |
| Due after one year | - | 2,500 |
| Repayable within one year | - | - |
| ----------------------- | ----------------------- | |
| - | £2,500 | |
| ============ | ============ |
The decision was taken to repay the £2.5M RCF, and this was fully paid off in Sept 23.
- (b) The amount of £360k plus £1,700k due after one year (2023: £203k plus £1,775k) represents deposits for fees paid by parents. The amounts have been allocated between amounts falling due within and over one year based on the dates when the girls are expected to leave the school.
30
BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024
13. FEES IN ADVANCE SCHEME – GROUP AND CHARITY
Parents may enter into a contract to pay the school up to the equivalent of seven years’ tuition fees in advance. The money may be returned subject to specific conditions on the receipt of one term’s notice. Assuming pupils will remain in the school, advance fees will be applied as follows.
| 2024 | 2023 | |
|---|---|---|
| £’000 | £’000 | |
| Within one to two years | 255 | 49 |
| Within two to five years | 300 | 66 |
| ----------------- | ----------------- | |
| Due after one year (note 12) | 555 | 115 |
| Within one year (note 11) | 522 | 440 |
| ------------------ | ------------------ | |
| £1,077 | £555 | |
| ========== | =========== |
The balance represents the accrued liability under contracts. The movements during the year were:
| 2024 | 2023 | |
|---|---|---|
| £’000 | £’000 | |
| Balance at 1 September 2023 | 555 | 480 |
| New contracts | 996 | 267 |
| Amounts accrued to contracts | - | 42 |
| Amounts returned | - | - |
| ----------------- | ----------------- | |
| 1,551 | 789 | |
| Amounts utilised in payment of fees | (474) | (234) |
| ------------------ | ------------------ | |
| Balance at 31 August 2024 | £1,077 | £555 |
| ========= | ========= |
31
BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024
| 14. | ANALYSIS OF DEFERRED INCOME - | ||
|---|---|---|---|
| GROUP AND CHARITY | 2024 | 2023 | |
| £’000 | £’000 | ||
| Fees in advance at 1 September 2023 | 2,258 | 2,186 | |
| Applied during the year | 2,445 | 2,258 | |
| Released during the year | (2,258) | (2,186) | |
| ------------------------ | ------------------------ | ||
| Fees in advance at 31 August 2024 | £2,445 | £2,258 | |
| ============ | ============ | ||
| Deposits at 1 September 2023 | 1,978 | 1,820 | |
| Applied during the year | 794 | 915 | |
| Released during the year | (711) | (756) | |
| ----------------------- | ----------------------- | ||
| Deposits at 31 August 2024 | £2,061 | £1,978 | |
| ============ | ============ | ||
| 15. | SHARE CAPITAL – CHARITY | 2024 | 2023 |
| £ | £ | ||
| Authorised | |||
| ‘A’ shares of £1 each | £50 | £50 | |
| ======== | ======== | ||
| Allotted, issued and fully paid | |||
| ‘A’ shares of £1 each | £26 | £26 | |
| ======== | ======== |
The Company is under the control of Badminton Trust, which owns all the issued shares.
32
BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024
16. FUND MOVEMENTS IN YEAR
| At 1 | At | |||||
|---|---|---|---|---|---|---|
| September | Unrealised | 31 August | ||||
| 2023 | Income | Expenditure | Gains | Transfers | 2024 | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Unrestricted Funds | ||||||
| General Fund | 7,249 | 13,367 | (13,826) | - | 6,790 | |
| ---------------------- | ------------------- | ------------------- | ---------------------- | ---------------------- | ---------------------- | |
| Endowment Funds | ||||||
| Lady Frank Fund | 10 | - | - | - | - | 10 |
| Mark Richmond Music | 20 | - | (16) | - | - | 4 |
| Award | ||||||
| ---------------------- | ------------------- | ------------------- | ---------------------- | ---------------------- | ---------------------- | |
| 30 | - | (16) | - | - | 14 | |
| Restricted Funds | ||||||
| Mark Richmond Music | ||||||
| Award | 4 | - | (4) | - | - | - |
| Ooyevaar Library Fund | - | - | - | - | - | - |
| Sanderson Bursary | ||||||
| Fund | 60 | 53 | (140) | 26 | - | 1 |
| Urquhart Travel Fund | 21 | - | (2) | - | - | 19 |
| John James Bursary | ||||||
| Fund | - | 30 | (30) | - | - | - |
| John James Prizes Fund | 11 | 2 | (4) | - | - | 9 |
| John James Tools of | ||||||
| The Trade Fund | 4 | - | (1) | - | - | 3 |
| Thrive Campaign | 707 | - | (157) | - | - | 550 |
| Thornton-Smith & | ||||||
| Plevins Trust | - | 3 | 3 | - | - | - |
| Pupil premium | - | 2 | (1) | - | - | 1 |
| ---------------------- | ------------------- | ------------------------- | ---------------------- | --------------------- | ---------------------- | |
| 807 | 90 | (342) | 26 | - | 581 | |
| ----------------------- | --------------------- | ------------------------- | ---------------------- | ---------------------- | ----------------------- | |
| £8,086 | £13,457 | (£14,184) | £26 | - | £7,385 | |
| ============ | ========== | ============= | =========== | ========== | ============ |
The Unrestricted Funds above contain £39k of Designated Funds
33
BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024
16. RESTRICTED AND ENDOWMENT FUNDS (continued)
Comparative fund movements in year
| At 1 | At | |||||
|---|---|---|---|---|---|---|
| September | Unrealised | 31 August | ||||
| 2022 | Income | Expenditure | Gains | Transfers | 2023 | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Unrestricted Funds | ||||||
| General Fund | 6,898 | 12,630 | (12,279) | - | - | 7,249 |
| ---------------------- | ------------------- | ------------------- | ---------------------- | ---------------------- | ---------------------- | |
| 6,898 | 12,630 | (12,279) | - | - | 7,249 | |
| Endowment Funds | ||||||
| Lady Frank Fund | 10 | - | - | - | - | 10 |
| Mark Richmond Music | 20 | - | - | - | - | 20 |
| Award | ||||||
| ---------------------- | ------------------- | ------------------- | ---------------------- | ---------------------- | ---------------------- | |
| 30 | - | - | - | - | 30 | |
| Restricted Funds | ||||||
| Mark Richmond Music | ||||||
| Award | 5 | - | (1) | - | - | 4 |
| Ooyevaar Library Fund | - | |||||
| Sanderson Bursary | ||||||
| Fund | 207 | 72 | (228) | 8 | - | 60 |
| Urquhart Travel Fund | 21 | - | - | - | - | 21 |
| John James Bursary | ||||||
| Fund | 1 | 30 | (31) | - | - | - |
| John James Prizes Fund | 18 | 2 | (9) | - | - | 11 |
| John James Tools of | ||||||
| The Trade Fund | 3 | 1 | - | - | - | 4 |
| Thrive Campaign | 758 | - | (51) | 707 | ||
| ---------------------- | ------------------- | ------------------------- | ---------------------- | --------------------- | ---------------------- | |
| 1,013 | 105 | (319) | 8 | - | 807 | |
| ----------------------- | --------------------- | ------------------------- | ---------------------- | ---------------------- | ----------------------- | |
| £7,941 | £12,735 | (£12,598) | £8 | - | £8,086 | |
| ============ | ========== | ============= | =========== | ========== | ============ |
34
BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024
16. RESTRICTED AND ENDOWMENT FUNDS (continued)
Endowment Funds
The ‘Lady Frank Fund’ is an expendable endowment fund which has been established for educational expenditure in respect of the arts.
The ‘Mark Richmond Music Award’ is an expendable endowment fund which has been established for the support of music at the school.
The capital element of each of these funds is being retained. The balances are treated as restricted.
Restricted Funds
The ‘Ooyevaar Library Fund’ is a fund which is to be expended on books for the library.
The ‘Sanderson Bursary Fund’ is a fund which provides support for parents in financial difficulties.
The ‘Urquhart Fund’ is a fund which has been established for supporting student travel.
The ‘John James Bursary Fund’ has been established in respect of expenditure relating to bursaries.
The ‘John James Prizes and Awards Fund’ has been established for expenditure on general prizes and awards.
The ‘John James Tools of the Trade Fund’ provides one Sixth Form pupil a grant for resources to enhance their chosen studies.
The ‘Annual Fund’ was set up for making purchases of resources that are over and above “the norm” to enhance the lives of the girls and to provide the best education and pastoral experiences.
The ‘Travel Bursary Fund’ provides pupils bursaries towards the cost of school trips.
The ‘Thrive Campaign’ was set up to receive donations for the purpose of improving sports facilities at Badminton School. These were fully spent in the year and depreciation of £29,188 has been allocated against the fund.
35
BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024
| 17. | ANALYSIS OF NET ASSETS | Cash | Other | |||
|---|---|---|---|---|---|---|
| BETWEEN FUNDS | Fixed assets | Investments | And cash | assets/ | Total | |
| equivalents | (liabilities) | 2024 | ||||
| £’000 | £’000 | £’000 | £’000 | £’000 | ||
| GROUP | ||||||
| Endowment fund | - | - | 14 | - | 14 | |
| Restricted funds | 550 | - | 31 | - | 581 | |
| Unrestricted funds | 12,704 | 261 | 13 | (6,188) | 6,790 | |
| ------------------------ | ------------------------ | ---------------------- | ----------------------- | --------------------- | ||
| £13,254 | £261 | £58 | (£6,188) | £7,385 | ||
| ============ | ============ | =========== | ============ | =========== | ||
| CHARITY | ||||||
| Endowment fund | - | - | 14 | - | 14 | |
| Restricted funds | 550 | - | 31 | - | 581 | |
| Unrestricted funds | 12,704 | 261 | (45) | (6,320) | 6,600 | |
| ------------------------ | ------------------------ | ---------------------- | ----------------------- | --------------------- | ||
| £13,254 | £261 | - | (£6,320) | £7,195 | ||
| ============ | ============ | =========== | ============ | =========== |
Comparative split of net assets between funds
| Cash | Other | ||||
|---|---|---|---|---|---|
| Fixed assets | Investments | And cash | assets/ | Total | |
| equivalents | (liabilities) | 2023 | |||
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| GROUP | |||||
| Endowment fund | - | - | 30 | - | 30 |
| Restricted funds | 708 | - | 99 | - | 807 |
| Unrestricted funds | 11,657 | 235 | 3,035 | (7,678) | 7,249 |
| ------------------------ | ------------------------ | ---------------------- | ----------------------- | --------------------- | |
| £12,365 | £235 | £3,164 | £(7,678) | £8,086 | |
| ============ | ============ | =========== | ============ | =========== | |
| CHARITY | |||||
| Endowment fund | - | - | 30 | - | 30 |
| Restricted funds | 708 | - | 99 | - | 807 |
| Unrestricted funds | 11,657 | 235 | 2,838 | (7,763) | 6,967 |
| ------------------------ | ------------------------ | ---------------------- | ----------------------- | --------------------- | |
| £12,365 | £235 | £2,967 | (£7,763) | £7,804 | |
| ============ | ============ | =========== | ============ | ========== |
36
BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024
18. PENSION COSTS
Aviva Pension Trust for Independent Schools (APTIS)
The school joined the new ‘APTIS’ scheme for its teaching staff in Sept 2020. The pension charge for the year includes Employers contributions payable to Aviva of £799k (2023: £721k)
Badminton School Group Personal Pension Scheme
Certain non-teaching staff can participate in the above pension scheme, which is a defined contribution scheme.
During the year, the school contributed £246k (2023: £213k) to the scheme.
19. CAPITAL COMMITMENTS
At the year end the company had capital commitments of £205k (2023: £422k).
20. OPERATING LEASE COMMITMENTS – GROUP AND CHARITY
| PERATING LEASE COMMITMENTS – GROUP AND CHARITY | ||
|---|---|---|
| At 31 August 2024, the school had commitments under non- | ||
| cancellable operating leases as follows: | Plant and machinery | |
| 2024 | 2023 | |
| Restated | ||
| £’000 | £’000 | |
| Within one year | 5 | 8 |
| Within two to five years | - | 11 |
| ---------------- | ---------------- | |
| 5 | 19 | |
| ======== | ======== |
21. RELATED PARTY TRANSACTIONS
Mr J Lewis, Mr D Thomas and Ms A Jarratt were trustees of the Badminton Trust during the year, which controls the company as disclosed.
Governors with children at the school pay school fees at normal rates.
Aggregate donations from Governors amounted to £nil (2023: £nil) in the year.
37
BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024
22. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES
| Restricted and | ||||
|---|---|---|---|---|
| Unrestricted | Endowment | Total | ||
| Funds | Funds | 2023 | ||
| Notes | £’000 | £’000 | £’000 | |
| INCOME FROM: | ||||
| Charitable activities | ||||
| Fees receivable | 2 | 11,813 | - | 11,813 |
| Extras – optional subjects | 363 | - | 363 | |
| Other educational income | 78 | - | 78 | |
| Other trading activities | ||||
| Trading company | 376 | - | 376 | |
| Investments | - | - | - | |
| Donations and legacies | - | - | - | |
| Grant income | 105 | 105 | ||
| ----------------------- | ------------------- | --------------------- | ||
| TOTAL INCOME | 12,630 | 105 | 12,735 | |
| ----------------------- | ------------------- | --------------------- | ||
| EXPENDITURE ON: | ||||
| Raising funds | 4 | 12 | - | 12 |
| Charitable activities | ||||
| School operating costs | 4 | 12,267 | 319 | 12,586 |
| --------------------- | ------------------- | --------------------- | ||
| TOTAL EXPENDITURE | 12,279 | 319 | 12,598 | |
| --------------------- | ------------------- | --------------------- | ||
| NET SURPLUS BEFORE INVESTMENT | 351 | (214) | 137 | |
| GAINS | ||||
| Investment gains / (losses) | 9 | - | 8 | 8 |
| --------------------- | ------------------- | -------------------- | ||
| NET INCOME | 351 | (206) | 145 | |
| Fund balances brought forward | 6,898 | 1,043 | 7,941 | |
| ----------------------- | ------------------- | ----------------------- | ||
| FUND BALANCES CARRIED FORWARD | 16,17 | £7,249 | £837 | £8,086 |
| ============ | ========== | ============ |
38