OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-08-31-accounts

BADMINTON SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Company Number: 257012 Charity Number: 311738

BADMINTON SCHOOL LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

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 2025

MESSAGE FROM THE CHAIR

In a challenging environment for the independent school sector following the introduction of VAT on fees and the removal of charitable business rate relief, Badminton School continues to perform very well, providing value-added education in a nurturing and supportive environment.

Demand for places remains high, enabling the school to continue to deliver excellent educational and pastoral outcomes in line with our charitable objectives. 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. Aiming to provide the best preparation for thriving in a global society, Badminton also prepares our students to meet life’s current and future challenges, both socially and in their future careers.

A strong leadership team and dedicated staff at all levels work in collaboration with the Board in the implementation of our strategy, which has set the direction of travel for the school towards 2030. The Board firmly 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 exam results are important, we also 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 constantly 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 has continued to invest in its estate, with an emphasis on maintaining the fabric of our buildings and key assets whilst also considering on-site developments which can enhance our educational and extracurricular offer. The Board remains committed to appropriate capital projects which are designed to keep Badminton amongst the leading girls’ boarding institutions in the country, appealing to a global market.

The Board is confident in, though not complacent with, the position in which the school finds itself, and shall continue its mission as a robust, forward-looking, and well-managed institution.

Dr S Wharton Chair of Governors 20 March 2026 

1

BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2025

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 2025.

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 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. 

2

BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2025

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. 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 its supplementary 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.

The Governing Board sets fees at a level that will ensure the financial viability of the school and which is 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 2024-25 was 530 (2023-24: 547). The Executive Leadership Team are confident about recruitment, and interest in the school remains strong. In the year under review, 54% (2023-24: 56%) of the pupils in the school benefited from financial support and all support is subject to meanstesting.

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 2025 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 1:1s 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 eight 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. 

3

BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2025

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.

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 Year 5 and Year 6 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

The Sixth Form refurbishment of the boarding accommodation continues as a priority with a rolling programme of improvements. The Swimming pool changing rooms were refurbished recently. The Prep School saw a major refurbishment of the Art and Design Technology room as well as refurbishment of some service areas.

Public Benefit

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.

Bursaries are awarded on the basis of a family’s financial circumstances. The school has limited resources from 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 

4

BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2025

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.

40 pupils benefited from bursaries of 50% or more.

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

The overall loss for the year was £644k (2023-24: £701k loss). The school generated a net cash inflow from operations of £1,221k (2023-24: £653k). After net interest paid and capital expenditure of £681k (2023-24: £1,781k) and net fees in advance repaid of £348k (2023-24: £1,978k) there was a net increase in cash of £192k (2023-24: £3,106k 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 2025, means-tested awards with a value of £784k (2023-24: £638k) were made. A total of 52 pupils benefited from these awards (2023-24: 43). These awards helped to widen access to the 

5

BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2025

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.

Reserves Policy

The school’s total unrestricted reserves as at 31 August 2025 amounted to £6,289k (2023-24: £6,790k), which the school considers sufficient to meet its day-to-day requirements and to support its future capital plans. Restricted reserves at 31 August 2025 (excluding the Endowment Fund at £10k) amounted to £440k (2023-24: £581k) and includes restricted fixed assets of £408k (2023-24: £550k), with the remainder providing funds principally for bursary and prize funds as set out in the note to the accounts.

The Governors’ Reserves Policy is to produce sufficient surpluses of unrestricted funds each year to maintain 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 provided by fee deposits and deferred income 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

The following is a summary of the principal financial management policies:

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 that it offers. 

6

BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2025

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 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 £266k at the balance sheet date, to contribute towards bursaries. Governors are satisfied that the investments have performed in line with expectations in 2024-25, taking into account market conditions.

Freehold Land and Building s

The movements in fixed assets are shown in Note 8 to the Accounts.

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:

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 2024-25 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. 

7

BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2025

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 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

Mitigating strategies

FINANCIAL RISKS

Mitigating strategies:

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. 

8

BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2025

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 

9

BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2025

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

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:

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. 

10

BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2025

REFERENCE AND ADMINISTRATIVE DETAILS

Name of Charity Badminton School Limited Trading Name Badminton School

The Trustees/Board of Governors

Dr S Wharton BSc PhD Chevalier dans L’Ordre des Palmes Chairman (01 September 2025) Mr J D Lewis MDA BSc MInstRE (resigned 31 August 2025) Dr S Otton MA MBBChir FRCP FRCPath (ew) (resigned 27 June 2025) Mrs L Thomas LLB (Hons) (p) (resigned 27 June 2025) Mr D Thomas (ew) Mr M Keogh BSc (Eng) Hon MBA (fgp) Mrs K Crosse MA Cert Ed (rrc) Mr R Egelman (p) Ms C Moss MA Cantab (ew) Dr M Bhabutu MEng PhD MBA (rrc) Mr J Rimmer BSC (Hons) MSc Exec MBA (p) (ew) Mr E Spencer ACA (fgp) Ms 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 (d) Development Committee

(sc) Staff Council 

11

BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2025

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 
12

BADMINTON SCHOOL LIMITED GOVERNOR’S REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2025

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:

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

Following a tender exercise, a resolution proposing the appointment of a new audit firm was tabled at the Board meeting on 20 March 2026 to appoint Crowe. The Board thanked HaysMac LLP for their service over the last 18 years.

In approving the Governors’ Report, the Governors also approve the Strategic Report in their capacity as company directors.

On behalf of the Board

Dr S Wharton Chair of Governors Date: 20 March 2026 

13

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF BADMINTON SCHOOL LIMITED

Opinion

We have audited the financial statements of Badminton School Limited for the year ended 31 August 2025 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).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the 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:

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:

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:

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.

Adam Halsey (Senior Statutory Auditor)

For and on behalf of HaysMac LLP, Statutory Auditor 10 Queen Street Place

London EC4R 1AG

Date: 01/05/2026 

16

BADMINTON SCHOOL LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (incorporating income and expenditure account) FOR THE YEAR ENDED 31 AUGUST 2025

Restricted and
Unrestricted Endowment Total Total
Funds Funds 2025 2024
Notes £’000 £’000 £’000 £’000
INCOME FROM:
Charitable activities
Fees receivable 2 12,842 - 12,842 12,638
Extras – optional subjects 358 - 358 374
Other educational income 73 - 73 68
Other trading activities
Trading company 389 - 389 287
Investments 2 - 2 -
Donations and legacies - 57 57 90
Grant income - - - -
----------------------- ------------------- --------------------- ---------------------
TOTAL INCOME 13,664 57 13,721 13,457
----------------------- ------------------- --------------------- ---------------------
EXPENDITURE ON:
Raising funds 4 97 - 97 9
Charitable activities
School operating costs 4 14,068 205 14,273 14,175
--------------------- ------------------- --------------------- ---------------------
TOTAL EXPENDITURE 14,165 205 14,370 14,184
--------------------- ------------------- --------------------- ---------------------
NET
(DEFICIT)/SURPLUS		 BEFORE (501) (148) (649) (727)
INVESTMENT GAINS
Investment gains 9 - 5 5 26
--------------------- ------------------- -------------------- --------------------
NET (EXPENDITURE)/INCOME (501) (143) (644) (701)
Fund balances brought forward 6,790 595 7,385 8,086
----------------------- ------------------- ----------------------- -----------------------
FUND BALANCES CARRIED FORWARD 16,17 £6,289 £452 £6,741 £7,385
============ ========== ============ ============

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 2025

GROUP GROUP CHARITY CHARITY
2025 2024 2025 2024
Notes £’000 £’000 £’000 £’000
FIXED ASSETS
Tangible assets 8 12,576 13,254 12,576 13,254
Investments 9 266 261 266 261
----------------------- ----------------------- ----------------------- -----------------------
12,842 13,515 12,842 13,515
CURRENT ASSETS
Debtors 10 4,308 702 4,310 567
Cash at bank and in hand 250 58 39 -
---------------------- ---------------------- ---------------------- ----------------------
4,558 760 4,349 567
CREDITORS: Amounts falling
due within one year 11 (8,277) (4,635) (8,238) (4,632)
----------------------- ----------------------- ----------------------- -----------------------
NET CURRENT (LIABILITIES (3,719) (3,875) (3,889) (4,065)
----------------------- ----------------------- ----------------------- -----------------------
TOTAL ASSETS LESS CURRENT 9,123 9,640 8,953 9,450
LIABILITIES
CREDITORS: Amounts falling 12 (2,382) (2,255) (2,382) (2,255)
due after one year
------------------------ ------------------------ ------------------------ ------------------------
NET ASSETS 6,741 7,385 6,571 7,195
============= ============= ============= =============
FUNDS AND CAPITAL
Share capital 15 - - - -
Endowment funds 16,17 12 14 12 14
Restricted funds 16,17 440 581 440 581
Unrestricted funds 17 6,289 6,790 6,119 6,600
----------------------- ----------------------- ----------------------- -----------------------
TOTAL FUNDS £6,741 £7,385 £6,571 £7,195
============
 ============
 ============
============

The financial statements were approved and authorised for issue by the Board of Governors on 20 March 2026 and were signed below on its behalf by:

Alison Jarratt
Dr S Wharton Ms A Jarratt
Chair Governor

The notes on pages 21 to 39 form part of these accounts.

The parent charity’s deficit for the year was £633k (2024: deficit of £608k). 

18

BADMINTON SCHOOL LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

2025 2024
Note
£’000		 £’000
Net cash inflow from operations:
Net cash provided by operations A 1,221 653
Cash flows from investing activities:
Income from investments 2 -
Interest paid (65) (43)
Payments to acquire tangible fixed assets (618) (1,738)
-------------------- --------------------
Net cash used in investing activities (681) (1,781)
Cash flows from financing activities:
Fees in advance – new contracts 312 996
Fees in advance – amounts utilised and repaid (660) (474)
Bank loan repayments - (2,500)
-------------------- --------------------
Net cash provided by financing activities 348 (1,978)
--------------------- ---------------------
Change in cash and cash equivalents in the reporting period
B		 192 (3,106)
Net cash and cash equivalents at beginning of period 58 3,164
---------------------- ----------------------
Net cash and cash equivalents at end of period B 250 58
=========== ===========
A. RECONCILIATION OF NET INCOME TO 2025 2024
NET CASH INFLOW FROM OPERATIONS £’000 £’000
Net (expenditure)/ income (644) (701)
Interest payable 65 43
Interest receivable (2) -
Investment losses / (gains) (5) (26)
Depreciation of tangible fixed assets 885 849
Decrease / (increase) in debtors (3,195) (177)
(Decrease) / increase in creditors 4,117 665
--------------------- ---------------------
Net cash inflow from operations 1,221 653
=========== ===========
B. ANALYSIS OF CHANGES IN DEBT
At At
1 September 31 August
2024 Cash flows OOther changes 2025
£’000 £’000 £’000 £’000
GROUP
Cash at bank and in hand 58 192 - 250
Bank overdraft (210) (775) - (985)
----------------------- -------------------- --------------------- -----------------------
(152) (583) - (735)
============ ========== =========== ============ 
19

BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

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 2025 and the comparative information presented in these financial statements for the year ended 31 August 2024. 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, generating a cash surplus before depreciation and predicted surpluses over the next few years 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 2025

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 2025

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 2025

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 2025

2. FEES RECEIVABLE 2025 2024
£’000 £’000
Gross fees receivable 14,125 13,714
Less: Allowances (429) (454)
Bursaries (784) (638)
Scholarships (120) (154)
---------------------- ----------------------
12,792 12,468
Add back bursaries and scholarships funded by restricted funds 50 170
---------------------- ----------------------
£12,842 £12,638
=========== ===========

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 2024 financial year.

Its trading results for the year, as extracted from the audited accounts, are summarised below:

2025 2024
£’000 £’000
Turnover 389 287
Cost of Sales (10) (10)
--------------------- ---------------------
Gross Profit 379 277
Administrative Expenses (176) (88)
--------------------- ---------------------
Net Profit 203 189
Profit on ordinary activities before taxation 203 189
Taxation - -
--------------------- ---------------------
Profit for the financial period 203 189
=========== ===========
Distributions
Gift Aid to Badminton School (189) (282)
Reserves brought forward and carried forward 203 189
=========== ===========

At 31 August 2025 the company had assets of £213k, liabilities of £10k and share capital of £1. 

24

BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2025

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:

2025 2024
£’000 £’000
Turnover 20 85
Administrative Expenses (12) (39)
---------------- ----------------
Profit/(Loss) for the financial period £8 £46
======== ==========
4. ANALYSIS OF Staff Other
EXPENDITURE Costs Depreciation Costs Total
2025 2025 2025 2025
£’000 £’000 £’000 £’000
Raising funds
Trading costs - - 97 97
--------------------- ------------------- -------------------- --------------------
Charitable activities
Finance - - 131 131
Marketing 263 - 502 765
Teaching costs 6,053 164 261 6,478
Welfare costs 1,711 - 179 1,890
Premises costs 379 573 1,301 2,253
Grants, awards and prizes - 143 63 206
Support costs directly attributable to
the sole charity aim		 1,345 5 1,171 2,521
Governance costs - - 29 29
--------------------- ------------------- -------------------- --------------------
Subtotal 9,751 885 3,637 14,273
--------------------- ------------------- -------------------- --------------------
£9,751 £885 £3,734 £14,370
============ ========== ========== =========== 
25

BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2025

4. ANALYSIS OF EXPENDITURE (CONTINUED)

Comparative analysis of total expenditure

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 5,750 132 285 6,167
Welfare costs 1,688 - 191 1,879
Premises costs 330 572 1,456 2,358
Grants, awards and prizes - 138 219 357
Support costs directly attributable to
the sole charity aim		 1,315 7 1,147 2,469
Governance costs - - 29 29
--------------------- ------------------- -------------------- --------------------
9,385 849 3,941 14,175
--------------------- ------------------- -------------------- --------------------
£9,385 £849 £3,950 £14,184
============ ========== ========== ===========
GOVERNANCE COSTS 2025 2024
£’000 £000
Governors’ training and expenses 1 1
Sundry expenses 3 8
Auditors’ remuneration – excluding VAT 25 20
-------------------- --------------------
£29 £29
==========
 ==========

During the year Governors received reimbursement for travel expenses totalling £0.4k (2024: £1k).

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 2025

5. STAFF COSTS 2025 2024
£’000 £’000
Salaries and wages 7,907 7,580
Social Security costs 739 660
Pension costs 1,086 1,046
Redundancy and termination payments - 80
Other costs 19 19
----------------------- -----------------------
£9,751 £9,385
============ ============
The average number of employees during the year was as follows: 2025 2024
Number Number
Teaching staff 122 120
Support and administration 120 128
-------------- --------------
242 248
======= =======

The number of employees whose emoluments exceeded £60,000 (excluding pensions) are as follows:

2025 2024
Number Number
£60,000 - £69,999 2 4
£70,000 - £79,999 4 1
£80,000 - £89,999 1 -
£90,000 - £99,999 1 1
£100,000 - £109,999 - 1
£140,000 - £149,999 - 1
£150,000 - £159,999 1 -
-------------- --------------
9 8
======= =======

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 £973,574 (2024: £863,964).

6. INTEREST PAYABLE 2025
 2024
£’000
 £’000
Revolving credit facility - 7
Bank charges/ other interest 65 36
-------------- --------------
65 £43
======== ======== 
27

BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2025

7. SURPLUS ON ORDINARY ACTIVITIES FOR THE YEAR SURPLUS ON ORDINARY ACTIVITIES FOR THE YEAR SURPLUS ON ORDINARY ACTIVITIES FOR THE YEAR 2025 2024
£’000 £’000
The surplus on ordinary activities for the year is stated
after charging:
Depreciation of owned assets 885 848
Operating lease rentals 1 20
Auditor’s remuneration excluding VAT:
Audit – school 21 20
Audit – trading subsidiary 3 3
Audit – International 2 1
Non-audit services 3 3
======== ========
. 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 2024 21,232 129 775 6,640 28,776
Additions 409 - 8 201 618
Disposals - - - - -
Capital goods Scheme (370) - (41) - (411)
Transfer 5 (5) - - -
-------------------------- ------------------------- --------------------- ------------------------ -------------------------
At 31 August 2025 21,276 124 742 6,841 28,983
------------------------- ------------------------- --------------------- ------------------------ -------------------------
Depreciation
At 1 September 2024 9,841 - 480 5,201 15,522
Charge 577 - 18 290 885
Disposals - - - - -
------------------------- ------------------------ --------------------- ------------------------- ------------------------
At 31 August 2025 10,418 - 498 5,491 16,407
------------------------ ------------------------ --------------------- ------------------------- ------------------------
Net Book Value
At 31 August 2025 £10,858 £124 £244 £1,350 £12,576
============= =========== =========== ============ =============
At 31 August 2024 £11,391 £129 £295 £1,439 £13,254
============= =========== =========== ============ =============

8. TANGIBLE FIXED ASSETS – GROUP AND CHARITY

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 2025

9. INVESTMENTS Group Group Charity Charity
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Listed investments
At 1 September 2024 261 235 261 235
Unrealised gain/(loss) 5 26 5 26
------------------- ------------------- ------------------- -------------------
At 31 August 2025 £266 £261 £266 £261
========== ========== ========== ==========
`
Investment in subsidiary - - - -
------------------- ------------------- ------------------- -------------------
At 31 August 2025 £266 £261 £266 £261
========== ========== ========== ==========

The listed investments consist of common investment funds managed by BlackRock Investment Management (UK) Limited.

Details of the subsidiaries are shown in note 3.

10. DEBTORS Group Charity Charity
2025 2024 2025 2024
£’000 £’000 £’000 £’000
School fees 3,492 192 3,492 192
Other debtors 47 13 47 13
Capital goods scheme (VAT) 411 - 411 -
Amounts owed by subsidiary - - 3 19
Prepayments and accrued income 358 497 357 343
------------------- ------------------- ------------------- -------------------
£4,308 £702 £4,310 £567
========== ========== ========== ==========

Capital Goods Scheme (VAT) relates to accrued VAT recoverable via the Capital Goods Scheme in future years. 

29

BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2025

11. CREDITORS: Amounts falling due within Group Group Charity
one year 2025 2024 2025 2024
£’000 £’000 £’000 £’000
Bank overdraft 985 210 985
210
Fees in Advance scheme (note 13) 494 522 494
522
Other school fees received in advance 4,709 2,445 4,709
2,445
Other amounts received in advance 386 360 386
360
(note 12a)
Accruals 57 97 54
94
Other creditors 279 218 243
218
Other tax and social security 888 145 888
145
Trade creditors 479 638 479
638
--------------------- --------------------- ---------------------
---------------------
£8,277 £4,635 £8,238
£4,632
=========== =========== ===========
===========
12. CREDITORS: Amounts falling due after 2025 2024
more than one year - GROUP AND CHARITY £’000 £’000
Fees in Advance scheme (note 13) 234 555
Other amounts received in advance 2,148 1,700
----------------------- -----------------------
£2,382 £2,255
============
===========		 
30

BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2025

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.

2025 2024
£’000 £’000
Within one to two years 122 255
Within two to five years 112 300
----------------- -----------------
Due after one year (note 12) 234 555
Within one year (note 11) 494 522
------------------ ------------------
£728 £1,077
========== ===========

The balance represents the accrued liability under contracts. The movements during the year were:

2025 2024
£’000 £’000
Balance at 1 September 2024 1,076 555
New contracts 290 996
Amounts accrued to contracts 22 -
Amounts returned - -
----------------- -----------------
1,388 1,551
Amounts utilised in payment of fees (660) (474)
------------------ ------------------
Balance at 31 August 2025 £728 £1,077
========= ========= 
31

BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2025

14. ANALYSIS OF DEFERRED INCOME -
GROUP AND CHARITY 2025 2024
£’000 £’000
Fees in advance at 1 September 2024 2,445 2,258
Applied during the year 4,709 2,445
Released during the year (2,445) (2,258)
------------------------ ------------------------
Fees in advance at 31 August 2025 £4,709 £2,445
============ ============
Deposits at 1 September 2024 2,061 1,978
Applied during the year 1,196 794
Released during the year (723) (711)
----------------------- -----------------------
Deposits at 31 August 2025 £2,534 £2,061
============ ============
15. SHARE CAPITAL – CHARITY 2025 2024
£ £
Authorised
‘A’ shares of £1 each £50 £50
======== ========
Allotted, issued and fully paid
‘A’ shares of £1 each £50 £26
======== ========

The Company is under the custodianship 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 2025

16. FUND MOVEMENTS IN YEAR

At 1 At
September Unrealised 31 August
2024 Income Expenditure Gains Transfers 2025
£’000 £’000 £’000 £’000 £’000 £’000
Unrestricted Funds
General Fund 6,790 13,664 (14,165) - - 6,289
---------------------- ------------------- ------------------- ---------------------- ---------------------- ----------------------
6,790 13,664 (14,165) - - 6,289
Endowment Funds
Lady Frank Fund 10 - - - - 10
Award
Mark Richmond Music
Award 4 1 (3) - - 2
---------------------- ------------------- ------------------- ---------------------- ---------------------- ----------------------
14 1 (3) - - 12
Restricted Funds
Sanderson Bursary
Fund (1) 46 (49) 5 - 1
Urquhart Travel Fund 19 - - - - 19
John James Bursary
Fund - - - - - -
John James Prizes Fund 9 3 (4) - - 8
John James Tools of
The Trade Fund 3 - - - - 3
Thrive Campaign 550 - (143) - - 407
Thornton-Smith &
Plevins Trust/ - 4 (4) - - -
Pupil premium 1 3 (2) - - 2
---------------------- ------------------- ------------------------- ---------------------- --------------------- ----------------------
581 56 (202) 5 - 440
----------------------- --------------------- ------------------------- ---------------------- ---------------------- -----------------------
£7,385 £13,721 (£14,370) £5 £- £6,741
============ ========== ============= =========== ========== ============ 
33

BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2025

16. RESTRICTED AND ENDOWMENT FUNDS (continued)

Comparative 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
---------------------- ------------------- ------------------- ---------------------- ---------------------- ----------------------
7,249 13,367 (13,826) - 6,790
Endowment Funds
Lady Frank Fund 10 - - - - 10
Award
Mark Richmond Music
Award 24 - (20) - - 4
---------------------- ------------------- ------------------- ---------------------- ---------------------- ----------------------
34 - (20) - - 14
Restricted Funds
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
---------------------- ------------------- ------------------------- ---------------------- --------------------- ----------------------
803 90 (338) 26 - 581
----------------------- --------------------- ------------------------- ---------------------- ---------------------- -----------------------
£8,086 £13,457 (£14,184) £26 - £7,385
============ ========== ============= =========== ========== ============ 
34

BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2025

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 2025

17. ANALYSIS OF NET ASSETS Cash Other
BETWEEN FUNDS Fixed assets Investments And cash assets/ Total
equivalents (liabilities) 2025
£’000 £’000 £’000 £’000 £’000
GROUP
Endowment fund - - 12 - 12
Restricted funds 408 - 32 - 440
Unrestricted funds 12,168 266 206 (6,351) 6,289
------------------------ ------------------------ ---------------------- ----------------------- ---------------------
£12,576 £266 £250 (£6,351) £6,741
============ ============ =========== ============ ===========
CHARITY
Endowment fund - - 12 - 12
Restricted funds 408 - 32 - 440
Unrestricted funds 12,168 266 (5) (6,310) 6,119
------------------------ ------------------------ ---------------------- ----------------------- ---------------------
£12,576 £266 £39 (£6,310) £6,571
============ ============ =========== ============ ===========

Comparative split of net assets between funds

Cash Other
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
============ ============ =========== ============ ========== 
36

BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2025

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 £849k (2024: £799k)

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 £236K (2024: £246k) to the scheme.

19. CAPITAL COMMITMENTS

At the year end the company had capital commitments of £98K (2024: £205k).

20. OPERATING LEASE COMMITMENTS – GROUP AND CHARITY

At 31 August 2025, the school had commitments under non-
cancellable operating leases as follows: Plant and machinery
2025 2024
Restated
£’000 £’000
Within one year 1 5
Within two to five years - -
---------------- ----------------
1 5
======== ========

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 (2024: £nil) in the year. 

37

BADMINTON SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2025

22. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

Restricted and
Unrestricted Endowment Total
Funds Funds 2024
Notes £’000 £’000 £’000
INCOME FROM:
Charitable activities
Fees receivable 2 12,638 - 12,638
Extras – optional subjects 374 - 374
Other educational income 68 - 68
Other trading activities
Trading company 287 - 287
Investments - - -
Donations and legacies - 90 90
Grant income - - -
----------------------- ------------------- ---------------------
TOTAL INCOME 13,367 90 13,457
----------------------- ------------------- ---------------------
EXPENDITURE ON:
Raising funds 4 9 - 9
Charitable activities
School operating costs 4 13,817 358 14,175
--------------------- ------------------- ---------------------
TOTAL EXPENDITURE 13,826 358 14,184
--------------------- ------------------- ---------------------
NET SURPLUS BEFORE INVESTMENT (459) (268) (727)
GAINS
Investment gains / (losses) 9 - 26 26
--------------------- ------------------- --------------------
NET INCOME (459) (242) (701)
Fund balances brought forward 7,249 837 8,086
----------------------- ------------------- -----------------------
FUND BALANCES CARRIED FORWARD 16,17 £6,790 £595 £7,385
============ ========== ============ 
38