OpenCharities

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

2023-07-31-accounts

Docusign En¥ÈlopÈ ID". 6CC323CO-BC6U056-9197-ODSC346710AA Bridewell Royal Hospital King Edward s Witlcy & Barrow Hi115 School ,41 eport and Financial Statements for the year ended 31 July 2023

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

This page is intentionally left blank

2

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Contents

Page
Report of the Court 4 - 19
Independent Auditor's Report 20 – 23
Consolidated Statement of Financial Activities 24
Consolidated and Charity Balance Sheet 25
Consolidated Cash Flow Statement 26
Notes to the Consolidated Cash Flow Statement 27
Statement of Accounting Policies 28 - 31
Notes to the Accounts 32 - 42

3

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Report of the Court

Key Information

Financial Results
Total Income
Total Expenditure
(Losses)/Gains on Investments
Net (Expenditure)/Income
Endowed Funds
Restricted Funds
Unrestricted Funds
Group Information
Number of pupils
% of Boarders
Number of bursary pupils
Average bursary		 Year Ended
31/07/23
£000s
14,788
(16,498)
44
(1,666)
18,951
3,972
11,934
Average
2022/23
662
20%
40
£29,700		 Year Ended
31/07/22
£000s
13,709
(14,567)
(564)
(1,422)
18,771
3,901
13,851
Average
2021/22
641
21%
47
£27,100

4

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Report of the Court (Continued)

The Court, the trustee body of Bridewell Royal Hospital which incorporates King Edward’s Witley and Barrow Hills School, presents its report and audited financial statements for the year ended 31 July 2023.

Bridewell Royal Hospital was established by King Edward VI by Royal Charter of Letters Patent dated 26 June 1553. The Royal Charter of Letters Patent has been amended during subsequent years. The present Constitution is the Scheme made by the Charity Commissioners in November 1988 as amended by Resolutions of the Bridewell Court passed in March 2013 and March 2015. Bridewell Royal Hospital is presided over by HRH The Duchess of Gloucester and is registered with the Charity Commission under registered charity number 311997.

Goals and Objectives

The objects of Bridewell Royal Hospital (the Foundation), laid down in the 1988 scheme, and as amended in 2013 and 2015, are the advancement of education, currently met by providing boarding and day schooling for girls and boys aged 2 to 18 and the provision of bursaries, scholarships and other educational benefits. In particular, the Foundation, as part of its commitment to public benefit, provides financial support primarily for children whose home circumstances make boarding education beneficial. In addition to the endowed funds of the Foundation, there are restricted funds held for special purposes, such as the development of facilities, bursaries, prizes and other educational purposes.

The Charity achieves the Foundation’s objects through the operation of King Edward’s, a thriving co-educational boarding and day senior school, and Barrow Hills, an excellent preparatory, co-educational, day school nearby. The aims and objects of both Schools are inherently charitable in the provision of education to girls and boys; additionally, the founding mission of the Charity finds expression today in the provision of bursary supported boarding education to children who need it within the environment of a mainstream independent school for local and international children seeking an excellent all-round education. Furthermore, every effort is made to provide access to facilities and activities to those otherwise unable to afford them.

King Edward’s Witley

King Edward’s vision: The School was founded in 1553 as “a House to lodge Christ in”. King Edward’s Witley (King Edward’s) provides an environment which nurtures children to achieve success in their chosen fields; to become happy, confident, independent learners; to become fulfilled, active, decent people of integrity, with global awareness, wisdom, humility and a sense of duty; and to be aware of how they have become so.

The aims of King Edward’s are:

5

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Report of the Court (Continued)

Barrow Hills School

Barrow Hills is an independent Christian co-educational school welcoming all and enabling each child to develop their ethical, spiritual and moral values. The School seeks to inspire a love of learning and to encourage all to fulfil their aspirations and potential within an atmosphere of mutual respect and compassion. It encourages a strong sense of all belonging to one family; in the School, in the community and in the wider world.

Pupil Profile: At Barrow Hills children are encouraged to be:

The aims of Barrow Hills are:

These objectives are carried forward while maintaining the affordability of an excellent preparatory education, benefiting from economies of scale without compromising the ‘family feel’ that permeates both Schools. The Schools share resources including sports, performing arts, extra-curricular and boarding opportunities whilst continuing to meet operational objectives and maintain efficient processes throughout the organisation.

In the past year King Edward’s has had a pupil roll of 439 pupils from more than 29 countries. 40 pupils, from low income families or from home circumstances where a boarding education was deemed beneficial or necessary, were provided a means-tested bursary. 75% of these received fee support of between 81-100%. Barrow Hills has educated some 223 pupils aged 2-13.

6

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Report of the Court (Continued)

In pursuit of its aims the Court and School Governors agree management objectives annually for both Schools. For 2022/23 these were:

At Barrow Hills 69% of leavers in Year 8 were awarded scholarships to a range of independent senior schools; 6 Sports Scholarships (including one Eric Abbott Scholarship to Cranleigh), 3 Drama Scholarships and 2 Academic Scholarships (King Edward’s and RGS) All 13+ leavers obtained places at their chosen senior schools which comprised =King Edward’s (8), Charterhouse (2), St George’s (2), Seaford (2), Cranleigh (1) and RGS (1)

At King Edward’s, the decision by the government to ensure grade distributions returned to pre-pandemic levels meant, overall, results at both GCSE and A-level, mirrored the national trend and were lower than last year. At GCSE 40.2% of pupils achieved grades 9-7 (compared with 44.8 last year), with 60.5% achieving grades 9-6 compared with 62.% last year. It should, however, be noted that the proportion of pupils achieving grades 9-7 represents an increase on the benchmark pre-pandemic cohort that achieved 39%. For the first time, the majority of pupils in Upper 6[th] followed an A-level Curriculum rather than the International Baccalaureate (IB). Mirroring the national pattern, the proportion of pupils achieving grades A* - A decreased slightly from 31.4% to 29.1% however, again, this was ahead of the benchmark pre-pandemic cohort that achieved 19.6%. The proportion of pupils achieving 7 – 6 for the International Baccalaureate Diploma increased from 39.2% in 2022 to 39.6% although, overall, the average points score decreased from to 32.2 to 31.1 points.

64.3% of pupils secured their first choice university and 52% of all places were at Russell Group universities. Of note, one of Bridewell’s Foundation pupils secured a place at the University of Durham to read Japanese Studies (with a year abroad) and another (who achieved an A* in art and A in Computer Science), secured a place at the Sussex University to study Computer Science, and, elsewhere, pupils went on to universities including LSE, UCL, King's College London, Warwick, Exeter, Nottingham and Royal Holloway.

7

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Report of the Court (Continued)

During the year pupils from both Schools have benefited from closer links, including the sharing of facilities, shared events, workshops and specialist teaching. Administrative and organisational improvements have been made across both Schools in areas such as facilities management, human resources, finance and procurement, producing significant economies of scale.

Public Benefit

The Schools’ objectives and activities are inherently charitable and every effort is made to ensure that the Schools provide public benefit to those who would otherwise be unable to attend them.

Due consideration has been given to the Charity Commission’s published Guidance on Public Benefit.

Fundraising and Grantmaking

The Charity aims to generate additional funds by means of voluntary fundraising and investment of endowed and restricted funds to further its charitable objects. The Court sets targets each year in respect of the performance of invested funds and also budgets in respect of voluntary fundraising activity.

In the 2022/23 year voluntary fundraising activity included raising funds for bursary provision as well as work with individuals and trusts and an ongoing Legacy Campaign. Donors are encouraged by means of regular stewardship events, including events for those who have pledged legacies to the Foundation and those who

8

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Report of the Court (Continued)

have given annually. The External Relations Office control all fundraising activities and subscribe to the Institute of Development Professionals in Education guidelines, which encompass all regulations surrounding fundraising as outlined in the Fundraising Preference Service and Information Commissioner Guidelines.

The Charity did not use a professional fundraiser or commercial participator and did not receive any complaints regarding its fundraising activities. The Charity ensures it protects the public from behaviour which is an unreasonable intrusion on a person’s privacy, is unreasonably persistent or places undue pressure on a person to give money or other property by following Ethical Fundraising Guidelines set by the Institute of Development Professionals in Education.

The objects of the Foundation is to offer bursaries, in particular to support children whose circumstances would make a boarding education beneficial, including those from disadvantaged or vulnerable backgrounds. The offer of bursaries is subject to means testing and assessment of boarding need and ability to benefit; guidance is also offered to help candidates seeking additional financial support from other charities that work closely with King Edward’s and Barrow Hills.

Financial Review

The Group’s income from School activities increased to £14,383k (2022: £13,097k). Pupil numbers were 662 (2022: 641), boarding pupils of 130 (2022: 133) and day pupils of 532 (2022: 508). Total fees were £13,350k (2022: £12,388k).

The operating deficit was £(1,710k) (2022: (£858k)). The aggregate Fund balances reduced to £34,857k (2022: £36,523k).

Charitable Activities

The Charity is responding to a changing market and widening the pastoral care provided to its bursary pupils.

Means-tested public benefit and bursary support provided by the Foundation was £303k (2022: £370). In addition, support from The City of London Corporation, the Livery Companies and major educational charities, in particular, Royal National Children’s Springboard Foundation, The Reedham Children’s Trust, The Mitchell City of London Educational Foundation, The Emmott Foundation, Buttle UK, The Portal Trust, The Heights Educational Bursary Trust, The Camelia Botnar Foundation, The Hale Trust, The Oliver Whitby Educational Trust, the Royal Pinner School Foundation and The Thornton Smith Plevins Trust provided a further £903k (2022: £930k) of bursary funding. The Court and pupils are extremely grateful to these organisations for their ongoing support along with the many Old Witleians and Bridewell Fellows who donate generously.

Distribution of Bursary Awards

As part of the Foundation’s commitment to provide public benefit, means-tested bursaries were distributed to 40 pupils (2022: 47), with an average bursary of £29,700 (2022: £27,100). 75% (2022: 73%) of these pupils received awards of between 81-100% of fees. Bursary awards are distributed broadly across the forms and the vast majority are awarded to boarding pupils from the United Kingdom. In addition to bursaries, 58 pupils were in receipt of scholarships (2022:69) across the full range of academic, arts, music and sports.

9

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Report of the Court (Continued)

Improving pupil experience at both Bridewell Schools

To ensure that pupils at both King Edward’s and Barrow Hills receive a transformative education, exciting cocurricular opportunities and are supported to flourish in a globally connected world, the Governors approved investment in both education and infrastructure supported by a £10.875m securities backed lending facility.

King Edward’s

During the year a number of strategic staff appointments were made within the teaching staff to support the implementation of the Schools’ vision. A new Head of 6[th] Form was appointed to support in driving the 6[th] form offering, from both an academic and holistic perspective.

As the curriculum for the Sixth Form has moved away from the International Baccalaureate, the School has embedded the Extended Project Qualification (EPQ), introduced new subjects and developed a unique programme of study. To equip pupils with the skills they will need to be successful in the workplace or university, the Outduction programme further enables senior pupils to adopt the skills necessary to live independently.

Co-curricular – as part of the all round education on offer at King Edward’s, an array of co-curricular activities are available. The appointment of a new Head of Football has seen a surge of interest in the sport. Girls’ football and cricket have established well with an emerging fixture list. Pupils are all encouraged to participate in the full sports programme, including football, hockey, netball and cricket, with some pupils being selected at club level. Additionally, the Duke of Edinburgh scheme runs, with almost all year 9 pupils participating at Bronze Level, and senior pupils attaining their Silver and Gold. Forest School continues to be a well-attended and popular option.

In music, pupils have had plentiful opportunity to perform at a variety of venues and occasions, singing at St George’s Chapel, Windsor and Inner and Middle Temple, London as well as neighbouring cathedrals and churches. The choral tradition is cherished at the School, with the choir leading most school services.

Pupils’ creativity may be seen in the drama performances where pupils have directed their own plays, one such being written from life experience as a carer. Art exhibitions demonstrate further the commitment to nurturing all aspects of a pupil’s development. The Schools are committed to being a kind and caring environment. To support this, pupils volunteer to be peer listeners and staff volunteer to be a listening ear for all. A full-time counsellor has been appointed to work across both Schools. The implementation of Steer, a pupil mental health tracking application, has provided an insightful perspective in planning and designing bespoke proactive pastoral care for all pupils.

Pupil voice is core to the development of pupils’ experience. During the year, Barrow Hills achieved its eco status and Year 12 and 13 pupils are collaborating to apply for accreditation at King Edward’s.

Completion of Capital Works

Works were completed on three major capital projects during 2022/23 in accordance with the Strategic Plan.

Jubilee House, the refurbished Upper Sixth Form House, welcomed its first pupils in September 2022. The new space provides a location that will enrich the experience of senior pupils and provide an opportunity for greater independence as a preparation for university/college life. In line with the vision, the newly formed large collaborative working areas, communal cooking spaces, pupil laundry facilities and en-suite facilities have supported in providing those pupils in Upper 6[th] with a pre-university experience.

10

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Report of the Court (Continued)

The Exhibition Hall was formally opened on 14[th] October 2022 by HRH The Duchess of Gloucester. Pupils, staff and parents have welcomed the development, which has created a central Welcome Hub for all members of the School community. The ground floor café has successfully provided a location in which the community can meet socially and learn collaboratively. The library, on the first floor, has created a space for pupils and staff to pursue independent and group research in the centre of the School.

The refurbishment of Gurdon’s Lane was completed in December 2022. The improvements have enhanced the experience of anyone entering the School and has provided King Edward’s with improved pedestrian access.

Barrow Hills

On pastoral matters Barrow Hills adopted a new whole school ‘5 ways to wellbeing’ approach, focused on the themes of connecting, giving, being active, taking notice and learning. The School Council was proactive and worked on a children’s food survey and choosing some new playground equipment. A new Peer Mentoring Programme also supported the quality of pastoral care. A new scheme of learning for Personal Health and Social Education, called ‘Jigsaw’, was adopted from September 2022. Year 7 and 8 moved to studying the Independent Schools Examination Board (ISEB) Theology, Philosophy and Religion scheme of work instead of the previous catholic one, to better fit the School's status. The Upper School was also successfully introduced to Financial Literacy lessons.

Science Technology Engineering and Maths (STEM) continued to be developed, with the success of the whole school STEM week and a range of external guests and speakers and internal staff-led sessions. We built on this success with a new role, STEM Innovation Lead, creating a STEM Strategic Plan ensuring that all year groups have an increased offering in this area.

In sport both girls’ and boys’ U11 hockey teams excelled in the area rounds of the IAPS hockey tournaments and qualified for the national finals. At the national finals, boys finished 5th out of 24 schools, and the girls were 10th.

Further development of the bursary programme

There continues to be a focus on extending the reach of the bursary programme. The Bursary and Charities Officer will support the enhancement of relationships with partner charities. Targeted partnerships with charities will extend the reach of Bridewell Foundation bursaries to ensure that those pupils that will benefit from boarding or a King Edward’s/Barrow Hills’ education are financially supported.

Extending the Bridewell reach

Existing and new partnerships have continued to be cultivated with both the City of London Corporation schools and other primary schools from the most deprived London Boroughs. New partnerships will be sought with organisations which help those families in most need of assistance to encourage referrals. Examples of such organisations might include long term or serious illness charities, music, art and sport providers in disadvantaged

11

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Report of the Court (Continued)

areas, Armed Forces charities and refugee organisations. The reputation and profile of Bridewell will be raised through an integrated strategic marketing plan including enhanced outreach work within the local community, the City and nationally.

Investment Performance

For the year to 31 July 2023 the achieved total return on the Endowed Fund was 2.6% (2022: (2.1%)).

The Court considers the investment policy is appropriate to meet the long term aim of maintaining the real value of the Endowed Fund while increasing the amount of total return applied to fund bursaries.

12

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Report of the Court (Continued)

Policies

Investment Policy

From 1 August 2007, the Governors have managed the King Edward’s Endowed Funds on a total return basis, adopting an investment policy of “preserving the real value of the endowment held in investments, whilst maximising the amount available to meet the needs of each generation of beneficiaries”.

In seeking a balance between the interests of current and future beneficiaries the Governors consider, with their Investment Advisers, the appropriate balance between the proportion of the total return that should be applied as income and the proportion that should be retained and accumulated within the Endowed Fund. Governors are conscious that a relatively stable pattern of application is important in allowing the Schools to make sustainable bursary awards, so while the application has been approved each year, this has been determined within a policy set and reviewed every three years. The most recent review was conducted in May 2022 and it was agreed that the total return policy should be retained, subject to review every three years, and that the application for 2022/23 would be 3.25% of the average value of the Endowed Fund over the twelve quarters to 31 December 2021 but subject to annual review. In May 2023 the governors approved a reduction from 3.25% to 3% in the withdrawal rate and that the rate be reviewed in May 2024.

Reserves and Liquidity Policy

The Court’s policy on Reserves is to maintain sufficient current assets and cash deposits in the General Fund to mitigate the risks to income from unforeseen sources: the provision of sufficient resources to carry out planned repairs and improvements; and to provide a contingency for unanticipated and uninsured estates expenditure. Due to the substantial capital investment in the King Edward’s site, unrestricted reserves represented by net current liabilities as at 31 July 2023 reduced to (£9,079k) (2022: £5,842k). Drawdowns commenced on the £10.875m Barclays Bank Plc borrowing facility, as detailed in note 9; as at 31 July 2023 the balance was £5.4m. The Governors consider that sufficient current assets, cash and borrowing facilities are maintained or are available to Bridewell to mitigate the above mentioned risks and to ensure that the operations of the Schools may continue for at least twelve months.

The Court and the Sub-Committees review the financial and other operating aspects of both Schools on a termly basis, enabling the principal risks and uncertainties facing the Charity to be monitored. These aspects, as identified by both the Governors and key management personnel, are further reviewed on an annual basis by the Court through a formal business risk assessment process with interim reviews by the Finance & General Purposes sub-committee. Each Autumn, the Governors have an additional meeting to discuss business strategy.

13

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Report of the Court (Continued)

The Court is satisfied that there are systems in place to mitigate adequately the major risks to which the Foundation is exposed. The principal risks together with the key controls include:

Risk Categories Current Principal Risks
and Uncertainties		 Key Controls
Objectives &
Mission		 - Reviewed by Court
Charity, Law &
Regulation		 None beyond sector wide
challenges		 Reviewed by Court and Sub-Committees
External Influences Sector wide challenges Regularly reviewed by Court & Finance and General
Purposes Sub-Committee
Operational
Processes		 Asset protection Established authorities, procedures and limits
Pupil Recruitment Pupil recruitment and
retention		 Monthly data monitored
Technological Sector wide reliance on
technological systems		 Reviewed by Education & ICT Sub-Committee
Academic - Reviewed by Education & ICT Sub-Committee and
Court
Pastoral - Reviewed by Pastoral & Safeguarding Group
(reporting to Education & ICT Sub-Committee)
Safeguarding Policy, Central DBS Register and Child
Protection Policy
Financial Ensuring financial
commitments aligned annually
with anticipated fee income		 Financial Planning and Budgeting overseen by
Finance & General Purposes Sub-Committee and
Court with Interim MonthlyKeyData reports
Long-term bursary support Investment in Development Fundraising with
Governor Sub-Committee oversight
Privacy - Data Protection Policy
Environmental,
Health & Safety		 - Monitored by Health & Safety Sub-Committee

Structure & Governance

The structure, governance and operation of Bridewell Royal Hospital is in accordance with the present Constitution made by the Charity Commissioners in November 1988 as amended by Resolutions of the Bridewell Court passed in March 2013 and March 2015. In May 2019 the Court undertook a review of the Constitution to ensure that certain aspects fit with more general legal requirements, with a particular focus on employment and safeguarding issues.

14

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Report of the Court (Continued)

Organisational Management

The Court as the direct Governing Body of the Schools, meets at least once each term, usually chaired by the Treasurer on behalf of the Vice-President.

The Constitution includes Articles of Government for each School which include:

Management of the Foundation’s Endowed Fund is delegated under the terms of the Constitution to the Estates Governors’ Committee. Subject to reporting all actions and proceedings to the Court, the Committee is empowered to appoint investment advisers, set investment policy and monitor results. The Committee meets twice each year, receiving written and verbal reports from the appointed investment advisers. On behalf of the Committee the Head of Finance maintains regular communication with the investment advisers, reviewing investment activity and monthly valuations, bringing any significant matters to the attention of the Committee.

In addition to receiving the report of the Estates Governors’ Committee, the Court receives reports from the sub-committees: Finance & General Purposes, Education & ICT, and Health & Safety. Each School Management Group presents strategic, operational and academic matters to these sub-committees, together with reporting progress against Annual Objectives, all of which are then subsequently presented to the Court for approval. In addition, selected Governors oversee Health & Safety, Governor Induction & Training, Staff Liaison, Learning Support and Child Safeguarding.

Each year the Finance & General Purposes Sub-Committee makes recommendations to the Court in respect of the pay and remuneration of the officers. In doing so, regard is had to the performance of the Schools and the individuals together with sector comparatives (published by the professional bodies in the sector).

Group Structure and Relationships

Bridewell Royal Hospital comprises two trading schools, King Edward’s Witley and Barrow Hills School, along with a wholly owned non-charitable subsidiary, KES Enterprise Limited.

15

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Report of the Court (Continued)

KES Enterprise Limited, which was incorporated on 2 February 2004, provides special educational needs and other services and facilities to the Schools and other educational bodies that occupy the Schools’ premises on a temporary basis. The financial results are consolidated in these accounts.

By reason of its foundation and governance, the Foundation has a significant and special relationship with The City of London Corporation, a major benefactor and supporter of the Foundation since 1553. It promotes relationships with The City of London Corporation and the Inner London Boroughs to reflect their historical connection with the Foundation, as well as to direct bursarial support to children in need of boarding education from these Boroughs. The Foundation works closely with other educational grant-making charities to enhance the funds available to provide bursaries for children in need of a boarding education.

The Schools have positive links with the local community, including work experience, community service and an annual arts programme that serves the local community and attracts many visitors, including school visits.

Recruitment and Training of Governors

The Nominations Committee recommends candidates for appointment to the Court. The City of London Corporation appoints up to 12 Governors, 5 Aldermen and 7 members of Common Council. Between 8 and 18 Co-Opted Governors are appointed by the Court. New Governors are introduced to the workings of the Charity by the Treasurer and the Clerk, and to the Schools through the Heads and Director of Finance & Operations. Governors are encouraged to attend relevant courses from BSA / AGBIS and other bodies.

16

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Report of the Court (Continued)

The Court

e Court e Court e Court
President: HRH The Duchess of Gloucester GCVO
Vice President: Alderman Sir Peter Estlin BSc FCA 1)
Treasurer & Chair of Governors: Mrs J S Voisin BA Hons (Oxon) 1) 2) 3) a&b 4) a&b
Co Mr D J D Allen BSc FCA
Retired June 2023		 1) 2)
Co The Venerable Stuart Beake MA (Cantab) 3) a
Co Mr K I R Bannister BSc (Hons) FCA
 1) 2)
Co Mr R E T Bennett LLB (Hons)
 1) 2)
Co Employment Judge B G Burgher LLB (Hons) PGDip EC Law
Co Mr M J Chadwick ACA CTAI
 1) 2) 3) a&b
Ald Alderman T R Hailes BA (Hons) Hon LLD MStJ JP
 1)
CC Mrs C W Haines BA CertEd DipM
Ald Alderman A J N King MSc
 1)
Co Mrs J T Lunnon BA (Hons) 3) a
Ald Alderman N S L Lyons MA (Cantab) 1)
Co Mr C R Marriott MA BEd (Hons)
 3) a&b
Co Mrs S M Meikle BA (Hons)
From November 2022		 2)
Ald Alderwoman J R Newman
From October 2022
CC Miss D M Oliver
From October 2022
Co Dr A D Pinkerton PhD FRGS
 2) 3) a
Co Mr S H Ravenscroft LLB
 2)
Co Mr G W Rockingham BSc (Hons) MRICS
CC Mr I C N Seaton MBE LLB (Hons) 1) 2)
Co Mr R A J Stovold
 1) 4) a&b
Co Mr I D Turner BA (QTS) Hons
 3) a&b
CC Mrs D L Wright BSc Hons
From October 2022		 1)
Ald Alderman Estate Governors Committee 1)
CC Common Councillors Finance & General Purposes sub-committee 2)
Co Co-Opted School Governor Education & ICT sub-committees 3) a KESW; b BHS
Health & Safety sub-committees 4) a KESW; b BHS

Clerk : Mr D A Rogers FCCA

The Court delegates day-to-day management of the Charity to the following officers and key management personnel:

Head – King Edward’s Witley : Mrs J R Wright BA (Hons) PGCE Head – Barrow Hills School: Mr P J Oldroyd BA PGCE Director of Finance & Operations: Mr D A Rogers FCCA

17

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Report of the Court (Continued)

Administration & Advisers

Principal Offices Bridewell Royal Hospital
King Edward’s Witley Barrow Hills School
Petworth Road Roke Lane
Wormley Witley
Godalming Godalming
Surrey Surrey
GU8 5SG GU8 5NY
Auditor Menzies LLP
1stFloor, Midas House
62 Goldsworth Road
Woking, Surrey
GU21 6LQ
Solicitor Moore Barlow LLP
The Oriel
Sydenham Road
Guildford
Surrey
GU1 3SR
Bankers NatWest Group Barclays Bank Plc
62/63 Threadneedle Street 1 Churchill Place
London Canary Wharf
EC2R 8LA London, E14 5HP
Investment Advisers Barclays Private Bank Close Brothers
1 Churchill Place 2 Chapel Street
Canary Wharf Chichester
London, E14 5HP PO19 1BU
CCLA Investment Management Ltd Schroder & Co Ltd
Senator House 100 Wood Street
85 Queen Victoria Street London
London EC2V 7ER
EC4V 4ET
Insurance Broker Marsh Brokers Ltd
Capital House
1-5 Perrymount Road
Haywards Heath
West Sussex
RH16 3SY

18

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Report of the Court (Continued)

Statement of the Court’s Responsibilities

Charity law requires the Court to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and the Group and of its financial activities for that year. In preparing those financial statements the Court is required to:

The Court is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and the Group to enable it to ensure that the financial statements comply with the Charities Act 2011 and with Orders from the Charity Commissioners for England and Wales. It is also responsible for safeguarding the assets of the Charity and the Group and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

In so far as the Court is aware:

Approved by the Court on 22 November 2023

and signed on its behalf by:

Mrs J S Voisin (Treasurer and Chair of Governors)

19

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Independent Auditor’s Report to the Members of the Court of Bridewell Royal Hospital For the Year Ended 31 July 2023

Opinion

We have audited the financial statements of Bridewell Royal Hospital (the ‘Parent Charity’) for the year ended 31 July 2023 which comprise the Consolidated Statement of Financial Activities, Consolidated and Charity Balance Sheet, Consolidated Statement of Cash Flows and notes to the financial statements, including 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.

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 Charity 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 Members of the Court’s 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 or the parent Charity’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 Members of the Court with respect to going concern are described in the relevant sections of this report.

20

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Independent Auditor’s Report to the Members of the Court of Bridewell Royal Hospital For the Year Ended 31 July 2023 (Continued)

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Members of the Court are responsible for the other information contained within the annual 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of the Members of the Court

As explained more fully in the Statement of the Court’s responsibilities, the Members of the Court 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 controls as the Members of the Court determine are 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 Members of the Court are responsible for assessing the Group’s and the parent Charity’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 Members of the Court either intend to liquidate the Group or Parent Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

21

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Independent Auditor’s Report to the Members of the Court of Bridewell Royal Hospital For the Year Ended 31 July 2023 (Continued)

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

We assessed the susceptibility of the Charity's financial statements to material misstatement, including how fraud might occur. We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas; posting of fraudulent journal entries, authorisation, processing, and payment of fraudulent expenses and timing of revenue recognition.

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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-foraudit.aspx.

22

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Independent Auditor’s Report to the Members of the Court of Bridewell Royal Hospital For Year Ended 31 July 2023 (Continued)

Use of our report

This report is made solely to the Members of the Court, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Members of the Court 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 Charity and the Members of the Court, as a body, for our audit work, for this report, or for the opinions we have formed.

|[Merrics] DocuSigned by:[(UP] 634F24DE92A4471... Menzies LLP

Menzies LLP

Chartered Accountants Statutory Auditor 1[st] Floor, Midas House 62 Goldsworth Road Woking, Surrey GU21 6LQ

14-Dec-2023 Date:

Menzies LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

23

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Consolidated Statement of Financial Activities for the Year Ended 31 July 2023

Notes
Income and endowments from:
Charitable activities
School fees
1
Ancillary trading income
Other trading activities
Non-ancillary trading
income
2
Investments
Investment income
Bank and other interest
Voluntary sources
Government Grants and
donations
3
Total incoming resources
Expenditure on:
Raising funds
Non-ancillary trading
Financing costs
Investment management
Fundraising & development
Charitable activities
Education and grant making
Total expenditure
4
Net (outgoing) / incoming funds
from operations before transfers
and investment returns
Gains/(Losses) on investments
Net (expenditure)/income
Fund balances brought forward
Fund balances carried forward		 Unrestricted
Funds
£000s
13,350
428
506
29
15
55
14,383
102
46
-
93
241
15,841
16,082
(1,699)
(218)
(1,917)
13,851
11,934		 Restricted
Funds
£000s
-
-
-
75
-
86
161
-
-
-
-
-
12
12
149
(78)
71
3,901
3,972		 Endowed
Funds
£000s
-
-
-
225
-
19
244
-
-
101
-
101
303
404
(160)
340
180
18,771
18,951		 2023
Total
£000s
13,350
428
506
329
15
160
14,788
102
46
101
93
342
16,156
16,498
(1,710)
44
(1,666)
36,523
34,857		 2022
Total
£000s
12,388
427
242
444
1
207
13,709
36
54
83
75
248
14,319
14,567
(858)
(564)
(1,422)
37,945
36,523

24

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Consolidated and Charity Balance Sheet as at 31 July 2023

Group Charity
2023 2022 2023 2022
Notes £000s £000s £000s £000s
FIXED ASSETS
Tangible assets 5 21,894 17,625 21,894 17,625
Investments 6 21,856 24,688 21,856 24,688
43,750 42,313 43,750 42,313
CURRENT ASSETS
Stock 82 86 82 86
Debtors 7 544 726 652 827
Cash and deposits 1,046 1,212 802 1,094
1,672 2,024 1,536 2,007
CURRENT LIABILITIES
Creditors payable within one year 8 (9,683) (6,981) (9,575) (6,964)
NET CURRENT (LIABILITIES) (8,011) (4,957) (8,039) (4,957)
TOTAL ASSETS LESS CURRENT
LIABILITIES		 35,739 37,356 35,711 37,356
LONG-TERM LIABILITIES
Creditors payable after one year 8 (882) (833) (882) (833)
NET ASSETS 10 34,857 36,523 34,829 36,523
ENDOWED FUNDS 12 18,951 18,771 18,951 18,771
RESTRICTED FUNDS 13 3,972 3,901 3,972 3,901
UNRESTRICTED FUNDS 14 11,934 13,851 11,906 13,851
34,857 36,523 34,829 36,523

These financial statements were approved by the Governing Body on 22 November 2023 and were signed on its behalf by:

[hatinSA4EEE6D689FDocuSigned Voisiwby: 441... [uteAFAB8C8512B647B...DocuSigned (Ladwickby: J S Voisin Mr M J Chadwick

The notes on pages 34 to 44 form part of these financial statements.

25

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Consolidated Cash Flow Statement

Note
Cash (Outflow)/Inflow from Operating
Activities
A
Returns on Investments and Servicing of
Finance
Dividends and Bank Interest
Cash (Outflow)/Inflow
Capital Expenditure and Financial Investment
Payments for Tangible Fixed Assets
Withdrawals from/(Payments to)
Investment Fund
Cash Outflow
Change in cash and cash equivalents in
the year
Cash and cash equivalents as at 1 August
2022
Cash and cash equivalents as at 31 July
2023
B&C		 For the year ended
31 July 2023
£000s
£000s
(1,340)
344
(996)
(4,982)
2,876
(2,106)
(3,102)
(1,293)
(4,395)		 For the year ended
31 July 2022		 For the year ended
31 July 2022
£000s £000s £000s
(4,982)
2,876		 (6,192)
(361)		 1,123
445
1,568
(6,553)
(4,985)
3,692
(1,293)

26

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Notes to the Consolidated Cash Flow Statement

Note A Reconciliation of Net Outgoing Resources to
Operating Cash Flow
Net Outgoing Resources
Investment Income
Bank and other Interest
Depreciation
Decrease/ Increase in Stocks
Decrease in Debtors
Increase in Creditors
Cash (Outflow)/Inflow from Operating Activities
Note B Analysis of Cash and Cash Equivalents
Cash in Hand
Bank Overdraft
Total Cash and Cash Equivalents		 2023
£000s
(1,710)

(329)
(15)
713
4
182
(185)
(1,340)
2023
£000s
1,046
(5,441)
(4,395)		 2022
£000s
(858)
(444)
(1)
432
(10)
564
1,440
1,123
2022
£000s
1,212
(2,505)
(1,293)

Note C Analysis of Changes in Net Debt

Cash in Hand
Bank Overdraft
Total Change in Net Debt		 1 August
2022
£000s
1,212
(2,505)
(1,293)		 Cash
Flow
£000s
(166)
(2,936)
(3,102)		 31 July
2023
£000s
1,046
(5,441)
(4,395)

27

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Statement of Accounting Policies for the Year Ended 31 July 2023

Basis of preparation of the financial statements

Bridewell Royal Hospital is a registered charity established by Royal Charter of Letters Patent dated 26 June 1553. The address of the registered office is disclosed on the Administration and Advisors’ page.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) 2019.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value except for investments which are recognised at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Charities Act 2011.

Bridewell Royal Hospital constitutes a public benefit entity as defined by FRS 102.

The Group’s Statement of Financial Activities and Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking KES Enterprise Limited. The results of the subsidiary are consolidated on a line by line basis.

The functional currency of the Group is deemed to be pounds sterling. This is because that is the primary currency of the economic environment in which the Group operates.

Fees and Similar Income

Fees receivable, grants and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions allowed by the Schools, but include contributions received for bursaries from restricted and endowed funds and from the School Bursary Fund.

Bridewell Bursaries

Bursaries provided by Bridewell Royal Hospital are recognised within the financial period in which they are utilised to fund the payment of School fees.

Investment Income

Income from investments is included in the Statement of Financial Activities on a receivable basis, with dividends being recognised in the accounting period in which they are declared.

Government Grant Income

Government grants are recognised on the performance basis in the Statement of Financial Activities over the periods in which the Charity recognises expenses for the related costs for which the grants are intended to compensate.

28

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Statement of Accounting Policies for the year ended 31 July 2023

Going Concern

The Court has reviewed the level of funding available to the Charity together with the expected demand for school places and future cash flow projections. The Court expect that the Charity will have adequate resources to continue its activities for a period in excess of 12 months from the date these accounts were signed. The Court is not aware of any material uncertainties over the Charity’s continuing viability.

Accounting Judgements and Key Sources of Estimation Uncertainty

The Members of the Court are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities within the Group. These are based on historical experience and other factors that are deemed to be relevant. These estimates and assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised in the period in which the estimate is revised and if applicable in future periods. At 31 July 2023, the Court deemed that the main area of judgement for the Group concerns the depreciation and capitalisation policies adopted with regards to fixed assets, but do not deem that changes to these policies result in a material misstatement to the figures.

Resources Expended

Expenditure is accounted for on an accruals basis. Overhead and other costs not directly attributable to particular functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year, either by reference to staff time or space occupied, as appropriate. The irrecoverable element of VAT is included with the item of expense to which it relates.

Governance costs comprise the costs of running the Charity, including strategic planning for its future development, internal and external audit, any legal advice relating to the Charity, and all the costs of complying with constitutional and statutory requirements, such as the costs of the meetings of the Court and its committees and of preparing statutory accounts and satisfying public accountability.

Termination payments are accrued at the point that notice is given to the employee concerned.

Pension Schemes

King Edward’s and Barrow Hills contribute to the Teachers' Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised by the Scheme Administrator. The scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the Charity. In accordance with FRS 102 the scheme is accounted for as a defined contribution scheme. The Schools also contributed to individual personal pension schemes for non-teaching staff at varying rates. Contributions to schemes are charged as they become payable in accordance with the rules of the schemes.

29

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Statement of Accounting Policies for the year ended 31 July 2023

Transfers of Funds

Transfers of funds from endowed and restricted funds to unrestricted funds are subject to the approval of the Governors and must comply with the Charity Commission requirements, with any such transfers being disclosed in the notes to the accounts.

School Buildings and Equipment

Capitalisation

Although King Edward’s was established on its present site in 1867, the cost of the freehold land and buildings is based on costs incurred since 1948. It does not include the 100 acres of freehold land and other buildings that have been in use since 1867. Barrow Hills was established in 1950. Its freehold land and buildings were transferred to King Edward’s at net book value on 1 September 2015.

Items costing less than £10,000 are written off as an expense as acquired.

Depreciation

The Governors believe that the freehold buildings will, with regular maintenance, continue to meet the needs of the Schools for the foreseeable future.

Depreciation is provided, on a straight line basis, to write off the excess of cost over estimated residual value utilising the estimated useful lives of the assets, which are as follows:

Main School Building - not depreciated Freehold Buildings - 50 years Equipment and Fittings - 3 to 15 years Motor Vehicles - 5 years

Investments

Fixed asset investments in quoted shares, traded bonds and similar investments are measured initially at cost and subsequently at fair value (their market value) at the reporting date. Realised and unrealised gains and losses are credited to the Statement of Financial Activities.

Total Return Accounting

The Charity Commission made an Order on 14 August 2007 permitting Bridewell Royal Hospital to adopt the use of a total return approach in relation to the King Edward’s Endowed Funds. This power permits the Governors to invest the Endowed Funds with a view to maximising the total return and to make available an appropriate portion of the total return to fund expenditure each year.

The value of the ‘Original Gift’ was determined as £3,775,662 this being the value of the invested assets at 31 March 1979 plus the amount then outstanding under a Recoupment Order together with subsequent donations.

Cash

Cash deposits which are intended to be held as part of the investment portfolio for more than one year from the reporting date are classified as Fixed Asset Investments. Cash and cash deposits which are held to manage the working capital requirements of the Group are recognised in the asset class which best reflects their intended use.

30

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Statement of Accounting Policies for the year ended 31 July 2023

Stock

Stock is stated at the lower of cost and net realisable value.

Taxation

Bridewell Royal Hospital is a registered charity and pays no tax on surpluses generated from its charitable activities. Income tax recoverable on investment income, covenants and income received under the Gift Aid Scheme is included in the revenue account of the accounting period in which the income is receivable.

Donations

Donations receivable are credited to the General Unrestricted Fund unless the donor directs otherwise.

Legacies are accounted for when the Charity has been notified and there is certainty as to the amounts receivable, or there has been grant of probate, executors have established that there are sufficient net assets in the estate to pay the legacy and any conditions attached to the legacy are either within the control of the Charity or have been met.

Assets from other charities

In accordance with current practice in the Not For Profit sector, where assets are transferred from another charity they are accounted for at fair value through the Statement of Financial Activities.

31

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Notes to the Accounts for the Year Ended 31 July 2023

1.
Fees Receivable
Gross Fees
Awards, Discounts and Introduction Fees
Total
Means-tested Support:
Included in the above gross fees is bursarial funding, significant		 2023
£000s
14,732
(1,382)
13,350
grants and support from:		 2022
£000s
13,436
(1,048)
12,388
Bridewell Restricted Funds
Bridewell Endowed Funds
The City of London
Corporation Bursaries
Charitable Organisations
Total
2.
Non-ancillary trading income
Lettings
Staff accommodation
Other
Total
3.
Government grants and donations
Unrestricted
Government grant Income
Miscellaneous
Restricted
The Annual Giving Fund
The Bridewell Fellowship Fund
Old Witleians’ Scholarship Fund
Miscellaneous
Endowed
Harry Hawkins Bequest
Total		 No. of
Pupils
40		 2023
£000s
-
303

440

380
1,123
2023
£000s
168
131
207
506
 No. of
Pupils


47
2023
£000s
20
35
55
-
82
1
3
86
19
19
160		 2022
£000s
370
-
467
436
1,273
2022
£000s
61
144
37
242
2022
£000s
35
26
61
17
123
1
5
146
-
-
207

32

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Notes to the Accounts for the Year Ended 31 July 2023 (Continued)

Government Grant Income

Funds were received during the year under the Department for Education’s Education Health Care Plan. There were no unfulfilled conditions or other contingencies attaching to the grant. No other form of government assistance was received during the year.

4. Expenditure
Auditor's Remuneration
Audit
Other Services
Operating lease expenditure
Staff Emoluments
Gross Emoluments
Benefits in Kind
Employer's National Insurance Contribution
Pension Costs
- defined benefit scheme
- defined contribution schemes
Redundancy and termination payments
Total		 2023
£000s
23
13
78
7,577
69
775
992
144
7
9,564		 2022
£000s
23
13
56
6,968
44
695
906
144
-
8,757

The numbers of employees whose emoluments exceeded £60,000 in the year were:

£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
£130,001 - £140,000		 2023
No.
5
3
-
1
1
1		 2022
No.
3
2
1
-
1
1

The remuneration and other benefits provided to key management personnel in the year were:

Total 2023
£000s
455		 2022
£000s
431

33

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Notes to the Accounts for the Year Ended 31 July 2023 (Continued)

The average number of employees at King Edward’s and Barrow Hills in the year was 260 (2022: 256) of which 85 (2022: 88) were full time equivalent teaching staff. Neither the members of the Court nor persons connected with them received any remuneration or other benefits in the year (2022: nil), the aggregate amount of travel expenses claimed by members of the Court was nil (2022: nil).

Teachers’ Pension Scheme

The Teachers' Pension Scheme (TPS or scheme) is a statutory, unfunded, defined benefit occupational scheme, governed by the Teachers' Pensions Regulations 2010 (as amended), and the Teachers’ Pension Scheme Regulations 2014 (as amended). These regulations apply to teachers in schools and other educational establishments, including academies, in England and Wales that are maintained by local authorities. In addition, teachers in many independent and voluntary-aided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership.

Membership is automatic for full-time teachers and lecturers and, from 1 January 2007, automatic too for teachers and lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS.

The Teachers’ Pension Budgeting and Valuation Account

Although members may be employed by various bodies, their retirement and other pension benefits are set out in regulations made under the Superannuation Act (1972) and Public Service Pensions Act (2013) and are paid by public funds provided by Parliament. The TPS is an unfunded scheme and members contribute on a ’pay as you go‘ basis – contributions from members, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Acts.

The Teachers' Pensions Regulations 2010 require an annual account, the Teachers' Pension Budgeting and Valuation Account, to be kept of receipts and expenditure (including the cost of pension increases). From 1 April 2001, the Account has been credited with a real rate of return, which is equivalent to assuming that the balance in the Account is invested in notional investments that produce that real rate of return.

Valuation of The Teachers' Pension Scheme

As a result of the latest scheme valuation employer contributions were increased in September 2019 from a rate of 16.4% to 23.6%. Employers also pay a charge equivalent to 0.08% of pensionable salary costs to cover administration expenses.

The next valuation is expected to take effect in 2023.

A copy of the latest valuation report can be found at:

https://www.teacherspensions.co.uk/news/employers/2019/04/teachers-pensions-valuation-report.aspx

Scheme Changes

In December 2018, the Court of Appeal held that transitional protection provisions contained in the reformed judicial and firefighter pension schemes, introduced as part of public service pension reforms in 2015, gave rise to direct age discrimination and were therefore unlawful. The Supreme Court, in a decision made in June 2019, rejected the Government’s application for permission to appeal the Court of Appeal’s ruling and subsequently referred the case to an Employment Tribunal to determine a remedy which will need to be offered to those members of the two schemes who were subject of the age discrimination.

34

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Notes to the Accounts for the Year Ended 31 July 2023 (Continued)

Since then, claims have also been lodged against the main public service schemes including the TPS. The Department has conceded those in line with the rest of the Government. In July 2020 HM Treasury launched a 12-week public consultation which will provide evidence to support the delivery of an appropriate remedy for the affected schemes, including TPS. A remedy has been agreed for members of the TPS Scheme.

In December 2019, a further legal challenge was made against the TPS relating to an identified equalities issue whereby male survivors of opposite-sex marriages and civil partnerships are treated less favourably than survivors in same-sex marriages and civil partnerships. The Secretary of State for Education agreed not to defend the case. In June 2020, the Employment Tribunal recorded its findings in respect of the claimant. Department of Education is currently working to establish what changes are necessary to address this discrimination.

Any impact of these events will be taken into account when the next scheme valuation is implemented. This is scheduled to be implemented in April 2023, based on April 2020 data.

The charge to the Statement of Financial Activities for the year in respect of Teachers’ Pension contributions was £992k (2022: £906k).

Freehold
Land &
Buildings
£000s
10,355
180
9,642
20,177
1,435
370
1,805
18,372
8,920		 Items in the
Course of
Construction
£000s
6,119
4,010
(9,642)
487
-
-
-
487
6,119		 Equipment,
Fittings
& Motor
Vehicles
£000s
3,873
792
-
4,665
1,287
343
1,630
3,035
2,586		 Total
£000s
20,347
4,982
-
25,329
2,722
713
3,435
21,894
17,625

All the fixed assets are held for charitable use. In the view of the Governors, the current market value of the freehold land and buildings is substantially greater than the cost stated. The Governors consider it is not appropriate to value regularly the freehold land and buildings.

35

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Notes to the Accounts for the Year Ended 31 July 2023 (Continued)

6. Investments – Consolidated and Charity

a) Investments
Balance with investment managers as at 1 August 2022
New money invested
Funds withdrawn
Gain/(Loss) on investments
Balance as at 31 July 2023		 2023
£000s
24,688
366
(3,242)
44
21,856		 2022
£000s
24,891
511
(150)
(564)
24,688

All investments are listed investments. Included within the above investments is the following holding, which represents more than 5% of the total investments held.

2023 2022
CCLA COIF Charities Ethical Investment Fund 16.9% 25.8%

KES Enterprise Limited

KES Enterprise Limited is a company limited by shares registered in England and Wales with Company number 05031707. The registered office of the company is the same as that of King Edward’s as included on page 20. Bridewell Royal Hospital owns 100% of the share capital of KES Enterprise Limited. The principal activity of KES Enterprise Limited is the provision of special educational needs and other services and facilities to the Schools and other educational bodies that occupy the School’s premises on a temporary basis. It will pay to Bridewell Royal Hospital under the Gift Aid Scheme a sum of £28k in respect of the Year Ended 31 July 2023 (2022: £16k).

ncome
Expenditure
Surplus
Net Assets		 2023
£000s
166
(138)
28
28		 2022
£000s
97
(81)
16
16

36

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Notes to the Accounts for the Year Ended 31 July 2023 (Continued)

b) Total Return

From 1 August 2007, the Governors have managed the King Edward’s Endowed Funds on a total return basis, adopting an investment policy of "preserving the real value of the endowment held in investments, whilst maximising the amount available to meet the needs of each generation of beneficiaries".

The details of the permanent Endowed Fund investments and the movements in the unapplied total return are set out below.

Original
Unapplied
Gift
£000s
Total Return
£000s
At 1 August 2022
3,776
14,255
Investment gains
-
352
Investment income
-
225
Investment manager's fee
-
(101)
Total Income
-
476
3,776
14,731
Unapplied total return allocated to
income in the year
-
(303)
Total Applied
-
(303)
At 31 July 2023
3,776
14,428
7.
Debtors
Consolidated
2023
£000s
2022
£000s
Fees and Other Pupil Expenses
89
157
Provision for Doubtful Debts
(29)
(82)
60
75
Accrued Legacy Donation
-
286
Accrued Interest and Dividends
8
64
Tax Recoverable
8
5
Prepayments and Accrued Income
434
293
Other Debtors
34
3
Amounts due from Subsidiary
Undertaking
-
-
544
726		 Unapplied
Total Return
£000s		 Unapplied
Total Return
£000s



Total
£000s
18,031
352
225
(101)
476
18,507
(303)
(303)
18,204
Charity		 Total
£000s
18,031
352
225
(101)
476
18,507
(303)
(303)
18,204
Charity
14,255
476
14,731
(303)
14,428
2023
£000s
89
(29)
60
-
8
8
434
5
137
652		 2022
£000s
157
(82)
75
286
61
5
293
3
104
827

37

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Notes to the Accounts for the Year Ended 31 July 2023 (Continued)

8. Creditors

Creditors
Bank Overdraft (Note 9)
Trade Creditors
Accruals
Fees Received in Advance
Taxation and Social Security Costs
Other Creditors
Creditors due after more than one year
Final term deposits		 Consolidated
2023
£000s
2022
£000s
5,441
2,505
1,968
1,936
349
789
875
915
191
181
859
655
9,683
6,981
Consolidated
2023
£000s
2022
£000s
882
833		 Charity
2023
£000s
2022
£000s
5,441
2,505
1,968
1,936
345
785
875
902
191
181
755
655
9,575
6,964
Charity		 2022
£000s
2,505
1,936
785
902
181
655
6,964
2023
£000s
882		 2023
£000s
882		 2022
£000s
833

9. Bank Overdraft

A £10.875m securities backed lending facility is in place from Barclays Bank Plc. The facility is repayable on demand and secured by a linked investment portfolio which at 31[st] July 2023 was valued at £14.1m. The interest rate is 0.75% above base rate. The balance outstanding at 31[st] July 2023 was £5.441m (2022: £2.505m). The interest charged in 2023 was £126k (2022: £5k).

10. Allocation of the Group Net Assets



Endowed Funds
Restricted Funds
Unrestricted Funds
Total 2022
Endowed Funds
Restricted Funds
Unrestricted Funds
Total 2023		 Fixed Assets
£000s
-
-
17,625
17,625
-
-
21,894
21,894		 Investments
£000s
18,778
3,009
2,901
24,688
18,926
2,929
1
21,856		 Net Current
Assets
£000s
(7)
892
(5,842)
(4,957)
25
1,043
(9,079)
(8,011)		 Long Term
Liabilities
£000s
-
-
(833)
(833)
-
-
(882)
(882)		 Total
£000s
18,771
3,901
13,851
36,523
18,951
3,972
11,934
34,857

38

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Notes to the Accounts for the Year Ended 31 July 2023 (Continued)

11. Operating Leases

The total outstanding commitments in respect of operating lease rentals are:
In respect of leases expiring:
Within one year
Between two and five years		 2023
£000s
78
154
234		 2022
£000s
55
126
181

12. Endowed Funds

Endowed Funds
Consolidated
King Edward’s Fund
The Royal Asylum of
St Ann’s Society Fund
Funds for pupils'
support 2022
King Edward’s Fund
The Royal Asylum of
St Ann’s Society Fund
Funds for pupils'
support 2023		 1 August
£000s
18,854
768
19,622
18,031
740
18,771		 Total
Incoming
Resources
£000s
264
-
264
225
19
244		 Total
Expenditure
£000s
(75)
-
(75)
(404)
-
(404)		 Transfers
£000s
(424)
-
(424)
-
-
-		 Investment
Gains/
(Losses)
£000s
(588)
(28)
(616)
352
(12)
340		 31 July
£000s
18,031
740
18,771
18,204
747
18,951

39

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Notes to the Accounts for the Year Ended 31 July 2023 (Continued)

13. Restricted Funds

Consolidated
The Enabling Account
Bridewell Foundation Bursary
Fund
Mrs Thomson Bursary Fund
The Royal Asylum of St Ann’s
Society Fund
Other
Funds for pupils' support
2022
The Enabling Account
Bridewell Foundation Bursary
Fund
Mrs Thomson Bursary Fund
The Royal Asylum of St Ann’s
Society Fund
Other
Funds for pupils' support
2023		 1 August
£000s
2,823
590
236
145
117
3,911
2,969
438
236
139
119
3,901		 Total
Incoming
Resources
£000s
74
141
-
4
5
224
72
82
-
4
3
161		 Total
Expenditure
£000s
(71)
(293)
-
(8)
(3)
(375)
-
-
-
-
(12)
(12)		 Investment
Gains
£000s
143
-
-
(2)
-
141
(75)
-
-
(3)
-
(78)		 31 July
£000s
2,969
438
236
139
119
3,901
2,966
520
236
140
110
3,972

40

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Notes to the Accounts for the Year Ended 31 July 2023 (Continued)

All the above funds, with the exception of the Enabling Account and The Royal Asylum of St Ann’s Society Fund, are represented by current assets.

14. Unrestricted Funds

Consolidated
School Bursary Fund
General Fund
Funds for pupils'
support 2022
School Bursary Fund
General Fund
Funds for pupils'
support 2023		 1 August
£000s
3,928
10,484
14,412
3,938
9,913
13,851		 Total
Incoming
Resources
£000s
102
13,119
13,221
29
14,431
14,460		 Total
Expenditure
£000s
(3)
(14,114)
(14,117)
-
(16,159)
(16,159)		 Transfers
£000s
-
424
424
-
-
-
Investment
Gains/
(Losses)
£000s
(89)
-
(89)
(218)
-
(218)
31 July
£000s
3,938
9,913
13,851
3,749
8,185
11,934

In line with the Governors’ direction, the Schools’ current year’s unrestricted deficit has been transferred to the General Fund.

The principal aim of the School Bursary Fund, a designated fund, is to provide bursaries but it may also be used to support other costs of Bridewell.

In accordance with the Reserves and Liquidity Policy set out in the Report of the Court on page 15, the General Fund represents fixed assets of £21,894k and net current liabilities of (£9,079k), less final term deposits due after more than one year of £882k.

41

DocuSign Envelope ID: 6CC323C0-BC65-4056-9197-0D5C346710AA

Bridewell Royal Hospital

Notes to the Accounts for the Year Ended 31 July 2023 (Continued)

15. Related Party Transactions

During the year donations totalling £13,564 (2022: £3,866) were received from Governors.

During the year the wholly-owned trading subsidiary KES Enterprise Limited charged Bridewell Royal Hospital £77k (2022: £78K) in respect of special educational needs and other services. £28k is payable to Bridewell Royal Hospital in respect of Gift Aid donations (2022: £16k). At the year-end KES Enterprise Limited owed Bridewell Royal Hospital £137k (2022: £88k).

42