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2024-07-31-accounts

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REPORT AND FINANCIAL STATEMENTS

BRIDEWELL ROYAL HOSPITAL

KING EDWARD’S WITLEY & BARROW HILLS SCHOOL

FOR THE YEAR ENDED 31 JULY 2024

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BRIDEWELL ROYAL HOSPITAL

ANNUAL REPORT

Contents

Administraton & Advisors 3
Bridewell’s Mission 4
Life at our Schools; A review of our achievements and performance 6
Public Beneft 14
Principal Actvites 18
Financial Review 19
Governance 20
Statement of the Court’s Responsibilites 22
Independent Auditor’s Report to the Members of the Court of Bridewell Royal Hospital 23
for the Year Ended 31 July 2024
Consolidated Statement of Financial Actvites for the Year Ended 31 July 2024 26
Consolidated and Charity Balance Sheet as at 31 July 2024 27
Consolidated Cash Flow Statement 28
Notes to the Consolidated Cash Flow Statement 29
Statement of Accountng Policies for the Year Ended 31 July 2024 30
Notes to the Accounts for the Year Ended 31 July 2024 33

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BRIDEWELL ROYAL HOSPITAL

ANNUAL REPORT

Administration & Advisors

Principal Ofces Bridewell Royal Hospital Barrow Hills School
King Edward’s Witley Roke Lane
Petworth Road Witley
Wormley Godalming
Godalming Surrey
Surrey GU8 5NY
GU8 5SG
Auditor Menzies LLP
Magna House
18-32 London Road
Staines-upon-Thames
TW18 4BP
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

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BRIDEWELL ROYAL HOSPITAL

REPORT OF THE COURT

Bridewell’s Mission

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 2024.

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, 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 Charity, 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 Charity, there are restricted funds held for special purposes, such as the development of facilities, bursaries, prizes and other educational purposes.

The Charity achieves its 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. 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.

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REPORT OF THE COURT

Bridewell’s Mission

In pursuit of its aims the Court and School Governors agree management objectives annually for both Schools. For 2023/24 these were:

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REPORT OF THE COURT

Life at our Schools; A review of our achievements and performance

King Edward’s, Witley

King Edward’s, Witley (King Edward’s) vision: The School was founded in 1553 as “a House to lodge Christ in”. 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:

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REPORT OF THE COURT

Life at our Schools

At A level, 37% of grades awarded were at grades A - A (2023; 29%) with 69% of grades at A - B (2023; 60%). Our final International Baccalaureate cohort of pupils achieved a 100% pass rate, with 3 pupils achieving overall scores of over 40. At GCSE, 47% of grades awarded were at 9 – 7 (2023; 40%). 60% of University placements in 2024 were at Russell Group Universities with our Head Boy and Head Girl gaining places at Cambridge and Imperial respectively. Other pupils have gained places at a range of Universities, many specialist, having been encouraged to explore the widest range of higher education disciplines within the School’s Next Steps programme. Their academic inquisition is reflected in the breadth of programmes our leavers are enjoying; in 2024, these have included English, Engineering, Fashion Management, Football Coaching, Industrial Economics, Illustration, Medicine and Modern Languages.

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REPORT OF THE COURT

Life at our Schools

The school’s co-curricular programmes have continued to develop, offering pupils numerous opportunities to find and follow their passions outside of the classroom environment, from Queen Mary House’s activities carousel through to leadership opportunities in Sixth Form.

The highlight of our sporting year was Old Witleian Toby Roberts’ Olympic gold medal winning performance in the men’s boulder and lead climbing event in Paris. Toby was a member of our Elite Performance Pathway programme whilst at King Edward’s, which has been cited by the Professional Association for Directors of Sport in Independent Schools (PADSIS) as an example of excellent practice.

A Developing Performance pathway has been added for those pupils aspiring to reach the highest levels in their sport. Once again, many of our pupils have gained county and divisional representative honours; four pupils have been selected for county cricket sides, and our girls’ U15 team reached the final of the County cup. Girls’ football saw significant growth, with the School hosting part of the FA’s ‘biggest ever football session’ initiative and the U15 team playing in the latter stages of the English Schools' Football Association Small Schools Cup, which our boys' team also reached. Our hockey programme has continued to strengthen, with teams now routinely entering, and performing credibly, in first tier competitions. Overall, over 100 teams were selected during 2023/24 for pupils with all ranges of ambition in sport to represent the School. Our overall participation levels are well above PADSIS national averages.

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REPORT OF THE COURT

Life at our Schools

The 50[th] anniversary of the opening of the Countess of Munster Music School at King Edward’s was celebrated with a musical programme that included some 5,000 individual lessons and a comprehensive series of concerts, competitions, tours and performances at many school and City of London events. Our musicians provided entertainment for the Lord Mayor’s charity dinner in Autumn term 2023 and again performed at St Bride’s lunchtime concert series. In Spring term 2024 our Chapel Choir was privileged to perform at St Peter’s Basilica in Vatican City.

At school, activities included the annual Bridewell Showcase Concert (including pupils from Barrow Hills), our Musician of the Year competition, and a Battle of the Bands competition featuring over 200 pupils. The reformed Bridewell Choral Society’s performance, with parents, friends and members of the local community performing together, was enjoyed by many.

Our pupils took advantage of our close proximity to a wide range of theatres, with year groups attending performances in London’s West End, in the South East’s prime venues including Chichester Festival Theatre and the Yvonne Arnold theatre in Guildford.

The Drama department has offered a wide range of opportunities to pupils to participate in productions, including a whole school production of ‘School of Rock’, and a weekly technical theatre club to enable pupils to be at the centre of our backstage productions. Our wide-ranging LAMDA provision is offered at School to support pupils’ flourishing creativity. The House Drama competition was one of the mostly keenly fought competitions during the year, with original plays performed after an intensive rehearsal period.

In January 2024 the major refurbishment of our Design Technology facility was completed, with an emphasis on optimising the energy efficiency of the renewed building and the installation of a 3D printing laboratory. In addition to enriching the curricula of King Edward’s pupils, the facility hosts a wide-ranging outreach programme for local preparatory and primary school pupils.

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REPORT OF THE COURT

Life at our Schools

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.

At Barrow Hills, children are encouraged to be:

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REPORT OF THE COURT

Life at our Schools

The aims of Barrow Hills are:

The School’s refreshed pastoral and academic strategies brought a greater focus on specialist teaching in 2023/2024, including in computing, art, sport and French for the lower school. Barrow Hills’ progress was marked by a nomination in the 2024 Independent School of the Year Awards. Academic results were again very strong. At Common Entrance, we had a 100% pass rate, with 84% achieving grade B and above. Pupils earned 24 scholarships and awards at a range of senior schools. 22 pupils progressed to King Edward’s Witley.

Our Year 5 and 6 team reached the semi-finals of the national Science Quiz, and Barrow Hills’ pupils won numerous gold, silver and bronze awards in the national Primary Maths Challenge. The library was reorganised, with a significant updating of stock adding to its popularity for pupils throughout the school, and a programme of residential and non-residential visits enabled our pupils’ independence and added much to their learning experiences.

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REPORT OF THE COURT

Life at our Schools

Barrow Hills’ co-curricular provision has been extended in breadth and depth during the school year, with an expanded after-school clubs across a wide range of pupil interests. These have included public speaking, STEM focussed activities and a wider range of sporting opportunities. Our sports teams were once again successful, with our girls' U11 netball and U13 hockey teams reaching the IAPS national finals and our U13 boys football team remaining unbeaten.

Creative arts at the School are flourishing, with pupil art featured throughout the School and in the Chapel, a vibrant drama programme including a range of performances and 53 pupils taking LAMDA exams, many achieving distinctions. Musically, high numbers of pupils passed individual music exams through the ABRSM Board during the year and our bands and choirs continue to perform extensively, including in the Bridewell Choristers ensemble.

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REPORT OF THE COURT

Life at our Schools

Our successful school year was greatly supported by our parents, in particular through the Barrow Hills Community Committee, with a series of events including a summer festival and bonfire night and a weekly café bringing the Barrow Hills community together and contributing towards fundraising for a number of projects at the School.

During the year, developments at the Barrow Hills site included the establishment of a Common Room for Years 7 and 8, the completion of the Treetop Adventure Playground, the regeneration of the Courtyard area as a learning space and the restoration and redecoration of the Chapel and parts of the Great Roke.

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REPORT OF THE COURT

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.

Charities and Community Outreach

At King Edward’s, the pupil led Charities Committee selected King David’s School, a nursery school in Eswatini (Tanzania), formerly the Kingdom of Swaziland, as our main charitable endeavour during 2023/24, with our School Charity alternating between a UK and international charity each year. A wide range of individual, group and school-wide activities were undertaken to support King David’s during the year, including supporting the children at the school, supporting the local community and performing manual labour to improve the school building.

We have continued our partnership with two local community care facilities, with staff and pupils visiting to provide musical entertainment and to talk with residents. We have donated a sizeable amount of previous uniform supplies to two local charities, Stipey Storks and Broadwater Community Hub who provide school clothing for families in need. Foundationers and other pupils in need of formal dress for school or university interviews were also able to access a supply of business suits generously donated through a member of the King Edward’s parental community.

Charitable endeavours were extensive at Barrow Hills. A non-uniform day was held to raise funds and awareness for the Place2Be mental health-focussed charity, together with a whole School wellbeing walk during Wellbeing Health Awareness Week. Our Lenten appeal for Cancer Research raised almost £2,000.

Community outreach activities continued to grow at Barrow Hills. We provided facilities for our local state school, Chandler, for swimming lessons, and hosted Chiddingfold’s cricket and football clubs for fixtures throughout the year. Members of staff from both schools serve as trustees and governors of a range of schools and charities.

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REPORT OF THE COURT

Public Benefit

Sustainability

Across the Bridewell Schools, promoting sustainability has been a key, successful, focus during the year. Both schools have now gained the Eco-Schools Green Flag award with Distinction. The Barrow Hills pupil Eco committee-led efforts, including the design of a natural Willow Learning Dome, were recognised with a shortlisted place in the Independent School of the Year awards.

The King Edward’s Sustainability Committee has undertaken a range of activities, including Earth Day awareness event, engagement with the ‘Cut Your Carbon’ campaign reflecting the School’s investment in electric vehicles, and the development of a Bridewell Sustainability Policy. Extensive links have been formed in this area of activity, including with Surrey University’s Institute for Sustainability and the City of London’s Natural Environment Youth Board. With the latter, a range of activities is planned during 2024/25, with staff and pupils from King Edward’s taking a leading role in supporting developments across the City’s family of schools.

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REPORT OF THE COURT

Public Benefit

Distribution of Bursary Awards

The objects of the Charity 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.

As part of the Charity’s commitment to provide public benefit, means-tested bursaries were distributed to 44 pupils (2023: 40), with an average bursary of £31,000 (2023: £29,700). 67% (2023: 75%) 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, 72 pupils (2023: 58) were in receipt of scholarships across the full range of academic, arts, music and sports.

Bridewell provided 6 free places to Ukrainian children displaced by the war. These children were provided with 100% free education at King Edward’s alongside strong pastoral support. 4 of these children have chosen to remain at King Edward’s to complete their examinations at A Level.

Community Access and Engagement

Bridewell ran various outreach programmes providing children from local schools with the opportunity to benefit from the School’s facilities and expertise. During the 2023/24 academic year King Edward’s hosted various initiatives including the annual Maths and Science challenge, the Orchestral Day within the Music department, the under 18 chess tournament, the Prep and Primary Hockey Festival, and a programme of outreach activities in our refurbished Design and Technology facility.

Bridewell hosted a series of Bridewell Talks to which Bridewell parents and parents from local schools were invited. Guest speakers provided expert advice in subjects ranging from nutrition to child internet safety.

King Edward’s and Barrow Hills’ facilities, including the swimming pool and Astro, were made available for local primary schools and sports clubs. In addition, the Schools have helped local primary schools with transport and with members of staff serving as governors in the local community.

City of London

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

As part of the Charity’s ongoing work to support The City of London Corporation academies, King Edward’s once again welcomed Aldgate School, a City of London Corporation primary school, for a residential visit in July to enjoy the campus facilities including playing fields, swimming, food technology and music.

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Principal Activities

Principal Activities in the year

In the past year King Edward’s has educated 477 (2023: 439) pupils from more than 25 (2023: 29) countries. Barrow Hills has educated some 231 (2023: 223) pupils aged 2-13. A review of the activities at each school may be found in the ‘Life in our Schools’ section (page 6-13). In addition, capital works of £1,778k (2023 £4,982k) were undertaken, the main project being the redevelopment of the Design and Technology Building.

Principal risks

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.

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

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

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Principal Activities

Future plans

During the year the Court made a decision to undertake a phased withdrawal from the Teacher's Pension Scheme (TPS), to mitigate the future cost and uncertainties associated with the Scheme. The phased withdrawal commenced on 1 September 2024.

On 7th October 2024 the Court and the Governors of Longacre School, Shamley Green, Surrey announced their agreement to merge, with the legal transaction underpinning the merger intended to be completed by January 2025. Both Bridewell and Longacre have signed a merger agreement and are awaiting Department for Education approval. The announcement followed nine months of joint work by the Governors and Executives of Longacre and the current schools of Bridewell to examine the opportunities a partnership might provide for all parties, and to consider and confirm the alignment.

Central to the partnership will be the maintenance of the unique individual character of each school, whilst providing opportunities to share resources and educational expertise, and for all three schools to benefit from Bridewell’s collaborative leadership, increased economies of scale and significant investment opportunities. An assisted admissions route will be provided to the pupils of Barrow Hills and Longacre moving to King Edward’s.

A number of Governors from Longacre, including the Chair of Governors who will remain as Chair of Longacre, will be welcomed onto Bridewell’s Court. The Head of Longacre will join the Principal of Bridewell and Head of King Edward’s, and Head of Barrow Hills within the Bridewell Executive Group.

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Financial Review

Results for the year

The Group’s income from School activities for the year ended 31 July 2024 increased to £14,945k, compared with £13,350k in the prior year. Pupil numbers increased to 708 (2023: 662), of which 136 (2023: 130) were boarding pupils and 572 (2023: 532) were day pupils. The operating deficit before returns on investments reduced to (£920k) (2023: (£1,710k)). The total gains on investments for the year increased to £3,347k (2023: £44k).

The aggregate Fund balances increased to £37,284k as of 31 July 2024 (2023: £34,857). Tangible assets increased to £22,728k as of 31 July 2024 (2023: £21,894k). This included £1,778k of additions (2023: £2,722k). The main project in the year was the refurbishment of the Design and Technology block. In the year to 31 July 2024 investments increased from £21,856k to £24,786k. Fees in Advance increased to £1,845k as of 31 July 2024 (2023: £875k). This impacted Creditors due in less than and more than one year.

Investments

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.

A review was conducted in May 2022 and it was agreed that the total return policy should be retained, subject to review every year. The rate was reviewed in May 2024 and governors approved an increase from 3% to 3.25%. In the year to 31 July 2024 investments increased from £21,856k to £24,786k. For the year to 31 July 2024 the achieved total return on the Endowed Fund was 17.7% (2023: (2.6%)).

Reserves and Liquidity

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 capital investment in the King Edward’s site, unrestricted reserves represented by net current liabilities as at 31 July 2024 increased to (£10,245k) (2023: (£9,079k)).

Bridewell has a £10,875k Barclays Bank Plc borrowing facility, as detailed in note 9; as of 31 July 2024 the balance was £6,629k (2023: £5,441k). Cash in hand as of 31 July 2024 was £806k (2023: £1,046k). The change in Net Debt to the year ended 31 July 2024 was £1,428k (2023: £3,102k), with the change due to the capital projects in the year. The Governors consider that sufficient current assets, cash and borrowing facilities are maintained or are available to Bridewell to ensure that the operations of the Schools may continue for at least twelve months.

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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.

The Court

The Court The 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 The Venerable Stuart Beake MA (Cantab) 3) a
Co Mr K I R Bannister BSc (Hons) FCA 1) 2)
Co Mr R E T Bennet 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 Marriot MA BEd (Hons) 3) a&b
Co Mrs S M Meikle BA (Hons) 2)
Ald Alderwoman J R Newman
CC Miss D M Oliver
Co Dr A D Pinkerton PhD FRGS
Retred March 2024		 2) 3) a
Co Mr S H Ravenscrof LLB 2)
Co Mr G W Rockingham BSc (Hons) MRICS_Retred March 2024_
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 1)
Key
Ald Alderman Estate Governors Commitee 1)
CC Common Councillors Finance & General Purposes sub-commitee 2)
Co Co-Opted School Governor Educaton & ICT sub-commitees 3) a KESW; b BHS
Health & Safety sub-commitees 4) a KESW; b BHS
Clerk:
Mr D A Rogers FCCA
The Court delegates day-to-day management of the Charity to the following ofcers and key management:
Head – King Edward’s Witley:
Mrs J R Wright BA (Hons) PGCE
Head – Barrow Hills School:
Mr J Towers BA PGCE
Director of Finance & Operatons:
Mr D A Rogers FCCA

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BRIDEWELL ROYAL HOSPITAL

Governance

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 Charity’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.

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.

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.

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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 20 November 2024 and signed on its behalf by:

J S Voisin

Mrs J S Voisin (Treasurer and Chair of Governors)

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FINANCIAL STATEMENTS

Independent Auditor’s Report to the Members of the Court of Bridewell Royal Hospital For the Year Ended 31 July 2024

Opinion

We have audited the financial statements of Bridewell Royal Hospital (the ‘Parent Charity’) for the year ended 31 July 2024 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.

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.

23

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FINANCIAL STATEMENTS

BRIDEWELL ROYAL HOSPITAL

Independent Auditor’s Report to the Members of the Court of Bridewell Royal Hospital For the Year Ended 31 July 2024 (Continued)

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. Independent Auditor’s Report to the Members of the Court of Bridewell Royal Hospital

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:

24

1553 BRIDEWELL ROYAL HOSPITAL

FINANCIAL STATEMENTS

Independent Auditor’s Report to the Members of the Court of Bridewell Royal Hospital For the Year Ended 31 July 2024 (Continued)

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/OurWork/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/ Description-of-auditors-responsibilities-for-audit.aspx.

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.

Menzies LLP

Menzies LLP

Chartered Accountants Statutory Auditor Magna House 18-32 London Road Staines-upon-Thames TW18 4BP

Date: 10 December 2024

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

25

1553

BRIDEWELL ROYAL HOSPITAL

FINANCIAL STATEMENTS

Consolidated Statement of Financial Activities for the Year Ended 31 July 2024

Notes
Income and endowments from:
Charitable actvites
School fees
1
Ancillary trading income
Other trading actvites
Non-ancillary trading income
2
Investments
Investment income
Bank and other interest
Donatons and Legacies
Donatons
3
Total incoming resources
Expenditure on:
Raising funds
Non-ancillary trading
Financing costs
Investment management
Fundraising & development
Charitable actvites
Educaton and grant making
Total expenditure
4
Net (outgoing) / incoming funds from operatons
before transfers and investment returns
Gains on investments
Net (expenditure)/income
Fund balances brought forward
Fund balances carried forward		 Unrestricted
Funds
£000s
14,945
386
876
27
7
-
16,241
265
70
-
110
445
16,656
17,101
(860)
-
(860)
11,934
11,074		 Restricted
Funds
£000s
-
-
-
95
-
234
329
-
-
-
-
-
47
47
282
259
541
3,972
4,513		 Endowed
Funds
£000s
-
-
-
326
-
-
326
-
-
125
-
125
543
668
(342)
3,088
2,746
18,951
21,697		 2024
Total
£000s
14,945
386
876
448
7
234
16,896
265
70
125
110
570
17,246
17,816
(920)
3,347
2,427
34,857
37,284		 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

26

1553

BRIDEWELL ROYAL HOSPITAL

FINANCIAL STATEMENTS

Consolidated and Charity Balance Sheet as at 31 July 2024

Group Charity
2024 2023 2024 2023
Notes £000s £000s £000s £000s
FIXED ASSETS
Tangible assets 5 22,728 21,894 22,728 21,894
Investments 6 24,796 21,856 24,796 21,856
47,524 43,750 47,524 43,750
CURRENT ASSETS
Stock 76 82 76 82
Debtors 7 606 544 682 652
Cash and deposits 806 1,046 357 802
1,488 1,672 1,115 1,536
CURRENT LIABILITIES
Creditors payable within one year 8 (10,318) (9,683) (10,225) (9,575)
NET CURRENT (LIABILITIES) (8,830) (8,011) (9,110) (8,039)
TOTAL ASSETS LESS CURRENT LIABILITIES 38,694 35,739 38,414 35,711
LONG-TERM LIABILITIES
Creditors payable after one year 8 (1,410) (882) (1,410) (882)
NET ASSETS 10 37,284 34,857 37,004 34,829
ENDOWED FUNDS 12 21,697 18,951 21,697 18,951
RESTRICTED FUNDS 13 4,513 3,972 4,513 3,972
UNRESTRICTED FUNDS 14 11,074 11,934 10,794 11,906
37,284 34,857 37,004 34,829

These financial statements were approved by the Governing Body on 20 November 2024 and were signed on its behalf by:

J S Voisin M J Chadwick

The notes on pages 33 to 44 form part of these financial statements.

27

1553

BRIDEWELL ROYAL HOSPITAL

FINANCIAL STATEMENTS

Consolidated Cash Flow Statement

Note
Cash Outlow from Operatng Actvites
A
Returns on Investments and Servicing of Finance
Dividends and Bank Interest
Cash Outlow
Capital Expenditure and Financial Investment
Payments for Tangible Fixed Assets
Withdrawals from Investment Fund
Cash Outlow
Change in cash and cash equivalents in the year
Cash and cash equivalents as at 1 August 2023
Cash and cash equivalents as at 31 July 2024
B&C		 For the year ended
31 July 2024
£000s
£000s
(512)
455
(57)
(1,778)
407
(1,371)
(1,428)
(4,395)
(5,823)		 For the year ended
31 July 2023		 For the year ended
31 July 2023
£000s £000s £000s
(1,778)
407		 (4,982)
2,876		 (1,340)
344
(996)
(2,106)
(3,102)
(1,293)
(4,395)

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BRIDEWELL ROYAL HOSPITAL

FINANCIAL STATEMENTS

Notes to the Consolidated Cash Flow Statement

Note A
Reconciliaton of Net Outgoing Resources to
Operatng Cash Flow
Net Outgoing Resources
Investment Income
Bank and other Interest
Depreciaton
Decrease in Stocks
(Increase)/Decrease in Debtors
Decrease in Creditors
Cash Outlow from Operatng Actvites
Note B
Analysis of Cash and Cash Equivalents
Cash in Hand
Bank Overdraf
Total Cash and Cash Equivalents
Note C
Analysis of Changes in Net Debt
Cash in Hand
Bank Overdraf
Total Change in Net Debt		 1 August
2023
£000s
1,046
(5,441)
(4,395)		 2024
£000s
(920)
(448)
(7)
944
6
(62)
(25)
(512)
2024
£000s
806
(6,629)
(5,823)
Cash
Flow
£000s
(240)
(1,188)
(1,428)		 2023
£000s
(1,710)
(329)
(15)
713
4
182
(185)
(1,340)
2023
£000s
1,046
(5,441)
(4,395)
31 July
2024
£000s
806
(6,629)
(5,823)

29

1553

BRIDEWELL ROYAL HOSPITAL

FINANCIAL STATEMENTS

Statement of Accounting Policies for the Year Ended 31 July 2024

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.

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 2024, 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.

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1553

BRIDEWELL ROYAL HOSPITAL

FINANCIAL STATEMENTS

Statement of Accounting Policies for the Year Ended 31 July 2024 (Continued)

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.

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.

31

1553

BRIDEWELL ROYAL HOSPITAL

FINANCIAL STATEMENTS

Statement of Accounting Policies for the Year Ended 31 July 2024 (Continued)

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.

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.

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BRIDEWELL ROYAL HOSPITAL

FINANCIAL STATEMENTS

Notes to the Accounts for the Year Ended 31 July 2024

Receivable
Gross Fees
Awards, Discounts and Introducton Fees
Total		 2024
£000s
16,464
(1,519)
14,945		 2023
£000s
14,732
(1,382)
13,350

1. Fees Receivable

Means-tested Support : Included in the above gross fees is bursarial funding, significant grants and support from:

Bridewell Endowed Funds
The City of London Corporaton Bursaries
Charitable Organisatons
Total
Non-ancillary trading income
Letngs
Staf accommodaton
Other
Total
Government grants and donatons
Unrestricted
Government grant Income
Miscellaneous
Restricted
The Bridewell Fellowship Fund
Old Witleians’ Scholarship Fund
Miscellaneous
Endowed
Harry Hawkins Bequest
Total		 No. of
Pupils
44		 2024
£000s
533
428
406
1,367
2024
£000s		 No. of
Pupils
40
2024
£000s
-
-
-
62
-
172
234
-
-
234		 2023
£000s
303
440
380
1,123
2023
£000s
463
154
259
876		 168
131
207
506
2023
£000s
20
35
55
82
1
3
86
19
19
160

2. Non-ancillary trading income

3. Government grants and donations

33

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BRIDEWELL ROYAL HOSPITAL

FINANCIAL STATEMENTS

Notes to the Accounts for the Year Ended 31 July 2024 (Continued)

4.
Expenditure
Auditor’s Remuneraton
Audit
Other Services
Operatng lease expenditure
Staf Emoluments
Gross Emoluments
Benefts in Kind
Employer’s Natonal Insurance Contributon
Pension Costs
- defned beneft scheme
- defned contributon schemes
Redundancy and terminaton payments
Total		 2024
£000s
35
14
78
8,202
72
836
1,165
163
22
10,460		 2023
£000s
23
13
78
7,577
69
775
992
144
7
9,564

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
£110,001 - £120,000
£120,001 - £130,000
£130,001 - £140,000
£140,001 - £150,000		 2024
No.
7
4
1
-
-
1
1
-
1		 2023
No.
5
3
-
1
1
-
-
1
-

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

2024
£000s
510		 2023
£000s
495

The 2023 figure has been restated to include Employer’s National Insurance.

Total

34

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BRIDEWELL ROYAL HOSPITAL

FINANCIAL STATEMENTS

Notes to the Accounts for the Year Ended 31 July 2024 (Continued)

The average number of employees at King Edward’s and Barrow Hills in the year was 261 (2023: 260) of which 84 (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 (2023: nil), the aggregate amount of travel expenses claimed by members of the Court was nil (2023: 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 2024 from a rate of 23.6% to 28.6%. Employers also pay a charge equivalent to 0.08% of pensionable salary costs to cover administration expenses. The valuations are updated every four years.

A copy of the latest valuation report can be found at: https://www.teacherspensions.co.uk/news/employers/2023/10/valuation-result.aspx

Phased Withdrawal

From October 2024 no new member of teaching staff employed by Bridewell will be enrolled to the Teachers Pension Scheme.

From September 2024 the cost to the School of the total TPS employer contribution will be capped at 23.6% with staff contributing the difference between the cap and the new rate of 28.68%. Teachers will be able to opt out of the TPS and join a defined contribution pension plan with a total employer cost, including benefits, at the same level as the cap.

35

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BRIDEWELL ROYAL HOSPITAL

FINANCIAL STATEMENTS

Notes to the Accounts for the Year Ended 31 July 2024 (Continued)

The charge to the Statement of Financial Activities for the year in respect of Teachers’ Pension contributions was £1,165k (2023: £992k).

5. Tangible Fixed Assets

Tangible Fixed Assets
Consolidated & Charity
Cost
1 August 2023
Additons
Transfers
31 July 2024
Depreciaton
1 August 2023
Charge for the Year
31 July 2024
Net Book Values
31 July 2024
31 July 2023		 Freehold
Land &
Buildings
£000s
20,177
930
487
21,594
1,805
470
2,275
19,319
18,372		 Items in the
Course of
Constructon
£000s
487
117
(487)
117
-
-
-
117
487		 Equipment,
Fitngs
& Motor
Vehicles
£000s
4,665
731
-
5,396
1,630
474
2,104
3,292
3,035		 Total
£000s
25,329
1,778
-
27,107
3,435
944
4,379
22,728
21,894

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.

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BRIDEWELL ROYAL HOSPITAL

FINANCIAL STATEMENTS

Notes to the Accounts for the Year Ended 31 July 2024 (Continued)

6. Investments – Consolidated and Charity

a) Investments
Balance with investment managers as at 1 August 2023
New money invested
Funds withdrawn
Gain on investments
Balance as at 31 July 2024		 2024
£000s
21,856
-
(407)
3,347
24,796		 2023
£000s
24,688
366
(3,242)
44
21,856

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

CCLA COIF Charities Ethical Investment Fund

2024 2023
16.2% 16.9%

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 £252k in respect of the Year Ended 31 July 2024 (2023: £28k).

Income
Expenditure
Surplus
Net Assets		 2024
£000s
478
(226)
252		 2023
£000s
166
(138)
28
252 28

37

1553

BRIDEWELL ROYAL HOSPITAL

FINANCIAL STATEMENTS

Notes to the Accounts for the Year Ended 31 July 2024 (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
Gif
£000s
At 1 August 2023
3,776
Investment gains
-
Investment income
-
Investment manager’s fee
-
Total Income
-
3,776
Unapplied total return allocated to income in the year
-
Total Applied
-
At 31 July 2024
3,776
Debtors
Fees and Other Pupil Expenses
Provision for Doubtul Debts
Tax Recoverable
Prepayments and Accrued Income
Other Debtors
Amounts due from Subsidiary Undertaking		 Unapplied
Total Return
£000s
14,428
3,225
17,653
(539)
17,114
Consolidated
2024
£000s
2023
£000s
84
89
(50)
(29)
34
60
36
8
536
442
-
34
-
-
606
544		 Total
£000s
18,204
3,022
326
(123)
3,225
21,429
(539)
(539)
20,890
Charity
2024
£000s
2023
£000s
84
89
(50)
(29)
34
60
36
8
536
442
-
5
76
137
682
652		 Total
£000s
18,204
3,022
326
(123)
3,225
21,429
(539)
(539)
20,890
Charity
2024
£000s
2023
£000s
84
89
(50)
(29)
34
60
36
8
536
442
-
5
76
137
682
652
3,022
326
(123)
(539)
2023
£000s
89
(29)
60
8
442
5
137
652

38

1553

BRIDEWELL ROYAL HOSPITAL

FINANCIAL STATEMENTS

Notes to the Accounts for the Year Ended 31 July 2024 (Continued)

8. Creditors

Bank Overdraf (Note 9)
Trade Creditors
Accruals
Fees Received in Advance
Taxaton and Social Security Costs
Term Deposits
Other creditors
Creditors due afer more than one year
Term deposits
Fess Received in Advance		 Consolidated
2024
£000s
2023
£000s
6,629
5,441
1,298
1,968
135
349
1,275
875
192
191
356
411
433
448
10,318
9,683
Consolidated
2024
£000s
2023
£000s
840
882
570
-
1410
882		 Charity
2024
£000s
2023
£000s
6,629
5,441
1,298
1,968
131
345
1,275
875
192
191
356
411
344
344
10,225
9,575
Charity
2024
£000s
2023
£000s
840
882
570
-
1410
882		 Charity
2024
£000s
2023
£000s
6,629
5,441
1,298
1,968
131
345
1,275
875
192
191
356
411
344
344
10,225
9,575
Charity
2024
£000s
2023
£000s
840
882
570
-
1410
882
2023
£000s
882
-
882

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 2024 was valued at £15.5m. The interest rate is 0.75% above base rate. The balance outstanding at 31[st] July 2024 was £6.629m (2023: £5.441m). The interest charged in 2024 was £388k (2023: £126k).

39

1553

BRIDEWELL ROYAL HOSPITAL

FINANCIAL STATEMENTS

Notes to the Accounts for the Year Ended 31 July 2024 (Continued)

10. Allocation of the Group Net Assets

Endowed Funds
Restricted Funds
Unrestricted Funds
Total 2023
Endowed Funds
Restricted Funds
Unrestricted Funds
Total 2024		 Fixed Assets
£000s
-
-
21,894
21,894
-
-
22,728
22,728		 Investments
£000s
18,926
2,929
1
21,856
21,607
3,188
1
24,796		 Net Current
Assets
£000s
25
1,043
(9,079)
(8,011)
90
1,325
(10,245)
(8,830)		 Long Term
Liabilites
£000s
-
-
(882)
(882)
-
-
(1,410)
(1,410)		 Total
£000s
18,951
3,972
11,934
34,857
21,697
4,513
11,074
37,284

40

1553

BRIDEWELL ROYAL HOSPITAL

FINANCIAL STATEMENTS

Notes to the Accounts for the Year Ended 31 July 2024 (Continued)

11. Operating Leases

The total outstanding commitments in respect of operatng lease rentals are:
In respect of leases expiring:
Within one year
Between two and fve years		 2024
£000s
78
80
158		 2023
£000s
78
154
234

12. Endowed Funds

Consolidated
King Edward’s Fund
The Royal Asylum of St
Ann’s Society Fund
Funds for pupils’ support
2023
King Edward’s Fund
The Royal Asylum of St
Ann’s Society Fund
Funds for pupils’ support
2024		 1 August
£000s
18,031
740
18,771
18,204
747
18,951		 Total Incoming
Resources
£000s
225
19
244
326
-
326		 Total Expenditure
£000s
(404)
-
(404)
(662)
(6)
(668)		 Investment
Gains/
(Losses)
£000s
352
(12)
340
3,022
66
3,088		 31 July
£000s
18,204
747
18,951
20,890
807
21,697

41

1553

BRIDEWELL ROYAL HOSPITAL

FINANCIAL STATEMENTS

Notes to the Accounts for the Year Ended 31 July 2024 (Continued)

13. Restricted Funds

Consolidated
The Enabling Account
Bridewell Foundaton Bursary Fund
Mrs Thomson Bursary Fund
The Royal Asylum of St Ann’s Soci-
ety Fund
Other
Funds for pupils’ support 2023
The Enabling Account
Bridewell Foundaton Bursary Fund
Mrs Thomson Bursary Fund
The Royal Asylum of St Ann’s Soci-
ety Fund
Other
Funds for pupils’ support 2024		 1 August
£000s
2,969
438
236
139
119
3,901
2,966
520
236
140
110
3,972		 Total Incoming
Resources
£000s
72
82
-
4
3
161
91
62
-
4
172
329		 Total Expenditure
£000s
-
-
-
-
(12)
(12)
-
-
-
-
(47)
(47)		 Investment
(Losses)/Gains
£000s
(75)
-
-
(3)
-
(78)
247
-
-
12
-
259		 31 July
£000s
2,966
520
236
140
110
3,972
3,304
582
236
156
235
4,513

42

1553 BRIDEWELL ROYAL HOSPITAL

FINANCIAL STATEMENTS

Notes to the Accounts for the Year Ended 31 July 2024 (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 2023
School Bursary Fund
General Fund
Funds for pupils’ support 2024		 1 August
£000s
3,938
9,913
13,851
3,749
8,185
11,934		 Total
Incoming Re-
sources
£000s
29
14,431
14,460
27
16,214
16,241		 Total
Expenditure
£000s
-
(16,159)
(16,159)
-
(17,101)
(17,101)		 Investment
Losses
£000s
(218)
-
(218)
-
-
-		 31 July
£000s
3,749
8,185
11,934
3,776
7,298
11,074

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 £22,728k and net current liabilities of £8,830k, less final term deposits due after more than one year of £1,410k.

43

1553

BRIDEWELL ROYAL HOSPITAL

FINANCIAL STATEMENTS

Notes to the Accounts for the Year Ended 31 July 2024 (Continued)

15. Related Party Transactions

During the year donations totalling £3,828 (2023: £13,564) were received from Governors.

During the year the wholly-owned trading subsidiary KES Enterprise Limited charged Bridewell Royal Hospital £89k (2023: £77K) in respect of special educational needs and other services. £252k is payable to Bridewell Royal Hospital in respect of Gift Aid donations (2023: £28k). At the year-end KES Enterprise Limited owed Bridewell Royal Hospital £76k (2023: £137k).

16. Post Balance Sheet Events

During the year the Court made a decision to undertake a phased withdrawal from the Teachers Pension scheme (TPS), to mitigate the future cost and uncertainties associated with the scheme. The phased withdrawal commenced on 1 September 2024.

On 7th October 2024 the Court and the Governors of Longacre School, Shamley Green, Surrey announced their agreement to merge, with the legal transaction underpinning the merger being intended to be completed by January 2025.

On 30th October The Chancellor of the Exchequer, presented the Autumn Budget to Parliament. The Budget included a change to Employer's National Insurance and the minimum wage. This will increase the costs of Bridewell Royal Hospital. The Budget also confirmed that the standard rate of 20% VAT is chargeable on school and boarding fees for school terms starting on or after 1 January 2025. To mitigate the impact of these changes, and to support parents with affordability of fees, the Court has approved the ‘Project 24’ strategic review. ‘Project 24’ considers strategies to address the implications of these additional costs and how Bridewell can support parents through maintaining an affordable fee level.

44