Charity Registration No. 1036179
BEDALES GRANTS TRUST FUND
TRUSTEES' REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024
BEDALES GRANTS TRUST FUND
LEGAL AND ADMINISTRATIVE INFORMATION
| Chair | C E Baxandall |
|---|---|
| Trustees | D F Archer |
| J M Reed | |
| C E Baxandall | |
| S A J Davies | |
| J E Jonathan | |
| B L Pearcy | |
| Treasurer | R D L Lushington |
| Charity number | 1036179 |
| Principal address | Bedales School |
| Church Road | |
| Steep | |
| Petersfield | |
| Hampshire | |
| GU32 2DG | |
| Independent examiner | Azets Audit Services Limited |
| Ashcombe Court | |
| Woolsack Way | |
| Godalming | |
| Surrey | |
| GU7 1LQ | |
| Bankers | National Westminster Bank PLC |
| 77 High Street | |
| Godalming | |
| Surrey | |
| GU7 1AR | |
| Investment managers | Rathbones |
| 30 Gresham Street | |
| London | |
| EC2V 7QN | |
| Solicitors | Veale Wasborough Vizards |
| Orchard Court | |
| Orchard Lane | |
| Bristol | |
| BS1 5WS |
BEDALES GRANTS TRUST FUND
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 7 |
| Notes to the accounts | 8 - 12 |
BEDALES GRANTS TRUST FUND
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
The trustees present the annual report together with the financial statements of the charity for the year ended 31 August 2024. The accounts have been prepared in accordance with the Statement of Recommended Practice, "Accounting and Reporting by Charities" (SORP 2015), the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS102), the Charities Act 2011 and the charity's governing document.
Objectives and activities
Objectives and aims
The Trust was set up to support parents of pupils at Bedales School, with preference to Old Bedalian families, who may be in need of financial assistance to pay their tuition fees. The Trust achieves this by making a grant to Bedales School each year specifically for the provision of financial assistance to parents paying school fees.
Public benefit
The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
The Trustees are committed to supporting and broadening access to Bedales School. The Trust provides funds to the School for it to use at its discretion towards the provision of means-tested financial support for parents whose children enter the Senior School, ordinarily in Year 9 or in Year 12.
Each year, Bedales School invites parents to make applications for financial assistance and where merited such support is known as a Bursary. Bursaries are awarded by the School’s Bursary Award Panel and take the form of percentage reduction of the school fees. Decisions to make awards take into account the financial, compassionate or other pertinent circumstances of applicants. Awards are subject to confirmation of parental means each year and further full means testing ahead of a child moving up into the 6th form (Year 12).
The contribution to Bedales School from the Trust is based on the Trustees’ review of the total level of funding available having considered current, and projected forward, investment performance and its planned future grants to the School.
Achievements and performance
Bedales School reported that the grant from the Trust enabled the School to provide support to the parents of 20 students. This ongoing achievement is a direct result of careful stewardship of investments, which have continued to perform well in light of the difficult economic circumstances prevailing during the last few years. Year on year, the Trust aims to enable Bedales School to support more students as they look to join the School; something that they would not be able to do without the Trust's support.
The Trust owns a share of the Barnsley Bedales Nominee Company, which previously held a parcel of land that had been gifted as a legacy to the Trust and the other shareholder (the Edward Barnsley Education Trust) of the Nominee Company. This land was sold during the previous year, but a small strip of land has been retained.
The performance target required by the Trustees for the investment portfolio is that it should grow sufficiently to be able to provide 4% of its value as a grant to the School and protect itself from the effects of inflation, thereby ensuring its support on an enduring basis.
Financial review
The Trust has continued to provide financial assistance to Bedales School. Its net movement in funds for the year was an increase of £306,059 (2023: decrease of £483,918). The fund continues to be able to meet its obligations and this year a grant of £236,807 (2023: £267,822) was made.
There are no changes expected in the nature of activities of the Trust in the foreseeable future.
The Trust's assets are sufficient to meet its obligations and are held for use by the Trust.
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BEDALES GRANTS TRUST FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
Policy on reserves
As at 31 August 2024 the Trust had total reserves of £6,375,504 (2023: £6,069,445), all of which have been designated towards the Capital Growth Fund to help in financing grants to the School. £6,293,222 (2023: £5,809,213) of total reserves are represented by investments.
The Trustees wish at least to maintain the value of the uncommitted reserves to continue providing the income necessary to fulfil the Trust's objects.
Investment policy and objectives
The Trustees are empowered to invest all monies as the Trustees in their absolute discretion think fit.
The overall investment policy agreed by the Trustees is to maximise the total return whilst having regard to the charitable purpose of the Trust, the desire to invest in ethical and sustainable businesses and the Trustees' responsibility to avoid unacceptable risks. The portfolio is invested in bonds and equities with the objective of providing reasonable returns over the medium to long term. The bond and equity investments are all managed within an agreed investment strategy, with a strong emphasis on ethical criteria.
The Trustees were pleased with the gain on the portfolio after losses in the previous year and find the performance of the bond and equity portfolio of investments to be acceptable in light of the volatile investment markets seen this year.
Plans for future periods
Aims and key objectives for future periods
The Trustees will continue their aim of attracting further donations, principally from Old Bedalian connections, alongside current fundraising by Bedales School. Further donations will allow the Trust to maintain and, ideally, increase the size of grant it makes to the School and thereby enhance its support to Bedales School.
Structure, governance and management
Structure, governance and management
The Bedales Grants Trust Fund was founded in 1927. The Trust is a registered charity, number 1036179.
Induction and training of trustees
Existing Trustees identify new Trustees and one to one induction takes place with the Chair. Trustees are provided with appropriate information and documentation to enable them to exercise their responsibilities effectively.
Major risks and management of those risks
The principal risks to which the Bedales Grants Trust Fund is exposed include maintaining income and fluctuations in the value of investments or the income from those investments.
The Trust has in place appropriate measures and contingency plans to cope with variations in income be it from fundraising or from investment income. Although the funds provided to the School go towards bursaries for students, the Trust and its trustees have no safeguarding responsibilities as these reside with Bedales School. Each year the trustees receive a report from the School about the progress and pastoral care of students that the School has been able to support as a result of the grant made by the Trust.
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BEDALES GRANTS TRUST FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
Statement of trustees' responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures
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disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees report was approved by the Board of Trustees:
..............................
C E Baxandall Chair
7th March 2025 Dated: .........................
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BEDALES GRANTS TRUST FUND
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BEDALES GRANTS TRUST FUND
I report to the trustees on the accounts of the charity for the year ended 31 August 2024, which are set out on pages 5 to 12.
Respective responsibilities of Trustees and examiner
As the trustees of Bedales Grants Trust Fund you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Act).
I report in respect of my examination of the Bedales Grants Trust Fund's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of Bedales Grants Trust Funds as required by section 130 of the Act; or
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2 the accounts do not accord with those records; or
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3 the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
............................
Alex Temlett CA ACA CTA Partner Azets Audit Services Limited
Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ
7 March 2025 Dated: .........................
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BEDALES GRANTS TRUST FUND
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 AUGUST 2024
| Unrestricted Designated funds funds Notes £ £ Income and Endowments from: Donations and legacies 5,943 - Investment income 2 177,856 - Total incoming resources 183,799 - Expenditure on: 3 Charitable activities (240,624) - Total charitable expenditure (240,624) - Raising funds - Investment manager costs - (36,900) Total resources expended (240,624) (36,900) Net outgoing resources before transfers (56,825) (36,900) Gross transfers between funds 56,825 (56,825) Net incoming/(outgoing) resources - (93,725) Other recognised gains and losses Gains/(losses) on investment assets - 399,784 Net movement in funds - 306,059 Fund balances at 1 September 2023 - 6,069,445 Fund balances at 31 August 2024 - 6,375,504 |
Total 2024 £ 5,943 177,856 183,799 (240,624) (240,624) (36,900) (277,524) (93,725) - (93,725) 399,784 306,059 6,069,445 6,375,504 |
Total 2023 £ 51,657 161,531 213,188 (277,495) (277,495) (36,492) (313,987) (100,799) - (100,799) (383,119) (483,918) 6,553,363 6,069,445 |
|---|---|---|
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BEDALES GRANTS TRUST FUND
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 AUGUST 2024
| Unrestricted Designated Comparative Information funds funds Notes £ £ Income and Endowments from: Donations and legacies 51,657 - Investment income 2 161,531 - Total incoming resources 213,188 - Expenditure on: 3 Charitable activities (277,495) - Total charitable expenditure (277,495) - Raising funds - Investment manager costs - (36,492) Total resources expended (277,495) (36,492) Net outgoing resources before transfers (64,307) (36,492) Gross transfers between funds 64,307 (64,307) Net incoming/(outgoing) resources - (100,799) Other recognised gains and losses Gains/(losses) on investment assets - (383,119) Net movement in funds - (483,918) Fund balances at 1 September 2022 - 6,553,363 Fund balances at 31 August 2023 - 6,069,445 |
Total 2023 £ 51,657 161,531 213,188 (277,495) (277,495) (36,492) (313,987) (100,799) - (100,799) (383,119) (483,918) 6,553,363 6,069,445 |
Total 2022 £ 5,938 160,011 165,949 (274,789) (274,789) (39,931) (314,720) (148,771) - (148,771) (716,013) (864,784) 7,418,147 6,553,363 |
|---|---|---|
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BEDALES GRANTS TRUST FUND
BALANCE SHEET
AS AT 31 AUGUST 2024
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||
| Fixed assets | ||||||
| Investments | 7 | 6,293,222 | 5,809,213 | |||
| Current assets | ||||||
| Debtors | 8 | 22,475 | 18,333 | |||
| Cash at bank and in hand | 61,877 | 243,699 | ||||
| 84,352 | 262,032 | |||||
| Creditors: amounts falling due within | ||||||
| one year | 9 | (2,070) | (1,800) | |||
| Net current assets | 82,282 | 260,232 | ||||
| Total assets less current liabilities | 6,375,504 | 6,069,445 | ||||
| Unrestricted income funds | ||||||
| Designated funds | 11,12 | 6,375,504 | 6,069,445 | |||
| 6,375,504 | 6,069,445 |
7th March 2025 The accounts were approved by the Trustees on .........................
..............................
C E Baxandall Chair
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BEDALES GRANTS TRUST FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024
1 Accounting policies
1.1 Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
1.2 Basis of preparation
Bedales Grants Trust Fund meets the definition of a public benefit entity under FRS 102.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Figures are presented in pounds sterling (GBP £) and rounded to the nearest pound.
1.3 Exemption from preparing a cash flow statement
The charity qualifies as a small charity under the charities SORP and has therefore not included a cash flow statement in these financial statements.
1.4 Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
1.5 Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Investments income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
1.6 Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.
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BEDALES GRANTS TRUST FUND
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
1 Accounting policies
(Continued)
Raising funds
These are costs incurred in attracting voluntary income and the management of investments.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
1.7 Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
1.8 Fixed asset investments
Fixed asset investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their initial cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
1.9 Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
1.10 Fund structure
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
1.11 Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument
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BEDALES GRANTS TRUST FUND
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
1 Accounting policies
(Continued)
1.12 Significant judgements and accounting estimates
No significant judgements or estimates have been made in the preparation of these financial statements.
2 Investment income
| Dividend income Interest receivable 3 Total resources expended Charitable activities Grants to Bedales School Allocated support costs Administration of the investments |
2024 £ 114,269 63,587 177,856 2024 £ 236,807 3,817 240,624 36,900 277,524 |
2023 £ 105,357 56,174 |
|---|---|---|
| 161,531 | ||
| 2023 £ 267,822 9,673 |
||
| 277,495 | ||
| 36,492 | ||
| 313,987 |
Support costs includes payments to the independent examiners of £2,070 (2023: £1,800) for independent examination fees.
Costs relating to grants to Bedales School and allocated support costs were incurred in relation to unrestricted funds for all years presented. Costs in respect of Administration of the investments were incurred in relation to the Designated fund for all years presented.
4 Trustees
None of the Trustees (or any persons connected with them) received any remuneration, reimbursed expenses or other benefit from the charity during the year.
5 Employees
There were no employees during the year (2023: Nil).
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BEDALES GRANTS TRUST FUND
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
6 Taxation
The charity is a registered charity and is therefore exempt from taxation.
7 Fixed asset investments
| Investments | |
|---|---|
| £ | |
| Market value at 1 September 2023 | 5,809,213 |
| Disposals at opening book value | (1,917,186) |
| Acquisitions at cost | 2,001,411 |
| Change in value in the year | 399,784 |
| Market value at 31 August 2024 | 6,293,222 |
All investments (other than cash) are quoted on a recognised UK or international Stock Exchange or are valued by reference to investments listed on a recognised Stock Exchange.
| 8 Debtors 2024 £ Accrued income 22,475 9 Creditors: amounts falling due within one year 2024 £ Accruals 2,070 10 Analysis of net assets between funds Designated funds £ Fund balances at 31 August 2024 are represented by: Fixed asset investments 6,293,222 Current assets 82,282 6,375,504 |
2023 £ 18,333 |
|---|---|
| 2023 £ 1,800 |
|
| Total £ 6,293,222 82,282 |
|
| 6,375,504 |
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BEDALES GRANTS TRUST FUND
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
11 Movement in funds for the year ended 31 August 2024
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the Trustees for specific purposes:
| Movement in funds | Movement in funds | |||||
|---|---|---|---|---|---|---|
| Balance at 1 | Incoming | Resources | Transfers | Other | Balance at 31 | |
| September | resources | expended | recognised | August 2024 | ||
| 2023 | gains/(losses) | |||||
| £ | £ | £ | £ | £ | £ | |
| Unrestricted | - | 183,799 | (240,624) | 56,825 | - | - |
| Designated | 6,069,445 | - | (36,900) | (56,825) | 399,784 | 6,375,504 |
| 6,069,445 | 183,799 | (277,524) | - | 399,784 | 6,375,504 |
Transfers represent amounts transferred from the Designated Capital Growth Fund to help finance grants to Bedales School paid through the General Funds and surplus amounts on the General Funds transferred to the Designated Capital Growth Fund.
12 Movement in funds for the year ended 31 August 2023
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the Trustees for specific purposes:
| Movement in funds | Movement in funds | |||||
|---|---|---|---|---|---|---|
| Balance at 1 | Incoming | Resources | Transfers | Other | Balance at 31 | |
| September | resources | expended | recognised | August 2023 | ||
| 2022 | gains/(losses) | |||||
| £ | £ | £ | £ | £ | £ | |
| Unrestricted | - | 213,188 | (277,495) | 64,307 | - | - |
| Designated | 6,553,363 | - | (36,492) | (64,307) | (383,119) | 6,069,445 |
| 6,553,363 | 213,188 | (313,987) | - | (383,119) | 6,069,445 |
Transfers represent amounts transferred from the Designated Capital Growth Fund to help finance grants to Bedales School paid through the General Funds and surplus amounts on the General Funds transferred to the Designated Capital Growth Fund.
13 Related parties
During the year the charity made the following related party transactions:
Bedales School
The Trust was set up to support families with children at Bedales School with preference being given to parents of pupils who were themselves at Bedales School and are in need of financial aid to pay theirtuition fees. The Trust achieves this by granting funds to Bedales School for it to provide means-tested bursaries. During the year the Trust contributed £236,807 (2023: £267,822) to Bedales School.
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