2025-06-30-accounts

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~~pd~~ 3 eview 3 4 12 2025/26 14 nce and Management 15 18 20 22 and Carbon Reporting 26 es 28 Reference and Administrative Information 29 Statement of Trustees’ Responsibilities 32 Independent Auditor’s Report to the Members of The Harpur Trust 33 Financial Statements 37

Chair sage

dibly proud of what we have achieved this year both in our schools and in y with the introduction of VAT on school fees and other legislative Ssay Weour widerrecognise community.the real Thissacrifices year many has broughtfamilies significant make to challenges,access our ~ nd we have worked hard to limit the impact of these changes on fees = ntaining the quality and distinctiveness of our education. ly grateful to our staff and school communities for their resilience and commitment eriod of change. Our recent g eview led to the departure of Trustees who had made a huge contribution over many y e welcomed nine new colleagues with a rich diversity of backgrounds, experience a sitioning us strongly for the future. As ever, | wa ss my heartfelt thanks to our dedicated staff, volunteers, and everyone in the wider com ose commitment and passion make our work possible.

RAsLlen astellTrustees Chief= tive’s= 5 Review= This year we have achieved real impact across all areas of our work despite ; considerable challenges. The pupils in our schools achieved outstanding results and we sustained our commitment to our bursary programme, which enables young people to access our education. We carefully reviewed the introduction of VAT on - school fees and took measured steps to ensure families were well-informed and that » the impact was managed responsibly. at Our two collaborative strategic community programmes took significant strides forward. We increased the number of partnerships with Bedford primary schools under our Accelerator Programme and reviewed our project development process to make it easier for local primary schools to access funding.

Bedford Giving had a stand-out year. The Career Mentoring programme grew rapidly, the first Youth Panel was launched giving young people a voice in funding decisions, and programmes focusing on young people’s mental health, affordable activities and life skills were developed. Our grants programme grew its investment in our community, awarding over £1.2m to charities and other organisations tackling issues from poverty and disability to sport, crime prevention, and community cohesion. A new grants strategy is being developed to sharpen our focus and ensure funding has the greatest impact.

For many colleagues this has been a challenging year. We have worked tirelessly to meet the challenges of the Government's tax and policy changes, and at Bedford Modern School to deal with RAAC; issues that families in our school communities have faced alongside us. | am very grateful to all those colleagues, partners, stakeholders and volunteers who have worked with us to achieve what we have this year. Looking ahead to 2025/26, we remain focused on delivering our new three-year strategic plan, nurturing potential and improving people’s lives.

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| A Ce David Steadman
Ahal\ XSul, Chief Executive
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Annual Report of Trustees and Financial Statements 2024/25

The Trustees are pleased to present their annual report together with the financial statements of the charity for the year ended 30 June 2025, which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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 — Second Edition).

Strategic Report

~~Introduction to The Harpur Trust~~ Our vision is a community where everyone can thrive. Our mission is to nurture potential and improve people’s lives. Our focus is Bedford Borough, while our impact flows far beyond.

Ever since we were founded by Sir William Harpur in 1566, The Harpur Trust has been both providing education and supporting some of the most disadvantaged people in Bedford.

Today, we run first class independent schools, operate a generous bursary programme, give grants to community projects and sponsor the HEART Academies Trust. All in all, we contribute millions of pounds in a range of ways to improve people’s lives in our community each year.

Our long-term strategic plan, Together for Bedford, commits us to invest in people’s futures, and to work for a generation to enable more children and young people facing disadvantage to achieve their potential. As part of this plan, we have created two innovative and collaborative community programmes for children and young people: the Accelerator Programme and Bedford Giving.

We believe that, together, we can build a community where everyone can thrive.

Achievements in the Year

Our strategic priorities for 2024/25 were defined by our 2022-25 strategy, Together for Bedford, which set the following long term strategic objectives:

Enabling more children and young people facing disadvantage to achieve their potential.
Offering high quality, distinctive and financially sustainable education.
Supporting children to access our schools’ education with high value, impactful bursaries.
Maximising our impact on community needs. 5. Continuing to build a more effective, efficient, resilient organisation greater than the sum of its parts.

Our achievements against these strategic objectives are summarised on the next pages.

Three Year Strategic Objectives 2022-25

	2022-25 strategic objectives
Enabl enavle moreyoung peoplefacing disadvantage to achieve their potential	Host Bedford Giving to bring the whole community together for children and young people. . DevelopanAcceleratorProgrammetoenablemorechildrenaged0-
	. Develop an Accelerator Programme to enable more children aged 0- 11 in low-incomefamilies tomake more rapid progress in education.
	~~,~~ ; ; . ; . Identify innovative and impactful public benefitopportunities to enable our schools to support our strategy.
	Deliver shared priorities with HEARTAcademies Trust.
Offer high quality, distinctive and financially sustainable education	Ensureour schools continuetoofferhighquality, distinctiveeducation.
	Helpour schools to remain financiallysustainable and well positioned torespond to risksand challenges.
Support children to accessOur schools education with high value, impactful bursaries	Maximise the impact of our bursaries and improve evaluation and communication ofour programme prog ,
. Maximise our impacton community needs
	Ensure our community resources are used as effectivelyas possible tomaximise ourimpact.
Continueto builda more effective, efficient, resilient organisation greaterthanthe sum of its parts	~~Implement a governance andmanagementreview~~
	~~Implement a governance and management review~~ Continue to focus on inclusion, sustainability and strategic financial governance. - ~~—~~
	- ~~—~~ Deliver an organisational development plan to support the strategy, proactively respond to risks and maximise our effectiveness and efficiency.

le facing disadvantage to

Enable more children and young p achieve their potential

Our two main programmes achieving this strategic ctive are the Accelerator Programme and Bedford Giving. The Accelerator Programme aimst celerate the attainment of disadvantaged children aged 0-11 in Bedford Borough, so more pu meet the expected standard. We are also founding partners and hosts of Bedford Giving, a coll ation and movement which brings together funders, businesses and local people to help improv lives of children and young people in our community. As hosts, we ensure the delivery of im _ tful programmes on behalf of the Bedford Giving Board and fund its administration costs, so 10 f partner funds go towards Bedford Giving programmes.

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Accelerator Programme

This year we reviewed the programme’s impact to date, to understand which of the initiatives we’ve supported are most likely to improve attainment for disadvantaged children. This enabled us to relaunch the programme with clear guidance for schools proposing project ideas. We engaged with 25 local primary schools, including those with the highest proportion of children eligible for Free School Meals, offering support to raise the attainment of disadvantaged pupils including: =" Speech and Language Therapists to help four schools to better support children with these issues. = Writing programmes involving expert consultants, resources and proven writing programmes in four schools. » Reading Fluency and Phonics Programmes, to focus on improving reading attainment. « Intervention teachers in three schools supporting more children to achieve the expected level at the end of Key Stage1 and 2 and to hone writing skills. =" Funding family support workers to help tackle barriers to pupil attendance, progress and attainment. This year we launched an innovative project providing floating family support workers to support small rural schools develop their capacity to manage a range of issues. In addition, we supported a Multi Academy Trust with three primary schools to develop their approach to reducing the attainment gap with a primary improvement lead. As the Accelerator Programme has become more embedded in partner schools and new schools have joined us, we’ve developed several collaborative initiatives and opportunities for information sharing and learning. These include:

e AnMOU with Bedford Borough Council outlining shared goals and ways of working. e Holding three CPD events with inspiring speakers such as Kate Jones, Jean Gross and James Siddle.

e Athree-year peer review programme for Bedford primary school leaders in collaboration with the Pioneer Learning Trust.

Bedford Giving

Our second full year of operation of Bedford Giving saw significant growth in the programme with the following key achievements:

e Publication of the first Bedford Giving impact report, launched at a pioneering and very well received Young Voices conference, giving young people from across the borough to share experiences and set out priorities for the future. e Publication of a Bedford Giving Report into Life Skills needs for young people. e unched a new ‘Taste of the Workplace’ scheme bringing a range of employers er to create innovative, realistic, project-based work experience in two schools. e n our first Youth Panel in partnership with Bedford College, training a group of young in grantmaking. Their call for applications attracted over half a million pounds of g bids. e rst mental health programme was launched — Safe Space in a Youth Place. The mme provides mental health awareness training for trusted adults; youth workers, coaches and scout leaders. It provides practical tools to support young people with ental health and signpost them to professionals if necessary. 50 adults were trained first few months, with many more to come. e ations for new programmes providing free and affordable activities for young people uilt. A pop-up skateboard park was set up in the Easter holidays which proved very ssful and plans were created for a capacity building programme with local activity ers F4YP to build sustainable growth in opportunities, alongside target holiday mmes in the Wixams, a new development where lack of opportunity leads to antibehaviour.

Bedfo ing Board

The H rust has been providing the administration support towards the Bedford Giving Board. This s nsures the delivery of impactful programmes and allows 100% of partner funds to go towar edford Giving programmes.

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gh quality, distinctive and financially sustainable education to deliver high quality education through our four independent schools, and to offer it ponsorship of HEART Academies Trust. During the year we had to address the f VAT on school fees and take actions to ensure that the impact was managed

highlights for 2024/25 are below, including the 2025 exam results, which were sat iod of this report.

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Our 2024/25 leavers achieved some of our best results ever. Over half of A level and IB grades were A/A, and nearly 85% were A to B. At GCSE, j t almost three quarters of over 1,400 papers were marked at 9 to 7 - our BEDFORD strongest year on record. Of the 122 boys heading to UK universities, SCHOOL 86% secured places at Russell Group or Times Top 30 institutions, with Durham, Newcastle and London universities leading the way.

hlights included a group of boys who presented The DNA Snowdrop Project at The Conference, showcasing real-world science and collaborative research.

In sport, we formalised partnerships with Northamptonshire County Cricket Club and Northampton Saints Rugby Club, offering elite coaching and weekly staff insets to raise training standards. In Creative Arts, our joint production of Les Misérables with Bedford Girls’ School wasa triumph. We welcomed Sarah McDonald, Vocal Music Fellow, for inspiring workshops, and one of our Fifth Form Music Scholars was accepted into the Junior Programme at the Royal College of Music. We also proudly announced the opening of Bedford School Mohali - our first international campus - bringing our values and educational ethos to a new global community.

And finally, we are honoured to be finalists for Independent Boys’ School of the Year.

Bedford Modern School

We were immensely proud of our A level and GCSE students’ dford examinationsexceptional achievementswere graded in9 thiswith year’san outstanding examinations.49% At9 to8. GCSE,Almost 28%half of Sc: of A level grades achieved were A to A, with 77% A to B and 29% of hool students securing three A grades or better. The diversity of our students’ next steps is a real point of pride for us, with many accepting university places overseas as well as at Oxbridge and other top UK institutions, and others securing highly sought-after degree apprenticeships with leading blue-chip organisations.

Our renowned theatre productions this year included Sweeny Todd and Bugsy Malone, and as always, our talented musicians delivered standout performances in a range of concerts. 85% of students represented BMS in sport, playing a total of 947 fixtures across 22 sports. In addition, our industrious students enjoyed 130 trips locally and overseas, ranging from an A level Politics trip to Washington DC to a sporting tour across South Africa.

Our RAAC building works are nearing completion and the exciting improvements in fresh facilities, spaces and learning environments are being felt by our vibrant community of staff and students.

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funded a us —_rour Gardening area and an all-weather hub for Forest School, enriching
outdoor learning experiences for pupils. Strengthened communications and engagement initiatives
have boosted the school’s visibility and laid the groundwork for an alumni network.
Other things to celebrate include us being named an NDNA Nursery Awards finalist, securing Eco-
Schools Green Flag reaccreditation, and earning Royal Horticultural Society Level One recognition
for our Gardening Club, reflecting our commitment to excellence, sustainability, and pupil-led
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Strategically, we introduced Priority Places for Year 2 pupils transitioning to Harpur Trust schools for Year 3, consolidating Pilgrims’ position as The Trust's Pre-Prep, and supporting smoother progression for families. Looking ahead, we remain focused on Pilgrims’ long-term success by expanding opportunities for pupils and enhancing experiences for families and the wider community. We will continue to refine our strategy, ensuring Pilgrims maintains its commitment to excellence and continuous improvement.

HEART Academies Trust

HEART Schools were able to showcase the success of the range of improvement initiatives that have taken place over the past few years with the publication of its 2024/25 results. KS2 results were the best || FEA RT resultsnational theout s c hoolsomes andhavein s eenome and casesignificantly exceeded them.closed the gap against The combined score for pupils achieving the expected standard in hiG expectations acuievenenrreseectreust REading, Writing and Maths improved by 17% to approximately national expectations. We are excited to continue this journey of excellence supported by our new Trust Primary Practitioner, a role funded by the Harpur Trust.

The Speech and Language therapy funded by the Harpur Trust Accelerator Programme had significant impact on the EYFS and KS1 outcomes to support the communication of our youngest children. Children in EYFS improved by 39% at Shackleton in 2024/25.

Bedford Academy were able to contradict the national trend by improving again their outcomes at KS4. KS5 outcomes were also higher than in previous years and secures their position in the top three sixth forms locally.

All schools remain oversubscribed and an integral part of our local communities. This is highlighted by the completion of the new building at Bedford Academy to allow for 300 pupils per year group from September 2025. 3. Support children to access our schools’ education with high value, impactful bursaries

At each of our three senior schools, The Trust is committed to providing pupils with access to academic bursaries. This past financial year, 177 pupils benefited from bursary awards across The Trust.

78% of these awards covered more than 75% of the fees, a level defined by the sector as “transformational.” These bursaries truly offerlife-changing opportunities for our pupils. This year, we are thrilled to share the outstanding achievements of our bursary students across all schools:

= 25 bursary students took an average of 9.8 GCSEs each, achieved average grade of 7.7 (up from 7.34 in 2023/24)

= 22 bursary students took an average 3.2 A levels or IBs, achieved average grade of B+ The Trustees firmly believe that bursaries are a vital part of the public benefit we provide as a charity. They are intrinsically linked to our identity and the mission of our schools. Beyond transforming lives and widening access to top-tier education, bursaries have a profoundly positive impact on other pupils and the school community as a whole. Our schools are enriched in countless ways by the diversity and value that our bursary students bring.

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4. Maximise our impact on community needs
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Beyond the impact of our new strategic initiatives, the Accelerator Programme and Bedford Giving, we have continued to ensure that our grants programme and other community programmes maximise their impact on the needs of our community. At the end of the year, the Grants Sub-Committee were pleased to recommend a new Grants Strategy. The strategy provides a clear explanation of priorities and new areas of focus: Poverty and Disadvantage and Building Stronger Communities. \t also outlines seven core categories for grantmaking alongside an explanation of our approach to place-based grantmaking. A new grantmaking policy clarifies exactly what we do and don't fund, and we believe this will make the process easier and more efficient for applicants and decision makers alike. Finally, we believe it will make it much clearer to maximise and understand the impact of our grantmaking on our local community.

Grantmaking process

Our Grants Sub-Committee meets four times each year to consider grant applications up to £50,000. The Chair and Community Programmes Director meet more frequently to provide guidance to applicants on their stage 1 applications.

Applications in excess of £50,000 forone year, or £150,000 over a three-year period, must be agreed by our Trustees on recommendation from our Grants Sub-Committee. Following the adoption of The Trust's new Community Strategy, the Community Programmes Director has delegated authority to make decisions on grants up to and including £5,000 but refers any applications where there is a perceived risk or conflict to the sub-committee.

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Grants awarded
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This year we made 69 grants to organisations and individuals in Bedford Borough. Our funding supported 16 state school students from low-income backgrounds facing a number of other challenges to go to university for undergraduate study, and two more to follow postgraduate degrees. We offered school uniforms to 530 children on free school meals. Grants enabled 47 organisations to help local residents through the provision of essential services such as accessing benefits, mental health support and housing advice, to opportunities to take part in recreational activities benefiting physical and mental health.

In total 19 of our grantee organisations had never applied to The Trust for funding before. It’s very exciting to see new ideas coming forward from organisations which reflect our diverse community and due in no small part to the easy access grants programmefor those groups who face structural barriers to fundraising which we piloted this year. Although the work is resource intensive, it undoubtedly brings us closer to the communities we serve.

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tinue to build a more effective, efficient, resilient organisation
r than the sum of its parts
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the governance review undertaken the previous year, The Trust has worked to embed new rs and ways of working across Committees and our Executive Leadership Team. To assess tiveness of the new governance framework, a process of self-assessment evaluations has e and reported to the Governance Committee.

e external pressures faced by the organisation, a lot of focus has been on ensuring that t has strong strategic financial governance. In accordance with existing policies, school lans have been scrutinised carefully and managed to ensure that they have been delivered ly, within project timelines and budgets. The organisation has also focused on further tion and shared ways of working to provide financial resilience, along with continual ments to systems, policies and processes to increase efficiency and manage risk. ental sustainability has also been considered as part of our capital projects. We are to see some improvementsin our usage of alternative sources of energy as reported within R section of this report. Further environmental projects are scheduled for the next financial

s also continued on The Trust’s culture and its people strategy. These measures help us to ensure that we have good employee engagement which is vital to delivering the charity’s services.

lic Benefit

The Harpur Trust delivers its charitable purposes for public benefit across the whole range of its activities. The Trustees pay due regard to the Charity Commission’s published guidance on the public benefit requirement under the Charities Act 2011. Our public benefit is delivered through our community programmes and grantmaking activities, as described above, through community events, our sponsorship of the HEART Academies Trust, and the public benefit activities of our independent schools as described below. In addition to the public benefit impact of our bursary programme, we are committed to maximising access to our facilities and expertise to further our charitable objects.

We continue to work closely with charities and housing associations providing accommodation for older residents of Bedford. We have nomination rights to four such schemes across the Borough, with 48 places available to our nominees. This year our strategy, Together for Bedford, has increased the depth and reach of our public benefit, with more state primary schools partnering with us on our Accelerator Programme and a growing number of organisations and individuals inspired to join us to take action to improve the lives of children and young people, as part of Bedford Giving.

Although our community programmes are delivering public benefit to a growing number of residents in the Borough, we are mindful of those not reached by these initiatives. Though our events and sponsorship we connective with and provide public benefit to the wider community. This year we sponsored and took part in the Bedford River Festival, the country’s second largest free outdoor event. We supported local children to create ‘The Book of Bedford’, an illuminating and entertaining guide to the town from a child’s perspective. We supported a number of diverse communities to celebrate their culture with the wider population of Bedford, from an Iftar event recognising and raising the aspirations of local Muslim women and girls, to celebrations of our growing Kenyan Community.

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Public benefit in our independent schools

Hundreds of local primary and secondary school pupils, as well as the local community, benefitted from the input of students and staff from Harpur Trust Schools, and the use of school facilities. The support provided included:

Supporting local schools

e Anenrichment day for local schools with student led activities from Shakespearean drama to mathematical origami and cricket coaching. e Science outreach workshops for Year 5 pupils. e French, drama and music enrichment workshops. e Students supporting staff and pupils at special schools with activities. e Tutoring Year 6 students who need extra support to achieve SAT target grades. e Students running a film-making project at a local primary school. e Providing free use of swimming pool for students at a college for young people aged 16-25 with complex needs. .

The wider community and fundraising for local charities e Volunteering for a charity visiting very isolated and vulnerable older people in care homes. e Free use of sports hall for Duke of Edinburgh’s Award. e Providing entertainment for older people in residential care and sheltered accommodation. e Collecting donations for a local foodbank. e Fundraising for children’s mental health charity. e Supporting music therapy sessions for people with dementia.

The following strategic priorities for 2025/26 are intended to progress us towards our next three year strategic aims.

rates of progress so more children aged 0-11 reach the expected standard

our next generation

impact frameworks

deliver exceptional outcomes

Structure, Governance and Management

Constitution

The Harpur Trust stems from a gift of property in Bedford and London made by Sir William Harpur and his wifein 1566 to the town of Bedford. The Charity was founded Charity Commission on 1 September 2000 and amended in 2009. (< by an Act of Parliament in 1764 and is administered under a scheme sealed by the The Harpur Trust is a company limited by guarantee (Company Number 3475202). The company is governed by Articles of Association and is registered as acharity in the UK, number 1066861.

The endowed properties (‘specie’ land) and assets continue to be held in the original Bedford Charity, which was amended and renamed The Harpur Foundation. The Harpur Trust is the sole corporate trustee of The Harpur Foundation, and a ‘Uniting Direction’ is in place which removes the need to prepare separate accounts.

The Harpur Trust is also the Trustee of an Almshouse charity, Randall Cottage Homes, whose results are included within those of The Trust itself following a ‘Uniting Direction’ received from the Charity Commission.

In October 2024, The Trust established a trading subsidiary, Bedford School Enterprises Limited (Company Number 15206610) in which it owns 100% of the issued share capital. The directors of the company are known as Trustees, and they are also members of the company for the purpose of company law and charity trustees for the purpose of charity law. There are 17 Trustees of whom one is nominated, the remaining 16 are co-opted, elected by the Trustees. The normal terms of office for Trustees are for three years, except for existing Trustees appointed prior to 10 July 2024. Namesof Trustees and the committees on which they served during the year are shown on pages 28-31 of the annual report.

Governance and organisation

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The y Trusteesreceive meetreports at least fourfrom all our timescommittees, a year, withwhich addi t ionalhemselvme e tings ass meet three necessary.or four times annually. Committees co-opt members who are not Trustees in accordance with the Articles of Association.

A high degree of internal autonomy is accorded to The Trust’s operating units: four schools; community programmes; and the management of the endowment, all of which are accomplished through the committee system.

Trustees have handed the day to day running of the organisation to key management personnel. These have been defined as the Chief Executive, Chief Financial Officer, Human Resources Director, Community Programmes Director and the Heads of each of the four schools.

The Harpur Trust Office (HTO), managed by the Chief Executive, provides administration services to the Trustees and their committees, and financial, human resource and administrative advice and guidance to the schools, as well as undertaking the day-to-day management of the endowment and directing the community programme.

The Trust's committees are shown in the diagram on the following page:

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Committeee csSaisCs
a
Structure e.
HARPUR
TRUST
of Trustees
Schools Finance Community Endowment Governance
Committee Committee Committee Committee Committee
Audit
School Grants Committee
Governin Subcommittee
Bodies (SGBs) =
Renumeration
Committee
Following a governan ry 2024, the Trustees have ensured the Charity Governance
Code is applied. The herence to the principles and practices outlined in the code,
maintaining good gov fe) | Trust activities. This is kept under review by the Governance
Committee on behal
Trustee trainin on
The Trustees place hasis on training; staff and Trustees attend seminars and
workshops on a var ding safeguarding. There is a comprehensive, mandatory
induction programme s and non-trustee members of committees, which senior staff
members at the offic attend. The Trust has a comprehensive Training Directory
offering ongoing dev for its Governors and Trustees.
Related parties ation with other organisations
None of the Trustee ation or other benefit from their work with the charity. Any
connection between manager of the charity with any employee, supplier or grant
beneficiary, must be | Board of Trustees in the same way as any other contractual
relationship with a re current year all related party transactions were disclosed as
necessary.
Serious incide
The Trust has a cle orting developing incidents to senior management and to
ensure timely escala r awareness and view on reporting. In the year ending June
2025, two incidents a re reported to the Charity Commission.
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Our commitment to safeguarding

The Trust has safeguarding responsibilities across its four schools and other areas in which we work. The safeguarding policy and code of conduct apply across the whole organisation and are supported by a range of policies and procedures to reduce the risk of harm to beneficiaries, supporters, pupils, staff and volunteers. We encourage individuals to report concerns, and we recognise that there are many barriers to vulnerable people reporting abuse and we are committed to improving reporting mechanisms. When concerns are raised, we study the circumstances with a view to understanding the causes and how we can take steps to prevent similar occurrences. Regular safeguarding reports are taken to School Governing Bodies, Schools and Community Committees and to the Board of The Trust for review. Safeguarding training is also made available to both employees and volunteers.

Grantmaking Policy

Grants are made in support of all three of The Trust’s charitable objects and mission areas. Our Trustees have flexibility to allocate resources according to perceived need. We believe we achieve most when we make grants to maintain valuable and effective services, when we fund work which brings new services and ideas to Bedford Borough and when we fund programmeswhich help voluntary organisations become more effective.

We recognise that grantmaking with partners, whether they contribute additional funding or expertise, brings additional benefits to the people of Bedford.

Organisations and individuals are encouraged to contact us informally for initial guidance on their applications, and much advice is given verbally. Our main priorities, grant programmes and the application process are also set out in the guidance notes which are available by post, email and on ~~www.harpurtrust.org.uk.~~

Social Investment Policy

The Trust has a Social Investment Group (SIG) to determine, review and implement the Social Investment Policy of The Trust. The SIG is responsible to the Trustees for the management of The Trust’s social investment programme and associated funds. The SIG also advises the Trustees on the proper level of risk in the social investment programme and the balance between the furtherance of the charitable objects and the financial return expected from the social investment portfolio. The SIG reviews the social investment portfolio as needed.

Statement on fundraising

Fundraising within The Harpur Trust is carried out at an individual school level and for community programmes. Fundraising in schools is only undertaken for specific campaigns (e.g. towards a particular capital project or an objective such as bursaries), and is usually undertaken by affiliated organisations of, primarily, volunteer groups of parents and alumni. Fundraising for community programmes is undertaken in support of the Bedford Giving restricted fund or individual Bedford Giving projects. There are no professional fundraising organisations used and so no monitoring processes are required.

The Trust has not subscribed to the Fundraising Regulator but adheres to the Code of Fundraising Practice when undertaking fundraising activity. There have been no complaints in the period regarding inappropriate or intrusive contact.

Employee engagement

Action plans resulting from our most recent Employee Inclusion Survey have continued to help us we develop and sustain more inclusive workplaces.

leadership and management programmes are now well-established, and they support ent of a culture that prioritises high levels of competencyin people management. Our ers Programme and People Management Programme were shortlisted for learning ent awards in 2023 by the Chartered Institute of Personnel and Development, and eople, which was a clear endorsement of their quality and impact.

ent Essentials Programme is a more recent addition to our in-house learning and offering and is now fully embedded as a mandatory requirement for people managers, delegates are properly equipped to undertake their responsibilities which help to ployee wellbeing and engagement.

een a particular focus on continuing to embed high quality Performance and Reviews (PDRs) across The Trust. Clear objectives help staff to have a better of their role in achieving the strategic goals that are relevant to their part of the and an improved knowledge of The Trust’s aims, all of which improves engagement ove PDRs onto our online HR platform is nearing completion, which will help us to equency and quality of performance management. This visibility will help us to focus where improvements are required, particularly in relation to line manager training. rust Staff Forum (HTSF) continues to be one of our key communication channels with epresentatives take part on a voluntary basis, and their level of attendance and s good. Representatives are updated termly on matters across the organisation and TSF meeting all staff receive copies of the minutes and actions; to support any back they receive from their representatives. A recent focus for the HTSF has been to engage staff from across The Trust in our transformational community initiatives, an all contribute to our mission to nurture potential and improve people’s lives.

Many of our staff have been involved in the Bedford Giving initiative of mentoring disadvantaged young people. This has provided staff with the satisfaction of using their skills and learning to directly benefit the local community, whilst also supporting their own professional development. This is a unique and powerful opportunity for our employees to directly engage with The Trust’s purpose.

Remuneration Policy

The Trust’s principle on remuneration is to ensure that the reward package is competitive with other equivalent organisations in the education sector and by type of role for support staff, so that it is able to attract and retain high calibre employees. The Trustees see the ability to recruit and retain talented staff as fundamental to The Trust’s success.

The Trustees are responsible for setting the overall reward strategy for The Trust.

The Trust’s pay policies also seek to:

e be transparent, and simple to understand and operate; treat all employees fairly and pay them appropriately in line with the principles of equality, and ensure that pay decisions are free from unlawful discrimination; recognise and reward teachers and support staff for their contribution and behaviours; maximise the quality of teaching and learning at the school; and enable the schools to manage their salary budgets effectively.

itted to employing the best person for the job and to ensuring that employees are ly and fairly. All policies and practices seek to conform to the principle of equal in terms of recruitment, selection, training, promotion, career development, discipline, nd dismissal. ation Committee sets the salary for the Chief Executive, the Heads and senior staff hools and The Harpur Trust's Senior Leadership Team. For key management s defined on page 14), the Remuneration Policy combines regular market , with reward for the achievement of performance targets. use the marketmedian in the charity and education sector as rule of thumb forsetting ever, some flexibility is applied to take into consideration the specific requirements for d to ensure we can recruit the best candidate possible to meet the needs of our

nce and objectives of all staff are reviewed on an on-going basis through the Review and Development Planning process. There is also a biennial 360-degree s for senior leaders which provides individuals with feedback from their line manager, d their teams about how they have contributed to the achievement of our strategy, entify any areas for personal development.

nd inclusion

sought ways to make ourselves more accessible and inclusive for pupils, staff and ies we exist to support, but we need to do more. We are doing more to listen so we can understand what else we should do, within our schools and in our community programmes.

We are learning from our staff, our pupils and from organisations and people that we support and collaborate with, including crucially from the ethnic minority communities in Bedford. All of our schools have created groups looking at this issue to identify priorities for action, including those initiatives that were already in place.

As we continue to learn, our Board of Trustees is holding itself to account so that across the whole Trust, we do what we need to do so we canidentify and tackle any biased, inequitable or preferential treatment, whether direct or systemic, in the way we fulfil our responsibilities. Plans will be shared as they develop.

The Trust is committed to the promotion of equal opportunities, valuing and encouraging diversity and the creation of an inclusive working environment for all employees / workers and opposes all forms of irrelevant and unlawful discrimination, including discrimination on the basis of age, sex, marriage and civil partnership, gender reassignment, race, disability, sexual orientation, religion or belief, pregnancy and maternity (the nine Protected Characteristics defined in the Equality Act 2010).

Ensuring that the work environment is free of harassment and bullying and that everyone is treated with dignity and respect is an important aspect of delivering equal opportunities in employment. The Trust has a separate dignity at work policy, which deals with these issues should they occur. We also provide a Whistleblowing Hotline through which staff can confidentially raise concerns.

Management

----- Start of picture text -----
Our Trustees, assisted by the senio s in The Trust, regularly review our
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----- Start of picture text -----
FittonThe Trust undertakes actions regular
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stees, The Trust e urces and systems, including the use tware, which und n should ensure risks are managed to s recognised how u management systems and protocols assurance that Ss een adequately managed and a high risk is encourag a stees alike.

nditure of T

does the charity’s income come from? Further funding comes from The Trust’s endowment and donations made to the aA charity. jority of The Trust’s activities derive from the operation of its four schools. In 2024/25, the total income received by The Trust was £73m (2024: £75.5m). Following the introduction of VAT on school fees from January 2025, the Trust took steps to ensure that the impact of this legislation change was managed responsibly. This included considering the net impact on school fees and the impact on our families, including those on bursary awards, and the operational costs of the schools. Unfortunately, despite our actions, families in our school communities had to take difficult decisions and there was a decrease in the number of pupils attending our schools.

The number of means-tested bursaries provided this year decreased compared to last year, with 177 pupils being awarded bursary support (2024: 183 pupils). However, The Trust continues to award over 75% of bursaries at more than 70% of school fees which are regarded as “transformational” to the lives of the children and demonstrates The Trust’s continued commitment to support families, particularly those on lower incomes.

Investment income for 2024/25 is similar to the previous year at £4m (2024: £4m) showing a continued good level of returns from the investment portfolio. Whilst there was significant volatility in the markets during the year, The Trust has benefitted from having a diversified, global portfolio of investments.

How is the charity’s money spent?

Predominantly The Trust’s expenditure relates to the provision of education services at the four schools. We have seen a number of significant changes to our cost base with an increase in employer's National Insurance contributions and the removal of Business Rate Relief forthe school properties, although these only impacted for part of this financial year. Total expenditure forthe year was £73m, which was lower than the previous year (£74m). The Trust undertook careful financial planning to ensure some of the external impacts were mitigated (including the loss of Business Rate Relief from April 2025) and continually review the operational costs of the schools in order to ensure these are appropriate for the service levels provided. During the year, £1.8m was spend on delivering the community activities compared to £1.5m in the previous year. Grants of £1.5m were made in the year and further details of these are given in Note 14 of the financial statements. Capital projects in the year including the remediation works needed to address Reinforced Autoclaved Aerated Concrete (RAAC) which had been found on the site of Bedford Modern School. How much has the charity made overall in the year?

The overall operating result is a net surplus of £0.1m (2024: £1.5m) which is driven by the lower income. Added to this result are the investment gains arising in the year of £2.9m (2024: £12.7m), the majority of which relates to the permanent endowment assets and reflects the overall challenge in investment markets in the year. The actuarial adjustment in respect of the non-teaching staff final salary scheme, arising from the FRS102 revaluation is then included to producea total net increase in The Trust’s funds of £3m (2024: £14.1m) for the year.

Funds of The Trust

The Harpur Trust is a permanently endowed charity. In accordance with charity accounting regulations, funds are classified as endowed, restricted, designated or general.

Endowed funds These funds are the permanent endowment of The Trust and are held as both operational assets (land and buildings) and in a balanced portfolio of investments. As permanent endowment these assets must be kept by the charity and not spent. A Long-Term Spending Rate (LTSR) is used to determine the amount of endowment returns that will be distributed in the year. This income is used for the benefit of the community, primarily through the giving of charitable grants and to cover the costs of running the charity.

Total funds held 2025: £128.31m (2024: £128.15m)

Restricted funds These are funds that have been received for a specific purpose within The Trust’s charitable objects. They will ultimately be applied for the purpose specified; they cannot be used any other purpose.

tal funds held 2025: £6.81m (2024: £6.69m)

signated funds These arise from The Trust’s income streams and are assigned to a specific rpose by the Trustees. They are not treated as ‘free’ reserves (available to be spent freely) as a signated use has been identified. However, these funds may be re-designated for another rpose by the Trustees if circumstances change. Of these funds, £53.9m is tied up in operational d and buildings (for example, the school buildings) which could only be redesignated if the assets re disposed of. Note 13 sets out the nature of designated funds and how they will be utilised. tal funds held 2025: £67.4m (2024: £63.91m)

neral funds These also arise from The Trust’s income streams; however, they are not assigned a specific purpose by the Trustees. They are held to address potential future risks for The Trust. ey have been used previously to support the schools during Covid and to help fund the RAAC ue at Bedford Modern School. With the prospect of the introduction of VAT, the current risk vironment is particularly high.

tal funds held for 2025: £29.26m (2024: £30m)

----- Start of picture text -----
Total value of funds £231.78m
----- End of picture text -----

----- Start of picture text -----
£29.26m
£6.81m
sEndowed Funds = Restricted Funds = Designated Funds = General Funds
----- End of picture text -----

Investment performance and Total Return

The main investment objectives and risk tolerance of the Investment Policy approved by Trustees are expressed as:

To achieve a total real return of 5% per annum net of investment management fees, over rolling five-year periods in order to preserve capital in real terms, while sustaining a spending rate of 3.5% of total asset value per annum.

The main endowment portfolio is managed by three managers, BlackRock, Sarasin and Pantheon. BlackRock and Sarasin are operating to the investment objective expressed above but they employ different strategies, which in the opinion of the Trustees reduces manager risk. During the year, The Trust has continued to invest in a private equity portfolio with Pantheon to provide further diversification. Further contributions of £1.8m were made into this fund in the financial year, towards a long-term target of £10m in this asset class. Over the year, The Trust has seen the value of its permanent endowment marginally increase from £128.2m to £128.3m; an increase of 0.1%, which is driven by investment gains. During the year, the Total Return policy allocated £2m to the permanent endowment, to protect the real value of the investments (which is based on the inflation rate) and the Unapplied Total Return decreased by £1.9m.

Our investment performance is measured regularly against the objective set out below and other benchmarks. For the year ended 30 June 2025, the investment gains in the year were 2.9% before inflation and a negative 0.7% return after inflation. Over the last five years, the average real return (after adjusting for inflation) has been 1.8% (2024: 2.5%). The Endowment Committee regularly review the strategic asset allocation to ensure the investment strategy remains appropriate.

Total Return Policy

A Total Return Policy was adopted with effect from July 2014. A reference date of 30 June 2012 was used for the valuation of the investment and the initial value of the Unapplied Total Return (UTR). The investment was determined as the whole of the permanent endowment held as investment funds.

The Total Return Policy determines the allocation of the UTR. This policy aims to maintain the real value of the endowment investment assets over the longer term whilst enabling the appointed fund managers to be free of any constraints imposed by a need to generate income at the expense of the total return of the portfolio. In accordancewith this policy the value of the permanent endowment is increased each year in line with inflation. Any difference between this value and the endowment investment portfolio is retained as UTRin order to mitigate years where negative investment returns are experienced.

Reserves Policy

The reserves levels as authorised by the Trustees are: e the overall Trust free reserves (defined as the Endowment Income Reserves) should be between 15% and 25% of the annual turnover of The Trust;

e between £2m and £3m of The Trust’s General Reserve Fund should be maintained in cash, and e the schools’ general reserves target should be a minimum of 5% of their turnover in liquid assets.

At 30 June 2025, the overall Trust’s free reserves (as defined above) were £17.2m (2024: £15.3m) representing 23.6% of the annual turnover. Note 13 of the financial statements provides further details of the restricted and designated funds at the end of June 2025. All the reserves for The Trust’s schools were above the 5% minimum authorised by the Trustees.

Ethical Investment Policy

The Trustees believe that responsible investment and good stewardship can enhance long-term portfolio performance and it is therefore aligned with their fiduciary duty. Further, mitigating risk and capturing investment opportunities driven by the integration of Ethical and Environmental, Social and Governance (ESG) issues, may have a material impact on investment returns across all asset classes.

The Trustees have given their investment managers full discretion when evaluating ESG issues and in exercising rights and stewardship obligations relating to The Trust’s investments.

The Trust aims to ensure that the votes attached to its holdings in all quoted companies, both in the UK and overseas, are exercised whenever practical. The Trust’s voting policy is exercised by its investment managers in accordance with their own corporate governance policies, copies of which are provided to the Endowment Committee, and taking account of current best practice. For those assets of The Trust invested in pooled arrangements, the Trustees accept that the assets are subject to the investment managers’ own policies on corporate governance as well as environmental, social and ethical investment.

During any investment manager review, the Endowment Committee considers the ESG behaviour of the investment managers as a key factor in selecting a preferred manager. The Endowment Committee then receives reports on ESG topics from the investment managers during the year.

mlined Energy and Carbon Reporting

use and carbon emissions

Y In line with the requirements of the Companies Act 2006 and The Companies egulations 2018, The Harpur Trust discloses our energy use and greenhouse gas Q[es] (Directors’ Reports) and Limited Liability Partnerships (Energy and Cardon Report) missions. This reporting covers electricity, gas and transport fuel consumption ithin the UK and the methodology used is in accordance with the 2020 HM overnment Environmental Reporting Guidelines and the GHG Reporting Protocol ndard, as well as the 2024 UK Government's Conversion Factors for Company

his is the sixth year of greenhouse gas reporting and is aligned with the financial une 2025. The first year’s report (from 1 July 2019 to 30 June 2020) forms the is worth noting that the latter part of the baseline year (from March 2020) included ovid pandemic and as such comparisons to this and future years may be skewed. st has not developed any carbon targets for the current reporting period. rement The intensity metric chosen is number of pupils at the end of the financial 1). This was chosen as the most suitable metric as the organisation’s carbon osely linked to pupil numbers.

he Trust has no qualifying carbon offsets during this financial period. For electricity, rocured a green tariff for all meters for the period.

cy Narrative Overthe 12-month reporting period, the organisation has undertaken ncipal actions which have had a direct impact on the energy efficiency of the

g energy monitoring, reporting and management to enable better tracking of the nsumption across all sites. During the reporting period The Harpur Trust undertook t of Advanced Meter Reading (AMR) meters in order to improve the quality of data and better facilitate the implementation of future energy saving measures. odern Senior and Junior School have had their lighting upgraded to LED, with ting activated by sensors.

e ve also been upgrades in replaced equipment, with new models being selected for gy efficiency. This includes older kitchen equipment and 150 new laptops/desktop Ss.

e The Bedford Modern School changing rooms have implemented improved water heating management to reduce energy consumption

e Across Bedford Modern School 80% of the roof has been replaced and is expected to have a significant impact in reducing energy consumption for heating systems

e Solar panels are being scoped out at a number of the school sites, including Pilgrims PrePreparatory School.

e The Trust also continues to invest across its property portfolio, exercising prudence to ensure that sustainability, energy consumption and longevity are at the forefront of design and refurbishment considerations.

The surveys and associated action plans that have been completed as part of Phase 3 Energy Savings Opportunity Scheme (ESOS) will provide a route map for which energy conservation measures can be implemented cost effectively.

tement (greenhouse

sions) for each financial year

Table 1: P


	Electricit
	Gas
Transpor	48.64	43%
Gross An	3,326.05	T%
numbers


Net Annu	2,358.26

The abov missions translate to nt Scope 1, 2 and 3 emissions as follows:

Table 2: G e gas emissions for

cial year



Scope2 (location based)
Scope 2 (market based)	0.00		-100%
Scope 3	1.79
Total (location based)	3,326.05
~~Total(market based)~~		~~2,358.26~~

transport fuel consumption and mains gas included, no fugitive em rded.

	~~Eto~~	~~Eto~~ (tCO2e)	~~Eto~~



Gross Annual Total	17,683,017	3,326.05	1%

Patrons and Trustees

Patrons [3]

e The Member of Parliament for the Constituency of Bedford, Mohammad Yasin, MP e The Member of Parliament for the Constituency of NE Bedfordshire, Richard Fuller, MP

e The Mayor of Bedford Borough, Tom Wootton

Names of Trustees as at 23 January 2026

The Trustees who held office during the year and up to the date of signature of the financial statements were as follows: Chair: Rhian Castell

Chair: Rhian Castell Deputy Chairs: Stephen Mayson PhD WA Justin Phillimore

Co-opted [16

Rhian Ca | Stephen M s WA Justi h ore Linbert Sp c BE H Murray t Mark Tayl Richard W Tanaka C Sebastian Amandeep e n James Ro Kelly Youn AGreggS a * StephenD c- BE Victoria E David Pye John Ford W JohnH n- ay Neil Harri Sarah Wh e HarriettM e Anne Ega

ominated [1 R George e DPhil

epresentati dford Boroug cil: CllrAndre p= ~ CllrRober ig ~

Appointed 10 July 2024 Resigned 10 July 2024 Retired 5 July 2024

Reference and Administrative Information for the Period 1 July 2024 to 30 June 2025

Name of the Charity:

Company Number:

The Harpur Trust

3475202

Charity Registration Number:

1066861

Address of Registered Office:

Princeton Court, Pilgrim Centre, Brickhill Drive, Bedford MK41 7PZ

Senior staff: Chief Executive: Chief Financial Officer:

Chief Executive: David Steadman Chief Financial Officer: Clare Lake FCA Human Resources Director: Samantha Lock Chartered FCIPD Community Programmes Director: Lucy Bardner Heads Bedford School James Hodgson MA Bedford Modern School David Payne Bedford Girls’ School Gemma Gibson MA PgDL PGCert MPQH Pilgrims Pre-Prep School Jo Webster BEd NPQH EYPS Operational Leads Bedford School Andy MacFarlane Bedford Modern School Matthew Horn Bedford Girls’ School Martin Scoble Pilgrims Pre-Prep School Jo Thompson (to 28 February 2025) Michael Willetts (from 14 April 2025)

Professional advisers during the reporting period: Auditors Moore Kingston Smith LLP 6th Floor 9 Appold Street London EC2A 2AP

Bankers

Insurance brokers

HSBC PLC South Midlands and Warwickshire Corporate Banking Centre Level 6, Metropolitan House CBX3, 321 Avebury Boulevard Milton Keynes MK9 2GA

Marsh Brokers Limited Rockwood House 9-17 Perrymount Road Haywards Heath West Sussex RH16 3DU

The external advisers’ appointments are reviewed periodically.

Professional advisers during the reporting p d (continued): Investment managers BlackRock 12 Throgmorton Ave London EC2N 2DL

Sarasin & Partners L Juxon House, 100S — ul’s Churchyard London EC4M 8BU

Pantheon Ventures ( ) LLP 10 Finsbury Square, —_ Floor London EC2A 1AF

Solicitors

Veale Wasbrough V Ss Narrow Quay House Narrow Quay Bristol BS1 4QA

~~Composition of Trust Committees at_—§ June 2025~~

Audit Committee (formerly Administration & dit) Richard Wilson (Chair) Justin Phillimore Amandeep Rehlon Kelly Young Community Committee Linbert Spencer (Chair) Claudia Chapman (Co-opted) Tanaka Chiimba Mark Taylor Amandeep Rehlon Richard Wilson

Endowment Committee Murray Stewart (Chair) Rob Hall (Co-opted) Stephen Mayson Ed Meier (Co-opted) Justin Phillimore Hannah Rose (Co-opted) Sebastian Reger James Rolton Craig Scarr (Co-opted)

Finance Committee Justin Phillimore (Chair) Tanaka Chiimba Victoria Espley Helen Finlay (Co-opted) James Rolton Richard Wilson Murray Stewart

Grants Sub-Committee Mark Taylor (Chair) Meena Bhatti (Co-opted) James Dove (Co-opted) John Lehal (Co-opted) Sarah Wheeler (Co-opted) Governance Committee (formerly Nominations) Stephen Mayson (Chair) Rhian Castell Justin Phillimore Sebastian Reger Murray Stewart Mark Taylor Kelly Young

Schools Committee (formerly Policy) Murray Stewart (Chair) Stephen Dance Gregg Davies Victoria Espley Stephen Mayson David Pye George Ratcliffe

Remuneration Committee Rhian Castell (Chair) Tina Beddoes Stephen Dance Gregg Davies John Holland-Kaye Shirley Jackson Justin Phillimore David Pye George Ratcliffe waxSarah Wheeler wweSERENE RSE SE SS Be BEE RE RS AE RS BE Se SERY OE[SE] ae BeSEaeBe OEE BEEe Se[ae] ee Ee ae SEE eeERE Se SEES

~~Composition of School Committees at 30 June 2025~~

Bedford School John Holland-Kaye (Chair) Simon Briggs (Co-opted) Amanda Hado-Bodfield (Co-opted) George Ratcliffe (Trustee) Robert Campbell (Co-opted) Mark Slater (Co-opted) Phil Kenmore (Co-opted) David Owen (Co-opted) Mike Spencer (Co-opted) David Gates (Co-opted) Andrew Edwards (Co-opted) Jennifer Sauboorah Till (Co-opted) Anthea Harries (Co-opted)

Bedford Modern School Shirley Jackson (Chair) Stephen Dance (Trustee) (Co-opted) John Fordham (Dep. Chair) David Jenkins (Co-opted) nno (Co-opted) Simon Lowe (Co-opted) Tim Jones (Co-opted) mers (Co-opted) Jonathan Gillespie (Co-opted) Bedford Girls’ School Tina Beddoes (Chair) Rachel Gentry (Co-opted) dy (Co-opted) David Pye (Trustee) Elizabeth Gray (Co-opted) llie (Co-opted) Judith Edmundson (Co-opted) Katharine James (Co-opted) ll (Co-opted) Suzanne Tanser (Co-opted) Dupe Burgess (Co-opted) el (Co-opted)

Bedford Girls’ School

Pilgrims Pre-Preparatory School Sarah Wheeler (Chair) Gregg Davies (Trustee) e (Co-opted) Tina Beddoes (Co-opted) Harriet Mather (Co-opted) Ross (Co-opted) Chris Bright (Co-opted) Yanko Kambwemba (Co-opted)

Statement of Trustees' Responsibilities Aaa 02 Sut eer a ie een Fs

The Trustees (who are also directors of The Harpur Trust for the purposes of company law) are responsible for preparing the Trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities Statement of Recommended Practice (SORP);
make judgments and estimates that are reasonable and prudent;
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the charitable company will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity's constitution. They 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.

Insofar as each of the Trustees of the company at the date of approval of this report is aware, there is no relevant audit information (information needed by the company's auditor in connection with preparing the audit report) of which the company's auditor is unaware. Each Trustee has taken all of the steps that he/she should have taken as a Trustee in order to make himself/herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

The Trustees approve the annual report including the strategic report and financial statements for the year ended 30 June 2025.

Approved by the Trustees on and signed on their behalf by:

Rhian Castell Chair

11 February 2026

Independent Auditor’s'. 5 Report to the Members of The Harpur Trust

Opinion

We have audited the financial statements of The Harpur Trust (the ‘parent charitable company’) and its subsidiary (the ’group’) for the year ended 30 June 2025 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement 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 orting Standard applicable in the UK and Republic of Ireland (United Kingdom epted Accounting Practice).

the financial statements:

true and fair view of the state of the group’s and the parent charitable company’s as at 30 June 2025 and of the group’s incoming resources and application of ces, including its income and expenditure, for the year then ended; been properly prepared in accordance with United Kingdom Generally Accepted nting Practice; and een prepared in accordance with the requirements of the Companies Act 2006. inion

our audit in accordance with International Standards on Auditing (UK) (ISAs(UkK)) law. Our responsibilities under those standards are further described in the Auditor’s s for the audit of the financial statements section of our report. We are independent le company in accordance with the ethical requirements that are relevant to our audit | statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled al responsibilities in accordance with these requirements. We believe that the audit ave obtained is sufficient and appropriate to provide a basis for our opinion. s relating to going concern

financial statements, we have concluded that the Trustees’ use of the going concern nting in the preparation of the financial statements is appropriate.

work we have performed, we have not identified any material uncertainties relating to ditions that, individually or collectively, may cast significant doubt on the group’s and ble company's ability to continue as a going concern fora period of atleast 12 months financial statements are authorised for issue. ilities and the responsibilities of the Trustees with respect to going concern are e 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 Trustees are responsible for the other information contained in 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 there is 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.

Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit:

e the information given in the Trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and e the Trustees’ annual report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

e the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or e the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or

e certain disclosures of Trustees’ remuneration specified by law are not made; or e we have not received all the information and explanations we require for our audit. Responsibilities of Trustees for the financial statements

As explained more fully in the Trustees’ responsibilities statement set out on page 31, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: SESEEE EE[EEE][EEA][EEE][ EE][EEE][EEE] EERE SESE EEE EEE EEE ESE EEE EEE EEE

e Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ° an under g of internal control relevant to the audit in order to design audit ures thata ropriate in the circumstances, but not forthe purposes of expressing nion on th ctiveness of the group and parent charitable company’s internal I.

e te the ap teness of accounting policies used and the reasonableness of ting estim nd related disclosures made by the Trustees. ° de on the opriateness of the Trustees’ use of the going concern basis of ting and, b nthe audit evidence obtained, whether a material uncertainty exists to events nditions that may cast significant doubt on the group and parent ble compa bility to continue as a going concern. If we conclude that a material ainty exists re required to draw attention in our auditor’s report to the related ures in the ial statements or, if such disclosures are inadequate, to modify our . Our con s are based on the audit evidence obtained up to the date of our ’s report. ver, future events or conditions may cause the group or parent ble compa ease to continue as a going concern.

e te the ov resentation, structure and content of the financial statements, ng the dis s, and whether the financial statements represent the underlying tions and in a manner that achieves fair presentation. e sufficient priate audit evidence regarding the financial information of the or busine tivities within the group to express an opinion on the consolidated al stateme e are responsible for the direction, supervision and performance of up audit. W ain solely responsible for our audit report.

Weco ate with th arged with governance regarding, among other matters, the planned scope ing of the nd significant audit findings, including any significant deficienciesin intern | that we id during our audit. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficientappropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

e We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are [the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council

e We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. e Weassessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

e Weinquired of management and those charged with governance as to any knowninstances of non-compliance or suspected non-compliance with laws and regulations. e Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. herent limitations in the audit procedures described above. We are less likely to become stances of non-compliance with laws and regulations that are not closely related to transactions reflected in the financial statements. Also, the risk of not detecting a statement due to fraud is higher than the risk of not detecting one resulting from error, may involve deliberate concealment by, for example, forgery or _ intentional tations, or through collusion. report

s made solely to the charitable company's members, as a body, in accordance with f Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we to the charitable company's members those matters which we are required to state to uditor's report and for no other purpose. To the fullest extent pe r assume responsibility to any party other than the charitable co members as a body, for our audit work, for this report, or for the

(Voor K ,ra Shon Smelly LUP Dat

ari (Senior Statutory Auditor)

ehalf of Moore Kingston Smith LLP, Statutory Auditor 9 Ap

London

EC2A 2AP

SEDAN RAE RE REC Ry SRR RE BEA BE EEE BE SE ERE SREE SY SELES

Consolidated Statement of Financial Activities (including the Income and Expenditure Account) for the year ended 30 June 2025

----- Start of picture text -----
||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |The}|Community}|Endowment|Restricted|Endowed|2025|2024| |Note|Schools|Activities|Income|Funds!|Funds|Total|Total| |INCOME|AND|ENDOWMENTS|FROM:|F000;|F000;|F000;|Fo00|—-000[|#00]|[F000| |Charitable|activities| |School|fees|receivable|2|64,558|-|-|(286)|-|64,272|66,666| |Other income|2|2,397|54|26|-|-|2,477|3,927| |Income|from|generated|funds| |Donations|and|grants|3|440|43|2|1,174|-|1,659|382| |Activities|for generating|funds| |-|Investment|income|3|357|33|1,593|26|1,916|3,925|3,953| |-|Trading|income|251|-|-|-|-|251|195| |Other|4|189|-|178|-|-|367|346| |Total|income|68,192|1,799|1,916|72,951|75,469| |EXPENDITURE| |Raising|funds| |Financing|costs|184|40|-|224|257| |Investment|management|-|249|776|1,025|647| |||184 ||-|||89|-|TE|||1,249||| |Charitable|activities| |Education|67,951|723|686|30|69,390|71,262| |Relief|-|1,784|-|333|2,117|1,744| |Recreation|-|71|-|-|71|84| |67,951|||2,578|||686|||363 ||Ss|-_~'||71,578|73,090| |Total|expenditure|5|68,135|2,578|72,827|73,994| |Net|income/(expenditure)|before| |gains|on|investments|57|||(2,448)|824|551|1,140|124|1,475| |Net|gains/(losses)|on|investments|8,9|-|138|-|-|2,726|2,864|12,739| |Net|income/(expenditure)|57|(2,310)|824|551|3,866|2,988|14,214| |Transfers|between|funds,|including|7|646|2,310|1,173|(421)|(3,708)|-|-| |distribution|of endowment|income| |Pension|scheme|actuarial|gain/(loss)|15|12|-|-|-|-|12|(149)| |Net movement|in|funds|715|-|1,997|130|158|3,000|14,065| |Brought|forward|balance|1|July|65,791|4,419|23,735|6,683|||128,153|||228,781|214,716| |Balances carried forward at 30 June|66,506|Remaie.|25,732|6,813|| 128,311|||231,781|228,781|

----- End of picture text -----

The notes on pages 40 to 68 form part of these financial statements.

11 February 2026

for the year ended 30 June 2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |Note|£000|£000|£'000|£'000| |Cash flows from operating activities:|a|Pf| |Net cash|provided|by|operating|activities|18|SESeSiearises||seam|ineciC2| |Cash|flows|from|investing|activities:| |Proceeds|of sale|of current|asset|investment|property|-|550| |Proceeds|of sale|of tangible|fixed|assets|33|7| |Purchase|of tangible|fixed|assets|8|(9,154)|(7,300)| |Proceeds|of sale|of|investments|9|4,358|3,771| |Purchase|of|investments|9|(3,813)|(3,334)| |Sale/(purchase)|of fixed|term|deposits|4,000|4,012| |Net cash|(used|in)|investing|activities|E=Sze)|4,576|Bee|ESO| |Cash|flows|from|financing|activities:| |Investment|income|3,925|3,953| |Finance|charges|(224)|(257)| |Fees|in|advance|greater than|one|year|(414)|2,556| |Net|cash|provided|by|financing|activities|3,287|6,252| |Change|in cash and cash equivalents|in the year|ee|||Soe|7,150| |Cash|and|cash|equivalents|at|the|beginning|of| |the|year|19|18,066|10,916| |Cash and cash equivalents|at the end of the year|19|pelos|17,915|ae|18,066|

----- End of picture text -----

The notes on pages 40 to 66 form part of these financial statements.

1 Accounting Policies

(a) Basis of Accounting The Harpur Trust stems from a gift of property in Bedford and London made by Sir William Harpur and his wife in 1566 to the town of Bedford. The charity is registered (number 1066861) and was incorporated as a company limited by guarantee on 1 July 2012 (company number 3475202). The company is incorporated in the United Kingdom and its registered address is given on page 29. The endowed properties (‘specie’ land) and assets continue to be held in The Harpur Foundation. The Harpur Trust is the sole corporate trustee of The Harpur Foundation and a ‘Uniting Order’ was obtained from the Charity Commission, which removes the need to prepare separate accounts for both company and charity.

The Trustees of The Harpur Trust are also the Trustees of The Randall Cottage Homes Charity, which operates a group of almshouses in The Harpur Trust's area of benefit. During 2004, the Charity Commission granted a uniting direction, and therefore the results for the year are included with those of The Harpur Trust.

In October 2024, The Harpur Trust established a trading subsidiary in which it owns 100% of the issued share capital. The trading subsidiary generates revenue from the trading activities of Bedford School.

The financial statements have been prepared under the historical cost convention, subject to carrying fixed and current asset investments at market value, and in accordance with the Charities' Statement of Recommended Practice (FRS102) - Second Edition (effective 1 January 2019), and with applicable accounting standards and current statutory requirements. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £000.

(b) Basis of Preparation

Having reviewed the funding facilities available to the charity together with the expected ongoing demand for places at the schools and future projected cash flows, the Trustees have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future and there are no material uncertainties about the charity's ability to continue as a going concern. Accordingly, the Trustees continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees' Responsibilities for the financial statements on page 32.

The Harpur Trust meets the definition of a public benefit entity under the guidance issued by the Charity Commission.

(c) Group Financial Statements These financial statements consolidate the results of the Charity and Bedford School Enterprises Limited, its wholly owned trading subsidiary on a line by line basis. A separate Statement of Financial Activities and Income and Expenditure Account are not presented for the Charity itself as the Charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

The Harpur Trust has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors (excluding prepayments). Financial liabilities held at amortised cost comprise bank loans and overdrafts, trade and other creditors (excluding fees in advance and PAYE amounts).

(d) Tangible Fixed Assets

(i) Properties used for charitable activities Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Operating land under continuing use is included at a Trustees' valuation based on recreational usage. The Trust has elected to use this valuation as deemed cost for the purpose of transitioning to FRS102. Land which is committed for sale is included at open market valuation. Plant and equipment is capitalised where the cost of the asset exceeds £10,000.

1 Accounting Policies (continued)

(ii) Investment properties

The London Estate and Pilgrim Centre Estate properties are included in the accounts at an open market valuation carried out in June 2024 by Gerald Eve, Chartered Surveyors. The Bedford residential estate is included at open market valuation carried out in November 2018 by Philips & Co Chartered Surveyors. The Trustees have reviewed the value at 30 June 2025 and consider the stated valuations appropriate. A property included in the Bedford Commercial Estate at Beverley Grove is included at market value.

(e) Depreciation
Depreciation is provided on operational fixed assets to write off their cost less estimated residual value over their estimated useful economic life by equal annual instalments as follows:

Plant and equipment - 3 to 10 years. Operational buildings - 10 to 50 years.

(f) Investments Quoted investments held for the long term to generate income or capital growth are carried at market value, and any change in value reflected through the Statement of Financial Activities.

Investments, including bonds held as part of an investment portfolio, are held at fair value at the Balance Sheet date, with gains and losses being recognised within income and expenditure. Investments in subsidiary undertakings are held at cost less impairment.

(g) Stocks

Stocks are carried at the lower of cost or net realisable value.

(h) Cash at Bank Cash at bank includes notice deposit accounts of less than 95 days. Deposit accounts with notice of greater than 95 days are included in current asset investments. Fixed term deposits of 12 months or greater are included in fixed asset investments.

(i) Taxation The Harpur Trust is a registered charity, and as such is exempt from taxation on its income and gains to the extent that they are applied to its charitable objectives.

(j) Fees and Similar Income Fee income is recognised in the year to which it relates, with arrears or payments in advance being shown under debtors and creditors as appropriate. Fees receivable are stated after deducting allowances, bursaries, scholarships and other remissions granted by the schools from their unrestricted funds. Investment income is recognised on a received basis, with the exception of bank interest, which is recognised on an accruals basis.

Rental income from investment property is recognised on an accruals basis.

(k) Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Support costs include the central functions and have been allocated to activities on a basis consistent with use of the resources.

Governance costs include those incurred in the governance of its assets and are associated with constitutional and statutory requirements.

The allocation and apportionment of central management costs of the Trust and the endowment to the individual operating units are based on an estimate of actual usage, as periodically reviewed by the Trustees.

1 Accounting Policies (continued)

(I) Pension Schemes Prior to 1st May 2023 teaching staff were eligible to join the Teachers' Pension Scheme administered by Teachers' Pensions, and contributions are made at rates set by the Scheme Actuary. With effect from ist June 2023 the Trust entered a phased withdrawal from the Teachers' Pension Scheme. From 1st May 2023 teaching staff are eligible to join the Aviva Pension Trust for Independent Schools (APTIS), which is a defined contribution scheme.

The Trust runs a defined contribution stakeholder pension scheme for non-teaching staff. The amounts charged to the Statement of Financial Activities in respect of pension costs for defined contribution schemes are the contributions payable in the year.

Prior to April 2002 non-teaching staff were eligible to join the Non-teaching Staff Pension Scheme, administered by The Pensions Trust.

The difference between the fair value of the assets held in the Trust’s defined benefit pension scheme and the scheme’s liabilities measured on an actuarial basis using the projected unit method are recognised in the Trust's balance sheet as a pension scheme asset or liability as appropriate.

The Trust's defined benefit scheme is in a surplus position. However, it is not a recoverable amount and therefore has not been recognised in the financial statements in accordance with FRS 102. Note 16 provides further details of the current position of the pension scheme.

Changes in the defined benefit pension scheme asset or liability arising from factors other than cash contribution by the Trust are charged to the Statement of Financial Activities in accordance with FRS102.

(m) Uncertainties and Significant Judgements
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: pension liability, where management have needed to make a judgement on the main assumptions used in the valuation of the asset relating to the pension scheme; the value of investment properties; bad debt provision; depreciation of fixed assets; and Total Return, where management have taken a judgement on the application of the Total Return values across the endowment funds.
(n) Operating Leases Rentals payable under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

Rentals receivable under operating leases are recognised on a straight line basis over the lease term.

(o) Grants Payable Grants payable are recognised when a legal or operationally binding commitment has been made to make the grant.
(p) Fund Structure Endowment funds are held on trust to be retained for the benefit of the Trust. Income generated from endowment funds must be spent on furthering the Trust's charitable objectives.

Restricted funds may only be applied for a particular purpose, as specified by the donor.

Unrestricted funds:

General funds are those which are available to be applied for the general purposes of the Trust. Designated funds are unrestricted funds which have been set aside by the Trustees for a particular purpose.

(q) Total Return Investment Policy The Trustees have adopted a Total Return approach to investment and spending, as permitted under the Trusts (Capital and Income) Act 2013 and the Charity Commission regulations associated with it. This was approved by the Trustees in May 2014 and brought into effect from 1 July 2014 using a base date for the commencement of the policy of 30 June 2012.

2 Income from Charitable Activities

	2025	2024
	Total	Total
Fees receivable	£'000	£'000
Gross fees	69,601	71,964
Less: total scholarships and bursaries	(3,594)	(3,414)
	66,007	68,550
Less: sibling discounts and stafffee remission	(1,735)	(1,884)
	64,272	66,666

Scholarships and bursary awards were paid to 244 pupils (2024: 257). Within this, means-tested bursaries totalling £2,993,886 were paid to 177 pupils (2024: £2,914,743 to 183 pupils).

	2025	2024
	Total	Total
Other income	£'000	£'000
Registration and exam fees	278	161
Courses	11	276
Lettings	519	506
Almshouses	54	53
School uniforms	9	15
Trips	1,166	2,459
Catering	440	457
	2,477	3,927

3 Income from generated funds

	2025	2024
	Total	Total
Donations and grants	£'000	£'000
Donations	1,567	360
Government grants	92	22
	1,659
	2025	2024
	Total	Total
Investment income	£'000	£'000
Quoted investments	1,977	2,066
Property	1,203	1,137
Bank interest	745	750
	ees987925

4 Other Income

	2025	2024
	Total	Total
	£'000	£'000
Profit associated with sale of fixed assets	166	199
Sundry	201	147

5 Total Expenditure

||Staffcosts||Other}||Depreciation|2025| |---|---|---|---|---|---| ||||||Total| ||£000||£'000|£000|£'000| |Raising funds|||||| |Financing costs|-||224||224| |Investment management|121||904||1,025| ||||ime)|ee] |||eaez4o| |Charitable activities|||||| |Education|||||| |Governance costs|261||231|-|492| |Teaching|35,675||4,328|694|40,697| |Welfare (including catering)|1,710||3,831|23|5,564| |Premises|2,928||6,589|3,514|13,031| |Grants, awards & prizes|-||501|-|501| |Support costs|6,672||2,386|47|9,105| ||47,246||17,866|4,278|69,390| |Relief|||||| |Grants and Bedford Giving|-||1,287||1,296| |Almshouses|-||15||15| |Support costs|595||211
ete)||SSeeNg||806
2,117| |Grants, awards & prizes|Besar
Sa Se|||71
aaa Se|pees
EE|71
SSeS| |Total charitable activities|47,841||19,450|4,287|71,578| |Totalexpenditure|47,962||20,578|4,287|72,827|

See note 24 for comparative figures.

Support costs have been allocated on a basis consistent with the use of resources.

	2025	2024
	Total	Total
	£'000	£000
Total expenditure includes:
Auditors’ remuneration:
For audit		65
Forothernon-auditservices		=

6 Staff Costs

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|||||| |---|---|---|---|---| |2025|2024| |Total|Total| |£000|£000| |Staff|costs:| |Wages|and|salaries|36,490|35,451| |Social|security|costs|3,789|3,500| |Pension|costs|6,615|6,222| |Other|costs|1,068|910| |47,962|46,083|

----- End of picture text -----

Redundancy and termination payments of £388,611 were paid during the year (2024: £47,313). There were £237,286 outstanding to be paid at the year end (2024: Enil). Six separate noncontractual payments were made of £37,684 (2024: three of £8,469).

Average number of paid employees

1,185

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |The|number|of employees|whose|emoluments|(including|benefits|in|kind)|exceeded|£60,000| |were:| |£60,001|-|£70,000|48|44| |£70,001|-|£80,000|12|10| |£80,001|-|£90,000|5|6| |£90,001|-|£100,000|4|5| |£100,001|-|£110,000|4|2| |£110,001|-|£120,000|4|3| |£120,001|-|£130,000|1|2| |£130,001-|£140,000|2|“| |£150,001-|£160,000|2|2| |£160,001-|£170,000|1|-| |£190,001-|£200,000|1|-| |£200,001-|£210,000|-|1|

----- End of picture text -----

Contributions were made to the Teachers’ Pension Scheme for 37 higher paid employees (2024: 45 employees).

Contributions were made to the APTIS defined contribution scheme for 27 employees amounting to £448,492 (2024: £289,229 relating to 22 employees), no contibutions were made to the Pensions Trust defined benefit pension scheme for higher paid employees (2024: £16,641 relating to one ) and contributions were made to the stakeholder defined contribution pension scheme for 18 employees amounting to £155,258 (2024: £136,457 relating to 17 employees). Eight people were classified as key management personnel (2024: 8). The cost of these employees was £1,404,007 (2024: £1,277,583).

Neither the Trustees nor persons connected with them received any remuneration or other benefits from the Trust or any connected organisation. Trustees are entitled and encouraged to reclaim reasonable expenses in attending meetings, and during the year four Trustees claimed in total £1,530 (2024: four Trustees claimed a total of £1,238).

7 Transfers Between Funds

||[ea
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Community| Endowment}
Restricted) Endowment| |---|---|---|---|---|---| ||Schools|Activities|Income|Funds|Funds| ||£000|£'000|£'000|£000|£000| |Interest reallocation|122|25|(147)|-|-| |Allocation transfers relating to total return policy:|||||| |Returns on permanent endowment investments|-|2,305|755||(3,060)| |Returns on Elger investments|35|-|||(35)| |Returns on Luff investments|63|-|||(63)| |Returns on expendable endowment investments|-|-|373||(373)| |Returns on prize fund investments|-|-||20|(20)| |Returns on school fund investments|153|-|||(153)| |Reclassification offunds|273|(20)|192|(441)|(4)| ||esd|2,310|1,173|(421)|(3,708)|

Interest reallocation transfers reflect the apportionment of interest earned on overall cash balances to the relevant funds.

Transfers relating to the total return policy are made to reflect the apportionments of the investment income and capital returns made on the pooled investment portfolios to the constituent funds.

The reclassification of funds relates to sums moved to be used against specific expenditure in the schools, for example prize funds and awards.

8 Tangible Fixed Assets

			2024/25
		Group and Trust
		Operational
	Investment	Land and		Assets Under}	Plant and
	Property £000	Buildings} Construction} Si)SSS es		Equipment £000		Total £000
Cost or valuation
Balance brought forward	23,911	104,161	-		14,399	142,471
Additions	-	7,001	423		1,730	9,154
Disposals	(3)	(81)	-		(485)	(569)
Carriedforward	23,908	111,081			15,644454,056!
Depreciation
Balance brought forward		50,776			9,707	60,483
Charge foryear		3,200			1,087	4,287
Disposals		(81)			(485)	(566)
Carriedforward	Pees	53,895oe			10,309	64,204
Net book values
Net book value at 30 June 2025	23,908	57,186				86,852
Netbookvalueat30June2024	23,911	53,385a		ae		81,988
Historical cost
At 30 June 2025		62,613			8,409	77,881
At30June2024	ease) sse03

Operational land and buildings includes freehold land of £1,070,540 (2024: £1,070,540).

Investment Property includes the revaluation of properties within the categories "London and Bedford Commercial Estate" and the "Bedford Commercial Estate". The properties have been included at an open market valuation carried out by Gerald Eve, Chartered Surveyors in June 2024.

The residential investment properties have been included at an open market valuation carried out by Philips & Co Chartered Surveyors in November 2018 and were valued at £1,670,000.

The Trustees consider that the values remain appropriate.

9 Investments

		2024/25
		Group and Trust
	Unrestricted	Restricted	Endowed
	funds	funds	funds	Total
	£000	£'000	£'000	£000
Balance brought forward	eee 20,300	eee	eee, 118,563	eee 139,647
Additions Disposals	- (9)	30 (21)	3,783 (4,328)	3,813 (4,358)
Transfers	213	(8)	(265)	-
Revaluations	138	-	2,726	2,864
Balance carried forward	20,702		120,479	141,966
Held as:
Quoted investments	20,271	679	119,272	140,222
Cash	431	106	1,207	1,744
	20,702		120,479	141,966

In addition, investment properties of £23,908,000 (2024: £23,911,000) have been included in note 8.

The Trustees approved the use of a Total Return Policy with effect from July 2014 in respect to its permanent endowments in May 2014.

10 Debtors Due Within One Year

	eis AODDeesao nea	eis AODDeesao nea	2024
	Total	Total	Total	Total
	£000	£000	£000	£'000
Fees	5,549	5,549	5,149	5,149
Fees provision for doubtful debts	(286)	(286)	(198)	(198)
Trade debtors	746	731	709	709
Amounts due from subsidiary	-	340	-	116
Prepayments and accrued income	2,192	2,110	1,773	1,753
	8,201	8,444	7,433	7,529

11 Creditors Falling Due Within One Year

	Total	Total	Total	Total
	£000	£'000	£'000	£'000
Fees received in advance (see note 12(a))	2,021	2,021	1,619	1,619
Deposits	3,725	3,725	4,019	4,019
Trade creditors	1,894	1,894	2,831	2,831
Taxation and social security	2,895	2,895	941	941
Charitable grants	1,236	1,236	1,551	1,551
Other creditors	1,636	1,636	2,095	2,095
Accruals	6,780	6,774	6,069	6,069
	20,187	20,181	19,125	19,125

11 (a) Fees Received in Advance

Parents may enter into a contract whereby, on payment of a lump sum, the Trust guarantees a sum to be set against future school fees. The sum deposited, in so far as it has not been utilised, is repayable on demand. Deposits received by the Trust under this scheme are held as cash, with the interest earned accruing to meet the guaranteed liabilities.

			2024
	£'000	£000	£'000	£'000
Balance ofdeposits and accrued income held at 1 July	4,567	4,567	755	755
Newdeposits received	2,932	2,932	4,320	4,320
Investment income allocated	29	29	9	9
	7,528	7,528	5,084	5,084
Amounts utilised in payment offees	(2,973)	(2,973)	(517)	(517)
Balanceofdepositsandaccruedincomeheld atyearend	weiner) Remeber		4,567	4,567
The sum held is shown asa current liability due to the nature ofthe agreements. However, assuming that the sums deposited are
held until maturity, the amounts guaranteed to be applied against future fees fall due as follows:
Within 1 year	2,021	2,021	1,619	1,619
Within 1 to 2 years	1,281	1,281	1,143	1,143
Within2to5years	1,253	1,253	1,805	1,805

12 Creditors Due After More Than One Year

	2025		2024
	Total	Total	Total	Total
	£'000	£'000	£'000	£'000
Fees received in advance (see note 12(a))		2,534	2,948	2,948
Charitable grants		442	292	292
	2,976	2,976	3,240	3,240

13 Funds

(a) Allocation of the Group's net assets

			2024/25	2024/25
	Unrestricted Funds		PO
					Permanent
	Community/Endowment}			Restricted)	Endowed
	School		Activities	Income	Funds	Funds
	£'000	£000	£'000	£’000	£000	£000
Operational fixed assets	56,330	327	1,825	-	4,462	62,944
Investment properties	-	-	6,282	1,670	15,956	23,908
Investments	6,399	2,174	12,089	791	120,513	141,966
Net current assets/(liabilities)	6,311	2,360	5,536	4,352)	(12,620)	5,939
Long term liabilities	(2,534)	(442)	-	-	-	(2,976)
	66,506	4,419	25,732	6,813)	128,311	231,781
(b) Movement of Group funds			2024/25
				Transfers,
				Investment
	Opening			Gains/	Closing
	Balance	Income	Expenditure		Losses	Balance
	£'000	£’000	£'000	£'000	£000;sd
Unrestricted funds
The Schools
Designated funds
Operational land and properties	42,878	-	(3,131)	5,703	45,450	(i)
Bursaryfunds	5,530	94	(3)	101	5,722	(ii)
Maintenance funds	2,173	22	(688)	672	2,179	(iii)
Developmentfunds	880	108	303	(137)	1,154	(iii)
Appeals and donations	-	200	-	-	200	(iv)
Income reserves	146i]	__424	—(3,519)	__6,330
School income reserves	14,330	67,768	(64,604)	(5,693)	11,801
Pension fund actuarial loss	-		(12)	12	-
	65,791		_68,192	(68,135)	_—658
Community activities
Designated funds
Major projects fund	617	6	-	-	623
450th events/community fund	66	-	(30)	(5)	31
Almshouse replacement fund	1,414	-	(9)	138	1,543	(v)
Maintenance funds	72	-	-	-	72	(iii)
Operational properties	339	-	(9)	-	330	(i)
Social investment fund	457	13	(1)	-	469	(vi)
Covid fund	107	1	-	(105)	3	(vii)
Community programmes	1,006	12	(1,015)	1,100	1,103	(viii)
Income reserves	407s, 32	_—(1,064),			1428,	aval
Community activities income reserves	341		(1,514)	1,320
	4419		130,	(2,578)		244s]

(b) Movement of Group funds

13 Funds (continued)

			Transfers,	Transfers,
			Investment
	Opening			Gains/	Closing
	balance	Income	Expenditure		Losses	Balance
(b) Movement ofGroupfunds (continued)	£000	£’000	£000	£000	£000;	sd
Endowment income
Designated funds
Development fund	300		(41)	234	493	(iii)
Land and properties	8,075		(59)	13	8,029	(ix)
Income reserves	375]	=		(100),	a7,	sa,
Endowment income reserves	15,360	1,799	(875)	926	17,210
	23,735	1,799	(975	1,173	25,732
Restricted funds
Prize funds	777	6	-	(4)	779
Appeals and donations	1,790	490	(30)	(413)	1,837	(x)
Randalls Cottage fund	3,662	-	-	-	3,662	(xi)
Communityprogrammes	454	418	(333)	(4)	535	(xii)
	6683)	914)	(363),	a2t))	gata,
Permanent Endowed funds
Endowment investment fund	76,401	5	(437)	2,351	78,320
Elger fund	1,378	-	-	35	1,413
Lufffund	2,533	-	-	64	2,597
Unapplied Total Return	26,724	1,911	(339)	(3,450)	24,846
Cattleya fund	296	-	-	18	314
School's quoted investments	6	-	-	3	6
London and Bedford commercial estate	15,956	-	-	-	15,956
Funds held in cash	25	-	-	-	25
Operational land and properties	4,834	-	-	-	4,834
	128,153,	1,916	—_(776)	_—(982)	_

13 Funds (continued)

			2024/25	2024/25
	Unrestricted Funds			ieee)Meee		Meee Permanent	tel
	Community	Endowment				Restricted]
	School		__Activities	Income		Funds	Funds
	£000	£000	£'000		£000	£000	£000
Operational fixed assets	56,330	327	1,825		-	4,462	62,944
Investment properties	-	-	6,282		1,670	15,956	23,908
Investments	6,399	2,174	12,089		791	120,513	141,966
Net current assets/(liabilities)	6,288	2,360	5,536		4,352}	(12,620)	5,916
Long term liabilities	(2,534)	(442)	-		-	-	(2,976)
	66,483	4,419	25,732		6,813)	128,311	231,758
(d) Movement of Trust funds			2024/25
				Transfers,
				Investment
	Opening				Gains/	Closing
	Balance	Income	Expenditure		Losses		Balance
	£'000	£'000	£’000		£’000	£000;
Unrestricted funds
The Schools
Designated funds
Operational land and properties	42,878	-	(3,131)		5,703	45,450	(i)
Bursary funds	5,530	94	(3)		101	5,722	(ii)
Maintenance funds	2,173	22	(688)		672	2,179	(iii)
Development funds	880	108	303		(137)	1,154	(iii)
Appeals and doantions	-	200	-		-	200	(iv)
Income reserves	51,461		3,519		6,339	54,705)
School income reserves	14,251	67,775)	(64,556)		(5,692)	11,778
Pension fund actuarial loss	-	-	(12)		12	-
	65,712	68,199	68,087				gsa
Community activities
Designated funds
Major projects fund	617	6	-		-	623
450th events/community fund	66	-	(30)		(5)	31
Almshouse replacement fund	1,414	-	(9)		138	1,543	(v)
Maintenance funds	72	-	-		-	72	(iii)
Operational properties	339	-	(9)		-	330	(i)
Social investment fund	457	13	(1)		-	469	(vi)
Covid fund	107	1	-		(105)	3	(vii)
Community programmes	1,006	12	(1,015)		1,100	1,103	(viii)
	4,078		1,064		1428)	47a
Income reserves
Community activities income reserves	341		(1,514)		1,320
		aato		430,578),			2,4ge

(d) Movement of Trust funds

13 Funds (continued

Funds (continued
			Transfers,
			Investment
	Opening			Gains/	Closing
	balance	Income	Expenditure		Losses	Balance
(b) Movement offunds (continued)		£’000	£'000	£000	£’000	£000; i(aettsid
Endowment income
Designated funds
Development fund	300		(41)	234	493	(iii)
Land and properties	8,075		(59)	13	8,029	(ix)
Income reserves	8375			(400),a7],
Endowment income reserves	15,360	1,799	(875)	926	17,210
	23,735	1,799	975)	1,173	25,732
Restricted funds
Prize funds	777	6	-	(4)	779
Appeals and donations	1,790	490	(30)	(413)	1,837	(x)
Randalls Cottage fund	3,662	-	-	-	3,662	(xi)
Community programmes	454	418	(333)	(4)	535	(xii)
	6683,	914]	(363),	(a2),	waa,
Permanent Endowed funds
Endowment investmentfund	76,401	5	(437)	2,351	78,320
Elger fund	1,378			35	1,413
Lufffund	2,533			64	2,597
Unapplied Total Return	26,724	1,911	(339)	(3,450)	24,846
Cattleya fund	296			18	314
School's quoted investments	6				6
London and Bedford commercial estate	15,956				15,956
Funds held in cash	25				25
Operational land and properties	4,834				4,834
	128,153,	4,916,	(776)	_——(982)	_128,311,

13__Funds (continued)

Note

(i) Operational land and properties - these represent the net book value of the freehold land and property, which are being utilised by the charity and include the schools, almshouses and offices. The closing balance is net of any outstanding internal loan balance. The annual expenditure relates to the depreciation charge for the assets. (ii) Bursary funds - these are reserves held by each school, which were used to contribute towards the future liabilities for bursary awards. The awards are deducted directly from operational reserves and are shown as negative income. These reserves remain in place whilst trustees consider repurposing. (iii) Maintenance and development funds - these are funds set aside for any significant future maintenance and building projects on the schools, almshouses and investment properties. The committees review these funds each year and use them to fund upcoming projects. (iv) Appeals and donations - these are designatued funds held by the schools whihc have been received without any specific restriction. (v) Almshouse replacement fund - these reserves are set aside in order to finance replacement almshouse accommodation. These are expected to be used in the future in connection with new almshouse developments within Bedford. (vi) Social investment fund - this fund has been set aside for use in a programme of social investments. Suitable investment opportunities are continuing to be sought for the fund, which are aligned with the objectives of the charity. (vii) Covid fund - this fund was designated during 2019/2020 to support organisations in Bedford through the Covid pandemic. It has been agreed that this fund is being designated to the Community Programmes fund. (viii) Community programmes - these funds have been set aside to support the Trust's community strategy — enabling more children and young people facing disadvantage to achieve their potential. The programmes are: Bedford Giving, a programme bringing the whole community together to support children and young people facing disadvantage and the Accelerator Programme, supporting schools across Bedford to enable low income children aged 0-11 to make more rapid progress in education. The Bedford Giving designated fund relates to Trust funds that have been designation for the administration of the programme. (ix) Endowment income land and properties - these reserves are made up of land at the schools, the Pilgrim Centre estate and Harpur House. (x) Appeals and donations - these are restricted funds held by the schools which have arisen following specific appeals, donations or legacies and are restricted by the donor for a specific purpose. (xi) Randalls Cottage fund - these reserves have arisen following the sale of almshouse properties and the revaluation of the remaining almshouse properties. These funds can only be applied by the Trustees to provide, or secure the provision of, future almshouse accommodation.

(xii) The Community Programmes restricted funds are held for Bedford Giving, a programme bringing the whole community together to support children and young people facing disadvantage. Monies have been committed from a number of organisations towards this programme.

14 Charitable Grants Listed below are the grant commitments (all made by the Harpur Trust) of £1,000 and above made to institutions during the financial year:

Grant Recipient	Purpose of Grant Contribution
Community and Voluntary Service Bedfordshire	SLA - Strategic Learning Partnership 2025-2028	150,000
Queen's Park Community Organisation	Core cost	100,000
Luton All Women's Centre	Health and Wellbeing Service/ Counselling Provision	93,886
	at Bedford Women’s Centre
Samsons Academy	Community EngagementAdvocates providing	78,950
	support to young people from harder to reach
	communities
Bedfordshire Open Door	Bedfordshire Open Door - supporting and managing	77,952
	an effective counselling service
Bedfordshire Refugee and Asylum Seeker	Integration work and support services to improve	55,000
Support	opportunities and outcomes for refugees and asylum
	seekers in Bedfordshire
King'sArms Project	Positive Pathways	50,000
King's Oak Primary School	Accelerator Programme 2024-2025	42,500
SMART CJS	Prebend Support Centre — Nourishment and	39,606
	Compassion
CHUMS CIC	Bedfordshire Suicide Bereavement Service (BSBS)	38,428
HEARTAcadmey Trust	Accelerator Programme 2024-2025	32,568
Bedfordshire and Northamptonshire Multiple	Parkinson's Health and Wellbeing Initiative	30,715
Sclerosis Therapy Centre
Link to Change	Digital Defenders	30,000
Pioneer Learning Trust	Accelerator Programme 2024-2025	25,625
Queen's ParkAcademy	Accelerator Programme 2024-2025	22,615
Goldington Green Academy	Accelerator Programme 2024-2025	21,284
Bedfordshire Rural Communities Charity	Good Neighbour Scheme Support	20,700
Bedford Road Primary	Accelerator Programme 2024-2025	20,001
Parallel Lives Programme	Building Bridges, My Voice, Building Resilience	20,000
The Brilliant Club	Supporting students with The Scholars Programme in	19,614
	Bedford state schools.
Luton Town FC Community Trust	Engaging secondary school pupils through football	19,500
	and sports
OMG: Outreach Music Group CIC	OMG Creative Futures	19,500
Open Doors Training and Development Trust	Health and Wellbeing Awareness Project	19,420
Impakt Housing & Support (formerlyYMCA	Own My Life Training	19,200
Bedfordshire)
Cauldwell Primary School	Accelerator Programme 2024-2025	19,140
FACES Bedford	Accelerator Programme 2024-2025	19,031
Fun 4 Young People Ltd	Accelerator Programme 2024-2025	19,030
Edith Cavell Primary School	Accelerator Programme 2024-2025	18,750
ACCM (UK)	Supporting and empowering vulnerable users with	16,250
	language and IT skills
Shortstown Primary School	Accelerator Programme 2024-2025	15,960
SpectaculArts	Teaching and Mentoring Black Heritage	15,865
Shackleton Primary School	Accelerator Programme 2024-2025	15,070
		1,186,160

14 Charitable Grants (continued)

Grant Recipient	Purpose of Grant Contribution
From previous page		1,186,160
Bedford Academy	Emotionally Based School Avoidance and ACE's	14,500
	Project: Bedford Academy
Biddenham International School and Sports	Opening Minds, Transforming Lives	14,500
Priory Primary	Accelerator Programme 2024-2025	14,000
Sporting Aid CIC	Fit and Fed Kempston	13,360
Hear Me Out	Voices Together: A musical exchange with residents	12,068
	at Sharnbrook asylum hotel, local schoolchildren, and
	local community groups
Boxing Saves Lives CIC	Boxing Saves Lives	10,294
Bedford Sports Foundation	Delivering Sustainable Sport at Bedford Sports &	10,000
	Hockey Centre
Stormbreak	Stormbreak Shine early intervention mental health	9,403
	and wellbeing support programme
Adoptionplus	Theraplay - supporting care experienced children in	9,150
	Bedford Borough
Chance to Shine Foundation Ltd	Inspiring children and young people in Bedford	8,168
	through Street cricket
Westfield Primary	Accelerator Programme 2024-2025	7,571
Putnoe Primary School	Accelerator Programme 2024-2025	6,728
Great Ouse	Accelerator Programme 2024-2025	6,223
Cople Village Trust	Cople Playground	5,000
Ukrainian School	Ukrainian Saturday School of Bedford	5,000
Sporting Aid CIC	Next Generation Podcast (foryoung people)	4,992
Wilstead	Accelerator Programme 2024-2025	4,990
Food Etc	Young Marketeers Cookery Courses	4,800
Bailliol Primary School	Accelerator Programme 2024-2025	4,760
Bedford Blues Foundation	Ability Blues	4,000
Chess in Schools & Communities	HMP Bedford - Prison Chess Project	3,340
B Positive CIC	Community Mental Health Support Group	2,500
Sharnbrook Playing Field Association	New changing room buildings for Sharnbrook Bowls	2,500
	Club
LincroftAcademy	Sensory and Horticulture Garden	2,500
Several Seats	Mindfulness Coffee Mornings	2,000
Bedford Radio CIC	Bedford Radio — NewVoices to raise the presence of	1,983
	the diverse communities of Bedford
Bedford Tigers Community Foundation	Extend ourWheelchair Activity	1,717
Rosebuds, Bedford Sisters	Micro grants - Art as Therapy	1,611
Let's Get Going CIC	Uplifted and moving forward	1,500
Intersectionality Women's Programmes (IWP) CIC Micro grants - Intersectionality Women's Programmes		1,500
Sharnbrook Lawn Tennis Club	Complete refurbishment of infrastructure of 3 tennis	1,500
	courts and floodlights
ist Haynes and Wilstead Scouts	Equipment replacement and storage	1,200
		1,379,518

14 Charitable Grants (continued)

----- Start of picture text -----
|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |2025| |Grant|commitments|made|by|the|Harpur Trust|during|the|financial|year|1,379,518| |One|grant|under £1,000|to|organisations|3,620| |Two|grants|to|individuals|4,100| |University|bursary|programme|(individuals)|84,026| |School|uniform|grants|(individuals)|26,750| |1,498,014| |Less|grants|written|back|in|year|(39,577)| |Net|grants|made|under|the|general|charitable|activities|object|1,458,437| |||___—-£’000)2025|[|2024!£000| |General|charitable|grants|awards|and|prizes|(as|detailed|above)|1,458|1,244| |Community|activities|30|15| |Grants|to|school|related|entities|26|26| |Scholarships,|awards|and|prizes|6|9| |Bedford|Giving|restricted|programmes|333|93| |Contribution|to|Bedford|Giving|-|100| |Accelerator|Programme|projects|6|20| |Total|grants,|awards|and|prizes|1,859|1,507| |Communit|2025|2024| |y||Schools| |Activities|/other||Restricted|Total|Total| |Analysis|of|total|grants,|awards|and|prizes|by|£000|£000/|£000)|£000|£000| |charitable|activity:| |Education|469|32|501|326| |Relief|954|-|1,287|1,144| |Recreation|71|-|71|37| |ae|1) CE|Dee)|a)|1,507|

----- End of picture text -----

15 Pension Costs

(a) Teachers’ Pension Scheme

The Trust participates in the Teachers’ Pension Scheme (England and Wales) (the “TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £3,872,000 (2024: £4,074,835) and at the year-end £422,846 (2024: £452,987) was accrued in respect of employer and employee contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by the Teachers’ Pensions Regulations 2010 (as amended) and the Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023. Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the ‘greater value’ benets for groups of relevant members.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

A copy of the valuation report and supporting documentation is on the Teachers’ Pensions website.

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The Trust has accounted for its contributions to the scheme as if it were a defined contribution scheme. The Trust has set out above the information available on the scheme.

From the ist June 2023, the Trust withdrew from TPS so the pension scheme was closed to new entrants. An alternative defined contribution scheme (APTIS) has been put in place for teaching staff. Members of TPS can choose to remain in TPS or move to the new pension scheme. If a teacher chooses to remain in TPS, any change in contribution rates will be reflected in their total reward package to ensure parity for all teaching staff.

15 Pension Costs (continued)

(b) Non-teaching staff final salary scheme

Although now closed to new members, the Trust operates a defined benefit pension scheme for permanent non teaching staff, which is administered by The Pensions Trust, the assets of which are held in separate trustee administered funds. The pension cost is assessed in accordance with the advice of professionally qualified actuaries. Details of the most recent valuation, which was carried out on a scheme funding basis, are as follows:

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Main|assumptions| |Retail|Prices|Index|(RPI)|inflation|2.89%| |Consumer|Prices|Index|(CPI)|inflation|2.43%|(RPI|inflation|less|0.46%)| |Discount|Rate|5.50%| |Increase|in|earnings|CPI|Inflation| |Market|valuation|of investments|at|last|valuation|date|£18,481,000| |Level|of funding|105%| |Date|of valuation|30|September|2021|

----- End of picture text -----

As a result of the actuarial valuation, joint future service contributions of 40.7% of earnings per annum were payable with effect from 1 October 2021 (maintained from the 2018 valuation). Of this contributions rate, 12.8% is paid by employees. , An FRS102 actuarial valuation was carried out at 30 June 2025 by a qualified independent actuary using revised assumptions that are consistent with the requirements of FRS 102. Investments have been valued, for this purpose, at fair value.

The surplus linked to defined benefit scheme is not a recoverable amount and therefore has not been recognised in the financial statements in accordance with FRS 102.

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |Total|Total| |£'000|£'000| |(i)|The|amounts|recognised|in|the|balance|sheet|are|as|follows:| |Present value|of funded|obligations|(17,406)|(18,775)| |Fair value|of|plan|assets|18,481|19,896| |Adjustment|for|unrecognised|surplus|(1,075)|(1,121)| |Deficit|[Sees|[bees| |Amounts|in|the|balance|sheet:| |Net|liability|eee|«=e| |(ii)|| Changes|in|the|present value|of the|defined|benefit|obligation|are|as|follows:| |Opening|defined|benefit|obligation|18,775|18,287| |Service|cost|21|21| |Interest|cost|923|959| |Employee|contributions|16|30| |Actuarial|(gains)/losses|(932)|800| |Benefits|paid|(1,397)|(1,322)| |Defined|benefit|obligation|at|end|of year|17,406|18,775| |(iii)||Changes|in|fair value|of the|scheme|assets|are|as|follows:| |Opening|fair value|of the|scheme|assets|19,896|20,584| |Interest|income|979|1,084| |Expenses|(163)|(100)| |Actuarial|(losses)/gains|(966)|(525)| |Employer|contributions|116|145| |Employee|contributions|16|30| |Benefits|paid|(1,397)|(1,322)| |Fair|value|of scheme|assets|at|the|end|of the|year|18,481|19,896|

----- End of picture text -----

15 Pension Costs (continued)

(iv) The amounts included within the Statement of Financial Activities are as follows: Defined benefit costs recognised in surplus:

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2025|2024| |Total|Total| |£'000|£'000| |Current|service|cost|21|21| |Expenses|163|100| |Past|service|cost|dl|=| |Net|interest|income|(56)|(125)| |Total|defined|benefit costs costs|recognised|in surplus surplus|||ee|

----- End of picture text -----

Total defined benefit costs costs recognised in surplus surplus

Defined benefit costs recognised in other comprehensive income:

----- Start of picture text -----
|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |Return|on|scheme|assets|(966)|(525)| |Experience|gains|/(losses)|(284)|(80)| |Effect|of changes|in|demographic|and|financial|assumptions|1,216|(720)| |Effect|of changes|in|the|amount|of|surplus|that|is|not|recoverable|46|1,176| |Total|amount|recognised|in|other|comprehensive|income|-| |surplus|(149)|

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The Trust expects to contribute approximately £22,000 for the year ending 30 June 2026.

(v) The major categories of scheme assets as a percentage of total scheme assets are as follows:

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|||||| |---|---|---|---|---| |Equities|Seeeedgs|0.2%||e|720240.3%| |Fixed|interest|gilts/bonds|71.5%|69.3%| |Property|9.4%|11.7%| |Cash/other|18.9%|18.7%|

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The overall expected rate of return on the scheme assets has been based on the average expected return for each asset class, weighted by the amount of assets in each class.

The actual return on the scheme assets in the year

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||| |---|---| |£'000|£'000| |a)|

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(vi) Principal assumptions at the balance sheet date (expressed as weighted averages)

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| ||2025}|«=||[__—-2024/]| |Discount|rate|at|30|June|5.50%|5.10%| |Rate|of|increase|in|salaries|2.43%|3.88%| |Rate|of|increase|of|pensions|in|payment —|CPI|5%|2.43%|2.81%| |Rate|of|increase|of|pensions|payment|—|CPI|2.5%|1.82%|2.00%| |Rate|of|increase|of|pensions|in|deferment|2.89%|3.21%| |Inflation|assumption|(RPI)|2.89%|3.21%| |Inflation|assumption|(CPI)|2.43%|2.88%|

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15 Pension Costs (continued)

(vi) Principal assumptions at the balance sheet date (expressed as weighted averages)

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||||||| |---|---|---|---|---|---| |Demographic|assumptions| |Pre-retirement|mortality| |Post-retirement|mortality|for|non|pensioner|members|

----- End of picture text -----

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||||||| |---|---|---|---|---|---| |Assumed||Assumed| |life|life| |expectancy||expectancy| |at|age|65:|jat|age|65:| |years|years| |Females:|25.6|||Females:|25.7| |years|years| |Males:|22.0||Males:|21.6| |years|years| |Females:|24.1||Females:|24.3| |years|years|

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(c) Non-teaching staff defined contribution scheme

The Trust also runs a stakeholder compliant scheme for non-teaching staff, which opened to members on 1 April 2001 and is a defined contribution scheme. The cost for the year represents the Trust's contributions to the scheme of £1,117,315 (2024: £1,031,638) and at the year end £158,571 was accrued in respect of employee and employer contributions to this scheme.

(d) Pension Trust Growth Plan

The Trust has one employee who is an active member in a multi-employer pension scheme known as the Pension Trust Growth Plan. The scheme provides benefits to some 1,300 non-associated participating employers. The scheme is a defined benefit scheme in the UK. However, it is not possible for the Trust to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme, and therefore it accounts for the scheme as a defined contribution scheme. The value of the Trust's liability (being the present value of the contributions payable that arise from the deficit recovery agreement) is not material to these financial statements and has not been recognised in the balance sheet. Contributions for the year to 30 June 2025 were £1,279 (2024: £1,662).

(e) Aviva Pension Trust for Independent Schools (APTIS)

The Trust joined the APTIS scheme to offer a stakeholder compliant scheme for teaching staff, which opened to members on 1 May 2023 and is a defined contribution scheme. The cost for the year represents the Trust's contributions to the scheme of £1,612,854 (2024: £916,577) and at the year end £215,492 was accrued in respect of employee and employer contributions to this scheme.

16 Commitments Under Operating Leases

	2025	2024
As a lessee	Total	Total
	£000	£000
At 30 June 2025 the Trust has total commitments under non-cancellable operating
leases as follows:
Within one year	223	266
Between one and two years	109	212
Between two and five years	149	150
These operating leases relate to some operational buildings, photocopiers, school
vehicles and other office equipment.
	2025	2024
As a lessor	Total	Total
	£000	£'000
At 30 June 2025 the Trust has total income receivable under non-cancellable tenancy
leases as follows:
Within one year	790	731
Between one and two years	478	561
Between two and five years	870	598
Morethanfiveyears	14,593	14,745

These leases relate to premises in Holborn and Bedford.

17 Capital Commitments

At 30 June 2025, there were outstanding contractual commitments totalling £2,301,948 in respect of seven contractual building projects worth £3,409,565 (2024: £4,344,995).

18 Reconciliation of Net Income to Net Cash from Operations

	2025	2024
	Total	Total
	£'000	£'000
Net income for the year as per the Statement of Financial Activities	2,988	14,214
Adjusted for:
Investment gains	(2,864)	(12,739)
Investment income	(3,925)	(3,953)
Financing costs	224	257
Depreciation charges added back	4,287	4,030
Profit on sale offixed assets	(30)	(63)
(Increase)/Decrease in stocks	2	(2)
Increase in debtors	(768)	(1,038)
Increase in creditors due within one year	1,062	328
Increase in charitable grants creditors due after more than
one year (excl. pension fund deficit)	150	2,307
Pension fund FRS102 charges	128	(4)
adjustedforemployerpensionfundcontributions	(116)	(145)

Net cash provided by operating activities 1,138 3,192

19 Analysis of Cash and Cash Equivalents

					2025	2024
					Total	Total
					£'000	£000
Cash at bank					3,485	8,744
Notice deposits (less than 3 months)					14,430	9,322
Term deposit					-	4,000
Total cash and cash equivalents					17,915	22,066
Statement of Total Return
Endowment Funds	Balance at		Income,		Application}	Application
operating under the Total	30	June	gains and	ofTotal	of Total	30 June 2025
Return Policy		2024	transfers	Return to}	Return for
			during year		protect real	spending
				value of
				endowment
		£000	£'000	£'000	£'000	£000
Protected funds
Investment fund	76,401		9	1,910		78,320
Elger fund	1,378			35		1,413
Luff fund	2,533			64		2,597
Unapplied Total Return
Investmentfund Elgerfund	25,454 483		3,183 57	(1,910) (35)	(3,060) (55)	23,667 450
Lufffund		787	107	(64)	(101)	729
Transfer of returns		-	546		(546)	-
relating to unprotected
funds
	107,036		3,902;	-		3,762
Other Permanent Endowment Funds
London and Bedford
estate	15,981					15,981
Pilgrims school land	4,462					4,462
& buildings
Endowment debtor		372				372
Cattleya fund		296	18			314
Sundry investments		6				6
	128,153		3,920	id	(3,762)	128,311

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20 Statement of Total Return
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As permitted by the Charity Commission the Trustees have opted to invest the endowment on a total return basis which means they can spend from capital or income whichever seems most efficient. They have also resolved that the Trust's total expenditure in each year shall be calculated in accordance with a spending rule that assumes a long term spend rate of the permanent endowment fund. The spending rule was revised during the year to include the value of the Unapplied Total Return (UTR) in the calculation. The spend rate for 2024/25 was 4.0%.

In the current year, the spending rule formula permitted expenditure of £3,498,000. The total amount applied for spending was £3,762,000 of which £3,557,000 was derived from income arising from the portfolio.

21 Related parties

During the year, there were no related party transactions (2024: purchases were made from Linbert Spencer Consultancy Ltd, company owned by a Trustee of £2,010).

22 Disclosure of Subsidiary

Bedford School Enterprises Limited (Company Number 15206610) is a wholly owned subsidiary of The Trust and its results for the period are consolidated in the Group accounts. The following is an extract of the company's profit and loss account for the year to 30 June 2025.

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||||||| |---|---|---|---|---|---| |2025|2024| |Total|Total| |£000|£000| |Income|251|195| |Expenditure|(307)|(116)| |Net|income|(56)| |Total|assets|363|195| |Amounts|due|to|parent|(340)|(116)| |Net assets|ae| |Total funds|[23]|

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23 Prior Year Statement of Financial Activities

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |The|Community’|Endowment|Restricted|Endowed|2024| |Schools|Activities|Income|Funds|Funds|Total| |INCOME|AND|ENDOWMENTS|FROM:|[e000]|«00|SCS OO|——SCSCOGO|—~C«OO]SCC«OO| |Charitable|activities| |School|fees|receivable|66,744|-|-|(78)|-|66,666| |Other|income|3,829|53|45|-|-|3,927| |Income|from|generated|funds| |Donations|&|Grants|(10)|-|22|370|-|382| |Activities|for generating|funds| |-|Investment|income|186|9|1,708|24|2,026|3,953| |-|Other|income|195|-|-|-|-|195| |Other|33|-|254|50|9|346| |EXPENDITURE| |Expenditure|on|raising|funds| |Financing|costs|119|94|44|-|257| |Investment|management|-|-|232|415|647| |tg}|||||||8084| |Charitable|activities| |Education|69,986|407|839|30|71,262| |Relief|-|1,646|-|98|1,744| |Recreation|2|38|44|-|84| |69,988|2091|||883 ||128|||73,090| |a| |Total|expenditure|70,107|2,185|1,159|73,994| |Net|(expenditure)/income|before| |losses|on|investments|870|(2,123)|870|238|1,620|1,475| |Fixed|asset|revaluation|-|-|-|-|-| |Net|gains|on|investments|-|207|10|-|12,522|12,739| |Nét|(expenditurejiineome|7,916|14,142|14,244| |Transfers|between|funds,|including|405|2,162|2,445|59|(5,071)|-| |distribution|of endowment|income| |Pension|scheme|actuarial|loss|(149)|-|é|-|S|(149)| |Net|movement|in|funds|4,126|246|3,325|297|9,071|14,065| |Brought|forward|balance|1|July|64,665|4,173|20,410|6,386|119,082|214,716| |Balances carried forward at 30 June|65,791|eres|23,735|6,683|128,153|228,781|

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24 Prior Year Total Expenditure

						Total
Raising funds
Financing costs		-	257			257
Investmentmanagement		130	517			647
				peese ce	ee cy
Charitable activities
Education
Governance costs		312	339	-		651
Teaching	34,922		6,364	663		41,949
Welfare (including catering)	1,579		3,826	19		5,424
Premises	2,825		8,559	3,264		14,648
Grants, awards & prizes		-	326	-		326
Support costs	5,891		2,298	75		8,264
Relief
Grants		-	1,144			1,153
Almshouses		-	27			27
Support costs		424	140			564
				ae
Recreation
Grants, awards & prizes			37			37
Premises			47			47
Support costs	Ea	ee eS		: SSS		Pcs 5.
Totalcharitableactivities

Total expenditure

25 Prior Year Funds

(a) Allocation of the Trust's net assets

				2023/24	2023/24
	Unrestricted Funds				PT
						Permanent
		Community	/Endowment				Restricted)
	School)	Activities		Income	Funds	Funds	Total
	£000		£'000	£'000	£'000	£000	£'000
Operational fixed assets	51,355		337	1,923	-	4,462	58,077
Investment properties	-		-	6,285	1,670	15,956	23,911
Investments	6,258		2,046	11,957	789		118,597
Net current (liabilities)/assets	11,126		2,328	3,570	4,224		(10,862)
Long term liabilities	(2,948)		(292)	-	-	-	(3,240)
	65,791		4,419	23,735	6,683)	128,153	228,781
(b) Movement offunds					Transfers,
					Investment
	Opening				Gains/	Closing
	Balance	Income	Expenditure			Losses	Balance
	£'000		£000	£000	£000	i)3
Unrestricted funds
The Schools
Designated funds
Operational land and properties Bursary funds	38,918 5,400		- (3,278)	(2,912) (2)	6,872 3,410	42,878 5,530
Maintenance funds	1,490		19	(808)	1,472	2,173
Development funds	5,934		34	(1,524)	(3,564)	880
Equipment funds	110		-	-	(110)	-
Income reserves
School income reserves	12,813		74,202}	(65,010)	(7,675)	14,330
Pension fund deficit	-		-	149	(149)
	64,665		70,977	70,107ee	ee	65,791fF
Community activities
Designated funds
Major projects fund	611		(19)	-	25	617
450th events fund/community fund	49		-	(15)	32	66
Almshouse replacement fund	1,218		-	(11)	207	1,414
Maintenance funds	72		-	-	-	72
Operational properties	348		-	(9)	-	339
Social investments	537		14	(94)	-	457
Covid Fund	414		3	-	(310)	107
Community Programmes	579		8	(666)	1,085	1,006
Income reserves	3,828,		6	_——(r9s)	_— 4,038]
Community activities income reserves	345		56	(1,390)	1,330	341
	4q73	_—62	——(2,488)

(b) Movement of funds

25 Prior Year Funds (continued

Prior Year Funds (continued
				Transfers,
			Investment
	Opening			Gains/	Closing
	balance	Income	Expenditure		Losses
(b) Movement offunds (continued)	£000	£000	£000	£000	O00ieee
Endowment income
Designated funds
Developmentfund	141	20	(48)	187	300
Operational land	8,158	-	(93)	10	8,075
Income reserves	200,	ol	(aat		tor]
Endowment income reserves	12,111	2,009	(1,018)	2,258
	20,410]2,029 (4,459), 2,455]				23,735,
Restricted funds
Prize funds	728	1	-	48	777
Appeals and donations	1,744	65	(30)	ala	1,790
Randalls Cottage fund	3,614	50	(2)	-	3,662
Community programme	300	250	(96)	-	454
	6366]	601	(1zaj		sa]
Permanent Endowed funds
Endowment investmentfund	73,327	6	107	2,961	76,401
Elgerfund	1,325	-	-	53	1,378
Lufffund	2,436	-	-	97	2,533
Unapplied Total Return	19,895	2,019	(522)	5,332	26,724
Cattleya fund	275	-	-	21	296
Quoted schools investments	6	-	-	-	6
London and Bedford commercial estate	16,984	10	-	(1,038)	15,956
Funds held in cash	-	-	-	25	25
Operational land and buildings	4,834	-	-	-	4,834
	119,082,	2,035,	(418)		7,451]

Chair sage

Strategic Report

Achievements in the Year

Three Year Strategic Objectives 2022-25

~~Grantmaking process~~

lic Benefit

~~Public benefit in our independent schools~~

Structure, Governance and Management

Constitution

~~Governance and organisation~~

~~Our commitment to safeguarding~~

~~Grantmaking Policy~~

~~Social Investment Policy~~

~~Statement on fundraising~~

~~Employee engagement~~

~~Remuneration Policy~~

Management

nditure of T

Funds of The Trust

~~Investment performance and Total Return~~

~~Total Return Policy~~

~~Reserves Policy~~

~~Ethical Investment Policy~~

use and carbon emissions

Statement of Trustees' Responsibilities Aaa 02 Sut eer a ie een Fs

11 February 2026

Consolidated Statement of Financial Activities (including the Income and Expenditure Account) for the year ended 30 June 2025

1 Accounting Policies

(b) Basis of Preparation

(d) Tangible Fixed Assets

1 Accounting Policies (continued)

(ii) Investment properties

1 Accounting Policies (continued)

Unrestricted funds:

2 Income from Charitable Activities

3 Income from generated funds

4 Other Income

Average number of paid employees

8 Tangible Fixed Assets

10 Debtors Due Within One Year

11 Creditors Falling Due Within One Year

11 (a) Fees Received in Advance

12 Creditors Due After More Than One Year

13 Funds

(b) Movement of Group funds

13 Funds (continued)

(d) Movement of Trust funds

13 Funds (continued

13__Funds (continued)

Note

14 Charitable Grants (continued)

15 Pension Costs (continued)

(b) Non-teaching staff final salary scheme

(c) Non-teaching staff defined contribution scheme

(d) Pension Trust Growth Plan

(e) Aviva Pension Trust for Independent Schools (APTIS)

16 Commitments Under Operating Leases

17 Capital Commitments

21 Related parties

22 Disclosure of Subsidiary

23 Prior Year Statement of Financial Activities

25 Prior Year Funds

(b) Movement of funds

25 Prior Year Funds (continued

Grantmaking process

Public benefit in our independent schools

Governance and organisation

Our commitment to safeguarding

Grantmaking Policy

Social Investment Policy

Statement on fundraising

Employee engagement

Remuneration Policy

Investment performance and Total Return

Total Return Policy

Reserves Policy

Ethical Investment Policy