BEDFORD SCHOOL TRusr BEDFORD SCHOOL TRUST REPORT & ACCOUNTS FOR THE YEAR ENDED 30 June 2021 Charity Registration Number: 1094232 Company Registration number: 04479551
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 TRUSTEES, ANNUAL REPORT CONTENTS Page Reference 2nd Administrative Details Trustees, Annual Report Independent Auditor's Report Statement of Financial Activities Balance Sheet Cashflow Statement Note5 to the Accounts 14
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 TRUSTEES. ANNUAL REPORT REFERENCE AND ADMINISTRATIVE DETAILS Bedford School Trust is a Registered Chariiy (number 1094232), and a150 a company limited by guarantee (registered number 04479551 l and not having share capital. Trustee5 The Trustees of Bedford School Trust have Served throughout the period under repo except as indicated below.. Ex Officio.. Mrj S Hodg50n BA + (Heod Master of Bedford School ond Chairmon) Dr D Koch (Vice Master of Bedford School ond Vice Choirmon) Resigned 22 August 2022 Co-opted Trustees.. Mr S Culliford * MrMH311*A Mr N lones. Mr R Marks Mr P McDuell resigned 13 December 2020 Mr I Peck Mr LJ Feaver- Appointed 31 july 2022 Mr M TJ Sismey-Durrant- Appointed 31 July 2022 Sub- Committee Membership: + member of the Chapel Committee member of the Investment Sub-committee member of the Scholarship5 Sub-committee member of the Ickwell Sub-committee Clerk & Company Secretary Mr l Tomlinson MA FCA- from 17 February 2020 to 31 August 2020 Mr A Macfarlane Bsc MSC- from 31 August 2020 Registered Office: l O Glebe Road, Bedford, MK40 2PL Advisers: Solicitor Veale Wa5brough Vizards LLP Narrow Quay House Narrow Quay Bristol BSI 4QD Investment Managers Invescec 30 Gresham Street London EC2V 7QP Auditor5 Haysmacintyre LLP l O Queen Street Place London EC4R IAG Insurance Brolcers Marsh Ltd Education Practice 1-5 Perrymount Road Haywards Heath West Sussex RH16 3SY Banker5 HSBC 12 Allhillows Bedford M1<40 1 LJ Property Advisers The Estate Office Southill Park Biggleswade Bed5 SG18 9LJ
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 TRUSTEES, ANNUAL REPORT STRUCTURE, GOVERNANCE AND MANAGEMENT Con5tltution The Trust was originally established On 9 luty 1926 when the then Head Master of Bedford School and others enacted a deed whereby certain fund5, securities and property were declared for the general benefit of Bedford School. Since the Charity became incorporated on 8 july 2003, it 15 governed by Memorandum and Articles of A550ciation which place no specific restricrions on the way that the charity may operate. The Trust is run and managed in accordance with its Memorandum and Articles and UK Company and Charitie5 laws and i-egulations. Updates to the Memorandum and Articles of A550Clation were made on 20 March 2004, 26 November 2007, 28 February 2009 and 31 luSy 2022. It was agreed that at the time of updating the Memtsrandum and Articles of Association on 31 July 2022 that the company name would be changed to Bedford School Foundation Trust. The former unincorporated Bedford School Trust continue5 to hold the endowed fund5 as required by charitable law,. however. a single set of accounts may be produced following the granting of a uniting direction by the Charitie5 Commi55ion on 16 May 2003. The quoted inve5tment5 owned by the Trust are held in an Investec Client Nominee company, or relevant Depot, or held to order by over5ea5 agents as appropriate. Inve( is the troding nome fvr Investec Weolth & Investment Limited Organlsational Structure The charity employs no Staff directly. The day to day running of the charity Is delegated to the Clerlc In consultation with the Chalrman. Trustees meet three times per annum, with the Chapel, Ickwell and Investment sub-committees meeting as necessary. but at least twlce per annum. The Scholarship sub-commlttee is convened a5 necessary. In addition, Trustees are consulted out of committse on any matters of importance arising. Trustee Selection, Recruitment and Training In considering new Trustee appointment5, a skills audit is carried out to identify any areas of expertise in which the committee is lacking. Potential individuals are identified by current trustees through personal contacts, word of mouth, teaching staff and parents of boys at the School. Individuals interested in becoming Tru5cees submit a CV which is circtjlated to existing Trustees and approval of appointment IS sought at the next Trustee meeting. New Trustees are encouraged to meet with the Clerk of the Trust, and are furnished with copie5 of constitution21 documents, the most recent audited financial statements, Charity Commission publications concerning roles and responsibilities of charlty trustees. and any other information thought to assist them in their new role. Relationshlp with the Harpur Trust and Bedford School Although Bedford School is owned by the Harpur Trust, Bedford School Trust is a separate charity. The Trustees decide their operational and financial policie5 independently of the Harpur Trust and the Governor5 Of Bedford School, a sub-committee of the Harpur Trust. As a mattrr of courtesy, the Trustees of Bedford School Trust liaise with the Governors of Bedford School on matters of mutual intsrest, but there 15 no obligation laid upon them to (Jo 59. Staff time has been provided by the H3rpur Trust at no cost but with effect from l July 2009 the Trustees have authorised that an annu7LI donation be paid by Bedford School Trust to the Harpur Trust (a registered charity) to reflect usage of its staff and premises. Relationship with Bedford School Foundation Bedford School Foundation was founded in 2002 as a fundraising charity for the benefit of Bedford School. Many of the amounts raised are passed to the Bedford School Trusc to admlnister. As a consequence of the Foundation, the Trust does not usually engage in any fundraising activitie5, beyond minor School-related events. On the 31 July 2022, Bedford School Trust & Bedford School Foundation (charity number 1095681) meryed. The ssets and liabilitie5 of Bedford School Foundation have been transferred to Bedford School Trust. Risk Management The Trustees have continued to examine the various 2reas ofthe Trust's operation and have considered what major risks might arise In these areas. Key rislcs identified include.. potential lack of required experience and knowledge in the Trustee body., failure to make sufficient or appropriate grants to beneficiaries,. inaccurate or insufficient financi
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 TRUSTEES, ANNUAL REPORT information on which to base decision5'. inadequate investment management policies.. failure to comply with regulatory requiremen¢5, and the effect of COVID-19 on investment values. The Trustees plan5 and strategies for managing these risks include the following activities.. Regular review of the composition of the body of Trustees and idents'fication of required skills when vacancies occur Scrutiny of currSctJlum vitae and meetings with potential ¢andid2te5 for Trusteeship in order to examine slci115 and fully appraise candidate5 of the responsibilities and duties associated with Trusteeship Establishment of guidelines 2nd communications framewtsrk for application to the Trust for funding External review where possible of financial information in order to frame good decision making with reference to grant awards Regular review of investments to include cycle for review of investment policy and appointment of investment manager Attention given to communications from the Charities Commission, Companies House. HMRC, Information Commissioner's Office and other external advisers, with regular reporting to Trustees at meetings and out of commitree when required. Key contro15 used include.. formal agendas for all meetings,. detailed t¢rms of reference ftsr 211 sub-committees., clear authorisation and approval levels, within 3n established organi5ational structure, as detailed above. Financial information is reviewed at each Trustee meeting, including all grant applications. OBJECTS AND AIMS The Objects of the Charity The Trust is established to manage funds and property dOnad to Bedford School so a5 to.. promote the education of pupi15 at Bedford School promote the further education of former pupils of the School to supporc the School and its charitable activities The above revised objects were idopted by the Trustees on 13 lune 2009. In addition. the Trust incorporates 5 other charities that are pooled under a uniting direction permitted by the Charity Commission in May 2003, as follows.. Colonel Well$ Charity for Bedford School The Charity Commission approved a new scheme for Colonel Wells Charity on l O july 2002 with Bedford School Trust as the trustee. This charity 15 now a linked subsidiary of Bedford School Trust and has the following object.. 'To promote the educatitsn of pupils attending Bedford School In the study of agriculture and allied subjects and sciences, botariy, geography, geology and environmental subjects" Colonel Wells Charity owns a nature reserve and study centre at Ickwell and other freehold and leasehold properties. which have been let and have earned rental income for the charity. The sale of the final lot of farm land, other than the nature reserve, study centre and one bungalow. was completed in August 2015 and the net funds realised were reinvested as part of the permanent endowment of the Chariry. The Colonel Wells Charity also hold5 investments which are pooled with the common investment portfolio of Bedford School Trust. The Rice Classical Scholarship Fund To provide an exhibition for a boy who is a strong cla55lClSt. The Phlllpotts Bènefaction To pay the Ch3p12in appointed to Bedford school Chapel. In practice the Chaplains Il-e paid by the School and the income from the fund's permanent endowmenc helps to defray the other operating expenses of the Chapel. The Siddons Bènefaction To provide for the upkeep of the Siddons f&mily panel In the Chapel and to appty the balance to improving, furnishing and equipping the Chapel.
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 TRUSTEES, ANNUAL REPORT Heriz Smith Bursary Fund To aid any pupil or former pupil of Bedford School who is desirous of entering holy order5 In the Church of England to enter a university or theological college for that purpose or to study theology t universicy. The capital assets of the subsidiary charitie5 are treated as permanent endowments. The accounts for these funds are maintained within the Bedford School Trust account5 and shown 2s Endowed Funds. The purpose of each of the above fit5 Wlthin the overall objects of the Trust and, for all practical purposes they are managed as part of the main Trust. Public Benefit Aims and Intended Impact In meeting the Objects of the Trust, including the incorporated linked charities, the public benefit 2im is to provide accessible first class education in the broadest sense for grantees, through the provision of academic, sporting, artistic and Social activities which will enhance life skills. This is intended to a5515c all those receiving support through the Trust to develop and fulfil their potential. and to inculcate in them a life-long desire to contribute to the wider community. In the furtherance of these aims the Trustees have corNplied with the duty in section 17 of the Charities Act 2011 to have due regard tg the Charity Commission's published general and relevant sub-sector guidance, concerning the operation of the Public Benefit requirement under that Act. Aims of the Trust A5$1Stance with Fees: the Trustees are commit(ed to wldening access to the education provided by Bedford School, through the funding of scholarships and bursaries. Details of all awards funded by Bedford School Trust are included in the annual booklet PLJblished by the School giving information for prospective pupils. The awards are made by the Chairman of Trustees, in consultation with the School's Scholarship Board and the Clerk. and approved by the Trustees, (if necessary out of committse and reported to Trustees at the next meeting). Whilst aclcnowledging that the School has adopted a stringent means testing basis for award5, che Trust recogni5es that a measure of flexibility is required to reflect certain circumstances arising. The Trustees have agreed that 50me scholarship funding could be used on a non mean5-tested discretionary basis in exceptional circumstances. In particular. s¢holarshlps based purely on merit will be awarded from the Brian Saville Awards fund. To provide funding for special projects: Grant applications for individual special projects at the School are brought to the Trustees, meetings for consideration. Projects a required to meet the objects of the Trust and to be such that could not be expected to be funded by the School from fee income. Projects which include the provision by Bedf(>rd School of ancillary or incidental educational activities and other associated activities for the benefit of the communlty are strongly encouraged and supported as a priority. Special Purpose Funds: the Trust facllit2tes the operation of variou5 activities run within the School. The person or persons appointed to be responsible for authorising expenditure from each of the fund5 for these activitie5 15 agreed by the Chairman and the Clerk. Examples of speci21 funds are the Prep School account, the Monitors Fund, and the Charities Committee account. To manage the affairs of Bedford School Chapel: the Chapel Committee acts as a sub-committee of the Trustees. It is established to manage the affairs of the School Chapel and contro15 the a55ociaied restricted funds. It meets once a term. Tem15 of reference for this committee, including membership. were agreed in lune 1999. To aid the operation5 of the Comblned Cadet Force (CCF): the CCF operate5 Its private account under the financial control of the Trustees. The CCF public fund operates tjnder the control of the Ministry of Defence. The Trust collect5 the rent for the13nd owned for the benefit of Bedford School CCF (formerly the OTC) and pays it to the CCF a5 an annual grant. It also manage5 a designated fund for che benefit of the CCF. Policy on Making Grants The Trustees have delegated the power to malce grants up to £ 1,000 to the Chairman and up to £2,000 to the Chairman and Clerlc acting jointly, in case5 of uent need. Otherwise requests for grant support are considered by the Trustee5 at their meetings or electronically our of committee.
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 TRUSTEES, ANNUAL REPORT Charitable Donations The Trustees have decided that the Chaplain 2nd the Headmaster of the Prep School may authorise grants to exiernal charities and worthy cavses from funds raised from collections and activities under their control of up to £250 and, with the appropriate agreement of the Chaimian and Cler1<. up to £2,000. Above thi5, the 3Uthority of the Trustees as a whole 15 required. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Objectives for the Yeav The main objectives for the year have been.. Via the Investment Committee, to ensure all investments are managed in accordance with the Investment Policy, to regularly review that policy for relevance in an uncertain market and meet with the investment 2dvi50rs to discuss accordingly Pursue further suitable investments to replace the lands 501d, as permanent endowment of the Colonel Wells Charity. Continue to promote the Brian Saville Scholarships and the wider scholarship and bursary programme. combining means tssted and discretionary awards, enabling both wider access to che School, and to support current pupi15 in need. Encourage application5 for grnnt5 for an even wider range of School 3nd 21umni projects Support the School in encouraging community access for educational purpose5 to the School's sits and facilities, and in further developing links with local state schools, including maximising the STEM project initiative. Appoint additional Trustees, with appropriate skill set5, to enhance the B02rd's breadth of experience. Review of performance against those Objectives Scholarships and Bursaries Durlng the year. 41 boys146 in 2019120} have benefitted from major scholarship support. The generous legacy of Brian Saville has meant more boys than ever can now access Bedford School through scholarship Support with 7 scholarships being offered this year. In addition one boy was Supported through a hardship bursary. Sixteen new scholarship5 have been awarded to commence from I September 2021, although only 14 were talcen up, and the commitment {for two or f1ve years each) has been fully accounted for in these accounts. Parental income and family circumstances have been tal<en into account in assessing the value of each new award. In iddition, I hardship bursary has been awarded. The total additional cost of the 5chg13rships charged in the year, including hardship award5 and amendments to reflect increases in school fees for awards already accrued was £219.75812019120 £352,968). Grants Total grants, including scholarships, of £439.22612019120.. £456,145) were made during the year. Significant grants awarded this year have been as follows (awarding Fund in brackets).. £16.372 towards development of the Old Theatre into performance facilitylGenerall £7.800 towards funding a Bedford School staff member s Msc in Cyber Security{Generall £3,200 for retro fit LED Lights in the Quarry Theatre {General} £12.000 to the Harpur Trust as a donation to administrative costs {Generall £150,000 to the Harpur Trust as a donation toward5 the Ceramic5 Stijdio (Gilbert Lloyd} Promotion ofthe Trust with a wider public benefit impact The work of the Trust is advertised to parents and Staff each year. via information on the School's website and by e-mails to staff termly, and this has continued to raise the profile of the Trust. The Trustees remain committed to
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 TRUSTEES, ANNUAL REPORT increasing the number and diversity of grant applications, particularly those which have wider community aspects but still meet the objectives of the Tru5L Sports 2nd music facilities were again enhanced by the purchase of additional equipment A series of art exhibitions and lectures. open to the general public were widely attended Pupils at the School are encouraged to be charitable, with £7.669 donated to other charitie5 in the year Use of the Iclcwell Reserve for a wide range of educational vi51ts by Bedford School boys, other local Schools and community groups. FINANCIAL REVIEW AND RESULTS FOR THE YEAR Review of the Overall Flnancial Position at the Year End The total value of the Trust increased by £2,927,125 during the year. The value of the investment porrfolio increased by £2,488,881 whilst net current asset5 Increased by £77,090. Overall, capital funds increased by £1.595,644, and revenue fund5 increased by £1.331,481. The net assets of the Trust total £23.470.01212020 £20,542,887} of which £1,065,461 is in cash or cash equivalents. Income and Expenditure The income of the Trust wa5 £1.023,47S, including donations & legacies tot211ing £504,147. Collections In Chapel raised £1,006 and this was distributed to other chai'ities and worthy causes or is set aside in creditors for distribution. The Charities Committees (Upper and Prep School) run by the pupils raised further fund5 totalSing £6,517 for donation to external charicable organisations. Expenditure of the Trusttotalled £659,381 during the year and governance cost represenced 4.5% of overall revenue expenditure {2020 4.9%). The result of the above income and expenditure totals is a net inflow for the year before the net gain5 and losses on investments of £364.094. Raserves At the end of the reporting period, the total funds held by the Trust were £23,470,012. Of these, £3.557,447 ire permanent endowments whilst £14,933.359 are expendable endowments. £1,658,095 of the permanent endowments are held as fixed assets, with the balance of the endowment funds held in the investment portlolio and bank deposit accounrs. Of the revenue fund5, £2,967,528 are restricted, leaving the b21ance of unrestricted funds of £2,011,678. £1,830,307 of the unrestricted funds are held as fixed assets and some £74,440 are designated. All balances provide a contingency for the related activities and should there be no further income, it is expected that the amounts SO designated will be expended in the following one to two years. The Trustees. policy on holding reserves is that General Reserves should be maintained at a level of between one and two years, typical income in the main account or easily tr3nsferable to the main account. Under this policy, 'General Reserves, are defined as unre5ti-icted funds amounting to £2,011,678 as at 30 June 2021. 'Typical' income is regarded 3S the average of the past 5 years, {including the current period) of unrestricted income. excluding parer)tal contributions. Thi5 year unrestricted reserves represent l O years of average unrestricted income. The Trustees are confident that the Trust retains sufficient reserves to operate efficiently and that the balances at the reporting pei-iod end are adequate to meet the reserves policy defined above. The free reserves held at 30 lune 20212re L36,931 20201£81.4471. Investment5 Trijstees have the power to invest the money of rhe Trust not immediately reqijired to meet its obligations in such inve5rments, securities or property 3S they see fiL The Trustees have delegated discretionary powers to manage
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 TRUSTEES, ANNUAL REPORT the investment portfolio to the investment manager5. The Trustees, Investment Sub-committee monitors the performance of the portfolio manager and reports to the main committee of Trustee5 on a regular basis. The Charity Commission approved an investment pooling scheme for the varying fund5 in lune 2003. The Trust's Investment Policy is reviewed no les5 than bi-annually and was la5r reviewed by the Trustee5 in June 2020. The objective of the Portfolio is to increase both the capital value and the income in re31 term5 Wlthout exposing the Trust to significant rislc. This objective 15 reflected in a benchmark comprised of a composite index that specifie5 a percentage range for each category of investment within which the investments manager must invest. The overall target given to the investments manager is to outperform the benchmark on 3 rolling annual basis for both Income and capital growth. Revlèw of Investment performance In the year to 30 June 2021 the value of the investment portfoli05 Sncreased by £2,488.881 to 119,524,556. Thi5 was due to Strong performance of the investment portfolio there were unrealised investment gain5 of £2,461,913 12019120 Loss of £484,678). Net income earned from the investment portfolio decreased to £460,982 from £479,502 in 2019120. The Trustees, in consultaiion with the investments manager, are satisfied with the performance in the current market conditions, particularly in the light of the ongoing COVID-19 pandemic. FUTURE PLANS The following targets have been reviewed and confirmed for the coming year.. Continue to promote the Brian Saville Award5 Scholarship, Prof Roach Awards and the wider scholarship and bursary programme, combining means tested and discretionary awards, enabling both wlder 2ccess to the School. and to Skjpport current pupils in need Encourage applications for grants for an even wider range of School and alumni projects Support the School in encouraging community access for educational purposes to the School's site and facilities, nd in further developing links with local State schtsols, including maximi5ing the STEM project initiative Support the School in developing facilities and resource5 in support of the aim5 and obiectives of both the Trust and the School STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statements for ea¢h financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and appllcable law. Under company12W the tru5tee5 musc not approve the financial siatements unless they are satisfied that they give a true and fair view of the state of affair5 of the charitable company and of its net outgoing resources for that period and idvise of any material matters. In preparing these financial stacements. the trustees are required to.. select suitable accounting policies and then apply them consistently.. malce judgments and estimate5 that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material depariures disclosed and explained in the financial 5tatements', prepare the financial statement5 on the going concern basis unle55 it Is inappropriate to presume that the charity will continue to operate observe the methods and principles in the Charities SORP. The tru5tee$ are responsible for keeping proper accounting records that are Sufficient to show and explain the charitable company s transactions and disclose with re350nable 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. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable Steps for the prevention and detecrion of fraud and other irregularitles.
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 TRUSTEES, ANNUAL REPORT Approved b the Trustees and signed on their behalf by.. J S Hodg50n Esq. Chairman Date.. 14 September 2022
BEDFORD SCHOOL TRUST Year Ended 30 Junè 2021 INDEPENDENT AUDITOR'S REPORT Opinion We have audited the financial statements of Bedford School Trust for the year ended 30June 2021 which comprise Statement of Financial Activitie5, the Balance Sheet, the Cash Flow Statement and note5 to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted AccoLJnting Practice In our opinion, the financial 5ratements'. give a true and fair view of the state of the charitable company's affairs 3$ at 30 lune 2021 and of the charitable company's net movement in fund5. including the income and expenditure. for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standard5 on Auditing IUKI (ISAS {UK)} Ind applicable law. Our responsibilities under those standards are further described in the Auditor's re5ptsnsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial 5tatsments in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statement5, we have concluded thac the trustee5' Use of the going concern basis of accounting in the preparation of the financial 5tatement5 15 appropriate. Based on the work we have performed, we have not identified Any matsrsal uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company'5 ability to continue a5 a going concern for a period of at least twelve months from when the financial ststements are authorised for issue. Our responsibilitie5 and the responslbilities of the trustee5 Wlth respect to going concern are described in the relevant sections of this report. Other information The crustees are responsible for the other information. The other inforTnation comprises the informatlon included in the Trustees, Annu21 Report. Our opinion on the financial statements does not cover the other inform3tion and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statement5, our responsibility is to read the other information and. In doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent matsrial misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a mxterial mis5ratement of thi5 Other information. we are required to report that fact. We have nothing to report in thi5 regard. Opinions on other Matters prescribed by the Companies Act 2006 In our opinion, based on the worlc undertaken in the course of the audit.. the information given in the Trustee5 Annual Report {which includes the directors, report pfftpared for the purposes of company law) for the financial year for which the financial 5t2tement5 are prepared is consisn¢ with the financial statements., and
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 INDEPENDENT AUDITOR'S REPORT the director5, report included within the Trustees, Annual Report have been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exceptlon In che light of the l¢nowledge and understanding of the charitable company and its environment obtained in the course of Ihe audit, we have noc identified material misstatement5 in the TrUSts, Annual Report (which incorporates the directors, report). We have noihing to report in respect of the following matters in relation to which the Companie5 Act 2006 requires us to report to you if, in our opinion.. dequate accounting records have not been kept by the charitable company,. or the charitable company financial st3tements are not in agreement with the 2ccounting records and returns,. or certain disclosures of trustees. remuneration 5peclfied by law are not mide,. or we have not received all the information and explanations we require for our audit., or the trustees were not entitled to prepare the financial Statements in accordance with the small comp2nies' regime and take advantage of the small companies. exemptions in preparing the tru5tee5' report and from the requlrement to prepare a 5trntegic report. Responsibilities of trustees for the financial statements As explained more fully in the trustees, responsibilitie5 5taiement set out on page 7, the trustees (who are also the directors of the charitable company for the purposes of cotypany lawl are responsible for the preparation of the financial 5catements and for being 5arisfied that they give a true and fair view. 2nd for such internal control as the trustees determine is necessary io enable the preparation of financial statements that are free from materlal misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as 2 going concern, disclosing, as applicable, matters related to going concern and using the going concern ba515 Qf accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do 50. Auditor's re5ponslbllities for the audit of the financial statement5 Our objectives are to obtain reason3ble a55urance about whether the financial stacements as 3 whole are free from materi31 misstatement, whether due to fraud or error. and to issue an auditor'5 report that includes our opinion. Reasonable assurance is a high level of 2ssurance, but 15 not a guarantee that an audit conducted in accordance with ISAS {VK) will always detect a material misstatement when ic exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulation5. We design procedures in line with our responsibilitie5, Outlined 2bove, to detec¢ material mtsst2tements in respect of irregularities. including fraud. The extent to which our procedure5 are capable of detecting irregu12rities. including fraud is detailed below.. Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with law5 and regulations related to charity law, tenancy regulations and health and safety, and we considered the extent to which non-compliance might have a material effect on the financial 5catements. We also considered those laws and regulation5 that have a direct impact on the preparation of the financial 5t2tements such a5 the Companies Act 2006 and the Charities Act 2011. We evaluated management's incentives and opportunities for frdudulent manipulation of the financial Statements (including the risk of override of contro15). and determined that the principal risks were re13ted to improper recognition of income and management bia5 in accoLJnting estimates Audit procedure5 performed by the engagement team included.. Inspecting correspgndence with regulat()rs and tax authorities., 10
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 INDEPENDENT AUDITOR'S REPORT Discus5ion5 Wlth management including consideration of known or suspected in5tan¢es of non-compliance with laws and regulation and fraud,. Evaluacing management'5 contro15 designed to prevent and detect irregularities: Identifying and ¢e5ting journa15', and Challenging assumption5 and judgements made by management in their critical accounting estimates. Because of the inherent limitations of an audit, there is 2 ris1< that we will not detect all irregularitie5, including those leading to a material misstatement in the financial Statements or non-compliance with regulation. Thi5 risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of instance5 of non-compliance. The risk is also greater regarding irregularities occurrlng due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further de5crlption of our responsibilities for the audit of the financial statements is loCad on the Financial Reporting Council's website at.. www.frc.org.uklauditor5re5ponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Par¢ 16 tsf the Companies Act 1006. Our audit work ha5 been undercaken so that we might state to the charitsble company's members those matters we are required co state to them in an Auditor's report and for no other purpose. To the fLJllest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audic work, for this report, or for the opinions we have formed. Tracey Young {Senior Statutory Auditor) For and on behalf of Haysmacin¢yre LLP, Statutory Auditor l O Queen Street Place London EC4R IAG 14 September .2022
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income Expenditure Account) VnfèSt¢kted ¥e3r EndÈd Unre5Mited R4strfct¢d Endowrnèrtt Year Ended INCOME FndS Fun65 Joluttè 1020 ChaYltabkac¢ryiUps'. 916 &Y.781 ¢914 950 HaIY[undS'. I06 IM30 13.Q 240JO 16m 832 14.J Donaiknn¥ &Lepdn5 153MQ 1.425334 In¥e5tments'. £gh57 46D,981 441.9 Total 7K519 I,KJ,175 122JEB 1081323 EXPÈNDITURE 62,gP6 3.2riJ 13).224 Tylal Èxpenditur• 44iWI 66.016 75,020 649,J4S 1BtlÈxpendlreY translers in¥B5fthEnt 92.652 JJ7.498 166,0961 3a4.0 1.447.099 (75,0) i&iÈJ 296,517 2.S63,031 R¢YalUaao[Prop è4Èt irttomtllped1tUr}t0¢ th•ye Iiag75 1.409.SJ4 634356 TmIer&bEtlenFUfid5 J59.602 211989 330136 44.911 853,f* NÈtMo¥emeniln 1.321,122 1g97.5W) 63&356 2D,54J,8A7 openSnEBwlrys 791342 CIosihA eanceS 2.967.5 11490806
Company No. 04479551 BEDFORD SCHOOL TRUST BALANCE SHEET As at 30 June 2021 At 30 June 2020 Notes At 30 June 2021 FIXED ASSETS Investtnents Tangible Fixed Assets 19,524,556 3.558.402 17.035,675 3 267 584 23,082,958 20,303,2S9 CURRENT ASSETS Cash at Bank .065.461 54,570 948,704 229 S67 Debtors 120,031 178.271 CURRENT LIABILITIES Creditor5- Fallit)g due within one year 371.002 506 332 NET CURRENT ASSETS 749.029 671 939 TOTALASSETS LESS CURRÉNT LIABILITIES 23.631,987 20,975,198 Creditors due after more than one year 361975 NET ASSETS 23470012 20 542,887 ENDOWMENT FUNDS Permanent Endowments 3,557,447 14933 359 3,315.142 13580020 Expendable Endowments Total Endowment Fund5 14 18 490 806 16 89S 162 REVENUE FVNDS Restricted Funds 2,967,528 2,114,524 Unrestricted Funds: Designated Funds General Furbd 74,440 78,3S9 1454.B42 1937 238 2,011,678 4 979 206 ,533 201 Total - Revenue Funds 3,647 725 23 470,012 20 542,887 The note5 on pages 14 to 26 form part Signed on behalf of the Trustee5'. anci31 statements. J S HODGSON Chairmt Date- 14 September 2022 12
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 CASHFLOW STATEMENT Year Ended 30 June 2021 Year Ended 30 June 2020 Note Cash flows from operating activitie5 Net cash provided by operating act4Vities 402,211 1,271,870 Ca$h IIow5 from investing activitie5 Purchase of property Purchase of fixed assets Proceeds Irorn sale of investments Purchase of investments {359.602} 2,946,936 12,683.172) 3.270,464 16.316,4421 Net tash (used in)1 provided by nve5ting activities 195.8381 13,045.978) Change in cash and cash equivalents in the reporting period 306,373 11,774.1081 Cash and cash equivalents at l July 2020 1,038,888 2,812.996 Cash and cash equivalents at 30 June 2021 1.345,261 1,038,888 NOTES TO THE CASHFLOW STATEMENT l. Net income for the period Adjustment5 for. Depreciation charges Decrease in cre(IiLors Decrease in debtors Net cash provided by operating activities 364,094 1,353,566 68,784 {205,6641 174,997 8,850 57,452 1147,998 1.271,870 402,211 2. Analysi5 of cash and tash equivalents At30 Cash flows At 30 June 2021 Z020 Current account Central Bank account CCF Bank Account & Petty Cash Deposit accounts Cash for investment 834,690 32,013 26,313 55,688 90,184 1.038,888 1393,3521 441,338 31.699 19,684 572,740 279,800 1,345,261 16,629} 517,QS2 189,616 306,373 The notes OD pa8es 14 to 26 lorm part ol the financial Statements.
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 NOTES TO THE FINANCIAL STATEMENTS CHARITY INFORMATION The Trust is a private limited company (registered number 4479551 I, limited by guarantee. whlch is Incorporated and domiciled in the UK. The Charity registration number is 1094232 and the address of the registered office is 10 Glebe Road, Bedford, MK40 2PL. The main objective of the Trust 15 to support Bedford School by promocing the education of both current and former pupils and to Sttpport the School and its ch3rit2ble activitie5. ACCOUNTING POLICIES The principal accounting policies adopted and critical areas of judgements are as follows- Basi5 of preparation These accounts {fin2ncial statements) have been prepared in aecordance with the Charitie5 SORP {FRS102) Second Edition 3pplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice. Bedford School Trust meets the definition of a public benefit entity under FRS 102 and due regard has been given to Ch2rity Commission guidance. In addition, assets and liabilities are initially recognised at historical c05t or transaction value unles5 Otherwise stated in the relevant accounting policy note. The financial statements have been prepared under the historic31 cost convention, subject to carrying fixed asset investments at market value, and in accordance with the Charities SORP {FRS1021, and with pplicable accounting Standards and current statutory requirements. After making enquire5, the trustee5 have a reasonable expettation that the charity has adequate resources to continue its activities for the foreseeable future. Accordingly. they continue to adopt the golng concern basls in preparing the financial ststements as gutlined in the Ststsment of TrLJStees' Responslbilities on page 7 and 8. The Tru5tee5 of the Bedford School Trust are a150 the Trustee5 of rhe Colonel Wells Charity, which operates in the Trust'5 area of benefit. On 16 May 2003, a Uniting Direction Wd5 approved by the Charity Commlssion enabling production of a single set of accounts for both the endowed funds {held by the unincorporated charity) and the restricted and unrestricted funds. Critical accounting judgements and Icey sources of estlmation uncertalnty In the application of the Trust's accounting policies. Trustees are required to make judgements, estimates. assumptions about the carrying value5 of assets and liabilities that are not readily apparent from other sourtes. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Such estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimate5 are recognised in the period in which the e5timats is revised if the revision affects only that period, or in the period of the revision and future periods rf the revision affects the current and future periods. In the view of the Trustees, the estimates and judgements made which have a rislc of causing a material adjustTnent to the carrying amount of assets relate to the valuatlon of investment propertie5. Financial instruments Bedford School Trust has financi31 assets and financial liabilltles of a kind that qualify a5 basic financial instruments, which are initially recognised at transaction value and subsequently measured at Èmortised 14
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 NOTES TO THE FINANCIAL STATEMENTS cost. Financial assets held at amortised £051 comprise cash at bank and in hand, together with trade and other debtors. Financial liabilities held at amorri5ed cost comprise trade and other creditors. Investments, including bonds held as part of an investment portfolio are held at fair value at the Balance Sheet dare. with gains and losses being recognised within income and expenditijre. Income Contributions and donations are accounted for on a receivable b2515. Legacy income 15 accounted for when there 15 entitlement and reasonable probability of the Iwcy s value and receipt. Expenditure Expenditure 15 classified under the principal categories of c05t of raising funds, charitable activities and governance rather than the type of expense. in order to provtde more useful information to Users of the accounts. Expenditure Is included in the Statement of Financial Actlvities on an accrua15 basis, inclusive of Any Irrecoverable VAT. Raising funds comprise those costs directly attributable to managing the investment portfolio, trading and fund-raising costs. which are those incurred Sn seeking voluntary contributions for the Charity. Grants payable are charged to the Statement of Fln2ncial Activitie5 when the offer Is conveyed to the recipient except in those case5 where the offer 15 conditional, such grants being recognised as expenditure when the conditions attaching are fulfllled. Governance costs are those incurred in connection with compltance with constitutional and statutory requirements. Investment Property Investment properties are included in the balance sheet at their open market or 35 per Note 6 (Tangible Fixed As5etsl. Where undertal<en, valuations are carried out by an independent Chariered Surveyor every five years. In addition, the market value of Investment property is revalued to net sale5 value where there is i prospective sale in progress at the year end. Informal Trustees. review5 are carried out annually by reference ro market values of other simi13r properties in the surrounding area. with any materhal g3ins and losses resulting from revaluation being reported in the Statement of Financial Activities. Because of this annual review no depreciation or amortisation is provided. Investments Investments are revalued to market valLJe at the balance sheet date and the SLJrplu5 or deficit of this revaluation cogether with reali5ed gains and losses are shown as gains or Ios5e5 On the face of the Statement of Financial Activities. Works of Art The valuation of Works of Art is formally reviewed every five years, and monitored annually to ensure the value 15 adequate. A full valuation was undertalcen in August 2019 by a registered valuer and those value5 have included in these accounts. Additions are included at cost, with any additions over £500 being capitalised. The Trustees consider the useful life of the assets to be so long that depreciation would be immaterial. Tangible Fixed Asset$ Purchase5 of assets in excess of £ 1,000 are capitalised, with the exception of artworlc5 where the de minimi5 is £500 co reflect potential for appreciation in value. Depreciation is provided on operational fixed a55ets to write off their cost less estimated residual value over their estimated useful economic life by equal annu31 instalment5 as follows.. Freehold Properry- 50 years Motor Vehicles- 5 year5
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 NOTES TO THE FINANCIAL STATEMENTS Chapel Assets and Worl<s of Art are not depreciated as Trustees constder the useful life of the assets to be so long that depreciation would be immaterial. 2.10 Re5tri¢ted Funds These are monies, which have legal restrictions on their use where donor5 have specified the fund5 can only be spent on certain of the charity's activiues. Unrestrlcted Funds Unrestricted general funds are those funds, which can be used in accordance with the charitable objects at the discretion of the Trustees. Some unrestricted funds are reclassified as Designated Funds a5 these are set aside by the Trustees for specific or designated future purp05e5 or projects. 2.12 Endowed Funds These are funds where the Trustees are required to hold the capital. as represented by the investments and other fixed assets. They do not have the power to Spend the capital of permanently endowed funds, but can apply both income and capital of expendable endowed funds should they so decide. Income arising from these funds is either restricted income or unrestricted income depending upon the detai15 included with the original gifL INVESTMENT INCOME 2021 2020 UK Equity Dividend5 (including Unit Trusts) Oversea5 Equity Dividend5 Interest Received from Fixed Interest Securitie5 Interest Received on Cash Held For Investment Property rent5 Bank Interest 285,229 242,084 106.707 67,668 3,325 58,631 1,087 13.525 6.297 54,750 460,982 479,502 CHARITABLE ACTIVITIES Directly dertaken Grant funded 5uppDvt Costs Total 2021 Directly ndertaken Gvallt Support Costs Total 2020 Scholarships Bursarie5 219,758 219,758 352.968 351.96B Academi 69,084 77 18,255 S,751 10.410 79,S04 77 21,492 5,751 7,894 255 71,235 10,681 30.913 38.807 255 Welfare Premises ChapÈl Expenditiire Activities expenditure 4,237 71,235 10,681 20,9B9 51,379 72,368 5.309 38,669 43,978 DonatlOn5 to other charities 157,669 157.669 33,5115 33,595 G<erante I?,B07 29,807 29.B07 587,426 31,656 31,656 31,656 583,175 491.SB3 66,036 481,937 39,582 16
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 NOTES TO THE FINANCIAL STATEMENTS Governance 2021 2020 Audit fee Professional fees Accounting software licence & 5UPPOrt Statutory fees Banlc charges Admin costs 7,300 ,370 1,728 35 374 12,000 8.800 16,212 1,224 35 5,385 29,807 31.656 Governance costs include fees accrued to the Auditors for the audit of £7,30012020.. £8.0001. No staff costs were incurred by the Trust in Ihe year to 30 Iijne 2021, a5 Staff resources were provided by the Harpur Trust via Bedford School. The Trustees received no remuneration, nor did they receive any reimbursed expenses during the current or prevlous year. Grants and Awards 2021 2020 Bedford School & Associated Project$: Promotion of Sports and ActivitÉes Scho13rships Academic 51,379 219,758 10.420 281,557 38.669 352,968 30,913 422,550 Other Institution5: St John's Hospice (Sue Ryder) Movember Tibb5 Dementia Willen Hospice The Mind Map Bedford Foodbank joint Disaster Relief Fund Autlsm Bedfordshire CRY Bedford Foodbanklsoupfest Brit15h Red Cross Royal British Legion Bedford H05PltIl Charity Bedford Rotary Club Tree Aid Plastic Oceans The Harpur TrLSSt Luna Animal Rescue Comic Relief Sundry (under £500) Level Trust Captain Tom Foundation Drops Maternal Mortality Campaign Life for African Mothers 537 537 537 1,226 3,404 2,631 3,032 85 3,028 420 420 1.703 537 359 1.643 759 448 448 12,000 450 150,000 1,109 132 537 2,345 699 699 1.539 Total Grants and Awards Payable 17
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 NOTES TO THE FINANCIAL STATEMENTS Grants to Other Institutions resulting from charity fundrnising have been made to encourage charltable awareness in pupil5. INVESTMENTS A summary of movements in the Investment portfolio is shown below.. 2020 2021 Market Value at beginning of year Purcha5e5 Disposals Unrealised {Losses)IGhins Realised IL05ses)IG3ins Net Investment 16,945,491 14,479,223 2,683,172 6,316,442 (2.946,936) {3.270.4641 2,461.913 1484,678} 95.032 16.945,491 19,244,756 Cash held for investment 279,800 90,184 Market Value at end of year 19,524,556 17,035,675 A Summary of the Quoted Investments and Cash held is shown below.. 30 lune 2020 Market Value 30 June 2021 Marlcet Value Cost C05t Total Fixed Interest UK Equities Oversea5 Equities Alternative Assets Property Emerging Equities Money Marl<et Instruments 1,341.821 8,143,174 6.451,851 .721,843 583.447 702,620 300,000 ,293.J I I 6,111,808 3,166,285 1.620,696 591,046 581,345 300,000 1,725,795 7,182.072 5,329,919 1.396,643 561,062 1,641.831 6,170,024 3.171,629 1,251,406 591,046 750,000 750,000 Cash 279,800 279,800 90,184 90,184 Total Investments 19,524,556 12,783,146 17.035.675 13.666,120 18
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 NOTES TO THE FINANCIAL STATEMENTS TANGIBLE FIXED ASSETS Investment Freehold Cha Artwork Motor Total Pro Èrt Pro ert A%sets Vehicles ment COST OR VALUATION Atl UI 2020 1.572.995 512,500 728.100 586,240 22,028 3,421,863 Additions 359,602 359,602 airment IRevaluation At30 une 2021 1.571995 512,500 728,100 586.240 21028 359,602 3.781,465 DEPRECIATION At I UI 2020 132.251 22,028 154,279 Char e for the 8,850 59.934 68.784 At30 une 2021 22,028 59,934 223,063 NET BOOK VALUE AL30 une 2021 1,572,995 371.399 728,100 586,240 299,668 3,558,402 At30 une 202Q 1.572,995 380,249 728,100 586,240 3,267,584 The Investment Property comprises the remainlng part5 of the Colonel We115 Ickwell estate {excltJding the Field Study Centre) which now comprises of a single Bungalow and some freehold leases on cotrages within Ickwell village that were once part of the Ickwell estate. The Colonel We115 Fund also includes investment properties at 41 De Parys Avenue, 13 Dudley Street, and 32 St Peters St, Bedford which have all been acquired by reinvesting funds received from the sale of farm land within the original Colonel Well Icl<well estate. All the investment properties earn rental income. The properties at 41 De Pary5 Avenue, 13 Dudley Street and 32 St Peters Street were revalued 2t September 2020 by Robinson & H211 LLP. The Ickwell Field Swdy Centre is a functional asset for the charlty's use, and is being depreciated over SO years. It wa5 revalued as at lune 2019 by Robinson & Hall LLP. The Trust's investment porrfolio a150 include5 land It Prince5 Risborough.13nd at 14114A Glebe Road and 2 Burnaby Rd, Bedford. The Trust owns '/4 of 15 share of land in Princes Risborough which remains valued at the probate valuation of £17,500, on the basis of bire agricultLJral use. The property at 14114A Glebe Road is land only and was revalued as atjune 2019 by Robinson & Hall LLP and is not depreciated. The property at 2 Burnaby Road is included as revalued in June 2019 by Robinson & H211 LLP and 15 being depreciated over SO years Starting in 1996197. Both the Glebe Road and Burnaby Rd properties are leased to the school on long term leases. The freehold properties are functional 25sets for the charity's use. The Chapel a55ets originally belonged to the Chapel Society Fund. but h3ve been included in the General Fund since June 2005. Non depreciating assets were revalued at a replacement cost of £392,700 (from £366,000) by David Fletcher MRICS in August 2019. The valuation is reviewed every five years and is 19
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 NOTES TO THE FINANCIAL STATEMENTS monitored annually to ensure this value is adequate. The Trustees consider the useful life of the h55ets to be so long that depreciation would be immaterial. Works of Art accumulated by the Trust were re-valued at a replacemeni cost of £586,240 in August 2019 1£404.740 Aug 20141 by David Fletcher Fine Art Limiced. Silverware and fine furnishings were separately valued at 1204,610. BANK ACCOUNTS 2021 2020 Current Account Central Bank Account CCF Account & Petty Cash HSBC Deposlt Account 441.338 31,699 19,684 834,690 32.013 26,313 688 Total DEBTORS 2021 2020 Investment income receivable Trip refunds (COVIDI Other 51,690 45,064 139,135 45,368 2,380 54,570 229,567 Debtor5 were É54,570 (2020.. £229,568}- The 5ignific2nt decrease relates to the Isrge trip refund debtor in 2020 accounts. CREDITORS 2021 2020 Due within one year: Accruals Colonel Wells Charity Scholarshsps Grants School Trip5 Prep School Common Room 10.058 60,732 21,627 340,889 56,990 26,094 295,890 41,738 22,662 654 371,002 506.332 Due after more than on¢ year: Scholarships 361975 432,311 361,975 432,311 The Trustee5 have accrued as a liability the estimate of scholarships awarded to boys currently in the school, a55uming they stay in the school until the end of Upper Sixth, unle55 2 specific time period has been agreed. The Grants creditor consists of grants approved by the Trustees in Ihe year but unpaid at the year end. 20
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 NOTES TO THE FINANCIAL STATEMENTS 10. ENDOWED AND REVENUE FUNDS The detsi15 of permanent and expendable endowed funds are shown on page 23. The detai15 of the revenue funds are shown on page 25. The purp05e5 of these fund5 are explained in the Trustees, report. In line with the Ti-ustee policy co expend the Lindsay-white Legacy, Prof Roach & Brian Saville transfers of £60,080, £7,000 & £155,109 respectively were made from the expendable endowments to the restricted funds during the year. The tr3nsfer5 were made towards supporting charitable activities. A transfer of £359,602 wa5 made from the general expendable endowment fund to General unrestricted fund to support the purchase of laptops for stsff of Bedford School at the 5cart of the Covid pandemic. NET ASSETS OF THE FUNDS The Trust'5 net assets as at 30 June 2021 belong to the Wdrious funds as follows.. Net Current A$setsl Investments (Liabilities) Flxed Ass¢ts Long Term Liabilities Fund Balances Endowed Fund5 Restricted Funds Unrestricted Funds 1.658,095 70,000 07 17.068,222 2,259,050 197284 P35,508) 1,070,453 18,490.806 2,967.528 2011678 1361,975) The Trust's net assets as at 30 June 2020 belong to the various fund5 as follows Net Current Asset51 {Liabilitie5) Fixed Assets Long Term Liabilitie5 Fund Balance5 Investments Endowed Funds Restricted Funds Unrestricted Ajnds 1,661,295 70,OQO 1536 289 15,793,392 1,068,178 174 105 (559.525) 1,408.657 (432,311 } 177 193 16,895,162 2,114,524 1167 035.611,2 RELATED PARTIES Mr James Hodgson. Head Master. and Dr D2niel Koch, Vice Master, are employees of the Harpur Trust, a5 well as ex officio Trustees. A total amount of £369.758 including scholarship5, was granted to che Harpur Trust in the year to 30 lune 2021 {2020 £309.7551. At 30 lune 2021 nil wa5 due ro the H3rpur Trust12020 £50,918) and 3n amount of nil was due from the Harpur Trust12020 £45,196). 21
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 NOTES TO THE FINANCIAL STATEMENTS Scho13rships granted to individual pupils 2re paid directly to the Harpur Trust in response to agreed invoice5 raised. The actual scholarship sums paid in 20212mounted to £327.00812020 £297,755). During the year £12,000 was grantsd from Bedford School Trust to Harpur Trust as a donation to Admini5crative costs. POST BALANCE SHEET EVENTS On the l August 2022, Bedford School Trust & Bedford School Foundation (charity number 1095681) merged. The assets Lnd liabilitie5 of Bedford School Foundation have been transferred to Bedford School Trust. 22
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 NOTES TO THE FINANCIAL STATEMENTS 14. ENDOWED FUNDS Net Value at A#dltions Expendible Endowed MovemÈnt Inve5trneilt Transfer5 Valu¢ at Fund JO Jun¢ 10 Endowment Property PorrfoliD Malla8er5 Betw¢¢n 30 June 11 DÈpreciationl Valu¢ Fee5 Fund RevaluatlDn Permanént Endowrneilts 23,537 (} 26,979 Chapel (Siddon5 Benelacdonl 7.254 &314 ColoTrel VIENS Fund 13.2001 3.200 3,371591 Her1x5fflh Bursary 75,849 B6.Vl Rice Cks55cal Sihdar5h 8,098 22 T¢1 249.303 &99e 3.557,447 Expend#bl Endowments Bedlord sch1 Tryst Awards Fund 32&261 373.Y69 An&ow Dell ExhNtkn 6.901 Andrew Lucken Fur 7.654 a774 Blackwell 5chclarshlp SQ,058 Cotnbined Cadet Force 57,053 8.584 65.) Edgar Rollin50n Science ScW4rSP 46.B20 7.044 11981 51666 GSlbErtCoDk scholahSP 7&085 594.898 G1lkrtLd fund 15Q406 22.619 171,4fN) Lin Gvode Fund 2.960.637 445.430 112,5051 3,193.562 GEnertl S¢Warshlps 488,703 73.526 12.0641 spec¥AccoUnt- 129.178 15K} Cdl B sh FuDd 2&241 Llhdsay-whth Fund5 750,È64 112.968 100.QBOI 800.SBI Murray Fletcher5por15Sthotsrship 169,050 2%434 oleY Fhr Fvnd 392 30.252 Ramsay Murrny 22?,773 Prot RDhch Fynd 117.338 I7,) 893.954 salAards 4.792,690 20,24 155,109 5.318.398 SubTotal 1.798.208 150,4851 13,484.é58 General Fund I.920 359.602 1.44&7el Total- Expettd3ble EndowmEnlS 13,580.020 1.991.020 ISS.B9B) Gra¢)d Totals 3J(M)) 2.24Q331 62.e96 578.591 18.490,806 23
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 NOTES TO THE FINANCIAL STATEMENTS 14. ENDOYVED FUNDS121120 CompRrhtivt) Net Value at Additlons Expendable Endowed Movement In¥Èstrnent Tran$fErs Yalue at Fund 30JunÈ 19 In Perlod Endowment Property PorrfoliD MxrtaxÈrs Between 30 June 10 DepreciatioTrl Value Ftes Funds RevaluatiDn Perman¢r•t EndDwmts Chayl IPhlllytts BEnEfactnI 24.52e 21,537 3p1 ISlddon5 Benefacti) 7,560 7,2S4 3.596,605 1138,7th)1 1242,4641 HeriiSTnith Bvf51ry 79.D45 P,B481 75.849 5A,01S 246 3.763,763 13&700 7.339 142,464 Expendable Endowrnernts BEdlord 5cho¢l TrnsiAwards FMd 338.946 32&261 Andfew Dell ExhNI 47.840 11,7241 45.906 Andrvw LL*ken Fd 7.977 P881 7.654 Bkckwell Sthclarshlp 316,739 Cone CadetfoP 11651 57.053 EdyrRdllnsoTrkicnceSth¢4rthl 4a792 46.B2Q Gllbert Cot)kSch¢larshlp 539.619 519.005 Gllbert Lloyd Fund IS6461 150.4Q6 Allan GoodÈ FThd 3,046.907 174¥161 19.3841 2.96¢.637 General Scwarshlps 510,517 119,579> 48&703 Speciil Account- HMA Col J B FuThd 1799) L1ndsty-whl Funds 791,719 134.2271 4601 750.864 Murr3y Fletcher SportJSchokrthlp 169,050 Oakley Ft(her Fund 27.504 26.392 Ramsay Murray IOl539 189DI 194.353 ProlRoich 7B&910 6rhln kvill¢ Awards 197.46 4.792,690 Sub Total Il4601 Genertl Fund &650 41.705 5.457 I.62090 Totsl- ExpEndable EThJowmen 14,11&988 IW.0261 13.591020 Grand Tota15 17,891.751 144.924 24
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 NOTES TO THE FINANCIAL STATEMENTS 15. RESTRICTED & UNRESTRICTED FUNDS ) 30 2021 30 luThe 2010 Intome ExpenditLbre Tran5fer$ Investment Gainsl{Lossl RESTRICTED FUNDS Rice Classical Scholarship Boat Club App¥dl Chapd Fund lincluding &ddon5 & Phillptytts bEndattiOnsI Colofjel We115 ChariLy Fund john Vvarren Lecrure Fund Heriz Srnlth Bursary 1.282 300 18.402 25.302 25,OD2 170,585 278,540 655 6,162 65,409 2B,991 66,578 16,4721 134,6661 25,665 41,907 218.769 349.159 655 5,335 73,343 17.905 124,645 54.952 5,580 13.2001 1,809 7.934 17,905 14,295 4.635 629 12.6361 Lind5ay-White Legacy Funds Gilbert Cook Scholarship Ramsay Murray 03kley fletcher Edgar RO11]n)n scien Stholar5hip GilbErt Lltsyd Fund Andrew Lucken Fund Murray Fletcher Sport5 SchoL)rship Bedlord School Trust Award5 Fund Andrew Dell ExhlbitK>n Golfcoathing Fund Gap Year Fund Col l B Smith Fund 8111 Soh31 Fwd Prof Roach Fund Brian Saville Funds lame5 Crowden Lepcy 85F Unallocaied Fund Lunt-waldecker Fund Allan Gtode GenETrl Scholarshlps 160.0801 13401 60,OBO 98.582 50,317 4.951 10.325 85.214 2.079 1,198 12,108 153,S87 1150.7001 2.262 33,489 P7,9111 12,0?2 6.265 153 40,427 1,273 18,602 4.079 30,033 1,095 20,717 27,21? 15.78B) 10.?27 114,4521 36,268 1,273 16,066 5.055 3,001 490,984 8CQ,266 4.159 43,348 1471121 1155.4801 7,000 3.001 744.070 938.692 70,599 159,357 12,70n 13,5521 96,436 120.401 70,599 TOTAL- Re5tDcted Funds 2.114,524 780,519 1443.0211 218.989 296,517 2.967.528 UNRESTRICTED FUNDS Deslgn3ted Funds.. Mu51cal Instrument Fund MoniLors' Fwd Ch3ritieS Commlttee CCF Fund CenB3nk Funds (Totall PrÈP School Account Specikl Account- Skth.ToLII 8,265 517 4,048 600 12.9791 13001 17.6591 9.334 85.737 2.890 74.165 149.9561 39,188 3.083 74,440 34,470 7,418 3,083 24,556 12.7001 78.359 128.4751 Genwal Fund 1,454.842 218,400 359.602 26,IB3 1,937.239 TOTAL- Unresiricred Funds 242,956 150,264 359.602 26,183 TOTAL. REVENUE FUNDS 3.647,725 1,023,475 593.285 578,591 322.700 4.979.206 The Lranslers from endowed lunds Inio restricted fwds the schedule above have beÈn explalned In Note 10. 25
BEDFORD SCHOOL TRUST Year Ended 30 June 2021 NOTES TO THE FINANCIAL STATEMENTS 15. RESTRICTED & UNRESTRICTED FUND$12Q20 Comparative) 30 lune 2020 JO lun¢ 2019 Income Expenditvre TvartsfÈrs vestment GaIn(Lo$S} RESTRICTED FUNDS 15,300 25.153 2.196 225 13761 13761 8oiL Club App•1 Chapel Fund lincluding Siddons & PhIlltE$ berbElaciion5 ColoDd Wd15 Chariy Furhd john Warren Leclure Fvnd HeriL Smith Bursary Blackw1 Scholarship Lindsay-white Legacy Funds Gllbert Cook SchdarshSp Ramsay Murray Oakley Fletcher Edgar Rollinson Science Scholarship Gilbert Lloyd Fund Andrew Lucken Fund Murray Fletcher srts SchrAarshlp BÈdford School Trusi Awards Fund Andrew Ddl Exhibitlon Goll C03ching Fund Gap YÈ3r Fund Col l 8 Smlth Fund Bill Sohal FMd Prol RoaEh Fund 25,002 172.882 263,335 655 7,087 53,065 27,414 87.534 112.3791 13.W51 140831 170.585 278,540 655 6.162 65.409 167.4461 3,075 12,5001 11,127) 22,227 20,989 7BS9 1,074 ,904 81,102 293 6,834 22.970 Ih54 137,5401 79,470 43.209 3,877 8.797 B.862 1,786 37,328 36,906 7,087 98,581 50,317 4.951 13,2471 85,214 2,079 2,198 1100.2361 1,986 19.078 112,547) 10,927 376 29.941 7.078 36.268 3.695 48.527 209.156 135.7801 13761 16.066 5.055 3.005 490.984 BOO,266 lamo5 Crowden Legacy BSF UDAllocAt£d Fund Luni-waldocker Fund 3,Wl 500.000 TOTAL- ResEriad Fund5 790,302 1.880,323 1433.2241 185,3121 137.5651 UNRESTRICTED FUND5 DÈslgnatÈd Fund Musical InstrunHit Fund MonlEors' Flld Charities Cammltyee CCF Fund Cen8•nk Funds (Torall Prep SchorA Account Sub-T¢ul 5.876 252 (2721 69.584 145.3781 7,442 520 2.797 23.394 3.916 20.715 58.784 15.0531 8.165 13,5741 85,737 149,5811 34,470 78,359 27.596 General Fund 1,150,065 63,804 189.2631 330.236 1,454.842 TOTAL. Unrestricted Funds ,221,478 122,588 330,236 TOTAL. REVENUE FUNDS 574.325 244,924 37,565 3,647,725 The transfers [rn endowed funds inLO restricted lund5 ID the 5chedtslE above have been Èxplained In NtrLe 10. 26