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 dOna￿d 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 u￿ent 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
consis￿n¢ 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 TrUSt￿s, 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 loCa￿d 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
F￿ndS
Fun65
Joluttè 1020
ChaYltabkac¢ryiUps'.
916
&Y.781
¢914
950
HaIY￿[undS'.
I￿06
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
1BtlÈxpend￿l￿reY translers in¥B5fthEnt
92.652
JJ7.498
166,0961
3a4.0
1.447.099
(75,￿0)
i&iÈJ
296,517
2.S63,031
R¢YalUa￿a￿o[Prop
è4Èt irttomtll￿pe￿d1tUr￿}t0¢ th•ye
Iiag75
1.409.SJ4
634356
T￿mIer&bEt￿lenFUfid5
J59.602
211989
330136
44.911
853,f*
NÈtMo¥emeniln
1.321,122
1g97.5W)
63&356
2D,54J,8A7
openSnEBwl￿rys
791342
CIosihA ea￿nceS
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<￿er￿ante
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
035.61￿￿1,2
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
Her1x5ff￿lh Bursary
75,849
B6.Vl
Rice Cks55cal Sihdar5h
8,098
22
T¢￿1
249.303
&99e
3.557,447
Expend#bl* Endowments
Bedlord sch￿1 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 ScW4rS￿P
46.B20
7.044
11981
51666
GSlbErtCoDk schola￿hSP
7&085
594.898
G1lkrtL￿d 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 s￿￿h FuDd
2&241
Llhdsay-whth Fund5
750,È64
112.968
100.QBOI 800.SBI
Murray Fletcher5por15Sthotsrship
169,050
2%434
ol￿eY F￿￿h￿r Fvnd
392
30.252
Ramsay Murrny
22?,773
Prot RDhch Fynd
117.338
I7,￿￿) 893.954
sa￿l￿A￿ards
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 EndDwm￿ts
Chayl IPhlllytts BEnEfact￿nI
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 F￿d
7.977
P881
7.654
Bkckwell Sthclarshlp
316,739
Co￿ne￿ Cadetfo￿P
11651
57.053
EdyrRdllnsoTrkicnceSth¢4rthl
4a792
46.B2Q
Gllbert Cot)kSch¢larshlp
539.619
519.005
Gllbert Lloyd Fund
IS6461
150.4Q6
Allan GoodÈ F￿Thd
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 F￿t(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.620￿90
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 & PhIll￿tE$
berbElaciion5
ColoDd Wd15 Chariy Furhd
john Warren Leclure Fvnd
HeriL Smith Bursary
Blackw￿1 Scholarship
Lindsay-white Legacy Funds
Gllbert Cook SchdarshSp
Ramsay Murray
Oakley Fletcher
Edgar Rollinson Science Scholarship
Gilbert Lloyd Fund
Andrew Lucken Fund
Murray Fletcher s￿rts 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' F￿lld
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 [r￿n endowed funds inLO restricted lund5 ID the 5chedtslE above have been Èxplained In NtrLe 10.
26