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2022-06-30-accounts

BEDFORD SCHOOL FOUNDATION TRUST (FORMERLY KNOWN AS BEDFORD SCHOOL TRUST)

REPORT & ACCOUNTS FOR THE YEAR ENDED 30 June 2022

Charity Registration Number: 1094232 Company Registration number: 04479551

BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 TRUSTEES’ ANNUAL REPORT

CONTENTS Page
Reference and Administrative Details 1
Trustees’ Annual Report 2
Independent Auditor’s Report 9
Statement of Financial Activities 12
Balance Sheet 13
Cashflow Statement 14
Notes to the Accounts 15

BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 TRUSTEES’ ANNUAL REPORT

REFERENCE AND ADMINISTRATIVE DETAILS

Bedford School Foundation Trust is a Registered Charity (number 1094232), and also a company limited by guarantee (registered number 04479551) and not having share capital.

Trustees

The Trustees of Bedford School Foundation Trust have served throughout the period under report, except as indicated below:

Ex Officio:

Mr J S Hodgson BA + ~ (Head Master of Bedford School. Resigned as Chairman on 7 Sept 2022) Dr D Koch ~ (Vice Master of Bedford School and Vice Chairman) Resigned 22 August 2022

Co-opted Trustees: Mr M Hall * ^

Mr N Jones ^ Mr R Marks Mr P McDuell *~

Sub- Committee Membership:

Mr I Peck

Mr M T J Sismey-Durrant- Appointed 7 July 2022 Mr L J Feaver – Appointed 7 July 2022 (chairman from 7 Sept 2022)

~ member of the Scholarships Sub-committee ^ member of the Ickwell Sub-committee

Clerk & Company Secretary

Mr A Macfarlane BSc MSc

Registered Office:

10 Glebe Road, Bedford, MK40 2PL

Advisers:

Solicitor

Solicitor Investment Managers Veale Wasbrough Vizards LLP Investec Narrow Quay House 30 Gresham Street Narrow Quay London EC2V 7QP Bristol BS1 4QD

Auditors

Insurance Brokers

Haysmacintyre LLP Marsh Ltd 10 Queen Street Place Education Practice London 1-5 Perrymount Road EC4R 1AG Haywards Heath West Sussex RH16 3SY

Bankers Property Advisers HSBC Savills 12 Allhallows The Estate Office Bedford Southill Park MK40 1LJ Biggleswade Beds SG18 9LJ

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BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 TRUSTEES’ ANNUAL REPORT

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The Trust was originally established on 9 July 1926 when the then Head Master of Bedford School and others enacted a deed whereby certain funds, securities and property were declared for the general benefit of Bedford School. Since the Charity became incorporated on 8 July 2003, it is governed by Memorandum and Articles of Association which place no specific restrictions 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 Charities laws and regulations. Updates to the Memorandum and Articles of Association were made on 20 March 2004, 26 November 2007, 28 February 2009 and 7 July 2022. It was agreed that at the time of updating the Memorandum and Articles of Association on 7 July 2022 that the company name would be changed to Bedford School Foundation Trust.

The former unincorporated Bedford School Foundation Trust continues to hold the endowed funds as required by charitable law; however, a single set of accounts may be produced following the granting of a uniting direction by the Charities Commission on 16 May 2003. The quoted investments owned by the Trust are held in an Investec* Client Nominee company, or relevant Depot, or held to order by overseas agents as appropriate. * Investec is the trading name for Investec Wealth & Investment Limited

Organisational Structure

The charity employs no staff directly. The day to day running of the charity is delegated to the Clerk in consultation with the Chairman. Trustees meet three times per annum, with the Chapel, Ickwell and Investment sub-committees meeting as necessary, but at least twice per annum. The Scholarship sub-committee is convened as necessary. In addition, Trustees are consulted out of committee on any matters of importance arising.

Trustee Selection, Recruitment and Training

In considering new Trustee appointments, 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 Trustees submit a CV which is circulated 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 copies of constitutional documents, the most recent audited financial statements, Charity Commission publications concerning roles and responsibilities of charity trustees, and any other information thought to assist them in their new role.

Relationship with the Harpur Trust and Bedford School

Although Bedford School is owned by the Harpur Trust, Bedford School Foundation Trust is a separate charity. The Trustees decide their operational and financial policies independently of the Harpur Trust and the Governors of Bedford School, a sub-committee of the Harpur Trust. As a matter of courtesy, the Trustees of Bedford School Foundation Trust liaise with the Governors of Bedford School on matters of mutual interest, but there is no obligation laid upon them to do so. Staff time has been provided by the Harpur Trust at no cost but with effect from 1 July 2009 the Trustees have authorised that an annual donation be paid by Bedford School Foundation 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 Foundation Trust to administer. As a consequence of the Foundation, the Trust does not usually engage in any fundraising activities, beyond minor School-related events.

On the 31 July 2022, Bedford School Foundation Trust & Bedford School Foundation (charity number 1095681) merged. The assets and liabilities of Bedford School Foundation have been transferred to Bedford School Foundation Trust.

Risk Management

The Trustees have continued to examine the various areas of the Trust’s operation and have considered what major risks might arise in these areas. Key risks 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 financial

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BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 TRUSTEES’ ANNUAL REPORT

information on which to base decisions; inadequate investment management policies; failure to comply with regulatory requirements, the effect of the on going war in Ukraine on investment values & cyber security breaches. The Trustees plans and strategies for managing these risks include the following activities:

Key controls used include: formal agendas for all meetings; detailed terms of reference for all sub-committees; clear authorisation and approval levels, within an established organisational 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 donated to Bedford School so as to:

The above revised objects were adopted by the Trustees on 13 June 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 Wells Charity for Bedford School The Charity Commission approved a new scheme for Colonel Wells Charity on 10 July 2002 with Bedford School Foundation Trust as the trustee. This charity is now a linked subsidiary of Bedford School Foundation Trust and has the following object:

“To promote the education of pupils attending Bedford School in the study of agriculture and allied subjects and sciences, botany, 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 Charity. The Colonel Wells Charity also holds investments which are pooled with the common investment portfolio of Bedford School Foundation Trust. During the year one freehold property was sold due to an enfranchisement claim.

The Rice Classical Scholarship Fund To provide an exhibition for a boy who is a strong classicist.

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BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 TRUSTEES’ ANNUAL REPORT

The Phillpotts Benefaction To pay the Chaplain appointed to Bedford School Chapel. In practice the Chaplains are paid by the School and the income from the fund’s permanent endowment helps to defray the other operating expenses of the Chapel.

The Siddons Benefaction To provide for the upkeep of the Siddons family panel in the Chapel and to apply the balance to improving, furnishing and equipping the Chapel.

Heriz Smith Bursary Fund To aid any pupil or former pupil of Bedford School who is desirous of entering holy orders in the Church of England to enter a university or theological college for that purpose or to study theology at university.

The capital assets of the subsidiary charities are treated as permanent endowments. The accounts for these funds are maintained within the Bedford School Foundation Trust accounts and shown as Endowed Funds. The purpose of each of the above fits within 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 aim 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 assist 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 complied with the duty in section 17 of the Charities Act 2011 to have due regard to 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

Assistance with Fees: the Trustees are committed to widening access to the education provided by Bedford School, through the funding of scholarships and bursaries. Details of all awards funded by Bedford School Foundation Trust are included in the annual booklet published 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 committee and reported to Trustees at the next meeting). Whilst acknowledging that the School has adopted a stringent means testing basis for awards, the Trust recognises that a measure of flexibility is required to reflect certain circumstances arising. The Trustees have agreed that some scholarship funding could be used on a non means-tested discretionary basis in exceptional circumstances. In particular, scholarships 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 are 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 Bedford School of ancillary or incidental educational activities and other associated activities for the benefit of the community are strongly encouraged and supported as a priority.

Special Purpose Funds: the Trust facilitates the operation of various activities run within the School. The person or persons appointed to be responsible for authorising expenditure from each of the funds for these activities is agreed by the Chairman and the Clerk. Examples of special 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 controls the associated restricted funds. It meets once a term. Terms of reference for this committee, including membership, were agreed in June 1999.

To aid the operations of the Combined Cadet Force (CCF): the CCF operates its private account under the financial control of the Trustees. The CCF public fund operates under the control of the Ministry of Defence.

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BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 TRUSTEES’ ANNUAL REPORT

The Trust collects the rent for the land owned for the benefit of Bedford School CCF (formerly the OTC) and pays it to the CCF as an annual grant. It also manages a designated fund for the benefit of the CCF.

Policy on Making Grants

The Trustees have delegated the power to make grants up to £1,000 to the Chairman and up to £2,000 to the Chairman and Clerk acting jointly, in cases of urgent need. Otherwise requests for grant support are considered by the Trustees at their meetings or electronically out of committee.

Charitable Donations

The Trustees have decided that the Chaplain and the Headmaster of the Prep School may authorise grants to external charities and worthy causes from funds raised from collections and activities under their control of up to £250 and, with the appropriate agreement of the Chairman and Clerk, up to £2,000.

Above this, the authority of the Trustees as a whole is required.

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Objectives for the Year

The main objectives for the year have been:

Review of performance against those Objectives

Scholarships and Bursaries

During the year, 43 boys (41 in 2020/21) 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 5 scholarships being offered this year. In addition one boy was supported through a hardship bursary.

Seven new scholarships have been awarded to commence from 1 September 2022, although only five were taken up, and the commitment (for two or five years each) has been fully accounted for in these accounts. Parental income and family circumstances have been taken into account in assessing the value of each new award.

The total additional cost of the scholarships charged in the year, including hardship awards and amendments to reflect increases in school fees for awards already accrued was £74,619 (2020/21 £219,758).

Grants

Total grants, including scholarships, of £202,439 (2020/21: £439,226) were made during the year. Significant grants awarded this year have been as follows (awarding Fund in brackets):

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BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 TRUSTEES’ ANNUAL REPORT

Promotion of the 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 increasing the number and diversity of grant applications, particularly those which have wider community aspects but still meet the objectives of the Trust:

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

Review of the Overall Financial Position at the Year End

The total value of the Trust decreased by £1,217,417 during the year. The value of the investment portfolio decreased by £1,376,691 whilst net current assets increased by £114,809. Overall, capital funds decreased by £1,240,941, and revenue funds increased by £23,524. The net assets of the Trust total £22,252,595 (2021 £23,470,012) of which £1,030,463 is in cash or cash equivalents.

Income and Expenditure

The income of the Trust was £555,645, including donations & legacies totalling £17,606. Collections in Chapel raised £857 and this was distributed to other charities and worthy causes or is set aside in creditors for distribution. The Charities Committees (Upper and Prep School) run by the pupils raised further funds totalling £6,483 for donation to external charitable organisations.

Expenditure of the Trust totalled £457,462 during the year and governance cost represented 9% of overall revenue expenditure (2021 4.5%).

The result of the above income and expenditure totals is a net inflow for the year before the net gains and losses on investments of £98,183.

Reserves

At the end of the reporting period, the total funds held by the Trust were £22,252,595. Of these, £3,404,191 are permanent endowments whilst £13,845,674 are expendable endowments. £1,644,886 of the permanent endowments are held as fixed assets, with the balance of the endowment funds held in the investment portfolio and bank deposit accounts.

Of the revenue funds, £3,135,788 are restricted, leaving the balance of unrestricted funds of £1,866,942. £1,682,737 of the unrestricted funds are held as fixed assets and some £70,000 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 transferable to the main account. Under this policy, ‘General Reserves’ are defined as unrestricted funds amounting to £1,853,573 as at 30 June 2022. ‘Typical' income is regarded as the average of the past 5 years' (including the current period) of unrestricted income, excluding parental contributions. This year unrestricted reserves represent 10 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 period end are adequate to meet the reserves policy defined above.

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BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 TRUSTEES’ ANNUAL REPORT

The free reserves held at 30 June 2022 are £35,840 - 2021 (£36,931).

Investments

Trustees have the power to invest the money of the Trust not immediately required to meet its obligations in such investments, securities or property as they see fit. The Trustees have delegated discretionary powers to manage the investment portfolio to the investment managers. The Trustees’ Investment Sub-committee monitors the performance of the portfolio manager and reports to the main committee of Trustees on a regular basis. The Charity Commission approved an investment pooling scheme for the varying funds in June 2003.

The Trust’s Investment Policy is reviewed no less than bi-annually and was last reviewed by the Trustees in June 2020. The objective of the Portfolio is to increase both the capital value and the income in real terms without exposing the Trust to significant risk. This objective is reflected in a benchmark comprised of a composite index that specifies 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 a rolling annual basis for both income and capital growth.

Review of Investment performance

In the year to 30 June 2022 the value of the investment portfolios decreased by £1,376,691 to £18,147,865. This reflected the difficult trading conditions over the period and market turmoil from conflict in Europe leading to realised/unrealised investment losses of £1,315,600 (2020/21 gain of £2,563,031). Net income earned from the investment portfolio decreased to £453,740 from £460,982 in 2020/21. The Trustees, in consultation with the investments manager, are satisfied with the performance in the current market conditions, particularly in the light of the ongoing war in Ukraine.

FUTURE PLANS

The following targets have been reviewed and confirmed for the coming year:

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 each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its net outgoing resources for that period and advise of any material matters. In preparing these financial statements, the trustees are required to:

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BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 TRUSTEES’ ANNUAL REPORT

The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees and signed on their behalf by:

Lance J Feaver

L J FEAVER Esq. Chairman

Date: 29 March 2023

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BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 INDEPENDENT AUDITOR’S REPORT

Opinion

We have audited the financial statements of Bedford School Foundation Trust for the year ended 30 June 2022 which comprise Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes 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 Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 material 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 material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 INDEPENDENT AUDITOR’S REPORT

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report (which incorporates the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 7 , the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in 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 regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 laws 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 statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to improper recognition of income and management bias in accounting estimates . Audit procedures performed by the engagement team included:

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BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 INDEPENDENT AUDITOR’S REPORT

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. 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 Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Tracey Young (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of Haysmacintyre LLP, Statutory Auditor London EC4R 1AG Date: 30 March 2023

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BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income Expenditure Account)

INCOME
Notes
Charitable activities:
Parental Contributions
Other Income
Raising funds:
Chapel Collections
Grants
Donations & Legacies
Investments:
3
Total Income
EXPENDITURE
Raising funds:
Investment management
Charitable activities
4
Total Expenditure
Net (expenditure)/ income before transfers and investment
(losses)/gains for the year
Net (loss) on Investments
Net income / (expenditure) for the year
Transfers between Funds
14
Net Movement in Funds
Opening Balances
Closing Balances		 Unrestricted
Restricted
Endowment
Year Ended
Funds
Funds
Funds
30 June 2022
£
£
£
£
7,088
-
-
7,088
15,204
38,150
-
53,354
-
857
-
857
-
23,000
-
23,000
2,000
15,606
-
17,606
56,521
397,219
-
453,740
80,813
474,832
-
555,645
495
8,543
67,653
76,691
222,411
155,160
3,200
380,771
222,906
163,703
70,853
457,462
(142,093)
311,129
(70,853)
98,183
(2,643)
(139,669)
(1,173,288)
(1,315,600)		 Unrestricted
Restricted
Endowment
Year Ended
Funds
Funds
Funds
30 June 2021
£
£
£
£
8,916
-
-
8,916
8,944
14,650
-
23,594
-
1,006
-
1,006
1,830
23,000
-
24,830
153,609
350,538
-
504,147
69,657
391,325
-
460,982
242,956
780,519
-
1,023,475
735
8,324
62,896
71,955
149,529
434,697
3,200
587,426
150,264
443,021
66,096
659,381
92,692
337,498
(66,096)
364,094
26,183
296,517
2,240,331
2,563,031
(144,736)
171,460
(1,244,141)
(1,217,417)
-
(3,200)
3200
-
(144,736)
168,260
(1,240,941)
(1,217,417)
2,011,678
2,967,528
18,490,806
23,470,012
1,866,942
3,135,788
17,249,865
22,252,595		 118,875
634,015
2,174,235
2,927,125
359,602
218,989
(578,591)
-
478,477
853,004
1,595,644
2,927,125
1,533,201
2,114,524
16,895,162
20,542,887
2,011,678
2,967,528
18,490,806
23,470,012

The notes on pages 15 to 27 form part of the financial statements.

All the above results are derived from continuing activities.

All gains and losses recognised in the period are included in the Statement of Financial Activities.

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Company No. 04479551

BEDFORD SCHOOL FOUNDATION TRUST BALANCE SHEET As at 30 June 2022

Notes
FIXED ASSETS
Investments
5
Tangible Fixed Assets
6
CURRENT ASSETS
Cash at Bank
7
Debtors
8
CURRENT LIABILITIES
Creditors - Falling due within one year
9
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
Creditors - Falling due after more than one year
9
NET ASSETS
ENDOWMENT FUNDS
Permanent Endowments
Expendable Endowments
Total - Endowment Funds
14
REVENUE FUNDS
Restricted Funds
15
Unrestricted Funds:
15
Designated Funds
General Fund
Total - Revenue Funds		 £
18,147,865
3,467,623
1,030,463
**164,251 **		 2022
£
21,615,488
863,838
22,479,326
(226,731)
22,252,595
17,249,865
3,135,788
1,866,942
5,002,730
22,252,595		 2021
£
19,524,556
**3,558,402 **
23,082,958
1,065,461
54,570
1,194,714
(330,876)		 1,120,031
(371,002)
3,404,191
**13,845,674 **		 749,029
23,831,987
(361,975)
23,470,012
3,357,447
14,933,359
78,365
1,788,577		 18,490,806
2,967,528
74,440
1,937,238
2,011,678
4,979,206
23,470,012

The notes on pages 15 to 27 form part of the financial statements. Signed on behalf of the Trustees:

Lance J Feaver

L J FEAVER Chairman

Date: 29 March 2023

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BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 NOTES TO THE FINANCIAL STATEMENTS

Note
Cash flows from operating activities
Net cash (used in)/ provided by
operating activities
1
Cash flows from investing activities
Proceeds from sale of property
Purchase of fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash (used in)/ provided by
investing activities
Change in cash and cash equivalents
in the reporting period
2
Cash and cash equivalents at 1 July
2021
Cash and cash equivalents at 30 June
2022
NOTES TO THE CASHFLOW
STATEMENT
1. Net income for the period
Adjustments for:
Depreciation charges
Decrease in creditors
Decrease in debtors
Profit on sale of property
Wine legacy
Net cash (used in)/ provided by
operating activities
2. Analysis of cash and cash
equivalents
Current account
Central Bank account
CCF Bank Account & Petty Cash
Deposit accounts
Cash for investment		 Year Ended
30 June 2022
(137,093)
25,398
-
6,683,935
(6,776,833)
(67,500)
(204,593)
1,345,261
1,140,668
98,183
80,770
(175,370)
(109,681)
(15,389)

(15,606)

(106,098)
At 30
June
2021
441,338
31,699
19,684
572,740
279,800
1,345,261		 Year Ended
30 June 2022
(137,093)
25,398
-
6,683,935
(6,776,833)
(67,500)
(204,593)
1,345,261
1,140,668
98,183
80,770
(175,370)
(109,681)
(15,389)

(15,606)

(106,098)
At 30
June
2021
441,338
31,699
19,684
572,740
279,800
1,345,261		 Year Ended
30 June 2021
-
(359,602)
2,946,936
(2,683,172)
Cash flows
(44,440)
(3124)
(3,486)
16,052
(169,595)		 402,211
(95,838)
306,373
1,038,888
1,345,261
364,094
68,784
(205,664)
174,997
-
-
402,211
At 30
June
2022
396,898
28,575
16,198
588,792
110,205
1,345,261 (204,593) 1,140,668

The notes on pages 15 to 27 form part of the financial statements.

14

BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 NOTES TO THE FINANCIAL STATEMENTS

1. CHARITY INFORMATION

2. ACCOUNTING POLICIES

The principal accounting policies adopted and critical areas of judgements are as follows:

2.1 Basis of preparation

These accounts (financial statements) have been prepared in accordance with the Charities SORP (FRS102) – Second Edition applicable 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 Foundation Trust meets the definition of a public benefit entity under FRS 102 and due regard has been given to Charity Commission guidance. In addition, assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

The financial statements have been prepared under the historical cost convention, subject to carrying fixed asset investments at market value, and in accordance with the Charities SORP (FRS102), and with applicable accounting standards and current statutory requirements.

After making enquires, the trustees have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees’ Responsibilities on page 7.

The Trustees of the Bedford School Foundation Trust are also the Trustees of the Colonel Wells Charity, which operates in the Trust’s area of benefit. On 16 May 2003, a Uniting Direction was approved by the Charity Commission enabling production of a single set of accounts for both the endowed funds (held by the unincorporated charity) and the restricted and unrestricted funds.

2.2 Critical accounting judgements and key sources of estimation uncertainty

In the application of the Trust’s accounting policies, Trustees are required to make judgements, estimates, assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. 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 estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.

In the view of the Trustees, the estimates and judgements made which have a risk of causing a material adjustment to the carrying amount of assets relate to the valuation of investment properties.

15

BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 NOTES TO THE FINANCIAL STATEMENTS

2.3 Financial instruments

Bedford School Foundation Trust has financial assets and financial liabilities of a kind that qualify as basic financial instruments, which are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. Financial liabilities held at amortised 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 date, with gains and losses being recognised within income and expenditure.

2.4 Income

Contributions and donations are accounted for on a receivable basis. Legacy income is accounted for when there is entitlement and reasonable probability of the legacy’s value and receipt.

2.5 Expenditure

Expenditure is classified under the principal categories of cost of raising funds, charitable activities and governance rather than the type of expense, in order to provide more useful information to users of the accounts. Expenditure is included in the Statement of Financial Activities on an accruals 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 in seeking voluntary contributions for the Charity.

Grants payable are charged to the Statement of Financial Activities when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled.

Governance costs are those incurred in connection with compliance with constitutional and statutory requirements.

2.6

Investment Property

Investment properties are included in the balance sheet at their open market or as per Note 6 (Tangible Fixed Assets). Where undertaken, valuations are carried out by an independent Chartered Surveyor every five years. In addition, the market value of Investment property is revalued to net sales value where there is a prospective sale in progress at the year end. Informal Trustees’ reviews are carried out annually by reference to market values of other similar properties in the surrounding area, with any material gains and losses resulting from revaluation being reported in the Statement of Financial Activities. Because of this annual review no depreciation or amortisation is provided.

2.7 Investments

Investments are revalued to market value at the balance sheet date and the surplus or deficit of this revaluation together with realised gains and losses are shown as gains or losses on the face of the Statement of Financial Activities.

2.8 Works of Art

The valuation of Works of Art is formally reviewed every five years, and monitored annually to ensure the value is adequate. A full valuation was undertaken in August 2019 by a registered valuer and those values 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.

2.9 Tangible Fixed Assets

Purchases of assets in excess of £1,000 are capitalised, with the exception of artworks where the de minimis is £500 to reflect potential for appreciation in value.

16

BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 NOTES TO THE FINANCIAL STATEMENTS

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

Freehold Property – 50 years Motor Vehicles- 5 years

Chapel Assets and Works of Art are not depreciated as Trustees consider the useful life of the assets to be so long that depreciation would be immaterial.

2.10 Restricted Funds

These are monies, which have legal restrictions on their use where donors have specified the funds can only be spent on certain of the charity’s activities.

2.11 Unrestricted 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 as these are set aside by the Trustees for specific or designated future purposes 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 details included with the original gift.

3.
INVESTMENT INCOME
UK Equity Dividends (including Unit Trusts)
Overseas Equity Dividends
Interest Received from Fixed Interest Securities
Interest Received on Cash Held For Investment
Property rents
Bank Interest		 20222021
£
£
259,941
285,229
95,857
101,181
12,255
13,525
16,559
6,297
68,994
54,750
134
-
453,740
460,982

4. CHARITABLE ACTIVITIES

Scholarships
Bursaries
Academic
Welfare
Premises
Chapel
Expenditure
Activities
expenditure
Donations to
other charities
Governance		 Directly
undertaken
Grant
funded
Support
Costs
Total
2022
Directly
undertaken
Grant
funded
Support
Costs
Total
2021
74,619
-
-
74,619
219,758
-
-
219,758
5,159
89,658
-
94,817
69,084
10,420
-
79,504
-
-
-
-
77
-
-
77
36,450
-
-
36,450
18,255
4,237
-
22,492
7,631
-
-
7,631
5,751
-
-
5,751
87,897
31,678
-
119,575
20,989
51,379
-
72,368
6,483
-
-
6,483
157,669
-
-
157,669
-
-
41,196
41,196
-
-
29,807
29,807
218,239
121,336
41,196
380,771
491,583
66,036
29,807
587,426

17

BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 NOTES TO THE FINANCIAL STATEMENTS

4.1 Governance

overnance
Audit fee
Professional fees
Accounting software licence & support
Statutory fees
Bank charges
Admin costs		 2022
£
2021
£
9,720
7,300
16,673
8,370
1,728
1,728
198
877
12,000
35
374
12,000
41,196
29,807

Governance costs include fees accrued to the Auditors for the audit of £9,720 (2021: £7,300). No staff costs were incurred by the Trust in the year to 30 June 2022, as 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 previous year.

4.2

Grants and Awards

Bedford School & Associated Projects:
Promotion of Sports and Activities
Scholarships
Academic
Other Institutions:
St John’s Hospice (Sue Ryder)
Movember
Tibbs Dementia
British Red Cross
The Harpur Trust
Luna Animal Rescue
Comic Relief
Sundry (Under £500)
Level Trust
Captain Tom Foundation
Drops Maternal Mortality Campaign
CRY
Life for African Mothers
Bhubesi Pride Foundation
Yarls Wood Befrinders
Multiple Sytsem Atrophy Trust
The Hope Foundation
Bedfordshire Open Door
Country Days
Q:Alliance
Total Grants and Awards Payable		 2022

£
31,679
74,619
89,658
195,956
-
1,145
520
468
-
468
-
121
-
-
-
520
-
520
377
468
469
469
469
469
202,439		 2021
£
51,379
219,758
10,420
281,557
537
537
537
537
150,000
-
1,109
132
537
2,345
699
-
699
-
-
-
-
-
-
439,256

Grants to Other Institutions resulting from charity fundraising have been made to encourage charitable awareness in pupils .

18

BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 NOTES TO THE FINANCIAL STATEMENTS

5. INVESTMENTS

5.1. A summary of movements in the investment portfolio is shown below:

Market Value at beginning of year
Purchases
Disposals
Unrealised (Losses)/Gains
Realised (Losses)/Gains
Net Investment
Cash held for investment
Wine held as investment
Market Value at end of year		 2022
£
2021
£
19,244,756
16,945,491
6,776,833
2,683,172
(6,683,368)
(2,946,936)
(1,118,553)
(197,614)
2,461,913
101,116
18,022,054
19,244,756
110,205
15,606
279,800
-
18,147,865
19,524,556
Total Fixed Interest
UK Equities
Overseas Equities
Alternative Assets
Property
Emerging Equities
Money Market Instruments
Wine
Cash
Total Investments		 30 June 2022
30 June 2021
Market Value
Cost
Market Value
Cost
1,505,862
1,596,644
1,341,821
1,293,311
5,410,263
4,314,127
8,143,174
6,111,808
3,732,513
2,622,393
6,451,851
3,166,285
2,153,366
1,985,759
1,721,843
1,620,696
691,490
591,046
583,447
591,046
228,560
246,567
702,620
581,345
4,300,000
4,300,000
300,000
300,000
15,606
-
-
-
110,205
110,205
279,800
279,800
18,147,865
15,766,741
19,524,556
13,944,291

19

BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 NOTES TO THE FINANCIAL STATEMENTS

6. TANGIBLE FIXED ASSETS

Investment Freehold Chapel Artwork Motor IT Total
Property Property Assets Vehicles Equipment
£ £ £ £ £
COSTOR VALUATION
At1July2021 1,572,995 512,500 728,100 586,240 22,028 359,602 3,781,465
Additions - - - - - - -
(Impairment)/Revaluation - - - - - - -
Disposals (10,009) - - - - - (10,009)
At 30 June2022 1,562,986 512,500 728,100 586,240 22,028 359,602 3,771,456
DEPRECIATION
At1July2021 - 141,101 - - 22,028 59,934 223,063
Chargeforthe year - 8,850 - - - 71,920 80,770
At 30 June2022 - 149,951 - - 22,028 131,854 303,833
NET BOOK VALUE
At 30 June2022 1,562,986 362,549 728,100 586,240 - 227,748 3,467,623
At 30 June2021 1,572,995 371,399 728,100 586,240 - 299,668 3,558,402

The Investment Property comprises the remaining parts of the Colonel Wells Ickwell estate (excluding the Field Study Centre) which now comprises of a single Bungalow and one freehold lease on a cottage within Ickwell village that were once part of the Ickwell estate. One freehold lease on a cottage was sold during the year. The Colonel Wells 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 Ickwell estate. All the investment properties earn rental income. The properties at 41 De Parys Avenue, 13 Dudley Street and 32 St Peters Street were revalued at September 2020 by Robinson & Hall LLP.

The Ickwell Field Study Centre is a functional asset for the charity's use, and is being depreciated over 50 years. It was revalued as at June 2019 by Robinson & Hall LLP.

The Trust’s investment portfolio also includes land at Princes Risborough, land at 14/14A Glebe Road and 2 Burnaby Rd, Bedford.

The Trust owns ¼ of[2] /5 share of land in Princes Risborough which remains valued at the probate valuation of £17,500, on the basis of bare agricultural use. The property at 14/14A Glebe Road is land only and was revalued as at June 2019 by Robinson & Hall LLP and is not depreciated. The property at 2 Burnaby Road is included as revalued in June 2019 by Robinson & Hall LLP and is being depreciated over 50 years starting in 1996/97. Both the Glebe Road and Burnaby Rd properties are leased to the school on long term leases.

The freehold properties are functional assets for the charity’s use.

The Chapel assets originally belonged to the Chapel Society Fund, but have 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 monitored annually to ensure this

20

BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 NOTES TO THE FINANCIAL STATEMENTS

value is adequate. The Trustees consider the useful life of the assets to be so long that depreciation would be immaterial.

Works of Art accumulated by the Trust were re-valued at a replacement cost of £586,240 in August 2019 (£404,740 Aug 2014) by David Fletcher Fine Art Limited. Silverware and fine furnishings were separately valued at £204,610.

7. BANK ACCOUNTS

8.

9.

Current Account
Central Bank Account
CCF Account & Petty Cash
HSBC Deposit Account
Total
DEBTORS

Trade debtors
Investment income
Other debtors
CREDITORS
Due within one year:
Accruals
Trade creditors
Scholarships
Grants
School Trips
Prep School Common Room
Due after more than one year:
Scholarships		 2022
2021
£
£
396,898441,338
28,57531,699
16,19819,684
588,792
572,740
1,030,463
1,065,461
20222021
£
£
91,344
-
54,038
18,869
51,690
2,880
164,251
54,570
2022
2021
£
£
9,300
10,058
20,720
-
169,864
295,890
96,537
33,836
41,738
22,662
619
654
330,876
371,002
226,731
361,975
226,731
361,975

The Trustees have accrued as a liability the estimate of scholarships awarded to boys currently in the school, assuming they stay in the school until the end of Upper Sixth, unless a specific time period has been agreed. The Grants creditor consists of grants approved by the Trustees in the year but unpaid at the year end.

10. ENDOWED AND REVENUE FUNDS

The details of permanent and expendable endowed funds are shown on page 23. The details of the revenue funds are shown on page 25. The purposes of these funds are explained in the Trustees’ report.

21

BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 NOTES TO THE FINANCIAL STATEMENTS

11. NET ASSETS OF THE FUNDS

The Trust’s net assets as at 30 June 2022 belong to the various funds as follows:

Endowed Funds

Restricted Funds

Unrestricted Funds

 Fixed
Assets
£
Investments
£
Net Current
Assets/
(Liabilities)
£
Long
Term
Liabilities
£
Fund
Balances
£
1,644,886 15,827,280
(222,301) - 17,249,865
70,000
2,126,445
1,166,074 (226,731) 3,135,788
1,752,737 194,140
(79,935)-1,866,942
3,467,623
18,147,865
863,838 (226,731) 22,252,595

The Trust’s net assets as at 30 June 2021 belong to the various funds as follows

Endowed Funds

Restricted Funds

Unrestricted Funds

 Fixed
Assets
£
Investments
£
Net Current
Assets/
(Liabilities)
£
Long
Term
Liabilities
£
Fund
Balances
£
1,658,095 17,068,222
(235,511)
- 18,490,806
70,000
2,259,050
1,000,453
(361,975) 2,967,528
1,830,307 197,284
(15,913)
-2,011,678
3,558,402
19,524,556
749,029 (361,975) 23,470,012

12. RELATED PARTIES

Mr James Hodgson, Head Master is an employee of the Harpur Trust, as well as an ex officio Trustee.

A total amount of £105,978 including scholarships, was granted to the Harpur Trust in the year to 30 June 2022 (2021 £369,758). At 30 June 2022 £567 was due to the Harpur Trust (2021 nil) and an amount of £92,374 was due from the Harpur Trust (2021 nil).

Scholarships granted to individual pupils are paid directly to the Harpur Trust in response to agreed invoices raised. The actual scholarship sums paid in 2022 amounted to £329,627 (2021 £327,008).

During the year £12,000 was granted from Bedford School Foundation Trust to Harpur Trust as a donation to Administrative costs (2021 £12,000)

13. POST BALANCE SHEET EVENTS

On the 1 August 2022, Bedford School Trust & Bedford School Foundation (charity number 1095681) merged. The assets and liabilities of Bedford School Foundation have been transferred to Bedford School Foundation Trust as a result of the merge, the name has changed to Bedford School Foundation Trust.

22

BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 NOTES TO THE FINANCIAL STATEMENTS

14. ENDOWED FUNDS

Fund
Permanent Endowments
Chapel (Phillpotts Benefaction)
Chapel (Siddons Benefaction)
Colonel Wells Fund
Heriz Smith Bursary
Rice Classical Scholarship
Total
Expendable Endowments
Bedford School Trust Awards Fund
Andrew Dell Exhibition
Andrew Lucken Fund
Blackwell Scholarship
Combined Cadet Force
Edgar Rollinson Science Scholarship
Gilbert Cook Scholarship
Gilbert Lloyd Fund
Allan Goode Fund
General Scholarships
Special Account- HMA
Col J B Smith Fund
Lindsay-White Funds
Murray Fletcher Sports Scholarship
Oakley Fletcher Fund
Ramsay Murray
Prof Roach Fund
Brian Saville Awards
Sub Total
General Fund
Total - Expendable Endowments
Grand Totals		 Net
Value at
Additions
Expendable
Endowed
Movement
Investment
Transfers
Value at
30 June 21
In Period
Endowment
Property
In
Portfolio
Managers
Between
30 June 22
utilised
Depreciation/
Value
Fees
Funds
Revaluation
£
£
£
£
£
£
£
£
26,979
-
-
-
(2,064)
(112)
-
24,803
8,314
-
-
-
(636)
(35)
-
7,643
3,373,591
-
-
(3,200)
(131,271)
(7,151)
3,200
3,235,169
86,941
-
-
-
(6,653)
(362)
-
79,926
61,622
-
-
-
(4,715)
(257)
-
56,650
3,557,447
-
-
(3,200)
(145,339)
(7,917)
3,200
3,404,191
373,969
-
-
-
(28,616)
(1,559)
-
343,794
52,619
-
-
-
(4,026)
(219)
-
48,374
8,774
-
-
-
(671)
(37)
-
8,066
381,376
-
-
-
(29,183)
(1,590)
-
350,603
65,396
-
-
-
(5,004)
(273)
-
60,119
53,666
-
-
-
(4,107)
(224)
-
49,335
594,898
-
-
-
(45,522)
(2,480)
-
546,896
172,400
-
-
-
(13,192)
(719)
-
158,489
3,393,562
-
-
-
(176,689)
(11,963)
-
3,204,910
560,165
-
-
-
(42,864)
(2,335)
-
514,966
148,182
-
-
-
(11,339)
(618)
-
136,225
199,923
-
-
-
(13,224)
(779)
-
185,920
800,581
-
-
-
(65,858)
(3,587)
-
731,136
193,770
-
-
-
(14,827)
(808)
-
178,135
30,252
-
-
-
(2,315)
(126)
-
27,811
222,773
-
-
-
(10,823)
(765)
-
211,185
893,954
-
-
-
(68,406)
(3,726)
-
821,822
5,338,398
-
-
-
(403,769)
(22,459)
-
4,912,170
13,484,658
-
-
-
(940,435)
(54,267)
-
12,489,956
1,448,701
-
-
-
(87,514)
(5,469)
-
1,355,718
14,933,359
-
-
-
(1,027,949)
(59,736)
-
13,845,674
18,490,806
-
-
(3,200)
(1,173,288)
(67,653)
3,200
17,249,865

23

BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 NOTES TO THE FINANCIAL STATEMENTS

14. ENDOWED FUNDS (2021 Comparative)

Fund
Permanent Endowments
Chapel (Phillpotts Benefaction)
Chapel (Siddons Benefaction)
Colonel Wells Fund
Heriz Smith Bursary
Rice Classical Scholarship
Total
Expendable Endowments
Bedford School Trust Awards Fund
Andrew Dell Exhibition
Andrew Lucken Fund
Blackwell Scholarship
Combined Cadet Force
Edgar Rollinson Science Scholarship
Gilbert Cook Scholarship
Gilbert Lloyd Fund
Allan Goode Fund
General Scholarships
Special Account- HMA
Col J B Smith Fund
Lindsay-White Funds
Murray Fletcher Sports Scholarship
Oakley Fletcher Fund
Ramsay Murray
Prof Roach Fund
Brian Saville Awards
Sub Total
General Fund
Total - Expendable Endowments
Grand Totals		 Net
Value at
Additions
Expendable
Endowed
Movement
Investment
Transfers
Value at
30 June 20
In Period
Endowment
Property
In
Portfolio
Managers
Between
30 June 21
utilised
Depreciation/
Value
Fees
Funds
Revaluation
£
£
£
£
£
£
£
£
23,537
-
-
-
3,541
(99)
-
26,979
7,254
-
-
-
1,091
(31)
-
8,314
3,154,741
-
-
(3,200)
225,171
(6,321)
3,200
3,373,591
75,849
-
-
-
11,412
(320)
-
86,941
53,761
-
-
-
8,088
(227)
-
61,622
3,315,142
-
-
(3,200)
249,303
(6,998)
3,200
3,557,447
326,261
-
-
-
49,086
(1,378)
-
373,969
45,906
-
-
-
6,907
(194)
-
52,619
7,654
-
-
-
1,152
(32)
-
8,774
332,723
-
-
-
50,058
(1,405)
-
381,376
57,053
-
-
-
8,584
(241)
-
65,396
46,820
-
-
-
7,044
(198)
-
53,666
519,005
-
-
-
78,085
(2,192)
-
594,898
150,406
-
-
-
22,629
(635)
-
172,400
2,960,637
-
-
-
445,430
(12,505)
-
3,393,562
488,703
-
-
-
73,526
(2,064)
-
560,165
129,278
-
-
-
19,450
(546)
-
148,182
174,419
-
-
-
26,241
(737)
-
199,923
750,864
-
-
-
112,968
(3,171)
(60,080)
800,581
169,050
-
-
-
25,434
(714)
-
193,770
26,392
-
-
-
3,971
(111)
-
30,252
194,353
-
-
-
29,241
(821)
-
222,773
786,910
-
-
-
117,338
(3,294)
(7,000)
893,954
4,792,690
-
-
-
721,064
(20,247)
(155,109)
5,338,398
11,959,124
-
-
-
1,798,208
(50,485)
(222,189)
13,484,658
1,620,896
-
-
-
192,820
(5,413)
(359,602)
1,448,701
13,580,020
-
-
-
1,991,028
(55,898)
(581,791)
14,933,359
16,895,162
-
-
(3,200)
2,240,331
(62,896)
(578,591)
18,490,806

24

BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 NOTES TO THE FINANCIAL STATEMENTS

15. RESTRICTED & UNRESTRICTED FUNDS )

RESTRICTED FUNDS
Rice Classical Scholarship
Boat Club Appeal
Chapel Fund (including Siddons & Phillpotts
benefactions)
Colonel Wells Charity Fund
John Warren Lecture Fund
Heriz Smith Bursary
Blackwell Scholarship
Lindsay-White Legacy Funds
Gilbert Cook Scholarship
Ramsay Murray
Oakley Fletcher
Edgar Rollinson Science Scholarship
Gilbert Lloyd Fund
Andrew Lucken Fund
Murray Fletcher Sports Scholarship
Bedford School Trust Awards Fund
Andrew Dell Exhibition
Golf Coaching Fund
Gap Year Fund
Col J B Smith Fund
Bill Sohal Fund
Prof Roach Fund
Brian Saville Funds
James Crowden Legacy
BSF Unallocated Fund
Lunt-Waldecker Fund
Allan Goode
General Scholarships
Donald Gray
TOTAL - Restricted Funds
UNRESTRICTED FUNDS
Designated Funds:
Musical Instrument Fund
Monitors' Fund
Charities Committee
CCF Fund
CenBank Funds (Total)
Prep School Account
Special Account- HMA
Sub-Total
General Fund
TOTAL - Unrestricted Funds
TOTAL - REVENUE FUNDS		 30 June 2021
£
18,402
25,302
218,769
349,159
655
5,335
73,343
17,905
124,645
54,952
5,580
11,441
88,101
2,262
33,489
(27,911)
12,022
6,265
153
40,427
1,273
18,602
119,341
3,001
744,070
938,692
70,599
11,654
-
2,967,528
9,334
817,
(2,191)
74,165
(49,956)
39,188
3,083
74,440
1,937,238
2,011,678
4,979,206		 Income
£
1,349
-
28,910
100,381
-
1,903
8,348
18,838
15,040
3,582
662
1,175
3,773
192
4,241
8,185
1,152
22,651
-
3,945
-
19,567
116,791
-
16,081
13,177
57,026
12,257
15,606
474,832
6,036
739
7,885
18,356
-
-
3,243
36,259
44,554
80,813
555,645		 Expenditure
£
-
(4,122)
(8,545)
(40,453)
-
-
(6,264)
(20,059)
(385)
6,377
(6,025)
-
(3,267)
-
(6,652)
(7,875)
-
-
-
(2,362)
-
(23,977)
(34,081)
-
(3,062)
(2,951)
-
-
(163,703)
(5,715)
(581)
(6,483)
(12,584)

(971)
-
(6,000)
(32,334)
(190,572)
(222,906)
(386,609)		 Transfers
£
-
-
-
(3,200)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(3,200)
-
-
-
-
-
-
-
-
-
-
(3,200)		 Investment
Gains/(Loss)
£
-
-
(14,962)
(24,431)
-
-
-
-
(7,059)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(56,221)
(36,996)
-
-
(139,669)
-
-
-
-
-
-
-
-
(2,643)
(2,643)
(142,312)		 30 June
2022
£
19,751
21,180
224,172
381,456
655
7,238
75,427
16,684
132,241
64,911
217
12,616
88,607
2,454
31,078
(27,601)
13,174
28,916
153
42,010
1,273
14,192
202,051
3,001
700,868
911,922
127,625
23,911
15,606
3,135,788
9,655
975
(789)
79,937
(50,927)
39,188
326
78,365
1,788,577
1,866,942
5,002,730

25

BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2022 NOTES TO THE FINANCIAL STATEMENTS

RESTRICTED FUNDS
Rice Classical Scholarship
Boat Club Appeal
Chapel Fund (including Siddons & Phillpotts
benefactions)
Colonel Wells Charity Fund
John Warren Lecture Fund
Heriz Smith Bursary
Blackwell Scholarship
Lindsay-White Legacy Funds
Gilbert Cook Scholarship
Ramsay Murray
Oakley Fletcher
Edgar Rollinson Science Scholarship
Gilbert Lloyd Fund
Andrew Lucken Fund
Murray Fletcher Sports Scholarship
Bedford School Trust Awards Fund
Andrew Dell Exhibition
Golf Coaching Fund
Gap Year Fund
Col J B Smith Fund
Bill Sohal Fund
Prof Roach Fund
Brian Saville Funds
James Crowden Legacy
BSF Unallocated Fund
Lunt-Waldecker Fund
Allan Goode
General Scholarships
TOTAL - Restricted Funds
UNRESTRICTED FUNDS
Designated Funds:
Musical Instrument Fund
Monitors' Fund
Charities Committee
CCF Fund
CenBank Funds (Total)
Prep School Account
Special Account- HMA
Sub-Total
General Fund
TOTAL - Unrestricted Funds
TOTAL - REVENUE FUNDS		 30 June 2020
£
17,120
25,002
170,585
278,540
655
6,162
65,409
-
98,582
50,317
4,951
10,325
85,214
2,079
2,198
(52,156)
10,927
(14,452)
153
36,268
1,273
16,066
5,055
3,001
490,984
800,266
-
-
2,114,524
8,265
517
(1,049)
85,737
(49,581)
34,470
-
78,359
1,454,842
1,533,201
3,647,725		 Income
£
1,282
300
28,991
66,578
-
1,809
7,934
17,905
14,295
4,635
629
1,116
153,587
183
4,079
30,033
1,095
20,717
-
4,159
-
43,348
114,657
-
159,357
21,577
70,599
11,654
780,519
4,048
600
6,517
2,890
-
7,418
3,083
24,556
218,400
242,956
1,023,475		 Expenditure
£
-
-
(6,472)
(34,666)
-
(2,636)
-
(60,080)
(340)
-
-
-
(150,700)
-
27,212
(5,788)
-
-
-
-
-
(47,812)
(155,480)
-
(2,707)
(3,552)
-
-
(443,021)
(2,979)
(300)
(7,659)
(14,462)

(376)
(2,700)
-
(28,476)
(121,788)
(150,264)
(593,285)		 Transfers
£
-
-
-
(3,200)
-
-
-
60,080
-
-
-
-
-
-
-
-
-
-
-
-
-
7,000
155,109
-
-
-
-
218,989
-
-
-
-
-
-
-
-
359,602
359,602
578,591		 Investment
Gains/(Loss)
£
-
-
25,665
41,907
-
-
-
-
12,108
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
96,436
120,401
-
-
296,517
-
-
-
-
-
-
-
-
26,183
26,183
322,700		 30 June
2021
£
18,402
25,302
218,769
349,159
655
5,335
73,343
17,905
124,645
54,952
5,580
11,441
88,101
2,262
33,489
(27,911)
12,022
6,265
153
40,427
1,273
18,602
119,341
3,001
744,070
938,692
70,599
11,654
2,967,528
9,334
817
(2,191)
74,165
(49,957)
39,188
3,083
74,439
1,937,239
2,011,678
4,979,206

26