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

## **REPORT & ACCOUNTS FOR THE YEAR ENDED 30 June 2023** 

**Charity Registration Number: 1094232 Company Registration number: 04479551** 



**BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 TRUSTEES’ ANNUAL REPORT** 

|**CONTENTS**|**Page**|
|---|---|
|Reference and Administrative Details|1|
|Trustees’ Annual Report|5|
|Independent Auditor’s Report|12|
|Statement of Financial Activities|15|
|Balance Sheet|16|
|Cashflow Statement|17|
|Notes to the Accounts|18|





**BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 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 * ^c Mr N Jones Mr R Marks Mr P McDuell *c ~ - _Resigned 1 May 2023_ Mr I Peck ^ 

## **Sub-Committee Membership:** 

- member of the Investment Sub-committee 

^ member of the Ickwell Sub-committee c chair of the Sub-committee 

## **Joint School Committee Membership:** 

~ member of the Scholarships Committee 

- + member of the Chapel Committee 

## **Membership of the Bedford School Foundation Trust ( the Trust )** 

Trustees become Members of the Trust by virtue of being a Trustee otherwise eligibility for nomination for Membership is determined by the scale of support given and pledged.  Trustees are required to formally approve nominations for membership.  Members can elect up to three persons to serve as Elected Trustees, the selection of suitable Trustees is made by the board and presented to the Members for election at the following AGM.  All members are entitled to attend each AGM and are encouraged to involve themselves in the operations of the Trust. The highest of the six levels of membership is Benefactor for those who have given a total of £250,000 or more. Membership is also now for life.  The quantum of donation giving an invitation to a higher level of membership will be reviewed by Trustees periodically. 

As part of the merger agreement between Bedford School Trust and Bedford School Foundation, the members of the Foundation were invited to become members of the merged Bedford School Foundation Trust. 

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**BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 TRUSTEES’ ANNUAL REPORT** 

Membership as of 30[th] June 2023 (with the years at Bedford School shown in brackets for Old Bedfordians): 

## **Benefactors** 

Mr G F G Lloyd (50-58) Mr G D Quarry (68-77) Mr R Stainer (58-66) 

## **Patrons** 

Mr D Henrickson Mr B M B Papé (50-57) 

## **Vice Presidents** 

Mr B Cawley (60-69) Mr M D Harper (60-65) Mr R J Harper (60-65) Mr S Murray CBE (49-58) Mr P M Young (63-72) 

## **Fellows** 

Mr R J R Canvin (58-69) Mr E F Davison (46-50) Dr H Henn Mr C M Johnson (66-75) Mr W J Jordan MBE (56-67) Mr B M F O’Brien (45-49) Mr A J Ormerod (47-57) The Rt Hon Lord Taylor of Holbeach CBE (57-61) 

## **Members** 

Col S A G Abrahams TD (60-70) Mr V J Ayres (51-58) Col J Barkshire CBE TD DL (43-53) Mr V Q Bery (75-77) Mr G E R Blakely (53-57) Mr C S Burr (58-69) Mr C J Bushell (50-55) Brig I A Christie CBE MC (46-53) Mr B W Claridge (55-59) Mr J C Dalzell (55-67) Mr C Duncan (52-61) Mr L J Feaver (69-74) Wg Cdr R W Gamblin AFC (56-60) Mr S C Gray (59-64) Mr M D Hall (86-91) * Mr R M Hext (67-74) Dr J R Hockey (49-57) Mr J Hodgson* Mr A D Johnson (73-82) Mr J N Johnson (66-76) Mr S A Johnson (70-81) Mr C N W Jones (48-57) Mr N S Jones (86-91) * 

Mr W B Kendall (69-79) His Honour Trevor Kent-Jones TD (54-58) Dr J D Lloyd-Still (49-54) Mr A M Lloyd-Williams (68-76) Mr F R Longinotto (57-62) Mr H M Malek (68-77) Mr R J Marks (71-82) * Mr T P Murphy Mr D T J Murray (69-76) The Rt Hon Lord Naseby PC (50-55) Mr B M Palmer (53-57) Mr A J Peacock (51-58) Mr G Peck (44-49) Mr I G Peck (65-76) * Mr C R Rogers (52-59) Mr J H Rowe (60-65) Mr R W Sheppard (57-66) Mr M Sismey-Durrant * Mr R J Smith (52-57) Gen T Toyne-Sewell (50-59) Mrs H J Turnham Mr T N G Williams (69-80) Mr R R Wyatt (50-54) 

* Trustee Member 

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## **BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 TRUSTEES’ ANNUAL REPORT** 

## **Associate Members** 

Mr R G Ambler (79-81) Mrs P Aylmer Mr R Banks Mrs A E Barlen Mrs A Barnes Mr P I Belsham (73-80) Mr S E Bradshaw (73-78) Mr E F Campbell-Gray (76-83) Mr J H Castle (45-48) Mr P A G Chavasse (49-54) Mr S Culliford (65-70) Dr F J M Curran (74-84) Mr J H Davidson (staff 54-87) Mr E A Davies (58-67) Mr C J Deane (61-65) Mr D G Dixon Mr D C Eales (78-84) Mr D S Fletcher (58-69) Mr R M Foxen (71-74) Mrs E Garrett Mr J R B Godber (82-87 Mr S J Haggie (56-63) Mr R A Harrison (59-64) Mr J W Hind (72-83) Mr P J Ireland (83-88) Dr J Johnson Mr H S Kean (60-70) Mr J D E Kelly (42-50) Mrs C Kettleborough Mr M C Kish (51-58) Dr M C L Le Tocq (60-65) Mr J F Lobley (66-71) Mrs E Lyon Mr S Lyon (73-84) Mr N R Maclean (57-62) Mr A Malek (68-74) Mr H A J Maltby (73-83) 

Mr D C E Mann (77-86) Mr A J W Markham (69-81) Mr M J Marriott (53-61) Prof S Mayson Mr R H Miller (62-68) Mr T G Mitcham (52-56) Mr R L Morgan (84-89) The Revd Canon J M Paisey (68-76) Mrs N Patel Mr D Pinkney (78-89) Mr B C Rose Mr D G Rowley (52-56) Mr J W E Rumboll (55-61) Mr R D Salt (52-60) Dr M J Schwarz (67-73) Mr B R F Shorten (83-90) Mr P H Spray (57-64) Col J M W Stenhouse (57-67) Dr G M Sterling (43-54) Mr P F Stevens Mr D G Stones (85-90) Mr R M Stout (88-95) Mr J C H Tate (46-57) Mr P Taylor (59-63) Mr P Thom (45-55) Mrs H Travis Mr V H L Tyerman (57-59) Mr P J Valentine (54-61) Mr N J Vann (65-70) Mr P S Walsh (53-63) Mr R N Watling (57-67) Dr R C West (49-56) Mr R C Williams (71-80) Mr D Wilson Mr J D Woodrow (83-93) Mr P Workman (76-81) Mr K A Wust (47-53) Dr R C Young (79-86) 

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**BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 TRUSTEES’ ANNUAL REPORT** 

**Clerk & Company Secretary** Mr A Macfarlane BSc MSc 

## **Registered Office:** 

10 Glebe Road, Bedford, MK40 2PL 

## **Advisers:** 

## **Solicitor** 

Veale Wasbrough Vizards LLP Narrow Quay House Narrow Quay Bristol BS1 4QD 

## **Auditors** 

Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG 

## **Bankers** 

HSBC 12 Allhallows Bedford MK40 1LJ 

**Investment Managers** Investec 30 Gresham Street London EC2V 7QP 

## **Insurance Brokers** 

Marsh Ltd Education Practice 1-5 Perrymount Road Haywards Heath West Sussex RH16 3SY 

## **Property Advisers** 

Robinson & hall LLP Unit 1 Highfield Court Highfield Road Oakley Bedford MK43 7TA 

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**BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 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 2002, it is governed by Memorandum and Articles of Association which places 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 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 currently 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** 

There are between five and nine Trustees serving on the board which are comprised of: 

- One School Trustee – the current Head Master of the school in an ex-officio capacity. 

- Up to three Elected Trustees – who must be a former pupil, a parent of a current or former pupil or a Member of the Trust. 

- Up to four Co-opted Trustees – who must be a former pupil, a parent of a current or former pupil or a Friend of the school. 

- Up to one Independent Trustee – who may not be connected to the school or the school community. 

In considering new Trustee appointments, a formal skills audit is carried out to identify any areas of expertise in which the board is lacking.  A gap analysis is then carried out which produces a list of missing skills and required roles defined which are advertised widely to all potential stakeholders. Individuals interested in becoming Trustees submit a completed skills audit and CV and a report is circulated identifying how each candidate’s skillset impacts the overall board composition. The board meet to review the report and provisionally select potential candidates. Diversity of the board is an important consideration in the selection process. Provisional candidates are invited to attend the next board meeting as an observer where they can meet the other Trustees and ask questions. Appointments are approved at the following board meeting. For the three elected Trustees, the process is the same but the appointed Trustees resign before the following AGM and present themselves for election by the wider membership at the AGM. 

New Trustees are encouraged to meet with the Chairman and/or Clerk in order to understand the commitment and operations 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. 

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## **BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 TRUSTEES’ ANNUAL REPORT** 

## **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. As a matter of courtesy, the Chairman of the Trust is also an ex officio Associate Governor of Bedford School in order to liaise on matters of mutual interest, but there is no obligation laid upon either the Chairman or the other Trustees 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 were passed to the Bedford School Trust to administer. As a consequence of the Foundation, the Trust did 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 and the work of the Foundation continues as it did before now as part of the merged entity. 

## **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 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: 

- Regular review of the composition of the body of Trustees and identification of required skills when vacancies occur. 

- Scrutiny of curriculum vitae and meetings with potential candidates for Trusteeship in order to examine skills and fully appraise candidates of the responsibilities and duties associated with Trusteeship. 

- Establishment of guidelines and communications framework 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 Charity Commission, Companies House, HMRC, Information Commissioner’s Office and other external advisers, with regular reporting to Trustees at meetings and out of committee when required. 

- Monthly penetration testing (network access/vulnerabilities tested), patch management (security updates), vulnerability management & full change control on infrastructure to mitigate the risk of cyber security breaches. 

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. Significant interim decisions taken are recorded in the agenda for Trustee board meetings. 

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**BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 TRUSTEES’ ANNUAL REPORT** 

## **OBJECTS AND AIMS** 

## **The Objects of the Charity** 

The Trust is established to manage funds and property donated to Bedford School Foundation Trust so as to: 

- promote the education of pupils at Bedford School 

- promote the further education of former pupils of the School 

- to support the School and its charitable activities 

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 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. 

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

**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. 

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## **BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 TRUSTEES’ ANNUAL REPORT** 

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, based on a pre-agreed budget, are recommended by the School’s Scholarship Committee, the Head Master and the Clerk, approved by the Chairman, and reported to Trustees at the next meeting of the Trustees.  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. 

**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. 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. 

8 



## **BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 TRUSTEES’ ANNUAL REPORT** 

## **REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR** 

## **Objectives for the Year** 

The main objectives for the year have been: 

- Via the Investment Committee, to review the Investment Strategy and make recommendations to the board to ensure all investments are adapted to an increasingly uncertain market and meet with the investment advisors to discuss accordingly. 

- Pursue further suitable investments to diversify the investment portfolio. 

- 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, and in further developing links with local state schools, including maximising the STEM project initiative. 

- Appoint additional Trustees, with appropriate skills, to enhance the Board’s breadth of experience. 

- Create, update and adopt new policies and procedures for the newly merged organisation that are complaint with the Charity Commission Code of Practice. 

## **Review of performance against those Objectives** 

## **Scholarships and Bursaries** 

During the year, 27 boys (43 in 2022) 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 3 scholarships being offered this year. In addition two boys were supported through a hardship bursary. 

Seven new scholarships have been awarded to commence from 1 September 2023, 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 £174,735 (2022 £74,619). 

## **Grants** 

Total grants, including scholarships, of £282,699 (2022: £202,439) were made during the year. Significant grants awarded this year have been as follows (awarding Fund in brackets): 

- £33,000 towards Gallery lighting in the Bellroom (Gilbert Lloyd Fund) 

- £5,055 towards strength conditioning equipment (Col J B Smith Fund) 

- £4,817 for replacing professional microphones including secure storage (General) 

- £4,530 purchase to upgrade current mixing console (General) 

- £3,190 purchase of left-hand rifle (General) 

## **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: 

- Sports and 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 £8,114 donated to other charities in the year 

- Use of the Ickwell Reserve for a wide range of educational visits by Bedford School boys, other local schools and community groups. 

9 



**BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 TRUSTEES’ ANNUAL REPORT** 

## **FINANCIAL REVIEW AND RESULTS FOR THE YEAR** 

## **Review of the Overall Financial Position at the Year End** 

The total value of the Trust increased by £2,484,616 during the year. The value of the investment portfolio increased by £132,488 whilst net current assets increased by £1,226,280. Overall, capital funds increased by £122,894, and revenue funds increased by £2,361,722. The net assets of the Trust total £24,737,211 (2022 £22,252,595) of which £1,426,396 is in cash or cash equivalents. 

## **Income and Expenditure** 

The income of the Trust was £1,347,003, including donations & legacies totalling £737,984 (2022 - £17,606) and investment income £535,609 (2022- £453,740). The Charities Committees (Upper and Prep School) run by the pupils raised further funds totalling £8,114 for donation to external charitable organisations. 

Expenditure of the Trust totalled £599,673 during the year and governance cost represented 7% of overall revenue expenditure (2022 9%). 

The result of the above income and expenditure totals is a net inflow for the year of £747,331 before the net gains and losses on investments of £188,060 and a revaluation on the wine investment of £1,094. During the year the net assets of £ 377,091 for Bedford School Foundation were transferred. 

## **Reserves** 

At the end of the reporting period, the total funds held by the Trust were £24,737,211.  Of these, £3,421,590 are permanent endowments whilst £13,951,169 are expendable endowments. £1,631,195 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, £3,877,994 are restricted, leaving the balance of unrestricted funds of £3,486,458.  Of the unrestricted funds £2,846,297 are held as fixed assets. 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 instant access accounts or other investments with easy access and short notice periods.  Under this policy, ‘General Reserves’ are defined as unrestricted funds amounting to £642,251 as of 30 June 2023.    ‘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 4 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. The free reserves held at 30 June 2023 are £497,648 - (2022 - £35,840). 

## **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 March 2023. 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. 

10 



## **BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 TRUSTEES’ ANNUAL REPORT** 

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 2023 the value of the investment portfolios increased by £132,488 to £18,280,353. This primarily was a result of an increased holding of fixed term deposits leading to unrealised/realised investment profit of £188,060 (2022 loss of £1,315,600). Net income earned from the investment portfolio increased to £535,609 from £453,740 in 2022.  The total net return for the year was 3.25% verses a benchmark of 5.49%. 

## **FUTURE PLANS** 

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

- Continue to promote the scholarship and bursary programme, combining means tested and discretionary awards, enabling both wider access to the School, and to support 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, and in further developing links with local state schools, including maximising the STEM project initiative 

- • Support the School in developing facilities and resources in support of the aims and objectives of both the Trust and the School. Trustees have agreed to support the development of a new Academic building which is scheduled to start in the following 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: 

- select suitable accounting policies and then apply them consistently; 

- make judgments and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate 

- observe the methods and principles in the Charities SORP. 

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: 

## Roger Marks 

## **R J Marks** 

Chairman                             Date: 26th March 2024 

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## **BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 INDEPENDENT AUDITOR’S REPORT** 

## **Opinion** 

We have audited the financial statements of Bedford School Foundation Trust for the year ended 30 June 2023 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: 

- give a true and fair view of the state of the charitable company’s affairs as at 30 June 2023 and of the charitable company’s net movement in funds, 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 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: 

- the information given in the Trustees’ Annual Report (which includes the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

12 



## **BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 INDEPENDENT AUDITOR’S REPORT** 

- the directors’ report included within the Trustees’ Annual Report have been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the 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: 

- adequate accounting records have not been kept by the charitable company; or 

- the charitable company financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees’ remuneration specified by law are not made; 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 companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report. 

## **Responsibilities of trustees for the financial statements** 

As explained more fully in the trustees’ responsibilities statement set out on page 11 , 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: 

- Inspecting correspondence with regulators and tax authorities; 

13 



## **BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 INDEPENDENT AUDITOR’S REPORT** 

- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; 

- Evaluating management’s controls designed to prevent and detect irregularities; 

- Identifying and testing journals; and 

- Challenging assumptions and judgements made by management in their critical accounting estimates. 

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) For and on behalf of Haysmacintyre LLP, Statutory Auditor 

10 Queen Street Place London EC4R 1AG 

## 27 March 2024 

14 



**Company No. 04479551** 

## **BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income Expenditure Accounts)** 

|**INCOME**<br>**Notes**<br>**Charitable activities:**<br>Parental Contributions<br>Other Income<br>**Raising funds:**<br>Chapel Collections<br>Grants<br>Donations & Legacies<br>**Investments:**<br>3<br>**Total Income**<br>**EXPENDITURE**<br>**Raising funds:**<br>Investment management<br>**Charitable activities**<br>4<br>**Total Expenditure**<br>**Net (expenditure)/ income**<br>**before transfers and investment**<br>**gains/(losses) for the year**<br>Net gain/(Loss) on Investments<br>5<br>Revaluation of fixed assets<br>6<br>**Net income / (expenditure) for the year**<br>**Transfer of funds from Bedford**<br>**School Foundation**<br>**11**<br>Transfers between Funds<br>10<br>**Net Movement in Funds**<br>**Opening Balances**<br>**Closing Balances**|**Unrestricted**<br>**Restricted**<br>**Endowment**<br>**Year Ended**<br>**Funds**<br>**Funds**<br>**Funds**<br>**30-Jun-23**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>11,742<br>-<br>**11,742**<br>14,496<br>23,062<br>-<br>**37,558**<br>-<br>1,110<br>-<br>**1,110**<br>-<br>23,000<br>-<br>**23,000**<br>260,509<br>477,475<br>-<br>**737,984**<br>68,260<br>467,349<br>-<br>**535,609**<br>343,265<br>1,003,738<br>-<br>**1,347,003**<br>757<br>4,440<br>51,476<br>**56,673**<br>200,923<br>342,076<br>-<br>**542,999**<br>201,680<br>346,516<br>51,476<br>**599,672**<br>141,585<br>657,222<br>(51,476)<br>747,331<br>2,571<br>12,213<br>174,370<br>**189,154**<br>1,171,040<br>-<br>-<br>**1,171,040**|**Unrestricted**<br>**Restricted**<br>**Endowment**<br>**Year Ended**<br>**Funds**<br>**Funds**<br>**Funds**<br>**30-Jun-22**<br>**£**<br>**£**<br>**£**<br>**£**<br>7,088<br>-<br>-<br>**7,088**<br>15,204<br>38,150<br>-<br>**53,354**<br>-<br>857<br>-<br>**857**<br>-<br>23,000<br>-<br>**23,000**<br>2,000<br>15,606<br>-<br>**17,606**<br>56,521<br>397,219<br>-<br>**453,740**|
|---|---|---|
|||80,813<br>474,832<br>-<br>**555,645**<br>495<br>8,543<br>67,653<br>**76,691**<br>222,411<br>155,160<br>3,200<br>**380,771**|
|||222,906<br>163,703<br>70,853<br>**457,462**|
|||(142,093)<br>311,129<br>(70,853)<br>**98,183**<br>(2,643)<br>(139,669)<br>(1,173,288)<br>**(1,315,600)**<br>-<br>-<br>-<br>**-**|
||**1,315,196**<br>**669,435**<br>**122,894**<br>**2,107,525**<br>304,320<br>72,771<br>-<br>**377,091**<br>-<br>-<br>-<br>**-**<br>1,619,516<br>742,206<br>122,894<br>**2,484,616**<br>**1,866,942**<br>**3,135,788**<br>**17,249,865**<br>**22,252,595**<br>**3,486,458**<br>**3,877,994**<br>**17,372,759**<br>**24,737,211**|(144,736)<br>171,460<br>(1,244,141)<br>**(1,217,417)**<br>-<br>(3,200)<br>3,200<br>**-**|
|||(144,736)<br>168,260<br>(1,240,941)<br>**(1,217,417)**<br>**2,011,678**<br>**2,967,528**<br>**18,490,806**<br>**23,470,012**|
|||**1,866,942**<br>**3,135,788**<br>**17,249,865**<br>**22,252,595**|



The notes on pages 18 to 31 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. 

15 



**Company No. 04479551** 

## **BEDFORD SCHOOL FOUNDATION TRUST BALANCE SHEET As At 30 June 2023** 

|**Notes**<br>**FIXED ASSETS**<br>Investments<br>5<br>Tangible Fixed Assets<br>6<br>**CURRENT ASSETS**<br>Cash at Bank<br>7<br>Debtors<br>8<br>**CURRENT LIABILITIES**<br>Creditors - Falling due within one year<br>9<br>**NET CURRENT ASSETS**<br>**TOTAL ASSETS LESS CURRENT LIABILITIES**<br>Creditors due after more than one year<br>9<br>**NET ASSETS**<br>**ENDOWMENT FUNDS**<br>Permanent Endowments<br>Expendable Endowments<br>**Total  - Endowment Funds**<br>15<br>**REVENUE FUNDS**<br>**Restricted Funds**<br>16<br>**Unrestricted Funds:**<br>16<br>Designated Funds<br>General Fund<br>**Total  - Revenue Funds**<br>The notes on pages 18 to 31 form part of the financial s<br>**Signed on behalf of the Trustees:**<br>**R MARKS**<br> <br>Roger Marks|**At 30 June 2023**<br>**£**<br>**18,280,353**<br>**4,547,402**<br>**1,426,396**<br>**989,580**|<br>**£**<br> <br> <br>**22,827,755**<br> <br> <br> <br>**2,090,118**<br>**24,917,873**<br>**(180,662)**<br>**24,737,211**<br> <br> <br>**17,372,759**<br>**3,877,994**<br> <br> <br>**3,486,458**<br>**7,364,452**<br>**24,737,211**<br>**0**|**At 30 June 2022**<br>**£**<br>**18,147,865**<br>**3,467,623**|
|---|---|---|---|
||||**21,615,488**<br>**1,030,463**<br>**164,251**|
||**2,415,976**<br>**(325,858)**||**1,194,714**<br>**(330,876)**|
||**3,421,590**<br>**13,951,169**||**863,838**|
||||**22,479,326**<br>**(226,731)**|
||||**22,252,595**|
||||**3,404,191**<br>**13,845,674**|
||**142,603**<br>**3,343,855**||**17,249,865**|
||||**3,135,788**<br>**78,365**<br>**1,788,577**|
||tatements.<br>||**1,866,942**|
||||**5,002,730**|
||||**22,252,595**|
||||**0**|



**Chairman** 

> **Date:** 26th March 2024 

16 



## **BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 CASHFLOW STATEMENT** 

|**Note**<br>**Cash flows from operating activities**<br>**Net cash provided by operating activities**<br>1<br>**Cash flows from investing activities**<br>Proceeds from sale of Freehold Property<br>26,620<br>Proceeds from sale of investments<br>10,098,487<br>Purchase of investments<br>(10,106,111)<br>**Net cash provided by(used in) investing**<br>**activities**<br>**Change in cash and cash equivalents in**<br>**the reporting period**<br>2<br>**Cash and cash equivalents at 1 July 2022**<br>**Cash and cash equivalents at 30 June**<br>**2023**<br>**NOTES TO THE CASHFLOW**<br>**STATEMENT**<br>**1. Net income for the period**<br>**Adjustments for:**<br>Depreciation charges<br>Wine legacy<br>Transfer of Bedford School Foundation<br>Profit on sale of property<br>(Decrease) in creditors<br>(Increase) in debtors<br>**Net cash provided by operating activities**<br>**2. Analysis of cash and cash equivalents**<br>Current account<br>Central Bank account<br>CCF Bank Account & Petty Cash<br>Deposit accounts<br>Cash for investment<br>A net debt reconciliation note has not been presented as the<br>charity has no debt.|**Year**<br>**Ended**<br>**30 June**<br>**2023**<br>312,647<br>18,996<br>331,643<br>1,140,668<br>1,472,311<br>-<br>0<br>747,331<br>80,770<br>377,091<br>(16,129)<br>(51,087)<br>(825,329)<br>312,647<br>**At 30 June**<br>**2022**<br>396,898<br>28,575<br>16,198<br>588,792<br>110,205<br>1,140,668|<br>25,398<br>6,683,935<br>(6,776,833)<br>**Cash**<br>**flows**<br>(380,197)<br>1,993<br>(6,928)<br>781,065<br>(64,290)<br>331,643|**Year**<br>**Ended**<br>**30 June**<br>**2022**<br>(137,093)<br>(67,500)|
|---|---|---|---|
||||(204,593)<br>1,345,261|
||||1,140,668|
||||98,183<br>80,770<br>(15,606)<br>(15,389)<br>(175,370)<br>(109,681)|
||||(137,093)|
||||**At 30 June**<br>**2023**<br>16,701<br>30,568<br>9,270<br>1,369,857<br>45,915|
||||1,472,311|
|||||



The notes on pages 18 to 31 form part of the financial statements. 

17 



## **BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 NOTES TO FINANCIAL STATEMENTS** 

## **1. CHARITY INFORMATION** 

- 1.1 The Trust is a private limited company (registered number 4479551), limited by guarantee, which 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 is to support Bedford School by promoting the education of both current and former pupils and to support the School and its charitable activities. 

## **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, investments, investment property, Chapel assets and Works of Art 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 11. 

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, Chapel assets and Works of Art. 

18 



## **BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 NOTES TO 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 appropriate. A full valuation was undertaken in August 2023 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. 

19 



## **BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 NOTES TO FINANCIAL STATEMENTS** 

## 2.9 

## **Chapel Assets** 

The valuation of Chapel Assets is formally reviewed every five years, and monitored annually to ensure the value is appropriate. A full valuation was undertaken in August 2023 by a registered valuer and those values have included in these accounts. Additions are included at cost, with any additions over £1000 being capitalised. The Trustees consider the useful life of the assets to be so long that depreciation would be immaterial. Due to the stylistic, historical and religious significance of the reredos the valuation basis changed from antique replacement value to cost of recommissioning basis. 

## 2.10 **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. 

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 Computer Equipment – 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. 

## 2.11 **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. 

## 2.12 **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. 

## 2.13 **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. 

## 2.14 **Transfer of Assets and Liabilities from Bedford School Foundation** 

The assets and liabilities transferred from Bedford School Foundation on 31 July 2022 have been recognised at fair value on the date of transfer. 

20 



## **BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 NOTES TO FINANCIAL STATEMENTS** 

## **3. INVESTMENT INCOME** 

|**VESTMENT INCOME**<br>UK Equity Dividends (including Unit Trusts)<br>Overseas Equity Dividends<br>Interest Received from Fixed Interest Securities<br>Interest Received on Cash Held For Investment<br>Property rents<br>Bank Interest|**2023**2022<br>**£**<br> £<br>**208,107**<br>259,941<br>**112,941**<br>95,857<br>**115,995**<br>12,255<br>**27,256**<br>16,559<br>**66,516**<br>68,994<br>**4,794 **<br>134|
|---|---|
||**535,609**<br>453,740|



## **4. CHARITABLE ACTIVITIES** 

|**Scholarships &**<br>**Bursaries**<br>**Academic**<br>**Premises**<br>**Chapel**<br>**Expenditure**<br>**Activities**<br>**Expenditure**<br>**Donations to**<br>**other charities**<br>**Governance**|**Directly**<br>**Grant**<br>**Support**<br>**Costs**<br>**Total**<br>**Directly**<br>**undertaken**<br>**Grant**<br>**Support**<br>**Costs**<br>**Total**<br>**undertaken**<br>**funded**<br>**2023**<br>**funded**<br>**2022**<br>**174,735**<br>**-**<br>**-**<br>**174,735**<br>74,619<br>-<br>-<br>74,619<br>**71,980**<br>**-**<br>**71,980**<br>5,159<br>89,658<br>-<br>94,817<br>**80,565**<br>**-**<br>**-**<br>**80,565**<br>36,450<br>-<br>-<br>36,450<br>**47,206**<br>**-**<br>**-**<br>**47,206**<br>7,631<br>-<br>-<br>7,631<br>**92,887**<br>**27,871**<br>**-**<br>**120,758**<br>87,897<br>31,678<br>-<br>119,575<br>**8,114**<br>**-**<br>**-**<br>**8,114**<br>6,483<br>-<br>-<br>6,483<br>**-**<br>**-**<br>**39,641**<br>**39,641**<br>-<br>-<br>41,196<br>41,196|
|---|---|
||**403,507**<br>**99,851**<br>**39,641**<br>**542,999**<br>218,239<br>121,336<br>41,196<br>380,771|



21 



**BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 NOTES TO FINANCIAL STATEMENTS** 

## 4.1 **Governance** 

|**overnance**||
|---|---|
|Audit fee<br>Professional fees<br>Accounting software licence & support<br>Statutory fees<br>Bank charges<br>Admin costs<br>Other|**2023**<br>**£**<br>2022<br>£<br>**17,700**<br>9,720<br>**5,870**<br>16,673<br>**1,961**<br>1,728<br>**824**<br>**1,092**<br>**12,000**<br>**194 **<br>198<br>877<br>12,000<br>-|
||**39,641**<br>41,196|



Governance costs include fees accrued to the Auditors for the audit of £15,000 (2022: £9,720).  No staff costs were incurred by the Trust in the year to 30 June 2023, 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<br>**Grants and Awards**<br> <br>**Bedford School & Associated Projects:**<br>Promotion of Sports and Activities<br>Scholarships<br>Academic<br>**Other Institutions:**<br>Movember<br>Tibbs Dementia<br>British Red Cross<br>Cancer Research<br>Luna Animal Rescue<br>Smart Criminal Justice Services<br>Sundry (Under £200)<br>CRY<br>Bhubesi Pride Foundation<br>Yarls Wood Befrinders<br>Multiple System Atrophy Trust<br>The Hope Foundation<br>Bedfordshire Open Door<br>Country Days<br>Q:Alliance<br>**Total Grants and Awards Payable**|**2023**<br> <br>**£**<br>**27,871**<br>**174,735**<br>**71,980 **<br>**274,586**<br>**6,113**<br>**-**<br>**-**<br>**1,526**<br>**-**<br>**474**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br> <br>**282,699**<br>|2022<br> £<br>31,679<br>74,619<br>89,658|
|---|---|---|
|||195,956<br>1,145<br>520<br>468<br>-<br>468<br>-<br>121<br>520<br>520<br>377<br>468<br>469<br>469<br>469<br>469|
|||202,439|



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

22 



**BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 NOTES TO FINANCIAL STATEMENTS** 

## **5.         INVESTMENTS** 

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

|Market Value at beginning of year<br>Purchases<br>Disposals<br>Unrealised (Losses)/Gains<br>Realised (Losses)/Gains<br>Net Investment<br>Cash held for investment<br>Wine held as investment<br>Revaluation - wine<br>Market Value at end of year|**2023**<br>**£**<br> 2022<br> £<br>18,022,054<br>19,244,756<br>10,106,111<br>6,776,833<br>(10,098,487)<br>(6,683,368)<br>210,502<br>(22,442)<br>(1,118,553)<br>(197,614)|
|---|---|
||18,217,738<br>18,022,054<br>45,915<br>15,606<br>1,094<br>110,205<br>15,606<br>-|
||18,280,353<br>18,147,865|



- 5.2. A summary of the Investments and Cash held is shown below: 

|Total Fixed Interest<br>UK Equities<br>Overseas Equities<br>Alternative Assets<br>Property<br>Emerging Equities<br>Money Market Instruments<br>Wine<br>Cash<br>Total Investments|**30 June 2023**<br>30 June 2022<br>**Market Value**<br>**Cost**<br>Market Value<br>Cost<br>**1,239,845**<br>**1,301,004**<br>1,505,862<br>1,596,644<br>**3,416,408**<br>**2,551,283**<br>5,410,263<br>4,314,127<br>**4,516,789**<br>**3,556,217**<br>3,732,513<br>2,622,393<br>**1,092,512**<br>**1,195,343**<br>2,153,366<br>1,985,759<br>**564,082**<br>**591,046**<br>691,490<br>591,046<br>**135,730**<br>**176,767**<br>228,560<br>246,567<br>**7,252,372**<br>**7,252,372**<br>4,300,000<br>4,300,000<br>**16,700**<br>**-**<br>15,606<br>-<br>**45,915**<br>**45,915**<br>110,205<br>110,205|
|---|---|
||**18,280,353**<br>**16,669,947**<br>18,147,865<br>15,766,741|



23 



## **BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 NOTES TO FINANCIAL STATEMENTS** 

## **6. TANGIBLE FIXED ASSETS** 

||Investment|Freehold|Chapel|Artwork|Motor|IT|Total|
|---|---|---|---|---|---|---|---|
||Property|Property|Assets||Vehicles|Equipment||
||£|£|£|£|||£|
|||||||||
|COSTOR VALUATION||||||||
|At1July2022|1,562,986|512,500|728,100|586,240|22,028|359,602|3,771,456|
|Revaluation|-|-|1,076,405|94,635|-|-|1,171,040|
|Disposals|(10,491)|-|-|-|-|-|(10,491)|
|At 30 June2023|1,552,495|512,500|1,804,505|680,875|22,028|359,602|4,932,005|
|||||||||
|DEPRECIATION||||||||
|At1July2022|-|149,951|-|-|22,028|131,854|303,833|
|Chargeforthe year|-|8,850|-|-|-|71,920|80,770|
|||||||||
|At 30 June2023|-|158,801|-|-|22,028|203,774|384,603|
|||||||||
|NET BOOK VALUE||||||||
|||||||||
|At 30 June2023|1,552,495|353,699|1,804,505|680,875|-|155,828|4,547,402|
|||||||||
|At 30 June2022|1,562,986|362,549|728,100|586,240|-|227,748|3,467,623|



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 within Ickwell village that were once part of the Ickwell estate. One investment property 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 farmland within the original Colonel Well Ickwell estate.  All the investment properties earn rental income. The properties have been revalued at 1 December 2023 by Robinson & Hall LLP as follows; 41 De Parys Avenue - £700,000, 13 Dudley Street - £315,000, and 32 St Peters Street - £300,000. 

The Ickwell Field Study Centre is a functional asset for the charity's use and is being depreciated over 50 years. 

The Trust’s investment portfolio also includes land at Princes Risborough, land at 14/14A Glebe Road and 2 Burnaby Rd, Bedford. The Princes Risborough has been value at £26,000, 2 Burnaby Rd has been revalued at £300,000 by Robinson & Hall LLP at 1 December 2023. 

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 at 1 December 2023 by Robinson & Hall LLP and remained at the same value of £70,000, and is not depreciated.   The property at 2 Burnaby Road 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 property revaluations were carried out on 1 December 2023 and it was decided that as they are not material these financial statements would not be adjusted, however will be reflected in the next year’s financial statements. 

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 £1,804,505 (from £728,100) by David 

24 



## **BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 NOTES TO FINANCIAL STATEMENTS** 

Fletcher MRICS in August 2023.  The valuation is reviewed every five years and is monitored annually to ensure this 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 £680,875 in August 2023 (£586,240 August 2019) by David Fletcher Fine Art Limited. 

## **7. BANK ACCOUNTS** 

|Current Account<br>Central Bank Account<br>CCF Account & Petty Cash<br>HSBC Deposit Account<br>**8.**<br>**DEBTORS**<br> <br>Trade debtors<br>Investment income<br>Other debtors<br>Amount due from Bedford School Foundation<br>HMRC – Gift Aid<br>**9.**<br>**CREDITORS**<br>**Due within one year:**<br>Accruals<br>Trade creditors<br>Scholarships<br>Grants<br>School Trips<br>Prep School Common Room<br>**Due after more than one year:**<br>Scholarships|**2023**<br>2022<br>**£**<br> £<br>**16,701**<br>396,898<br>**1,369,857**<br>28,575<br>**9,270**<br>16,198<br>**30,568**<br>588,792<br>**1,426,396**<br>1,030,463<br> <br>**2023**<br>2022<br>**£**<br> £<br>**5,848**<br>91,344<br>**74,515**<br>**462**<br>**849,779**<br>**58,976**<br>54,038<br>18,869<br>-<br>-<br>**989,580**<br>164,251<br> <br>**2023**<br>2022<br>**£**<br>£<br>**25,281**<br>9,300<br>**29,686**<br>20,720<br>**181,673**<br>169,864<br>**63,429**<br>**25,154**<br>96,537<br>33,836<br>**635**<br>619|
|---|---|
||**325,858**<br>330,876|
||**180,662**<br>226,731|
||**180,662**<br>226,731|



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. 

25 



**377,091** 

## **BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 NOTES TO FINANCIAL STATEMENTS** 

## **10. ENDOWED AND REVENUE FUNDS** 

The details of permanent and expendable endowed funds are shown on page 28. The details of the revenue funds are shown on page 30. The purposes of these funds are explained in the Trustees’ report. 

## **11. MERGER WITH BEDFORD SCHOOL FOUNDATION** 

On 31 July 2022, the merger took place between Bedford School Foundation and Bedford School Foundation Trust, the assets and liabilities of Bedford School Foundation were transferred to Bedford School Foundation Trust. The following table shows the fair value of the assets transferred: 

£ 

Current Assets 

26 



**BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 NOTES TO FINANCIAL STATEMENTS** 

## **12. NET ASSETS OF THE FUNDS** 

The Trust’s net assets as at 30 June 2023 belong to the various funds as follows: 

|Endowed Funds<br>Restricted Funds<br>Unrestricted Funds|**Fixed**<br>**Assets**<br>**£**<br>**Investments**<br>**£**<br>**Net Current**<br>**Assets/**<br>**(Liabilities)**<br>**£**<br>**Long**<br>**Term**<br>**Liabilities**<br>**£**<br>**Fund**<br>**Balances**<br>**£**<br>1,631,195<br>15,962,948<br>(221,384)<br>-<br>17,372,759<br>70,000<br>2,134,219<br>1,854,437<br>(180,662)<br>3,877,994<br>2,846,207<br>183,186<br>457,065<br>-<br>3,486,458|
|---|---|
||4,547,402<br>18,280,353<br>2,090,118<br>(180,662)24,737,211|



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

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



## **13. 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 £210,730 including scholarships, was granted to the Harpur Trust in the year to 30 June 2023 (2022 £105,978).  At 30 June 2023 £11,989 was due to the Harpur Trust (2022 £567) and an amount of £3,619 was due from the Harpur Trust (2022 £92,374). 

Scholarships granted to individual pupils are paid directly to the Harpur Trust in response to agreed invoices raised. The actual scholarship sums paid in 2023 amounted to £ 208,407 (2022 £329,627). 

During the year £12,000 was granted from Bedford School Foundation Trust to Harpur Trust as a donation to Administrative costs (2022 £12,000) 

## **14. POST BALANCE SHEET EVENTS** 

There are no post balance sheet events. 

27 



## **BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 NOTES TO FINANCIAL STATEMENTS** 

## **15. ENDOWED FUNDS** 

|**Fund**<br>**Permanent Endowments**<br>Chapel (Phillpotts Benefaction)<br>Chapel (Siddons Benefaction)<br>Colonel Wells Fund<br>Heriz Smith Bursary<br>Rice Classical Scholarship<br>Total<br>**Expendable Endowments**<br>Bedford School Trust Awards Fund<br>Andrew Dell Exhibition<br>Andrew Lucken Fund<br>Blackwell Scholarship<br>Combined Cadet Force<br>Edgar Rollinson Science Scholarship<br>Gilbert Cook Scholarship<br>Gilbert Lloyd Fund<br>Allan Goode Fund<br>General Scholarships<br>Special Account- HMA<br>Col J B Smith Fund<br>Lindsay-White Funds<br>Murray Fletcher Sports Scholarship<br>Oakley Fletcher Fund<br>Ramsay Murray<br>Prof Roach Fund<br>Brian Saville Awards<br>Sub Total<br>General Fund<br>Total - Expendable Endowments<br>**Grand Totals**|**Net**<br>**Value at**<br>**Additions**<br>**Expendable**<br>**Endowed**<br>**Movement**<br>**Investment**<br>**Transfers**<br>**Value at**<br>**30 June 22**<br>**In Period**<br>**Endowment**<br>**Property**<br>**In Portfolio**<br>**Managers**<br>**Between**<br>**30 June 23**<br>**utilised**<br>**Depreciation/**<br>**Value**<br>**Fees**<br>**Funds**<br>**Revaluation**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>24,803<br>335<br>(102)<br>25,036<br>7,643<br>126<br>(33)<br>7,736<br>3,235,169<br>22,280<br>(6,578)<br>3,250,871<br>79,926<br>1,131<br>(333)<br>80,724<br>56,650<br>810<br>(237)<br>57,223|
|---|---|
||3,404,191<br>0<br>0<br>0<br>24,682<br>(7,283)<br>0<br>3,421,590|
||343,794<br>4,853<br>(1,434)<br>347,213<br>48,374<br>698<br>(203)<br>48,869<br>8,066<br>116<br>(34)<br>8,148<br>350,603<br>4,942<br>(1,461)<br>354,084<br>60,119<br>834<br>(250)<br>60,703<br>49,335<br>675<br>(204)<br>49,806<br>546,896<br>7,726<br>(2,282)<br>552,340<br>158,489<br>2,243<br>(661)<br>160,071<br>3,204,910<br>17,023<br>(5,026)<br>3,216,907<br>514,966<br>7,277<br>(2,148)<br>520,095<br>136,225<br>1,925<br>(569)<br>137,581<br>185,920<br>1,904<br>(567)<br>187,257<br>731,136<br>11,191<br>(3,302)<br>739,025<br>178,135<br>2,521<br>(744)<br>179,912<br>27,811<br>391<br>(115)<br>28,087<br>211,185<br>858<br>(254)<br>211,789<br>821,822<br>11,619<br>(3,428)<br>830,013<br>4,912,170<br>61,927<br>(18,273)<br>4,955,824|
||12,489,956<br>0<br>0<br>0<br>138,723<br>(40,955)<br>0<br>12,587,724<br>1,355,718<br>10,965<br>(3,238)<br>1,363,445|
||13,845,674<br>0<br>0<br>0<br>149,688<br>(44,193)<br>0<br>13,951,169<br>17,249,865<br>0<br>0<br>0<br>174,370<br>(51,476)<br>0<br>17,372,759|



28 



## **BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 NOTES TO FINANCIAL STATEMENTS** 

## **15. ENDOWED FUNDS (2022 Comparative)** 

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



29 



## **BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 NOTES TO FINANCIAL STATEMENTS** 

## **16. RESTRICTED & UNRESTRICTED FUNDS )** 

|**RESTRICTED FUNDS**<br>Rice Classical Scholarship<br>Boat Club Appeal<br>Chapel Fund (including Siddons & Phillpotts benefactions)<br>Colonel Wells Charity Fund<br>John Warren Lecture Fund<br>Heriz Smith Bursary<br>Blackwell Scholarship<br>Lindsay-White Legacy Funds<br>Gilbert Cook Scholarship<br>Ramsay Murray<br>Oakley Fletcher<br>Edgar Rollinson Science Scholarship<br>Gilbert Lloyd Fund<br>Andrew Lucken Fund<br>Murray Fletcher Sports Scholarship<br>Bedford School Trust Awards Fund<br>Andrew Dell Exhibition<br>Golf Coaching Fund<br>Gap Year Fund<br>Col J B Smith Fund<br>Bill Sohal Fund<br>Prof Roach Fund<br>Brian Saville Funds<br>James Crowden Legacy<br>BSF Unallocated Fund<br>BSF Organ<br>BSF Library<br>BSF Pavilion<br>BSF  Grand Piano Recital<br>Estate Masterplan<br>BSF Fellowship Programme<br>Lunt-Waldecker Fund<br>Allan Goode<br>General Scholarships<br>Donald Gray<br>NG Phillips Memorial Fund<br>RM Hext<br>Rowing - Batine<br>Organ Restoration<br>TOTAL - Restricted Funds<br>UNRESTRICTED FUNDS<br>Designated Funds:<br>Musical Instrument Fund<br>Monitors' Fund<br>Charities Committee<br>CCF Fund<br>CenBank Funds (Total)<br>Prep School Account<br>Special Account- HMA<br>Sub-Total<br>General Fund<br>TOTAL - Unrestricted Funds<br>TOTAL - REVENUE FUNDS|**30 June 2022**<br>**£**<br>19,751<br>21,180<br>224,172<br>381,456<br>655<br>7,238<br>75,427<br>16,684<br>132,241<br>64,911<br>217<br>12,616<br>88,607<br>2,454<br>31,078<br>(27,601)<br>13,174<br>28,916<br>153<br>42,010<br>1,273<br>14,192<br>202,051<br>3,001<br>700,868<br>911,922<br>127,625<br>23,911<br>15,606<br>3,135,788<br>9,655<br>975<br>(789)<br>79,937<br>(50,927)<br>39,188<br>326<br>78,365<br>1,788,577<br>1,866,942<br>5,002,730|**Income**<br>**£**<br>1,569<br>13,081<br>29,987<br>109,100<br>-<br>2,214<br>9,710<br>21,913<br>17,495<br>4,741<br>770<br>1,366<br>4,389<br>223<br>4,933<br>9,521<br>1,340<br>-<br>-<br>4,780<br>-<br>22,760<br>135,524<br>-<br>18,601<br>2,420<br>688<br>154<br>344<br>10,000<br>4,688<br>18,393<br>73,997<br>23,537<br>90,000<br>100,000<br>10,000<br>5,500<br>250,000<br>1,003,738<br>8,345<br>400<br>10,411<br>11,968<br>657<br>24,006<br>55,787<br>287,478<br>343,265<br>1,347,003|**Expenditure**<br>**£**<br>-<br>4,122<br>(10,354)<br>(88,562)<br>-<br>-<br>(19,858)<br>-<br>(355)<br>(109)<br>21,976<br>-<br>(32,657)<br>-<br>(52,314)<br>(14,878)<br>-<br>(20,956)<br>-<br>(20,708)<br>-<br>11,798<br>(81,742)<br>-<br>(39,507)<br>(322)<br>(90)<br>(2,000)<br>(346,516)<br>(8,090)<br>(260)<br>(8,114)<br>(5,792)<br>(63)<br>(22,319)<br>(179,361)<br>(201,680)<br>(548,196)|**Transferf**<br>**rom**<br>**Bedford**<br>**School**<br>**Foundati**<br>**on**<br>**£**<br>187<br>1,195<br>6,740<br>400<br>1,000<br>249<br>500<br>62,500<br>72,771<br>4,158<br>26,612<br>30,770<br>273,550<br>304,320<br>377,091|**Revaluation**<br>**&**<br>**Investment**<br>**Gains/(Loss)**<br>**£**<br>2,535<br>4,146<br>1,219<br>2,129<br>1090<br>1,094<br>12,213<br>1,173,611<br>1,173,611<br>1,185,824|**30 June**<br>**2023**<br>**£**<br>21,320<br>38,570<br>247,535<br>406,140<br>655<br>9,452<br>65,279<br>38,597<br>150,600<br>69,543<br>22,963<br>13,982<br>60,339<br>2,677<br>(16,303)<br>(26,218)<br>14,514<br>7,960<br>153<br>26,082<br>1,273<br>48,750<br>255,833<br>3,001<br>682,091<br>2,820<br>1,688<br>403<br>844<br>72,500<br>4,688<br>931,083<br>201,622<br>47,448<br>106,610<br>98,000<br>10,000<br>5,500<br>250,000|
|---|---|---|---|---|---|---|
|||||||3,877,994<br>14,068<br>1,115<br>1,508<br>86,113<br>(50,333)<br>39,188<br>50,944|
|||||||142,603<br>3,343,855|
|||||||3,486,458|
||||||||
|||||||7,364,452|



30 



## **BEDFORD SCHOOL FOUNDATION TRUST Year Ended 30 June 2023 NOTES TO FINANCIAL STATEMENTS** 

## **16. RESTRICTED & UNRESTRICTED FUNDS )** 

|**RESTRICTED FUNDS**<br>Rice Classical Scholarship<br>Boat Club Appeal<br>Chapel Fund (including Siddons &<br>Phillpotts benefactions)<br>Colonel Wells Charity Fund<br>John Warren Lecture Fund<br>Heriz Smith Bursary<br>Blackwell Scholarship<br>Lindsay-White Legacy Funds<br>Gilbert Cook Scholarship<br>Ramsay Murray<br>Oakley Fletcher<br>Edgar Rollinson Science Scholarship<br>Gilbert Lloyd Fund<br>Andrew Lucken Fund<br>Murray Fletcher Sports Scholarship<br>Bedford School Trust Awards Fund<br>Andrew Dell Exhibition<br>Golf Coaching Fund<br>Gap Year Fund<br>Col J B Smith Fund<br>Bill Sohal Fund<br>Prof Roach Fund<br>Brian Saville Funds<br>James Crowden Legacy<br>BSF Unallocated Fund<br>Lunt-Waldecker Fund<br>Allan Goode<br>General Scholarships<br>Donald Gray<br>TOTAL - Restricted Funds<br>UNRESTRICTED FUNDS<br>Designated Funds:<br>Musical Instrument Fund<br>Monitors' Fund<br>Charities Committee<br>CCF Fund<br>CenBank Funds (Total)<br>Prep School Account<br>Special Account- HMA<br>Sub-Total<br>General Fund<br>TOTAL - Unrestricted Funds<br>TOTAL - REVENUE FUNDS|**30 June**<br>**2021**<br>**Income**<br>**Expenditure**<br>**Transfers**<br>**Investment**<br>**Gains/(Loss)**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>18,402<br>1,349<br>-<br>-<br>-<br>25,302<br>-<br>(4,122)<br>-<br>-<br>218,769<br>28,910<br>(8,545)<br>-<br>(14,962)<br>349,159<br>100,381<br>(40,453)<br>(3,200)<br>(24,431)<br>655<br>-<br>-<br>-<br>-<br>5,335<br>1,903<br>-<br>-<br>-<br>73,343<br>8,348<br>(6,264)<br>-<br>-<br>17,905<br>18,838<br>(20,059)<br>-<br>-<br>124,645<br>15,040<br>(385)<br>-<br>(7,059)<br>54,952<br>3,582<br>6,377<br>-<br>-<br>5,580<br>662<br>(6,025)<br>-<br>-<br>11,441<br>1,175<br>-<br>-<br>-<br>88,101<br>3,773<br>(3,267)<br>-<br>-<br>2,262<br>192<br>-<br>-<br>-<br>33,489<br>4,241<br>(6,652)<br>-<br>-<br>(27,911)<br>8,185<br>(7,875)<br>-<br>-<br>12,022<br>1,152<br>-<br>-<br>-<br>6,265<br>22,651<br>-<br>-<br>-<br>153<br>-<br>-<br>-<br>-<br>40,427<br>3,945<br>(2,362)<br>-<br>-<br>1,273<br>-<br>-<br>-<br>-<br>18,602<br>19,567<br>(23,977)<br>-<br>-<br>119,341<br>116,791<br>(34,081)<br>-<br>-<br>3,001<br>-<br>-<br>-<br>-<br>744,070<br>16,081<br>(3,062)<br>-<br>(56,221)<br>938,692<br>13,177<br>(2,951)<br>-<br>(36,996)<br>70,599<br>57,026<br>-<br>-<br>-<br>11,654<br>12,257<br>-<br>-<br>-<br>-<br>15,606<br>2,967,528<br>474,832<br>(163,703)<br>(3,200)<br>(139,669)<br>9,334<br>6,036<br>(5,715)<br>-<br>-<br>817,<br>739<br>(581)<br>-<br>-<br>(2,191)<br>7,885<br>(6,483)<br>-<br>-<br>74,165<br>18,356<br>(12,584)<br>  -<br>-<br>(49,956)<br>-<br>(971)<br>-<br>-<br>39,188<br>-<br>-<br>-<br>-<br>3,083<br>3,243<br>(6,000)<br>-<br>-<br>74,440<br>36,259<br>(32,334)<br>-<br>-<br>1,937,238<br>44,554<br>(190,572)<br>-<br>(2,643)<br>2,011,678<br>80,813<br>(222,906)<br>-<br>(2,643)<br>4,979,206<br>555,645<br>(386,609)<br>(3,200)<br>(142,312)|**30 June**<br>**2022**<br>**£**<br>19,751<br>21,180<br>224,172<br>381,456<br>655<br>7,238<br>75,427<br>16,684<br>132,241<br>64,911<br>217<br>12,616<br>88,607<br>2,454<br>31,078<br>(27,601)<br>13,174<br>28,916<br>153<br>42,010<br>1,273<br>14,192<br>202,051<br>3,001<br>700,868<br>911,922<br>127,625<br>23,911<br>15,606|
|---|---|---|
|||3,135,788<br>9,655<br>975<br>(789)<br>79,937<br>(50,927)<br>39,188<br>326|
|||78,365<br>1,788,577|
|||1,866,942|
||||
|||5,002,730|



31