COMPANY REGISTRATION NUMBER: 04479551 CHARITY REGISTRATION NUMBER: 1094232 Bedford School Foundation Trust Company Limited by Guarantee Financial Statements 30 June 2024 COLLETT HULANCE ACCOUNTANTS LIMITED Chartered Certified Accountants & Statutory Auditor 40 Kimbolton Road Bedford MK40 2NR
Bedford School Foundation Trust Company Limited by Guarantee Financial Statements Year ended 30 June 2024 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) 14 18 Statement of financial position 19 Statement of cash flows 20 Notes to the financial statements 21
Bedford School Foundation Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 30 June 2024 The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 30 June 2024. Reference and administrative details Registered charity name Bedford School Foundation Trust Charity registratlon number 1094232 Company registration number 04479551 Principal office and reglstered 10 Glebe Road office Bedford Bedfordshire MK40 2PL
Bedford School Foundation Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 30 June 2024 The Trustees Mr D M Berman Ms l Dolan "c" Mr M D Hall *Acll Mr JS Hodgson +- Mr N S Jones MrRJMarks" MrlGPeckA Mr M T J Sismey-Durrant' (Appointed 23 March 2024) (Appointed 23 March 2024) (Deputy Chair) (Head Master) (Chair) Sub-committee Membership: member of the Investment Sub-committee ' member of the Finance and Governance Sub-committee member of the Ickwell Sub-committee c chair of the Sub-committee Jolnt School Committee Membershlp: member of the Scholarships Committee + member of the Chapel Committee Membership of tho 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 ofsuitable 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 beeen Bedford School Trust and Bedford School Foundation, the members ofthe Foundation were invited to become members ofthe merged Bedford School Foundation Trust. Company secretary Mr A J Macfarlane Bsc Msc Auditor Collett Hulance Accountants Limited Chartered Certified Accountants & Statutory Auditor 40 Kimbolton Road Bedford MK40 2NR Bankers HSBC 12 Allhallows Bedford MK40 1 LJ
Bedford School Foundation Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 30 June 2024 Sollcltors HCR Hewitsons Lancaster House Nunn Mills Road Northampton NN15GE 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 ofAssociation 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. Following the granting of a uniting direction by the Charities Commission on 16 May 2003, the former unincorporated Bedford School Trust accounts are included within the single set of accounts for Bedford School Foundation Trust. The quoted investments owned by the Trust during the period were held in an Investec. Client Nominee company, or relevant Depot, or held to order by overseas agents as appropriate or in money market instruments managed by LGT Wealth Management UK Ltd and HSBC Global Liquidity Fund. 'Investec is the trading name for Investec Wealth & Investment Limited Organlsatlonal Structure The charity currently now contracts an independent part-time Accountant to run day to day finances of the Trust in conjunction with the school finance department. Other than financial activities, the day to day running of the charity is delegated to the Clerk in consultation with the Chair. Trustees meet three times per annum, with the Chapel, Ickwell, Finance and Governance, and Investment sub-committees meeting as necessary, but at least lce per annum. The Scholarship sub-committee is convened as necessary. In addition, Trustees are consulted out of committee on any matters of importance arising.
Bedford School Foundation Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 30 June 2024 Trustee Selection, Recruitment and Training There are beeen 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 IndependentTrustee-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 observerwhere they can meetthe 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 Chair andlor 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 ststements, Charity Commission publications concerning roles and responsibilities of charity trustees, and any other information thought to assist them in their new role. Relatlonshlp wlth 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 Chair 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 Chair 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. Relatlonshlp 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 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.
Bedford School Foundation Trust Company Limited by Guarantee Trustees, Annual Report {Incorporating the Director's Report) (continued) Year ended 30 June 2024 Risk Management The Trustees have continued to examine the various areas of the Trusvs 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 geo- political factors 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 forapplication 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. Key controls used include.. formal agendas for all meetings-, detailed terms of reference for a51 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.
Bedford School Foundation Trust Company Limited by Guarantee Trustses. Annual Report (Incorporating the Director's Report) (contlnuedj Year ended 30 June 2024 Objectives and activities 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 6 other charities that are pooled under a uniting direction permitted by the Charity Commission in May 2003, as follows.. Colonel Wells Charlty 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 8nd 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 property portfolio of 8edft)rd School Foundation Trust. The Rice Classlcal 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.
Bedford School Foundation Trust Company Limited by Guarantee Trustses. Annual Report (Incorporating the Director's Report) (continued) Year ended 30 June 2024 Bedford School Foundation The Bedford School Foundation (Company number 04551824) is a linked Charity to the Bedford School Foundation Trust for the advancement of the education of pupils and former pupils of Bedford School by providing funds, items, services and facilities that it is not the obligation of any statutory authority to provide. 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 Beneflt 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 811 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. Alms of the Trust Assistance wlth 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 Chair, 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. Speclal 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 Chair 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.
Bedford School Foundation Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 30 June 2024 To aid the operatlons 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 Chair and up to £2,000 to the Chair 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. Policy on Operatlonal Expenditure The Trustees have delegated the power to approve expenditure of up to £1,000 to the Clerk and £10,000 to the Chair and Clerk acting jointly. Otherwise proposed operational expenditure is presented to the Trustees at their meetings or electronically out of committee. Charitable Donation8 The Trustees have decided that the Chaplain and the Head Master 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 Chair and Clerk, up to £2,000. Above this, the authority of the Trustees as a whole is required. Strategic report The following sections for achievements and performance and financial review form the strategic report of the charity.
Bedford School Foundation Trust Company Limited by Guarantee Trustees. Annual Report {Incorporating the Director's Report) (contlnued) Year ended 30 June 2024 Achievements and performance 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 compliant with the Charity Commission Code of Practice. Review of performance agalnst those Objectives Investment strategy During the year the Investment Committee carried out a detailed review of the Investment Strategy and due to geo-political uncertainty and the forecast for cash contribution to the school's estate masterplan decided to withdraw temporarily from equity markets and invest in high yield low risk fixed term deposits. These fixed term investments have performed well resulting in a forecast 12 months yield of £1,050,000. Scholarships and bursaries During the year, 26 boys (27 in 2023) 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 1 new scholarship being offered this year. In addition boys were supported through a hardship bursary. Nine new scholarships have been awarded to commence from 1 September 2024, and the commitment (for 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 £256,649 (2023 £174,735). Grants Total grants, including scholarships, of £302,949 (2023= £282,699) were made during the year. Significant grants awarded this year have been as follows (awarding Fund in brackets}'. £10,783 for laser combat simulation training system (CCF Fund)
Bedford School Foundation Trust Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) feontlnued) Year ended 30 June 2024 £8,120 towards choir stalls in the Chapel (Siddons Fund) £3,227 towards robotics equipment (Goode) £13,500 to support a previous student through university (Lunt Waldecker) £2,044 additional funding for DNA Snowdrop project biology (Col Wells) Trustee Recruitment In March 2024, new elected Trustees, David Berman and Isabel Dolan, were appointed following a skills audit to add expertise in the areas of Accounting and Law. Governance During the year, the board introduced a new Finance and Governance Sub-committee to focus on reviewing and where possible improving policies and procedures. The committee meets three times per year and reports to the main board in the following meeting. Promotlon of the Trust with a wider public beneflt Impact The work of the Twst 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 including.. Sports and music facilities were again enh8nced 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 £8,289 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. 10
Bedford School Foundation Trust Company Limited by Guarantee Truste8s' Annual Report (Incorporating the Director's Report) (contlnued) Year ended 30 June 2024 Financial review Review of the Overall Financial Position at the Year End The total value ofthe Trust increased by £951,523 during the year. The value of the investment portfolio increased by £2,038,954 whilst net current assets decreased by £778,062. Overall, capital funds increased by £657,512, and revenue funds increased by £294,011. The net assets of the Trust total £25,688,734 (2023 £24,737,211) of which £1,277,614 is in cash or cash equivalents. Income and Expenditure The income of the Trust was £2,184,529 {2023 £1,724,094), including donations & legacies totalling £1,119,86412023 £1,139,185) and investment income £1,015,31612023- £550,105). The Charities Committees (Upper and Prep School} run by the pupils raised further funds totalling £2,771 for donation to external charitable organisations. Expenditure of the Trust totalled £815,280 (2023 £599,672) during the year and governance cost represented 70/0 of overall revenue expenditure (2023 - 7 %). The result of the above income and expenditure totals is a net inflow for the year of £1,369,249 before the net gains and losses on investments of £{213,100) and a revaluation on the investment properties of £411,005. During the year the net assets of £463 for Bedford School Foundation were transferred. Reserves At the end of the reporting period, the total funds held by the Trust were £25,688,734. Of these, £3,851,554 are permanent endowments whilst £14,178,717 are expendable endowments. £2,080,000 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. Ofthe revenue funds, £4,903,614 are restricted, leaving the balance of unrestricted funds of£2,754,849. Of the unrestricted funds £2,190,393 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 years. The Trustees, policy on holding reserves is that General Reserves should be maintained at a level of beteen one and years, typical income in instant access accounts or other investments with easy access and short notice periods. Under this policy, 'General ReseNes' are defined as unrestricted funds amounting to £564,456 as of 30 June 2024. '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 reseNes held at 30 June 2024 are £371,805 - (2023 - £497,648). Investments Trustees have the powerto invest the money ofthe 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. 11
Bedford School Foundation Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 30 June 2024 The Trust's Investment Policy is reviewed no less than bi-annually and was last reviewed by the Trustees in July 2024 when the committee recommended to the board that the funds should be moved to fixed term cash investments. Review of Investment performance In the year to 30 June 2024 the value of the investment portfolio increased by £2,038,954 to £20,319,307. This primarily was a result of an increased holding of fixed term deposits as a result of the change in investment policy to fixed term cash investments. Net income earned from the investment portfolio increased to £643,581 {2023 - £535,609). Plans for future perlods 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. 12
Bedford School Foundation Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 30 June 2024 Trustees. responsibilities statement 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. Audltor Each of the persons who is a trustee at the date of approval of this report confirms that.. so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware., and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to estsblish that the charity's auditor is aware of that information. The trustees, annual report and the strategic report were approved on 13th March 2025 and signed on behalf of the board of trustees by.. Mr R J Marks Chair of the Board of Trustees 13
Bedford School Foundation Trust Company Limited by Guarantee Independent Auditor's Report to the Members of Bedford School Foundation Trust Year ended 30 June 2024 Oplnion We have audited the financial statements of Bedford School Foundation Trust (the 'charity'l for the year ended 30 June 2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, ststement of cash flows and the related notes, 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 FRS 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 charity's affairs as at 30 June 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon 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 golng 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 charity's ability to continue as a going concern for a period of at least e1ve 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. 14
Bedford School Foundation Trust Company Limited by Guarantee Independent Auditor's Report to the Members of Bedford School Foundation Trust (continued) Year ended 30 June 2024 Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. 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. Oplnlons on other matters prescrlbed by the Companlas Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In the light ofthe knowledge and understanding ofthe charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, 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, or returns adequate for our audit have not been received from branches not visited by us; or the 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. 15
Bedford School Foundation Trust Company Limited by Guarantee Independent Auditor's Report to the Members of Bedford School Foundation Trust (continued) Year ended 30 June 2024 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors forthe purposes ofcompany lawl 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so. Audltor's responsibilitles for the audit of the flnancial 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., We obtained an understanding of the legal and regulatory framework applicable to the company and how the company is complying with the framework. We enquired of management about their own identification and assessment of risks of irregularities and reviewed the minutes of meetings of those charged with governance. We considered the susceptibility of the financial statements to material misstatement, including how fraud might occur, and we obtained an understanding of the company's activities, the scope of its authorisation and the effectiveness of its control environment. As part of an audit in accordance with ISAS {UK}, we exercise professional judgment and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. 16
Bedford School Foundation Trust Company Limited by Guarantee Independent Auditor's Report to the Members of Bedford School Foundation Trust (continued) Year ended 30 June 2024 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charity'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 charity's members those matters we are required to state to them in an auditorfs 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 charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed. Andrew Robert Upton FCCA Senior Statutory Auditor For and on behalf of Collett Hulance Accountants Limited Chartered Certified Accountants & Statutory Auditor 40 Kimbolton Road Bedford MK40 2NR 17
Bedford School Foundation Trust Company Limited by Guarantee ststement of Financial Activities (including income and expenditure account) Year ended 30 June 2024 2024 Restricted Endowment Total funds funds funds 2023 Total funds Unrestricted funds Note Income and endowments Donations and legacies Charitable activities Investment income Other income 27,342 35,089 103,539 1,092,522 14,260 420,349 1,119,864 49,349 1,015,316 1,139,185 18,675 550,105 16,129 491,428 Total income 165,970 1,527,131 491,428 2,184,529 1,724,094 Expenditure Expenditure on raising funds.. Investment management costs Expenditure on charitsble activities 148 810 10,120 11,078 56,673 10,11 144,887 659,315 804,202 542,999 Totsl expendlture 145,035 660,125 10,120 815,280 599,672 Net {losses)Igains on investments 12 (2,313) (13,129) (197,658) 1213,100) 189,154 Net Income 18,622 853,877 283,650 1,156,149 1,313,576 Transfers beeen funds (96,800) 171,743 {74,943) Other recognlsod galns and losses Revaluations (653,894) Bedford School Foundation reserves transferred Colonel Wells Fund revaluation (653,894) 1,171,040 463 463 448,805 448,805 Net movement in funds (731,609) 1,025,620 657,512 951,523 2,484,616 Reconciliation of funds Total funds brought fomard Total funds carried forward 3,486,458 2,754,849 3,877,994 17,372,759 24,737,211 22,252,595 4,903,614 18,030,271 25,688,734 24,737,211 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 21 to 41 forni part of these financial statements. 18
Bedford School Foundation Trust Company Limited by Guarantee Statement of Financial Position 30 June 2024 2024 2023 Note Fixed assets Tangible fixed assets Investments 17 4,300,216 4,547,402 18 20,319,307 18,280,353 24,619,523 22,827,755 Current assets Debtors Cash at bank and in hand 19 318,057 1,277,614 1,595,671 989,580 1,426,396 2,415,976 Creditors: amounts falllng due within one year Net current assets 20 283,615 325,858 2,090,118 1,312,056 25,931,579 24,917,873 Total assets less current liabilities Credltors: amounts falling due after more than one year Net assets 21 242,845 180,662 25,688,734 24,737,211 Funds of the charity Endowment funds.. Permanent endowment funds Expendable endowment funds Restricted funds Unrestricted funds 24 3,851,554 3,421,590 24 14,178,717 13,951,169 25 4,903,614 3,877,994 25 2,754,849 3,486,458 22 25,688,734 24,737,211 Total charity funds These financial statements were approved by the board of trustees and authorised for issue on 13th March 2025, and are signed on behalf of the board by.. Mr R J Marks Chair of the Board of Trustees The notes on pages 21 to 41 form part of these financial ststernents. 19
Bedford School Foundation Trust Company Limited by Guarantee Statement of Cash Flows Year ended 30 June 2024 2024 2023 Cash flows from operatlng activities Net income 1,156,149 1,313,576 Adjustments for.. Depreciation of tangible fixed assets Net Ilosses)Igains on investments Dividends, interest and rents from investments Other interest receivable and similar income Gains on disposal of tangible fixed assets Accrued expensesl{incomel 75,234 80,770 205,696 {189,154) 1643,580) {535,609) (371,736) {14,496} {16,129) (4,496} 98,529 Changes in.. Trade and other debtors Trade and other creditors 597,008 {4,074) 1,113,226 (804,852) (67,068) {237,458) Cash generated from operations Interest received 371,736 14,496 1222,962) Net cash froml{used inl operating activities 1,484,962 Cash flows from Investlng activities Dividends, interest and rents from investments Purchase of tangible assets Proceeds from sale of tangible assets Purchases of other investments PrOedS from sale of other investments 643,580 (33,1371 535,609 26,620 113,379,618) (10,106,111) 11,089,516 10,098,487 Net cash (used in)Ifrom investing activities (1,679,659) 554,605 Net Idecrease>lincrease in cash and cash equivalents Cash and cash equivalents at beglnning of year Cash and cash equivalents at end of year (194,697) 1,472,311 1,277,614 331,643 1,140,668 1,472,311 The notes on pages 21 to 41 form part of these financlal statsments. 20
Bedford School Foundation Trust Company Limited by Guarantee Notes to the Financial Statements Year ended 30 June 2024 General informatlon The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 10 Glebe Road, Bedford, Bedfordshire, MK40 2PL. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 1021> and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concern There are no material uncertainties about the charity's ability to continue. Changes In accounting policies During the year the freehold properties, which have previously been depreciated have been revalued to market value and previous depreciation reversed to reflect their treatment as investment properties. The Trustees believe that the revaluation method is a more accurate presentation of these properties as investment properties. Judgements and key sources of estlmation uncertainty The preparation of the financial statements requires the Trustees to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key judgements, estimates and assumptions are used in the valuation of properties and fixed assets. Investment properties are valued at market value and certain non-property fixed assets have been valued at replacement cost, reflecting their unique nature and the difficulty in reaching a market valuation for these assets. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds. 21
Bedford School Foundation Trust Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 June 2024 Accountlng policles (contlnued) Incoming resources All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement offinancial activities to which it relates.. expenditure on raising funds includes the costs directly attributable to managing the investment portfolio, trading and fund-raising costs, which are incurred in seeking voluntary contributions for the charity. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governan of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. Tangible assets Purchases of assets in excess of £1,000 are capitalised, with the exception of athorks where the de minimis is £500 to reflect potential for appreciation in value. Depreciation Depreciation is provided on operational fixed assets to write off their cost less estimated residual value over their estimated useful economic life by equal annual instalments as follows: Freehold propety Motor vehicles IT equipment Not depreciated - see changes in accounting policies over 5 years over 5 years 22
Bedford School Foundation Trust Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 30 June 2024 Accountlng policies {contlnued) Depreciation (contlnued) Chapel assets are not depreciated as Trustees consider the useful life of the assets to be so long that depreciation would be immaterial. Chapel Assets The replacement valuation of Chapel assets is formally reviewed every five years, and monitored annually to ensure the value is appropriate. Additions are included at cost, with any additions over £1,000 being capitalised. The Trustees consider the useful life of the assets to be so long that depreciation would be immaterial. Artwork and Collectibles The market valuation of athork and collectibles is formally reviewed every five years, and monitored annually to ensure the value is appropriate. 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. Investments Investments are revalued to market value at the Statement of Financial Position 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. Investment property Investment properties are included in the Statement of Financial Position at their open market value as per Note 17 (Tangible Fixed Assets) ere undertaken, valuations are carried out by an independent Chartered SuNeyor 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. Financlal Instruments The charity 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 Statement of Financial Position date, with gains and losses being recognised within income and expenditure. 23
Bedford School Foundation Trust Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 30 June 2024 Limited by guarantee The liability of the Members is limited to £1, being the amount each Member undertakes to contribute to the Trust's assets if the Trust shall be wound up while he, she or it is a Member, or within one year after he, she or it ceases to be a Member, for the payment of the Trust's debts and liabilities contracted before he, she or it ceases to be a member and of the cost, charges and expenses of winding up and for the adjustment of the rights of the contributories among themselves. Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2024 Glfts Chapel collections 15 15 Grants Grants received 23,000 23,000 Other donations and legacies Donations and legacies Gift Aid on donations 25,093 2,249 887,511 181,996 912,604 184,245 27,342 1,092,522 1,119,864 Unrestricted Funds Restricted Total Funds Funds 2023 Gifts Chapel collections 1,110 1,110 Grants Grants received 23,000 23,000 Other donations and legacles Donations and legacies Gift Aid on donations 564,829 550,246 1,115,075 564,829 574,356 1,139,185
Bedford School Foundation Trust Company Limited by Guarantee Notes to the Financial Statsments (continued) Year ended 30 June 2024 Charitable activities Unrestricted Funds Restricted Total Funds Funds 2024 Other income from charitable activities Musical instrument hire Trip surpluses 1,629 8,306 25,154 14,260 15,889 8,306 25,154 49,349 35,089 14,260 Unrestricted Funds Restricted Totsl Funds Funds 2023 Other income from charitable activities Musical instrument hire Trip surpluses 11,742 6,933 11,742 6,933 18,675 18,675 Investment Income Unrestricted Funds Restricted Endowment Totsl Funds Funds Funds 2024 Income from investments Investment property rentals Bank interest received 4,534 25,205 73,800 80,050 42,364 297,935 491,428 576,012 67,569 371,735 103,539 420,349 491,428 1,015,316 Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2023 Income from investments Investment property rentals Bank interest received 44,141 24,119 14,496 426,183 41,166 470,324 65,285 14,496 82,756 467,349 550,105 Bank interest includes accrued interest on both bank deposit accounts, money market funds and fiduciary placements. Other income Restricted Total Funds Funds 2024 Restricted Total Funds Funds 2023 Gain on disposal of tangible fixed assets held for charity's own use 16,129 16,129 25
Bedford School Foundation Trust Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 June 2024 Investment management costs Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2024 Investment Management fees 148 810 10,120 11,078 Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2023 Investment Management fees 757 4,440 51,476 56,673 10. Expendlture on charltable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Scholarships and bursaries Academic Premises Chapel expenditure Activities expenditure Donations to other charities Support costs 2,717 40,788 2,077 253,932 5,513 27,295 152,398 177,454 256,649 46,301 29,372 152,398 256,825 8,289 54,368 804,202 79,371 8,289 11,645 42,723 659,315 144,887 Unrestricted Funds Restricted Total Funds Funds 2023 Scholarships and bursaries Academic Premises Chapel expenditure Activities expenditure Donations to other charities Support costs 174,735 36,418 77,730 47,206 5,163 174,735 71,980 80,565 47,206 120,758 8,114 39,641 35,562 2,835 115,595 8,114 38,817 824 200,923 342,076 542,999 26
Bedford School Foundation Trust Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 June 2024 11. Expenditure on charitable actlvltles by activlty type Activities undertaken Grant funding directly of activities Support Total funds costs 2024 Total fund 2023 Scholarships and bursaries Academic Premises Chapel expenditure Activities expenditure Donations to other charities Governance costs 256,649 256,649 46,301 29,372 152,398 256,825 174,735 71,980 80,565 47,206 120,758 46,301 29,372 152,398 231,073 25,752 8,289 8,289 54,368 8,114 39,641 54,368 54,368 677,781 72,053 804,202 542,999 12. Net {lossesllgains on investments Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2024 G8insl{losses) on investments {2,3131 113,129) (197,658) 1213,100) Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2023 Gainsl(losses) on investments 2,571 12,213 174,370 189,154 13. Net Income Net income is stated after chargingl{crediting): 2024 2023 Depreciation of tangible fixed assets Gains on disposal of tangible fixed assets 75,234 80,770 {16,129) 14. Auditors remuneration 2024 2023 Fees payable for the audit of the financial statements 15,000 17,700 27
Bedford School Foundation Trust Company Limited by Guarantee Notes to the Financial Ststements (contlnued) Year ended 30 June 2024 15. Staff costs The average head count of employees during the year was Nil (2023.. Nil). No employee received employee benefits of more than £60,000 during the year (2023.. Nil). 16. Trustee remuneratlon and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 28
Bedford School Foundation Trust Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 30 June 2024 17. Tanglble fixed assets At Additions Revaluation 30 June 2024 At 1 July 2023 Transfers Cost Investment property Freehold property Chapel assets Motor vehicles IT equipment Athork Collectibles 1,552,495 512,500 1,804,505 22,028 359,602 680,875 512,500 {512,500) (370,855) 411,005 2,476,000 1,433,650 55,165 359,602 119,800 157,035 33,137 (561,075) (213,820) (363,890) 370,855 4,932,005 33,137 4,601,252 Charge for At the year Revaluations 30 June 2024 At 1 July 2023 Transfers Depreciation Investment property Freehold property Chapel assets Motor vehicles IT equipment Athork Collectibles 158,801 (158,801) 22,028 203,774 3,314 71,920 25,342 275,694 384,603 75,234 (158,801} 301,036 At At 30 June 2024 30 June 2023 Carrylng amount Investment propety Freehold property Chapel assets Motor vehicles IT equipment Athork Collectibles 2,476,000 1,552,495 353,699 1,804,505 1,433,650 29,823 83,908 119,800 157,035 155,828 680,875 4,300,216 4,547,402 29
Bedford School Foundation Trust Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 June 2024 17. Tangible fixed assets fcontinued) Investment properties comprise assets being land or building, held to earn rentals or for capital appreciation or both. All of the investment properties receive rental income (from Bedford School or from other parties), with the exception of the Colonel Wells Ickwell Estate Study Centre, which does not yield rental income, but which is used by Bedford School and other external parties. The Chapel assets were valued at a replacemenvinsurance value of £1,433,650 by David 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. Athork accumulated by the Trustwere re-valued at a market value of £119,800 in November 2024 by David Fletcher Valuer. Collectibles accumulated by the Trust comprising of silver, furnitu, archives and books were re- valued at market value of £157,035 in November 2024 by David Fletcher Valuer. 30
Bedford School Foundation Trust Company Limited by Guarantee Notes to the Financial Statements (conlinued) Year ended 30 June 2024 18. Investments Cash or cash Listed equivalents investments Other Wine investments Total Cost or valuation At 1 July 2023 Additions Disposals Other movements 45,915 16,700 18,217,738 18,280,353 3,144,908 13,379,618 (11,089,516) {11,135,431) (205,2331 {205,2331 16,700 10,067,897 20,319,307 10,234,710 (45,915) At 30 June 2024 10,234,710 Impairment At 1 July 2023 and 30 June 2024 Carrylng amount At 30 June 2024 10,234,710 16,700 10,067,897 20,319,307 16,700 18,217,738 18,280,353 At 30 June 2023 45,915 All investments shown above are held at market valuation at the relevant balance sheet date. Wlne Wine held for investment purposes was revalued at 20 October 2023 by Christopher Burr MW, a fine wine consultant, at market value. The Trustees do not consider the valuation to have changed in the current year. Flnanclal assets held at falr value The fair value of investments is their market value as at the year end. 31
Bedford School Foundation Trust Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 30 June 2024 19. Debtors 2024 2023 Trade debtors Amounts owed by undertakings in which the charity has a participating interest Prepayments and accrued income Other debtors 15,093 5,848 849,779 74,515 59,438 989,580 302,964 318,057 20. Credltors: amounts falling due wlthln one year 2024 2023 Trade creditors Accruals and deferred income Other creditors 23,265 49,295 211,055 29,686 25,281 270,891 325,858 283,615 21. Credltors: amounts falling due after more than one year 2024 2023 Scholarships 242,845 180,662 32
Bedford School Foundation Trust Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 June 2024 22. Analysls of charitable funds Unrestricted funds At 1 Jul 2023 Gains and At losses 30 Jun 2024 Income Expenditure Transfers General funds Bedford School Foundation reserves transferred Designated Funds 3,343,855 115,921 (145,034) (96,800) (656,207) 2,561,735 463 463 142,603 50,048 192,651 3,486,458 165,969 (145,034} 196,8001 (655,744) 2,754,849 At 1 Jul 2022 Gains and At losses 30 Jun 2023 Income Expenditure Transfers General funds Bedford School Foundation reserves transferred Designated Funds 1,788,577 561,028 {179,361) 1,173,611 3,343,855 78,365 86,557 (22,319) (201,680) 142,603 3,486,458 1,866,942 647,585 1,173,611 Restrlcted fund8 At 1 Jul 2023 Gains and At losses 30 Jun 2024 Income Expenditure Transfers Restricted funds 3,877,994 1,527,131 (660,125) 171,743 (13,129) 4,903,614 At 1 Jul 2022 Gains and At losses 30 Jun 2023 Income Expenditure Transfers Restricted funds 3,135,788 1,076,509 (346,5161 12,213 3,877,994 33
Bedford School Foundation Trust Company Limited by Guarantee Notes to the Financial Ststements (contlnuedj Year ended 30 June 2024 22. Analysls of charitable funds (continued) Endowment funds At 1 Jul 2023 Gains and At losses 30 Jun 2024 Income Expenditure Transfers Permanent Endowment Funds 3,421,590 491,428 (1,4321 (10,009) (50,023) 3,851,554 Expendable Endowment Funds 13,951,169 (8,688) (64,934) {10,120) (74,943) 301,170 14,178,717 251,147 18,030,271 17,372,759 491,428 At 1 Jul 2022 Gains and At losses 30 Jun 2023 Income Expenditure Transfers Permanent Endowment Fund 3,404,191 (7,283) 24,682 3,421,590 Expendable Endowment Funds 13,845,674 17,249,865 (44,193} (51,476) 149,688 13,951,169 174,370 17,372,759 34
Bedford School Foundation Trust Company Limited by Guarantee Notes to the Financial Statements (conlinued) Year ended 30 June 2024 23. Analysls of net assets between funds Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2024 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 2,190,393 29,823 2,080,000 4,300,216 43,543 4,732,283 15,543,481 20,319,307 605,413 583,468 406,790 1,595,671 184,5001 (199,115) (283,615) {242,845) (242,8451 4,903,614 18,030,271 25,688,734 2,754,849 Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2023 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 2,846,207 70,000 1,631,195 4,547,402 183,186 2,134,219 15,962,948 18,280,353 536,621 2,100,739 (221,384) 2,415,976 (79,556) 1246,302) {325,858) (180,662) (180,662) 3,877,994 17,372,759 24,737,211 3,486,458 35
Bedford School Foundation Trust Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 June 2024 24. Endowed Funds Net Movement Investment Transfers in Portfolio Managers between Value Fees funds Endowed 30 June property 2023 revaluation 30 June 2024 Permanent Endowments Chapel (Phillpotts Benefaction) Chapel (Siddons Benefaction) Colonel Wells Fund Heriz Smith Bursary Rice Classical Scholarship 25,036 300 (20) 25,316 7,736 3,250,871 80,724 57,223 97 (9,471) 978 896 (6} (1,293) (10,009) (66) 147) {1,4321 {10,009) 7,827 3,678,903 81,636 57,872 448,805 Total 3,421,590 448,805 (7,400) 3,851,554 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 Ramsey Murray Prof Roach Fund Brian Saville Funds 347,213 48,869 8,148 354,084 60,703 4,209 597 100 4,304 731 1282) 140) 171 (2871 (50} (22,954) 328,188 49,426 8,241 358,101 61,384 49,806 552,340 160,071 3,216,907 520,095 137,581 187,257 739,025 609 6,708 1,940 112,846 6,312 1,674 4,118 9,705 (40) (448) 1130) (988) (4221 (112} (111) {649) 50,375 558,800 161,881 3,328,565 525,985 139,143 191,264 748,081 179,912 28,087 211,789 830,013 4,955,824 2,187 346 8,086 10,072 87,958 1146) (231 (501 {674) (3,592) (8,051) (41,980) 139,973 28,410 219,825 839,411 5,040,188 Sub-total 12,587,724 262,300 (64,934) 12,777,039 General Fund 1,363,445 38,870 (6371 1,401,678 Total - Expendable Endowments 13,951,169 301,170 (8,688) (64,934) 14,178,717 Grand Totals 17,372,759 448,805 293,770 (10,120) {74,943) 18,030,271 36
Bedford School Foundation Trust Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 June 2024 24. Endowed Funds (contlnued) Net Movement in Portfolio Value Investment Managers Fees 30 June 2022 30 June 2023 Permanent Endowments Chapel (Phillpotts Benefaction) Chapel (Siddons Benefaction) Colonel Wells Fund Heriz Smith Bursary Rice Classical Scholarship Totsl 24,803 7,643 3,235,169 79,926 56,650 335 126 22,280 1,131 810 (102) 25,036 {33} 7,736 (6,5781 3,250,871 1333} 80,724 (237) 57,223 (7,283) 3,421,590 3,404,191 24,682 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 Ramsey Murray Prof Roach Fund Brian Saville Funds 343,794 48,374 8,066 350,603 60,119 49,335 546,896 158,489 3,204,910 514,966 136,225 185,920 731,136 178,135 27,811 211,185 821,822 4,912,170 12,489,956 4,853 698 116 4,942 834 675 7,726 2,243 17,023 7,277 1,925 1,904 11,191 2,521 391 858 11,619 61,927 138,723 (1,434) 347,213 12031 48,869 {34) 8,148 11,461) 354,084 (250) 60,703 (204) 49,806 (2,282) 552,340 (661) 160,071 {5,026) 3,216,907 (2,1481 520,095 {5691 137,581 (5671 187,257 13,302) 739,025 1744) 179,912 (115) 28,087 (254) 211,789 (3,428) 830,013 (18,2731 4,955,824 (40,955) 12,587,724 Sub-total General Fund 1,355,718 10,965 13,238) 1,363,445 Total - Expendable Endowments 13,845,674 149,688 144,193) 13,951,169 Grand Totals 17,249,865 174,370 (51,4761 17,372,759 37
Bedford School Foundation Trust Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 June 2024 25. Restricted and Unrestricted Funds Transfvr from Bedford School Investment Incomè Expenditure Foundation GalnsllLo8sI Transfers Revaluation 30 Juno 2023 30 June 2024 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 Ramsey Murray Oakley Fletcher Edgar Rollinson Science Scholarship Gilbert Lloyd Fund Andrew Lucken Fund Murray Fletcher Sports Scholarship Bedford School Trust Awards Fund Andrew Dell Exhibilion Golf Coaching Club Gap Year Fund Col J B Smith Fund Bill Sohal Fund Prof Roach Fund Brian Saville Funds James Crowden Legacy BSF Unallocated Fund BSF Organ BSF Library BSF Pavilion BSF Grand Piano Recital Eslate Maslerplan BSF Fellowship Programme Lunt- Waldecker Fund Allan Goode General Scholarships Donald Gray NG Phillips Memorial Fund MRM Hext Rowing - Batine Organ Restoration Brian Cawley Rowing Scholarship Fund 21.320 38,570 1,156 385 (151) (12,239) 22,325 26,71 247,535 406,140 655 9,452 65,279 38,597 150.600 69,543 22,963 31,647 101,362 10 1,330 5,885 11.485 11,544 4,225 716 {23,481 J (160,541) (1} (174) 121,063) (1,500) (119,349) (5521 {2,457} (2,292) (3,742) 253,409 350,028 664 10,608 50,101 48,582 41,715 73,216 21,222 6,809 (1,080) 13,982 60,339 2,677 (123) 17,773 (21) 14,799 181,881 2,815 3,789 159 100,000 (18,303) 2,043 125,944) 41,980 1,776 (26,2181 14.514 7,960 153 26,082 1,273 48,750 255,833 3,001 682,091 2,820 1,688 403 844 72,500 4.688 931,083 201,622 47,448 106,610 98,000 10,000 5,500 250,000 8,298 927 14,326 {6261 (546} (20,042) 22,954 4,408 14,895 2,244 153 27,820 1,290 5,436 299,251 3,039 713,513 3,137 2,316 536 975 84.837 2,199 960,654 243,114 91,665 114.555 99,244 10,127 2,03e 1,040,359 3,158 19 12,180 78,978 44 55,416 353 632 134 133 12,497 32 55,316 51,492 44,822 9,234 1,431 146 (1,420) {2) {55,494) 133,560) (6) (19,352) 136) (41 (1) {2) {160) (2,521) (24,372) (10,0001 (605} {1,289) (187) (19) {17,221) (122,694) {4,642) (1,373) 13,757 913,053 76,095 {143) 75,952 TOTAL - Restricted Funds 3.877,994 1,527,131 (660,125) (13,129) 171,743 4.903,614 38
Bedford School Foundation Trust Company Limited by Guarantee Notes to the Financial Statements Icontinued) Year ended 30 June 2024 25. Restricted and Unrestricted Funds (contlnuedj Transfer from Bedford School Investment Expenditure Foundation GalnsllLossl Transfers Rgvaluatlon 30 June 2023 30 June 2024 Income Unrestricted Funds Designated Funds.. Musical Instrument Fund Monitors, Fund Charities Committee CCF Fund CenBank Funds (Total) Prep School Account Special Account- HMA 14,068 1,115 1,508 86,113 (50,333) 39,188 50,944 9,156 185 22 12,833 1,323 566 2,830 (5,8571 (261) {31 (17,108) 49,010 (489) (2,1591 17,367 1,039 1,527 81,838 39,265 51,615 Sub-Total 142,603 26,915 23,133 192,651 G8neral Fund 3,343,855 139,054 (168,167) (655,744) (96,800) 2,582,198 TOTAL - Unrèstricted Funds 3,486,458 165,969 {145,034) (855,744) (96,800) 2,754,849 TOTAL - REVENUE FUNDS 7,364,452 1,693,100 1805,159) {668,873) 74,943 7,658,463 39
Bedford School Foundation Trust Company Limited by Guarantee Notss to the Financial Statements (continued) Year ended 30 June 2024 25. Restricted and Unrestricted Funds {contlnued) Transfer from Bedford School Investment Expendlture Foundatlon GalnsllL0881 Revaluation 30 June 2022 30 June 2023 Income 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 Ramsèy 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 Club Gap Year Fund Col J B Smith Fund Bill Sohal Fund Prof Roach Fund Brian Saville Funds James Crowden Legacy BSF Unallocated Fund BSF Organ BSF Library BSF Pavilion BSF Grand Piano Recital Estate Maslerplan BSF Fellowship Programme Lunt- Waldecker Fund Allan Goode General Scholarships Donald Gray NG Phillips Memorial Fund MRM Hext Rowing- Batine Organ Restoration 19,751 21,180 1,569 13,081 21,320 38,570 4,122 187 224,172 381,456 655 7,238 75,427 16,684 132,241 64,911 217 29,987 109,100 (10,354) (88,562) 1,195 2,535 4,146 247,535 406.140 655 9,452 65,279 38,597 150,600 69,543 22,963 2,214 9,710 21.913 17,495 4,741 770 (19,858) (355) (109) 21,976 1,219 12,618 88,607 2,454 1,366 4,389 223 13,982 60,339 2,677 (32,657) 31,078 4,933 (52,314) {16,303} (27,601) 13,174 28,916 153 42,010 1,273 14,192 202,051 3.001 700,868 9,521 1,340 (14,878) 6,740 (26.218) 14,514 7,960 153 26,082 1,273 48,750 255,833 3,001 682,091 2,820 1,688 403 844 72,500 4,688 931,083 201,622 47,448 106,610 98,000 10,000 5.500 250,000 (20,956) 4,780 {20,708) 22,760 135,524 11.798 181,742} 18,601 2,420 688 154 344 10,000 4,688 18,393 73,997 23,537 90,000 100,000 10,000 5,500 250,000 (39,507) 2,129 400 1,000 249 500 62,500 911,922 127,625 23,911 15,606 (322) 1,090 {90) (2,000) 1.094 TOTAL - Restricted Funds 3,135,788 1,003,738 (346,516) 72,771 12,213 3,877,994 40
Bedford School Foundation Trust Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 June 2024 25. Restricted and Unrestricted Funds (continued) Transfer from Bedford School Investmont Expendlture Foundatlon GalnsllLossl R9valuatlon 30 June 2022 30 June 2023 Income Unrestricted Funds Designated Funds.. Musical Instrum8nl Fund Monitors, Fund Charities Committee CCF Fund CenBank Funds (Total) Prep School Account Special Account- HMA Sub-Total 9,655 975 (789) 79,937 (50,927) 39,188 326 8,345 400 10,411 11,968 657 (8,090) (2601 (8,114} (5,792) (63) 4,158 14,068 1,115 1,508 86,113 150,333} 39,188 50,944 24,006 28,612 78,365 55,787 {22,3191 30,770 142,603 General Fund 1,788,577 287,478 (179,361) 273,550 1,173,611 3,343,855 TOTAL - Unrestricted Funds 1,866,942 343,265 1201,680) 304,320 1,173,611 3,486,458 TOTAL- REVENUE FUNDS 5,002,730 1,347,003 (548,196) 377,091 1,185,824 7,364,452 26. Analysls of changes in net debt At At 1 Jul 2023 Cash flows 30 Jun 2024 Cash at bank and in hand 1,426,396 (148,782) 1,277,614 27. Flnancial commitments During the year the charity contracted William Drake Ltd for the design and build of a new pipe organ in the school chapel. At 30th June 2024, the outstanding contract value was £1,052,676. 41