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 be￿een 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 be￿een 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
bet￿een 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 be￿een 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
PrO￿edS 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