COMPANY REGISTRATION NUMBER: 04479551 CHARITY REGISTRATION NUMBER: 1094232
Bedford School Foundation Trust Company Limited by Guarantee Financial Statements 30 June 2025
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 2025
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent auditor's report to the members | 14 |
| Statement of financial activities (including income and | |
| expenditure account) | 18 |
| Statement offinancial position | 19 |
| Statement of cash flows | 20 |
| Notestothefinancialstatements | 21 |
Bedford School Foundation Trust
Company Limited by Guarantee
Trustees’ Annual Report (Incorporating the Director's Report)
Year ended 30 June 2025
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 2025.
Reference and administrative details
Registered charity name Bedford School Foundation Trust
Charity registration number 1094232 Company registration number 04479551 Principal office and registered 10 Glebe Road office Bedford Bedfordshire MK40 2PL
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Bedford School Foundation Trust Company Limited by Guarantee
Trustees’ Annual Report (Incorporating the Director's Report) (continuea) Year ended 30 June 2025
The Trustees
Mr D M Berman Ms | Dolan "c Mr M D Hall 4c" (Deputy Chair) Mr JS Hodgson +~ (Head Master) Mr N S Jones (Resigned 1st June 2025) Mr R J Marks "~ (Chair) Mr | G Peck * Mr M T J Sismey-Durrant "
Sub-Committee Membership:
- member of the Investment Sub-committee
"member of the Finance and Governance Sub-committee
4 member of the Ickwell Sub-committee c chair of the Sub-committee
- Joint School Committee Membership: ~ member of the Scholarships Committee + member of the Chapel Committee
Membership of the Bedford School Foundation Trust (the Trust)
Trustees become Members of the Trust by virtue of being a Trustee, otherwise eligibility for nomination for Membership is determined by the scale of support given and pledged. Trustees are required to formally approve nominations for membership. Members can elect up to three persons to serve as Elected Trustees, the selection of suitable Trustees is made by the board and presented to the Members for election at the following AGM. All members are entitled to attend each AGM and are encouraged to involve themselves in the operations of the Trust. The highest of the six levels of membership is Benefactor for those who have given a total of £250,000 or more. Membership is also now for life. The quantum of donation giving an invitation to a higher level of membership will be reviewed by Trustees periodically.
As part of the merger agreement between Bedford School Trust and Bedford School Foundation, the members of the Foundation were invited to become members of the merged Bedford School Foundation Trust.
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 1LJ
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Bedford School Foundation Trust
Company Limited by Guarantee
Trustees’ Annual Report (Incorporating the Director's Report) (continuea)
Year ended 30 June 2025
Solicitors
HCR Hewitsons Lancaster House Nunn Mills Road Northampton NN1 5GE
Structure, governance and management
Constitution
The Trust was originally established on 9 July 1926 when the then Head Master of Bedford School and others enacted a deed whereby certain funds, securities and property were declared for the general benefit of Bedford School. Since the Charity became incorporated on 8 July 2002, it is governed by Memorandum and Articles of Association which places no specific restrictions on the way that the charity may operate. The Trust is run and managed in accordance with its Memorandum and Articles and UK Company and Charities laws and regulations. Updates to the Memorandum and Articles of Association were made on 20 March 2004, 26 November 2007, 28 February 2009 and 7 July 2022. It was agreed that at the time of updating the Memorandum and Articles of Association on 7 July 2022 that the company name would be changed to Bedford School Foundation Trust.
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 money market instruments managed by HSBC Global Liquidity Fund. Further fixed term deposits were managed by LGT Wealth Management UK Ltd.
Organisational Structure
The charity currently 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 twice per annum. The Scholarship sub-committee is convened as necessary. In addition, Trustees are consulted out of committee on any matters of importance arising.
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Bedford School Foundation Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2025
Trustee Selection, Recruitment and Training
There are between five and nine Trustees serving on the board which are comprised of:
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° One School Trustee - the current Head Master of the school in an ex-officio capacity.
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° 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.
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e 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.
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e Up to one Independent Trustee - who may not be connected to the school or the school community.
In considering new Trustee appointments, a formal skills audit is carried out to identify any areas of expertise in which the board is lacking. A gap analysis is then carried out which producesa 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 meets to review the report and provisionally select potential candidates. Diversity of the board is an important consideration in the selection process. Provisional candidates are invited to attend the next board meeting as an observer where they can meet the other Trustees and ask questions. Appointments are approved at the following board meeting. For the three elected Trustees, the process is the same but the appointed Trustees resign before the following AGM and present themselves for election by the wider membership at the AGM.
New Trustees are encouraged to meet with the Chair and/or Clerk in order to understand the commitment and operations of the Trust, and are furnished with copies of constitutional documents, the most recent audited financial statements, Charity Commission publications concerning roles and responsibilities of charity trustees, and any other information thought to assist them in their new role.
Relationship with the Harpur Trust and Bedford School
Although Bedford School is owned by the Harpur Trust, Bedford School Foundation Trust is a separate charity. The Trustees decide their operational and financial policies independently of the Harpur Trust and the Governors of Bedford School. As a matter of courtesy, the 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.
Relationship with Bedford School Foundation
Bedford School Foundation was founded in 2002 as a fundraising charity for the benefit of Bedford School. Many of the amounts raised were passed to the Bedford School Trust to administer. As a consequence of the Foundation, the Trust did not usually engage in any fundraising activities, beyond minor School-related events.
On the 31 July 2022, Bedford School Foundation Trust & Bedford School Foundation 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.
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Bedford School Foundation Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2025
Risk Management
The Trustees have continued to examine the various areas of the Trust's operation and have considered what major risks might arise in these areas. Key risks identified include: potential lack of required experience and knowledge in the Trustee body; failure to make sufficient or appropriate grants to beneficiaries; inaccurate or insufficient financial information on which to base decisions; inadequate investment management policies; failure to comply with regulatory requirements, the effect of the geopolitical factors on investment values & cyber security breaches. The Trustees plans and strategies for managing these risks include the following activities:
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° Regular review of the composition of the body of Trustees and identification of required skills when vacancies occur.
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e 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.
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° Establishment of guidelines and communications framework for application to the Trust for funding.
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e External review where possible of financial information in order to frame good decision making with reference to grant awards.
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e Regular review of investments to include cycle for review of investment policy and appointment of investment manager.
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e 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 all subcommittees; clear authorisation and approval levels, within an established organisational structure, as detailed above. Financial information is reviewed at each Trustee meeting, including all grant applications. Significant interim decisions taken are recorded in the agenda for Trustee board meetings.
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Bedford School Foundation Trust
Company Limited by Guarantee Report (Incorporating the Year ended 30 June 2025
Trustees' Annual Report (Incorporating the Director's Report) (continuea)
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:
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e promote the education of pupils at Bedford School
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° promote the further education of former pupils of the School
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e 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 Charity for Bedford School
The Charity Commission approved a new scheme for Colonel Wells Charity on 10 July 2002 with Bedford School Trust as the trustee. This charity is now a linked subsidiary of Bedford School Foundation Trust and has the following object:
- e 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 Bedford School Foundation Trust.
The Rice Classical Scholarship Fund
To provide an exhibition for a boy who is a strong classicist.
The Phillpotts Benefaction
To pay the Chaplain appointed to Bedford School Chapel. In practice the Chaplains are paid by the School and the income from the fund's permanent endowment helps to defray the other operating expenses of the Chapel.
The Siddons Benefaction
To provide for the upkeep of the Siddons family panel in the Chapel and to apply the balance to improving, furnishing and equipping the Chapel.
Heriz Smith Bursary Fund
To aid any pupil or former pupil of Bedford School who is desirous of entering holy orders in the Church of England to enter a university or theological college for that purpose or to study theology at university.
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Bedford School Foundation Trust
Company Limited by Guarantee
Trustees’ Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2025
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 Benefit Aims and Intended Impact
In meeting the Objects of the Trust, including the incorporated linked charities, the public benefit aim is to provide accessible first class education in the broadest sense for grantees, through the provision of academic, sporting, artistic and social activities which will enhance life skills. This is intended to assist all those receiving support through the Trust to develop and fulfil their potential, and to inculcate in them a life-long desire to contribute to the wider community.
In the furtherance of these aims the Trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sub-sector guidance, concerning the operation of the Public Benefit requirement under that Act.
Aims of the Trust
Assistance with Fees: the Trustees are committed to widening access to the education provided by Bedford School, through the funding of scholarships and bursaries. Details of all awards funded by Bedford School Foundation Trust are included in the annual booklet published by the School giving information for prospective pupils. Whilst the Trustees do not have any involvement in the selection of potential students, the awards are based on a framework and budget agreed by the Trustees, are selected by the School's Scholarship Committee, the Head Master and the Clerk and reported to Trustees at the next meeting of the Trustees. The Chair represents the Trustees on the School’s Awards Committee as an observer to ensure compliance with the framework approved by 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 anon means-tested discretionary basis in exceptional circumstances.
To provide funding for special projects: Grant applications for individual special projects at the School are brought to the Trustees' meetings for consideration. Projects are required to meet the objects of the Trust and to be such that could not be expected to be funded by the School from fee income. Projects which include the provision by Bedford School of ancillary or incidental educational activities and other associated activities for the benefit of the community are strongly encouraged and supported as a priority.
Special Purpose Funds: the Trust facilitates the operation of various activities run within the School. The person or persons appointed to be responsible for authorising expenditure from each of the funds for these activities is agreed by the Chair and the Clerk.
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.
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Bedford School Foundation Trust
Company Limited by Guarantee
Trustees’ Annual Report (Incorporating the Director's Report) (continueq)
Year ended 30 June 2025
To aid the operations of the Combined Cadet Force (CCF): the CCF operates its private account under the financial control of the Trustees. The CCF public fund operates under the control of the Ministry of Defence. The Trust collects the rent for the land owned for the benefit of Bedford School CCF (formerly the OTC) and pays it to the CCF as an annual grant. It also manages a designated fund for the benefit of the CCF.
Policy on Making Grants
The Trustees have delegated the power to make grants up to £1,000 to the 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 Operational 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 Donations
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.
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Bedford School Foundation Trust
Company Limited by Guarantee Report (Incorporating the Year ended 30 June 2025
Trustees' Annual Report (Incorporating the Director's Report) (continuea)
Achievements and performance
REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Objectives for the Year
The main objectives for the year have been:
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° 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.
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° Pursue further suitable investments to diversify the investment portfolio.
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ro) Encourage applications for grants for an even wider range of School and alumni projects.
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° 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.
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e 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 against 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 decided to continue to hold investments in low-risk money market investment instruments and fixed term cash deposits whilst an Investment Manager review was carried out. These investments have performed well during the year and are currently forecast to yield £940,000 over the next 12 months.
Scholarships and bursaries
During the year the donations made by BSFT to the school has enabled the school to offer support to over 29 boys (26 in 2024).
The total of donations for scholarships in the year, including hardship awards was £572,577 (2024 £256,649).
Grants
Total grants, including scholarships, of £683,836 (2024: £302,950) were made during the year. Significant grants awarded this year have been as follows (awarding Fund in brackets):
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e £22,000 for a second golf simulator (Golf Fund)
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e £10,850 towards Al computer for school (General Fund)
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e £6,696 towards virology research project (General Fund)
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e £3,537 for tents for residentials at Ickwell (Col Wells)
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e £8,868 for laser taggers (CCF)
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Bedford School Foundation Trust
Company Limited by Guarantee
Trustees’ Annual Report (Incorporating the Director's Report) (continuea)
Year ended 30 June 2025
Trustee Recruitment
There were no new Trustees appointed during the year.
Governance
During the previous year, the board introduced a new Finance and Governance Sub-committee to focus on reviewing and where possible improving policies and procedures. This has proved extremely effective and the committee now meets three times per year just after the main board meeting and reports to the main board in the following meeting.
Promotion of the Trust with a wider public benefit impact
The work of the Trust is advertised to parents and staff each year, via information on the School's website, by e-mails to staff termly and a printed impact report. 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:
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e Sports and music facilities were again enhanced by the purchase of additional equipment.
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e A series of art exhibitions and lectures, open to the general public were widely attended.
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° Use of the Ickwell Reserve for a wide range of educational visits by Bedford School boys.
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Bedford School Foundation Trust
Company Limited by Guarantee
Trustees’ Annual Report (Incorporating the Director's Report) (continuea)
Year ended 30 June 2025
Financial review
Review of the Overall Financial Position at the Year End
The total value of the Trust increased by £1,134,840 during the year.
The value of the fixed asset investment portfolio reduced by £20,302,607 as a result of investments being converted to short term investments or cash. Net current assets increased by £21,605,826. Overall, capital funds increased by £1,161,757, and revenue funds decreased by £26,917. The net assets of the Trust total £26,823,574 (2024 £25,688,734) of which £23,440,211 is in cash or investment cash instruments.
Income and Expenditure
The income of the Trust was £2,661,686 (2024 - £2,184,529), including donations & legacies totalling £1,476,401 (2024 - £1,119,864) and investment income £1,135,250 (2024- £1,015,316).
Expenditure of the Trust totalled £1,525,857 (2024 - £815,280) during the year and governance cost represented 3% of overall revenue expenditure (2024 - 7%).
The result of the above income and expenditure totals is a net inflow for the year of £1,135,829 before the net loss on investments of £989.
Reserves
At the end of the reporting period, the total funds held by the Trust were £26,823,574. Of these, £3,851,554 are permanent endowments whilst £15,340,474 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.
Of the revenue funds, £4,653,991 are restricted, leaving the balance of unrestricted funds of £2,977,555. Of the unrestricted funds £2,118,473 are held as fixed assets. All balances provide a contingency for the related activities and should there be no further income, it is expected that the amounts so designated will be expended in the following one to two years.
The Trustees' policy on holding reserves is that General Reserves should be maintained at a level of between one and two years' typical income in instant access accounts or other investments with easy access and short notice periods. Under this policy, 'General Reserves’ are defined as unrestricted funds amounting to £859,082 as of 30 June 2025. ‘Typical’ income is regarded as the average of the past 5 years' (including the current period) of unrestricted income, excluding parental contributions. This year unrestricted reserves represent 4 years of average unrestricted income. The Trustees are confident that the Trust retains sufficient reserves to operate efficiently and that the balances at the reporting period end are adequate to meet the reserves policy defined above. The free reserves held at 30 June 2025 are £761,399 - (2024 - £371,805).
Investments
Trustees have the power to invest the money of the Trust not immediately required to meet its obligations in such investments, securities or property as they see fit. The Trustees have delegated discretionary powers to manage the investment portfolio to the investment managers. The Trustees’ Investment Sub-committee monitors the performance of the portfolio manager and reports to the main committee of Trustees on a regular basis. The Charity Commission approved an investment pooling scheme for the varying funds in June 2003.
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Bedford School Foundation Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continueg)
Year ended 30 June 2025
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 and other low risk investment instruments.
Review of Investment performance
In the year to 30 June 2025 the value of the investment portfolio, long and short term, decreased by £2,620,604 to £17,698,703. This was a result of some investments being converted to cash. Net income earned from investments increased to £923,865 (2024 - £643,581).
Plans for future periods
The following targets have been reviewed and confirmed for the coming year:
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e Continue to support the widening of access to the school via a funding framework for scholarships and bursaries.
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e Encourage applications for grants for an even wider range of School and alumni projects.
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e 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.
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) Support the School in developing facilities and resources in support of the aims and objectives of both the Trust and the School.
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° Invest in new technologies such as Al to enable the school to become a leading centre of expertise in cutting edge technology education.
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Bedford School Foundation Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continue)
Year ended 30 June 2025
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:
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e select suitable accounting policies and then apply them consistently;
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e make judgments and estimates that are reasonable and prudent;
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° state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate;
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e 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.
Auditor
Each of the persons who is a trustee at the date of approval of this report confirms that:
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e so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and
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e 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 establish that the charity's auditor is aware of that information.
The trustees’ annual report and the strategic report were approved on 9'" March 2026 and signed on behalf of the board of trustees by:
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Mr R J Marks
Chair of the Board of Trustees
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Bedford School Foundation Trust
Company Limited by Guarantee
Independent Auditor's Report to the Members of Bedford School Foundation Trust
Year ended 30 June 2025
Opinion
We have audited the financial statements of Bedford School Foundation Trust (the 'charity’) for the year ended 30 June 2025 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement 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:
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e give a true and fair view of the state of the charity's affairs as at 30 June 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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ro) have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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e have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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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 2025
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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e 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
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e the trustees’ report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding 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:
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e adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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e the financial statements are not in agreement with the accounting records and returns; or
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e certain disclosures of trustees’ remuneration specified by law are not made; or
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e we have not received all the information and explanations we require for our audit.
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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 2025
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatementwhen 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:
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° We obtained an understanding of the legal and regulatory framework applicable to the company and how the company is complying with the framework.
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° 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.
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e 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:
-
e 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.
-
e 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 2025
-
e Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
-
e 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 whetherthe 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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the 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
Vy Mild. Io2rb
-17-
Bedford School Foundation Trust
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 30 June 2025
| 2025 | 2025 | 2024 | |||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Totalfunds | Total funds | |||
| funds | funds | funds | |||||
| Note | £ | £ | £ | £ | £ | ||
| Income and endowments | |||||||
| Donations and legacies | 5 | 141,544 | 1,081,504 | 253,353 | 1,476,401 | 1,119,864 | |
| Charitable activities | 6 | 8,946 | 37,889 | - | 46,835 | 49 349 | |
| Investment income | 7 | 53,674 | 282,312 | 799,264 | 1,135,250 | 1,015,316 | |
| Other income | 8 | - | 3,200 | - | 3,200 | - | |
| Total income | 204,164 | 1,404,905 | 1,052,617 | 2,661,686 | 2,184,529 | ||
| Expenditure | |||||||
| Expenditure on raising funds: | |||||||
| Investment | |||||||
| management costs | 9 | 4,283 | - | - | 4,283 | 11,078 | |
| Expenditure on | |||||||
| charitable activities | 10,11 | 495,454 | 1,026,120 | - | 1,521,574 | 804,202 | |
| Total expenditure | 499,737 | 1,026,120 | - | 1,525,857 | 815,280 | ||
| Net (losses)/gains on | |||||||
| investments | 12 | (989) | - | - | (989) | (213,100) | |
| Net income | (296,562) | 378,785 | 1,052,617 | 1,134,840 | 1,156,149 | ||
| Transfers between funds | 519,268 | (628,408) | 109,140 | - | - | ||
| Other recognised gains | and | losses | |||||
| Revaluations | - | - | - | - | (653,894) | ||
| Bedford School Foundation | |||||||
| reserves transferred | - | - | - | - | 463 | ||
| Colonel Wells Fund - | |||||||
| revaluation | - | - | 448,805 | ||||
| Net movement in funds | 222,706 | (249,623) | 1,161,757 | 1,134,840 | 951,523 | ||
| Reconciliation of funds | |||||||
| Total funds brought forward | 2,754,849 | 4,903,614 | 18,030,271 | 25,688,734 | 24,737,211 | ||
| Totalfundscarriedforward | 2,977,555 | 4,653,991 | 19,192,028 | 26,823,574 | 25,688,734 |
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 38 form part of these financial statements.
- 18 -
Bedford School Foundation Trust
Company Limited by Guarantee
Statement of Financial Position
30 June 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets Investments |
17. 18 |
4,221,669 16,700 |
4,300,216 20,319,307 |
| 4,238,369 | 24,619,523 | ||
| Current assets | |||
| Debtors | 19 | 32,030 | 318,057 |
| Investments Cash at bank and in hand |
20 | 17,682,003 5,758,208 |
- 1,277,614 |
| 23,472,241 | 1,595,671 | ||
| Creditors: amounts falling duewithin one year | 21 | 554,359 | 283,615 |
| Net current assets | 22,917,882 | 1,312,056 | |
| Total assets less current liabilities | 27,156,251 | 25,931,579 | |
| Creditors: amounts falling due after morethan oneyear | 22 | 332,677 | 242,845 |
| Net assets | 26,823,574 | 25,688,734 | |
| Funds of the charity | |||
| Endowment funds: | |||
| Permanent endowment funds | 25 | 3,851,554 | 3,851,554 |
| Expendable endowment funds Restricted funds |
25 26 |
15,340,474 4,653,991 |
14,178,717 4,903,614 |
| Unrestricted funds | 26 | 2,977,555 | 2,754,849 |
| Totalcharityfunds | 23 | 26,823,574 | 25,688,734 |
These financial statements were approved by the board of trustees and authorised for issue on 9"" March 2026 and are signed on behalf of the board by:
I Mr R J Marks Chair of the Board of Trustees
The notes on pages 21 to 38 form part of these financial statements. - 19 -
Bedford School Foundation Trust
Company Limited by Guarantee
Statement of Cash Flows
Year ended 30 June 2025
==> picture [456 x 414] intentionally omitted <==
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|2025|2024|
|£|£|
|Cash|flows|from|operating|activities|
|Net|income|1,134,840|1,156,149|
|Adjustments|for:|
|Depreciation|of tangible|fixed|assets|78,547|75,234|
|Net|losses|on|investments|989|205,696|
|Dividends,|interest|and|rents|from|investments|(1,110,389)|(643,581)|
|Other|interest|receivable|and|similar|income|(24,861)|(371,735)|
|Gains|on|disposal|of tangible|fixed|assets|(3,200)|-|
|Accrued|expenses/(income)|(34,941)|98,529|
|Changes|in:|
|Trade|and|other|debtors|287,617|597,008|
|Trade|and|other|creditors|393,927|(4,074)|
|Cash|generated|from|operations|722,529|1,113,226|
|Interest|received|24,861|371,736|
|Net cash|from/(used|in)|operating|activities|747,390|1,484,962|
|Cash|flows|from|investing|activities|
|Dividends,|interest|and|rents|from|investments|1,110,389|643,580|
|Purchase|of tangible|assets|-|(33,137)|
|Proceeds|from|sale|of tangible|assets|3,200|-|
|Purchases|of|other|investments|(17,682,003)|(13,379,618)|
|Proceeds|from|sale|of other|investments|20,301,618|11,089,516|
|Net cash|from/(used|in)|investing|activities|3,733,204|(1,679,659)|
|Net (decrease)/increase|in|cash|and|cash|equivalents|4,480,594|(194,697)|
|Cash|and|cash|equivalents|at|beginning|of year|1,277,614|1,472,311|
|Cash|and|cash|equivalents|at end|of year|5,758,208|1,277,614|
----- End of picture text -----
The notes on pages 21 to 38 form part of these financial statements.
- 20 -
Bedford School Foundation Trust
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 June 2025
1. General information
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 102)) 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.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation 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.
- 241 -
Bedford School Foundation Trust
Company Limited by Guarantee
Notes to the Financial Statements (continueg)
Year ended 30 June 2025
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.
-
e legacy income is recognised when receipt is probable and entitlement is established.
Resources expended
Expenditure is recognised on an accruals basis asa liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
e 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.
-
e 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 governance 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 artworks 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 property - Not depreciated Motor vehicles - over 5 years IT equipment - over 5 years Chapel assets are not depreciated as Trustees consider the useful life of the assets to be so long that depreciation would be immaterial.
- 22 -
Bedford School Foundation Trust
Company Limited by Guarantee
Notes to the Financial Statements (continuea)
Year ended 30 June 2025
Investment property
Investment properties are included in the Statement of Financial Position at their open market value as per Note 17 (Tangible Fixed Assets). Where undertaken, valuations are carried out by an independent Chartered Surveyor every five years. In addition, the market value of investment property is revalued to net sales value where there is a prospective sale in progress at the year end. Informal Trustees' reviews are carried out annually by reference to market values of other similar properties in the surrounding area, with any material gains and losses resulting from revaluation being reported in the Statement of Financial Activities. Because of this annual review no depreciation or amortisation is provided.
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 artwork 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.
Fixed asset 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.
Current asset investments and cash equivalents
Short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value are classified as cash equivalents or current asset investments. Investments are initially recognised at transaction price (including transaction costs) and subsequently measured at market value, with changes in fair value recognised in the profit and loss account.
Financial 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 (continued)
Year ended 30 June 2025
4. 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.
5. Donations and legacies
| Unrestricted | Restricted | Endowment | Total Funds | |
|---|---|---|---|---|
| Funds | Funds | Funds | 2025 | |
| £ | £ | £ | £ | |
| Gifts | ||||
| Chapel collections | - | - | - | - |
| Grants | ||||
| Grants received | - | 23,000 | - | 23,000 |
| Other donations and legacies | ||||
| Donations and legacies | 131,080 | 855,914 | 253,353 | 1,240,347 |
| Gift Aid on donations | 10,464 | 202,590 | - | 213,054 |
| 141,544 | 1,081,504 | 253,353 | 1,476,401 | |
| Unrestricted | Restricted | Endowment | Total Funds | |
| Funds | Funds | Funds | 2024 | |
| £ | E | £ | £ | |
| Gifts | ||||
| Chapel collections | - | 15 | - | 15 |
| Grants | ||||
| Grants received | - | 23,000 | - | 23,000 |
| Other donations and legacies | ||||
| Donations and legacies | 25,093 | 887,511 | - | 912,604 |
| Gift Aid on donations | 2,249 | 181,996 | - | 184,245 |
| 27,342 | 1,092,522 | - | 1,119,864 |
- 24 -
. Bedford School Foundation Trust
Company Limited by Guarantee
Notes to the Financial Statements (continueg
Year ended 30 June 2025
6. Charitable activities
| Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|
| Funds | Funds | 2025 | ||
| £ | £ | £ | ||
| Other income from charitable activities | - | 37,889 | 37,889 | |
| Musical instrument hire | 8,946 | - | 8,946 | |
| Trip surpluses | - | - | - | |
| 8,946 | 37,889 | 46,835 | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2024 | ||
| £ | £ | £ | ||
| Other income from charitable activities | 1,629 | 14,260 | 15,889 | |
| Musical instrument hire | 8,306 | - | 8,306 | |
| Trip surpluses | 25,154 | - | 25,154 | |
| 35,089 | 14,260 | 49 349 | ||
| Investment income | ||||
| Unrestricted | Restricted | Endowment | Total Funds | |
| Funds | Funds | Funds | 2025 | |
| £ | £ | £ | £ | |
| Income from investments | 22,750 | 197,511 | 648,011 | 868,272 |
| Investment property rentals | 25,910 | 29,683 | - | 55,593 |
| Bank interest received | 4,690 | 46,722 | 151,253 | 202,665 |
| Other interest receivable | 324 | 8,396 | - | 8,720 |
| 53,674 | 282,312 | 799,264 | 1,135,250 | |
| Unrestricted | Restricted | Endowment | Total Funds | |
| Funds | Funds | Funds | 2024 | |
| £ | £ | £ | £ | |
| Income from investments | 4,534 | 80,050 | 491,428 | 576,012 |
| Investment property rentals | 25,205 | 42,364 | - | 67,569 |
| Bank interest received | 73,800 | 297,935 | - | 371,735 |
| Other interest receivable | - | - | - | - |
| 103,539 | 420,349 | 491,428 | 1,015,316 |
7. Investment income
Bank interest includes accrued interest on both bank deposit accounts, money market funds and fiduciary placements.
- 25 -
Bedford School Foundation Trust
Company Limited by Guarantee
Notes to the Financial Statements (continueg
Year ended 30 June 2025
| 8. | Other income | ||||
|---|---|---|---|---|---|
| Restricted | Total Funds | Restricted | Total Funds | ||
| Funds | 2025 | Funds | 2024 | ||
| E | £ | £ | £ | ||
| Gain on disposal oftangible fixed | |||||
| assets held for charity's own use | 3,200 | 3,200 | - | - | |
| 9. | Investment management costs | ||||
| Unrestricted | Restricted | Endowment | Total Funds | ||
| Funds | Funds | Funds | 2025 | ||
| £ | £ | £ | £ | ||
| Investment management fees | 4,283 | - | - | 4,283 | |
| Unrestricted | Restricted | Endowment | Total Funds | ||
| Funds | Funds | Funds | 2024 | ||
| £ | £ | £ | £ | ||
| Investment management fees | 148 | 810 | 10,120 | 11,078 | |
| 10. | Expenditure on charitable activities | by fund type | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2025 | |||
| a | £ | £ | |||
| Scholarships and bursaries | 139,170 | 433,407 | 572,577 | ||
| Academic Premises |
68,291 29,736 |
42,968 24,943 |
111,259 54,679 |
||
| Chapel expenditure | - | 498,874 | 498,874 | ||
| Activities expenditure | 206,651 | 24,525 | 231,176 | ||
| Donations to other charities | - | - | - | ||
| Support costs | 51,606 | 1,403 | 53,009 | ||
| 495 454 | 1,026,120 | 1,521,574 | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2024 | |||
| £ | £ | £ | |||
| Scholarships and bursaries | 2,/17 | 253,932 | 256,649 | ||
| Academic | 40,788 | 5,513 | 46,301 | ||
| Premises | 2,077 | 27,295 | 29,372 | ||
| Chapel expenditure | - | 152,398 | 152,398 | ||
| Activities expenditure | 79,371 | 177,454 | 256,825 | ||
| Donations to other charities | 8,289 | - | 8,289 | ||
| Support costs | 11,645 | 42,723 | 54,368 | ||
| 144,887 | 659,315 | 804,202 |
- 26 -
Bedford School Foundation Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2025
11. Expenditure on charitable activities by activity type
==> picture [454 x 540] intentionally omitted <==
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|Activities|
|undertaken|Grant|funding|Support|Total|funds|Total|fund|
|directly|_|of activities|costs|2025|2024|
|£|£|£|£|£|
|Scholarships|and|
|bursaries|572,577|-|-|572,577|256|649|
|Academic|-|111,259|-|111,259|46,301|
|Premises|54,679|-|-|54,679|29,372|
|Chapel|expenditure|498,874|-|-|498|874|152,398|
|Activities|expenditure|230,935|241|-|231,176|256,825|
|Donations|to|other|
|charities|-|-|-|-|8,289|
|Governance|costs|-|-|53,009|53,009|54,368|
|1,357,065|111,500|53,009|1,521,574|804,202|
|12.|Net|(losses)/gains|on|investments|
|Unrestricted|Restricted|Endowment|Total|Funds|
|Funds|Funds|Funds|2025|
|£|E|£|£|
|Gains/(losses)|on|investments|(989)|-|-|(989)|
|Unrestricted|Restricted|Endowment|Total|Funds|
|Funds|Funds|Funds|2024|
|£|£|£|£|
|Gains/(losses)|on|investments|(2,313)|(13,129)|(197,658)|(213,100)|
|13.|Net|income|
|Net|income|is|stated|after|charging/(crediting):|
|2025|2024|
|£|£|
|Depreciation|of tangible|fixed|assets|78,547|75,234|
|Gains|on|disposal|of tangible|fixed|assets|(3,200)|-|
|14.|Auditors|remuneration|
|2025|2024|
|£|£|
|Fees|payable|for the|audit|of the|financial|statements|15,000|15,000|
----- End of picture text -----
= 27 «
Bedford School Foundation Trust
Company Limited by Guarantee
Notes to the Financial Statements (continuea)
Year ended 30 June 2025
15. Staff costs
The average head count of employees during the year was Nil (2024: Nil).
No employee received employee benefits of more than £60,000 during the year (2024: Nil).
- Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
17. Tangible fixed assets
| At | |||||||
|---|---|---|---|---|---|---|---|
| At | 1 July 2024 £ |
Transfers £ |
Additions £ |
Disposals £ |
30June 2025 £ |
||
| Cost | |||||||
| Investment property | 2,476,000 | - | - | - | 2,476,000 | ||
| Chapel assets | 1,433,650 | - | - | - | 1,433,650 | ||
| Motor vehicles | 55,165 | - | - | (6,324) | 48,841 | ||
| IT equipment | 359,602 | - | - | - | 359,602 | ||
| Artwork Collectibles |
119,800 157,035 |
- - |
- - |
- - |
119,800 157,035 |
||
| 4,601,252 | - | - | (6,324) | 4,594,928 | |||
| Charge | for | At | |||||
| At 1 July 2024 | Transfers | the year | Disposals | 30June 2025 | |||
| £ | £ | £ | £ | £ | |||
| Depreciation | |||||||
| Investment property | - | - | - | - | - | ||
| Chapel assets | - | - | - | - | - | ||
| Motor vehicles | 25,342 | - | 6,627 | (6,324) | 25,645 | ||
| IT equipment | 275,694 | - | 71,920 | - | 347,614 | ||
| Artwork | - | - | - | - | - | ||
| Collectibles | - | - | - | - | - | ||
| 301,036 | - | 78,547 | (6,324) | 373,259 | |||
| At | At | ||||||
| 30 June 2025 | 30 June 2024 | ||||||
| £ | £ | ||||||
| Carrying amount | |||||||
| Investment property | 2,476,000 | 2,476,000 | |||||
| Chapel assets | 1,433,650 | 1,433,650 | |||||
| Motor vehicles | 23,196 | 29,823 | |||||
| IT equipment | 11,988 | 83,908 | |||||
| Artwork Collectibles |
119,800 157,035 |
119,800 157,035 |
|||||
| 4,221,669 | 4,300,216 |
- 23 -
Bedford School Foundation Trust
Company Limited by Guarantee
Notes to the Financial Statements (continuea)
Year ended 30 June 2025
17. Tangible fixed assets (continued)
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 replacement/insurance 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.
Artwork accumulated by the Trust were re-valued at a market value of £119,800 in November 2024 by David Fletcher Valuer.
Collectibles accumulated by the Trust comprising of silver, furniture, archives and books were revalued at market value of £157,035 in November 2024 by David Fletcher Valuer.
18. Investments
| Listed | Other | |||
|---|---|---|---|---|
| Investments £ |
Wine £ |
Investments £ |
Total £ |
|
| Cost or valuation | ||||
| At 1 July 2024 | 10,234,710 | 16,700 | 10,067,897 | 20,319,307 |
| Additions Disposals Other movements |
- (10,505,000) 270,290 |
- - - |
- (10,067,897) - |
- (20,572,897) 270,290 |
| At 30 June 2025 | - | 16,700 | - | 16,700 |
| Impairment | ||||
| At 1 July 2024 and 30 June 2025 | - | - | - | # |
| Carrying amount | ||||
| At 30 June 2025 | - | 16,700 | - | 16,700 |
| At30June2024 | 10,234,710 | 16,700 | 10,067,897 | 20,319,307 |
All investments shown above are held at market valuation at the relevant balance sheet date.
Wine
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.
Financial assets held at fair value
The fair value of investments is their market value as at the year end.
- 29 -
Bedford School Foundation Trust
Company Limited by Guarantee
Notes to the Financial Statements (continueg)
Year ended 30 June 2025
| 19. | Debtors | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Trade debtors | 16,679 | 15,093 | |
| Prepayments and accrued income | 1,590 | - | |
| Other debtors | 13,761 | 302,964 | |
| 32,030 | 318,057 | ||
| 20. | Current asset investments | ||
| 2025 | 2024 | ||
| £ | £ | ||
| HSBC Sterling Liquidity Fund | 12,662,926 | - | |
| LGTTime deposits | 5,019,077 | — | |
| 17,682,003 | - | ||
| 21. | Creditors: amounts falling due within one year | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Trade creditors | 24,484 | 23,265 | |
| Accruals and deferred income | 15,944 | 49,295 | |
| Other creditors | 513,931 | 211,055 | |
| 554,359 | 283,615 | ||
| 22. | Creditors: amounts falling due aftermore than one year | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Scholarships | 332,677 | 242,845 |
- 30 -
Bedford School Foundation Trust
Company Limited by Guarantee
Notes to the Financial Statements (continueg)
Year ended 30 June 2025
23. Analysis of charitable funds
| Unrestricted funds | ||||||||
|---|---|---|---|---|---|---|---|---|
| At | Gains and | At | ||||||
| 1 | Jul 2024 | Income | Expenditure | Transfers | losses | 30 Jun | 2025 | |
| £ | £ | £ | £ | £ | £ | |||
| General funds | 2,561,735 | 173,518 | (380,162) | 525,769 | (989) | 2,879,871 | ||
| Bedford School | ||||||||
| Foundation | ||||||||
| reserves | ||||||||
| transferred | 463 | - | - | (463) | - | - | ||
| Designated | ||||||||
| Funds | 192,651 | 30,646 | (119,575) | (6,038) | 97.684 | |||
| 2,754,849 | 204,164 | (499,737) | 519,268 | (989) | 2,977,555 | |||
| At | Gains and | At | ||||||
| 1 | Jul 2023 | Income | Expenditure | Transfers | losses | 30 Jun | 2024 | |
| £ | £ | pa | £ | £ | £ | |||
| General funds | 3,343,855 | 115,921 | (145,034) | (96,800) | (656,207) | 2,561,735 | ||
| Bedford School | ||||||||
| Foundation | ||||||||
| reserves | ||||||||
| transferred | - | - | - | - | 463 | 463 | ||
| Designated | ||||||||
| Funds | 142,603 | 50,048 | - | - | - | 192,651 | ||
| 3,486,458 | 165,969 | (145,034) | (96,800) | (655,744) | 2,754,849 | |||
| Restricted funds | ||||||||
| At | Gains and | At | ||||||
| 1 | Jul 2024 | Income | Expenditure | Transfers | losses | 30 Jun | 2025 | |
| £ | £ | £ | £ | a | £ | |||
| Restricted funds | 4,903,614 | 1,404,905 | (1,026,120) | (628,408) | - | 4,653,991 | ||
| At | Gains and | At | ||||||
| 1 | Jul 2023 | Income | Expenditure | Transfers | losses | 30 Jun | 2024 | |
| £ | £ | £ | £ | £ | £ | |||
| Restrictedfunds | 3,877,994 | 1,527,131 | (660,125) | 171,743 | (13,129) | 4,903,614 |
- 31 -
Bedford School Foundation Trust
Company Limited by Guarantee
’ Notes to the Financial Statements (continueg)
Year ended 30 June 2025
23. Analysis of charitable funds (continued)
Endowment funds
| At | Gains and | At | |||||
|---|---|---|---|---|---|---|---|
| 1 Jul 2024 | Income | Expenditure | Transfers | losses | 30 Jun 2025 | ||
| £ | £ | £ | £ | £ | £ | ||
| Permanent | |||||||
| Endowment | |||||||
| Funds | 3,851,554 | 88,772 | - | (88,772) | - | 3,851,554 | |
| Expendable | |||||||
| Endowment | |||||||
| Funds | 14,178,717 | 963,845 | - | 197,912 | - | 15,340,474 | |
| 18,030,271 | 1,052,617 | - | 109,140 | - | 19,192,028 | ||
| At | Gains and | At | |||||
| 1 Jul 2023 | Income | Expenditure | Transfers | losses | 30 Jun 2024 | ||
| £ | £ | £ | £ | £ | £ | ||
| Permanent | |||||||
| Endowment Fund | 3,421,590 | 491,428 | (1,432) | (10,009) | (50,023) | 3,851,554 | |
| Expendable | |||||||
| Endowment | |||||||
| Funds | 13,951,169 | - | (8,688) | (64,934) | 301,170 | 14,178,717 | |
| 17,372,759 | 491,428 | (10,120) | (74,943) | 251,147 | 18,030,271 | ||
| Analysis of net assets between | funds | ||||||
| Unrestricted | Restricted | Endowment | Total Funds | ||||
| Funds | Funds | Funds | 2025 | ||||
| 2 | £ | £ | £ | ||||
| Tangible fixed assets | 2,118,473 | 23,196 | 2,080,000 | 4,221,669 | |||
| Investments | - | 16,700 | - | 16,700 | |||
| Current assets | 976,163 | 5,384,050 | 17,112,028 | 23,472,241 | |||
| Creditors less than 1 year | (111,897) | (442,462) | - | (554,359) | |||
| Creditors greater than 1 year | (5,184) | (327,493) | - | (332,677) | |||
| Net assets | 2,977,555 | 4,653,991 | 19,192,028 | 26,823,574 | |||
| Unrestricted | Restricted | Endowment | Total Funds | ||||
| Funds | Funds | Funds | 2024 | ||||
| £ | £ | £ | £ | ||||
| Tangible fixed assets | 2,190,393 | 29,823 | 2,080,000 | 4,300,216 | |||
| Investments | 43,543 | 4,732,283 | 15,543,481 | 20,319,307 | |||
| Current assets | 605,413 | 583,468 | 406,790 | 1,595,671 | |||
| Creditors less than 1 year Creditors greater than 1 year |
(84,500) - |
(199,115) (242,845) |
- - |
(283,615) (242,845) |
|||
| Netassets | 2,754,849 | 4,903,614 | 18,030,271 | 25,688,734 |
24. Analysis of net assets between funds
- 32 -
Bedford School Foundation Trust
Company Limited by Guarantee
Notes to the Financial Statements (continueg
Year ended 30 June 2025
25. Endowed Funds
| 25. Endowed Funds |
||||||
|---|---|---|---|---|---|---|
| Investment | Transfers | |||||
| 30June | Expenditur | Managers | between | 30June | ||
| 2024 | Income | e | Fees | funds | 2025 | |
| Permanent Endowments | £ | £ | £ | £ | £ | £ |
| Chapel (Phillpotts | ||||||
| Benefaction) | 25,316 | 1,269 | - | - | (1,269) | 25,316 |
| Chapel (Siddons | ||||||
| Benefaction) Colonel Wells Fund |
7,827 3,678,903 |
392 80,120 |
- - |
- - |
(392) (80,120) |
7,827 3,678,903 |
| Heriz Smith Bursary | 81,636 | 4,091 | - | - | (4,091) | 81,636 |
| Rice Classical Scholarship | 57,872 | 2,900 | - | - | (2,900) | 57,872 |
| Total | 3,851,554 | 88,772 | - | - | (88,772) | 3,851,554 |
| Expendable Endowments | £ | £ | £ | £ | £ | £ |
| Bedford School Trust | ||||||
| Awards Fund | 328,186 | 16,445 | - | - | (344,631) | - |
| Andrew Dell Exhibition | 49,426 | 2,476 | - | - | (51,902) | - |
| Andrew Lucken Fund | 8,241 | 413 | - | - | (413) | 8,241 |
| Blackwell Scholarship | 358,101 | 17,944 | - | - | (17,944) | 358,101 |
| Combined Cadet Force | 61,384 | 3,076 | - | - | (3,076) | 61,384 |
| Edgar Rollinson Science | ||||||
| Scholarship GilbertCook Scholarship |
50,375 558,600 |
2,524 27,991 |
- - |
- - |
(2,523) (77,991) |
50,376 508,600 |
| Gilbert Lloyd Fund Allan Goode Fund |
161,881 3,328,565 |
8,112 166,794 |
- - |
- - |
(8,112) (166,795) |
161,881 3,328,564 |
| General Scholarships | 525,985 | 26,357 | - | - | 371,191 | 923,533 |
| Special Account - HMA | 139,143 | 6,973 | - | - | (146,116) | - |
| Col J B Smith Fund | 191,264 | 9,584 | - | - | (9,583) | 191,265 |
| Lindsay-White Funds | 748,081 | 37,486 | - | - | (37,486) | 748,081 |
| Murray Fletcher Sports | ||||||
| Scholarship Oakley Fletcher Fund |
139,973 28,410 |
7,014 1,424 |
- - |
- - |
21,397 (29,834) |
168,384 - |
| Ramsey Murray | 219,825 | 11,015 | - | - | (11,014) | 219,826 |
| Prof Roach Fund | 839,411 | 42,063 | - | - | (42,063) | 839,411 |
| Brian Saville Funds | 5,040,188 | 252,563 | - | - | (252,563) | 5,040,188 |
| Sir John Howard Fund | 253,353 | - | - | (16,656) | 236,697 | |
| Lunt-Waldecker Fund | 955,121 | 955,121 | ||||
| Sub-total | 12,777,039 | 893,607 | - | - | 129,007 | 13,799,653 |
| General Fund | 1,401,678 | 70,238 | - | - | 68,905 | 1,540,821 |
| Total - Expendable | ||||||
| Endowments | 14,178,717 | 963,845 | - | - | 197,912 | 15,340,474 |
| GrandTotals | 18,030,271 | 1,052,617 | - | - | 109,140 | 19,192,028 |
- 33 -
Bedford School Foundation Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2025
| 25. Endowed Funds (continued) |
25. Endowed Funds (continued) |
|||||
|---|---|---|---|---|---|---|
| Net | ||||||
| Endowed | Movement’ | Investment | Transfers | |||
| 30 June | property | in Portfolio | Managers | between | 30June | |
| 2023 | ~—srrevailuation | Value | Fees | funds | 2024 | |
| Permanent Endowments | £ | £ | £ | £ | £ | £ |
| Chapel (Phillpotts | ||||||
| Benefaction) | 25,036 | - | 300 | (20) | - | 25,316 |
| Chapel (Siddons | ||||||
| Benefaction) | 7,736 | - | 97 | (6) | - | 7,827 |
| Colonel Wells Fund | 3,250,871 | 448,805 | (9,471) | (1,293) | (10,009) | 3,678,903 |
| Heriz Smith Bursary | 80,724 | - | 978 | (66) | - | 81,636 |
| Rice Classical Scholarship | 57,223 | - | 696 | (47) | - | 57,872 |
| Total | 3,421,590 | 448,805 | (7,400) | (1,432) | (10,009) | 3,851,554 |
| Expendable Endowments | £ | £ | £ | £ | bal | £ |
| Bedford School Trust | ||||||
| Awards Fund | 347,213 | - | 4,209 | (282) | (22,954) | 328,186 |
| Andrew Dell Exhibition | 48,869 | - | 597 | (40) | - | 49,426 |
| Andrew Lucken Fund | 8,148 | - | 100 | (7) | - | 8,241 |
| Blackwell Scholarship | 354,084 | - | 4,304 | (287) | - | 358,101 |
| Combined Cadet Force | 60,703 | - | 731 | (50) | - | 61,384 |
| Edgar Rollinson Science | ||||||
| Scholarship | 49,806 | - | 609 | (40) | - | 50,375 |
| Gilbert Cook Scholarship | 552,340 | - | 6,708 | (448) | - | 558,600 |
| Gilbert Lloyd Fund | 160,071 | - | 1,940 | (130) | - | 161,881 |
| Allan Goode Fund | 3,216,907 | - | 112,646 | (988) | - | 3,328,565 |
| General Scholarships | 520,095 | - | 6,312 | (422) | - | 525,985 |
| Special Account - HMA | 137,581 | - | 1,674 | (112) | - | 139,143 |
| Col J B Smith Fund | 187,257 | - | 4,118 | (111) | - | 191,264 |
| Lindsay-White Funds | 739,025 | - | 9,705 | (649) | - | 748,081 |
| Murray Fletcher Sports | ||||||
| Scholarship | 179,912 | - | 2,187 | (146) | (41,980) | 139,973 |
| Oakley Fletcher Fund | 28,087 | - | 346 | (23) | - | 28,410 |
| Ramsey Murray | 211,789 | - | 8,086 | (50) | - | 219,825 |
| Prof Roach Fund | 830,013 | - | 10,072 | (674) | - | 839,411 |
| Brian Saville Funds | 4,955,824 | - | 87,956 | (3,592) | - | 5,040,188 |
| Sub-total | 12,587,724 | - | 262,300 | (8,051) | (64,934) | 12,777,039 |
| General Fund | 1,363,445 | - | 38,870 | (637) | - | 1,401,678 |
| Total - Expendable | ||||||
| Endowments | 13,951,169 | - | 301,170 | (8,688) | (64,934) | 14,178,717 |
| GrandTotals | 17,372,759 | 448,805 | 293,770 | (10,120) | (74,943) | 18,030,271 |
- 34 -
Bedford School Foundation Trust
Company Limited by Guarantee
Notes to the Financial Statements (continuea)
Year ended 30 June 2025
- Restricted and Unrestricted Funds
==> picture [468 x 583] intentionally omitted <==
----- Start of picture text -----
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Net|
|30|June|(losses)/gains|30|June|
|2024|Income|Expenditure|oninvestments|Transfers|2025|
|Restricted|Funds|£|£|£|£|E|£|
|Rice|Classical|Scholarship|22,325|1,119|-|-|(23,444)|-|
|Boat|Club|Appeal|26,716|1,453|-|-|3,121|31,290|
|Chapel|Fund|(including|
|Siddons|&|Phillpotts|
|benefactions)|253,409|35,698|(9,771)|-|(13,737)|265,599|
|Colonel|Wells|Charity|Fund|350,028|49,080|(55,846)|-|72,173|415,435|
|John|Warren|Lecture|Fund|664|202|-|-|(866)|-|
|Heriz|Smith|Bursary|10,608|531|-|-|3,870|15,009|
|Blackwell|Scholarship|50,101|2,510|(47,387)|-|(4,140)|1,084|
|Lindsay-White|Legacy|Funds|48|582|2,435|(83,124)|-|35,579|3,472|
|Gilbert|Cook|Scholarship|41,715|2,846|(118,221)|-|97,663|24,003|
|Ramsey|Murray|73,216|3,669|-|-|10,314|87,199|
|Oakley|Fletcher|21,222|1,063|(18,739)|-|(3,546)|-|
|Edgar|Rollinson|Science|
|Scholarship|14,799|741|-|-|2,369|17,909|
|Gilbert|Lloyd|Fund|181,881|9,114|(6,730)|-|7,289|191,554|
|Andrew|Lucken|Fund|2,815|141|-|-|388|3,344|
|Murray|Fletcher|Sports|
|Scholarship|1,776|89|16,831|-|11,527|30,223|
|Bedford|School|Trust|
|Awards|Fund|4,408|3,549|(30,705)|-|22,748|-|
|Andrew|Dell|Exhibition|14,895|747|27|-|51,747|67,416|
|Golf Coaching|Club|2,244|8,683|(22,000)|-|19,947|8,874|
|Gap|Year|Fund|155|7|-|-|(162)|-|
|Col|J|B|Smith|Fund|27,820|1,394|(36,050)|-|9,059|2,223|
|Bill|Sohal|Fund|1,290|65|-|-|(4)|1,351|
|Prof|Roach|Fund|5,436|272|9,983|-|40,042|55,733|
|Brian|Saville|Funds|299,251|14,995|(67,439)|-|239,784|486,591|
|James|Crowden|Legacy|3,039|152|-|-|(3,191)|-|
|BSF|Unallocated|Fund|713,513|20,783|(1,020)|-|(711,136)|22,140|
|BSF|Organ|3,137|-|-|-|(3,137)|-|
|BSF|Library|2,316|878|-|-|(7)|3,187|
|BSF|Pavilion|536|195|-|-|(2)|729|
|BSF|Grand|Piano|Recital|975|52|-|-|(2)|1,025|
|Estate|Masterplan|84,837|34,570|-|-|10,407|129,814|
|BSF|Fellowship|Programme|2,199|146|(500)|-|17,995|19,840|
|Lunt-|Waldecker|Fund|960,654|48,138|(1,373)|-|(957,419)|50,000|
|Allan|Goode|243,114|12,182|-|-|158,246|413,542|
|General|Scholarships|91,665|5,699|-|-|(218)|97,146|
|Donald|Gray|114,555|4,904|(90)|-|24,864|144,233|
|NG|Phillips|Memorial|Fund|99|244|4,973|-|-|(237)|103,980|
|RM|Hext|10,127|507|-|-|(10,634)|-|
|Rowing|-|Batine|2,036|1,102|(999)|-|(5)|2,134|
|Organ|Restoration|1,040,359|974,954|(489,593)|-|324,334|1,850,054|
|Brian|Cawley|Rowing|
|Scholarship|Fund|75,952|78,807|(46,718)|-|(183)|107,858|
|Parag|Gandesha|Bursary|-|45,210|-|(45,210)|-|
----- End of picture text -----
- 35 -
Bedford School Foundation Trust
Company Limited by Guarantee
Notes to the Financial Statements (continueg)
Year ended 30 June 2025
26. Restricted and Unrestricted Funds (continued)
| Net | ||||||
|---|---|---|---|---|---|---|
| 30 June | (losses)/gains | 30 June | ||||
| 2024 | Income | Expenditure | oninvestments | Transfers | 2025 | |
| Restricted Funds (continued) | £ | £ | £ | £ | £ | £ |
| Malek Bursaries Fund | - | 31,250 | - | - | (31,250) | - |
| SirJohn Howard | - | - | (16,656) | - | 16,656 | - |
| TOTAL - Restricted Funds | 4,903,614 | 1,404,905 | (1,026,120) | - | (628,408) | 4,653,991 |
| Unrestricted Funds | £ | £ | £ | £ | £ | £ |
| Designated Funds: | ||||||
| Musical Instrument Fund | 17,367 | 10,636 | (11,117) | - | (42) | 16,844 |
| Organ Fund | 157 | - | (157) | - | ||
| Monitors' Fund | 1,039 | 52 | (74) | - | (3) | 1,014 |
| Charities Committee | 1,527 | 77 | - | - | (4) | 1,600 |
| CCF Fund | 81,838 | 15,170 | (29,605) | - | 2,733 | 70,136 |
| CenBank Funds (Total) | - | - | - | - | - | - |
| Prep School Account | 39,265 | 1,968 | - | - | (41,233) | - |
| Special Account - HMA | 51,615 | 2,586 | (78,779) | - | 32,668 | 8,090 |
| Sub-Total | 192,651 | 30,646 | (119,575) | - | (6,038) | 97,684 |
| General Fund | 2,562,198 | 173,518 | (380,162) | (989) | 525,306 | 2,879,871 |
| TOTAL - Unrestricted Funds | 2,754,849 | 204,164 | (499,737) | (989) | 519,268 | 2,977,555 |
| TOTAL-REVENUEFUNDS | 7,658463 | 1,609,069 | (1,525,857) | (989) | (109,140) | 7,631,546 |
- 36 -
Bedford School Foundation Trust
Company Limited by Guarantee Notes to the Financial Statements (continuea)
Year ended 30 June 2025
26. Restricted and Unrestricted Funds (continued)
| Revaluation | ||||||
|---|---|---|---|---|---|---|
| 30June | freee | 30June | ||||
| 2023 | Income | Expenditure | Gains/(Loss) | Transfers | 2024 | |
| Restricted Funds | ra | £ | £ | £ | £ | £ |
| Rice Classical Scholarship | 21,320 | 1,156 | (151) | - | 22,325 | |
| Boat Club Appeal | 38,570 | 385 | (12,239) | - | 26,716 | |
| Chapel Fund (including | ||||||
| Siddons & Phillpotts benefactions) Colonel Wells Charity Fund |
247,535 406,140 |
31,647 101,362 |
(23,481) (160,541) |
(2,292) (3,742) |
6,809 | 253,409 350,028 |
| John Warren Lecture Fund | 655 | 10 | (1) | - | 664 | |
| Heriz Smith Bursary | 9,452 | 1,330 | (174) | - | 10,608 | |
| Blackwell Scholarship | 65,279 | 5,885 | (21,063) | - | 50,101 | |
| Lindsay-White Legacy Funds | 38,597 | 11,485 | (1,500) | - | 48,582 | |
| Gilbert Cook Scholarship | 150,600 | 11,544 | (119,349) | (1,080) | 41,715 | |
| Ramsey Murray | 69,543 | 4,225 | (552) | - | 73,216 | |
| Oakley Fletcher | 22,963 | 716 | (2,457) | - | 21,222 | |
| Edgar Rollinson Science Scholarship |
13,982 | 940 | (123) | - | 14,799 | |
| Gilbert Lloyd Fund | 60,339 | 3,769 | 17,773 | - | 100,000 | 181,881 |
| Andrew Lucken Fund | 2,677 | 159 | (21) | - | 2,815 | |
| Murray Fletcher Sports Scholarship |
(16,303) | 2,043 | (25,944) | - | 41,980 | 1,776 |
| Bedford School Trust | ||||||
| Awards Fund | (26,218) | 8,298 | (626) | - | 22,954 | 4,408 |
| Andrew Dell Exhibition | 14,514 | 927 | (546) | - | 14,895 | |
| GolfCoaching Club | 7,960 | 14,326 | (20,042) | - | 2,244 | |
| Gap Year Fund | 153 | 2 | é | - | 155 | |
| Col J B Smith Fund | 26,082 | 3,158 | (1,420) | - | 27,820 | |
| Bill Sohal Fund | 1,273 | 19 | (2) | - | 1,290 | |
| ProfRoach Fund | 48,750 | 12,180 | (55,494) | - | 5,436 | |
| Brian Saville Funds | 255,833 | 76,978 | (33,560) | - | 299,251 | |
| James Crowden Legacy | 3,001 | 44 | (6) | - | 3,039 | |
| BSF Unallocated Fund | 682,091 | 55,416 | (19,352) | (4,642) | 713,513 | |
| BSF Organ | 2,820 | 353 | (36) | - | 3,137 | |
| BSF Library | 1,688 | 632 | (4) | - | 2,316 | |
| BSF Pavilion | 403 | 134 | (1) | - | 536 | |
| BSF Grand Piano Recital | 844 | 133 | (2) | - | 975 | |
| Estate Masterplan | 72,500 | 12,497 | (160) | - | 84,837 | |
| BSF Fellowship Programme | 4,688 | 32 | (2,521) | = | 2,199 | |
| Lunt- Waldecker Fund | 931,083 | 55,316 | (24,372) | (1,373) | 960,654 | |
| Allan Goode | 201,622 | 51,492 | (10,000) | - | 243,114 | |
| General Scholarships | 47,448 | 44 822 | (605) | - | 91,665 | |
| Donald Gray | 106,610 | 9,234 | (1,289) | - | 114,555 | |
| NG Phillips Memorial Fund | 98,000 | 1,431 | (187) | - | 99,244 | |
| RM Hext | 10,000 | 146 | (19) | - | 10,127 | |
| Rowing - Batine | 5,500 | 13,757 | (17,221) | - | 2,036 | |
| Organ Restoration | 250,000 | 913,053 | (122,694) | - | 1,040,359 | |
| Brian Cawley Rowing | ||||||
| Scholarship Fund | 76,095 | (143) | - | 75,952 | ||
| TOTAL-RestrictedFunds | 3,877,994 | 1,527,131 | (660,125) | (13,129) | 171,743 | 4,903,614 |
« 37 «
Bedford School Foundation Trust Company Limited by Guarantee Notes to the Financial Statements (continueg)
Year ended 30 June 2025
26. Restricted and Unrestricted Funds (continued)
| Revaluation | Revaluation | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| & | |||||||||
| 30 June | Investment | 30 June | |||||||
| 2023 | Income | Expenditure | Gains/(Loss) | Transfers | 2024 | ||||
| Unrestricted Funds | £ | £ | 2 | £ | £ | £ | |||
| Designated Funds: | |||||||||
| Musical Instrument Fund | 14,068 | 9,156 | (5,857) | - | - | 17,367 | |||
| Monitors' Fund | 1,115 | 185 | (261) | - | - | 1,039 | |||
| Charities Committee | 1,508 | 22 | (3) | - | - | 1,527 | |||
| CCF Fund | 86,113 | 12,833 | (17,108) | - | - | 81,838 | |||
| CenBank Funds (Total) | (50,333) | 1,323 | 49,010 | . | . | “ | |||
| Prep School Account | 39,188 | 566 | (489) | - | - | 39,265 | |||
| Special Account - HMA | 50,944 | 2,830 | (2,159) | - | - | 51,615 | |||
| Sub-Total | 142,603 | 26,915 | 23,133 | - | - | 192,651 | |||
| General Fund | 3,343,855 | 139,054 | (168,167) | (655,744) | (96,800) | 2,562,198 | |||
| TOTAL - Unrestricted Funds | 3,486,458 | 165,969 | (145,034) | (655,744) | (96,800) | 2,754,849 | |||
| TOTAL - REVENUE FUNDS | 7,364,452 | 1,693,100 | (805,159) | (668,873) | 74,943 | 7,658,463 | |||
| 27. Analysis ofchanges in net debt |
|||||||||
| At | |||||||||
| At 1 Jul 2024 | Cash | flows | 30 Jun | 2025 | |||||
| £ | £ | £ | |||||||
| Cash at bank and in hand | 1,277,614 | 4,480,594 | 5,758,208 | ||||||
| Current asset investments | — | 17,682,003 | 17,682,003 | ||||||
| 1,277,614 | 22,162,597 | 23,440,211 |
- Analysis of changes in net debt
28. Financial commitments
During the previous year the charity contracted William Drake Ltd for the design and build of a new pipe organ in the school chapel. At 30 June 2025, the outstanding contract value was nil (2024 £1,052,676). The contract was transferred to The Harpur Trust on 31 December 2024.The Charity is committed to donating towards the building of a new pipe organ in the school chapel. At 30 June 2025 the remaining costs including the enabling works are £973,246 (2024: £1,052,676).
29. Post balance sheet events
In August 2025, a property included in fixed assets was sold at a gain of £10,000.
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