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← Bedfordshire East Schools Trust Ltd

2023-08-31-accounts

Registered number: 06865093 Charity number: 1132611

BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

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BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 5
Independent auditors' report on the financial statements 6 - 10
Statement of financial activities 11
Balance sheet 12
Notes to the financial statements 13 - 22

BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023

Trustees A Lee
P A Walker
J M Tonge
A J Sanderson
C Mycock
D A Morgan
I C Bond, Chair of Trustees
Company registered
number
06865093
Charity registered
number
1132611
Registered office
Best House
Shefford Road
Clifton
Shefford
Bedfordshire
SG17 5QS
Independent auditors
Bishop Fleming LLP
Chartered Accountants
1-3 College Yard
Worcester
WR1 2LB

Page 1

BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees present their annual report together with the audited financial statements of the Company for the 1 September 2022 to 31 August 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Objectives and activities

a. Policies and objectives

The principal object of the Charity is to advance the education of pupils at member schools and other members of the community.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Activities undertaken to achieve objectives

The Charity supports its member schools/academies to advance education and community cohesion in the following areas:

Strategic report

Achievements and performance

a. Review of activities

With the nurseries back to usual operational levels the financial support the Charity gave them during the lockdowns is being repaid. This year the majority of historic debt that had accumulated during Covid 19 was repaid. It is anticipated that the balance of debt will be repaid in full within two years.

BEST House has continued to develop as both a base for the BEST Central Team (BEST is now the sole occupier) and a valuable resource for both BEST and the wider community. There has been an increase in commercial usage of the facility – with the resulting increase in income – and there has been great use of the building by BEST schools and key partners. This has helped reposition the facility and made it both more profitable and a better utilised asset for the trust.

b. Fundraising activities and income generation

The Charity does not undertake fundraising.

Page 2

BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Strategic report (CONTINUED)

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

The Charity is responsible for BEST House and meets the running costs of the building from the service charge paid by the users and any lettings income. The demand for hiring grew this year and we are exploring other users that may want to use the facilities.

The Charity has reserves which they can use to support the development of further nurseries and provide additional financial, educational, capital to the schools in the Multi-Academy Trust. This support is provided only when funds allow.

b. Reserves policy

The Board of Trustees has examined the charity's requirements for reserves in light of the main risks to the organisation, It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be enough to enable the charity to meet its day to day running costs and meet its financial commitments as they arise. Excess unrestricted reserves are invested in activities to fulfil the charity's objectives within the partner schools and community.

As at 31 August 2023, the total reserves held by the Charity were £2,107k of which £1,798k were restricted, £160k were designated and £149k were general funds. Please see note 12.

c. Material investments policy

Under the Memorandum and Articles of Association, the charity has power to invest in any way the Trustees wish.

The Trustees, having regard to the liquidity requirements of operating the charity and to the reserves policy have operated a policy of keeping surplus funds in short term bank accounts.

Page 3

BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Structure, governance and management

a. Constitution

Bedfordshire East Schools Trust Limited is registered as a charitable company limited by guarantee and was set up by a Trust deed.

The Charity is constituted under a Trust deed and is a registered charity, number 1132611.

The Charity is a subsidiary of the Bedfordshire Schools Trust (BEST) Group.

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

c. Organisational structure and decision-making policies

The Charity is governed by the main Board of Trustees for the BEST Group. There is a Subsidiaries Executive Committee that meets informally on a fortnightly basis and its key responsibilities are:

The Subsidiaries Executive Committee reports to the main Board of Trustees each term.

d. Risk management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

e. Fundraising

The Charity does not undertake fundraising

Plans for future periods

a. Future developments

The Charity will continue to support its member schools, nurseries and the community.

The governance of the Charity was changed to create a more efficient structure. Management of the nurseries has been strengthened, with the CEO of Bedfordshire Schools Trust Limited taking direct responsibility for their success and sustainability. Future plans include safeguarding nursery finances when the government begin the roll-out of their free childcare offer for all children under five. The introduction of operational changes and an increase in fees based on benchmarking data is supporting this strategy.

Page 4

BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report including the Strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . 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 Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditors

The auditors, Bishop Fleming LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

12 Dec 2023 Approved by order of the members of the board of Trustees on and signed on their behalf by:

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I C Bond Chair of Trustees

Page 5

BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED

Opinion

We have audited the financial statements of Bedfordshire East Schools Trust Limited (the 'charitable company') for the year ended 31 August 2023 which comprise the Statement of financial activities, the Balance sheet, the 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Page 6

BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report including the Strategic Report.

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

Responsibilities of trustees

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

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

Page 7

BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Please see below for these responsibilities:

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 Auditors' 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:

The procedures undertaken in order to identify and assess risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, are as follows:

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities SORP (FRS 102) - Accounting and Reporting by Charities and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity's ability to operate or to avoid a material penalty. These include data protection regulations, health and safety regulations and employment legislation.

Page 8

BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (CONTINUED)

Audit response to risks identified:

As a result of performing the above procedures, we have identified revenue recognition and accounting estimates as key audit matters related to the potential risk of fraud. Our procedures to respond to risks identified included the following:

We also communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 9

BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (CONTINUED)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

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Andrew Wood FCCA (Senior statutory auditor)

for and on behalf of

Bishop Fleming LLP

Chartered Accountants Statutory Auditors

1-3 College Yard Worcester

WR1 2LB

Date: 09/02/2024

Page 10

BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023

Note
Income from:
Donations and legacies
3
Total income
Expenditure on:
Charitable activities
4
Total expenditure
Net income/(expenditure)
Transfers between funds
12
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£000
69
69
54
54
15
9
24
285
24
309		 Restricted
funds
2023
£000
-
-
42
42
(42)
(9)
(51)
1,849
(51)
1,798		 Total
funds
2023
£000
69
69
96
96
(27)
-
(27)
2,134
(27)
2,107		 Total
funds
2022
£000
39
39
188
188
(149)
-
(149)
2,283
(149)
2,134

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 13 to 22 form part of these financial statements.

Page 11

BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:06865093

BALANCE SHEET AS AT 31 AUGUST 2023

Note
Fixed assets
Tangible assets
8
Investments
9
Current assets
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within one
year
11
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
12
Unrestricted funds
12
Total funds		 2023
£000
1,810
110
1,920
69
152
221
(34)
187
2,107
2,107
1,798
309
2,107		 2022
£000
1,859
110
1,969
79
120
199
(34)
165
2,134
2,134
1,849
285
2,134

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on

12 Dec 2023

_______ and signed on their behalf by:

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I C Bond Chair of Trustees

The notes on pages 13 to 22 form part of these financial statements.

Page 12

BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. General information

Bedfordshire East Schools Trust Limited ('the Charity') is a registered charity and company limited by guarantee, registered and incorporated in England and Wales. Registered charity number is 1132611 and registered company number 06865093.

The registered office and principal place of business is Best House, Shefford House, Clifton, Shefford, Bedfordshire, SG17 5QS.

The principal activity of the Charity is to advance the education of pupils at member schools and other members of the community.

The financial statements are presented in Pounds Sterling (£000), and are rounded to the nearest whole £000.

2. Accounting policies

2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Bedfordshire East Schools Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 INCOME

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 13

BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

2. Accounting policies (continued)

2.3 GOING CONCERN

The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

The Charity is responsible for BEST House and meets the running costs of the building from the service charge paid by Shefford Nursery. The demand for hiring grew this year and we are exploring other users that may want to use the facilities.

The Charity has reserves which they can use to support the development of further nurseries and provide additional financial, educational, capital to the schools in the Multi-Academy Trust. This support is provided only when funds allow.

2.4 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Freehold property - 50 Years
Fixtures and fittings - 5 Years
Computer equipment - 3 Years

Page 14

BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

2. Accounting policies (continued)

2.6 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.7 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.9 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.10 FINANCIAL INSTRUMENTS

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 15

BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

3. Income from donations and legacies

Unrestricted
funds
2023
£000
Donations
69
TOTAL 2022
39		 Total
funds
2023
£000
69
39		 Total
funds
2022
£000
39

4. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2023
£000
Charitable Activities
54
TOTAL 2022
146		 Restricted
funds
2023
£000
42
42		 Total
2023
£000
96
188		 Total
2022
£000
188

5. Analysis of expenditure by activities

Charitable Activities
TOTAL 2022		 Activities
undertaken
directly
2023
£000
52
54		 Support
costs
2023
£000
44
134		 Total
funds
2023
£000
96
188		 Total
funds
2022
£000
188

Page 16

BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

6. Auditors' remuneration

2023 2022
£000 £000
Fees payable to the Company's auditor and its associates for the audit of
the Company's annual accounts 4 3

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

7. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 August 2023, no Trustee expenses have been incurred (2022 - £NIL).

8. Tangible fixed assets

COST OR VALUATION
At 1 September 2022
Additions
At 31 August 2023
DEPRECIATION
At 1 September 2022
Charge for the year
At 31 August 2023
NET BOOK VALUE
At 31 August 2023
At 31 August 2022		 Freehold
property
£000
2,119
-
2,119
270
42
312
1,807
1,849		 Fixtures and
fittings
£000
41
3
44
35
6
41
3
6		 Computer
equipment
£000
12
-
12
8
4
12
-
4		 Total
£000
2,172
3
2,175
313
52
365
1,810
1,859

Page 17

BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

9. Fixed asset investments

COST OR VALUATION
At 1 September 2022
At 31 August 2023
Debtors
DUE WITHIN ONE YEAR
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 2023
£000
66
3
-
69		 Investments
in
subsidiaries
£000
110
110
2022
£000
75
3
1
79

10. Debtors

11. Creditors: Amounts falling due within one year

Trade creditors
Accruals and deferred income		 2023
£000
31
3
34		 2022
£000
27
7
34

Page 18

BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

12. Statement of funds

Statement of funds - current year

UNRESTRICTED FUNDS
DESIGNATED FUNDS
Sink Fund
Performing Arts Academy
GENERAL FUNDS
General Fund
TOTAL UNRESTRICTED
FUNDS
RESTRICTED FUNDS
Fixed Asset - BEST House
School Sports Partnership
TOTAL OF FUNDS		 Balance at 1
September
2022
£000
160
1
161
124
285
1,840
9
1,849
2,134		 Income
£000
-
-
-
69
69
-
-
-
69		 Expenditure
£000
-
-
-
(54)
(54)
(42)
-
(42)
(96)		 Transfers
in/out
£000
-
(1)
(1)
10
9
-
(9)
(9)
-		 Balance at
31 August
2023
£000
160
-
160
149
309
1,798
-
1,798
2,107

The specific purposes for which these funds are to be applied are as follows:

Designated Funds

A sink fund has been built up over the past few years by the Trustees. There have been no changes to this fund in the current year.

General Funds

Income and Expenditure relating to activities of the Charity. The funds can be used for any purposes within the objects of the Charity.

Restricted Funds

Grants or assets have been received in the past that can only be used for specific purposes and activities. The assets cannot be disposed of without the agreement of the government. The funds are held until spent or formally released.

Page 19

BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

12.
Statement of funds (continued)
Statement of funds - prior year
Balance at
1 September
2021
£000
UNRESTRICTED FUNDS
DESIGNATED FUNDS
Bedfordshire East Schools
Trust Nurseries Limited
190
Sink Fund
160
Performing Arts Academy
1
351
GENERAL FUNDS
General Fund
41
TOTAL UNRESTRICTED
FUNDS
392
RESTRICTED FUNDS
Fixed Asset - BEST House
1,882
School Sports Partnership
9
1,891
TOTAL OF FUNDS
2,283		 Income
£000
-
-
-
-
39
39
-
-
-
39		 Expenditure
£000
-
-
-
-
(146)
(146)
(42)
-
(42)
(188)		 Transfers
in/out
£000
(190)
-
-
(190)
190
-
-
-
-
-		 Balance at
31 August
2022
£000
-
160
1
161
124
285
1,840
9
1,849
2,134

Page 20

BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

13. Summary of funds

Summary of funds - current year


Designated funds
General funds
Restricted funds		 Balance at 1
September
2022
£000
161
124
1,849
2,134
Balance at
1 September
2021
£000
351
41
1,891
2,283		 Income
£000
-
69
-
69
Income
£000
-
39
-
39		 Expenditure
£000
-
(54)
(42)
(96)
Expenditure
£000
-
(146)
(42)
(188)		 Transfers
in/out
£000
(1)
10
(9)
-
Transfers
in/out
£000
(190)
190
-
-		 Balance at
31 August
2023
£000
160
149
1,798
2,107
Balance at
31 August
2022
£000
161
124
1,849
Summary of funds - prior year
Designated funds
General funds
Restricted funds
2,134

Page 21

BEDFORDSHIRE EAST SCHOOLS TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

14. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
£000
Tangible fixed assets
12
Fixed asset investments
110
Current assets
221
Creditors due within one year
(34)
TOTAL
309		 Restricted
funds
2023
£000
1,798
-
-
-
1,798		 Total
funds
2023
£000
1,810
110
221
(34)
2,107

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
TOTAL		 Unrestricted
funds
2022
£000
-
110
199
(24)
285		 Restricted
funds
2022
£000
1,859
-
-
(10)
1,849		 Total
funds
2022
£000
1,859
110
199
(34)
2,134

15. Related party transactions

The Charity has taken advantage of the exemption available in accordance with Section 33 of Financial Reporting Standard 102 not to disclose transactions entered into between two or more members of the group, as the charity is a wholly owned subsidary undertaking of the Group to which it is party to the transactions.

16. Controlling party

Bedfordshire Schools Trust Limited is regarded by the Trustees as being the Company's immediate and ultimate parent entity by virtue of control. Consolidated financial statements are available from Companies House.

Page 22