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2023-07-31-accounts

:

REGISTERED COMPANY NUMBER: 06952392 (England and Wales) REGISTERED CHARITY NUMBER: 1132994

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR THE BEACON EQUITY TRUST

Cheeld Wheeler & Co Chartered Certified Accountants Redhill Chambers 2d High Street Redhill Surrey RH1 1RJ

REGISTERED COMPANY NUMBER: 06952392 (England and Wales) REGISTERED CHARITY NUMBER: 1132994

CONTENTS OF THE FINACIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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Company number: 06952392

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

The Trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their annual report. The financial statements of the charity for the year ended 31 July 2023 are available on the Companies House website at www.companieshouse.gov.uk. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ issued in 2019.

2. REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number 06952392 (England and Wales)

Registered Charity number 1132994

Registered office

Sandells House Cliftons Lane Reigate Surrey RH2 9RA

Trustees A Sood Mrs A M Sood H J Sood

Company Secretary A Sood

Independent examiner David Wheeler FCCA Cheeld Wheeler & Co Chartered Certified Accountants Redhill Chambers 2d High Street Redhill Surrey RHI I1RJ

Bankers Santander Bank UK plc 2 Triton Square Regent’s Place London NW1 3AN

Legal Advisers Burges Salmon One Glass Wharf Bristol BS2 0ZX

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THE BEACON EQUITY TRUST REPORT OF THE TRUSTEES- continued FOR THE YEAR ENDED 31 JULY 2023

Company number: 06952392

  1. STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The organisation is a charitable company limited by guarantee, as defined by the Companies Act 2006, incorporated on 9 November 2009, and registered as a charity on 26 November 2009. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.

Trustees

There are two principal Trustees - Ajay Sood and Antonia Sood. A third Trustee, Hari Sood, is aware of his duties and obligations as a Trustee.

Traditional business, legal and management skills are represented in the current Trustees, as well as past experience of work in the third world aid sector focusing on Sub-Saharan Africa. The Trustees usually visit East Africa to maintain contact with local developments, market the charity, and meet Scholars and Heads of Beacon Partner Schools. Though this was not possible in 2021/22 due to the COVID-19 pandemic, in January 2023 we visited all 4 countries in which we operate. The Trustees are in regular contact with Scholars and Staff via zoom.

We have not needed to recruit new Trustees since inception in 2009. Trustees are also the Founders. All current Trustees are aware of their obligations as set out by the Charities Commission in England and Wales. Our principal Trustees hold MBAs from London Business School and are trained in hard and soft skills. Additionally, all Trustees have undergone safeguarding training and are experienced in best practice for managing and developing young people.

Risk management

Given the risk of corruption in developing countries, all disbursements are managed directly in the United Kingdom and overseen by a Trustee. Accounts are filed at Companies House following preparation and review by UK chartered certified accountants.

Parental submissions to prove financial need are extensive and require tax and payroll records for validation. Our rigorous financial disclosure process ensures that fraud and misrepresentation risks are minimised.

Also in place and regularly reviewed are:

  1. Safeguarding Policy, which all staff, contractors and non-school Mentors have to read and sign.

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4. OBJECTIVES AND ACTIVITIES

Purposes and aims

Our charity’s main purpose as set out in the objects contained in the company’s Memorandum of Association, is to promote the education of people under the age of 25 through scholarships and grants anywhere in the world.

The aim is to develop leadership potential in young people and provide access to local world-class schools and international universities for especially talented and gifted children who in the future will have the confidence and ability to become leaders in their chosen fields in their home country; such an education would otherwise be significantly beyond their parents’ means.

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, THE BEACON EQUITY TRUST REPORT OF THE TRUSTEES - continued FOR THE YEAR ENDED 31 JULY 2023

Company number: 06952392

Strategies to deliver our aims

Continuing to follow the development plan, we have further explained both the schools and university programme.

(a) The Beacon Scholarship of Schools

The essential structure we operate for the Schools Scholarship is as follows:

1. The Model

School fees for children with leadership potential are split three ways: 1/3 Beacon Partner School, 1/3 Parents and 1/3 The Beacon Equity Trust (BET). Parents are means-tested to ensure financial need. Applications from families with Gross Household income above US$80k are discouraged. Applicants must re-apply every year for continuation.

2. Assessment

Scholarship awards are made on the strength ofmany factors including academic performance; achievement in sport, music or drama; social influence and communication; and citizenship. Applicants are tigorously assessed and monitored by a trained educator against these ‘leadership criteria’.

3. Mentoring

Partner schools are expected to provide a mentor for each scholar, and report on that scholar’s progress against targets set in each of the leadership criteria using a framework called a ‘Target Sheet’. Reports are sent to Trustees for their review every school term.

This year we awarded six new Beacon Scholarship for schools, three in Tanzania and two in Kenya and our first Beacon Scholarship in Zambia. We continued to market The Beacon Scholarship for schools in all four African countries in which we operate.

(b) The Beacon Scholarship for University

The operating structure of the Beacon Scholarship at University is similar to that for The Beacon Scholarship for Schools.

1. The Model

The scholarship contributes towards tuition fees, living costs plus an annual fixed allowance for compulsory surcharges and one return economy airfare to the Scholars home country. Costs are shared three ways: 1/3 Beacon Partner Universities, 1/3 Parents and 1/3 The Beacon Equity Trust (BET). Parents are means-tested to ensure financial need. Applications from families with Gross Household Income above US$100k are discouraged. Applicants must re-apply every year for continuation.

2. Assessment

Applicants must first obtain an offer from the university of their choice and then apply for the Beacon Scholarship for University. Scholarship awards are made on the strength of many factors including academic performance; achievement in sport, music or drama; social influence and communication; and citizenship. Applicants are rigorously assessed against these ‘leadership criteria’.

3. Mentoring

Target reporting against leadership criteria works in the same way as with the Schools Scholarship above. Additonally, each Beacon Scholar for University is paired with an Away and a Home Country Mentor, for pastoral care and access to local and away country networks.

This year, we awarded seven new Beacon Scholarships for University, two to University of Bristol (including one Beacon Schools Scholar), one to the University of Surrey (a Beacon Schools Scholar), one to the London School of Economics (a Beacon Schools Scholar), a first scholar to the University of Birmingham, and ohe to each of Cambridge, and Cardiff University. New Scholars will be studying Economic History, Electrical Engineering, Human Neuroscience, Law, Mathematics and Physics, Politics and Economics, and Psychology and Behavioural Sciences.

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THE BEACON EQUITY TRUST REPORT OF THE TRUSTEES- continued FOR THE YEAR ENDED 31 JULY 2023

Company number: 06952392

(c) Leadership Development

Our 2022/23 Citizenship Project presentations and Workshops proceeded uninterrupted on Zoom and we continued improving the delivery of Workshops and Seminars to be more interactive and engaging. Commissioned research suggested that we should further develop our leadership curriculum for ‘asynchronous learning’, and we began the process of researching a variety of leadership topics to widen and deepen the curriculum. The result is a planned set of 20 Modules with distinct topics, each to be delivered as an online course followed by a workshop. We hope that 5 Modules of these will be ready for implementation in 2023/24.

(d) Employability

Our Employability initiative bore immediate fruit: our Scholars secured internships or graduate jobs in a variety of multinational organisations (viewable in the Employability tab on our website). Nearly all graduating Scholars had job offers by the end of our financial year. Leadership training and Scholar academic success (3 out of 7 graduating Beacons achieved Firsts) have combined to make a Beacon Scholar a highly attractive hiring prospect.

(e) Alumni

By the end of the financial year, we had our second full cohort graduating from their universities. We now have 15 Beacon Scholars who have entered the workplace or gone on for further study. Realising that we were quickly developing an Alumni community, we appointed an Alumni Manager to oversee and report on Alumni development. The Alumni group elected a leadership group and embarked on a strategy for continued Alumni engagement.

(f) Operational Capacity

During the year we had two full time staff (General Manager and Operations Manager) and 9 part-time staff.

(g) Technology

During the year we built a dynamic database system holding Scholar profiles and ongoing performance data (currently in forms). The system was used for recruitment and making awards. All our application documentation was converted from an essay and information structure to a data structure which feeds the system. Our recruitment benchmarks were based on the profiles of our best performing Scholars.

Development plan

In the longer term it is our intention to expand the number of International Universities and the range of Partner Beacon Schools. We also intend to expand into neighbouring countries in sub-Saharan Africa. Fundraising will be required to continue developing and growing The Beacon Scholarship.

Public benefit

The aim is that eventually a Beacon Scholar will make a real difference to their country’s development by attaining a significant leadership position, from which they can positively impact the lives of many others as a ‘changemaker’. We aim for a multiplier effect: rather than investing in educating thousands, we educate a handful of exceptional young people with real leadership potential who will, in turn, influence thousands through their actions. It is our belief that a high-quality education for gifted and talented young people whose parents do not have the financial means for such an education will enable the realisation of this vision.

The Trustees have regard to the Charity Commission’s guidance on public benefit.

Volunteers

The financial administrator works on a voluntary basis for approximately four days per month. Her work is important to the smooth running of the charity.

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THE BEACON EQUITY TRUST

Company number: 06952392

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 JULY 2023 cont'd

OBJECTIVES AND ACTIVITIES

Historical timeline

2009 - BET charity founded; five partner schools signed (primary and secondary); initial two scholarships awarded.

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THE BEACON EQUITY TRUST

Company number: 06952392

REPORT OF THE TRUSTEES - continued FOR THE YEAR ENDED 31 JULY 2023

FINANCIAL REVIEW

Cost Management

We have continued to contain our costs, and ensured that the major part of our funds is spent on the education of Scholars. Trustees and one staff member donate their time, and our administrative costs are limited to consultancy fees for our two full-time and nine part-time staff in Kenya, Tanzania, South Africa and the UK. As the number of scholars grows and development into tertiary education continues, it is our expectation that administrative costs should be maintained at a level no higher than 20% of total expenditure (approximately 80% is school and university fees). We have this year managed to contain operating costs to this level on a cashflow basis.

The trust received donations of £575,560 in the year (2022 - £428,157) and made a surplus for the year of £130,413 (2022 - £44,617). As at 31 July 2023, the charity had general reserves of £858,072 (2022 - £727,659) which will more than cover the financial commitments in terms of anticipated university and school fees of £790,304 (2022 - £735,495).

Funding sources and their stability

The source of funds continues to be private donations from the Sood family and associated entities, and in the future we will seek to diversify our funding sources. This principal source of donor funding will continue into the foreseeable future, but in order to continue growing we will look to broaden from this base by secking additional external donors.

Hardship Fund

In 2022/23 there were no payments, or loans, from the Hardship Fund. Uses for donations to the Hardship Fund are strictly governed by a Constitution.

Reserves policy

We have a policy of reserving funds for future liabilities, i.e. the continuation of scholarships for their natural duration. The reserve is calculated on the basis of continuation of each present Beacon Scholar’s award until the end of their education at their current school or undergraduate university stage.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on [F Novy % and signed on its behalf by:

A Sood - Trustee

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’ THE BEACON EQUITY TRUST

Company number: 06952392

Independent examiner’s report to the trustees of The Beacon Equity Trust (‘the Company’)

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2023

Responsibilities and basis of report

As the charity’s trustees of the Company (and also the directors for the purposes ofcompany law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

Since your charity’s gross income exceeded £250,000 your examiner must be a member of the listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirements that the accounts give a true and fair view which is not a matter considered as part ofan independent examination; or

  2. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practise for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appliable in the UK and Republic of Ireland (FRS102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

yk Dw

David Wheeler FCCA

Cheeld Wheeler & Co Chartered Certified Accountants Redhill Chambers 2d High Street Redhill Surrey RHI IRJ

Date.....!. 8. Woven, 2923

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THE BEACON EQUITY TRUST

Company number: 06952392

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

2023 2022
Unrestricted Restricted Total Total
funds Fund Funds Funds
Notes £ £ £ £
INCOMEAND ENDOWMENTS
Donations
Investment income		 575,560
10,263		 -
-		 575,560
10,263		 428,157
934
Total income 585,823 - 585,823 429,091
EXPENDITURE ON
Charitable activities
Grants to individuals 331,876 - 331,876 280,451
Supportcosts 123,534 = 123,534 104,023
Totalexpenditure 455,410 - 455.410 384,474
NETINCOME(EXPENDITURE) 130,413 = 130,413 44,617
RECONCILIATION OFFUNDS
Total funds brought forward 727,659 - 727,659 683,042
TOTALFUNDS CARRIED
FORWARD 858,072 - 858,072 727,659

The notes form part of these financial statements

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THE BEACON EQUITY TRUST

Company number: 06952392

31 JULY 2023

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BALANCE SHEET

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |2023|2022| |Unrestricted|Restricted|Total|Total| |Funds|Fund|Funds|Funds| |Notes|£|oe|£|£| |CURRENT ASSETS| |Cash|at|bank|859,062|-|859,062|728,649| |CREDITORS| |Amounts|falling|due|within|one|8|(990)|-|(990)|(990)| |year| |NET CURRENT|ASSETS|858,072|-|858,072|727,659| |TOTAL ASSETS|LESS| |CURRENT LIABILITIES|-|-|858,072|727,659| |NET ASSETS|858,072|-|858,072|727,659| |FUNDS|9| |Unrestricted|funds:| |General|fund|752,782|624,519| |Hardship fund|105,290|103,440| |£858,072|£727,659| |Restricted|funds| |Restricted|Fund|=|-| |TOTAL CHARITY FUNDS|£858,072|£727,659|

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The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

  1. ensuring that the charitable company keeps accounting records that comply with sections 386 and 387 of the Companies Act 2006.

  2. preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus of deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company

These financial statements have been prepared in accordance with the provisions applicable in the charitable companies subject to the small companies’ regime.

The financial statements were approved by the Board of Trustees and authorised for issue on |November 2023 and were signed on its behalf by: A Sood - Trustee Y

The notes form part of these financial statements

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THE BEACON EQUITY TRUST

Company number: 06952392

STATEMENT OF CASHFLOWS

31 JULY 2023

2023 2022
£ £
Cashflowsfrom operating activities 120,150 43,737
Cashflows from investing activities
Dividends and interest 10.263 934
Netcash provided by investing activities 10,263 934
Change in cashand cash equivalents inthe reporting period 130,413 44,671
Cashand cash equivalents atthe beginning ofthe reporting
period 728.649 683,978
Cash and cash equivalents at the end ofthe reporting period 859,062 728,649
Analysis ofcash and cash equivalents
Cash at bank and in hand 859,062 728,649
Reconciliation of net movement in funds to net cashflow
from operating activities
Netmovement in funds forthe reporting period 130,413 44,617
Adjustments for:
Dividends and interest (10,263) (934)
Increase/(decrease) increditors - 54
120,150 43,737

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‘ THE BEACON EQUITY TRUST

Company number: 06952392

NOTES TO THE FINACIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

The Beacon Equity Trust is a charitable company, limited by guarantee, registered in England and Wales. The registered number, registered charity number and registered office can be found in the reference and Administrative Details section of the Trustees Report on page 1.

2. ACCOUNTING POLICIES

Basis of preparing financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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), Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The charitable company is a public benefit entity.

The financial statements are prepared on a going concern basis

The financial statements are prepared in Sterling which is the functional currency of the company.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, and it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure

Taxation

The charity is exempt from the corporation tax on its charitable activities

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when the funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken in to account in arriving at the operating result.

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THE BEACON EQUITY TRUST

Company number: 06952392

NOTES OF THE FINANCIAL STATEMENTS -— continued FOR THE YEAR ENDED 31 JULY 2023

Cash at bank

Cash at bank represents funds held in a UK based high street bank. Interest received on deposit accounts is recognised when it is received.

3. INVESTMENT INCOME

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||||| |---|---|---|---| |2023|2022| |£|£| |Interest|receivable|10,263|934|

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There were no trustees’ remuneration or other benefits for the year ended 31 July 2023 nor for the year ended 31 July 2022.

Trustees’ expenses

There were no trustees’ expenses paid for the year ended 31 July 2023 nor for the year ended 31 July 2022.

5. STAFF COSTS

The average monthly number of employees during the year was as follows:

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||||||| |---|---|---|---|---|---| |2023|2022| |Trustees|3|2)| |employees|received emoluments emoluments|in|excess|of £60,000. £60,000.| |COMPARATIVES|FOR THE STATEMENT THE STATEMENT STATEMENT|OF|FINANCIAL ACTIVITIES ACTIVITIES| |Unrestricted|Restricted|2022| |funds|fund|Total|funds| |£|£|£| |INCOME AND ENDOWMENTS|FROM| |Donations|and|legacies|426,835|1,322|428.157| |Investment|income|934|-|934| |Total|income|427,769|1,322|429,091| |EXPENDITURE|ON| |Charitable|activities| |Grants|to|individuals|276,658|3,793|280,451| |Support|costs|104,023|-|104,025| |Total|expenses|380,681|3.793|384,474| |NET INCOME|47,088|(2,471)|44,617| |RECONCILIATION OF FUNDS| |Total|funds|brought forward|680,571|2,471|683,042| |TOTAL FUNDS CARRIED FORWARD|727,659|-|727,659|

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No employees received emoluments emoluments in excess of £60,000. £60,000.

  1. COMPARATIVES FOR THE STATEMENT THE STATEMENT STATEMENT OF FINANCIAL ACTIVITIES ACTIVITIES

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Company number: 06952392

THE BEACON EQUITY TRUST NOTES TO THE FINANCIAL STATEMENTS -— continued FOR THE YEAR ENDED 31 JULY 2023

  1. FUND ACCOUNTING

Included within the accounts are three types of funds:

General Fund

The General Fund is used in accordance with the charitable objectives at the discretion of the trustees.

Hardship Fund

The Hardship Fund is used to provide support to the charity’s beneficiaries and their families in times of financial hardship.

Restricted Fund

The Restricted Fund can only be used for particular restricted purposes within the objectives of the charity. These restrictions are specified by the donors or when the funds are raised for restricted purposes. The most common nature of these restrictions is that the funds can only be used for meeting the charitable objectives for a specified beneficiary.

  1. CREDITORS: AMOUNTS FALLING DUE WITIN ONE YEAR

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |2023|2022| |£|£| |Accrued expenses|990|990| |9.|MOVEMENT|IN|FUNDS| |Net| |Movement|in| |At|1.8.22|funds|At|31.7.23| |£|£|£| |Unrestricted|funds| |General|fund|624,219|128,563|752,782| |Hardship|fund|103,440|1,850|105,290| |727,659|130,413|858,072| |Restricted|funds| |Restricted|fund|-|-|-| |TOTAL FUNDS|727,659|130,413|858,072| |Net movements movements|in|funds,|included|in|the|above|are|as|follows:| |Movement|in| |Income|Expenditure|funds| |£|i|£| |Unrestricted|funds| |General|fund|583,973|455,410|128,563| |Hardship|fund|1,850|-|1,850| |585,823|455,410|130,413| |Restricted|funds| |Restricted|fund|-|-|-| |TOTAL FUNDS|585,823|455,410|130,413|

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Net movements movements in funds, included in the above are as follows:

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THE BEACON EQUITY TRUST

Company number: 06952392

NOTES TO THE FINANCIAL STATEMENTS — continued FOR THE YEAR ENDED 31 JULY 2023

9. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

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|||||||||| |---|---|---|---|---|---|---|---|---| |Net| |Movement|in| |At|1,8.21|funds|At 31.7.22| |£|£|£| |Unrestricted|funds| |General|fund|577,355|46,864|624,219| |Hardship fund|103,216|224|103,440| |680,571|47,088|727,659| |Restricted|funds| |Restricted|fund|2,471|(2,471)|-| |TOTAL FUNDS|683,042|44.617|727,659| |Comparative|net movement movement|in|funds,|included|in the above the above above|are|as|follows:| |Movement|in| |Income|Expenditure|funds| |£|£|£| |Unrestricted|funds| |General|fund|427,545|(380,681)|46,864| |Hardship|fund|224|-|224| |427,769|(380,681)|47,088| |Restricted|funds| |Restricted|fund|1,322|(3,793)|(2,471)| |TOTAL FUNDS|429,091|(384,474)|44.617|

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Comparative net movement movement in funds, included in the above the above above are as follows:

10. RELATED PARTY DISCLOSURES

There are no related party transactions for the year ended 31 July 2023 or for the year to 31 July 2022, except that donations of £575,560 were received from the trustees (2022 - £428,157). No specific conditions were made by the donors.

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THE BEACON EQUITY TRUST

Company number: 06952392

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JUY 2023

11. GRANT COMMITMENTS

The charity is committed to support each beneficiary of the individual grants throughout their secondary and undergraduate education. The grants committed, subject to the beneficiary meeting the required educational standards as stipulated by their educational institution, are as follows:

2023 2022
£ £
Due< < year 333,403
Due 1-2years 256,714 210,081
Due2-3 2-3 years 161,635 133,406
Due3-4 3-4years 29,374 39,939
Due4-5
Due>		 4-5 years
> 5 years		 9,178 21,145
—
£790,304 £735,495

12. ULTIMATE CONTROLLING PARTY

The company is under the control of Mr & Mrs A Sood and Mr H J Sood as trustees of the company.

13. INDEPENDENT EXAMINATION AND OTHER FINANCIAL SERVICE FEES

The following are the fees payable to the independent examiner for services provided during the accounting period:

Serviceprovided: Fee charged
(£)
Accountancy services& independent examination 990
Totalfeecharged 990

14. GOING CONCERN

These accounts are produced on a going concern basis. There are no material uncertainties regarding the charities ability to continue. The charity has sufficient reserves to meet its grant commitments for a number of years and is still receiving sufficient donations to support its charitable objectives.

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THE BEACON EQUITY TRUST

Company number: 06952392

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DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023

2023 2022
£ £
INCOMEAND ENDOWMENTS
Donations and legacies
Donations
GiftAid		 543,138
32,422		 376,322
51,835
575,560 428,157
Investment income
Interest receivable 10,263 934
Total income 585,823 429.091
EXPENDITURE
Charitable activities
Grants for individuals 331,876 280,451
Support costs
Management
Computerexpenses
Accountancy
Consultancy fees
Leadership development
Recruitment costs		 1,043
990
99,277
17,211
-		 795
990
95,311
6,400
467
Staffcosts 4,738 -
Sundryexpenses 215
123,474		 -
103,963
Finance
Bankcharges
Total expenditure		 60
455,410		 60
384,474
Netincome 130,413 44.617

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