REGISTERED COMPANY NUMBER: 06952392 (England and Wales) REGISTERED CHARITYNUMBER: 1132994 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMEiYfs FOR THE YEAR EIYDED 31 JULY2024 FOR THE BEACON E UITYTRUST Chceld Wheeler & Co Chartered Certified Accountants Redhill Chambers 2d High Stre¢t Redhill Surrey RHI IRJ
REGISTERED COMPANYNUMBER: 06952392 (England and Wales) REGISTERED CHARITYNUMBER: 1132994 CONTENTS OF THE FINACIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Page Report of Trnstees Ito6 Independent Examiner's Report Statement of Financial Activities Balance Sheet 10 ststement of cashflow8 11 Notes to the Financial Statements 12to16 Detailed Statsment of Financial Activities 17
THE BEACON E UITY TRUST Company number: 06952392 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 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 2024 are available on the Companies House website at www.companieshouse.gov.uk. The trustees have adoptsd 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 - Chairnian Mrs A M Sood HJSood Company Secretary A Sood Independent examiner David Wheeler FCCA Cheeld Wheeler & Co Chartered Certified Accountants Redhill Chambers 2d High Street Redhill Surrey RHI IRJ Bankers Santander Bank UK plc 2 Triton Square Regent's Place London NWI 3AN Legal Advisers Burg¢s Salmon One Glass Wharf Bristol BS2 OZX
THE BEACON E urry TRUST Company number: 06952392 REPORT OF THE TRUSTEES - continued FOR THE YEAR ENDED 31 JULY 2024 3. 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 Nov¢mber 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. We did not visit our African Schools partners this year. but will be doing so in January 2025. The Trustees are in regular contact with Scholars and Staff via Zoom. We have not needed to recruit new Trustees since inception in 2009. TteeS 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 iii 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 a. Safeguarding Policy, which all staff, contractors and non-school Mentors have to read and sign. Privacy Policy complying with the EU General Data Protection Regulation (GDPR). Pay Policy for Independent Contractors and Consultants. 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 chil(Iren who in th¢ futur¢ will have the confidence and ability to become leaders in their chosen fields in theii. lioine couiitsy. such an educatioii would ottierwi5e be significantly beyond their parents, means.
THE BEACO.N E urry TRUST Company number: 06952392 REPORT OF THE TRUSTEES - Continued FOR THE YEAR ENDED 31 JULY 2024 Stratsgies to delllver 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: l. The Model School fees for children with leadership potential are split three ways: 113 Beacon Partner School, 113 Parents and 113 The Beacon Equity Trust (BET). Parents are means-tested to ensure financial need. Applications from families with Gross Household income above US$80k are discouraged. Applicants must re-apply every year for continuation. 2. Assessment Scholarship awards are made on the strength of many factors including academic perfonnance. achievement in sport, music or drama. social influence and communication. and citizenship. Applicants are rigorously assessed and monitored by a trained educator against these 'leadership criteria.. 3. Mentoring Partner schools are expected to provide a mentor for each scholar, and report on that scholar's progress against targets set in each of the leadership criteria using a framework called a 'Target Sheet,. Reports are sent to Trustees for their review every school terni. This year we awarded six new Beacon Scholarships for Schools, three in Kenya, two in Tan7Ania, and one in Zambia. We continued to market The Beacon Scholarship for Schools in all 4 African countries in which we operate. (b) The Beacon Scholarship for University The operating structure of the Beacon Scholarship at University is similar to that for The Beacon Scholarship for Schools. l. The Model The scholarship contributes towards tuition fees, living costs plus an annual fixed allowance for compulsory surcharges and one return economy airfare to the Scholars hom¢ county. Costs are shared three ways; 113 Beacon Partner Universities, 113 Parents and 113 The Beacon Equity Trust (BET). Parents are means-tested to ensure financial need. Applications from families with Gross Household Income above US$IOOk are discouraged. Applicants must re-apply every year for continuation. 2. Assessment Applicants must first obtain an offer from a UK Beacon Partner University of their choice and then apply for a Beacon Scholarship for University. Scholarship awards are made on the strength of many factors including academic perforniance. 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 county networks. This year, we awarded three new Beacon Scholarships for University, one to the London School of Economics (a Beacon Schools Scholar), one to Cardiff University, and one to the University of Surrey. Two additional provisional candidates did not meet the terniq of their a¢ad¢mic offers, and one withdrew, New Scholars will be studying International Social and Public Policy, Mechanical Engineering, and Sports Science & Exercise.
THE BEACON E UITY TRUST Company number: 06952392 REPORT OF THE TRUSTEES- continued FOR THE YEAR ENDED 31 JULY 2024 (c} Cbanging the University fee-sharing Model Our Memorandum of Understanding (Mou) for University Partners must be renewed every three years, with this year being a renewal year for admissions in 2026127. Because university tuition fees continue to rise, and universities increasingly find it administratively difficult to administer and bill the 113 cost sharing model, we approached Partners with the idea of a Tuition fee waiver. We are ple&sed that two Partners (one new and one current) agreed to a fijll tuition fee waiver for up to two new Beacon Scholars a year and signed a 3-year Mou. Three current Partners moved to a transitional arrangement of a 50 % Tuition fee waiver for one year, and three Partners decided not to offer new Beacon Scholarships for 25126 entry. Th¢ financial climate for UK universities has been adversely affected by a restriction in government policy in granting study visas to postgraduate international students with a resultant funding shortfall. The resulting cost containment has severely impacted scholarship funding, with some university Partners withdrawing their support. (d) Leadership Development Our 2023/24 Citizenship Project presentations and Workshops proceeded unintemipted on Zoom and we implemented our new leadership curriculum for 'asyn¢hronous learning, with great success. We delivered 5 of the full set of 20 Modules, each with an online course followed by a workshop. We also completed content preparation for remaining Modules and started to explore wider commercial possibilities for the programme. Our Leadership Curriculum Manager resigned and we replaced her with a full-time Leadership Curriculum Executive based in South Africa. (e) Employability This year, we concluded that we no longer required a UK Representative to look after UK university Scholars. Most of the Scholars now rely on Beacons within their own university for support. For Employability Mentoring however, we expanded the role of two of our Target Sheet Mentors to overs¢e Scholar progress on the Employability Pathway. This proved to be successful with Mentors regularly checking in with Scholars after reviewing Employability targets on their Target Sheets. (D Alumni By the end of the financial year, we had our third full cohort graduating from their universities. We now have 21 Beacon Scholars who have entered the workplace or gon¢ on for rther study. Our challenge is fast becoming one of creating a strong Alumni community, and during the year we appointed two Alumni to p¢rforn] paid administrative duties aimed at continuing to build Alumni engagement. (g) Operational Capacity During the year we had three full time staff (Operations Manager, Operations Executive, and Leadership Curriculum Executive) and 8 part-time staff. (h) Technology During the year we continued to improve our dynamic datsbase system holding Scholar profiles and ongoing perforniance data. The system was used for recruitment and making awards. We tested the system in our recruitment process, and leadership workshops, and have continued to fine tune its capability.
THE BEACON E UITY TRUST Company number.. 06952392 REPORT OF THE TRUSTEES - continued FOR THE YEAR ENDED 31 JULY 2024 Historical timeline 2009 - BET charity founded. 5 partner schools signed (primary and secondary). initial two scholarships awarded. 2010 - consultant (local educator) joins as local representative and introduces standardised assessment tools. improved application procedures and new financial disclosure tool built. three new scholarship awards, now a total of five scholars. 20 I l - eight scholars + 2 scholars sponsored in state schools. website built. 2012 - ten scholars. exploratory discussions begin for tertiary component. 2013 eleven scholars. first Beacon Scholar, gains admission to University of Manchester to study Engineering. Beacon Scholarship for University launched with LSE and Cambridge signed as University Partners, 2014 - fourteen scholars, 4 additional Beacon Partner Schools signed in Kenya; first Beacon Scholar for University at Trinity College, Cambridge. New UK Co-ordinator and Kenya Beacon Rep, 2015 - seventeen scholars. two additional local education system (8-4-4) secondary schools signed; first Beacon Scholar at LSE. 2016 - nineteen scholars. second Scholar at Cambridge. two Beacon Scholars in Prep Partner Schools in Kenya obtain l 00 % scholarships to private schools in UK. 2017 - twenty-six scholars: 8 University, 20 Schools, including one into each of 4 new Beacon Partner Schools signed in Tanzania. Cardiff, Surrey, Bristol signed as University Partners. Exited Prep School Partnerships. 20 18 - thirty-one scholars: I l University of which 2 from Uganda, 20 Schools. tmperial College London signed as a University Partner. Two new Partner Schools signed in Uganda, Exited Kenyan local education system (8-4-4) secondary school Partnerships. Programme re-focused on International Secondary Schools, and undergraduates in UK Partner Universities only. UK Beacon Rep recruited. 2019 - thirty-five scholars.. 16 University, 19 Schools. First University graduates secured good jobs at McKinsey and Old Mutual. Two new Beacon Partner SchooIs signed in Zambia. 2020 - thirty-six scholars.. 17 University, 19 Schools. Two further University graduates, and 3 Schools Scholars secure near full scholarships to Yale. UBC, and University of Toronto. One Schools Scholar secures l OOO/o scholarship from Trinity College, Cambridge. No new additions to 13 Partner Schools. 2021- thirty-four scholars: 17 University, 17 Schools, Six University graduates, with employment offers from top multinational firnis. University of Birniingham signed. New Ugandan Partner School (RJSU) signed. 2022 thirty-five scholars: 17 University Scholars, 20 Schools. Seven university graduates. New University Alumni structure set up. 2023 - thirty-five scholars., 16 University Scholars, 19 Schools. Four university graduates. University of Exeter signed. Transition Tuition fee waiver for University Partners. Development plan In the longer tern] 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.
THE BEACON E UITYTRUST Company number: 06952392 REPORT OFTHE TRUSTEES- continued FOR THE YEAR ENDED 31 JULY 2024 Public benefit The aim is that eventually a Beacon Scholar will mak¢ 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 '¢hangemaker' 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. 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. FANCIAL 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 three full-time and eight part-time staff in Kenya, Tanzania, South Africa and the UK. Th¢ trust received donations and gift aid of £546,454 in the year (2023 - £575,560) and made a surplus for the year of £114,283 (2023 - £130,413). As at 31 July 2024, the charity had general reserves of £972,355 (2023 - £858,072) which will more than cover the financial commitments in ternis of anticipated university and school fees of £733,036 (2023 - £790,304). Funding sources and their stability The main 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 seeking additional external donors. Hardship fund In 2023124 there was a loan of £5,118 to a Beacon Scholar to enable university funding, The loan is to be repaid over 3 years and we received a repayment of £1,706 in February 2024. Further repayments of £1,706 are scheduled for February 2025 and February 2026. 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. Statement of trustees, responsibilities The charity trustees (who are also the directors of The Beacon Equity Trust for th¢ purposes of company law) are responsible for preparing the trustees, annual report and financial statements in accordanc¢ with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare the financial statements for each year which give a true and fair view of the charitable company and of the income and expenditure of the charity for that period. In preparing the financial statements, the trustees are required to: select suitable accounting policies and apply them consistently. observe the methods and principles in the charities SORP. make judgements and estimates that are reasonable and prudent.
THE Bfi,.4CO_N E IrITY TRUST Company number: 06952392 RLI PORT OF THE TRIISTEES - continued FOR THE4 I"EAR EI NDE4 D 31 JtiLY 2024 state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business Th¢ trustccs are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that th¢ financial statetncnts comply with the Companies Act 2006. They are also rcsponsiblc for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other iLTegularities. The tteeS are responsible for the maintenance and integrity of the charity and the financial inforn]ation included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements. 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 ord¢r of the board of trustees on 11. Il ?ul and signed on its behalf by: A Sood - Trustee
THE BEACON E urry 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 2024 Responsibilities and basis of report As the charity's trustees of the Company (and also the directors for the purposes of company 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 audit¢d under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as Caled 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 confinn 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 confirn) that no matters have come to my attention in connection with the examination giving me cause to believe.. accounting records were not kept in respect of the Company as required by Section 3 86 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 of an independent examination. or 4. 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 acKounts 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. David Wheeler FCCA Cheeld Wheeler & Co Chartered Certified Accountants Redhill Chambers 2d High Str¢¢t R¢dhill Surrey RHI IRJ
THE BEACON E UITY TRUST Company numb¢r'. 06952392 STATEMENf OF FINANCIAL ACTIVITIES INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2024 2024 Total Funds 2023 Total Funds Unrestricted nds Restricted Fund Notes INCOME AND ENDOWMENtS Donations and gift aid Investment income 546,454 32,441 13,432 559,886 32,441 575,560 10,263 Totsl income 578,895 13,432 592 327 585,823 EXPENDITURE ON Cbaritable activities Grants to individuals Support costs 333,312 131.300 13,432 346,744 131,300 331,876 123,534 Total expenditure 464,612 13,432 478,044 455,410 NET INCOME 114,283 114,283 130,413 RECONCILIATION OF FUNDS Total funds brought fonvard 858 072 858,072 727,659 TOTAL FUNDS CARRIED FORWARD 972,355 972,355 858 072 The notes fonn part of these financial ststements
TEIE BlI.4CON LTITY TRUST Company number: 06952392 BALANCE SHEET 31 JULY 2024 2024 Total Funds 2023 Total Funds Unrestricted Funds Restrict¢d Fund Notes CURRENT ASSETS Debtors Cash at bank Total current assets 3,412 969,933 973,345 3,412 969,933 973,345 859.062 859,062 CREDITORS Amounts falling due within one year (990) (990) (990) IYET CIJRRENT ASSETS 968.943 3,412 972,355 858.072 TOTALASSETS LESS CURRENT LIABILITIES 972,355 858,072 NET ASSETS 968.943 3,412 972,355 858,072 Unr¢stricted fvnds: General fund Hardship fund 867,065 105.290 972,355 752,782 105,290 £858,072 Restricted funds Restricted Fund TOTAL CHARITY FUNDS £972,355 £8 j 8,117? The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 3 l July 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for ensuring that the charitable company keeps accounting records that comply with sections 3 86 and 3 87 of the Companies Act 2006. 2. prcparing financial statements which give a true and fair view of the stste of affairs of the charitable company as at th¢ 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 thc requirements of the Companies Act 2006 Iclating to financial statements, so far as applicable to the charitable company Thesc fitwicial statements have been prepared in accordance with the provisions applicable in the charitable companies subject to thc small companies, regime. The financial statements were appi.ov werc signcd on its bchalf by: by the Board of Trustees and authorised for issue on A Sood - Trustee The notes fonn part of these fman¢ial statements io
THE BEAcofs E UITY TRUST Company number: 06952392 STATEIIIEtDrr OF CASHFLOWS 31 JULY 2024 2024 2023 Cashflows from operating activities 78,430 120 150 Cashllows from investing activities Dividends and interest Net cash provided by investing activities 32,441 32,441 10,263 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period 110,871 130,413 859,062 969,933 728 649 859,062 Analysis of casb and cash equivalents Cash at bank and in hand 969,933 859,062 Reconciliation of net movement in funds to net cashllow from operating activities Net movement in funds for the reporting period 114,283 130,413 Adjustments for: Dividends and interest Increase in debtors (32,441) (3,412) (10,263) 78,430 120,150 li
THE BEACON E UITY TRUST Company number: 06952392 NOTES TO THE FINACIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 I. STATUTORYINFORMATIOIY 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 l. 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 Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective l 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 ChItable company is a public benefit entity. The financial statements are prepared on a going concern b&sis The financial statements are prepared in Sterling which is the fijnctional 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 acwunted 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 and value added tax on its charitable activities Fund accounting Unrestricted funds can be used in accordance with the charitsble objectives at the discretion of the trustees, Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions aris¢ when specified by the donor or when the funds are rais¢d 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 Lurrencies 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. 12
THE BEACON E UITY TRUST Company number: 06952392 NOTES OF THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JULY 2024 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 INCO 2024 2023 Interest receivable 32,441 10,263 4. TRUSTEES, RElItUNERATION AND BENEFITS There were no trustees. remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023. Trustses, expenses There were no trustees, expenses paid for the year ended 31 July 2024 nor for the year ended 31 July 2023. 5. STAFF COSTS The average monthly number of employees during the year w&8 as follows: 2024 2023 Trustees No employees received emoluments in excess of £60,000. 6. COMPARATIVES FOR THE STATEMENT OF FtNANCIALACTIVITIES Unrestricted funds Restricted fund 2023 Total funds INCOME AND EIDOWmETs FROM Donations and legaci¢s Investment income 575,560 10,263 575,560 10,263 Total income 585,823 585.823 EXPENDITURE ON Charitable activities Grants to individuals Support costs 331,876 123,534 331,876 123,534 Total expenses 455,410 455,410 NET tNCOME 130,413 130.413 RECONCILIATION OF FUIYDS Total ftmds brought fonvard 727,659 727,659 TOTALFUNDS CARRIED FORWARD 858 072 858,072 13
THE BEACON E UITYTRUST Company number., 06952392 NOTES TO THE FJJANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JULY 2024 7. FUND ACCOUNTING Included within the accounts are three types of funds: l - General Fund 2 - Hardship Fund 3 - Restricted Fund General Fund The General Fund is used in accordance with the charitable objectives at the discretion of the trustees. Hardsbip Fund The Hardship Fund is used to provide support to the charity's b¢neficiari¢s and their families in times of financial hardship. Restricted Fund The Restricted Fund can only be used for particular restricted purposes within the objectlves of the charity. These restrictions are specified by the donors or when the funds are raised for restricted puryoses. The most common nature of these restrictions is that the funds can only be used for meeting the charitable objectives for a specified beneficiary. 8. CREDrfoRS: AMOUNTS FALLING DUE WITHIN OI¥E YEAR 2024 2023 Accrued expenses 990 990 9. MOVEMENT lly FUNDS Net Movement in fiu]ds At 1.8.23 At 31.7.24 Unrestricted funds General fund Hardship fund 752,782 105 290 858,072 110,886 3,397 114,283 863,668 108,687 972,355 Restricted funds Restricted fund TOTAL FUNDS 858,072 114,283 972,355 Net movements in funds, included in the above are as follows: Movement in nds Income Expenditure Unrestricted funds General fund Hardship nd 575.478 (464,612) 110,886 3,397 114,283 578.875 {464,612) Restricted fund8 Restricted fund 13,432 (13,432) TOTAL FUNDS 592 327 478,044) 114,283 14
THE BEACON E UITY TRUST Company number.. 06952392 NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JULY 2024 9. MOVEMEwf ]N Fuls- continued Comparatives for movement in funds Net Movement in funds At 1.8.22 At 31.7.23 Unrestrictsd funds General fund Hardship fund 624,219 103,440 727,659 128,563 1,850 130,413 752,782 105,290 858,072 Restricted funds Restricted fijnd TOTAL FUNDS 727 659 130,413 858,072 Comparative net movement in funds, included in the above are as follows: Movement in funds Income Expenditure UDrestricted funds General fund Hardship fimd 583,973 1,850 585,823 455,410 123,563 1.850 130,413 455,410 Restricted funds R¢stricted fund TOTAL FUNDS 595,823 455,410 130,413 10. RELATED PARTY DISCLOSURES There are no related paty transactions for the year ended 31 July 2024 or for the year to 31 July 2023, expt that donations of £440,000 were received from the trustees (2023 - £543.138). No specific conditions were made by the donors. 15
THE BEACON E UITY TRUST Company number: 06952392 NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR EfqDED 31 JUY 2024 11. GRANT COMMITMEIYTS 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: 2024 2023 Due < l year Due 1-2 years Due 2-3 years Due 3-4 years Due 4-5 years Due > 5 y¢ars 298,747 289,055 95,845 35,878 13,511 333,403 256,714 161,635 29,374 9,178 £733 036 £790,304 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. llYDEPENDENT EXA1[NATIoN AND OTHER FINANCIAL SERVICE FEES The following are the fees payable to the independent examiner for services provided during the accounting period.. Service provided: 2024 Fee charged 2023 Fee charged (£) (£) Accountancy services & independent examination 990 990 Total fee charged 990 990 14. GOING CONCERN Thes¢ 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 numb¢r of years and is still receiving sufficient donations to support its charitable objectives. 15. VOLUNTEERS As stated in the trustees, report, the financial administrator works on a voluntary basis for approximately four days per week, and is essential to the smooth running of the charity. 16