Charity r¢gistration numb¢r'. 1178542 The Bursary Foundation (A charitable incorp¢)rdted organisation) Annual R¢p)rt and Finallcial Statements for the Year Ended 31 August 2022 McKellens Limited I l RiveThryew The Embanknient Business PaA Vale Road Heaton Mersey StockTrort SK4 3Gli The Bursary Foundation Contents Reference and Adttlinistralive Details Truste¢s' R¢port 2to7 Independent Examin¢es R¢port Statem¢nl of Financial Activities 9t0 10 Balance Sheet Notes to the Financial Statements 12to 19 Appendix A.. Realisittg Ptstential through Trdnsformational Bursarie5 report 20to24 The Bursary Foundation Reference and Administrative Details Chgrity Registrntion Number 1178S42 Registered oftfice I l Riverriew Th¢ Embankment Busin¢ss Park Vale Road Heaton Mersey Stockport SK4 3GN Independent ￿x￿Miner Paul Roper McKellens Litnited I l Rtverview The Embatd(ment Business Park Vale Road H¢aton Mersey Stockport SK4 3GN B*nkers Nat West Altrincham Biat)¢h 23 Stamford New Road Altrin¢ham Cheshire WA14 IDB Page I The Bursary Foundation Tru5tees' Report The In￿tees, who are directors for the purw)ses of comp8ny law, present the anrlual report together with the fina￿¢181 ststem¢Thts of the tharitable ¢onwany for the y¢ar ended 31 August 2022. Trustées and officers The trustee5 officer5 serving during the Ye￿ and Since the year end were as follow5.' Tru5tee5'. JE Hopkinso SP Jones EJ Pr¢stoii Publlc benefil The object of the CIO 15, for the public benefil to promote the education of children and young people aged up to and in¢luding 18 years in such ways as the ¢harity trustees think fjt, including by the provision of bursarie5 to ¢tkble ¢hildreTh to attend independent schools and further and high¢r ¢du¢ation and th¢ provision of tutoring. The tr￿￿teeS confirni that they have complied with the reqUire￿ents of section 17 of the Charities Act 2011 to have due regard to the public bencfit guidance published by the Charity Cornmission for England Wales. Objecliva The Bursary FO￿dation is a charity that works with primary schoo]s tTh socially and financially disadv￿tag¢d comtnunitie5 to idEn¢ify and llurtu￿ pupils wtth high pot¢ntial from low income families. We guide them towards opportuniti¢s at seleGtive 5¢h(¥)15 {ind¢pendent and sta1e.fi￿ded) and provide mentoring and extra-curricular opportunitie5 to support them with transition to secondary school and beyond. We help families to realise the scope of the educationa] prospects availabl¢ to their children, &Ld demystify the appls¢ation proces5 for selective schools. Our qualified teachers ensuTe that gifted childr¢ll are ucadetni¢ally st4)ported and emotionalty nurtured through9￿ their entire entrance examination journey and beyond. We believe that bursary funding should be assigned to the brightest children f￿M th¢ most disadvantsged backgrounds and work with our partner indep¢nd¢nt 5choo15 to 5UPPOrt their work to welcotnr disadvatttaged pupils illto their s¢hools and to 5UPPOrt thtm to thrive. The Foundation understands that ¢ducatitsnal opportunities Can be transforniational. They have the power to chaDge the live5 of individuals alld the generations that might follow- this is the pow¢r of ]x)tential. "We are forever grateful foryour support" Bursary Foundation parent. 2023 S&n¢¢ we began working in primary scknols... The Bursary Foundation has delivered over 3.300 hours of tuition acros5 5 ctshorts of pupils since we begall in 2018. To date. 30 Bursary Foutldation pupils are at either independent schools in Teceipt of bursaries or at Trafford Grdmmar schoo15. Since 2018, out of the Bursary Foundation pupi15 who sat the I1+. 41Yo of the]n have passed th¢ tests and ollt of thos¢ who sat private wbool £￿IMS, 72% passed at le&8t one of them. 12Vv of pupils WI￿ took th¢ I i+ have ¢hos¢n to attend a Trafford CEM Consofttum School, and 360/0 of pupils who sat an independent school entrance exa]n are attending an independent SGhool assisted by butsary fimding. Over £2million of bursary fimding h&5 been unlocked for Bursary Foundation lutees. Page 2 The Bursary Foundation Trustees, Report Acllvities Eram sNccÉss 2023 73 pupils IY5 and Y6} have r¢¢eived tutoring this yehr. 26/0 of the Y6 cohort passed the Tr&fford CENI collsortiutll test, compared to 15% of disadv2nta8ed pupi]s in Tjafford. 940/0 of pupi15 who Sat private 5chiK>I eLqms passed at least one of th¢m. 29% of pupils who applied for state or independent grdmmar schools will be starting at those s¢1￿01$ in S¢ptember 2023. Partnershi'ps with Primary Schools We have continued to increase the number of partn¢r primary schools itt Manchester, Salford and TJOW Trafford and are working in pathership with 14 schools, ¢omp8xed to 9 5choo15 last year. I l of these schoo15 have put fonvard pupi15 for tutoring to start in September 2023 (not all schools have eligible pupils each year). Feedback fron] primgry schools 15 consIstently good and schools value the benefits of our tutoring prOgr￿nMe for their more able pupils. Many of this year's pupils have had si￿1ficant leaming gaps aft¢r th¢ pand¢mi¢ and have found the rigour of The Bursary Foundation ¢urri¢ulum ¢halletwkg. As well as face40.face tutoring whi¢h happens school. pupils can access online re8ource5 to 5UPPOrt the with their leamtng. These include Bond Online and Google Classroom, where our tutors upload quality resources for them to access at home. For those who need them, we have a stock of tablets that pupi15 cali borrow for the duration of the programtne. 50 that they can access the online learning opportunities that we provide. Tutors provide weekly feedba¢k for ¢lass t¢a¢hers, which is always very welcome. They also hold tern?ly parents. meetings in which w¢ share updates about pupils, progress. We hold transition events for pupits to aid the transition to s¢condary school and will have 25 pupi15 attending thi5 year. Home visil New to our programme this year, we hav¢ b¢gun ¢ondu¢ting home Visits of participant families. The purp)se of these visits, which ar¢ ¢arried out by The BuTsary Foundation Programme Mallagcr and another member of the ieam, are to get to know and understand the ¢ir¢umstan¢es and motivations of the families with whom we work. This has been invaluhble learning for us and a deeper undersÉgmdin8 of family context helps us to profile pupi151families to admissions officers in partner independent school and to build r¢lationships with th¢m so that we can better support them in maktng applications to selective schools. For those families whose ¢hildr¢ll have se¢ur¢d pla¢¢$ at our partner sch¢)ols, we liaise with them Ahead of September to ensure that they have everything th¢y need and no un#nsw¢red qu¢5tion5. 41 home visits have been conducted by members of The Bursary Fourndation ieam. Page 3 The Bursary Foulldation Trustees, Report Feedbi3ckfrom schools aKdfumElia% Fe¢dback from headtea¢h¢ES and Classrtsom teacher5 has been once again been very p051tive. Parents continue to rq)ort that their childTen grow itk ways from workin8 Mith a Bursary Foundation tutor. They note a better attitude to 5ch(x)I wo￿, raised &￿piratiOnS and incre&8¢d $elf-wnfiden¢¢ amongst other benefits. Parent comments from 2023.. "The Bwsary Folmdation provided my child with possibility of expanding her knowled8e above the sch(K)I standard5." "You have increased rny child's confidence and helped me to apply for grammar schools. Thank you $0 much." 'Yhe Bursary Foundation ha5 helped with cost of extra lessons and made us interested in independent s¢hools whi¢h w¢ didn't wnsider at r￿St be¢aus¢ of the wst." Families rew>rt A IOOO/o SAtisfactitsn with our support and quality of teachiaJ8. IOOYO of families agree they're making a rnore infornied choice about child'5 edu&qtEon. Parents felt that the tuition & extrn resourc¢s w¢ provided le.8. S￿dY b(x>ks, bond online, lending library) helped in¢rease children's confidence, increase their love of leanllng & learn more independently at home. IOOO/o of att¢ndees said our summer schools helped their child's leaming. Pasloralsupportandcareer mepploring We are Con￿itted to providing OPFortunities for ongoing p￿t0[al support as ow pupils progress through s¢¢ondary school. We understand that being from a dtsadvantaged background c￿, for some pupils, mean ¢ompl¢x and chall¢nging home cir¢wnstaDc¢s. Being a pupil at all independent sGhool rall present UTLique hallellges for some of them. Although the responsibility of day-to-day pastoral care lies with schools, we are there 'on the sid¢-lines' with terfftiy Check-ins for pupils and parents. These take the fonnat of telephone. online atld face-to-fa¢e m¢ntt>ring sessions. We have begun to cotllject 6th forjn pupils career mentors using our rich and varied network of professional8 in the North West. For example, w¢ are facilitating a m¢trtoring relationship b¢Neen a pupil who is keen to study acting with a w¢ll-kt¥)wn castirtg dire¢tor who y￿5 of industry experience and expert knowledge about utiiver5ity Gour5E5. Bursaries supKmEI In Ntsvember The Bursory Foundation Cowhosted the first ever Northern Bursaries summit wtth Bolton School. The pur￿>se of the event was to proinote practical discussion and sharing of best practice ￿thill the sector about how to ensure that disadvantaged pupi15 have tILe too]s, 5UPPOrt and resource required to thrive at school. The event wa5 attended by 23 professiona]5 (headteachers and other SLT repr¢sentatives) from 12 Northern indepeThdellt schools &8 well as the Chief Executiye of The Indep¢lld¢nt Schools Council. Feedb￿k from attendees was exc¢ll¢nt and headtea¢hefS and their colleagues particularly valued discussiolls about pastoral support of bursary pupils. Page 4 The Bursary Foundation Trustees, Report Research report In the Autumt) terni, The Bursary Foundation published a research report elltitled 'Rea]ising Potential through Trdnsfonnational Bursari¢s. A reiyew of best practice in supporting the well-being and aspirations of bursary re¢ipients in independent schools,. The Bursary Foundation know5 that it2dependent schools can be incredible vehicles for social n￿bilIty. We advocate for bur5arie5 to be awarded to the brightest, most disadvantaged pupils, and are committed to supportrng our pupils thTougltout their education. As such, we wanted to r￿d out whether our bursary p￿pilS have the tools n¢¢essary to thrive at independent schools. As part of our research, we spoke with the lead¢rship team at Bolton School, who were keen to find Out more about their provisioTL for bursary pupi15 as part oltheir Wtr￿ around the itnpact of but58ry funding. They were also keen to evaluate the way infom￿tl0D 15 5haTed about pupils, bursary status attd other personal Circull￿tanCeS, and whether these proce55e5 should be changed. To that end, we jointly produced this stydy to explore a question at th¢ heart of so¢ial mobility in independent Khools.. Do bursary ￿CIpientS have the tools and netwo￿$ necessary to r¢alise their potential? The artSWe￿ To some extent.. yes. They feel a stroDg sense of community and belon8ing,' pupils feel supported to explore c*re¢rs. study further and have higher aspiratio]]s; and they r￿d that school support systen]s are helpfvl when accessed. Yet thi5 Still does not translate to a confidence in their future succe58, and ensuring ail pupils call take thÉs next Step towards self-actllalisation opens firfer questions= l) Basic Ne¢ds.' How do ￿￿00] $af¢guarding ptoc¢sses ensure ¢hildr¢n's needs aTe met? 2) Shating infomMtion.' Perhaps it's less itnportant to reveal bursary status to teachers thatt shgft pupil circutnstances artd ensure prn¢titioners can confidendy 5UPPOrt cbiidren, but senior leadership would benefit from wider knowledge. 3} Applications.. How do schoo15 'get the word out, to a wider group. 4} OpporbJnity'. How do schoo]s expand opportwiities for school 'extr&g', and also increase families, awareness of and acc¢s$ to fiujding? 5) F,st¢em and Aspiration.. How do w¢ ensure bursgry recipient pupi15' 5e]f-worth aspirational confid¢n¢e is on parwth pe¢rs7 To see A copy of the full reporl please refer to Appendix A. Ongoi*gpartnershws We are very grateful to our parthers who have supported u5 to continue The Bursary Foundation tutoring progratyjme. We are working closely with the leading independent schoo15 in Manchester to increase and improve bursary provision alld are ￿tefll] for their involvem¢nt ond sllPPOrt. Our pupils have conlinued to benefit enomtously from our parthership with Oxftsrd University Pr¢ss who have again donated subs¢riptions to Bond Online and severa] other paper re50urce5 that 5UPPOrt learning at home and in school. We are delighted to continue thi5 partnership were thrilled to continue to receive donations to support reading in particular. Mally of our children have limited access to new books SO it is wonderful to be able to help them to access top quality reading materials with our 'lending library.. Trip lo Oxford University In we took 25 bursary recipients from our parther indep¢nd¢nt schools on a trip to Oxford University to attend an ￿piration day. The children w¢r¢ able to meet Current students and questiolls about what S￿dying th¢Tf is lilie. They experienced lecture style workshops and conducted some very exciting expcrtments in the chemisty labs ther¢1 Page S The Bursary Foundation Truste¢s' Report Trip Éo SalfDrdMttse￿￿ In June, 19 families from Y5, Y6 and Y7 attended a visit to Salford museum where they enjoyed leaTning about Victorian Man¢h¢st¢r. Families wnsidering making applications to selective 5choo15 had the opportunity to speak with bursary recipient parents alld Y6 pupils traDsitioning to Y7 rnet their 'buddies' (older pupils in receipt of bursartes at their new school). Employee involvement The Bursary Foundation CIO has a 100% employe¢ r¢tention rate. Our t¢am is made up of qualified t￿herS lex primary tea¢hers and ¢x pr¢p ￿h0o1 teachers) and experienced private tutors. Tutors undergo regulg observations and training - d¢liver¢d by our Founder and Prograllllne Mallager. We are coll5talltly strivin8 to improve our te￿hIng practice. We ar¢ delighted to have received 518nÈficant donations to support the day-to4ay ruwiing of the Charity and to part fund bursaries for some of our pupils to attend top ind¢p¢ndent schools. The Bursary Foundation includ¢d in a major fundraising event in the Autsjmn which generated £20,000- we were incredibly grdteful to be included as a r¢¢ipient ¢hatity. We have once again 5¢cure pledge5 from charitable foundations to fi]nd Bursary FoundAtion pupils, bursaries at Portner schools- again we are very grateful for this 5UPPOrt. It remains a core value of The Bursary Foundation that pllpils will be able to thlly ¢njoy evetyhing 00 off¢r at our partner private schools and we are grakful to our donors for funding the 'hidden extra costs. of a private education for them. A hug¢, heartfelt that)k-you to ow generous supporters. PIAn5 for future periods - Partherwith Tnore primary schools in more borouglk - Enrich our offering with extra-curricular opportunities to inspire and motivat¢ pupils io aim high - Continue to support pupils and families pastOTally a5 they pro￿55 through s￿Ondary School - Develop opportuDiti¢s to ¢ontinu¢ to nurture Bursary Foundation tutees who 80 Oll to 5tat¢ secondary schools Develtsp pat1nerships with more itidepelldent schoo15 who share our vision for fairer, more meritocratic admis510tL5 - Continue to work wth the Sector to improve th¢ ¢xp¢rien¢e of disadvantsg¢d pupils in indep¢nd¢nt ￿h0O1$ Financial iDstrumetEts Objeclivu undpolicicw The rharity's activities expose it t(> a nutnber of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the ¢harity's poli¢i¢s approv¢d by th¢ board of trustees, which provide ￿itten principles on th¢ use of finan¢ial derivatives to manage these risks. The charity does not use derivative fiJJan¢ial in$tnunents for speculative purp05¢5. Page 6 The Bursary Foundation Trustees, Report Credit risk The charity's principal financial &8set5 are bonk balat)¢¢s and Cash, knde and other receivables. The charity's credit risk is primarily attributable to its trade receivablt5. The amoullts presented in the balance sheet are net of allowances for doubtful receivables. An allowdnce for impairment is made where there is identified loss ¢vellt which, bas¢d on previous experience. 15 evidence of a reduction in the recoverdbiiity of the Cash flows. Thc Gr￿]t risk ott liquid f[￿d$ is litnited because the collnt¢rparties are banks with high credit-ratitigs assigll¢d by international credit-rating agencies. The charity h&s no si8nifjcant ¢on¢eDtration of credit risL with exposure spread over a large number of ¢ounterparti¢s and ¢ustomers. Statejuent of trn$tees' responsibilitie The trustees {who are also the dire¢tots of The Bursary Foundation for the purtK)5es of c4)mpany law) are reswnsible for preparing the trustees, report and the f]naThcial statements in accordancc with applicable law and United Kingdom Accounting StAndaJds (United Kingdom Generally A¢cept¢d Ac£ouJ)ting Pra¢tice), in¢luding FRS 102 'The Fin￿¢1￿1 Reporting Standard applicable in th¢ UK and Republic of Irelattd" Company law requires the tnist¢¢s to prepare financial 5tateinents for each financial year. Under comp8ny law the trustees must not approve the financial Stst¢￿entS unles5 they are satisfied that they give a tn￿ and fair vtew of the state of affairs of the ¢harit&ble company alld of the incoming resources and appli¢ation of r¢sour¢¢s, iDcluding its I￿￿￿e a[￿ expenditure, of the charitsble company for that period. In preparing these finan¢io1 statement8, the trustees are required to.. s¢l¢¢¢ suitable a¢¢ounting poli¢i¢s atKI apply them ¢onsistently,' observe the methods and prillcipl¢$ in th¢ Charities SORP. make judgements and estimates that are reasoTLable atld prudent. state wljether applicthlc accounting standards, ¢omprAsing FRS 102 have been followed. 5ubj¢ct to ￿lY material departur¢5 disclosed explained in th¢ finan¢ial statements. 0￿d prepare the firnancial statements on the going concern basis unless it is inappropriate to pr¢sume that th¢ charitable ¢ompony will continue in bu5ine5S. The trustecs arc rcsponsible for keeping proper accounting re¢ord5 that can di5r105¢ with reasonable accuracy at any time the fJThan¢ial position of the charitable company and enable them to ensure that the financial ststemcnts mply with the Companies Act 2006. Th¢y are also responsible for safeguarding the assets of the charitable ctsmpgny and hence for taking reasonable steps for the prevention and det¢¢tion of fiaud and other irregularities. The trllstees are responsible for th¢ maintenance and integrity of the corporate and financial inforniation included on th¢ charitable company's web5it¢. Legislation goYernin8 the preparation alld dissemination of financial sthternents may differ from legislation in other jurisdictions. The atfftual rep)rt was approved by the trustee5 ofthe charity on 18 July 2023 and $i￿¢d on its behalf by: J44 JE Hopkin8Oll Trustee The Bllrsary Foundation Independent Examiner's Report to the trustees of The Bursary Foulldation ('the Compally,) I r¢port to the charity ttwt¢es on my examination of the accounts of the Company for the year ended 31 August 2022. Respon$ibilities and basis of report As the charity's trustees of the Company land aiso its dir¢¢tors for th¢ purposes of company law) you are responsible for the preparation of the accout￿ 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 b¢ audited under Part 16 of the 2006 Act and are eligible for independent ¢xamination, I report in respect of my examination of your charrty's accounts as carried out under section 145 of th¢ Charities Act 2011 ('the 2011 Act'l. In carrytng out my examination I hav¢ followed the Ditt¢tions given by the Charity Commission under section 145{5)(b) of the 2011 A¢t. Independent ex#miDer's stgtemeDt I have completed ￿Y examina¢ton. l ¢onfirni that nts matter5 have corne to my attention in connection with the ¢xaminAtion giving me cause to believe.. I￿ountIng records were not kept in respect of The Bursary Foundation as required by s¢¢tion 386 of th¢ 2006 A¢t' or 2. the accounts do not accord with those r¢¢ords,' or 3. the owounts do not ¢omply wth the accounting requtrements of section 396 of the 2006 Act other tha any ￿quIre[neI1t that the accounts give a'true and fair vieW Mthi¢h is not a matter considered as part of an indepelldellt &xamination' or 4. th¢ accollnts have not b¢en prepared in ￿COrdanCe with the methods and principles of the Ststement of Recommended Prdeti¢¢ for a¢¢ounting and r¢porting by charities. I have no concerns alld have come across no oth¢r matt¢rs in cotm¢¢tion with the exarnination to which attention sknuld be draThTr) in this report in orderto enable a proper understanding ofthe accounts to be reached. Paul Roper MGK¢llens Lin]ited Cbartered AccountaDts I l Riverview Th¢ Embankm¢nt Business Pork Vale Road Heaton Mersey Stockport SK43GN Dat¢:....Iq l.i.Iii........ Page 8 The Bursary Foundation Statement of Financial Activities for the Year Ended 31 August 2022 nclydiDg Income and Expenditure Account and Statement of Total Reeognised Gain$ and Losses) Unrestricted funds Restricted funds Total 2022 Note Ineome and Endowmellts from: Donations and legacies Charitsbl¢ a¢tiviti¢s Itkvestment inCi)me 35,463 24.368 167 44,149 79.612 24,368 167 Total income 59.998 44,149 104,147 Expenditure on: Raising fvnds Charitable activities Other expenditure (3.056) (22.864) 46,765 (3,056) (80,597) {49.765 {57,733) (3,000) Totsl expenditure 72,685 60,733 133,41¥ Net expenditure Net move]nent in funds 12,68 (16.584} (29.271) {12,687) (16,5841 (29,271) Reconciliation of funiL Total fijnds brought forward Totsl funds ¢aryied forward 226.233 25,428 251,661 15 213,546 8,844 222.390 The notes on pag¢s 12 to 19 fomi 8n integral part of these fnanciai ststements. Page 9 The Bursary Foundation Statement of Financial Activities for the Year Ended 31 August 2022 Uncluding Illcome and Expenditure Account and Statetnent of Total Recognised Gains and Losses) Unrtstrictwj funds Restrieted fullds Total 2021 Nots 1￿cOme ind Endowments from: Donations and lega¢i¢s Charitable activiti¢s 278.792 10,962 25,183 303,975 10,962 Total income 289,754 2S,183 314,937 Expenditure on: Raising funds Charitable activiti¢s Other expenditure {3.669) (44,354) 14,810 (3,669) (56,609) {14,8101 (12,255) Total expenditure {62.833) (12,255 75,088 Net incorlle 226.921 12,928 239,849 N¢t movement in funds 226,921 12,928 239,849 Reconclll*tloD of furtds rtstal fimds brought forward 688 12.500 11.812 Total ￿ndS canied forward 15 226,233 25,428 251,661 A]1 ofthe charity'5 actiTrities deriv¢ from ¢ontiouing operatitsns during the above two periods. The notes oll pages 12 10 19 form an itjtegrdl part gf thes¢ finan¢ial statemellts. Page 10 The Bursary Foundation (Registration number: ) Balance Sheet as at 31 August 2022 2012 2021 Not¢ Curr•JLt asfflets Debtors C4sh at bank and in haud 5,515 241278 659 256,393 12 246.793 257,052 Creditor5.' Amounts fallkng dy¢ wlthth on¢ y*Ar 13 24.403 N•t ASl¢ts 222J90 251661 Lnds of tkn rb#rtty: Reyfrl¢ted Ineon* knnds R¢stri¢t¢d funds 8.844 25.428 Unrestrlcted Incomt fvnd5 Unr¢stri¢t¢d funds 213,546 226,233 Tot81 funds 15 222 390 251.661 For th¢ finat)¢ial y¢ar ¢ttding 31 August 2022 the ¢hatity vns ¢ntltl¢d to ¢x¢mption fro]D audit wJd¢r section 477 of th¢ Compllui¢s Art 2006 rcl8ting to small compani¢s. Dire¢tors' r¢$pon$ibilities.' Th¢ memb¢JY hav¢ tKTrt r¢quir¢d the tharity to obtsin m &udit of its ￿coUnts for th¢ y¢ar in question i a￿OrdanC¢ with scction 476,. and The d]r￿torS ￿kno￿ledge th¢ir r¢spomibiliti¢s for c4)mplyin8 with th¢ r¢quir¢m¢nts of the Act with r to ￿cOUntIn8 th¢ PT¢paration of accoun Th¢ fJnanGiaJ ststsmajts on pages 9 to 19 w¢ff ￿PrOV¢d by the truste￿. and authorLScd for wu¢ on 18 July 2023 8nd sigDed on th¢lrb¢￿￿f by: JEHopkioson TNstee on¢$ Tru5t¢ Thenotes ¢)n p98es 12 to 19 fomi an imte8Tal partofthes¢ finw)¢ial stakments. Pag¢ll The Bursary Foulldation Notes to the Financial Statements for the Year Ended 31 August 2022 I Charity status These fjnancial stat¢m¢nts were authorised for issue by th¢ ttustees on 18 July 2023. 2 Accounting policies Summary of Significant 4ccountillg policie5 gnd key 9¢¢011lltillg estimates The principal accounting poli¢ies applied in the preparation of these finan¢iai statements are set below. These policies have b¢en ¢onsi$tently applied to all the years presented, unless otherwise ststed. Statement of co￿p]lanCe The financial statements have beett prepared in ￿COrdanCe with A¢¢ounting and Re￿rtIng by Charities.. ststem¢nt of Re¢omm¢nded Practice {applicable to ¢harities preparing their accoullts in eccordance with the FTnan¢ial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021) (iswed in O¢tob¢r 2019) (Charitie5 SORP O,"RS 102)), the Finan¢ial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102) and the Companies Act 2006. Basi8 of preparation The BuTSYry Foundation meets the definition of a public benefft entity under FRS 102. Assets and liabilities are initially reCo￿ls¢d at historical ¢ost or transaction value uTh]ess otherwise ststed in the rel¢v4nt accounting policy notes. Going ¢oDc¢rn The tru5t¢¢S COll5ider that there aTe no rnaterial uncertainties about the charitys ability to Continue as a going concern nor any 5i8nificant areas of uncertainty that affect the carrying valu¢ of assets held by the charity. Exemption from preparing a cash flow statement The ¢harity opted to adopt Bulletin I published on 2 FebN8ry 2016 and have therefore not included a flow statemettt in thes¢ finart¢ia] statements. 1￿COme and ud0wme￿ts Atl income is recognised once th¢ ¢harity has entitlement to the incom¢, it is probable that the income will be received and the amowit of the income receivable can be measw¢d reliably. 4ndleg4cies Donations are recognised when the ¢harity has been notifjed in writing of both the amount and settlement date. in the event that a donation is subject to conditions that require a level of perfornlance by the c]Jarity before th¢ charity is ¢ntitled to the ￿llds, the income is deferred and not recogtiised until either those conditions are thlly mel or the fulfilment tsf those conditions is wholly wrythtn the control of the charity and it is probabl¢ that these conditioll5 will be fulfilled in the reporting period. Page 12 The Bursary Foyndation Notes to the Finan¢ial Statements for the Year Ended 31 August 2022 Gifts in kind Gifts in kind are recO￿lSed in different ways dependent on how ihey att used by the charity.. {1) Those donated for r¢sa]e produce incom¢ they are sold. They are valued at the alnount actually realised. (ii) Thos¢ donated for onward transmission to beneficiaries are included in th¢ Statement of Financial Activities as incoming resources and r¢sour¢es expended when they are distributed. They are valued at the amount the charity would have had to pay to acquire them. {iii) Those donated for use by the charity itself are included when receivable. They are valued at the amount the charity would have had to pay to acquir¢ them. Inveslmenl Income Dividend$ are re¢ognised once the diYidetKi has been declared and notification h&% been received of tbe dividend due. EXpe￿dit￿re All expenditure is recogtlised once there is a legal or constructive obligation to that expenditure. it is probable settlement is required atjd the amount ¢at> be measured rcliably. All ¢osts are alloGated to the applicable eKpenditUTe heading that 2ggregat¢ similar costs to that eategory. Where costs ¢atJnot be direetiy attributed to particular headings th¢y have been allocated on a basis consistent with the use of resources, wryth ¢¢ntral staff costs allocated on th¢ basis of time 5peTht, and d¢pre¢i4tion ¢harg¢s allocated on the portion of th¢ asset'5 use. Other support costs are allocated based onthe spread of staff costs. Roisingfmnds These are costs incurred in attra¢ting voluntary in¢om¢. the management of investments and those incurred in trading activiti¢s that raise fvnd5. ChuritoblÉ o¢Éivilies Charitable expenditur¢ Comprises those costs incurred by the charity in the delivery of its activities and service5 for its beneficiaries. 1¢ in¢lud¢5 both costs that ¢an be allocated directly to such Bctivities and those costs of an indirecl nature n¢¢¢ssary to support them. Governanee eosts Th¢$e inclllde the Costs attributable to the charity's compliance witb constitutional and statutory requirements, itjcluding audit, strategic mallagem¢nt and ttl￿tee$ m¢etill85 and reimburs¢d expenses. Ta￿(10￿ The chrity is considered kn p&ss th¢ tests set otrt in Paragraph I S¢hedule 6 of the Fillance Act 2010 and therefore it ]neets the definiti¢m of a ¢harttable company for UK corporation tax purposes. A¢¢ordingly, the clwity i5 Potentially exempt from tsxation in respect of itJ¢ome or Gapital gaills received within categories covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains applied exclusively to charitable purp05¢5. Trade delrtor5 Trade debtors ore amounts due from customers ￿r merchandise sold or seryi¢¢s perfomied in the ordinary Course of busine55. Page 13 The Bursary Foundation Iyotes to the Fillancial Ststements for the Year Ended 31 August 2022 Cash and ¢gsb equivalents Cash and cash ¢quival¢nts comprisc cash on hand and call deposits. other short-tern) highly liquid investtn¢nts that are readily convertible to a knowi amount of Gash and are subject to an insignificattt risk of ¢hange invaiue. Trade Creditors Trade creditots ar¢ obligations to pay for goods or services that have been a¢quired in the ordinary course of business from suppliers. Accounts payable are classified &s cllrr¢nt liabilities if the charity does not hav¢ an unconditiona] right, at the ¢nd of the r¢w)rting period, to defer settlement of the creditor for at least tw¢lv¢ months after the reporting date. If there 15 all unconditional right to defer settlernent for ￿ least tw¢lv¢ months after the r¢porting date, they are presented &5 non-current liabilities. Fund structure Unrestricted income fimds #xe 8eneral filllds that ar¢ available for usc at the trustees dis¢retioti in fitherattce of th¢ obje¢tives of the charity. Restrtcted income fillmls are those donated for use in a particu]ar ar¢a or for specific purposes, the of which is restricted to that area or purpose. Pen5lODS and other PD$t retirement obligations The charity operates & d¢fin¢d contribution pension schem¢ whi¢h is a pension plan under which fixed contribution5 are pard into a p¢nsion fund and the charity has t)0 legal or construGtive obligation io pay fi]rther contributions even if the fund does not hold suffi¢i¢nt assets to pay all etnployees the ben¢fJts r¢lating to employ¢¢ seThi¢e its the current and priorperiods. Contribution5 to defined contribution plans are recognised in the Statement of Finan¢iAI ActiYitle5 when they are due. If Gontribution payments ¢x¢eed the contribution due for setvi¢¢, the excess is recogllised &s a prepa>ryn¢nt. The ¢harity is a charitable inrorporated organisation. J Ineome from donat10￿* legacies Unrestricted fund8 Gen¢ral Restricted funds Totkl 2022 Total 2021 Donations and legacies., Donations from ¢ompanies. trusts and similar proceeds Donatiolls from illdiwiduals Gifts tn kiRd 17,500 16,763 1.200 44,149 61,649 16,763 1,200 31,183 271,792 I,o(xJ 35,463 44,149 79,612 303,975 Page 14 The Bursary Foundation Notes to the Financial Statements for the Year EDded 31 August 2022 4 Incorne from ch&ritsbl¢ 4ctivitles Unrestricted funds Genersl Totsl 2022 Total 2021 Tthorillg 24,368 24,368 10.962 5 Investment in¢oJne unrestricted funds GenerAI Total 2022 Itrterest receivaEtle atMI Similar in¢ome' Interest rec¢ivabl¢ on bank d¢p05its 167 167 6 Expenditure on eharltable activities Unrestricted funds Cether41 Restricted funds Tot41 2022 Totsl 2021 Note lutorin8 Bursaries 22.023 22,023 57,733 21,736 33,984 57,733 22,023 57,733 79,756 55,720 Page 15 The Bursary Fouttdation Notes to the Financial Statements for tbe Year Ended 31 August 2022 7 Other ¢xpeMditure Unregtricted fuDds Geller81 Restrieted fullds Totgl 2022 Total 2021 Note Staff costs Wages and salaries P¢nsion costs Illsurance Computer Tunning costs Website and hosting Printin& postage and stationery SubsGription5 Sundry costs Travelling costs Events Events Oth¢r interest Teaching resources Programme mauagement softW￿e costs Acounts preparation Book-keeping and admtn support Payroll 20,000 297 386 245 4,090 20,000 297 386 245 4,090 442 143 337 337 36 370 240 224 354 8,660 224 354 8,660 3.000 3,0 22 1,631 6,512 665 270 1,631 6,512 665 270 2.446 6,784 647 750 2.520 552 2,520 552 2,520 432 46,765 3,000 49.765 14,810 8 Anslysis of governanee alld support tosts Govern*nte costs Unrestrict funds GenerAI Totsl 2022 Totsl 2021 Independettt examtner fees Exomination of the financial Statem￿ Other governo￿¢ costs 600 241 600 241 600 289 841 841 889 Pag¢ 16 The Bursary Foundatio Notes to the Financial Statements for the Year Ended 31 August 2022 g Stgff costs The a88re8ale payroll costs were as follows.. 2022 Stalycosts during the yt#r were: Wages and sal￿1¢8 Pension costs 20,000 297 20,297 The rnonthly av¢rage nutllber of persons (including senior managemeut / Ivadership team) employed by the charity during the year expressed as fiJ]I time equivalents was as follows.. 2022 No 2021 Teacher Programme manag¢metht 2 (2021- 1) of the above employees participated the Defin¢d Contribution Pen5iOD S¢hemes. Contributions to the employ¢e pension schemes for the year totalled £710 (2021- £317). No employ¢¢ re¢eived emoluments of more thall £60,000 during the year. 111 Taxation The charity is a registered charity and is therefore exempt from taxation. 11 Debtors 2022 2021 Trade debtors Prepayments 5.348 167 659 5,515 659 12 Cash and cash equivalents 2022 2021 Cash at bank 241278 256.393 Page 17 The Bursary Foundation Not￿ to the Financial Statements for the Year Ended 31 August 2022 13 Creditor5: amounts falling due within one ytgr 2022 2021 Trnde creditors Other taxation and social 5erurity Otber creditors A¢cruals 17,209 4,006 282 2,906 256 803 1,221 3.111 24,403 5,391 14 Trustees remuneration and expenses No trustees, nor any persons ¢ollnethd with the￿ have ie¢eived any remuneration from the charity during the year. No trLk%tees have received any Tein)bursed expellses or ally other benefits from the charity during the year. 15 Futtds B&lance gt I Septejllber 2021 Incoming resour¢es Resourtes expended BAignce at 31 August 2022 Unrestrieted futtds General 226,233 59,998 72,685 213,546 Restricted Funds Bursary Fund Other Restricted Funds 25,428 41,149 157.733) 3,000 Total Restritted funds 25,428 44,149 {60,733 8,844 Totsl funds 251.661 104,147 (133,418 222,390 BAlallce at I September 2020 tncoming T￿OurteS Resource$ expended BalAnee at 31 August 2021 Unrestritted fuD(Ls General (688) 12,500 289.754 {62,833) (12,255 226,233 Restricted fvDds 25,183 25,428 TotaI fvnds 11.812 251,661 Page 18 The Bur58ry Foundatioll Notes to the Financial Statements for the Year Ended 31 August 2022 The specific purpos¢s for whi¢h the fjjnds are to be applied are follows: The Bursary Fund relate5 to donations ￿vell to fund secondary ¢du¢ation bursary place5 for ¢hildr¢n. Other Testricted fimds include donations made TestrictioTL% and not availabl¢ as general funds. 16 Analysis of ￿et assets between funds Unrestrlcted fund5 GeDerg1 Total funds at 31 August 2022 Restricted fund5 Curr¢nt assets Current liabilities 225,199 11,653 21,594 12,750 246,793 24.403 Total ne¢ ass¢ts 213,546 8,844 222.390 Unrestricted fllnds General Tot81 fllnd5 9t 31 Allgu$t 2021 Re5trieted funds Current assets Current liabilities 231,624 15,391) 25,428 257,052 {5,391) Totsl net assets 226,233 25,428 251,661 Page 19 _Realising Potential Through Transformational Bursaries_ REVIEWING BEST PRACTICE FOR SUPPORTING THE WELL-BEING AND ASPIRATIONS OF BURSARY RECIPIENTS IN INDEPENDENT SCHOOLS A CASE STUDY WITH BOLTON SCHOOL – KEY FINDINGS **----- Start of picture text -----**
themselves
CORE SELF Instil a sense of hope Support the child/YP to understand other people’s feelings Help the child/YP to know themselves Help the child/YP take responsibility for Foster their talents treatments for specific problems, use them
There are tried and tested ENLISTING
COPING Understanding boundaries and Being brave Solving problems glasses soothing is another day necessary Have a laugh
keeping within them Putting on rose-tinted Fostering their interests Calming down and self Remember tomorrow Lean on others when
COMMITMENT
LEARNING possible children/YP or life plan Highlight achievements
Self- Esteem Safety Make school/college life work as well as Engage mentors for Map out a career Help the child/YP to organise themselves Develop life skills
actualisation Physiological NOBLE TRUTHS
Love/Belonging
RESILIENCE FRAMEWORK
MASLOW’S HIERACHY OF NEEDS BELONGING to belong place in the world the better count on has come from children/YPs CONSERVING
Tap into good influence Keep relationships going where there is some hope Predict a good experience
Find somewhere for the child/YP Help child/YP understand their The more healthy relationships Take what you can from relationships Get together the child/YP can Responsibilities and obligations Focus on good times and places Make sense of where child/YP of someone or something new Make friends and mix with other
BASICS Good enough housing Enough money to live Being safe Access and transport Healthy diet Exercise and fresh air Enough sleep Play and leisure Being free from prejudice and discrimination
ACCEPTING
Resilience Framework (Children and Young People) Oct 2015 – adapted from Hart and Blincow 2007 www.boingboing.org.uk
,
.
are met,
school community
, and aspirations
‘worth’
physiological needs
and
and
elf-esteem
basic safety
RESEARCH FRAMEWORK The importance of nurturing young people’s well-being and self-fulfilment is widely discussed in all education settings. Frameworks which demonstrate the necessary criteria for reaching personal potential – for example, Maslow’s Hierarchy of Needs and the Resilience Framework – all conclude that to experience a strong sense of self-fulfilment, a person’s basic and social needs must be met. Yet, while a great deal of evidence demonstrates the impact of a private education upon a child’s life, there is very little research into how bursary recipients’ needs should be supported. This joint research project therefore aims to deepen our understanding of good practice when supporting bursary recipients. While many elements of a school’s broader culture and pastoral care are applicable to nurturing all children, regardless of background, it is important to recognise that a child who has experienced disadvantage may have different needs compared to peers whose families are in a position of relative social privilege. Using Maslow’s Hierarchy as a framework to form this understanding, we structured our investigation into bursary pupils’ and families’ experiences in terms of: • Ensuring their • How a pupil relates to and integrates with the • A pupil’s sense of s • The extent to which they can realise their
BACKGROUND The Bursary Foundation knows that independent schools can be incredible vehicles for social mobility. We advocate for bursaries to be awarded to the brightest, most disadvantaged pupils, and are committed to supporting our pupils throughout their education. As such, we wanted to find out whether our bursary pupils have the tools necessary to thrive at independent schools. As part of our research, we spoke with the leadership team at Bolton School, who were keen to find our more about their provision for bursary pupils as part of their work around the impact of bursary funding. They were also keen to evaluate the way information is shared about pupils’ bursary status and other personal circumstances, and whether these processes should be changed. To that end, we jointly produced this case study to explore a question at the heart of social mobility in independent schools: Do bursary recipients have the tools and networks necessary to realise their potential?
SPECIFIC APPROACHES
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of fee-paying
64% fee-payers).
63%
so much.’
vs
40%
of bursary recipient and of bursary recipients continue to worry about
feel comfortable asking for more money as I’m the school already does
‘I’m a bit proud with that side of things. I wouldn’t really, really grateful that BOLTON SCHOOL CREATES A GOOD SCHOOL COMMUNITY AND FOSTERS A SENSE OF BELONGING Pupils reported a strong sense of community, ‘feeling valued’, and belonging at Bolton School. Speaking to school staff about problems is seen very positively, and all pupils praised the helpful role of proctors and heads of school. 63%• pupils never worry about bullying. Despite this, many bursary recipients have worries about fitting in with their peers, describing an awareness of a wealth gap in interviews. Though this feeling is ‘a personal perception’ rather than due to the actions of others, we found: • Bursary recipients were less likely to feel they integrated quickly ( 54%• fitting in with their peers. Their parents also report finding the application process complicated. Most had help from a tutor or school teacher to prepare their children, and they found it difficult to navigate the application paperwork. From the outset, despite efforts to create a welcoming community, it is a tougher journey for bursary applicants to join the school’s community.
52% 93% Felt more 42%
Feel additional information about home circumstance would better inform their practice information on complex circumstance would be helpful However, 42% aren’t sure what kinds of support the school provides to help bursary recipients and/or pupils with complex needs.
59% is shared 50% 93%
Feel not enough information about home circumstance Leadership and pastoral staff feel that sharing more information about pupil’s bursary status would be helpful 93% of staff know which person to refer a child to for support, and staff are overwhelmingly confident about safeguarding procedures.
STAFF WOULD LIKE MORE INFORMATION ABOUT BASIC NEEDS: One way to help pupils receive appropriate support would be ensuring the correct staff in school are aware of a pupil’s circumstances, where appropriate. Staff also felt that it would help to know more about how the school supports pupils.
19% 0%
paying pupils paying pupils
47% 11%
Being warm enough at home: 11% bursary recipients v 0% fee-
Feeling unsafe in the area where they live: 47% bursary recipients v 19% fee-
0% 0%
The silver lining is that when bursary pupils and their families approached Bolton School for support with their concerns, they are overwhelmingly positive in their feedback. 44% strongly agreed that asking school staff for help was a positive experience – more than double that of fee-paying parents (18%).
pupils’ parents
48% 20% APPROACHING SCHOOL STAFF WAS A
fee-paying pupils’ parents
Cost of uniform: 48% bursary Children having enough to eat:
recipients’ parents v 0% fee-paying 20% bursary recipients’ parents v 0% POSITIVE EXPERIENCE FOR ME AND MY CHILD
Strongly Agree 44% Agree 16% Neutral 28% Disagree 0% Strongly Disagree 4% No concerns 8%
54% 19%
fee-paying pupils
67% 33%
vs 54% fee-paying pupils
KEY FINDINGS MEETING BASIC NEEDS Bursary pupils overwhelmingly agreed that attending Bolton School is a positive, rewarding experience. However, when asked about their lives outside of school, we found a stark difference between bursary recipients and their fee-paying peers. Bursary pupils and their families were significantly more likely to worry about their basic needs. Clearly, attending an independent school does not prevent disadvantaged families from experiencing hardship. Many concerns are well documented topics of national concern such as food security and fuel poverty, whereas others are individual to families depending on their circumstances. Worries about their family’s health or mental health: 67% bursary recipients Worries about own health or mental health: 33% bursary recipients v 19%
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How
Perhaps it’s
How do school How do schools ‘get How do schools
FOOD FOR THOUGHT: Do bursary recipients have the tools and networks necessary to realise their potential? To some extent: yes. They feel a strong sense of community and belonging; pupils feel supported to explore careers, study further and have higher aspirations; and they find that school support systems are helpful when accessed. Yet this still does not translate to a confidence in their future success, and ensuring all pupils can take this next step towards self-actualisation opens further questions: Basic Needs:• safeguarding processes ensure children’s needs are met? Sharing information: • less important to reveal bursary status to teachers than share pupil circumstances and ensure they can confidently support children, but senior leadership would benefit from wider knowledge. Applications: • the word out’ to a wider group? Opportunity: • expand opportunities for school ‘extras’, and also increase families’ awareness of and access to funding? Esteem and Aspiration:• do we ensure bursary recipient pupils’ self-worth and aspirational confidence is on par with peers?
19%
but it’s on my mind.’
of bursary recipient families worry about paying for their children’s their aspirations
bursary recipient families strongly agree that Bolton School improved strongly agree that Bolton School supports children’s aspirations vs fee paying parents. 48% ‘The cost of living is insane. like London might be really
is a barrier to achieving them
52% their child’s opportunities in life. 72% 12% to achieve. 100% education in the future 49% (bursary recipients) vs 19% (fee-paying pupils) felt that money Going to university in somewhere difficult. It’s hard to find a house that’s good but affordable. I don’t worry loads, because the careers advisor said there’s student loans,
ACHIEVING ASPIRATIONS Bursary recipients widely praise the school careers service, and their families are more likely to see Bolton School as adding value to children’s career prospects and aspirations: • • • Bursary recipients say their goals are higher and they have a greater drive If the support is so deeply appreciated, why are bursary recipients feeling less confident about their futures than their fee-paying peers? Perhaps these final findings illuminate the reason behind this issue: •
No – 11.1% No – 11.1%
Yes – 35.6% Yes – 24.4%
Bursary pupils Somewhat – 53.3% Bursary pupils Somewhat – 64.4%
fee-paying pupils).
61%
ALL YOUR ASPIRATIONS
I FEEL POSITIVE ABOUT THE FUTURE Yes – 59.3% No – 0% Yes – 59.3% No – 5.6%
Somewhat – 40.7% Somewhat – 35.2%
bursary recipients vs Fee-paying pupils Fee-paying pupils
DO YOU FEEL CONFIDENT THAT YOU CAN ACHIEVE
36%(
SENSE OF SELF-ESTEEM Bursary recipients’ sense of self and self-esteem is much more rooted in their school and friendship networks than in other social support systems. Bursary recipients are: • More likely to say that school vs family has helped them to become resilient. • Less likely to say that people in their local area are a good influence While this speaks very positively about the positive impact of Bolton School’s community, it sadly does not stretch to bursary recipients feeling like this impact will carry into their future. When these equally bright, equally able children look to their futures, the stark truth is that home circumstances and finances impact their confidence in their futures.
24%48% fee-paying families.
say that say cost is a barrier to
48% of bursary recipients’ families their children taking part in more school trips compared to 24% of
THE ROLE OF EXTRACURRICULAR OPPORTUNITIES: Both pupils and their families alike celebrate the role of clubs and extracurriculars in school. The expectation of pupils to attend school clubs has a huge positive effect, with clubs described by pupils as great for ‘finding your tribe’, while the year group Patterdale trips are universally praised. Financial barriers to full participation, however, exist for bursary recipients. For instance: Though Bolton School offers support to pupils receiving bursaries for the cost of these trips, whether bursary recipients’ families are aware of financial support for trips is very variable. Some families also feel uncomfortable approaching the school to ‘ask for more’, rather than seeing this financial support as part of their bursary support package.
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‘COMING OUT OF LOCKDOWN, MUM DIDN’T HAVE MUCH MONEY. BOLTON FELT LIKE A SHOT IN THE DARK, BUT WE COULD DO IT BECAUSE OF THE BURSARY. SO EVERYTHING I GET AN OPPORTUNITY TO DO, I DO.’ ## _Social mobility has never been as important as it is today._ By donating to The Bursary Foundation, you can help to create a life-transforming opportunity for an outstanding young person. To make a donation, contact us on ... 07950 531200 jenny@thebursaryfoundation.com justgiving.com/bursaryfdn thebursaryfoundation.com Registered Charity No. 1178542