The Bursary Foundation CIO Annual Tr￿[ees, Report The Bursary Foundation .com June 2024 I'i}i $, Iijlilllillljj li i{1 IL i) c Sié151 pl 5&Ip 8_ O £Loo2IJ c O •J li 11 r4 * $$$ iL HOW WE MEASURE SUCCESS The Bursary Foundation monitors and tracks the impact of our work through a variety of channels Feedback from primary schools Feedback from parents Academic progress of tutees This is not just about passing exam5 but also SATS- primary schools report improved SATS results amongst pupi15 receiving our tuition. Parents continue to report that their children grow in marty ways from working with a Bursary Foundation tulor. They note a better attitude to school work, raiseil aspirations ènd increased self%onfidence amongst other benefits. ThSs Is consistently excellent. Schools report Increased attainrnent in Year 6 SATS exams, Improv￿ confidence and higher family aspirations as an effect of rhildren takin9 Part in our tuition Service. Feedback from independent schools .1 just wanted to write to say how increL*ibly grateful we are to be wtsrking with you." "From going yesterday. simpty l)ecèuse she wès inviied and initially saying.'I'm never wng to Oxfored me with Information about the schools. going for events in the schools and this encouraged me to con51der Independent schools. I might have missed the application deadlines but for the reminders- Thank so much." The Bursary Foundation has supported pupils with appeals to secured places at preferred state school and have been consistently 5ucce5sful. The Bursary Foundation Trustees, Report Stotement of trustees. responsibilities The t￿Slee% Iwho aTe also the dire¢itsTh of The Bursary Foundaijon for ihe put]M)*es of ¢ompany laivl aTe responsible for preparing the tnjsiees. rep)rt and the finarteial siaiemeiits In accordance with applicable law. and UnilLd Kit)gdom ALcountJng Sthjidards IUnLled Kit)gdom Get)crdlly Accepicd Accouniing Praciiccl, ineluding FRS 102 "The Trinancial Reporting Sthndard applicable in rhe UK and Republic of Ireland" Company law Tequires ihe trusiees io prepare financial stsienKnis for each financial year. Under coinpany law Ihc trusice5 Tllust not appTOV¢ the financial 51aiements unless they are sarisfied Ihal they gil'e a true and faiT NICW f Ihe slinb PTvrKr aLcuuniiiig rcLord% IhJi Lan di%LILI%L wilh rLilWI)iiblL ULLUTUiy al uny limL th¥ financial po%ititsn of th¢ ¢harilabl¢ Company and cnable ihem ￿ ensuri ihili ¢hc financial %tuteinLnl% Comply with Ihe Companie% Aci 2(K)6. They are alw ￿*po￿lIble for safe¥uardin¥ Ihe a%%¢is L)f Ihe cliaritable ¥ompany h¢nc¢ ltsr taking ru¥tsnabl¢ ¥i¢PS for th¢ pr¢wcniion and d¢i¢xiion tsf fraud an(J uih¢r irr¥guldriii¢s. Th¥ inisi¢Ls ar¢ r¢sponsibl¢ for th¢ maini¢nan¢¢ and ini¢griiy of Ihi ¢orywrai¢ and finanLi21 tnforindiion inLluded on ihc LhJriidble Lompany% web%iie. LcgislJiion &vovernin8 ihe preparaiion and di￿￿emIndi1un of financial %tatcmcnis may ditrcr from Ic8islaiion in oihcr jurisdiciions. Thc annual repon approved by ihe in￿leeS of chariiy on 23 July 2024 and Signed on its behalf by.. I lopkin50n Tntsiee Pa8e 5 The Bursary Foundation Independent Examiner's Report to the trustees of The Bursary Foundation ('the Company,) I report to th¢ clkarity tru5tEe5 on examillatsoD of the wcounts of thc Corllpany for th¢ year elld¢d 31 Aug118t 2023. Resp(bDMTr*illtks and bAs15 ofrep)rt As the chatity's trustees of the Company (aDd al80 its directors for the purpos¢3 of company law) you are responsible for the preparation of the aCco￿ts in ac¢ordaJktt with the ttquirern¢nts of the CornpaDies Act 2006 {'th¢ 21)06 Act,). Hav￿8 satisfied myself that the arxoullts of the Company aT¢ noi r¢qviffd th be #udited under Part 16 of tbe 2006 Act &ud are eli￿￿1< for itidepelldellt txamitiatioll. I ieport in respect of my exarnination of your ¢harity's accounts as carried out w)der stttion 145 of the Cbariiics knt 2011 ('the 2011 Act,). tn canying out my ExaInination I havE followed the Directions 8iven by the Cl]arity Commiw¢)n under section 145(5)Ib) of the 2011 Act. Independent examlAer'8 ststement I have Completed ULY eXa￿]matio￿ I ¢ODfimi that no ll)￿ baye e(pme to my attention ill conn¢¢lion with the exaM5￿tion giving cause to believe: accounting records not kept in re8pe¢t of Th¢ Bw88ry Foundation as required by section 386 of the 2006 Act- or 2. tbe accou￿ts do not ac¢ord witk thos¢ rewrds" or 3. the ￿Counts do llot cowly with the accouuting reqllir6ments of sect%OD 396 of the 2006 Act other than any requirement tbat the accounts give a 'trlle and fair view which is not a matter GoD5id¢red a5 parl of all independent exati)iJJatton' ( 4. the accounts have llot been prepared in accordance with the metho& and principle$ of the Siaten)ent of Recomlllended Pradic¢ for ￿COun]￿ng and reportittg bv Charill￿. I have no conceny and ljave Come a¢TOSS no otlw rn8lAeTS tA connection v/ith the examsnAtiOn to Twthich attention should b¢ drawtt its Ibis rq)ort iti vider lo enabl¢ a proper understanthtig oFthe accouDts to be reach¢LL Paul Roper M¢Kellens Linjited Chartered AccountaDts I l Riymiew The Embankll￿llt Busille&8 Park Val¢ Road Heaton Mersey Stockport SK4 3GN Date..i.(.liIik.......... Pag¢ 6 The Bursary Foundation Statement of Financial Actiigties for the Year F.nded 31 August 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gaills and Losses) Unresiricied futhds Restricted fund5 Total 2023 Income and Endom'ments from: Donaiions atjd ILbaLICS Charitable aciivities Inv¢5ttnent income 88.166 36.2RO 8.057 55.341 143.507 8.057 Totsl income 132.503 55.-141 187.844 E¥pendliure Ruising funds Churilublc (Iclivities Oihcr cxp¢Ddi¢urc 12.2511 (4?.2371 (49,7161 12.2511 154.4181 149,7161 (12.181) Total ¢xp¢ndiiiire (94.2041 1106.3x51 Nei inLumL Tran%f¢r8 bctwc¢n funds 38.2 1111.7x61 43.1611 I X.7M6 81.459 Nei moi'cniKn¢ in fiLnd% 19.513 61.946 81.459 Rec¢bnclllMllon of lunds -ri)thl fund% bri?u¥hi liirward 21.1.546 .844 Tothl fundb l￿rILd forward 16 233,059 70.79(1 303.849 The notes 0]] pages 10 to 18 fortn an integral part of these Ilnancial statements. Pagc 7 The Bursary Foundation Statement of Financial Actiigties for the Year F.nded 31 August 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gaills and Losses) Unresiricied futhds Restricted fund5 Total 2022 Income and Endom'ments from: Donaiions atjd ILbaLICS Charitable aciivities Inv¢5ttnent income 35.463 24.36R 167 44.149 79.612 24.36 167 Totsl income 59.998 44.149 104.147 E¥pendliure Ruising funds Churilublc (Iclivities Oihcr cxp¢Ddi¢urc 13.0561 {??.8641 (46,7651 13.0561 180.$971 149,7651 (57.7331 13.0001 Total ¢xp¢ndiiiire (72.6851 160.7331 Nei LKPLndilure 112,6X71 116.5x41 129,2711 Nei movcment in fund {12.6¥71 (16.5841 129.2711 Re¢onelll#tlon of funds Total fund% brought foTW7rd TL)tsLI funds rricd forward 226.233 25.428 16 213,546 X.844 222,190 All of Ihc charity's aetivilies dcTiYe from ¢oniinuinB 0￿rationS during the ibovc PCTiods. The notes 0]] pages 10 to 18 fortn atl integral part of these Ilnancial statements. Pagc 8 The Bursary FoundatioD (Registration number: ) Balance Sheet as at 31 August 2023 2023 2022 Flxed assets Tangible &sscts 816 Current issels D¢bior5 Cash at bank and in hand 12 13 74.593 232.537 5.515 241.278 307.130 246,793 Credltors: Amounts falllng d￿c wlthln one year Net current 1155et$ 14 {4.097 124,403 303.033 222,390 Net 455Cts 303.849 222.390 Fund5 ofthe chkrlty: Restrlcted IRcorne funds RLgrri¢f¥d funds 70,790 8.844 Unre51rleled Income (unds Unr¢.SlriLie(I fund 233.059 213.546 Total fund5 16 303,849 222.390 For Ihc financial yC4Lr cnding 31 August 2023 ihe chariry w¥s ¢ntitlcd to exemption from audit under 8e¢¢ion 477 of thc Companies Act 2Q06 relating to 5rnJll companies. Dire¢tors' respon5ibilities'. Thi Tn¢mber￿I have not required the charity io obtsin an audit of its accounts for the year in question in accordan¢e with section 476.. and Thc dircctors acknowlcdgc their respon$ibilitie5 for complying with thc rcquiremcnts of th¢ Acl with rcspect to accounting record5 Ihe preparation of accounts. Thc financial btalcmenls on page5 7 to 18 were approved by the trubtccy. and authoriscd for issuc on 23 July 2024 and signed on their behdlf by.. JE Hopkinson Trustee //tL EJ PreS￿n Trustee Thc notcs on pages l O ￿ 18 forrn an inregral part of these financial stat¢mcnts. Page 9 The Bursary Foundation Notes to the Financial Statements for the Year F.nded 31 August 2023 I Charity Status These finanLidl stat¢ffteTLts We￿ authori%d for i&4u¢ by the In￿¢¢5 on 23 July 2024. 2 Accountino policies Summar). of si%nific8nt gCtouDtiD% policiLS and ke). actountiDA estimaies The principal accaunling ￿5]irit¥ applied in the preparaiion pf these financial %iaternenL% are gel thut below. Thcs¢ po1j¢ii￿ havi b¢irt ionsisl¢mily applicd io all th¢ y¢2rs pr￿￿1¢￿. llnlcss oih¢nwis¢ siaicd. StatL'mL'lIt cornpliance -I'he financial %talement% have been prepared in accordance wih Accounting and Reporting by Charitieq.. SiulLmLnl ol. RLLommLnd¢￿ Praciice 14LppliLablc io Lhariiics pfcp4Lring their uccoui)Is in ULLordaiiLc witli the FinanLipi BullLiin I publi%hLd on ! Febn￿ry 2016 aTML have iherefore not includLd a cash flow Sla￿Mcnl in these financial statements. lrtcome ind endowment5 All inlomi is rcco8niscd once the charity has cniiilemcnt io thc incomc. it is probablc that the incomc will bc rcceiNed and the amount of Ihe incomc rcccivablc can bc n￿aSUred reliably. Dvndtlvlls dr¢ rccv¥niscd when th¢ ¢harity has been notifi¢J in of Imrth the amount and s¢ttl¢ment dJtE. In the ei'ent thai 2 d()naiion is subjeci 10 condLIL()n% that require a lelel 0(￿rr￿MI8nce by the charity bLfore the Lhariiy is eniiilL,d to the fllnds.. Ihe income is deferred and tM)i reco¥nised until eiiher ihose condiiions are fully met, or the fuifilment of those conditions 15 ￿1)01]Y w'ithin ihe control of ihe charity and it is probable rhat these conditions be fulfilled in the r¢poTting period. Page 10 The Bursary Foundation Notes to the Financial Statements for the Year F.nded 31 August 2023 Gifv in kind (lifts ID kitjd are ditT¢i¢nt ￿*y5 depe[￿￿t how they used by the chaTity.' lil Those d0t￿ted for resal¢ Pr￿1￿Ce income *'hen t￿Y are sold. They are valued ai th¢ amount actually reali5ed. li1} Those donated for onw?rd tTansmi551011 to benef)ciaTie5 are included in tlle Stalemeni of Finai)cial ACti￿111cS 45 illLUTning T¢%()urL¢% and re5UUTC¢S expended wh¢rL ihey di5tTibulcd. ThLy valued 4¢ lh¢ dmouiil the LhaTily would ha￿¢ had to pay 10 aLquir¢ th¢Tn_ Iiiil Those donated for use by the charity Itself ar¢ in¢lud¢d ￿then re¢eivabl¢. They a￿ valu¢d ai th¢ amount lh¢ chariiy would hL1VL had lo pay io acquirL' Ihem. Inve.Ilmenl 1￿c￿Me Dividends are recngnised once the dividend has been declared ar￿ noiificalion has been received of the dividend duL. Lxpenditurc All eipendiiure is recognised once there is a legal or consirueiive obligation 10 Ihat expendiiure, li is probable LiiIILinLni is rLquired and Ihc amount can be incasurcd reliably. All Cosls arc alloLaicd IL) Ihe appliLablc expcnditurc heading ihat uwgaic .%imilaT Costs to thai caie¥ory. Whcrc CO%L% cannot bc dircctly atlribuicd io particular headings they htt￿.¢ been allocaitd on a ba%1% ¢tsrL4isieiil with the use of resource<. willi c¢ntral %thlT Lu&lb ullvL#ILxl thi basis vf iimL spent. and diyf¢Liaiion Llur¥c5 all{Kai￿ Ihc p()rtivn of IhL a¥sLI & USL. Oih¥r support ¢osis are all￿ated bas¢d on ihc spr¢ad of sthtT¢osis. ThLSL' arL Losls inLurrLd in atiraLiing voluntsry income. Ihc maTha8cmeni of inves1n￿nIS and iho&c iiicurrcd in ITadin8 aciiN'iiiL.% thai rahse fund5'. Chdrii&hle &cllVllIt.¥ Chiirilabli LApLndilurc comprises ihose co￿8 tn¢urr¢d by Ihc charity in ihc dcliv¢ry of ils arlivili¢s #nd %erviccs for it% bcn¢fi¢iari¢¥. It In¢lud¢s both ¢osts ¢ho1 ¢an b¢ all￿31¢￿ dirttily to 5u¢h a¢tiviti¢s and thos¢ ¢o$1s of an indirect nature nece55ary to support them. Goi'ern#nce costs Thcse includc Ihc costs altribu¢able to thc charity's compliancc with con51itutional and 5¢atutOry Tequircmcnts, including audiL 5tTategir n￿nagement and It￿51¢¢5 Meetin￿ and reimbursed ex￿￿5¢S. TAxatlon The charity 1% con.%idered 10 pa%8 ihe te%L% let oiit in Paragraph I Schedule 6 vf the FinanLe ALt 2010 and IhLrcforc it meets Ihc dLfJniiion of a chariiablc company for UK Cor￿￿allOn thx purposcs. Accordingly. thc charily i5 Potcnlially cxctnpl from iaxaiion in res￿¢( of ijicomc or capital gains rcccivcd within calegioric5 covered by Chaptcr 3 Part I l of the Cory)oration Tax Ad 2010 or kcTiOll 256 of the Taxation of Chaigcable Gains Act 1992, 10 the ¢xt¢rtt that 5u¢h income 01 gains are applid ¢xrlusiv¢ly to charitable puq)04e5. Tangible fixed as5et5 InLiividual li.Kcd asscts costing £5￿.00 or nM)re are initially recorded al Co￿. less any sllbsequeni accumlllated dcprcciaiion and subscqucnt accumulaicd impainncnt losses. Page 11 The Bursary Foundation Notes to the Financial Statements for the Year F.nded 31 August 2023 Depreciation and amortisgtioD Depre¢iaiion is Provided on VJngible fixed &%sets so as to wtiie off the Cost or valuation, less any estimated residllal N'allle, over their expected usefiLI ee0t￿MiC life as follows.. Asset class l.ixtures and fittin85 Depreciation method rate Trade debtor5 TradL dcbior% are amounrs due from Cu5￿merS for merehandise sold or serviees perfornied in the ordinary COUT5e of bu5ine5S. Cgsh #nd cash ¢qulvaltllts C.a%h La%h Lxuivalcnls L(Impri%c La%h On harvj al￿ Lall dc]x)%iL%. armi other thort-ILrn) hi¥lily liquid invLyimcnts thai ar¥ rcadily con￿e￿Ible ￿ a kno￿ amouni of cash arc subjcci to an insi8nifJcant risk ol. ehanse in value. 'r*do iri,diiors TrudL LrLdiii)r4 arc obligalions ￿ pay for g¢y)ds or sen'icc5 thai have bccn acquircd in Ihc ordinary coursc of bu%ines.4 from .%upplier%. A¢¢ounl% ]Myable are L1&%4ified as curreni liabilitie% if the charity doe% noi hai'e an uniun(Jilivnal righi. ai Ihe LfKI vl. Ihc rLpvrtin¥ pcri(MJ. lo defcT ¥ciilcmiXII vf ihL LrLxiitUT lur di Ica%t twLIvc monih% alTr¢r the rLpor¢ing dJ¢¢. Ir ¢h¢r¢ is on un¢ondiiional right 10 d¢f¢r s¢iil¢m¢ni for Ji l¢asi Iwelve monihs after the rerKJrtin8 date. they are presented as non-¢UTr¢ni liabiliiies. Fund strueiure Unrcsirictcd incoTnc fund5 are fund5 that are aviilablc for use at the trust¢e5 discretion in furtherancc of the objecti￿.¢5 of the ¢harily. Rc%triclcd income funds arc th￿ donaicd for use in a particular arca or for 5p¢¢ific purp05CS. thc usc of which 1$ re$iri¢ied 10 thai area or puwse. Pen5ion5 #nd oiher p05t rclirerncnl obli%alions Thc ch&irii%' opLratc% a dLfinLd contribuiion pension scheme which is a pension plan undcr which fixcd coniributions are paid inlo a pension furbd and Ihe chariry has no legal or constn]cti¥'e obligation lo pay furtlier conlributions cvcn if Ihe fund docs noi hold sutTicicnl asscls lo pay all cinployecs Ihc bcncfils rclaliiig lo emplo￿¢ Krvice in the rurrent and PTior p￿0d5. Conlribulion& lo definLd LoniribuiioTh plans are recou4Jised in the Siaiemeni ofFinancial Aciiviiies when IhLy are duc. Jt'conlribuiion pa￿nLn[S cxcccd (he coniribuiion for scrvicc. Ihc exccss is rcco8niscd as a prepaymcnt. Thc charity is a chariiablL incorpornlcd organisalioiL Page 12 The Bursary Foundation Notes to the Financial Statements for the Year F.nded 31 August 2023 3 Income from dollations •nd legacie5 Unrestricted funds G¢ther•l Restricted fund$ Total 2023 Total 2022 Dortations and l¥¥aci¢s", Donaiions trom companies, Injsts alld similar proceeds Donations from individuals Clift aid Tcclaimcd Gifts in kind 55.341 55.341 24.466 62.5(Ml 61.649 16,763 24,466 62,5￿* 1.2(X) ¥8.166 4 Income from chirltable ¥4rilvltltS Lnrtsiricted rund5 Cpener*l Tolal 202.1 Total 2022 Tutoring 36280 36.211 24.368 S Inve51meni Ineome Lnrtslrlctcd rund5 C•cner#l Tolal 2023 Total 2022 Tnter¢￿t r¢¢civablc and similar incon￿. IntLfL'%t rL*Cii'able nn bank dep￿$1t% Other interest receivable 5.6147 2.370 5.687 2.37(1 167 8.057 .057 167 Pagc 13 The Bursary Foundation Notes to the Financial Statements for the Year F.nded 31 August 2023 6 Expenditure charitablc actiiities Unrestricted funds G¢ther•l Restricted fund$ Total 2023 Total 2022 Not¢ Tulorirtg Bursarics Siaff costs 7.221 1.574 12.181 33.431 33.431 20.449 40.&52 52.833 79.756 In addilion to thL LxpLndilur¢ analys¢'d aix)v¢. thcrc ar¢ also govertts)n¢¢ costs of £1,585 12022 - £8411 whiLh relaie directly io ¢hariiable aciiviii¢s. S¢¢ noi¢ 7 for further d¢t8ils. 7 An*l>'$l$ of govern#nce #nd Support eos¢$ GovernHnce c05t5 Lnreslricted runds General Tot81 2023 TotHI 2022 Indcpcndenl cxarnincr fcc5 r.xdmination of th¢ fin#n¢ial ¥thi¢ments OihLT gO￿L,￿an¢L co&I 640 945 64(1 945 fi(K) 241 .585 1.585 841 Pagc 14 The Bursary Foundation Notes to the Financial Statements for the Year F.nded 31 August 2023 8 Othcr expcnditur Lnrestricted funds C•enero1 Total 2023 Total 2022 SiafY¢osis ges and salari¢s Pension costs Ihher staff costs Insuran¢¢ C'ompiiicr Tunning costs Web4iie and ho.%iin8 Printing. posiage and siaiior)ery LhariiablL donation$ Sundry LOS15 TrnvLllin8 costs EvcnL 36.711 713 779 649 36.71 713 779 649 20.0(X) 297 386 245 4,090 337 593 55 593 55 1.066 2.170 19 224 354 8.6611 -i.11(x) 22 2.170 19 Oih¢r inicrc$i l)epreciaiion Teachingj rewurces Prv¥rnmim¢ monag¢m¢'ni Softwar¢ ¢o$is ALounl% prL'pardiion Book-kecping and adnun support Payroll 14 91 1,708 14 91 1.708 6.512 fi65 270 2.520 552 923 1.192 I,A9n 432 923 1.89(1 432 49,716 49.716 49.765 Thc awcgall pa￿011 costs wcrc follows.. 2023 2022 S¢#ff ¢05t5 during ihe )'ear were: Wag¥s and salarics Pcnsion cos15 Other staff costs 69.669 1.186 779 40.(KK) 71n 36 71,634 40.746 Pagc 15 The Bursary Foundation Notes to the Financial Statements for the Year F.nded 31 August 2023 The monthly average number of persons (including senior managemeni I leadership team) employed by the chariiy during the year was as follows.. 2023 2022 Tcacher and illior Progratt)tne management OffiL¢