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2024-08-31-accounts

Charity Registration No: 1203152

BEDE’S DEVELOPMENT FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD TO 31 AUGUST 2024

BEDE’S DEVELOPMENT FOUNDATION

REPORT OF THE TRUSTEES

FOR THE PERIOD TO 31 AUGUST 2024

CONTENTS PAGE
Legal and Administrative information 2
Report of the Trustees 3 - 4
Statement of Trustees’ Responsibilities 5
Independent Examiner’s Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 - 10

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BEDE’S DEVELOPMENT FOUNDATION REPORT OF THE TRUSTEES

FOR THE PERIOD TO 31 AUGUST 2024

Bede’s Development Foundation (the Foundation) was formed as a Charitable Incorporated Organisation (CIO) and was registered with the Charity Commission (number 1203152) on 19[th] May 2023.

A Memorandum of Understanding has been agreed between the Foundation and St Bede’s School Trust Sussex (the Trust) as a guide to the basis on which the Foundation and the Trust will work together to achieve their shared charitable objectives and in particular how the Trust’s Development Office will support the Foundation.

Trustees

The Trustees who served during the period are;

Mr W Booth Mr S M Castree Mr S F Cloke Mr C Davison Mr J E Gibson Mr P M Goodyer Mrs I J A Muston Dr J R Northway Mr M K Pattihis Mr R A Perrin Mr M Rimmington (resigned 14 August 2023) Mr S R Smith (Chair) Mr M M Supnet (resigned 4 June 2025) Mrs C E Sutton Mr A W Targett (appointed 17 January 2025)

Unless stated all Trustees were appointed at the formation of the CIO.

Registered Office

Bede’s Senior School, Upper Dicker Hailsham, East Sussex, BN27 3QH

Advisors

Bankers Barclays Bank plc 1 Churchill Place London E14 5HP Solicitors Moore Barlow The Oriel Sydenham Road Guildford, Surrey, GU1 3SR Independent Examiner Joseph Carr ACCA Hailsham BN27 3DE

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BEDE’S DEVELOPMENT FOUNDATION REPORT OF THE TRUSTEES

FOR THE PERIOD TO 31 AUGUST 2024

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), applicable law and the charity’s governing document.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisation

The Trustees determine the general policy of the Foundation.

Trustee Recruitment, Induction and Training

There must be at least 6 and no more than 15 Trustees. There are three “ex-officio” Trustees who are employees of Bede’s and two Nominated Trustees who are Bede’s Governors appointed by the Board of Governors of St Bede’s School Trust Sussex. Existing Trustees have the power to appoint new Trustees. New Trustees are made aware of their responsibilities and provided with a new Trustee handbook, the Conflict of Interest Policy, all other relevant policies, the risk register and any relevant Charity Commission publications. Trustees are regularly updated on charity sector issues and the independent schools’ sector. The Foundation does not employ any staff as the key administrative functions for the Foundation are provided by the staff at St Bede’s School Trust Sussex and therefore the Trustees are considered to be the key management personnel of the Foundation. No Trustee received remuneration in the period covered by this report. All Trustees complete a ‘Declaration for Fit and Proper Person’ form and an annual ‘Declaration of Interests’ form.

Risk Review

Risks to which the Foundation is exposed, have been reviewed and documented in the risk register. This is an ongoing process and the Trustees will review and update the risk management process at least annually. Through this process mitigating actions and controls have been established to manage the risks that have been identified.

Investment Policy

An investment policy will be adopted when sufficient reserves are available for longer term investment.

Investment Powers

The investment powers are governed by the Foundation’s Constitution, which permits it to deposit or invest funds, employ a professional fund-manager, and arrange for the investments or other property of the CIO to be held in the name of a nominee, in the same manner and subject to the same conditions as the trustees of a trust are permitted to do by the Trustee Act 2000.

Public Benefit

The Trustees confirm that they have given due regard to the Public Benefit guidance published by the Charity Commission when exercising any relevant powers or duties in determining the activities undertaken by the charity and when making grants.

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BEDE’S DEVELOPMENT FOUNDATION

REPORT OF THE TRUSTEES

FOR THE PERIOD TO 31 AUGUST 2024

OBJECTIVES AND ACHIEVEMENTS

Objectives

The objectives of the Charity are to advance education at Bede’s School (the School) for the public benefit by providing funding, assistance and support in such manner as the Charity Trustees shall determine.

Fundraising

Fundraising is carried out by members of St Bede’s School Trust’s Development Office staff. Fundraising is aimed at alumni, parents, trusts and foundations and other interested parties. There were no complaints received in respect of any fundraising undertaken.

The Foundation is registered with the Fundraising Regulator and committed to following its Code of Fundraising Practice.

Significant activities and achievements

FINANCIAL REVIEW

The Foundation’s bank account was set up in November 2023. Prior to this date donations to the Foundation were made via St Bede’s School Trust Sussex. The Financial Statements for the period to 31 August 2024 showed net income of £484k and grants totalling £58k.

Reserves Policy

Total reserves held at 31 August 2024 were £426k.

The Trustees’ policy is to continue to build reserves up to a level which will enable the Foundation to provide grants to the School for bursaries, for the foreseeable future.

Resources

The Board of Governors of St Bede’s School Trust Sussex has agreed that the running costs of the Foundation are borne by the Trust and the Foundation is not obligated to pass funds to the Trust to meet such costs.

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BEDE’S DEVELOPMENT FOUNDATION

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

FOR THE PERIOD TO 31 AUGUST 2024

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Foundation deed. They are also responsible for the safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

23rd June 2025

Signed on behalf of the Trustees on ……………………………..

Chair S R Smith

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BEDE’S DEVELOPMENT FOUNDATION

INDEPENDENT EXAMINERS’ REPORT

FOR THE PERIOD TO 31 AUGUST 2024

I report to the Trustees on my examination of the financial statements of Bede’s Development Foundation (“the Trust”) for the period ended 31 August 2024.

As the charity’s Trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

The Charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of Association of Chartered Certified Accountants (ACCA) .

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

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 financial statements to be reached.

Signed

Joseph Carr

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BEDE’S DEVELOPMENT FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE PERIOD TO 31 AUGUST 2024

INCOME FROM:
Donations
Total Income
EXPENDITURE ON
School Fees
Total expenditure
Net Income
Fund balance carried forward at 31
August 2024		 Unrestricted
Funds
2024
£
483,546
483,546
57,904
57,904
425,642
425,642		 Total
2024
£
483,546
483,546
57,904
57,904
425,642
425,642

All the Charity’s activities are continuing.

This is the first period of trading therefore there are no comparatives.

The notes on pages 9 to 10 form part of these financial statements.

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BEDE’S DEVELOPMENT FOUNDATION

BALANCE SHEET

AS AT 31 AUGUST 2024

Notes
CURRENT ASSETS
Debtors
3
Cash at bank and in hand
Net Assets
RESERVES
Unrestricted Funds
4
Total Reserves		 2024
£
£
77,946
347,696
425,642
425,642
425,642
425,642		 2024
£
£
77,946
347,696
425,642
425,642
425,642
425,642
425,642
425,642
425,642

The notes on pages 9 to 10 form part of these accounts

Approved and authorised for issue by the Trustees on ………………….. and signed on their behalf by; 23rd June 2025

S R Smith Chair

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BEDE’S DEVELOPMENT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD TO 31 AUGUST 2024

1. ACCOUNTING POLICIES

a) Basis of Preparation

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS 102) and the requirements of the Companies Act 2006.

The Foundation meets the definition of a public benefit entity so has prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP). The financial statements are prepared in sterling, which is the functional currency of the Foundation.

These financial statements are prepared on the going concern basis, under the historical cost convention and in accordance with applicable accounting standards in the United Kingdom. The principle accounting policies, which have been applied consistently throughout the period, are set out below.

The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Foundation to continue as a going concern. In particular the Trustees have considered the charitable company’s forecasts and projections that covered a 24-month period to August 2026 and have taken account of pressures in the independent school sector. After making enquiries the Trustees have concluded that there is a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future, and that there are no material uncertainties in relation to going concern. The Foundation therefore continues to adopt the going concern basis in preparing its financial statements.

b) Income

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

c) Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

d) Taxation

The charity is exempt from tax on its charitable activities.

e) Debtors

Debtors are recognised at the settlement amount.

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BEDE’S DEVELOPMENT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD TO 31 AUGUST 2024

f) Cash Cash at bank and in hand includes short term highly liquid investments.

g) Fund accounting

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

2. TRUSTEES’ REMUNERATION AND BENEFITS

The Trustees received £nil remuneration or reimbursement for the nine-month period to 31 August 2024.

3. DEBTORS

St Bede’s School Trust Sussex
HMRC – Gift Aid
Total		 £
63,620
14,326
77,946

4. FUNDS

Net
movement
in funds At 31.08.24
£ £
Unrestricted Funds 425,642 425,642

Unrestricted funds can be used in accordance with the charitable objects at the discretion of the Trustees.

5. RELATED PARTY TRANSACTIONS

M K Pattihis and Mr A Targett are Trustees of the Foundation and of St Bede’s School Trust Sussex. Mr P Goodyer, Dr J R Northway and Mrs C E Sutton are employees of the Trust. During the year there were net movement of funds from St Bede’s School Trust Sussex, to the Foundation, of £355k. At 31 August 2024 St Bede’s School Trust Sussex held £64k belonging to the Foundation.

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