Charity Registratlon No: 1203152 BEDE'S DEVELOPMENT FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 BEDE'S DEVELOPMENT FOUNDATION REPORT OF ThE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 coTr¥rENTS PAGE Legal and Administrattvè information Report of the Trustees Statement of TTUStees' Responsibilities Independent ExamTrnerf5 Report Statement of Financial ktivitie5 Balance Sheet Notes to the Financsal Statements 9-10 Pag BEDE'5 DEVELOPMEMf FOUNDATION REPORT OF THE TRUSTEE5 FOR ThEYEAR ENDED 31AUGusf 2025 Bede's Development Foundation (the Foundation) was formed as a Charitable Incorporated Organi5ation ICIOI and was registered with the Charity Commission (number 12031521 on 19, 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 v4ill work together to achieve their shared charitable objectives and in particular how the Trust's Development Office will support the Foundation. Trustee5 The Trustees who served during the period are,. MrWBooth Mr S M Castree Mr S F Cloke Mr C Davison Mrj E Gib50n Mr P M Goodyer Mrs IJA Muston Dr l R Northway (resigned 4 June 20251 Dr P J Church (appointed 28 August 20251 Mr M K Pattihis Mr R A Perrin Mr S R Smith Ichairl Mr M M Supnet Iresigned 4 June 20251 Mrs CESutton Mr A W Targett lappointed 17 January 20251 Unless stated all Trustees were appointed at the formation of the CIO. Registered Office Bede'5 Senior School, Upper Dicker Hailsham, East Sussex, BN27 3QH Advlsors Bankers Barclays 8ank plc I Churchill Place London E14 5HP Moore Barlow The Oriel Sydenham Road Guildford, Surrey, GUI 35R joseph Carr ACCA Hailsham BN27 3DE Solicitors Independent Examiner BEDE'S DEVELOPMENT FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 The financial statements have been Prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice opplicable to charlties preparing their accounts in accordance with the Finantial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, applitable law and the charity's governing document. STpucfuRE. GOVERNANCE AND MANAGEMENT Organi5ation The Trustees determine the general policy of the Foundation. Trustee Recruitment, Induction and Tralnln8 There must be at least 6 and no more than 15 Trustees. There are three "ex-officio" Trustees who are employee5 of the Trust and two Nominated Trustees who are the Trust Governors appointed by the Board of Governors of the Trust. Existing Tru5tee5 have the power to appoint new Trustees. New Trustees a￿ made aware of their responsibilities and provided with a new Trustee handbook. the Conflict of Interest Poliry, all other relevant polities. the risk register and any relevant Charity Commission publications. Trustees are reEularly 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 the Trust 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 tomplete a 'Declaration for Fit and Proper Per50n' 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. Thi5 is an ollgoing 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 Poll¢y The Trustee5 recognise the importance of protecting and growing the value of the Foundation's reseNes to ensure the long-term sustainability of it5 charitable objectives. An investment policy is currently being developed and will be adopted at the December 2025 Trustee meeting. Investment Powers The investment powers are governed by the Foundation's Constitutlon, which permits It to deposit oi invest funds, employ a professional fund-rnanagef. 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 a5 the trustees of a trust are permitted to do by the Trustee Act 2C(M). Publlc Beneflt The Trustees confiim 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 undertakèn by the charity and when making 8rants. BEDE'S DEVELOPMENT FOUNDATION REPORT OF THETRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 OBJEcfivES AND ACHIEVEMENTS Objertives The objectives of the Charity are to advance education at 8ede's S¢hool for the public benefit by providing funding, asslstance and support in such manner as the Charity Trustee5 shall determine. Fundrnlsln8 Fundraising 15 carried out by members the Trust's Development Office staff. Fundraising 15 aimed at alumni. parents, trusts and foundations and other interested parties. There were no complaint5 received in respect of any fundraising undertaken. The Foundation is regISte￿d with the Fundraising Regulator and committed to following its Code of Fundraising Practice. Sl8nlflcant artivlties and achievements The first two pupils have now graduated from the School and there are currently five pupils CLirrently being funded in the sixth form, The Trust's Summer School partnered with the Foundation. giving £20 from every student week, raising £54k for Summer School 2025, The Foundation received over £22k in regular donations, £54k in one-off donations and £14.8k in match givlng throughout the year, The Trusys Prefects fundraised through their tuck shops and other fundraising actwities. making over £5k. FINANCIAL REVIEW The Financial Statements for the year ended 31 August 2025 showed net income of £167k (ten months to 31 August 2024 £426kl. Reseples Pollcy Total reserves held at 31 August 2025 were £593k12024.. £426kl. 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. Resource$ The Board of Governors of the Trust 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. BEDE'S DEVELOPMENT FOUNDAnoN STATEMENT OF TRUSTEES, RESPONSIBIUTIES FOR THE YEAR ENDED TO 31 AUGUST 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for Preparing the Trustees, Report and the financial statement5 in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charitie5 in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state Df affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statement5, the Trustees are reqUI￿d to.. Select suitable accounting policieg and then apply them cons1Stentlv,' Observe the methods and principles in the Charities SORP.. Make judgernents and estimates that are reasonable ind prudent,. State whether applicable accounting Standards have been followed, subject to any material departures disclosed and explained int the financial statements,. Prepare the financial statements on the 80ing concern basis vnless it is inappropriate to resume that the charity will continue In business. 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 Report51 Regulations 20D8 and the provlsions of the Foundation deed. They are also ￿spOnSible for the safeguarding the assets of the charity and hence for laking Teasonable steps for the p￿ventIOn and detection of fraud and other irregularities. Signed on behalf of the Trustees on Chair S R Smith BEDE'S DEVELOPMENT FOUNDATION INDEPENDENT EXAMINERS. REPORT FOR THE Y&4R ENDED 31 AUGusf 2025 I report to the Trustees on my examination of the financial statements of Bede's Development Foundation 1.the Trust") fcsr the period ended 31 August 2025. As the charitws Trustees. you are responsible for the preparation of the accounts in attordance with the requirements of the Charitie5 Act 20111.the Act"). I report in respett of my examination of the Trust's financial statements carried out under 5ertion 145 of the Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 1451511bl of the Act. The Charity'5 gross income exceeded £250,0(lJ and l am qualifled to undertake the examination by being a qualified member of Association of Chartered Certified Accountants IACCAI . I have completed rny examination. I confirm that no material matters have come to my attention in connection with the examination which gtves me cause to believe that in, any material respect-. the accounting records were noi kept in accordance with sertion 130 of the Charities Act,. or the accounts did not accord with the accounting record5,' or the financial statements did not comply with the applicable requirements concerning the form and content of the financial statements set out in the Charities IAccounts and Reports) Regulatlon5 2CM)8 other than any requirement that the financial statements give a true and fair view which is not a matter considered as part of the independent examinatlon. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in thi5 report in order to enable a proper vnderstanding of the financial statements to be reached. Signed IOL Joseph Carr BEDE'S DEVELOPMENT FOUNDAnON STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 AUGusf2025 Unmtrlcted RMtrict•d Funds Funds 2025 2025 Total Total 2025 2024 Notes INCOME FROM: Oonalions 254.239 352 254,591 483,546 Total Incom• 254.239 352 254,591 483,546 EXPENDITURE ON: Charitable aclivikn'es 352 Tot•1 Exyndlture 87,185 352 87,537 57,904 N•t Incom• 167,054 167,054 425,642 N•t Movement In Funds 167,054 167,054 425,642 Fund 8alance at 111 S•ptember 2024 425,642 425,642 Fund Balanc• at 315t AugU¥t 2025 592.696 592,696 425.642 All the Charity's activities are Contlnuing. The comparative figures shown are for the ten-month period end 31 August 2024. The notes on pages 9 to 10 form part of these financial statements. BEDE'S DEVELOPMENT FOUNDATION BALANCE SHE AS AT 31 AUGUST 2025 2025 2024 Notes CURRENT ASSETS Debtors Cash at bank and in hand Net Assets 125,193 467.503 592.696 77,946 347,696 425,642 RESERVES Unrestricted Funds Total Reserves 592,696 592.696 425.642 425,642 The notes on pages 9 to 10 form part of these atcounts Approved and authorised for issue by the Trustees on IL bé & an(15igned on their behalf by,. S R Smith Chair BEDE'S DEVELOPMENT FOUNDATrON NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 AUGUST 2025 ACCOUNMNG pouaES Basls of Preparatlon These financial statement5 have been prepared in actordance with FRS 102 "The Financial Reporting standard applicable in the UK and Republic of Ireland" IFRS 1021 and the requirement5 of the Companies Act 2C(16. The Foundation meets the definition of a public benefit entity so has prepared its financial statemertts in accordance with the Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charitie5 SORPI. The financial statements are prepared in sterlin& which is the functional currency of the Foundation. These financial statement5 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 goin8 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 foreca5t5 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 con￿rn. The Foundation the￿fOre Continues to adopt the going concern basls 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 MeaSu￿d reliably. Expenditure Liabilities are recognised as expenditure as soon as there Is a legal or constrLtctive obligation committing the charity to that expenditure, it is probable that a transfer of econornic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basi5 and has been classified under headings that aggregate all cost related to thè category. Where costs cannot be ￿t￿¢t1Y attributed to particular headings they have been allocated to activities on a basis consistent with the use of ￿SOurCes. d) Taxatlon The charity is exempt from tax on its charitable activities. Debtors Debtors are recognised at the settlement amount. BEDE'S DEVELOPMENT FOUNDATION NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 Cash Cash at bank and in hand includes short term highly liquid investments. Fund accounting Unrestricted funds can be used in accordance wtth the charitable objectives at the discretion of the Trustees. TRUSTEES, REMUNERATION AND BENEFITS The Trustees received £nil12024.' £Nill remuneration or reimbursement for the year ended 31 August 2025. DEBTORS 2025 2024 St Bede's School Trust Sussex HMRC- Gift Aid Total 108.435 16,758 125,193 63,620 14,326 77,946 FUNDS At 01109124 Income Expenditure At 31,08.25 Restricted Funds Unrestricted Fund5 352 254,239 13521 187,1851 425,642 592,696 Restricted funds can only be used for the purpose that they have been given for. Unrestricted funds can be used in accordance with the charitable objects at the discretion of the Trustees. RELATED PARTY TRANSAcfioNS M K Pattihis and Mr A Targett are Trustees of the Foundation and of St Bede's School Trust Sussex. Mr P Goodyer, Dr l R Northway (to 4 June 20251, Dr P J Church Ifrorn 28 August 202SI and Mrs C E Sutton are employees of the Trust. During the year there were net rnovement of funds from St Bede's School Trust Sussex, to the Foundation. of £34k12024.. £292kl. At 31 August 2025 St Bede's School Trust Su55ex held £108k12024.. £64kl belonging to the Foundation. All the running cost5 of Bede's Development Fund are borne by St Bede's School Trust Su55ex.