Charity regi5tiation nurllber 281763 IoiF Bishop Fox's Educational Foundation Unaudited Annual Report and Financial Slalemenls for the Year Ended 31 March 2025 ocm
Bishop Fox's Educational Foundation Contents Reference and Adminislralive Details Trustees, Report 2108 Independent Examinerfs Report Slalement of Financi81 Activiti05 Balance Sheet Notes to the Financial Slalements 101016
Bishop Fox's Educatlonal Foundatlon Reference and Adminlstratlve Detalls Chalr Mrs J E Barrie Truste8S Mrs J E Barrie Mr D Smart Mr¥ E M Waymoulh Mrs H Mac Connell Mrs S Naylor Mr T Hollingsworth Mr S Summerill Prof H E Kempson Tr8asuMr and Foundatlon Administrator Somerset Communily Foundation Charity Registration Number 281763 Principal Office ejts Somerset Community Foundation Yeoman House Sheplon Mallet Somer5et BA4 6QN Indepèndent ExamSner Sarah Twist FCA DChA A C Mole LLP Stafford House Blackbrook Park Avenue Taunton Somerset TA12PX Bankèrs Nalional Westminster Bank PIC 26-27 Fore Street Taunton Somersel TAI 1JQ Page 1
Bishop Fox's Educational Foundation Trustees. Report The trustees present the annual report together with the financial statements of the charity lor the year ended 31 March 2025. The Bishop Fox'5 Educational Foundation is a Charity registered with the Ch8rity Comtnissioners for England and Wales (charity number 2817631. Objectives and activities Alms The principal aim ol the Foundation is to Promote the education of young people in Ihe fomier Borough ol Taunton Deane by the provision of appropriate financial assislanoe. History and Constitution The FoLJndation's history is linked lo that of Bishop Fox'8 School, which ¢8n be traced back to 1522 and Richard Fox. Bishop of Winchester. When in 1940 a new Bishop Fox's School was built by the Local Education AuthoTIty. the propgrty which comprised th8 former school remained with the Charity. In 1991 the Charily Commissioners approved a new Scheme lo re-establish the Charily as the Bishop Fo¢s Educational Foundation with widened aims to enable ils a¢¢umulated income to be used for the educational benefit of young people in the ar8a of Taunton, Somersel. The Chaiity is unincorporated and is governed by a trust deed which was approved by the Charity Commission as a scheme on 7th March 1991 as amended by resolution on 14th May 2012, 21st September 2015 and 26th June 2017. Objectives of the Foundation The objective ol the Foundation is lo promote the education linduding social and physical training) of young people in the Borough of Taunton Deane who 819 in need of financial assistance by the aw8rdillg of grants and scholarships for educational purposes. The Foundation rnay also fund special benefits ol a kind not normally provided by the Edu¢alion Authority for any rnaintained secondary school in the Borough of Taunton Deane. On 1st April 2019 Taunton Deane Borough Counal 8nd West Somerset Council merged lo foirn Somerset West and Taunton Council, thereby abolishing the Borough of TauNlon Deane. Subsequently Someisel West & Taunton Council has become part of Somersel Council. The Tiustees have adopted the policy that references to the Borough of Taunton Deane in the Foundation's ¢on81ilution Should Continue to be interpreted as relating to the same geographical arga as would have been the case prior to the abolition of Ihe Borough of Taunton Deane. Generation of Funds The Foundation holds permanent endowment funds fiotn which income is gener8led and ulilised lor dI¢t cha[table or other expelldilure. At the time of the Scheme in 1991, the main assets of the Foundation were two investment properties which produced rental income. Those properties have sinTr been sold and the proceeds reinvested. The mairi assets ol the Found81ion now comprise diversified investment funds managed on behalf of the Trustees by CCLA. including the COIF Ch8rities Investment Fund and the CCLA Deposit Fund foi Charities. Full details ol the Foundation's COIF investments are shown in Note 7 to the accounts. The Charity does not undertake any fundraising. Page 2
Bishop Fox's Educational Foundatlon Trustees. Report {¢ontinuedl Who i¥ Eligible? Beneficiaries rnu51 be young persons underthe age of 25 who are is financial need and Either are resident in the former Borough of Taunton Deane geographical area Or are pupils 01 former pupils of maintained secondary schools in the former Borough ol Taunton Deane geographical ar8a. The maintained secondary schools and FE colleges in the area ot benefit are.. Bishop Fox's School, Taunton The Castle School, Taunton Court Fields School, Wellinglon Monklon Wood Academy, Monkton Heathfield Kingsmead School, Wiveliscomb& Selworthy Special School, Taunton Pyrtand School. Taunton . Bridgwater & Taunton College (faunton Campus only) Richard Huish College, Taunton There is a preference for pupils or former pupils ol Bishop Fo$ School, Taunton. What assistance can be given7 The assistance which may be given indude8 the award ol seholarships, exhibitions, bursaries, maintenan allowances or grants tenable at any school, university, college of education 01 other institution ol further (including professional and lechnicall education approved foi the purpose by the Trustees. 11 also includes provision of financial assistance, outfits, clothing, tools, instruments or books lo as8isI benefioiaiies to pursue their education (including the study of music and other arts) or to prepare for or enter a profession, tiade or occupation or Servi on leaving school, university or other educational establishment. The Foundation is not permilled to provide funds foi the relief of taxes or other public funds. Ongoing funding for projects lasting more than one year will not be granted, although new applications may be made for second and subsequent years in which case each application will be considered on its merits. Grants will not usually be considered for funding beyond a 10181 of 3 years. Achievements and performance During the past financial year, the Trustees have awarded or pledged £194.427 in total to young people and schools for a variety or projects. These grants will be administered by Somerset Community Foundation and comprise of the followin9'. Total Value Category Educational Grants Individuals No. of grdnts 32 15,856 108.724 Sporting Grants Individuals School Uniform Grants Individuals Musical and Othèr Arts Grant8 Individuals Institutions 13 7.515 325 28.805 18 15.527 20.000 400 194,427 Page 3
Bishop Fox's Educational Foundation Trustees. Report l¢ontinuedl Examples of giant5 awarded during the year Include". 1. Music and Performing Arts Bursary Fund 2. Duke of Edinburgh Scheme Bursary Fund 3. Mental Health Support in Schools 4. School based community arts project 5. Pupil Enrichment Activities 6. IT Equipment 7. Fees for studying Music and The Arts 8. Travel including trips and excursions 9. Books 10.Sports Equipment 11.Training and compelilion fees 12.Uniform grants The Foundation provides grants for the funding of school unilorms lor individuals eligible lor Pupil Premiurn, Free School Meals and Univo1s81 Ciedit. The amount of the rnaximum grant was £110 per child during the year. Financial review Total income lor the year was £178,547, a decrease on the previou8 year's income of £748. Total expenditure decreased from £230,276 10 £222,046. Income and Expenditure for the last five years has been as follows.. Income Expendlture Year Ended.. 31 March 2025 31 March 2024 31 March 2023 31 March 2022 31 March 2021 31 March 2020 178,547 179,295 173,978 168,004 162,453 167,755 222,046 230,276 277,160 160,945 163,403 91,569 Policy on reservgs The Reserves of the Foundation consist of the Permanent Endowrnent Reserve and the Accumulated Income Reserve. The Trustees are required to relain the Perrnanenl Endowment Reserve which is invested in order lo generate income for distribution to beneficiaries. The Perrnanenl Endowment Reserve stood al £5,009,222 as al 31 March 202512024.. £5,234,299). The Accumulated Income ReseNe represents income received in excess ol grants awarded and governan and adminislralion costs over 8 period time. As the Tiu8le&s do not award recurring grants. the only financi81 commilments of the Foundation ale ongoing governance and administialion ctssts, the reserves policy is lo relain £10,000 in the Accumulated Income Reserve lo cover approximately 6 months of governan and adrninislr8tion costs. 11 is Ihe Tiustees, policy to encourage grant applications which conform with the Foundation's granl-making criteria in order that the remainder of the Aocvmulaled Incotne Re5etve in excess ol the policy. currently amounting lo £698.954 12024.. £761,181), may be distributed at the earliest opportunity ar¢d to avoid the holding of excessive funds in the Accumulated Income Res8tve so fai as possible. Unrealised losses on investments amounted to £243,805 12024.. unrealised gain$ £447,013) ie5ulting in a net decrease in total funds of £287,30412D24.' increase £396,032). The Foundation hold5 unre5tiicted reseNes of £698,95412024". £761,181) in the Accurrulated Income Fund to be awarded for future gr8nts. Of this £570,389 12024.. £589,117) is held as fixed asset investments leaving free reserves of £128,565 {2024.. £172,064). The Foundation holds cash assets in a deposit account with the Chaiitle5 Official Investment Fund ICOIFI - this is Considered a secure fund as it has an PAAN1 credit rating by Fitch Ratings. The FoUndatn rec8ivas investment income from COIF Investments which are detailed in note 7 to the accounts. The Trustees only distribute the income that Is 8vailable to them and recognise there is also a sub$lanlial sum ol accumulated inoorne that could be available for 9ranl making so see no problem for the foreseeable future in their grant making. Page 4
Blshop Fox's Educational Foundation Trustees. Report Icontinuedl Public benefit The Trustees confirm that they have refeired to Ihe guidance conlain8d in the Charity Commission's general guidan on public benefit when reviewing the charity's aims and objectives and in planning future aclivilies. Rlsk Management The Foundation is a grant making charity. No organisalions or individuals are reliant on gr8nts made by Ihe ¢haiily. The highest risk is lo the investment assets held by the Foundation. The Trustees have appointed suitably qualified and regulated investment managers in order to mitigate that iisk. Through CCLA, the investment managers, the Foundation's inveslmenls 8r8 widely diversified to avoid the ii8k of exposure to any one inveslmenl asset cla53. The Tru8le95 have carried out an annual assessment of the Tisks 1th which the charity could be nfrOnted and have s81isfied themselves that all appropriate procedures lo limit such risks are in place. Invèstment policy and objectives The Trustees, investment objective is lo balance income generation and capital growth within an acceptable level of risk. The Trustees receive investment advice from CCLA and al one meeting each year performance and income requirements are discussed with an adviser. Governance and Management The Trustees meet fouT times each year and grant awards are rnade al ea¢h meeting. All grants musl be approved by a majority of the Trustees. Finance reports are presented al every rneeting. Policies are reviewed and updated throughout the year in accordan with the policy review schedule. There are no employees tsr premises for which the charity is responsible. No Trustees received any remuneration or expenses payments. Trustee vacancies are advertised lo secondary Schools and colleges within the Taunton Deane area and also by word ol mouth lo candidates deemed &uilable for the role. A panel of TIu5tees then consider5 all applications. selects candidates for interview and makes recornrnendations for appointment to the Board of Trustees. Page 5
Bishop Fox's Educational Foundation Trustees. Report (contlnuedl Statement of Trustees. Responsibllities The Irustees are responsible lor preparing the Iruslees, report and Ihe financlal slatements in accordance with applicable law and United Kingdom Accounting Standards including Finoncial Reporting Standard 102." The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Genoially Accepted Accounting Praclicel. The law applicable lo charities in England & Wales requires the Iiustees to prepare financial slalemenls lor each financial year which give a true and lair view ol the slate of affairs ol the chaiily and of the income and expendituie of the charily foi that period. In pieparing these financial statements. the tIU5tees are required lo.. select suilabie accounting policies and then apply them consislenlly., observe the methods and piinciples in the Chaiilie5 SORP., make judgements and estimates that ale reasonable and prudent., state whether applicable accounting standards have been followed, subjeel to any material departures disclosed and explained in the financial stalemenls.. and prepare the financial statements on the going conrn basis unless it is inappropriate lo presume that the charily will continue in business. The Iiustees are responsible lor keeping proper accounting iecords that disclose with reasonable 8¢cuiacy at any lime the financial position ol the charity and enable them lo ensure Ihal the financial statements comply wth the Chaiities Act 2011, the Charities (AOUnt$ and Report51 Regulations 2008, and the provisions ol the conslilution. The Iruslees ale also respon5ib1e lor safeguarding the assets of th8 charity and hence lor taking reasonable steps for the prevention and detection ol fraud and other irregularities. The Iru5tees are responsible for the maintenan and integrity of the corporate and financial information included on the charitable company'5 website. Legislation in the United Kingdom governlng the preparation and dissemination of financial Statements rnay differ from legi$181ion in other jurisdi¢lion5. The annual report Was approved by the trustees of the ¢h8rity on ...... d signed on 118 behalf by.. Mrs J E Barrie Chair Page 6
Bishop Fox's Educational Foundation Independent Examinerfs Report to the trustees of Blshop Fox's Educational Foundation I report to the Iru5tees on my examination of the accounts of Bishop Fo*s Educational Foundation for the year ended 31 March 2025. which are sel out on pages 8 IcTr 16. Responsibilities and basis of report As the charity trustees of Bishop Fox's Educational Foundation you are responsible for the preparation of the awounls in accordallTr with the requirements ol the Charities Act 2011 I'lhe Act'i. I report in respect of my examination of the Bishop Fox's Educational Foundation's accounts carried out under section 145 01 the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come lo my ottenlion in connection with Ihe examination giving me cause lo believe that in any rnalerial r8spettt'. accounting records were not k8Pt in resped ol Bishop Fox's Educational Foundation as required by section 130 of the Aet". or 2. the accounts do not accoid with those records., or 3. the accounts do not comply with the 8¢counling requirement$ concerning the fomi and conlenl of accounts set out in the Charities (Accounts and Reportsl Regulations 2008 other than any requirement that the accounts glV8 a'lrue and fair vievl which is not a matter considered 88 Part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding ol the accoun1$ lo be reached. Sarah Tw5t FCA DChA A C Mole LLP Stafford House Blackbrook Park Avenue Taunton Somersel TA12PX Dale.. Page 7
Bishop Fox's Educatlonal Foundation statement of Flnancial Actlvltles for the Year Ended 31 March 2025 Permanent Endowment fund A¢cumulatgd income fund Total 2025 Note Income Investment incorne 178,547 178.547 Total income 178,547 178,547 Expenditure Charitable activities 222,046 222,046 Total expendilure 1222,0461 1222.0461 Gainslllossesl on investment assets 225,07 18,728 243,805 Net lexpendilure} 225,07 62,227 287.304 Nel movement in funds 1225,0771 162,22n 1287.3041 Reconciliation of funds Total funds brought forward 5.234,299 761.181 5,995,480 Total funds carried forward 5.009,222 698,954 5,708,176 Permanent Endowment funds Accumulated Income funds Total 2024 Note In¢gm8 Investment income 179,295 179,295 Tol31 iNcom8 179,295 179,295 Expenditure on= Chaiitable activities 230,276 230,276 Total expenditure Gainslllossesl on investment a85ets {230,278} 32,006 {230,2761 447,013 415,007 Nel inoom8llexpenditurel 415,007 18,975 396,032 Nel movemerkl in funds 415,007 118.975} 398,032 Reconciliation of funds Total funds brought forward 4.819,292 780,156 5,599,448 Total funds carried fOard 5,234,299 761,181 5,995,480 The notes on pages 10 10 16 form part of these financial slatemenls. Page 8
Bishop Fox's Educational Foundatlon (Registration number: 2817631 Balance Sheet as at 31 March 2025 2025 2024 Note Flxed assets Investments 5,579,611 5,823,416 Current assets Debtors Cash at bank and in hand 44,641 101,464 44,335 222,439 146,105 266,774 Creditors= Amounts falllng due within one year 10 17.540 94.710 Net current a¥B¢ts 128,565 172,064 Net assets 5,708,176 5,995,480 Accumulated Income fund 698,954 761,181 Permanent Endowment fund 5.009,222 5.234,299 Total funds 11 5,708,176 5,995,480 The Inanci91 31alemenls on page5 8 10 16 were approved by the Iruslees, and aulhorised for issue on il>. and signed on Iheii behalf by.. M¥5 J E Barrie Chair and trustee The notes on pages 10 to 16 form part of these financial statements. Page 9
Bishop Fox's Educational Foundation Notes to the Financial Statements for the Year Ended 31 March 2025 1 Accounting policie8 General Informatlon The Foundation is unincorporated and is governed by a trust deed. Statement of complSan¢e and basi¥ of preparatlon The financial statements have been prepared under th8 hisloiic81 cost convention with items recognised al cost or transaction value unless Stated otherwise within the88 notes. The financial statements have been prepared in accordance with Accounting and Reporting by Gharities.. Statement ol ReEommended Practi applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (issued October 20191- IChaiitie5 SORP IFRS 10211, the Financial Reporting Standard applicable ill the United Kingdom and Republic of Iieland IFRS1021, and the Charities Act 2011. Bishop Fox's Educational Foundation meets the definition of a public benefit entity under FRS 102. Going concern The trustees consider that there are no material uncertainties about Ihg ch8Tily's ability to continue as a going concern. Income All income is recognised when the charity has entillement to the income, il is probable that the income wll be feceivgd and the amount can be measured with sufficient liabIlIty. Dividends are ¥ecognised once the dividend has been declared. Mustical Instrumont Loans The Foundation pViouslY gave some financi81 assistance in the form of musical instrument loans, Ihou9h no new loans ar8 now being issued. Reip1S lor instiutnent5 sold to the student on the expiry of the loan ar accounted for when the sale 15 agreed. Receipts for insliumenls returned to the Foundalion and then sold on commercial basis are accounted ftsr when the Cash is iec8lV8d. Musical inslrurnenls with an eslimated value of £2,500 ale owned by the Foundation and have been loaned lo students. Should the loan agieement be terminated, the instruments wll be sold, but the proceeds ol sale are impossible to delerwine al this stage and, therefore, the value of th@ instruments is not included in the Foundation. balance sheet. Expenditure All expenditure is recognised once there is a legal or constructive obligation lo that expenditure, il is probable seltlernenl is required and the amount can be measu& reliably. Charitable expenditure comprisgs Ih05e costs incurred by the charity in the deliv8ry of its activities and service for ils beneficiaries. It includes both cost5 that can be allocated directly lo such activities and those ctssts of an indirect nature necessary lo support them including governance costs. All resour$ expended are inclusive ol irrecoverable VAT. Charitable activities Charitable expenditure comprises Ih05e costs incurred by the charity in the Ilelivery of ils activitie5 and services lor its beneficiaries. 11 includes both cosls that can be allocated directly lo such activities and those costs ol an indirect nature necessary lo support them. Grant expenditure Grants payable are included as expenditure in the year in which they are approved by the Iruslees and has been cornmunicaled to the grant recipient. Page 10
Bishop Fox's Educatlonal Foundation Notes to the Finan¢lal Statement$ for the Year Endod 31 March 20251continuedl Taxation The charity Is 8 registered charity and is, Iheielore. exempl from liability lo taxation on ils income and capital gains. lo the extent that they are applied for chaiitable purposes. Fixed asset investments Listed investments Listed investments Esre a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at fair value al the balano sheel dale using the c105ing quoted market price. The Statement ol Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the peiiod. The Trust does not awuire or use pul options. deiivatives or other complex financial inslrumenls. Realised gain5 losses All gains and losses are taken lo the slaternent of financial 8clivili85 a5 they arise. Realised gains and losses on inveslrnerils are calculated as the difference between sales proceeds and their opening carrying value or their purchase value il acquired subsequent lo the fifst day of the financial year. Unrealised gain8 and losses are calculated as the difference between tho fair value at the period end and their carrying value. Realised and unrealised investment gains and10s8es are combined in Ihe Slalement ol Financial Activities. Cash and eash equivalents Cash and cash equivalents Comprise cash on hand and call deposits, and other short-term highty liquid investments that are r8adily eonvertible lo a known amount of cash and ar8 subject to an insignificant risk of change in value. Flnanclal in$trurnents Classification The chaiily only enters into basic financial instruments that result in the recognition ol financial asset8 and liabililies such as trade and other debtors and creditors log$lherwith loans lo related p8rties. Debt ill5tiumenls, such as trade debtors and creditors, are initially measured al transaction price and subsequently tneasured al amortl8ed c05t. Financial assets are assessed al the end of each reporting period lor objective evidenc8 01 impairment. Sf objeclive eviden ol impairment is found, an impairment Ioss 18 recognised in the incorne slalement. CTltical Accounting Estimates and Judgements The preparation of the financial staternen15 in confomity with FRS 102 requires management to make judgemenls, eslirnates and assumptions that affecl the application of policies and reported amounts of assets and liabilities. incorne, and expenses. Estimates and judgement5 are continually evaluated and are based on historical experience and olhei factors. including expectations of future events th81 are believed to be reasonable under the circumstances. The company makes estimates and assumpliorF5 conceming the future. The resulting accounting estimates will. by definition. seldom equal the related actual results. The Trustee8 consider that there are no ¢iilical accounting eslimales and judgements Ihal have a significant risk ol causing a material adjustment to the [ryIng amounts of a3sels and liabilities within the next rinancial year. Page11
Bishop Fox's Educational Foundation Notes to the Financlal Statements for tho Year Ended 31 March 2025 Icontinued) 2 Investment Income Total 2025 Total 2024 Dividends ReIvable Interest Receivable 173.731 4,816 169,927 9,368 178,547 179.295 Dividends leC61vable relate lo shares held with the Charities Official Investment Fund {COIFI. Interest re¢eivabte relates lo interest earned on the COIF Deposit Account. All inveslrnent Income relate5 tts the unrestricted accumulated income fund. 3 Expènditure on charltable activities Total 2025 Total 2024 Note Grant funding lo inslitutions Allocated support CO8ls 193,763 28,283 202,331 27,945 222,046 230,276 All expenditure on the charitabl8 activities relates to the unrestricted aecumulaled incomts fund. This comprises grants made l01ndividuals as follows.. 2025 2024 No. Grants No. Grant5 Grants- inslilulions- Somersel Community Foundation Education Giants- individuals Sporting Grants- individuals School Uniftsrm Grants- individuals Musical & Other Arts Grants- individuals 194,418 16551 196,939 969 805 218 3,400 193,763 202,331 Page 12
Bishop Fox's Educational Foundatlon Notes to the Flnanclal Statement$ for the Year Ended 31 March 2025 Icontinuedl 4 Analysis of support ¢osts Support and Governance Costs Total 2025 Total 2024 Administration Setvices provided by.. Somersel Community Foundation Insurance Independent examination Bank Charges 25,608 270 2,400 24,671 260 3,000 14 28,283 27,945 Admillistralion and bookkeeping seNiTrs are purchased from Somersel Community FoUndatn und&r seTvice level agieemenls reviewed annually by the Iru5tees. The trustees consider that these services provide the best Value for money availabl8. 5 Trustees remuneration and expenses The Foundation considers ils key managemenl personnel lo comprise of the Trustees. No trustees. nor any persons connected with them, have received any remuneration from the charity during the year12024- Nil) No Iruslees have received any ieimbursed expenses from the charity during th8 y88r12024- Nill. 6 Taxation The charity Is 8 registered charity and is therefore exempl from taxation on ils income and gains, lo the extent that they are applied to charitable purposes. Page 13
Bishop Fox's Educational Foundation Notes to the Flnancial Statements for the Year Ended 31 March 2025 leontlnuedl 7 Flxed asset investments Total 2025 Total 2024 Cost or Valuatlon Al 1 April Revaluation 5,823,416 243,805 5,376,403 447,013 At 31 March 5,579.811 5,823,416 All investments are with the Charities Offi¢ial Investment Fund ICOIFI and are slated al maiket value. Unrealised losses on investments of £225,077 12024.. unrealised gains of £415,007) relates to the perman8nl 8ndowmenl fund and £18,72812024.' unrealised gains of £32,006) lo the unreslricled accumulated fund. Market Valuè 2025 Market Valu8 2024 Price per share Ipencel Fund No. of Shares Permanent Endowment COIF Property Fund Income Units COIF Investment Fund Income Units COIF Global Equity Income Fund Income Units 440.576 203.154 104.97 1,948.06 462,473 3,957.558 456,040 4,150.961 211,939 278 589,191 627.298 Total Permanent Endowment Investments 5.009,222 5,234,299 Accumulated Income Fund COIF Property Fund Income Uni18 COIF Investment Fund Income Units 138,790 21,801 104.97 1,948.06 145,687 424,701 143,661 445,456 Total Accumulated Income Fund Investments 570,388 589,117 Tol81 Investments 5,579,610 5,823.41S P8ge 14
Bishop Fox's Educational Foundation Notes to the Flnanclal Statements for the Year Ended 31 March 2025 leontlnuedl 8 Debtors 2025 2024 Dividends Interest receivable 44,266 375 43.375 960 44,641 44.335 9 Cash and cash equivalents The Foundation operates a current account with Natwest Bank and a deposit account with Charities Official Investment Fund ICOIFI. 10 Creditor$: amount5 fallirhg due wlthin one year 2025 2024 Gr8nls payable Independent examin81ion 15,140 2,400 91,710 3.000 17,540 94,710 11 Funds Other recognised Expenditure gain$lllossesl Balance at 31 March 2025 Balance at 1 April 2024 Income Accumulated Income fund 761.181 176.547 {222.0461 118,728) fj98,954 Permanent Endowment fund 5,234,299 225,077 5.009,222 Total funds 5,995,480 178.547 222,046 243,805 5.708,176 Other recognised Exponditur& galnslllossesl Balance at 31 March 2024 Balance at I April 2023 Income Accumulated Income fund 780,156 179.295 P30,2761 32,006 761,181 Perrnanenl Endowment fund 4,819,292 415,007 5.234,299 Total funds 5,599,448 179.295 230,276 447,013 5,995,480 Page t5
Blshop Fox's Educational Foundation Notes to the Financial Statements for the Year Ended 31 March 2025 Icontinuedl 12 Analysis of net assets between funds Permanent Endowment funds Accumulated Income funds Total funds at 31 March 2025 Fixed asset investmen15 Current assets Current liabililies 5.009,222 570,389 146,105 17,540 5,579.611 146.105 17,540 Total net assets 5,009.222 698,954 5.708,176 Permanent Endowment funds Total funds at 31 March 2024 Accumulated Income funds Fixed asset investments cu[nt assets 5,234,299 589.117 266,774 94,710 5,823,416 266,774 94,710 Total nel assets 5,234,299 761,181 5,995.480 The assets in the permanent endowrnenl fund cannot be converted into income and. therefore. provide a se¢uro inve5trnenl base and source of income lor Ihe oharily. The income ol the foundation, after deducting the administration and govemance costs of the charity, is applied in accordance with the objects of the charity. There are no specific restrictions on the use of the charilys income. 13 Related party transa¢tlons There were no related party transactions in the ye8r12024- Nil). Page 16