OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-08-31-accounts

Charity registration number 306306

THE BEDGEBURY FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

THE BEDGEBURY FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustee The Bedgebury Foundation TrustCompany
Charity number 306306
Registered office Priory Cottage
Romford Road
Pembury
Kent
Auditor Norman Cox&Ashby
Grosvenor Lodge
72 Grosvenor Road
Tunbridge Wells
Kent
TN1 2AZ
Bankers National WestminsterBank plc
High Street
Cranbrook
Kent TN17 3EA
Scottish Widows Bank ple
PO Box 12757
67 Morrison Street
Edinburgh EH3 8YJ
CCLA
Senator House
85 Queen Victoria Street
Investment advisors Brewin Dolphin Limited
12 Smithfield Street
LondonEC1A9BD

THE BEDGEBURY FOUNDATION

CONTENTS

Page
Trustee's report 1-5
Independent auditor's report 6-8
Statement offinancial activities 9
Balance sheet 10
Statement ofcash flows 11
Notestothefinancialstatements 12-20

THE BEDGEBURY FOUNDATION

TRUSTEE'S REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

The Trustee presents its annual report and financial statements of the charity for the year ended 31 August 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Trust Deed, the Charities Act 2011 and "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)" (effective 1 January 2019).

Objectives and activities

The Trustees of The Bedgebury Foundation Trustee Company agreed the following objects for The Bedgebury Foundation with the Charities Commission in the scheme dated 31 August 2007.

The Charity is for the benefit of the public to advance education and training in accordance with the principles and practices of the Church of England through any or all of the following means:

-In providing financial or other assistance to individuals to assist their training as teachers;

-(i) the provision and (ii) operation of a day and/or boarding school.

The principal activity of the the charity in the year under review was that of making grants for the benefit of young people.

The trustee has paid due regard to guidance issued by the Charities Commission in deciding what activities the charity should undertake.

Achievements and performance

Grant awards

The Trustee Board decided that the charity will continue to operate the following grant programmes in Kent and East Sussex throughout the year:

During the year the programmes were communicated in the local area through the website, inclusion in funding newsletters, and letters to primary schools, senior schools and colleges of further education. The main gateway to the charity was via the website and the online grant management system hosted by Flexi Grant. In July 2021 a new website was launched to simplify this gateway and to help answer questions related to the application process.

All grant applications are made on line by individuals, their carers or professionals. There were 123 new grants awarded during the year (2020: 78) comprising 103 to individuals and 20 to organisations totalling £142,318 (2020: £126,080) over a maximum of two years. Grants withdrawn or refused amounted to £22,401 (2020: £29,716) including ENil (2020: £10,000) provided for the NEETS project which the Trustee decided to discontinue going forward. The balance primarily arises when grant holders decide they no longer require a grant often in the last few months of support or where statutory agencies step in to help. Payments of grants awarded in this year totalled £110,008 (2020: £84,657). The increase of grant payments was primarily due to additional grants being requested and awarded with the easing of lockdown measures during the pandemic.

a

THE BEDGEBURY FOUNDATION

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

During the year covered by this audit report the Foundation had two investment portfolios managed by Brewin Dolphin on behalf of the Trustee with oversight from the Strategic Investment Team. The Permanent Endowment portfolio was managed on a medium risk basis and the Unrestricted portfolio on a lower risk basis. The objectives during the year were to protect the value of the Permanent Endowment and to provide a revenue stream to fund grant awards and the running costs of the charity.

The capital value of the medium risk portfolio increased through the year. By the financial year end there was an overall upward revaluation of 18.3% (2020: downward 2.77%) net of management charges on the opening value. This portfolio achieved an income level of 3.1% (2020: 2.82%) on the value at the start of the year.

The total return net of fees on the lower risk portfolio was 12.9% (2020: 1%) reflecting the continued volativity of the global markets.

Investment Policy and Performance

The Charity has the power to invest in any way the Trustee sees fit. The permanent endowment is invested in a medium risk portfolio which has due regard to its status as a charity and its connections with the Church of England. In liaison with Brewin Dolphin, the Trustee has identified several ethical exclusions along with positive inclusions for organisations that invest in vocational training.

Other Key Policies

The Trustee has policies regarding Equal Opportunities and Safeguarding.

Risk Management

The Trustee has a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. An extensive review of the risk register took place during the year with high risks and associated mitigating actions tabled at each board meeting.

General Data Protection Regulation (GDPR)

The privacy statement is kept up to date and is available to all grant applicants and others whose data is held by the charity. Legal advice has previously been sought to establish retention periods for historical schoo! records.

-2-

THE BEDGEBURY FOUNDATION TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Financial review

The overall results of the charity's financial statement activities are shown on page 8.

Income declined to £141,948 (2020: £274,161). The comparative period included a one off settlement of £138,751.

The cost of providing charitable activities increased to £154,160 this year (2020: £125,624) with a net £23,553 increase awarded in grants (2020: decrease of £14,270).

Unrestricted reserves as at 31 August 2021 amounted to Nil (2020: £516,617). With the adoption of the Total Return Approach, the reserves of £552,359 have been transferred to the appropriate endowment fund.

Total Return Accounting

In June 2021, the Trustee resolved to adopt total return accounting as from 31 August 2021. The Trustee considered the earliest date for a reliable value of the endowment was 1 September 2010, the rationale being this was after the sale of the fixed assets transferred from Bedgebury School giving certainty to their value. The endowment at this date was valued at £3,516,723 and this value was adjusted for subsequent spend, relating to the old school, most notably the crystallisation of a Pension Trust pension liability in 2012 and 2013. The value of the endowment is preserved by inflating using the consumer price index. This calculation results in an initial Trust For Investment of £3,745,987 as at 31 August 2021. The net value of all assets at 31 August 2021 was £5,670,779. Therefore, the adoption of total return accounting creates an Unapplied Total Return of £1,908,301.

These figures are shown in the financial statements in note 14.

Total return accounting permits the charity to allocate from the Unapplied Total Return to unrestricted funds such sums as the Trustee thinks appropriate in furtherance of its work. In making these transfers the charity will seek both to be even-handed as between current and future beneficiaries and to maintain the balance of the Unapplied Total Return at an appropriate level considering the volatility of investment markets. The level of the initial Unapplied Total Return makes clear that there is scope for the charity to act prudently to increase its current level of grant awards. Accordingly, the charity intends to award grants at a similar level in the year to 31 August 2022 and thereafter to increase the level of grants which it awards. A grant strategy will be developed during early 2022 which is likely to change the nature and size of future grants.

The general funds representing net income earned but not awarded as grants no longer need to be separately identified and thus have been credited to unapplied total return funds. The Trustee will maintain the real value of the trust for investment going forward and therefore, a transfer from the unapplied total return will be made at each future year end in line with the increase in the consumer price index during the year.

The Foundation's investments are managed by Brewin Dolphin on behalf of the Trustee with oversight from the Strategic Investment Team. The objectives during the year was to protect the value of the permanent endowment and to provide a revenue stream to fund grant awards and the running of the charity. The adoption of the total return approach will enable Brewin Dolphin to be more flexible in the choice of investments not needing to be governed by income objectives. A new statement of investment policy is being developed in 2022.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The Trustee considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

ae ae

THE BEDGEBURY FOUNDATION

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Plans for future periods

The Trustee is currently working on a strategic spending plan for 2022-2027 which is likely to result in a move away from individual grants to increased grants to institutions.

Having adopted the total return approach, the Trustee has decided that the unapplied total return fund should not drop below 12 months operating costs plus 10% of the value of the Trust for investment.

PUBLIC BENEFIT STATEMENT

The Charity awards grants to any member of the public who fits its objects and the programme criteria set by the Trustee. The programmes outlined above are not restricted to any specific section of the public. The Trustee has had regard to the Charity Commission's guidance on public benefit.

Structure, governance and management

The charity is controlled by a scheme approved by the Charities Commission and dated 31 August 2007.

The parent entity, by virtue of it being the Corporate Trustee of The Bedgebury Foundation, is the Bedgebury Foundation Trustee Company, a company limited by guarantee and not having a share capital, and which is a registered charity governed by its memorandum and articles of association. The directors of the corporate charity are its Trustees for the purposes of charity law and throughout this report are collectively referred to as the Trustee.

The trustees and members of the Trustee, the Bedgebury Foundation Trustee Company, who served during the year and up to the date of signature of the financial statements were:

R Hardingham

M Beckett

Rev N R Gallagher

H Hume H McGill A Musker K Rees C Showell

J van Eyssen

The Trustee Board meets at least four times each year and is chaired by Richard Hardingham. The Trustee Board consider the business of the charity and to approve grants for distribution. Day to day management of the charity is delegated to the Company Secretary of the Bedgebury Foundation Trustee Company, Jane AngellPayne BSc ACA DChA. During the period covered by this report, Bedgebury Foundation operated from an office in Pembury, Kent. Vacancies on the Trustee Board of BFTC are advertised with an indication of the particular skills required at that time, candidates are interviewed by at least two Trustees and appointed by a majority vote of all Trustees. During the year there were nine trustees.

Organisation

The control and overall management of the charity is exercised by the Trustee Board in accordance with the Charitable Scheme and the Memorandum and Articles of The Bedgebury Foundation Trustee Company. During the period two sub-committees have operated:

-4-

THE BEDGEBURY FOUNDATION TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Statement of Trustee's responsibilities

The Trustee is responsible for preparing the Trustee's 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 and Wales requires the Trustee 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 incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the Trustee is required to:

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

The Trustee is responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in otherjurisdictions.

In so far as the Trustee is aware at the time of approving the Trustee annual report: - there is no relevant information, being information needed by the Auditor's in connection with preparing this report, of which the charity's Auditor's are unaware; and

The Trustee's report was approved by the Trustee.

R Hardingham

Chairman

Date 15 June 2022

-5-

THE BEDGEBURY FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF THE BEDGEBURY FOUNDATION

Opinion

We have audited the financial statements of The Bedgebury Foundation (the ‘charity’) for the year ended 31 August 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under the Act.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We are responsible for concluding on the appropriateness of the Trustee's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor's opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the charity to cease to continue as a going concern.

In our evaluation of the Trustee's conclusions, we considered the inherent risks associated with the charity's business model including effects arising from macro-economic uncertainties such as Brexit and Covid-19, we assessed and challenged the reasonableness of estimates made by the Trustee and the related disclosures and analysed how those risks might affect the charity's financial resources or ability to continue operations over the going concern period.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

The responsibilities of the Trustee with respect to going concern are described in the Responsibilities of Trustees for the financial statements’ section of this report.

eG

THE BEDGEBURY FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEE OF THE BEDGEBURY FOUNDATION

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustee is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustee

As explained more fully in the statement of Trustee's responsibilities, the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustee is responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intend to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

THE BEDGEBURY FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEE OF THE BEDGEBURY FOUNDATION

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We obtained an understanding of the legal and regulatory frameworks applicable to the charity, and the sector in which they operate and determined which may influence the financial statements. The charity is subject to many laws and regulations where the consequences of non-compliance could have a materia! effect on amounts or disclosures in the financial statements.

-We assessed the susceptibility of the charity's financial statements to material misstatement, including how fraud might occur by meeting with management to understand where management considered there was a susceptibility to fraud. Audit procedures performed by the engagement team included:

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

NICHOLAS GOWER-SMITH FCA

(Senior Statutory Auditor) for and on behalf of Norman Cox & Ashby Chartered Accountants and Statutory Auditor Grosvenor Lodge

72 Grosvenor Road

Tunbridge Wells Kent TN1 2AZ

16 June 2022

Norman Cox & Ashby is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

-8-

----- Start of picture text -----
| o 3dE | :2,7 :
rdEF ga“A =-| [:] in3) osxa8/8| 83 aa; j=j3| o=| oD-o+|
:
1 | g\§: |g
<2 2 7
“sesa” o.o zS=| || g85 &| 2 | 2
Si)7 N | gg| /x& &5 x- gtIunN:
c
? . | i”/ /| '
sea” oO v
‘a 6
, oc |
rd@ |
oH | 2 ‘ :
& o
s2s°® RI = | Bt elp ‘ : ~HHoO nei
=|, B== = 5 i -
5 5 , S | is
rfé
:
>
|= -o +3 . .> §|8 ] 2 g/g
E . _ ale
=FwT “|S=le|o g

1
—a , : 3
: ia5 i w
ges "
8 foe] oO 3 Voor.
| a | S || : a | 8
2 °
; =oH= | | . ino) fo)‘ ,
3
a= -™ oO t. ;oO
 8
:
= , :
| 385° 7” S : : ) : :; - :
a 8 lg $2—_ is 8 \5 é :
| 8 =+ \ . -wo LO= Ye) ve} —an:7 )| oOe[?7]
E |;
w” 2 wv
£o © ‘ ce i:
2 :
i :
:
: :
: > 2
:,: Si2 52
= on a ; | :
OES ;
|E ,o> oH B i”So &€
Qz= [8] <7:! |=:7a,: .Cy sI): N:S: ©|-:[: |,|
|) :2 | s3§ e3 =:
[aWwWwmoWuinoO>a= LLEe:qea=a==aaq|oOLiw;>fhD-«x =!asi9|£)a9]: 2&:¢o =Ero) =5:Ss:c= 32‘a::59©Y% co@2E=i=2.ee: —&gs=££bioS.ro}=2oO7)=Z: =£Ssre)f=]2=88= 26o:g5::,n5&o8 EEzze-2:c®S4=a3p23LLa&~3:o:&o2 :>we3EEoO4¢©=i pe:S-gS:2c®a:£: eo]£«=®Q<e:cx
----- End of picture text -----

THE BEDGEBURY FOUNDATION

BALANCE SHEET

AS AT 31 AUGUST 2021

2021 2020
Notes £ £ £ £
Fixed assets
Investments 9 5,579,654 4,718,468
Current assets
Investments 11 172,308 53,338
Cash at bank and in hand 85,928 230,180
258,236 283,518
Creditors: amounts falling due within
oneyear 12 (167,111) (139,618)
Net current assets 91,125 143,900
Total assets less current liabilities 5,670,779 4,862,368
Creditors: amounts falling due after
morethan oneyear 13 - (17,534)
Netassets 5,670,779 4,844,834
Capital funds
Endowment funds - general 5,654,288 4,311,729
Income funds
Restricted funds 16,491 16,488
Unrestricted funds - 516,617
5,670,779 4,844,834

The financial statements were approved by the Trustee on 15 June 2022

R Hardingham Chairman

-10-

THE BEDGEBURY FOUNDATION

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2021

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2021|2020| |Notes|£|£|£|£| |Cash|flows|from|operating|activities| |Cash|absorbed|by|operations|18|(286,200)|(170,501)| |Investing|activities| |Investment|income|received|141,948|274,161| |Net|cash|generated|from|investing| |activities|141,948|274,161| |Net|cash|used|in|financing|activities|-|-| |Net|(decrease)/increase|in|cash|and|cash| |equivalents|(144,252)|103,660| |Cash|and|cash|equivalents|at|beginning|of year|230,180|126,520| |Cash|and|cash|equivalents|at end|of year|85,928|230,180|

----- End of picture text -----

-1-

THE BEDGEBURY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the Trustee has a reasonable expectation that the charity has adequate resources to continue in-operational existence for the foreseeable future. Thus the Trustee continue to adopt the going concern basis of accounting in preparing the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Investment income which comprises dividends on listed and unlisted investments and interest receivable is recognised on a receivable basis.

= 42

THE BEDGEBURY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

(Continued)

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the activities undertaken by the charity. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants awarded are shown as a commitment in the year they are expended to be paid.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund Accounting

The permanent endowment comprises the residual funds after the sale of Bedgebury School and other land and building owned by the predecessor charity and it may not be expended other than the direct costs of maintaining it.

Restricted income funds are to be used for specific purposes laid down by the donor. Expenditure for those purposes is directly charged to the fund.

Unrestricted income funds are donations and other incoming resources received or generated for expenditure on the general objectives of the charity.

Designated funds are unrestricted funds which have been designated for specific purposes by the Trustee. There are currently no designated funds.

Pension Costs and Other Post-retirement Benefits

The charity operates a defined contribution salary sacrifice pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

-13-

THE BEDGEBURY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustee is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 investments

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2021 2021 2021 2020 2020 2020
£ £ £ 2 E £
Investment income 141,945 - 441,945 274,081 - 274,081
Interest receivable - 3 3 - 80 80
141,945 3 141,948 274,081 80 274,161
Analysis of Expenditure
Acivities Support Total Total
undertaken costs
directly
2021 2021 2021 2020
£ £ £ £
Expenditureon raisingfunds funds 39,625 5,132 44,757 34,572
Grant making 128,488 16,686 145,174 119,596
Old school 2,388 3,853 6,241 6,028
Total 170,501 25,671 496,172 160,196
Analysis ofactivities: Raising Grant Old
Funds Making School
Newgrants awarded - 119,917 - 119,917 96,364
Software licences - 3,923 - 3,923 3,797
Insurance - 1,656 504 2,160 1,879
Rent and other costs - 2,992 1,884 4,876 2,875
Investment fees 39,625 - - 39,625 29,395
Total 39,625 128,488 2,388 170,501 134,310

4 __ Analysis of Expenditure

-14-

THE BEDGEBURY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

4 Analysis of Expenditure

Analysis of ExpenditureExpenditure (Continued)
Analysis ofsupport costs:
Auditand legal fees 870 2,829 653 4352 4,000
Finance 21 68 16 105 123
Office and staffcosts 4,241 13,789 3,184 21214 21,763
Total 5,132 16,686 3,853 25,671 25,886

5 Grants payable

GRANT MOVEMENT RECONCILIATION

Programme
forindividuals		 Grants to
organisation		 Total
2021		 Total
2020
£ £ £ £
Movement
Grant liability broughtforward:
- Within twelve months 128,883 - 128,883 117,658
-More than twelve months 17,534 - 17,534 17,052
New grants awarded 101,669 40,649 142,318 126,080
Grants withdrawn or refused (22,401) - (22,401) (29,716)
Grants paid (72,959) (37,049) (110,008) (84.657)
Total liability at31 August2021 152.726 3,600 456.326 446.417
Grant liability
- Within twelve months 152,726 3,600 156,326 128,883
-More than twelve months - - : 17,534
Total 152.726 3,600 156,326 146.417

Grants payable

The number of grants made during the year to institutions was 20 and to individuals was 103.

6 Trustee

The Trustee (or any persons connected with it) received any remuneration or benefits from the charity during the year.

-15-

THE BEDGEBURY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

7 Employees

The average monthly number of employees during the year was:

2021 2020
Number Number
1 1
Therewere no employeeswhose annual remuneration wasmore than £60,000.
Net gains/(losses) on investments
Unrestricted Endowment Total Unrestricted Endowment Total
funds funds funds funds
general general
2021 2021 2021 2020 2020 2020
£ £ £ £ £ £
Revaluation of
investments 51,900 828,269 880,169 (5,182) (123,826) (129,008)

There were no employees whose annual remuneration was more than £60,000.

8 Net gains/(losses) on investments

Listed
investments
£
Cost or valuation
At1September2020 4,718,468
Valuation changes 880,169
Othermovements (18,983)
At31 August2021 5,579,654
Carrying amount
At 31 August2021 5,579,654
At31August2020 4,718,468

United Kingdom investments including cash held by Investment Manager is £2,877,364 (2020: £2,589,385). Non United Kingdom investments held are £2,702,290 (2020: £2,129,083).

Historical Cost: At 31 August 2021: £4,745,217 At 31 August 2020: £4,644,578

= 16

THE BEDGEBURY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

10 Financial instruments 2021 2020
£ £
Carrying amountoffinancial assets
Instruments measured at fairvalue through profit or loss 5,751,962 4,771,806
11 Current asset investments
2021 2020
£ £
Unlisted investments 172,308 53,338
42 Creditors: amounts falling due within one year
2021 2020
£ £
Grant liability 156,326 128,883
Other creditors 900 1,575
Accruals and deferred income 9,885 9,160
167,111 139,618
13. Creditors: amounts falling due after more than one year
2021 2020
£ £
Othercreditors - 17,534

Avis

| , i

w
Qo
s
ow
8
§		 Ons
S$38a/\a
ee8\8
< eh
+
Reo
&
08,		 Ons
S$38a/\a
ee8\8
< eh
+
Reo
&
08,
S
S
eoa”
3
ESR
se N
z
iri}		 w
5S
ae
a
af		 :
5
=
+
.
om?)
Soa
N
oe
®
ow		 3
:
~		 :
:
©
xo}SeR%
g28"
-_J
g		 B88
~ak		 2
its)
rd
=
Ss
at
>
(8
$s
8		 2
Da
go
i
-
;
2]
ega”
sis
sa
°
fr		 Do
o
ee
~<
-mS		 S
i oO
ed
soa”
of
=o%
i		 ‘
2
<:
z
.
"		 2
:
:
°
ced
@
od		 .
cwTas
Boa”
esa
ee”		 ‘
/
.
2
_
=		 c
b=
a
>
=
EezE		 Co£
ow
g
rs
2 8
O
as
Oo
=f
Ee
HG
zk %
oOo
Fd
z
no §
>
z
4
<«¢
Oo
25
.
S45
i
e
_
z 2
om
cf
wu»
Oo
r &
S
FS
Ww
o ~
faa}
ee wW
no
=<
Lu
woe
=
6&
:
zi		 :
5
:
F
g
:
:
a
g
3
:
:
2
5
(3
a
g
=
S
a
*
=
sf		 :
:
:
E
:
o
DD
2
©
:
3
7
=
‘So
i
it
Pa
G
2B
8 aT
: at
ir
5
ig:
PBEOS
ceeaSs
-_

THE BEDGEBURY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

15 Funds

At 31 Aug Transfer Transfer
and 1 Sept Incoming Resources Netgainon toTotal At31Aug
2020 Resources Expended Assets Return 2021
Unrestricted fund:
General fund 516,617 141,945 158,103 51,900 (552,359) -
Restricted fund:
Emma-Marie 16,488 3 - - - 16,491
Endowment Funds:
Permanent Fund 4,311,729 - 38,069 828,269 (5,101,929) -
Trust for Investment 3,745,987 3,745,987
Unapplied Total Return
-		 - - - 1,908,301 1,908,301
4,844,834 141,948 196,172 880,169 - 5,670,779

The Emma Anne-Marie Anderson Memorial Fund

This is a restricted fund set up in 2003. The object of the fund is to provide financial assistance to support pupils with a recognised learning disability including, but not restricted to, dyslexia, dyscalculia, dyspraxia and ADHD. One grant is made from this fund at any one time. At the year end, the fund was held in cash balances.

Endowment Funds

Included within the endowment funds is £544,759 which is the original capital of the predecessor charity. The Foundation of the Comtesse de Noailles, at its inception on 23 February 1916. The whole fund is a permanent endowment and may not be expended.

16 Capital commitments

There were no capital commitments at 31 August 2021 or 31 August 2020.

17 Related party transactions

There were no disclosable related party transactions during the year (2020 - none).

-19-

THE BEDGEBURY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

18 Cash generated from operations 2021 2020
£ £
Surplus/(deficit) forthe year 825,945 (15,043)
Adjustments for:
Investment income recognised in statement offinancial activities (141,948) (274,161}
Fairvalue gains and losses on investments (980,156) 107,167
Movements in working capital:
Increase in creditors 9,959 11,536
Cashabsorbedbyoperations (286,200) (170,501)

-20-