Registered Charity number.. 306306 THE BEDGEBURY FOUNDATION TRUSTEE'S REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 KS(y Foo
THE BEDGEBURY FOUNDATION CONTENTS Page Trustee's Report Report of the Independent Examiner Statement of Financial Activities 10 Balance Sheet Notes to the Financial Statements 12
THE BEDGEBURY FOUNDATION TRUSTEE'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Truste8 presents its report and the unaudited financial statements of The Bedgebury Foundation {°the chariw) for the year ended 31 August 2024. The Trustee confirms that the report and financial statements of the charty comply with the current statutory requirements, the requirements of the goveming document, and the provisions of "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)" (Charities SORP (FRS 102)). ObJ•etives and actlvlties The Trustees of The Bedgebury Foundation Trustee Company agreed the following objects for The Bedgebury Foundation with the Charity Commission in the scheme dated 31 August 2007. The charity is for the benefrt of the public to advance education and training in accordance wilh the principles and practices of the Church of England through any or all of the following means- Giving grants, bursaries, or other payments to young people under the age of 25 (or to educational institutions attended by such beneficiaries) to enable them to continue to undertake a course of study or training., or to enable them to travel abroad to pursue their education. Providing financial or other assistance to individuals to assist their training as teachers The provision and operation of a day andlor boarding school. The principal activty of the charity in the year under review was that of making grants for the benefit of young people through the first means. The Trustee has paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Achievements and performance There were four ways grants were awarded in 2023-2024 Inspiring Young Minds, by application with a Language Communication theme in Spring 2024, 26 awards totalling £67,200 Teacher and Training, by application in Autumn 2023 and Spring 2024, 20 awards totalling £57,400 uml>er th Award5 2023-2Q24 School Partnerships with Hartsdown Academy and St John Primary- the Year 3 grant awarded for 2024-2025 totalling £48,500 for the two schools. Two grants to charities totalling £1,000 The charity evaluates the outcomes achieved by grants each summer mostly looking at awards made in the previous year. The following outcomes refer to grants awarded in the year to 31 August 2023 and most of the activf(ies were undertaken in the current year to 31 August 2024.
THE BEDGEBURY FOUNDATION TRUSTEE'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Inspiring Young Minds Nurnber of ChRdren Supported KS3 Teacher: All children are now Ip?ore confident lip class and are able to contiibule to class discuSsnS Teacher.. Those children requiring speGialist speech and language intenignlioi?s are lired of sitling with readiiig books and flash cards. we liave been able to widen the typos of text showing sludents how reading rrts into their everyday Iwes. I think this has been Ilie best investn?enl 17rhDol YXth rai5581uudi 90% 89% 8&5% All schools stated the grant had provided a legacy beyond the year of support for both children and the teacher learning strategies to support those children. Teaching and Training The Teaching and Training grants can be roughly split into short courses for one or a group of staff usually with Continuing Professional Development {CPD) accreditation or longer courses at level 5 to Masters level. All courses contribute to long temi transferable skills into state schools and the longer courses may not be completed for several years after the award of a grant. For holders completing cours8S there has been pleasing feedback.. For Longer courses '1 have been able lo work wilh children at risk of dyslexia diwtly and support them with strategies to use in the classroom. .and I have 8dvised many teachers and teaching assistanls within the school on how lo best support IndivuaIs. I produced a guide andpresentalion on supporting pupils with dyslexia and have delivered this in my own school and al a Tnjst conference that was 8ltended by staff from ten other schcK)Is' 'Young people have benefitled as I have created a 'dyscalculia' supportive provision for multiplic8tion tinles tables, I have been able lo provide pantS and cargts with specific arefis in which lo support their children and I have been able to equip the leaming support department specific n7aths equipment that is needed to make maths leaming fun and concrete,
THE BEDGEBURY FOUNDATION TRUSTEE'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 'Gr8ater understanding of SEND needs related to emotional wellbeing has enabled me to S8t up nurture areas and inlerrfentions 8nd promote a deeper understanding of emotion81 self-regulation amongst slaff. The school has also been ass8ssed and achieved both a Nurture UK accreditation and a Wellb8ing award, For CPD 'We trained staff in Drawing and Talking therapy and Emotional Literacy. Offering this support to children enables u8 to address barriers to 18arning and promote wellbeing and mental health, School Partner8hlps The Trustee has looked at different ways of reaching more children effectively and from 2022 has been piloting significant multiyear grants to schools with pupils facing multiple and complex challenges. The schools were selected using publicly av8ilable data and the Trustee was looking for engaged and forward-thinking leadership teams. Hartsdown Academy in Maryate (Total Grant awarded over 3 years £84,000) In 2022 H8rtsdown Academy's accepted proposal to the Trustee was to develop a whole school approach to supporting children with their social, emotional and mental health need5 {SEMH) Slongside a continuum of provision for those with greater levels of SEMH challenges. The key achievements in the past year are: Reductions in high level behavioural difficulties. isolations and alternative provision Students and parents report feeling an increasing level of safety and communication in school Improvement in attendance at Parents evenings Commencing STRIVE curriculum -Schol8rship, Teamwork, Resilience, Integrity, Vision and Excellence. Commenced use of THRIVE Changes in leadership team to provide more focus on supporting students wellbeing St John's Church of England Primary School in Canterbury (Tolal Grant awarded over 3 years £85.500) In 2022 St John's accepted proposal to the Trustee was to improve assessment methods and training to identify Special Educational Needs at the earliest opportunity 8nd enable suitable provision to be provided. The key achievements reported this year are: THRIVE has been successfully intrOdUd enabling both whole school (by class) activities and individual assessments. Introduction of personalised interventions for students to help them progress on their Thrive journey Jigsaw- a mindful approach to PHSE has been Introdu across the school The at school Speech and Language Therapist has worked with 34 children and trained staff to help other children in the classroom Widget has been successfully introduced across the school to help with language development A culture change across staff team in supporting students Social and Emotional wellbeing and development of language skills in classroom
THE BEDGEBURY FOUNDATION TRUSTEE'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Environment. Social and Governance (ESG) The Trustee aims to meet the charity's objects and commitment to beneficiaries in a manner which follows best practice in terms of ESG. The Foundation has appointed professional investment advisers, RBC Brewin Dolphin, to manage its. investments. Their choice of equity investments is subject to ESG screening and RBC Brewin Dolphin itself is a responsible investor considering sustainability, ethics, human rights. workplace safety. emissions. deforestation, and many other similarfacts in their investment decision making. The Trustee strives to reach those on the furthest edge of education whether that place be driven by deprivation, additional leaming needs or by emotional trauma. Many of the grants also have environmental benefits such as Forest School equipment and training. The Trustee is committed to good govemance and policies and procedures a infomed by guidance and training from the Charities Commission. the association ofcharitable Foundations. Charity Finance Group. The charity adopts the principles set out in the Charity Govemance Code underpinned by a mpetent. infomied and engaged Trustee. Investment pollcy and performance The charity has the power to invest in any way the Trustee sees fiL The Foundation's Endowment Fund 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 RBC Brewin Dolphin, the Trustee has identified several ethical exclusions along with p051tive inclusions for organisations that invest in vocational training. Following the decision by the Trustee to adopt a Total Return Basis for managing the Foundation's funds from the 31 August 2021 the Statement of Investrnent Policy has been updated to enable RBC Brewin Dolphin to achieve the new policy objectives by focusing on capital and income growth rather than needing to maximise income flows. The single portfolio is managed at risk level 6, with a higher level of inveslments held in equities with the aim of achieving higher retums in the long temi. The Trustee was pleased to see investment gains this year that offset most of the Investment losses of the last years. The Total Retum net of management fees was 12.70/D (2023.. minus 0.860/o} resulting in a £509.338 gain {2023= £174,284 loss). The Trustee notes that the markets remain volatile and uncertain given the possible impacts of global changes of leadership and unre501ved conflicts. Within the total return income was broadly similar to last year at 30/0 of the value of the portfolio at the start of the financial year {2023= 3.200/0)- In absolute terms. investment income decreased in 2024 to £149,187 (2023: £164.492) reflecting the lower value of investrnents at last year end. 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 mitigaling actions tabled at each board meeting.
THE BEDGEBURY FOUNDATION TRUSTEE'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 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 previousty been sought to establish retention periods for historical school records. Financial review The overall results of the charity are shown on page 10. There was a small reduction in income related to investment performance £149,187 (2023.. £164,492). The cost of providing charitable activities increased to £171,430 this year {2023.. £113,957). The increase comprises a growth in net grant making to £139,828 {2023'. £84,621)- The Trustee is gradually increasing grant making but grants withdrawn remain higher than they would like. These usually arise because the grant holder no longer wants to undertake an activity, for example training. It is rarely a punitive action. Operating costs are largely stable with inflationary increases in some areas being offset with a reduction of premises and staff costs. Unrestricted funds worth £105,989 were held at the year-end (2023.. £82,291). The Trustee plans to spend some of this through increased grant making next year. Restricted reserves increased slightly to £18,106 (2023.. £17,118) due only to an interest payment. As at the year end, the Endowment Funds totalled £5,336,106 (2023.. £4,910,208) and is discussed further below. The underlying activities and events that have had direct impact on income and expenditure of the charity have been discussed in detail elsewhere in this report, in particular in Achievemgnts and Performance and in Invgstmgnt Policy and Performance. Endowment Reserves under Total Return Accountlng The Twslee elected to adopt the total return accounting policy for endowment funds with effect from 31 August 2021. The initial Trust for Investment was estsblished at £3,745,987. The Trustee intends to allocate from the Unapplied Total Return (UTR) 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 beeen current and future beneficiaries and to maintain the balance of the UTR at an appropriate level considering the volatility of investment markets and inflation. The Trustee will protect the interest of future beneficiaries by making a transfer from the UTR to the Trust for Investment (Tforl) going forward. Any transfer from Unapplied Total Return to the Trust for Investment must be capped at the cumulative Consumer Price Index (CPI) to comply with Charities Commission guidance on applying Total Return Accounting. The Reserves Policy requires that over a three-year rolling period a transfer equivalent to at least half of CPIO/D over the same period should be made. In the year to 31 August 2022 the Trustee made a transfer equivalent to prevailing CPI of 9.9° (£370.853). Last year CPI as of 31 August 2023 was 6.7 %, the Trustee decided notto make any transfer to best balanS current and future needs of beneficiaries. In this year to 31 August 2024, the portfolio has experienced good capital growth, and the Trustee has decided that greater protection of future beneficiaries is required. Consequently, a transfer equivalent to the prevailing CPI of 2.20A {£90.499) has been made from the UTR into the Trust for Investment. This equates over a three-year period to be 12.1010 above the minimum transfer required by the reserves policy of 9.40/0. The Trustee has set a target reserve policy for the UTR and General Fund equivalent to the value of any grant offers not provided for in the accounts plus operating costs for one year plus 50/D of the value of the Trust for Investment to allow for any downward investment market pressures. This is achieved
THE BEDGEBURY FOUNDATION TRUSTEE'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 through determining the transfer to Trust for Investment and the level of grant making. As of 31 August 2024, this equated to minimum reserves of £263,678. The minimum rather than a target reserve policy allows a prudent spend plan of any excess UTR over several years. The Unapplied Totsl Retum stood atover£1,132,215 {2023.' £796,610) and the General Fund £105,989 {2023.. £82,291) giving a total of £1,238,204 (2023.. £878,901). The total is well above the minimum reserve policy. Plans for future perlods In 2024 the Trustee reviewed the grant making strategy with the objective to reach more young people in need, reduce the administrative burden of grant making and develop an appropriate spending plan for the UTR. The Trustee will continue grant making via schools under the current programmes. Grants totalling just over £200,000 are likely for the next 4 years. The Trust is confident the reserve levels already discussed will support this level of grant making. For 2024-2025 Inspiring Young Minds and the Teacher and Training programmes will continue and the Schools Partnership programme will be extended to at least two additional schools. Structu, governance and management The charity is governed by a scheme approved by the Charity Commission dated 31 August 2007 and amended on 15 July 2021. The parent entity, by virtue of it being the Corporate Truslee 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 Bedgebury Foundation Trustee Company is company number 04259130 and registered charity number 1089801. The directors of the corporate charty are its Trustees for the purposes of charty law and throughout this report are collectively referred lo 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.. P A Haines (appointed 12 June 2024) R Hardingham H McGill A Musker C Pollington (appointed 12 June 2024, resigned 6 January 2025) K Rees C Showell J van Eyssen (resigned 12 June 2024) l Dodds A Young The Trustee Board meets at least four times each year and is chaired by R Hardingham. The Trustee Board consider the business of the charity and approves grants for distribution. Day to day management of the charty is delegated to the Company Secretary of the Bedgebury Foundation Trustee Company, Jane Angell- Payne 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.
THE BEDGEBURY FOUNDATION TRUSTEE'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Organisational structure The control and overall management of the charty 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.. The Grant Awards Team, chaired by The Bedgebury Foundation Trustee Company Trustee, Karen Rees, membership is four additional Trustees, the Director and one volunteer with experience of teaching and assessing young people with specific learning difficulties. This team conducts the first evaluation of eligible grant applications and makes recommendations to the board. The Strategic Investment Team, chaired by The Bedgebury Foundation Trustee Company Trustee, Christopher Showell, with one other Trustee and the Director. This team leads the three yearly review of investment policy and investment managers and the annual review of investment perfomance. Reference and admlnistrative information Registered charity number 306306 Principal office address Priory Cottage Romford Road Pembury Kent TN2 4JD Independent ex8miner J Mathieson FCA Lindeyer Francis Ferguson Limited Chartered Accountants and Chartered Tax Advisers North House 198 High Street Tonbridge Kent TN9 1 BE Principal bankers National Westminster Bank plc High Street Cranbrook Kent TN17 3EA Scottish Widows Bank plc PO Box 12757 67 Morrison Street Edinburgh EH3 8YJ CCLA Senator House 85 Queen Victoria Street London EC4V 4ET Investment advisers RBC Brewin Dolphin Limited 12 Smithfield Street London EC1A 9BD
THE BEDGEBURY FOUNDATION TRUSTEE'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Statement of Trustee's Responsibilitles 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). Charity law requires the Trustee to prepare financial statements for each financial year. Under that law the Trustee has elected to prepare the financial statement5 in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Stsndards and applicable law). Under charity law the Trustee musl not approve the financial statements unless it is salisfied that they give a true and fair view of the state of affairs of the charity and of its surplus or deficit for that period. In preparing these financial statements. the Trustee is required to.. Select suitable accounting policies and then apply them consistently., Observe the methods and principles in the Charities SORP {FRS 102)., Makejudgments and estimates that are reasonable and prudent., State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and Prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue to operate. The Trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position ofthe charity and enable them to ensure that the financial statements comply with the Charities Act 2011. 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 charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. This report was approved by the Trustee on 6 February 2025 and signed on its behalf by: R Hardingham Chairman
THE BEDGEBURY FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE FOR THE YEAR ENDED 31 AUGUST 2024 I report to the Trustee on the financial statements of The Bedgebury Foundation ("the charity.) for the year ended 31 August 2024. Respectlve responsibilities and basis of report As the Trustee of the charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (°the Acf). I report in respect of my examination of the charily's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I havefollowed all the applicable Directions given by the Charity Commission under section 145(5){b) of the Act. Independent examinerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the Act., or the accounts do not accord with those records- or the accounts do not comply with the applicable requirements concerning the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any r8quirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other malters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. J Mathi on FCA Lindeyer Francis Ferguson Limited Chartered Accountants North House, 198 High Street Tonbridge, Kent TN9 1 BE Date:
THE BEDGEBURY FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 2024 Unrestricted funds 2024 2024 Restricted Endowment funds funds 2024 Total funds 2023 Total funds Note Income from: Investments 27 988 148,172 149,187 164,492 Total income 27 988 148,172 149,187 164,492 Expenditure on: Raising funds Charitable activities 4.899 171,430 31,612 36,511 171,430 36,190 113,957 Total expenditure 176,329 31,612 207,941 150,147 Net gains l (l¢)sses) on investments 509,338 509,338 (174,284) Net income { 176,302) 988 625,898 450,584 (159,939) Transfers betsveen funds 11 200,000 (200,000) Net movement in funds 23,698 988 425,898 450,584 (159,939) Reconciliation of funds: Total funds.. Brought forward 82,291 17.118 4,910,208 5,009,617 5,169,556 Carried fomard 11 105,989 18,106 5,336,106 5,460,201 5,009,617 10
THE BEDGEBURY FOUNDATION BALANCE SHEET AS AT31 AUGUST2024 2024 2024 2023 2023 Note Fixed assets Listed investments 5,321.126 4,914,572 5,321,126 4,914,572 Current assets Dividends re1vable Cash at bank and in hand 16,892 222,983 15,545 235,782 239,875 251,327 Current liabilities Creditors". amounts falling due within one year (100,800) (156,282) Net current assets 139,075 95.045 Total net assets 5,460,201 5,009,617 The funds of the charlty Endowment funds Restricted funds Unrestricted funds 5,336,106 18,106 105,989 4,910,208 17,118 82,291 11 5,460,201 5,009,617 The financial statemen ere approved by the Trustee on 025 and signed on its behalf by. R Hardingham Chairman 11
THE BEDGEBURY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Status The Bedgebury Foundation is a charitable foundation registered in England and Wales and governed by a Charity Commission Scheme dated 31 August 2007 and amended on 15 July 2021. The address of the principal office is Priory Cottage, Romford Road, Pembury, Kent TN2 4JD, Accounting pollcles The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows.. 2.1 Basis of preparation These financial 5taternents 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 UF( and Republic of Ireland {FRS 102)" (Effective 1 January 2019) - (Charities SORP (FRS 102)>, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The Bedgebury Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are inf(ially recognised at historical cost or transaclion value unless otheiSe stated in the relevant accounting policy note(s). There are no material uncertainties about the charty's abilty to continue, and so the going concem basis of accounting has been adopted. The financial statements are presented in pounds sterling and rounded to the nearest pound. 2.2 Income Income is recognised when the charity it legally entitled to it, reIpt is considered probable, and the amount can be measured reliabty. Income from investments relates to interest which is recognised in the period to which it relates, and dividends which are recognised on receipt. 2.3 Expenditure Expenditure is recognised when a present legal ar constructive obligation exists at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefits will be required to Settle the obligation, and the amount can be estimated reliably. All expenditure is accounted for on an accruals ba51S. Grants payable are recognised as liabilities when communicated in writing to the recipient, except where the offer is conditional and fulfilment of the conditions is nol considered probable, or where meeting the conditions is not within the control of the recipient. In these circumstances, the grant is recognised when the conditions have been met. Commitments for performance related grants are recognised to the extent that the performance related criteria are met. Expenditure has been classified under headings that 8ggregate all costs related to the category. 12
THE BEDGEBURY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 2.3 Expenditure contlnued Support costs are those relating to ftjnctions which assist the work of the charity but do not directly relate to its activities. Support costs have been allocated to raising funds and charitable activities on the basis of estimated usage.. raising funds 200/0, grantmaking activity 700/0, old school 10 % . 2.4 Penslon contributions 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. 2.5 Investments Investments are initially recognised at their transaction value and subsequently measured that their fair value as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughoLrt the year. Unlisted investments are held at cost less impairment. 2.6 Other flnancial Instruments The charity only has financial instruments of a kind that qualify as basic financial instruments. Short tem debtors, prepayments and creditors are measured at their settlement value. 2.7 Fund accountlng Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustee. Restricted funds are funds which are to be used in accordance with specific conditions imposed by the donor or which have been raised for specific purposes. Endowment funds are permanent capital arising from the sale of Bedgebury School by the predeces50r charity. The fund may only be expended on the costs of maintaining the capital, A total return accounting policy has been adopted for the endowment fund. Total Income In the prior period, income of £627 was allocated to restricted funds and £163,857 to endowment funds. 13
THE BEDGEBURY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Total expenditure Direct costs 2024 Support costs 2024 Total 2024 Total 2023 Expenditure on raising funds Expenditure on charitable activities: Grant-making Old School 31,612 4,899 36,511 36,190 147,119 4,716 17,146 2,449 164,265 7,165 110,388 3,569 183,447 24,494 207,941 150,147 Direct costs comprise: Investment management fees Grants awarded (see Note 51 Software licences Insurance Premises and other costs 31,612 139,728 5,171 2,765 4,171 31,304 84,621 4,418 2,524 2,849 183,447 125,716 Support costs comprise: Office and staff costs Finance costs Governance costs.. Independent examination Accounts preparation Trustees, expenses 20,947 67 21,285 98 2,150 1,330 1,750 1,250 48 24,494 24,431 In the prior year, expenditure of £Nil was applied to restricted funds and £32,430 was applied to endowment funds. 14
THE BEDGEBURY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Grants payable To Individuals Institutions 2024 2024 Total 2024 Total 2023 Grant commitments brought fomard New grants 8W8rded Grants withdrawn or refused Grants paid 18,321 128,743 147,064 174,041 174,041 { 10,396) { 23,9171 134,313) (3,925) (191,8311 (195,756) 206,151 131,861 (47,2401 (143,708) Grant commitments carried forward 4,000 87,036 91,036 147,064 All grant commitments carried forward are payable wrthin one year. The number of grants made during the year to institutions was 50 (2023.. 31) and no new grants we made in the current nor pr8ceding year to individuals. Employees Total 2024 Total 2023 Staff costs comprise.. Wages and salaries Employerfs pension contributions 19,341 1,606 19,754 1,531 20,947 21,285 During the year the average monthly number of employees was 1 (2023.. 1). No employees had remuneration in excess of £60,000 in the current nor preceding period. Listed investments At fair value.. At 1 September 2023 Additions at cost Disposals at carrying value Unrealised change in market value 4,914,572 1,535,185 (1,565,043) 436,412 At 31 August 2024 5,321,126 During the year realised gains on disposal were £70,796 (2023.. losses of £17,536). The listed investments have a historical cost of £4,776,953 {2023'. £4,860,324). Investments h81d outside the United Kingdom have a fair value of £3.401,745 (2023: £2,800,932). 15
THE BEDGEBURY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Credltors: amounts falling due within one year 2024 2023 Grant commitments (see Note 5) Other creditors Accruals and deferred income 91,036 1,041 8,723 147,064 1,001 8,217 100,800 156,282 Related party transactions The key management personnel of the charity is considered to be the Trustee. The Trustee did not receive any remuneration, benefits or reimbursed expenses during the period nor during the preceding period. 10 Analysis of net assets between funds Unrestricted funds Restricted Endowment funds funds Total funds Current year Investments Net current assets 5,321,126 14,980 5,321,126 139,075 105,989 18,106 Total net assets 105,989 18,106 5,336,106 5,460,201 Unrestricted funds Restricted Endowment funds funds Total funds Prfor year Investments Net current assets 4,914,572 (4,364) 4,914.572 95,045 82,291 17,118 Total net assets 82,291 17,118 4,910,208 5,009,617 16
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