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2023-08-31-accounts

Charity Registration No. 307332

Company Registration No. 00276785 (England and Wales)

Amended

BEDALES SCHOOL

(A company limited by guarantee)

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Principal Address and Registered Office Bedales School, Church Road, Steep, Petersfield, Hampshire, GU32 2DG

Website www.bedales.org.uk

BEDALES SCHOOL

LEGAL AND ADMINISTRATIVE INFORMATION

Governors

S A Nokes (Chair) (1,2,6,7) C I Arney (2,7) J Boyd (4) C L Bradbury (3) F Grey (1) J M Hanson (2,7) E A Impey (Appointed 25 November 2022) (2,7) O R Jonathan (2,5,7) S R Lehec (Appointed 10 October 2022) (1) I M A Myers (Appointed 9 February 2023) (1) E J Rees (1)

Membership of Governing Body Committees and Specific Responsibilities

(1) Education (2) Finance and General Purposes (3) Safeguarding
(4) Staff Liasion (5) Strategic Risk (6) Nominations
(7) Remuneration
Head of Bedales Schools W Goldsmith (1,2,3,4)
Bursar and Clerk to the Board of Governers R D L Lushington (1,2,3,4,5)
Head of Bedales Preparatory School, Dunhurst C R Baty (1,2)
Head of Bedales Pre-Preparatory School, Dunannie F M Read (1)
Other Current Members of Governing Body Committees N Blanchard (2)
B Cairns (1)
A Kerr (1)
R T Reynolds (2)
A Simmons (DSL) (3)
P A Thackrey (1)
G Thompson (1,3)
A R Wiggins (1)
Company number 00276785
Registered office Church Road
Steep
Petersfield
United Kingdom
GU32 2DG

BEDALES SCHOOL

LEGAL AND ADMINISTRATIVE INFORMATION

Professional Advisors

Auditor Azets Audit Services Limited
Ashcombe Court
Woolsack Way
Godalming
Surrey
United Kingdom
GU7 1LQ
Bankers National Westminster Bank PLC
4 High Street
Petersfield
Hampshire
GU32 3JF
Insurance Brokers Marsh
Capital House
1-5 Perrymount Road
Haywards Heath
West Sussex
RH16 3SY
Solicitors Veale Wasborough Vizards
Orchard Court
Orchard Lane
Bristol
United Kingdom
BS1 5WS
Farrer & Co
66 Lincoln's Inn Fields
London
United Kingdom
WC2A 3LH

BEDALES SCHOOL

CONTENTS

Page
Governing Body report 1 - 14
Independent auditor's report 15 - 17
Statement of financial activities 18 - 19
Balance sheet 20
Statement of cash flows 21
Notes to the financial statements 22 - 42

BEDALES SCHOOL

GOVERNING BODY REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)

FOR THE YEAR ENDED 31 AUGUST 2023

Amendment to Trustee's Report

The Trustee's Report was amended on 08 July 2024. The following amendments were carried out:

  1. Detail of the case study was removed from previous version of page 14

  2. Detail removed from page 14 was moved into new version pages 8 and 9

Introduction

The Board of Governors present their Annual Report and audited financial statements of Bedales School ("the Charity", "the School" or "Bedales") for the year ended 31 August 2023.

The Board of Governors confirms that the financial statements comply with the Charity’s governing document, with current statutory requirements, with applicable accounting standards in the United Kingdom, with the Charities Statement of Recommended Practice (The Charities SORP (FRS102)) and the Charities Act 2011.

Objectives and activities

The objectives of the Charity are to provide education and training in particular by carrying on a School in or near Petersfield. As such, the School promotes, sustains and increases individual and collective knowledge and understanding in the specific area of study, skills and expertise. The Powers of the Charity are set out in the Articles of Association adopted on 25 October 2012. The Governors give consideration to the Charity Commission’s guidance on public benefit when setting objectives and formulating plans.

The Governors have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

Purpose of the School

Bedales is inspiring a new generation of critical-thinkers, creators and leaders by cultivating a community of lifelong learners through its innovative, intellectually challenging cirriculum.The School's founding principle 'work of each for weal of all', centered on authentic working relationships, develops excellence in the individual whilst appreciating their central role in shaping society on every level.

BEDALES SCHOOL

GOVERNING BODY REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Bedales Vision and Strategy

In the School year 2021/22, there was extensive consultation on the Bedales purpose and vision which was agreed across the School community. Thinking then progressed in staff working parties to develop proposals to deliver the vision over the next 10 years under the four strands of ‘Learning’, ‘Living’, ‘Community’ and ‘Environment’. The 10-year strategy was formally launched in September 2023, aiming, by 2033, for the School to be a fully realised community of learners, where:

John Badley, in his Memories and Reflections (1955), wrote that ‘education has a twofold purpose: it can be thought of as directed to the personal development of the individual, or to their contribution to the community of which they are a member.’ Badley’s views, as one of the founding leaders of the School, are as important to us today as they were when the School was set up in 1893 as they remind us that Bedales is a School built on profoundly communitarian principles. The individual work of students or staff must, according to the School motto, be taken in the context of their impact on ‘all’ - whether that be fellow students, the local community, the environment or the world. We aim to be true to the School’s traditions while ensuring they remain relevant for the next decade.

The 21st century is a time which challenges educational norms more than ever: climate change is arguably one of the biggest challenges that will impact us all, especially the generations to come; technological innovation democratises knowledge and learning like never before; Artificial Intelligence opens up opportunities within learning and future pathways, undermining so many assumptions about the world of work; in addition, technology allows for much greater communication between people (and machines) but likewise creates greater chances for misinformation, division and mental health problems, particularly in the young; and we have a much greater understanding of the need for us to strive for more diverse, representative and balanced communities. In response to these challenges, we want to be a place where the coeducational and communitarian heritage of the School is constantly being reimagined for these new and emerging realities.

Despite these broader threats facing society, and the more immediate ones facing all independent Schools (political change, economic uncertainty, international instability), our strategy comes at a position of relative strength for Bedales with demand strong, numbers at an all-time high and Will Goldsmith having been confirmed as Head in February 2022 following his period as Acting Head.

BEDALES SCHOOL

GOVERNING BODY REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

GROUP STRUCTURE

Status and Administration

Bedales School is a Public Benefit Entity registered as a charity in England and Wales, number 307332. Its registered company number is 276785. The School is governed by its Memorandum and Articles of Association last amended in August 2012; the Board of Governors ensure that the Articles of Association remain current by reviewing them annually. The Governors confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Connected Charities

The School has a wholly owned trading subsidiary, Bedales Services Limited (BSL), formerly responsible for noncharitable operations but now non trading/dormant.

The Bedales Grants Trust Fund, founded in 1927, charity number 1036179, was set up to provide grants to parents of pupils at Bedales in need of financial aid to pay their tuition fees with a preference towards those parents who were themselves at Bedales School. During the year the Bedales Grants Trust Fund supported 22 pupils with grants with a total value of £254,442.

The John Badley Foundation, founded in 2010, charity number 1138332, was set up to support and promote the activities of the School and advance the education of its pupils primarily through 100% Bursaries. The John Badley Foundation provided half of the funding for each of the 11 pupils supported with a total value of £301,628.

Governors

The Governors act both as Trustees and Directors and have overall responsibility for matters in relation to the Charity. A Governor nominations sub-committee proposes any new Governors for the full Board to appoint.

Governors may be elected at any general meeting and may stay in office until the conclusion of the annual general meeting in the eighth calendar year following the year of their election. Under special circumstances a Governor may be asked to serve an additional term of up to 4 years and a Governor can be re-elected after retirement.

The Governors determine the general policy of the School and the Board of Governors meets at least three times in each academic year. The day to day management of the School is delegated to the Head of Bedales Schools and the Bursar. The Governors’ principal responsibilities are to:

BEDALES SCHOOL

GOVERNING BODY REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Organisational Management

The sub committees of the Board and the Governors with special responsibilities are listed on the Legal and Administrative page. The Finance & General Purposes Committee is chaired by J M Hanson, and the Education and Pastoral Committee is chaired by F Grey. In addition to these committees: C L Bradbury has special responsibility for Safeguarding; J Boyd is the Governor Representative on the Staff Liaison Group and oversees Nominations; and O R Jonathan has responsibility for Strategic Risk. There is a Governors’ Nominations committee and a Remuneration Committee, both of which draw on membership by Governors as required.

The key management personnel include the Governors, who are not paid, and members of the Whole School Senior Team who for the year are: The Head of Bedales School; the Bursar and Clerk to the Governors; Director of External Relations; the Head of Bedales Prep; and the Head of Bedales Pre-prep. The pay and remuneration of the key management personnel is considered, as required, by the Governors’ Remuneration Committee in view of the market rates for each post and the performance of the individuals fulfilling the roles. The Committee considers recommendations from the Head.

Recruitment and Training of Governors

A Governors’ nominations committee has been set up to recommend and oversee the appointment of Governors. It meets when necessary to plan the future membership of Governors in light of likely retirements. The Governors have a wealth of experience and many have been professionally trained through their employers; it is vital that the Board of Governors as a whole covers the full spectrum of specialisms that are required to oversee the School and the appointment of new Governors is carefully managed to ensure that this requirement is met; there is a clear succession plan. Any training gaps are filled by making the most of opportunities provided by the Association of Governing Bodies of Independent Schools (AGBIS) and other organisations. The Governors receive an update on Safeguarding and Child Protection at each Board meeting and carried out a full annual review of Safeguarding at the June Board meeting. All Governors complete annual Safeguarding training and Governors appointed during the year complete an induction process which includes Safeguarding training.

BEDALES SCHOOL

GOVERNING BODY REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

PRIORITIES FOR THE YEAR

Strategic Goals 2023 - 2033

Learning

In our School environment where divergent and creative ways of thinking are encouraged, students develop a confident understanding of their own abilities, self interests and potential.

By mapping out the curriculum and ensuring a cohesive and seamless whole school learning journey, we aim to develop a dynamic and thriving learning pathway through Bedales Pre-prep, Prep and Senior where students are inspired through exceptional opportunities, intellectual challenge, and where a commitment to excellence in teaching is prioritised.

With further innovation planned for Bedales Assessed Courses in particular, Bedales will be at the forefront of the education reform movement in offering a broader curriculum and multi-modal assessment methods that encourage a more adaptable and creative response from students. Bedales is therefore enacting what a growing number of educationalists are calling for in terms of GCSE reform which takes inspiration from high-performing school systems globally, such as Singapore where the most able students bypass exams at 16 to just take A Levels at 18, freeing space to gain the benefits of a broader, more enriching education.

A specific focus on technological innovations and environmental considerations will ensure students are well prepared for the world they will go into post education. Over the next decade, we will also focus on enhancing performance spaces across the whole school, and further ensuring learning is informed by the ‘real world’ and outdoors to make the most of our inspiring estate.

Living

We will improve the quality of boarding provision, transitioning from single-sex to mixed boarding houses.

All members of the community will learn to coexist with empathy, understanding their place as individuals and in groups. A focus on values will help students develop authenticity, self-confidence and self-awareness, whilst maintaining meaningful contributions to our school and wider communities. ‘Bedales Service’ will become a weekly feature of Bedalian life for all students. We will encourage healthy choices, grounded in physical and outdoor activities, within an environment where students live confidently and happily in the digital age.

Community

Our School environment aims to encourage and foster diversity at every level, valuing difference as a strength, and supporting all students. A doubling of our provision for full bursaries will strengthen our social mission and contribution to the wider community.

We will build on our links with like-minded educators around the world to drive educational improvements through our advocacy and engagement at national and international levels. By mobilising the Bedales community in the widest sense, we will support our young people, helping them navigate their post-Bedales pathways.

We will celebrate the many Bedalian contributions to society, harnessing the power of the diverse and inspirational role models in our community.

BEDALES SCHOOL

GOVERNING BODY REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Environment

We are constantly striving to make the world around us more beautiful in every way. We will model a systemwide approach to active environmental responsibility. All members of our community will be involved in how we live, how our food is produced and how we ensure the environment is protected.

We will engage students in how we generate more of our own energy and how we manage the School estate in a sustainable way. A ‘reduce, re-use, recycle’ philosophy will be supported by more sustainable procurement. We will select suppliers and goods based on their sustainability credentials and carbon reporting, while using local suppliers wherever possible to reduce transport and support local businesses.

FINANCIAL INSTRUMENTS

The Charity's principal financial instruments comprise bank balances, other debtors, other creditors and bank loans. The main purpose of these instruments is to finance the Charity's operations.

The nature of the financial instruments used by the Charity is such that their market value does not fluctuate as a result of changes in market prices. The Charity's approach to managing other risks applicable to the financial instruments concerned is shown on the next page.

The interest rate on bank loans is variable. The Governors regularly consider the potential impact of changes in interest rates and the actions that would need to be taken if any changes were likely to occur. The bank loans are secured by charges over some of the School’s property and repayment terms are linked to those secured assets. Other debtors are managed in respect of credit and cash flow risk by the regular monitoring of amounts outstanding. Other creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. The Governors also consider credit interest on cash balances and this is actively managed to secure interest.

STRATEGIC REPORT

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the Governors to present a strategic report.

ACHIEVEMENTS AND PERFORMANCE

Total pupil numbers at the three Bedales Schools continued to be strong: Bedales 471, Dunhurst 205 and Dunannie 96 (total pupils across the three Schools: 772). The School’s discipline over costs and containment of fee increases has ensured that the School’s finances are robust position which will help with the continuing uncertain challenges of the current economic and political climate.

Bedales students secured places at some of the most prestigious educational and artistic institutions following the publication of A Level results in Summer 2023. An impressive 84% of Bedales students, 26% of whom progressed from Bedales Prep, Dunhurst, secured places at their first-choice university.

Many of the cohort took up places at UK universities featured in the 2023 QS Top 100 World University Rankings, including courses in Philosophy & Italian at Christ Church, University of Oxford; English Literature at University College London (UCL); English Literature at the University of Edinburgh; and English Literature and French Studies at the University of Manchester. Other courses to be pursued by Bedalians at QS Top 100 universities include Business & Management, Chemistry, Economics & Accounting, International Social & Public Policy, Philosophy & Spanish and Psychology at the University of Bristol; Film & Television Studies and Geography at the University of Glasgow; Philosophy, Politics & Economics at Durham University; and Biology at the University of Sheffield.

BEDALES SCHOOL

GOVERNING BODY REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Bedales’ strong reputation in the performing arts continued this year. In music, students received places for the prestigious Bachelor of Music with Honours in Popular Music course at the Royal Northern College of Music (RNCM); Music Production & Sound Engineering at Falmouth University; Popular Music at Goldsmiths, University of London; and Popular Music Performance at the Institute of Contemporary Music Performance. In drama, students took up places in Acting & Performance London South Bank University and Professional Theatre at the École Internationale de Théâtre Jacques Lecoq, Avignon.

A number of students have opted to continue their art and design education. Many will pursue Art Foundation courses at Central Saint Martins, Camberwell and Kingston, whilst others are set to study courses including Fine Art at the University of Leeds; History of Art at the University of York; Fashion Design & Development at the University of the Arts London; Jewellery & Silversmithing at the University for the Creative Arts; and Product Design Engineering at Loughborough University.

At GCSE and Bedales Assessed Course (BAC) level, eight students achieved a clean sweep of at least nine grades 9/8 (equivalent to A), and a further 13 students achieved at least nine grades 9-7 (equivalent to A-A); of these students, 12 attended Bedales Prep prior to progressing to Bedales Senior. As a cohort, the grades are very much in line with their predecessors in 2019, demonstrating how they have bounced back in the face of considerable challenges over the past two years.

Bedales’ unique curriculum means that students take a combination of the School’s own BACs combined with I/GCSEs in five core subjects. Introduced in 2006, BACs are well established, and involve a broader range of content, choice and assessment methods than the traditional GCSE, enabling students to pursue their interests and talents. BACs benefit from annual external validation by experienced moderators and are recognised as a qualification by universities.

SUPPORTING OTHERS

Bedales has a long history of supporting others in need, including refugees, whether it be the School’s partnership with the Rural Refugee Network (RRN) charity, offering places to Syrian refugees on fully funded bursaries through their GCSEs and A Levels or, further back, when Bedales welcomed an influx of Jewish students escaping Germany in the 1930s.

To broaden the School’s ability to offer bursary support and to further supplement the support provided by the Bedales Grants Trust Fund ("BGTF"), which was founded in 1929, Bedales established the John Badley Foundation ("JBF") in 2010 to change the lives of individuals who face disadvantage by providing a stable and inspiring education at Bedales Senior and Bedales Prep. By offering fully funded bursaries to children who could not otherwise have been able to consider an independent school education, the trajectories of these young people are being radically transformed. The JBF has been supporting children who have found themselves in difficult circumstances in their homes or school. The 30+ students who have received JBF support have included refugees fleeing war, as well as students from the UK. The School also offers a free ‘community’ place for a child to attend the Nursery at Bedales Pre-prep.

Fee Support 2022-23

Each year the School allocates a proportion of its gross fee income for bursary support. In addition to this, the BGTF and JBF provide financial support for bursaries and the long-term aim is to increase this total bursary support and continue to widen access to the school. The School also works with other charities to reach those in need, including Royal Springboard and Buttle UK. Below is a summary of the support provided in 2022-23:

Bursary Support £1.94m Bursary support as % of gross fee income 8.32% Exhibition and scholarship support £0.10m Total fee support as % of gross fee income 8.75%

Number of pupils benefitting from fee support 110 (up from 104 in 2021-22), of which 26 had support of over 75%

BEDALES SCHOOL

GOVERNING BODY REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

With the JBF established, the School community has been well placed to continue supporting families from Ukraine in 2022/23 with eight students spread across Bedales Prep and Senior, housed with local families or boarding.

Supporting others is at the heart of the Bedales curriculum. Global Awareness (GA) is taught as a distinct subject across the whole School, from Pre-prep to Senior, culminating in Bedales’ most popular Bedales Assessed Course (BAC) and Global Perspectives Sixth Form course. The focus of GA is twofold – equipping students with critical 21st century skills and providing them with a unique insight into global issues. Activism and community service are at the heart of the BAC – students are led to becoming social entrepreneurs through groundbreaking project work which requires them to make an actual change, be that within our own community, nationally or globally. GA students regularly lead assembles and discussions, teach lessons in Bedales Prep and Pre-prep, as well as other local schools and are responsible for organising major fundraising and community events. An enrichment course in Social Entrepreneurship and Innovation for the Sixth Form aims to continue and expand these efforts further in the coming years.

Bedales Senior, Prep and Pre-prep run a number of fundraising events and activities throughout the year. For example, Bedales Prep and Pre-prep collected and delivered donations to the Petersfield Food Bank as part of Harvest Festival and senior school pupils raised over £12,000 for the FitzRoy autism charity (see case study).

CASE STUDY - SPOTLIGHT ON BEDALES' PARTNERSHIP WITH FITZROY

Each term Bedales students come off timetable for a community day named after figures in the school’s history. Previously, there has been support for local charities, work in the community, assisting local primary schools with landscaping projects, and also working to improve the Bedales School estate itself.

The main event for the community ‘Badley day’ (named after the school’s co-founder) on 21 September 2022 was designed to show what can be achieved from a collective effort and endeavour when the school community comes together to support a cause; to fundraise significant funds for a learning disabilities charity; to create educational opportunities to learn more about neuro-diversity;

to create a challenging but achievable physical challenge for students; and to foster teamworking amongst students and staff.

Events on the day included:

In total, 400 students and 50 staff walked 5,000+ kms in one day, raising £12,300 for the FitzRoy learning disabilities and autism charity.

Marianne Radcliffe, Director of Transformation, FitzRoy commented:

“We very much enjoyed working with Bedales students and staff in this 60th anniversary year of FitzRoy. ‘Footsteps for FitzRoy’ was an incredible challenge and Bedales’ fantastic fundraising efforts will help us support people with learning disabilities enabling them to live the lives that they choose. Thank you so much to the school community for your support.”

BEDALES SCHOOL

GOVERNING BODY REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Sharing facilities

The programme of Bedales Events invites local people and schools to Bedales for poetry, music, drama, dance and more.

The school has partnerships with local state schools, groups and initiatives, and every opportunity is taken to share our facilities for wider benefit. This year, local organisations have benefitted from highly subsidised or free use of Bedales resources, including:

• Steep Village – hosting of annual Flower Show; prep pupils also played music for the local residents’ ‘Welcome Club’ in the village hall

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The financial performance of Bedales School was good and after the difficult COVID years there is clear evidence of recovery with strong fee income and tight management of costs enabling a healthy level of reinvestment in the fabric of the School to ensure that it is maintained and improved in line with strategic plans.

There has been a change in focus to ensure that reinvestment relies less on loans and debt levels therefore remain relatively low. Current debt has been renegotiated over a longer period and a RCF introduced and this has reduced repayments considerably and resulted in more funds being available for reinvestment in each financial year.

The net income for the year amounted to £867,822 (2022: £648,328). Additions to fixed assets during the year are outlined in note 13 of the accounts. These amounted to £2,037,740 (2022: £2,021,556) and consisted mainly of refurbishing the covered way and the assembly hall, replacing the roof and windows of the music block, replacing the windows of the girls boarding house and refurbishing the science labs.

A total of £2,047,335 was provided in the form of means tested bursaries, scholarships and free music lessons; this total included grants from the Bedales Grants Trust Fund, the John Badley Foundation, Rank Foundation and Royal National Children's Springboard Foundation. As a total the bursary support represents 8% of gross fee income.

Policy on reserves

The School’s assets are sufficient to meet its obligations and are all held for use by the School. The unrestricted School funds are being held to finance current and future capital projects.

At 31 August 2023, the total funds of the School were £25,584,994 (2022: £24,565,510). Of these £38,825 (2022: £38,300) are restricted funds. Of the remaining reserves, £32,538,687 (2022: £32,163,490) is represented by tangible fixed assets. Therefore, the School has currently allocated all of its free reserves, supplemented by borrowings, on fixed assets.

The School has a 10 year plan which sets out its expected expenditure on fixed assets which will continue to improve the facilities of the School. This plan is managed in detail over the first 5 years with expenditure approved by the Board for the first 2 years.

BEDALES SCHOOL

GOVERNING BODY REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

The School believes that it is able to operate without free reserves and wishes to continue upgrading the facilities of the School through steady surpluses supplemented by borrowings.

Total unrestricted funds include a funding deficit of £Nil (2022: Nil) calculated under FRS 102 in respect of the Schools defined benefit pension scheme for support staff (see note 20 for more information). The Governors believe that this notional funding calculation, which can vary between surplus and deficit according to the assumptions made at the year end, does not have a significant effect on the School’s cash flow in the short term and that in the longer term its effects are sustainable out of future income.

The reserves policy of the School is reviewed on an annual basis by the Governors.

Fundraising

In 2022/23 the focus was fundraising for full bursary support via The John Badley Foundation (JBF). The longterm aim is to raise sufficient donor income to build an endowment fund whilst also providing direct bursary support from donations. The School’s Head of Development works with colleagues and volunteer parents and alumni to create and manage the fundraising programme, which overall in 2022/23 raised £265,395 of which £231,486 was for full bursary and other support to the School via the JBF. An additional £5,937 was raised for the Bedales Grants Trust Fund, and £27,972 for general School improvements.

As part of the JBF, the School launched a new Emergency Refugee Fund in 2022 to support Ukrainians and others fleeing war and persecution. Fundraising for this initiative continued in 2022/23 with an additional £15,464 which included a trail run fundraiser by students, parents and alumni. This enabled eight Ukrainian pupils to attend Bedales Prep and Bedales Senior.

The School is very appreciative of members of the wider School community for their generous support of its fundraising activities which included live events and individual approaches. Donors choose a variety of ways to support the School, such as through single donations, purchasing merchandise, offering raffle prizes, regular donations, donating works of art, and making legacy commitments.

There were no complaints received during the year relating to the School’s fundraising activities. The School has robust policies in place regarding vulnerable people and treating donors fairly.

STRATEGIC RISK

The governing body is responsible for the identification and management of risks. The major risks to which the School is exposed, as identified by the Governors, have been reviewed and systems and procedures established to manage those risks. Detailed examination of the risks and establishment of controls to mitigate them is delegated to the Whole School Senior Team and the process is overseen by the lead Governor for Strategic Risk in close liaison with the Finance & General Purposes Committee on behalf of the governing body. A formal review of the risk management processes is undertaken annually at the March Board meeting. The focus is primarily on where risk is either increasing or decreasing and this then allows for the direction of resources, accordingly.

BEDALES SCHOOL

GOVERNING BODY REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

The principal risks to which the School is exposed include those affecting protection of pupils and the security and preservation of charitable assets both now and in the future. Significant risk areas are:

- The Political and Economic Environment:

The Board of Governors regularly considers the political environment and how this impacts on the School and how to best prepare for challenges that may come about through changes. The potential threat to independent schools from any changes in government policies surrounding charities and in particular fee charging schools remains, especially with the Labour Party being clear that is would add 20% VAT to school fees. This represents a significant threat to the sector and one that could result is a significant drop in pupil numbers but a corresponding and equally significant additional and over capacity demand for maintained sector schools. There would also be a significant threat to staff employed by schools as many would have to look to make cost savings to be able to survive. Economic growth has been sluggish over the last few years and this impacts on parents’ ability to choose an independent school education for their children. The School is however well-prepared and is focussing on offering a high quality and different learning experience to the children in all three schools as recognised in the recent ISI Inspection report. Political and economic risks are outside of the control of the Governors, but the possible impact of these is considered to be significant and is regularly by the Governors and any possible mitigation taken by the School.

- Competitive Market

The market in which the School operates is highly competitive and developments in education are monitored to ensure that pupils always receive an excellent, holistic, and varied educational experience in the School. Bedales sets out to be different, as recognised in the recent ISI Inspection and preserving this difference is vital to its continuing success. The ten-year strategy seeks to reinforce this difference. Maintenance of strong pupil numbers in all three Schools is imperative and a strong and target focussed External Relations team market the School effectively. The pupil roll for 2023/24 is higher than it has ever been and the forecast for 2024/25 is that the School will be at a similarly high roll number.

- Safe Environment

The School strives to ensure that all staff and pupils are able to work in a safe and supportive environment. Being able to operate a safe School is essential and all possible measures are taken to keep staff and pupils safe. Active monitoring of pupil wellbeing and welfare is undertaken by the pastoral care and Designated Safeguarding Lead team. Safeguarding procedures are tightly managed with clear policies and procedures in place supplemented by appropriate training for staff and strong safer recruitment practices.

Appropriate employment policies and procedures are in place under the management of the Bursar and the Human Resources team. Health and Safety procedures are clear and under regular review by the Health and Safety Manager and the Health and Safety Strategy and Policy Committee chaired by the Head of Bedales Schools. There are separate Health and Safety committees for: Bedales; the Support Staff; and one covering Dunhurst and Dunannie.

- Compliance

The School operates in a highly regulated sector and the Whole School Senior Team ensures that the School is up to date with legal and regulatory requirements. School or individual membership of bodies, being either the constituent associations of the Independent Schools Council or other professional bodies, also ensure access to up-to-date information and support.

- Legal & Financial

The School operates in an increasingly litigious environment and appoints appropriate professional advisors and purchases insurance using specialist brokers and advisors so that we can address requirements and meet potential challenges.

BEDALES SCHOOL

GOVERNING BODY REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Key controls used by the School to help mitigate risk and uncertainties include:

The School plans strategically; having regard for risk. The Whole School Senior Team provide the governing body with regular reports which include details of principal strategic objectives and the activity being undertaken to achieve those objectives. The School also records significant achievements and updates the governing body on short-term plans.

EMPLOYMENT POLICY

An Employer of Choice

Bedales is first and foremost a community and as such the staff are central to this; it is vital that there is a sense of belonging in our staff and that they feel valued for their contribution. Working for Bedales should bring pleasure and a sense of purpose, built on strong friendships and a shared belief in learning and developing one’s talents. The experiences that we want the pupils to have when at Bedales translates directly to the experiences that we want the staff of the School to have as they spend time in our community. Above all, we believe in the Work of Each for the Weal of All as we educate children Head, Hand and Heart.

Equality, Diversity and Inclusion

The School is an equal opportunity employer and is determined to ensure that no applicant or employee receives less favourable treatment on the grounds of race, gender, age, disability, religion, belief, sexual orientation, marital status, or is disadvantaged by conditions or requirements which cannot be shown to be justifiable. Each year, we publish our Gender Pay Gap report.

Consultation and Employee Voice

Consultation with staff is central to the Bedales ethos as a community and the School aims to take the views of its employees into account when decisions are made that are likely to affect their interests. The Staff Liaison Group is our body of elected representatives and provides a route for consultation and for employee voice direct to senior management and Governors through the Governor representative on the Group.

The staff of the School are made aware of the financial performance of the School and are able to talk to the Bursar about this performance at any time. The work undertaken in 2022/23 to redefine the vision and strategy for the School for the next 10 years involved consultation groups and a wide range of the School’s staff. Every member of staff has the opportunity to contribute to thinking about the future of the School.

The School encourages a questioning staff body and provides as many routes as possible for this. The staff have the opportunity to contribute in surveys and their feedback is welcomed and can help shape the School. There are opportunities for staff to suggest improvements and their help in finding better ways to meet requirements or find efficiencies is actively encouraged.

BEDALES SCHOOL

GOVERNING BODY REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

SUSTAINABILITY AND CARBON REPORTING

The School is committed to reducing the impact that its operation has on the environment and takes this responsibility very seriously. The School engaged the Carbon Trust to help in this work by identifying the emissions for the School in terms of tCO2e for the Scopes 1 and 2 to provide a baseline from which to work and monitor progress towards achieve our aim of reaching Net Zero by 2045. We now calculate this each year ourselves using the relevant conversion factors

To inform our work and enable us to plan for changes, FY18/19 is used as the baseline for our data and for tracking our progress.

Our emissions baseline data is as follows:

Baseline Year (18/19) 2022/23
tCO2e tCO2e
Scope 1
1,425		 Scope 1 1,178
Scope 2
490		 Scope 2 129
TOTAL
1,915		 TOTAL 1,308
Intensity ratio
1.71		 1.13
(Scope 1 and 2 emissions per pupil or member of staff)

Meeting our Sustainability Objectives

The School purchases all electricity from certified 100% renewable sources. We will continue to seek to both reduce electricity consumption, but also to increase generation opportunities through Solar PVs and other possible technologies. Our Scope 1 emissions are those that we wish to reduce as a priority, but we are making good progress by using less and moving away from oil where we can; our intensity ratio has been reduced by 0.19 over that in 2021/22. It will take time and financial resources and available technology to reach our goals. Bedales is set in a remote location and one that is not supplied by natural gas. All heating is therefore provided using oil and LPG.

We developed plans to replace all heating for the main School buildings that use oil or LPG with ground source heat pumps, but these plans were cancelled owing to their feasibility and the financial cost. Our priority is to improve the thermal efficiency of our buildings to enable other forms of heating in the longer term. This will mean replacing windows and installing further insulation and this work is underway with many improvements made during the year and further planned in 2023/24 and beyond. We will further our work to change lighting to LEDs (something that we started many years ago) and we will continue to drive to reduce energy consumption wherever we can. All building refurbishments will be to the latest building regulation standards as a minimum and the completion of our Assembly Hall as a refurbishment and extension of an old and inefficient building will make a significant further difference.

Our long term aim is to reach carbon net zero including Scope 3 emissions by 2045, but the first target will be to achieve net zero under scopes 1 and 2 and, in partnership with all members of our community and those who engage with the School, we are confident that this can be achieved.

BEDALES SCHOOL

GOVERNING BODY REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Statement of Governing body responsibilities

The Governors, who are also the directors of Bedales School for the purpose of company law and the Trustees for the purpose of Charity law, are responsible for preparing the Governing Body Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Governors 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, including the income and expenditure, of the Charity for that year.

In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

Disclosure of information to auditor

Each of the Governors has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Governing body report, including the strategic report, was approved by the Board of Governors.

S A Nokes (Chair)

Dated: 1st December 2023

BEDALES SCHOOL

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF BEDALES SCHOOL

Opinion

We have audited the financial statements of Bedales School (the ‘Charity’) for the year ended 31 August 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the 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 FRS 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 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 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

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

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.

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.

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 Governors are 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 Companies Act 2006 require us to report to you if, in our opinion:

BEDALES SCHOOL

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF BEDALES SCHOOL

Responsibilities of Governors

As explained more fully in the statement of Governing body responsibilities, the Governors, who are also the directors of the Charity for the purpose of company law, are 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 Governors determine 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 Governors are 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 Governors either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under Chapter 3 of Part 16 of the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

BEDALES SCHOOL

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF BEDALES SCHOOL

Extent to which 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the Charity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the Charity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the Charity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the Charity’s Governors, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity's Governors 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 Governors as a body, for our audit work, for this report, or for the opinions we have formed.

Alex Temlett CA ACA CTA (Senior Statutory Auditor) for and on behalf of Azets Audit Services Limited

......................... Chartered Accountants Statutory Auditor Azets Audit Services Limited Ashcombe Court Godalming Surrey United Kingdom GU7 1LQ

BEDALES SCHOOL

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

Unrestricted
funds
2023
Notes
£
Income and endowments from:
Donations and legacies
3
-
Income from charitable activities
4
21,996,009
Other income
5
389,766
Total income
22,385,775
Expenditure on:
Expenditure on charitable activities
6
20,988,855
Other Expenditure
11
377,421
Total resources expended
21,366,276
Net income/(expenditure) for the year/
Net incoming/(outgoing) resources
1,019,499		 Pension
reserve
2023
£
-
-
-
-
168,000
-
168,000
(168,000)		 Restricted
funds
2023
£
-
-
-
-
15
-
15
(15)		 Total Unrestricted
funds
2023
2022
£
£
-
-
21,996,009
20,184,322
389,766
286,355
22,385,775
20,470,677
21,156,870
19,569,501
377,421
203,598
21,534,291
19,773,099
851,484
697,578		 Pension
reserve
2022
£
-
-
-
-
54,000
-
54,000
(54,000)		 Restricted
funds
2022
£
5,000
-
-
5,000
250
-
250
4,750		 Total
2022
£
5,000
20,184,322
286,355
20,475,677
19,623,751
203,598
19,827,349
648,328

BEDALES SCHOOL

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

Unrestricted
funds
2023
£
Net income/(expenditure) for the year/
Net incoming/(outgoing) resources
1,019,499
Other recognised gains and losses
Actuarial gain on defined benefit pension schemes
-
Net movement in funds
1,019,499
Fund balances at 1 September 2022
24,527,210
Fund balances at 31 August 2023
25,546,709		 Pension
reserve
2023
£
(168,000)
168,000
-
-
-		 Restricted
funds
2023
£
(15)
-
(15)
38,300
38,285		 Total Unrestricted
funds
2023
2022
£
£
851,484
697,578
168,000
-
1,019,484
697,578
24,565,510
23,829,632
25,584,994
24,527,210		 Pension
reserve
2022
£
(54,000)
2,809,000
2,755,000
(2,755,000)
-		 Restricted
funds
2022
£
4,750
-
4,750
33,550
38,300		 Total
2022
£
648,328
2,809,000
3,457,328
21,108,182
24,565,510

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

The funds breakdowns for the current and comparative period are shown in notes 23 and 24.

BEDALES SCHOOL

BALANCE SHEET

AS AT 31 AUGUST 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 12 32,538,687 32,163,490
Investments 13 2 2
32,538,689 32,163,492
Current assets
Stocks 15 23,311 18,403
Debtors 16 6,115,340 5,395,388
Cash at bank and in hand 3,608,826 3,694,290
9,747,477 9,108,081
Creditors: amounts falling due within
one year 18 (10,734,739) (11,067,863)
Net current liabilities (987,262) (1,959,782)
Total assets less current liabilities 31,551,427 30,203,710
Creditors: amounts falling due after
more than one year 19 (5,966,433) (5,638,200)
Net assets excluding pension deficit 25,584,994 24,565,510
Net assets excluding pension deficit 25,584,994 24,565,510
Income funds
Restricted funds 25 38,285 38,300
Unrestricted funds
General 24 25,546,709 24,527,210
25,546,709 24,527,210
25,584,994 24,565,510

The financial statements were approved by the Governors, and authorised for issue, on 1st December 2023 and signed on their behalf by:

..............................

S A Nokes (Chair)

Chairman

Company Registration No. 00276785

BEDALES SCHOOL

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023

2023 2022
Notes £ £ £ £
Cash flows from operating activities
Cash generated from operations 22 3,439,048 2,615,198
Investing activities
Purchase of tangible fixed assets (2,037,740) (2,021,556)
Proceeds on disposal of tangible fixed
assets - 15,667
Interest receivable 23,366 26,878
Interest payable (275,804) (187,794)
Net cash used in investing activities (2,290,178) (2,166,805)
Financing activities
Repayment of bank loans (187,334) (754,667)
Net cash used in financing activities (187,334) (754,667)
Net increase/(decrease) in cash and cash
equivalents 961,536 (306,274)
Cash and cash equivalents at beginning of year 3,694,290 4,000,564
Cash and cash equivalents at end of year 3,608,826 3,694,290

BEDALES SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

Summary of significant accounting policies and key accounting estimate

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

1.1 Accounting convention

Bedales School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The financial statements are presented in pounds sterling (GBP £) and round to the nearest pound.

1.2 Consolidated accounts exemption

The charity has taken advantage of the exemption under section 402 and 405 of the Companies Act 2006 to exclude the results of its subsidiary, Bedales Services Limited, from these financial statements on the basis that the subsidiary's results are immaterial for the purposes of these financial statements.

1.3 Going concern

The Governors consider that there are no material uncertainties about the Charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the Charity. The Board has paid particular attention to the ongoing effects of the current UK and global economic uncertainty and inflationary pressures and remains confident that sufficient funding is in place and there are adequate resources to service its liabilities as they fall due.

1.4 Income and endowments

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

1.5 Fees

Fees receivable are accounted for in the period in which the service is provided and are stated after deducting allowances, scholarships and other remissions allowed by the School, but include contributions received from bursaries and other trusts.

1.6 Donations

Donations receivable for the general purposes of the School are credited to unrestricted funds. Donations for purposes restricted by the wishes of the donor are taken to restricted funds.

1.7 Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

BEDALES SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

1.8 Rent receivable and interest receivable

Rent receivable, bank and other interest are accounted for as they accrue and over the period to which they relate.

1.9 Expenditure

Resources expended are accounted for on an accruals basis. Expenditure is allocated to expense headings on a direct basis except for:

The irrecoverable element of VAT is included within the item of expense to which it relates, as far as is practicable, or otherwise under the most appropriate heading.

Governance costs are included in support costs and comprise the costs of running the School, including strategic planning for its future development, auditors' remuneration, certain legal costs and all costs of complying with constitutional and statutory requirements, such as Board meetings and preparing statutory financial statements.

Payments in relation to the termination of employment are recognised when the relevant decision-making process has been completed and communicated to all affected parties.

Costs incurred in trading activities that raise funds are classified separately.

1.10 Tangible fixed assets

Tangible fixed assets are included at cost. Expenditure on items of furniture, equipment and computer equipment since 1 September 1973 is written down to nil over three periods on the basis of 33 1/3% per annum straight line. Major catering equipment and furniture is written down to nil over 15 years. Small items of expenditure and short life assets are charged direct to revenue.

Depreciation is provided on tangible fixed assets (charged the month after purchase) so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Buildings 2-10% per annum straight line Fixtures and fittings 6.67% per annum straight line IT Equipment 6.67-25% straight line Motor vehicles 10-25% straight line Equipment 10-20% per annum straight line

Freehold land and assets in the course of construction are not depreciated.

The anticipated average life of buildings is estimated by reference to 1 September 1981 (date of commencement of depreciation policy) or date of expenditure since that date.

BEDALES SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

1.11 Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.12 Leased assets

Where assets are financed by leasing arragements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation of the relevant assets is charged to the Statement of Financial Activities.

1.13 Lease payments

Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the Statement of Financial Activies over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. The capital portion reduces the amounts payable to the lessor. All other leases are treated as operating leases. The annual rentals are charged to the Statement of Financial Activities on a straight line basis over the term of the lease.

1.14 Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).

1.15 Debtors

Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

1.16 Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

1.17 Creditors

Short term creditors are recognised initially at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transactions costs, and are subsequently measured at amortised cost using the effective interest method.

1.18 Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

BEDALES SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

1.19 Pension costs

The School contributes to the Teachers' Pension Scheme at rates set by the scheme actuary and advised to the Governors by the Scheme Adminstrator. For the purposes of compliyng with the relevant accounting standards, the Teachers' Pension Scheme is accounted for as a defined contribution scheme, in accordance with FRS 102, as the School is not responsible for or entitled to receive benefit for any surplus or deficit on the scheme. Contributions are charged to the Statement of Financial Activies in the period which they become payable.

The School also operates a Group Personal Pension Plan for the support staff which is a defined contribution scheme and contributions are accounted for as a charge to the Statement of Financial Activities in the period to which they relate.

The School also contributes to a defined benefit pension scheme for support staff. The scheme is no longer open to new staff. Rates are set by the scheme actuary and advised to the School by the scheme administrator. This scheme is accounted for in accordance with FRS 102: Retirement Benefits, with the annually calculated notional surplus (to the extent that the School is expected to benefit through future reductions in contributions or refunds) or deficit on the funding of the scheme shown as a designated fund entitled "Pension Reserve", which is deducted from unrestricted funds on the balance sheet. Current service costs, curtailments, settlement gains and losses, net financial returns and actuarial gains and losses are included in the Statement of Financial Activities in the period to which they relate.

Changes in the assets and liabilities of the scheme in the period are disclosed and allocated as follows:

Changes relating to current or past service costs and gains and losses on settlements and curtailments, and pension finance costs arising from changes in the net of the interest costs and expected return on assets, are allocated to the relevant activity heading based on staff costs of employees within the scheme. Pension finance income arising from similar changes is recognised as an incoming resource. Actuarial gains and losses arising are recognised as other recognised gains and losses. The assets, liabilities and movements in the surplus or deficit of the scheme are calculated by qualified independent actuaries as an update to the latest full actuarial valuation.

Details of the scheme assets and liabilities, and major assumptions are shown in note 20.

1.20 Foreign exchange

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

1.21 Fund structure

Unrestricted funds are those available to further the School's charitable objectives at the discretion of the Governors

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the Governors.

The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor imposed conditions

1.22 Financial instruments

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the instrument is measured at the present value of the future receipts discounted at a market rate of interest.

BEDALES SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at transaction price, unless the arrangement consitutes a financing transaction, where the instrument is measured at the present value of the future receipts discounted at a market rate of interest.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Governors are 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.

Key areas subject to judgement and estimation are as follows:

Pension scheme accounting

Judgement is applied when selecting the assumptions forming the basis of the School's defined benefit pension scheme valuation.

Fixed asset depreciation

Judgement is applied when assigning anticipated average lives to the fixed assets of the School.

Bad debt provision

Judgement is applied when assessing the expected amounts to be received from outstanding term fees, each individual debtor balance is reviewed and a provision is recognised based on a considered expectation of the proportion of the debt that may not be recovered.

3 Donations and legacies

Total Restricted
funds
2023 2022
£ £
Legacies receivable - 5,000

BEDALES SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

4 Income from charitable activities

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2023 2022
£ £
Gross fees 23,384,778 21,531,026
Extra lessons income 1,038,987 833,644
Registration fees 58,994 65,544
The John Badley Foundation bursaries 301,628 137,278
Bedales Grant Trust Fund bursaries 254,442 272,778
Less: Total scholarships, bursaries, other remissions and costs (3,042,820) (2,655,948)
21,996,009 20,184,322

5 Other income

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Net gain on disposal of tangible fixed assets - 15,667
Other income 232 5,223
Interest receivable 23,366 26,878
Rental income 366,168 238,587
389,766 286,355

BEDALES SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

6 Expenditure on charitable activities

Unrestricted
funds
Pension
reserve
2023
2023
£
£
Teaching costs
14,438,420
-
Depreciation, amortisation and other similar costs
1,662,543
-
Premises
3,413,819
-
Support costs
1,371,348
168,000
Welfare
102,725
-
20,988,855
168,000		 Restricted
funds
2023
£
-
-
-
15
-
15		 Total
2023
Unrestricted
funds
2022
£
£
14,438,420
13,439,448
1,662,543
1,628,757
3,413,819
3,076,426
1,539,363
1,343,919
102,725
80,951
21,156,870
19,569,501		 Pension
reserve
2022
£
-
-
-
54,000
-
54,000		 Restricted
funds
2022
£
250
-
-
-
-
250		 Total
2022
£
13,439,698
1,628,757
3,076,426
1,397,919
80,951
19,623,751

BEDALES SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

7 Analysis of support costs

Support costs allocated to charitable activities

Printing,
Marketing and
Marketing and		 Information Staff costs Professional
postage and
communications		 technology fees
stationery
£ £ £ £ £
School operating costs 104,308 196,478 273,468 145,549 92,098
Premises costs Other support Total 2023
costs
£ £ £
School operating costs 456,883 102,564 1,371,348

8 Net movement in funds

Net movement in funds 2023 2022
£ £
Net movement in funds is stated after charging/(crediting)
Fees payable to the company's auditor for the audit of the company's financial
statements 28,550 26,940
Depreciation of owned tangible fixed assets 1,662,543 1,628,757
Loss/(profit) on disposal of tangible fixed assets - (15,667)
Pension scheme actuarial losses/(gains) 1,215,000 (2,809,000)
Other pension scheme movements 105,000 333,000
Pension contributions 273,000 279,000

9 Governors' remuneration and expenses

No remuneration or benefits were provided to any Governor during the period, other than the School purchasing Governors' indemnity insurance to provide cover of up to £5,000,000. The premium was part of the public liability premium and is not separately identified.

Travel and accommodation expenses to and from meetings of £1,410 (2022: £658) in relation to 4 Governors (2022: 2) were reimbursed to the Governors during the period. No other payments were made to any Governors.

10 Employees

The average monthly number of employees (including senior management team) during the year was:

Teaching
Support
Total		 2023
Number
155
227
382		 2022
Number
151
223
374

BEDALES SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

10 Employees

(Continued)

The staff full time equivalents in the year were 286 (2022: 276).

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
£
11,381,366
1,141,699
1,915,355
14,438,420		 2022
£
10,570,185
1,072,629
1,796,884
13,439,698

The number of employees whose annual remuneration was £60,000 or more were:

were:
2023 2022
Number Number
£60,001 - £70,000 13 8
£70,001 - £80,000 3 2
£80,001 - £90,000 1 -
£90,001 - £100,000 1 2
£100,001 - £110,000 1 -
£120,001 - £130,000 - 2
£130,001 - £140,000 1 -
£140,001 - £150,000 1 -
£160,001 - £170,000 - 1

During the year, the school did not make redundancy and/or termination payments. In the prior year £132,935 was paid relating to 6 individuals.

All of the higher paid employees are either in the Teachers' Pension Scheme, the School's Defined Benefit Pension Scheme or the School's Defined Contribution Pension Scheme.

Key management personnel

The key management roles in the School for the period were the Governors, who are not paid, the Head, Bedales School, the Bursar and Clerk to the Governors, Director of External Relations, the Head of Dunhurst and the Head of Dunannie. Their total emoluments including pensions paid and Employers National Insurance were £689,077 (2022: £620,794).

11 Other Expenditure

**Unrestricted ** Unrestricted
funds funds
2023 2022
Bank loan interest 236,612 146,806
Bank charges 77,119 7,656
Bad debt provision 24,498 8,148
Financing costs 39,192 40,988
377,421 203,598

BEDALES SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

12 Tangible fixed assets

Freehold Land
£
Cost
At 1 September 2022
15,489
Additions
-
At 31 August 2023
15,489
Depreciation and impairment
At 1 September 2022
-
Depreciation charged in the year
-
At 31 August 2023
-
Carrying amount
At 31 August 2023
15,489
At 31 August 2022
15,489		 Buildings
Assets under
construction
£
£
49,210,980
744,188
1,503,144
256,895
50,714,124
1,001,083
18,888,883
-
1,312,962
-
20,201,845
-
30,512,279
1,001,083
30,322,097
744,188		 Fixtures and
fittings
IT Equipment Motor vehicles
£
£
£
207,100
2,877,181
487,688
-
240,417
14,994
207,100
3,117,598
502,682
206,644
2,264,828
342,660
42
229,252
47,724
206,686
2,494,080
390,384
414
623,518
112,298
456
612,353
145,029		 Equipment
£
963,854
22,290
986,144
639,975
72,563
712,538
273,606
323,878		 Total
£
54,506,480
2,037,740
56,544,220
22,342,990
1,662,543
24,005,533
32,538,687
32,163,490

BEDALES SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

12 Tangible fixed assets

(Continued)

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts:

Motor vehicles
IT Equipment		 2023
£
-
-
-		 2022
£
2,183
50,526
52,709

13 Fixed asset investments

Other
investments
Cost or valuation
At 1 September 2022 & 31 August 2023 2
Carrying amount
At 31 August 2023 2
At 31 August 2022 2
2023 2022
Other investments comprise: Notes £ £
Investments in subsidiaries 14 2 2

14 Subsidiaries

Details of the Charity's subsidiaries at 31 August 2023 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
Bedales Services Limited Bedales School, Non-trading Ordinary 100.00
Church Road,
Steep,
Petersfield,
Hampshire,
GU32 2DG

BEDALES SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

14 Subsidiaries

(Continued)

The aggregate capital and reserves and the result for the year of subsidiaries excluded from consolidation was as follows:

Name of undertaking
Profit/(Loss)
Capital and
Reserves
£
£
Bedales Services Limited
(16,860)
15
Stocks
Finished goods and goods for resale
16
Debtors
Amounts falling due within one year:
Trade debtors
Amounts owed by fellow group undertakings
Other debtors
Prepayments
17
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year
Amounts included above which fall due after five years:
Payable by instalments		 2023
£
23,311
2023
£
5,817,750
7,474
43,146
246,970
6,115,340
2023
£
4,620,000
240,000
4,380,000
-		 2022
£
18,403
2022
£
5,100,599
8,040
54,116
232,633
5,395,388
2022
£
4,807,334
754,667
4,052,667
1,400,000

The bank loans are secured on the freehold premises of the School. Interest is charged at 1.75% above base rate on the loan which is repayable in 2027.

BEDALES SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

18 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Notes
Bank loans
17
Other taxation and social security
Trade creditors
Fees received in advance
Fees in advance scheme
Entrance deposits
Other creditors
Accruals and deferred income		 2023
£
240,000
291,028
519,395
7,385,831
664,898
1,215,667
232,906
185,014
10,734,739		 2022
£
754,667
245,550
361,441
7,267,123
791,716
1,248,270
259,813
139,283
11,067,863

Fees in advance scheme

Parents may enter into a contract to pay the school tuition fees in advance. The money may be returned subject to specific conditions. Assuming pupils remain in the school, the fees in advance will be applied as follows:

Within one year
One to two years
Two to five years
After five years
Creditors: amounts falling due after more than one year
Notes
Bank loans
17
Fees in advance scheme		 2023
£
664,898
589,310
744,690
252,433
2,251,331
2023
£
4,380,000
1,586,433
5,966,433		 2022
£
926,193
820,095
428,064
212,823
2,387,175
2022
£
4,052,667
1,585,533
5,638,200

19 Creditors: amounts falling due after more than one year

20 Retirement benefit schemes

Defined contribution schemes

The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.

BEDALES SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

20 Retirement benefit schemes

(Continued)

Defined benefit schemes

Teachers' Pension Agency

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge accrued at the year-end in respect of contributions to this scheme was £149,849 (2022 - £131,828).

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/ Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until a remedy to the discrimination conclusion has been determined by the Employment Tribunal it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

Hampshire Pension Fund ("the fund")

The figures below relate to the funded liabilities within the Fund which is part of the Local Government Pension Scheme (the "LGPS"). The funded nature of the LGPS requires the Employer and its employees to pay contributions into the Fund, calculated at a level intended to balance the pension liabilities with investment assets.

BEDALES SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

20 Retirement benefit schemes

Retirement benefit schemes (Continued)
Key assumptions
2023 2022
% %
Discount rate 5.3 4.2
Expected rate of increase of pensions in payment 3.1 2.9
Expected rate of salary increases 4.1 3.9
Expected rate of inflation (CPI) 3.1 2.9
Mortality assumptions
The assumed life expectations on retirement at age 65 are:
2023 2022
Years Years
Retiring today
- Males 22 23
- Females 25 25
Retiring in 20 years
- Males 23 25
- Females 26 27
Amounts recognised in the profit and loss account:
2023 2022
£ £
Current service cost 151,000 289,000
Net interest on defined benefit (asset)/liability (46,000) 44,000
Total costs 105,000 333,000
Amounts taken to other comprehensive income:
2023 2022
£ £
Actual return on scheme assets 170,000 774,000
Less: calculated interest element 453,000 199,000
Return on scheme assets excluding interest income 623,000 973,000
Actuarial changes related to obligations 588,000 (4,829,000)
Restriction of defined benefit pension surplus (1,403,000) 1,047,000
Total costs/(income) 168,000 (2,809,000)

BEDALES SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

20 Retirement benefit schemes

(Continued)

The actuarial valuation on which the defined benefit pension surplus/deficit is based produced a surplus of £4k (2022 - £1.047m). Under accounting standards, a surplus can only be recognised if the School has the ability to reduce contributions to the pension scheme in future or reclaim refunds through the scheme. On the basis that this may not be possible, the Governors believe that the surplus should be restricted to £Nil.

The amounts included in the balance sheet arising from the Charity's obligations in respect of defined benefit plans are as follows:

2023 2022
£ £
Present value of defined benefit obligations 10,542,000 9,828,000
Fair value of plan assets (10,546,000) (10,875,000)
Surplus in scheme (4,000) (1,047,000)
Restriction on scheme assets 4,000 1,047,000
Total liability recognised - -
Movements in the present value of defined benefit obligations:
2023
£
Liabilities at 1 September 2022 9,828,000
Current service cost 151,000
Benefits paid (459,000)
Contributions from scheme members 27,000
Actuarial gains and losses 588,000
Interest cost 407,000
At 31 August 2023 10,542,000

The defined benefit obligations arise from plans funded as follows:

Wholly unfunded obligations
Wholly or partly funded obligations		 2023
£
-
10,542,000
10,542,000

BEDALES SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

20 Retirement benefit schemes (Continued)

Movements in the fair value of plan assets:

Movements in the fair value of plan assets:
Fair value of assets at 1 September 2022
Interest income
Return on plan assets (excluding amounts included in net interest)
Benefits paid
Contributions by the employer
Contributions by scheme members
At 31 August 2023		 2023
£
10,875,000
453,000
(623,000
(459,000
273,000
27,000
10,546,000

The fair value of plan assets at the reporting period end was as follows:

Equity instruments
Debt instruments
Property		 2023
£
3,691,000
6,222,000
633,000
10,546,000		 2022
£
2,773,000
6,297,000
1,805,000
10,875,000

21 Capital commitments

At 31 August 2023 the Charity had capital commitments which were not provided for in the financial statements of £2,512,662 (2022: £705,000). These capital commitments relate to the construction of the Assembly Hall for £2.88 million, of this £367,338 has been completed to date and is recognised as an asset under construction. These commitments are due to be settled on 30th April 2024. This project is funded by unrestricted reserves.

BEDALES SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

22
Cash generated from operations
Surplus for the year
Adjustments for:
Interest receivable
Interest payable
Gain on disposal of tangible fixed assets
Depreciation and impairment of tangible fixed assets
Difference between pension charge and cash contributions
Movements in working capital:
(Increase)/decrease in stocks
(Increase) in debtors
Increase in creditors
Cash generated from operations		 2023
£
851,484
(23,366)
275,804
-
1,662,543
1,215,000
(4,908)
(719,952)
182,443
3,439,048		 2022
£
648,328
(26,878)
187,794
(15,667)
1,628,757
54,000
6,679
(584,365)
716,550
2,615,198

BEDALES SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

23 Analysis of net assets between funds

Unrestricted
funds
2023
£
Fund balances at 31 August 2023 are represented
by:
Tangible assets
32,538,689
Net current liabilities
(1,025,547)
Long term liabilities
(5,966,433)
25,546,709		 Pension
reserve
2023
£
-
-
-
-		 Restricted
funds
2023
£
-
38,285
-
38,285		 Total Unrestricted
funds
2023
2022
£
£
32,538,689
32,163,492
(987,262)
(1,998,082)
(5,966,433)
(5,638,200)
25,584,994
24,527,210		 Pension
reserve
2022
£
-
-
-
-		 Restricted
funds
2022
£
-
38,300
-
38,300		 Total
2022
£
32,163,492
(1,959,782)
(5,638,200)
24,565,510

24 Unrestricted funds

The income funds of the charity include the following unrestricted funds which have no restrictions:

General
Pension reserve		 Balance at
1 September
2021
£
23,829,632
(2,755,000)
21,074,632		 Movement in funds
Incoming
resources
Resources
expended
Revaluations,
gains and
losses
£
£
£
20,470,677 (19,773,099)
-
-
(54,000)
2,809,000
20,470,677 (19,827,099)
2,809,000		 Balance at
1 September
2022
£
24,527,210
-
24,527,210		 Movement in funds
Incoming
resources
Resources
expended
Revaluations,
gains and
losses
£
£
£
22,385,775 (21,349,940)
-
-
(168,000)
168,000
22,385,775 (21,517,940)
168,000		 Balance at
31 August
2023
£
25,563,045
-
25,563,045

BEDALES SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

25 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds
Balance at Incoming Resources Balance at Resources Balance at
1 September resources expended 1 September expended 31 August
2021 2022 2023
£ £ £ £ £ £
Kadian Observatory Fund 12,234 - (250) 11,984 (15) 11,969
Digital Library Fund 21,316 5,000 - 26,316 - 26,316
33,550 5,000 (250) 38,300 (15) 38,285

The specific purposes for which the funds are to be applied are as follows:

The Kadian Observatory Fund has been set up for the maintenance of the new observatory, to provide for an annual Kadian Harding Science and Technology prize and to provide a guest speaker for the annual astronomy lecture.

The Digital Library Fund has been set up to digitize old Bedales archives.

26 Contingent assets

The sale of a small parcel of land was completed for a consideration of £305,000 in December 1998. In addition, the School will receive 75% of the development value should development permission be granted to the purchaser. It is not practicable to make an estimate of the 75% of future development value.

27 Related party transactions

The Bedales Grant Trust Fund, charity number 1036179, was set up to provide grants to pupils at Bedales in need of financial aid to pay their tuition fees. In making such grants or loans preference shall be given to a parents or parents who was or were a pupil at Bedales School. During the period the Fund contributed £254,442 (2022: £272,778) to the school.

The John Badley Foundation, charity number 1138332, was set up to advance the education of pupils at the School. In the period, the School received donations from the Trust of £301,628 (2022: £137,278) towards the awarding of bursaries.

One Governor (2022: one Governor) and two members of key management (2022: two members of key management), of which details of the relevant roles can be found in note 10, have children at the School that paid normal fees and received no bursaries or scholarships.

BEDALES SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

28
Analysis of changes in net (debt)/funds
At 1 September
2022
£
Cash at bank and in hand
3,694,290
Loans falling due within one year
(754,667)
Loans falling due after more than one year
(4,052,667)
(1,113,044)		 Cash flows
At 31 August
2023
£
£
(85,464)
3,608,826
514,667
(240,000)
(327,333)
(4,380,000)
101,870
(1,011,174)

29 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.